Collection of Mortgage Loan Payments; Protected Account. (a) The Company shall make reasonable efforts in accordance with customary and usual standards of practice of prudent mortgage lenders in the respective states in which the Mortgaged Properties related to the EMC Mortgage Loans are located to collect all payments called for under the terms and provisions of the EMC Mortgage Loans to the extent such procedures shall be consistent with this Agreement and the terms and provisions of any related Required Insurance Policy. Consistent with the foregoing, the Company may in its discretion (i) waive any late payment charge and (ii) extend the Due Dates for payments due on a Mortgage Note related to an EMC Mortgage Loan for a period not greater than 125 days, provided that, EMC shall not extend the payment date of any Mortgage Loan beyond the date of its final maturity date. In the event of any such arrangement, the Company shall make Advances on the related EMC Mortgage Loan during the scheduled period in accordance with the amortization schedule of such EMC Mortgage Loan without modification thereof by reason of such arrangements, and shall be entitled to reimbursement therefor in accordance with Section 6.01. The Company shall not be required to institute or join in litigation with respect to collection of any payment (whether under a Mortgage, Mortgage Note or otherwise or against any public or governmental authority with respect to a taking or condemnation) if it reasonably believes that enforcing the provision of the Mortgage or other instrument pursuant to which such payment is required is prohibited by applicable law. In addition, if (x) an EMC Mortgage Loan is in default or default is reasonably foreseeable or (y) the Company delivers to the Trustee, Securities Administrator and Master Servicer a certification addressed to the Trustee and the Securities Administrator, based on the advice of counsel or certified public accountants, in either case, that have a national reputation with respect to taxation of REMICs, that a modification of such EMC Mortgage Loan will not result in the imposition of taxes on or disqualify any of REMIC I, REMIC II, REMIC III, REMIC IV, REMIC V, REMIC VI, REMIC VII or REMIC VIII, the Company may if it reasonably believes that undertaking such actions would be in the best interest of the Certificateholders, (A) amend the related Mortgage Note to reduce the Mortgage Rate applicable thereto, provided that such reduced Mortgage Rate shall in no event be lower than 5.00% with respect to any EMC Mortgage Loan and (B) amend any Mortgage Note related to an EMC Mortgage Loan to extend to the maturity thereof; provided that, EMC shall not extend the payment date of any Mortgage Loan beyond its final maturity date. In accordance with the standards of the first paragraph of Section 3.01, the Company shall not waive (or permit a sub-servicer to waive) any Prepayment Charge related to an EMC Mortgage Loan unless: (i) the enforceability thereof shall have been limited by bankruptcy, insolvency, moratorium, receivership and other similar laws relating to creditors’ rights generally, (ii) the enforcement thereof is illegal, or any local, state or federal agency has threatened legal action if the prepayment penalty is enforced, (iii) the collectability thereof shall have been limited due to acceleration in connection with a foreclosure or other involuntary payment or (iv) such waiver is standard and customary in servicing similar Mortgage Loans and relates to a default or a reasonably foreseeable default and would, in the reasonable judgment of the Company, maximize recovery of total proceeds taking into account the value of such Prepayment Charge and the related EMC Mortgage Loan. If a Prepayment Charge is waived, but does not meet the standards described above, then the Company is required to pay the amount of such waived Prepayment Charge, for the benefit of the related Class C Certificates, by remitting such amount to the Master Servicer by the Remittance Date. Payments of such waived charges shall not be payments in respect of any Regular Interest. (b) The Company shall establish and maintain a Protected Account (which shall at all times be an Eligible Account) with a depository institution in the name of the Company for the benefit of the Trustee on behalf of the Certificateholders and designated “EMC Mortgage Corporation, as servicer on behalf of Citibank, N.A., as Trustee, for the benefit of the certificateholders, in trust for registered holders of Bear Xxxxxxx Asset Backed Securities I LLC, Mortgage-Backed Certificates, Series 2006-5”. The Company shall deposit or cause to be deposited into the Protected Account on a daily basis within one Business Day of receipt, except as otherwise specifically provided herein, the following payments and collections remitted by subservicers or received by it in respect of the EMC Mortgage Loans subsequent to the Cut-off Date (other than in respect of principal and interest due on the EMC 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, including Principal Prepayments, on the EMC Mortgage Loans; (ii) all payments on account of interest on the EMC Mortgage Loans net of the related Servicing Fee permitted under Section 3.13, if any; (iii) all Liquidation Proceeds, Subsequent Recoveries and Insurance Proceeds with respect to any EMC Mortgage Loans, other than proceeds to be applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with the Company’s normal servicing procedures; (iv) any amount required to be deposited by the Company pursuant to Section 5.01(c) in connection with any losses on Permitted Investments; (v) any amounts required to be deposited by the Company pursuant to Section 3.07; (vi) any Prepayment Charges collected on the EMC Mortgage Loans; and (vii) any other amounts required to be deposited hereunder. The foregoing requirements for deposit by the Company into the Protected Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, payments in the nature of late payment charges or assumption fees, if collected, need not be deposited by the Company. In the event that the Company shall deposit any amount not required to be deposited and not otherwise subject to withdrawal pursuant to Section 5.02, it may at any time withdraw or direct the institution maintaining the Protected Account, to withdraw such amount from the Protected Account, any provision herein to the contrary notwithstanding. Such withdrawal or direction may be accomplished by delivering written notice thereof to the institution maintaining the Protected Account, that describes the amounts deposited in error in the Protected Account. The Company shall maintain adequate records with respect to all withdrawals made pursuant to this Section. All funds deposited in the Protected Account shall be held in trust for the Certificateholders until withdrawn in accordance with Section 5.02. (c) The institution that maintains the Protected Account shall invest the funds in the Protected Account, in the manner directed by the Company, in Permitted Investments which shall mature not later than the Business Day immediately preceding the Remittance Date and shall not be sold or disposed of prior to its 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 shall be for the benefit of the Company as servicing compensation and shall be remitted to it monthly as provided herein. The amount of any losses incurred in the Protected Account in respect of any such investments shall be deposited by the Company into the Protected Account, out of the Company’s own funds. (d) The Company shall give at least 30 days advance notice to the Trustee, the Securities Administrator, the Sponsor, the Master Servicer, each Rating Agency and the Depositor of any proposed change of location of the Protected Account prior to any change thereof.
Appears in 3 contracts
Samples: Pooling and Servicing Agreement, Pooling and Servicing Agreement (SACO I Trust 2006-5), Pooling and Servicing Agreement (SACO I Trust 2006-5)
Collection of Mortgage Loan Payments; Protected Account. (a) The Company Master Servicer shall make reasonable efforts in accordance with customary and usual standards of practice of prudent mortgage lenders in the respective states in which the Mortgaged Properties related to the EMC Mortgage Loans are located to collect all payments called for under the terms and provisions of the EMC Mortgage Loans to the extent such procedures shall be consistent with this Agreement and the terms and provisions of any related Required Insurance Policy. Consistent with the foregoing, the Company Master Servicer may in its discretion (i) waive any late payment charge and (ii) extend the Due Dates due dates for payments due on a Mortgage Note related to an EMC Mortgage Loan for a period not greater than 125 days, provided that, EMC shall not extend the payment date of any Mortgage Loan beyond the date of its final maturity date. In the event of any such arrangement, the Company Master Servicer shall make Advances on the related EMC Mortgage Loan during the scheduled period in accordance with the amortization schedule of such EMC Mortgage Loan without modification thereof by reason of such arrangements, and shall be entitled to reimbursement therefor in accordance with Section 6.015.01. The Company Master Servicer shall not be required to institute or join in litigation with respect to collection of any payment (whether under a Mortgage, Mortgage Note or otherwise or against any public or governmental authority with respect to a taking or condemnation) if it reasonably believes that enforcing the provision of the Mortgage or other instrument pursuant to which such payment is required is prohibited by applicable law. In addition, if (x) an EMC a Mortgage Loan is in default or default is reasonably foreseeable foreseeable, the Master Servicer may also waive, modify or vary any term of any Mortgage Loan or consent to the postponement of strict compliance with any such term or in any manner grant indulgence to any mortgagor, including without limitation, to (1) capitalize any amounts owing on the Mortgage Loan by adding such amount to the outstanding principal balance of the Mortgage Loan, (2) defer such amounts to a later date or the final payment date of such Mortgage Loan, (3) extend the maturity of any such Mortgage Loan, but in no instance past the date on which the final payment is due on the latest maturing Mortgage Loan as of the Cut-off Date, and/or (4) reduce the related Mortgage Rate (subject to clause (y) below), provided that, in the Master Servicer’s determination, such waiver, modification, postponement or indulgence is not materially adverse to the interests of the Certificateholders (taking into account any estimated Realized Loss that might result absent such action), or (y) the Company Master Servicer delivers to the Trustee, Securities Administrator and Master Servicer Trustee a certification addressed to the Trustee and the Securities AdministratorTrustee, based on the advice of counsel or certified public accountants, in either case, that have a national reputation with respect to taxation of REMICs, that a modification of such EMC Mortgage Loan will not result in the imposition of taxes on or disqualify from REMIC status any of REMIC I, REMIC II, REMIC III, REMIC IV, REMIC V, REMIC VI, REMIC VII or VII, REMIC VIII, REMIC IX or REMIC X, the Company may if it reasonably believes that undertaking such actions would be in the best interest of the CertificateholdersMaster Servicer may, (A) amend the related Mortgage Note to reduce the Mortgage Rate applicable thereto, provided that such reduced Mortgage Rate shall in no event be lower than 5.00% with respect to any EMC Mortgage Loan and (B) amend any Mortgage Note related to an EMC Mortgage Loan to extend to the maturity thereof; provided that, EMC shall not extend the payment date of any Mortgage Loan beyond its final maturity date. In accordance with the standards of the first paragraph of Section 3.01, the Company .
(b) The Master Servicer shall not waive (or permit a sub-servicer to waive) any Prepayment Charge related to an EMC Mortgage Loan unless: (i) the enforceability thereof shall have been limited by bankruptcy, insolvency, moratorium, receivership and other similar laws relating to creditors’ rights generally, (ii) the enforcement thereof is illegal, or any local, state or federal agency has threatened legal action if the prepayment penalty is enforced, (iii) the collectability thereof shall have mortgage debt has been limited due to acceleration accelerated in connection with a foreclosure or other involuntary payment or (iv) such waiver is standard and customary in servicing similar Mortgage Loans and relates to a default or a reasonably foreseeable default and would, in the reasonable judgment of the CompanyMaster Servicer, maximize recovery of total proceeds taking into account the value of such Prepayment Charge and the related EMC Mortgage Loan. If a Prepayment Charge is waived, but does not meet the standards described above, then the Company Master Servicer is required to pay the amount of such waived Prepayment Charge, for the benefit of the related Class C P Certificates, by remitting such amount to the Master Servicer Trustee by the Remittance Date. Payments of Distribution Account Deposit Date with respect to such waived charges shall not be payments in respect of any Regular InterestLoan Group.
(bc) The Company Master Servicer shall establish and maintain a Protected Account (which shall at all times be an Eligible Account) with a depository institution in the name of the Company Master Servicer for the benefit of the Trustee on behalf of the Certificateholders and designated “EMC Mortgage Corporation, as servicer on behalf of Citibank, N.A., as TrusteeMaster Servicer, for the benefit of the certificateholdersLaSalle Bank National Association, in trust for registered holders Holders of Bear Xxxxxxx Asset Backed Securities I LLC, MortgageAsset-Backed Certificates, Series 2006-5HE7”. The Company Master Servicer shall deposit or cause to be deposited into the Protected Account on a daily basis within one two Business Day Days of receiptreceipt and identification, except as otherwise specifically provided herein, the following payments and collections remitted by subservicers or received by it in respect of the EMC Mortgage Loans subsequent to the Cut-off Date (other than in respect of principal and interest due on the EMC Mortgage Loans on or before the Cut-off Date) and the following amounts required to be deposited hereunder:
(i) with respect to each Loan Group, all payments on account of principal, including Principal Prepayments, on the EMC Mortgage Loans;
(ii) with respect to each Loan Group, all payments on account of interest on the EMC Mortgage Loans net of the related Servicing Fee permitted under Section 3.133.10 and LPMI Fees, if any;
(iii) with respect to each Loan Group, all Liquidation Proceeds, Subsequent Recoveries and Insurance Proceeds with respect to any EMC Mortgage LoansProceeds, other than proceeds to be applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with the CompanyMaster Servicer’s normal servicing procedures;
(iv) with respect to each Loan Group, any amount required to be deposited by the Company Master Servicer pursuant to Section 5.01(c4.01(c) in connection with any losses on Permitted Investments;
(v) with respect to each Loan Group, any amounts required to be deposited by the Company Master Servicer pursuant to Section 3.073.05;
(vi) with respect to each Loan Group, any Prepayment Charges collected on the EMC Mortgage Loans; and
(vii) with respect to each Loan Group, any other amounts required to be deposited hereunder. The foregoing requirements for deposit remittance by the Company Master Servicer into the Protected Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, payments in the nature of late payment charges or assumption fees, if collected, need not be deposited remitted by the CompanyMaster Servicer. In the event that the Company Master Servicer shall deposit remit any amount with respect to a Loan Group not required to be deposited remitted and not otherwise subject to withdrawal pursuant to Section 5.024.02, it may at any time withdraw or direct the institution maintaining the Protected Account, to withdraw such amount from the Protected AccountAccount with respect to such Loan Group, any provision herein to the contrary notwithstanding. Such withdrawal or direction may be accomplished by delivering written notice thereof to the institution maintaining the Protected Account, that describes the amounts deposited in error in the Protected Account. The Company Master Servicer shall maintain adequate records with respect to all withdrawals made pursuant to this Section. Reconciliations will be prepared for the Protected Account within 45 calendar days after the bank statement cut-off date. All items requiring reconciliation will be resolved within 90 calendar days of their original identification. All funds deposited in the Protected Account shall be held in trust for the related Certificateholders until withdrawn in accordance with Section 5.024.02.
(cd) The institution that maintains the Protected Account shall invest the funds in the Protected Account, in the manner directed by the CompanyMaster Servicer, in Permitted Investments which shall mature not later than the Business Day immediately preceding the Remittance Date and shall not be sold or disposed of prior to its 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 shall be for the benefit of the Company Master Servicer as servicing compensation and shall be remitted to it monthly as provided herein. The amount of any losses incurred in the Protected Account in respect of any such investments shall be deposited by the Company Master Servicer into the Protected Account, out of the CompanyMaster Servicer’s own funds.
(d) The Company shall give at least 30 days advance notice to the Trustee, the Securities Administrator, the Sponsor, the Master Servicer, each Rating Agency and the Depositor of any proposed change of location of the Protected Account prior to any change thereof.
Appears in 3 contracts
Samples: Pooling and Servicing Agreement (Bear Stearns Asset Backed Securities I Trust 2006-He7), Pooling and Servicing Agreement (Bear Stearns Asset Backed Securities I Trust 2006-He7), Pooling and Servicing Agreement (Bear Stearns Asset Backed Securities I Trust 2006-He7)
Collection of Mortgage Loan Payments; Protected Account. (a) The Company shall make reasonable efforts in accordance with customary and usual standards of practice of prudent mortgage lenders in the respective states in which the Mortgaged Properties related to the EMC Mortgage Loans are located to collect all payments called for under the terms and provisions of the EMC Mortgage Loans to the extent such procedures shall be consistent with this Agreement and the terms and provisions of any related Required Insurance Policy. Consistent with the foregoing, the Company may in its discretion (i) waive any late payment charge and (ii) extend the Due Dates due dates for payments due on a Mortgage Note related to an EMC Mortgage Loan for a period not greater than 125 days, provided that, EMC shall not extend the payment date of any Mortgage Loan beyond the date of its final maturity date. In the event of any such arrangement, the Company shall make Advances on the related EMC Mortgage Loan during the scheduled period in accordance with the amortization schedule of such EMC Mortgage Loan without modification thereof by reason of such arrangements, and shall be entitled to reimbursement therefor in accordance with Section 6.01. The Company shall not be required to institute or join in litigation with respect to collection of any payment (whether under a Mortgage, Mortgage Note or otherwise or against any public or governmental authority with respect to a taking or condemnation) if it reasonably believes that enforcing the provision of the Mortgage or other instrument pursuant to which such payment is required is prohibited by applicable law. In addition, if (x) an EMC a Mortgage Loan is in default or default is reasonably foreseeable imminent or (y) the Company delivers to the Trustee, Securities Administrator and Master Servicer Trustee a certification addressed to the Trustee and the Securities AdministratorTrustee, based on the advice of counsel or certified public accountants, in either case, that have a national reputation with respect to taxation of REMICs, that a modification of such EMC Mortgage Loan will not result in the imposition of taxes on or disqualify any of the REMIC I, REMIC II, REMIC III, REMIC IV, REMIC V, REMIC VI, REMIC VII or REMIC VIIITrust, the Company may if it reasonably believes that undertaking such actions would be in the best interest of the Certificateholdersmay, (A) amend the related Mortgage Note to reduce the Mortgage Rate applicable thereto, provided that such reduced Mortgage Rate shall in no event be lower than 5.00___% with respect to any EMC Mortgage Loan and (B) amend any Mortgage Note related to an EMC Mortgage Loan to extend to the maturity thereof; provided that, EMC shall not extend the payment date of any Mortgage Loan beyond its final maturity date. In accordance with the standards of the first paragraph of Section 3.01, the Company shall not waive (or permit a sub-servicer to waive) any Prepayment Charge related to an EMC Mortgage Loan unless: (i) the enforceability thereof shall have been limited by bankruptcy, insolvency, moratorium, receivership and other similar laws relating to creditors’ rights generally, (ii) the enforcement thereof is illegal, or any local, state or federal agency has threatened legal action if the prepayment penalty is enforced, (iii) the collectability thereof shall have been limited due to acceleration in connection with a foreclosure or other involuntary payment or (iv) such waiver is standard and customary in servicing similar Mortgage Loans and relates to a default or a reasonably foreseeable default and would, in the reasonable judgment of the Company, maximize recovery of total proceeds taking into account the value of such Prepayment Charge and the related EMC Mortgage Loan. If a Prepayment Charge is waived, but does not meet the standards described above, then the Company is required to pay the amount of such waived Prepayment Charge, for the benefit of the related Class C Certificates, by remitting such amount to the Master Servicer by the Remittance Date. Payments of such waived charges shall not be payments in respect of any Regular Interest.
(b) The Company shall establish and maintain a Protected Account (which shall at all times be an Eligible Account) with a depository institution in the name of the Company for the benefit of the Trustee on behalf of the Certificateholders and designated “EMC Mortgage Corporation, as servicer on behalf "[Name of Citibank, N.A., as Trustee, for the benefit of the certificateholders], in trust for registered holders of Bear Xxxxxxx Stearns Asset Backed Securities I LLCTrust 200__-___, MortgageAsset-Backed Certificates, Series 2006-5”Certificxxxx Xxries 200__-___". The Company shall deposit or cause to be deposited into the Protected Account on a daily basis within one Business Day of receipt, except as otherwise specifically provided herein, the following payments and collections remitted by subservicers or received by it in respect of the EMC Company Mortgage Loans subsequent to the Cut-off Date (other than in respect of principal and interest due on the EMC Company 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, including Principal Prepayments, on the EMC Company Mortgage Loans;
(ii) all payments on account of interest on the EMC Company Mortgage Loans net of the related Servicing Fee permitted under Section 3.133.10 and LPMI Fees, if any;
(iii) all Liquidation Proceeds, Subsequent Recoveries Proceeds and Insurance Proceeds with respect to any EMC Mortgage LoansProceeds, other than proceeds to be applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with the Company’s 's normal servicing procedures;
(iv) any amount required to be deposited by the Company pursuant to Section 5.01(c) in connection with any losses on Permitted Investments;
(v) any amounts required to be deposited by the Company pursuant to Section 3.07;
(vi) any Prepayment Charges collected on the EMC Mortgage Loans3.05; and
(viivi) any other amounts required to be deposited hereunder. The foregoing requirements for deposit remittance by the Company into the Protected Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, payments in the nature of late payment charges or assumption fees, if collected, need not be deposited remitted by the Company. In the event that the Company shall deposit remit any amount not required to be deposited remitted and not otherwise subject to withdrawal pursuant to Section 5.02, it may at any time withdraw or direct the institution maintaining the Protected Account, to withdraw such amount from the Protected Account, any provision herein to the contrary notwithstanding. Such withdrawal or direction may be accomplished by delivering written notice thereof to the institution maintaining the Protected Account, that describes the amounts deposited in error in the Protected Account. The Company shall maintain adequate records with respect to all withdrawals made pursuant to this Section. All items requiring reconciliation will be resolved within 90 calendar days of their original identification. All funds deposited in the Protected Account shall be held in trust for the Certificateholders until withdrawn in accordance with Section 5.02.
(c) The institution that maintains the Protected Account shall invest the funds in the Protected Account, in the manner directed by the Company, in Permitted Investments which shall mature not later than the Business Day immediately preceding the Remittance Date and shall not be sold or disposed of prior to its 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 shall be for the benefit of the Company as servicing compensation and shall be remitted to it monthly as provided herein. The amount of any losses incurred in the Protected Account in respect of any such investments shall be deposited deposited, by the Company into the Protected Account, out of the Company’s 's own funds.
(d) The Company shall give at least 30 days advance notice to the Trustee, the Securities Administrator, the SponsorSeller, the Master Servicer, each Rating Agency and the Depositor of any proposed change of location of the Protected Account prior to any change thereof.
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (Bear Stearns Asset Backed Securities I LLC), Pooling and Servicing Agreement (Bear Stearns Asset Backed Securities I LLC)
Collection of Mortgage Loan Payments; Protected Account. (a) The Company shall make reasonable efforts in accordance with customary and usual standards of practice of prudent mortgage lenders in the respective states in which the Mortgaged Properties related to the EMC Mortgage Loans are located to collect all payments called for under the terms and provisions of the EMC Mortgage Loans to the extent such procedures shall be consistent with this Agreement and the terms and provisions of any related Required Insurance Policy. Consistent with the foregoing, the Company may in its discretion (i) waive any late payment charge and (ii) extend the Due Dates for payments due on a Mortgage Note related to an EMC Mortgage Loan for a period not greater than 125 days, provided that, EMC shall not extend the payment date of any Mortgage Loan beyond the date of its final maturity date. In the event of any such arrangement, the Company shall make Advances on the related EMC Mortgage Loan during the scheduled period in accordance with the amortization schedule of such EMC Mortgage Loan without modification thereof by reason of such arrangements, and shall be entitled to reimbursement therefor in accordance with Section 6.01. The Company shall not be required to institute or join in litigation with respect to collection of any payment (whether under a Mortgage, Mortgage Note or otherwise or against any public or governmental authority with respect to a taking or condemnation) if it reasonably believes that enforcing the provision of the Mortgage or other instrument pursuant to which such payment is required is prohibited by applicable law. In addition, if (x) an EMC Mortgage Loan is in default or default is reasonably foreseeable foreseeable, the Company may also waive, modify or vary any term of any EMC Mortgage Loan or consent to the postponement of strict compliance with any such term or in any manner grant indulgence to any mortgagor, including without limitation, to (1) capitalize any amounts owing on the EMC Mortgage Loan by adding such amount to the outstanding principal balance of the EMC Mortgage Loan, (2) defer such amounts to a later date or the final payment date of such Mortgage Loan, (3) extend the maturity of any such EMC Mortgage Loan, but in no instance past the date on which the final payment is due on the latest maturing Mortgage Loan as of the Cut-off Date, and/or (4) reduce the related Mortgage Rate (subject to clause (y) below), provided that, in the Company’s determination, such waiver, modification, postponement or indulgence is not materially adverse to the interests of the Certificateholders (taking into account any estimated Realized Loss that might result absent such action), or (y) the Company delivers to the Trustee, Securities Administrator and Master Servicer a certification addressed to the Trustee and the Securities Administrator, based on the advice of counsel or certified public accountants, in either case, that have a national reputation with respect to taxation of REMICs, that a modification of such EMC Mortgage Loan will not result in the imposition of taxes on or disqualify from REMIC status any of REMIC I, REMIC II, REMIC III, REMIC IV, IV or REMIC V, REMIC VI, REMIC VII or REMIC VIII, the Company may if it reasonably believes that undertaking such actions would be in the best interest of the Certificateholders, (A) amend the related Mortgage Note to reduce the Mortgage Rate applicable thereto, provided that such reduced Mortgage Rate shall in no event be lower than 5.00% with respect to any EMC Mortgage Loan and (B) amend any Mortgage Note related to an EMC Mortgage Loan to extend to the maturity thereof; provided that, EMC shall not extend the payment date of any Mortgage Loan beyond its final maturity date. In accordance with the standards of the first paragraph of Section 3.01, the Company shall not waive (or permit a sub-servicer to waive) any Prepayment Charge related to an EMC Mortgage Loan unless: (i) the enforceability thereof shall have been limited by bankruptcy, insolvency, moratorium, receivership and other similar laws relating to creditors’ rights generally, (ii) the enforcement thereof is illegal, or any local, state or federal agency has threatened legal action if the prepayment penalty is enforced, (iii) the collectability thereof shall have mortgage debt has been limited due to acceleration accelerated in connection with a foreclosure or other involuntary payment or (iv) such waiver is standard and customary in servicing similar Mortgage Loans and relates to a default or a reasonably foreseeable default and would, in the reasonable judgment of the Company, maximize recovery of total proceeds taking into account the value of such Prepayment Charge and the related EMC Mortgage Loan. If a Prepayment Charge is waived, but does not meet the standards described above, then the Company is required to pay the amount of such waived Prepayment Charge, for the benefit of the related Class C Certificates, by remitting such amount to the Master Servicer by the Remittance Date. Payments of such waived charges shall not be payments in respect of any Regular Interest.
(b) The Company shall establish and maintain a Protected Account (which shall at all times be an Eligible Account) with a depository institution in the name of the Company for the benefit of the Trustee on behalf of the Certificateholders and designated “EMC Mortgage Corporation, as servicer on behalf of Citibank, N.A., as Trustee, for the benefit of the certificateholders, in trust for registered holders Holders of Bear Xxxxxxx Asset Backed Securities SACO I LLCTrust 2007-2, Mortgage-Mortgage- Backed Certificates, Series 20062007-52”. The Company shall deposit or cause to be deposited into the Protected Account on a daily basis within one two Business Day Days of receiptreceipt and identification, except as otherwise specifically provided herein, the following payments and collections remitted by subservicers or received by it in respect of the EMC Mortgage Loans subsequent to the Cut-off Date (other than in respect of principal and interest due on the EMC 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, including Principal Prepayments, on the EMC Mortgage Loans;
(ii) all payments on account of interest on the EMC Mortgage Loans net of the related Servicing Fee permitted under Section 3.13, if any;
(iii) all Liquidation Proceeds, Subsequent Recoveries and Insurance Proceeds with respect to any EMC Mortgage Loans, other than proceeds to be applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with the Company’s normal servicing procedures;
(iv) any amount required to be deposited by the Company pursuant to Section 5.01(c) in connection with any losses on Permitted Investments;
(v) any amounts required to be deposited by the Company pursuant to Section 3.07;
(vi) any Prepayment Charges collected on the EMC Mortgage Loans; and
(vii) any other amounts required to be deposited hereunder. The foregoing requirements for deposit by the Company into the Protected Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, payments in the nature of late payment charges or assumption fees, if collected, need not be deposited by the Company. In the event that the Company shall deposit any amount not required to be deposited and not otherwise subject to withdrawal pursuant to Section 5.02, it may at any time withdraw or direct the institution maintaining the Protected Account, to withdraw such amount from the Protected Account, any provision herein to the contrary notwithstanding. Such withdrawal or direction may be accomplished by delivering written notice thereof to the institution maintaining the Protected Account, that describes the amounts deposited in error in the Protected Account. The Company shall maintain adequate records with respect to all withdrawals made pursuant to this Section. Reconciliations will be prepared for the Protected Account within 45 calendar days after the bank statement cut-off date. All funds deposited in the Protected Account shall be held in trust for the Certificateholders until withdrawn in accordance with Section 5.02.
(c) The institution that maintains the Protected Account shall invest the funds in the Protected Account, in the manner directed by the Company, in Permitted Investments which shall mature not later than the Business Day immediately preceding the Remittance Date and shall not be sold or disposed of prior to its 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 shall be for the benefit of the Company as servicing compensation and shall be remitted to it monthly as provided herein. The amount of any losses incurred in the Protected Account in respect of any such investments shall be deposited by the Company into the Protected Account, out of the Company’s own funds.
(d) The Company shall give at least 30 days advance notice to the Trustee, the Securities Administrator, the SponsorSeller, the Master Servicer, each Rating Agency and the Depositor of any proposed change of location of the Protected Account prior to any change thereof.
Appears in 2 contracts
Samples: Pooling and Servicing Agreement, Pooling and Servicing Agreement
Collection of Mortgage Loan Payments; Protected Account. (a) The Company Master Servicer shall make reasonable efforts in accordance with customary and usual standards of practice of prudent mortgage lenders in the respective states in which the Mortgaged Properties related to the EMC Mortgage Loans are located to collect all payments called for under the terms and provisions of the EMC Mortgage Loans to the extent such procedures shall be consistent with this Agreement and the terms and provisions of any related Required Insurance Policy. Consistent with the foregoing, the Company Master Servicer may in its discretion (i) waive any late payment charge and (ii) extend the Due Dates due dates for payments due on a Mortgage Note related to an EMC Mortgage Loan for a period not greater than 125 days, provided that, EMC shall not extend the payment date of any Mortgage Loan beyond the date of its final maturity date. In the event of any such arrangement, the Company Master Servicer shall make Advances on the related EMC Mortgage Loan during the scheduled period in accordance with the amortization schedule of such EMC Mortgage Loan without modification thereof by reason of such arrangements, and shall be entitled to reimbursement therefor in accordance with Section 6.015.01. The Company Master Servicer shall not be required to institute or join in litigation with respect to collection of any payment (whether under a Mortgage, Mortgage Note or otherwise or against any public or governmental authority with respect to a taking or condemnation) if it reasonably believes that enforcing the provision of the Mortgage or other instrument pursuant to which such payment is required is prohibited by applicable law. In addition, if (x) an EMC a Mortgage Loan is in default or default is reasonably foreseeable imminent or (y) the Company Master Servicer delivers to the Trustee, Securities Administrator and Master Servicer Trustee a certification addressed to the Trustee and the Securities AdministratorTrustee, based on the advice of counsel or certified public accountants, in either case, that have a national reputation with respect to taxation of REMICs, that a modification of such EMC Mortgage Loan will not result in the imposition of taxes on or disqualify from REMIC status any of REMIC I, REMIC II, REMIC III, REMIC IV, REMIC V, V or REMIC VI, REMIC VII or REMIC VIII, the Company may if it reasonably believes that undertaking such actions would be in the best interest of the CertificateholdersMaster Servicer may, (A) amend the related Mortgage Note to reduce the Mortgage Rate applicable thereto, provided that such reduced Mortgage Rate shall in no event be lower than 5.00% with respect to any EMC Mortgage Loan and (B) amend any Mortgage Note related to an EMC Mortgage Loan to extend to the maturity thereof; provided that, EMC shall not extend the payment date of any Mortgage Loan beyond its final maturity date. In accordance with the standards of the first paragraph of Section 3.01, the Company The Master Servicer shall not waive (or permit a sub-servicer to waive) any Prepayment Charge related to an EMC Mortgage Loan unless: (i) the enforceability thereof shall have been limited by bankruptcy, insolvency, moratorium, receivership and other similar laws relating to creditors’ rights generally, (ii) the enforcement thereof is illegal, or any local, state or federal agency has threatened legal action if the prepayment penalty is enforced, (iii) the collectability thereof shall have been limited due to acceleration in connection with a foreclosure or other involuntary payment or (iv) such waiver is standard and customary in servicing similar Mortgage Loans and relates to a default or a reasonably foreseeable default and would, in the reasonable judgment of the CompanyMaster Servicer, maximize recovery of total proceeds taking into account the value of such Prepayment Charge and the related EMC Mortgage Loan. If a Prepayment Charge is waived, but does not meet the standards described above, then the Company Master Servicer is required to pay the amount of such waived Prepayment Charge, for the benefit of the related Class C P Certificates, by remitting such amount to the Master Servicer Trustee by the Remittance Distribution Account Deposit Date. Payments of such waived charges shall not be payments in respect of any Regular Interest.
(b) The Company Master Servicer shall establish and maintain a Protected Account (which shall at all times be an Eligible Account) with a depository institution in the name of the Company Master Servicer for the benefit of the Trustee on behalf of the Certificateholders and designated “EMC Mortgage Corporation, as servicer on behalf of Citibank, N.A., as TrusteeMaster Servicer, for the benefit of the certificateholdersLaSalle Bank National Association, in trust for registered holders of Bear Xxxxxxx Asset Backed Securities I LLC, MortgageAsset-Backed Certificates, Series 20062005-5HE7”. The Company Master Servicer shall deposit or cause to be deposited into the Protected Account on a daily basis within one Business Day of receipt, except as otherwise specifically provided herein, the following payments and collections remitted by subservicers or received by it in respect of the EMC Mortgage Loans subsequent to the Cut-off Date (other than in respect of principal and interest due on the EMC 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, including Principal Prepayments, on the EMC Mortgage Loans;
(ii) all payments on account of interest on the EMC Mortgage Loans net of the related Servicing Fee permitted under Section 3.133.10 and LPMI Fees, if any;
(iii) all Liquidation Proceeds, Subsequent Recoveries and Insurance Proceeds with respect to any EMC Mortgage LoansProceeds, other than proceeds to be applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with the CompanyMaster Servicer’s normal servicing procedures;
(iv) any amount required to be deposited by the Company Master Servicer pursuant to Section 5.01(c4.01(c) in connection with any losses on Permitted Investments;
(v) any amounts required to be deposited by the Company Master Servicer pursuant to Section 3.073.05;
(vi) any Prepayment Charges collected on the EMC Mortgage Loans; and
(vii) any other amounts required to be deposited hereunder. The foregoing requirements for deposit remittance by the Company Master Servicer into the Protected Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, payments in the nature of late payment charges or assumption fees, if collected, need not be deposited remitted by the CompanyMaster Servicer. In the event that the Company Master Servicer shall deposit remit any amount not required to be deposited remitted and not otherwise subject to withdrawal pursuant to Section 5.024.02, it may at any time withdraw or direct the institution maintaining the Protected Account, to withdraw such amount from the Protected Account, any provision herein to the contrary notwithstanding. Such withdrawal or direction may be accomplished by delivering written notice thereof to the institution maintaining the Protected Account, that describes the amounts deposited in error in the Protected Account. The Company Master Servicer shall maintain adequate records with respect to all withdrawals made pursuant to this Section. All funds deposited in the Protected Account shall be held in trust for the Certificateholders until withdrawn in accordance with Section 5.024.02.
(c) The institution that maintains the Protected Account shall invest the funds in the Protected Account, in the manner directed by the CompanyMaster Servicer, in Permitted Investments which shall mature not later than the Business Day immediately preceding the Remittance Date and shall not be sold or disposed of prior to its 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 shall be for the benefit of the Company Master Servicer as servicing compensation and shall be remitted to it monthly as provided herein. The amount of any losses incurred in the Protected Account in respect of any such investments shall be deposited by the Company Master Servicer into the Protected Account, out of the CompanyMaster Servicer’s own funds.
(d) The Company Master Servicer shall give at least 30 days advance notice to the Trustee, the Securities Administrator, the Sponsor, the Master ServicerSellers, each Rating Agency and the Depositor of any proposed change of location of the Protected Account prior to any change thereof.
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (Bear Stearns Asset Backed Securities I Trust 2005-He7), Pooling and Servicing Agreement (Bear Stearns Asset Backed Securities I Trust 2005-He7)
Collection of Mortgage Loan Payments; Protected Account. (a) The Company shall make reasonable efforts in accordance with customary and usual standards of practice of prudent mortgage lenders in the respective states in which the Mortgaged Properties related to the EMC Mortgage Loans are located to collect all payments called for under the terms and provisions of the EMC Mortgage Loans to the extent such procedures shall be consistent with this Agreement and the terms and provisions of any related Required Insurance Policy. Consistent with the foregoing, the Company may in its discretion (i) waive any late payment charge and (ii) extend the Due Dates due dates for payments due on a Mortgage Note related to an EMC Mortgage Loan for a period not greater than 125 days, provided that, EMC shall not extend the payment date of any Mortgage Loan beyond the date of its final maturity date. In the event of any such arrangement, the Company shall make Advances on the related EMC Mortgage Loan during the scheduled period in accordance with the amortization schedule of such EMC Mortgage Loan without modification thereof by reason of such arrangements, and shall be entitled to reimbursement therefor in accordance with Section 6.01. The Company shall not be required to institute or join in litigation with respect to collection of any payment (whether under a Mortgage, Mortgage Note or otherwise or against any public or governmental authority with respect to a taking or condemnation) if it reasonably believes that enforcing the provision of the Mortgage or other instrument pursuant to which such payment is required is prohibited by applicable law. In addition, if (x) an EMC Mortgage Loan is in default or default is reasonably foreseeable or (y) the Company delivers to the Trustee, Securities Administrator and Master Servicer Trustee a certification addressed to the Trustee and the Securities AdministratorTrustee, based on the advice of counsel or certified public accountants, in either case, that have a national reputation with respect to taxation of REMICs, that a modification of such EMC Mortgage Loan will not result in the imposition of taxes on or disqualify from REMIC status any of REMIC I, REMIC II, REMIC III, REMIC IV, REMIC V, REMIC VI, REMIC VII IV or REMIC VIII, V the Company may if it reasonably believes that undertaking such actions would be in the best interest of the Certificateholdersmay, (A) amend the related Mortgage Note to reduce the Mortgage Rate applicable thereto, provided that such reduced Mortgage Rate shall in no event be lower than 5.00% with respect to any EMC Mortgage Loan and (B) amend any Mortgage Note related to an EMC Mortgage Loan to extend to the maturity thereof; provided that. With respect to Mortgage Loans affected by Hurricane Kxxxxxx, EMC shall not extend if the payment Mortgaged Property is located in public and individual assistance counties as designated by FEMA (as set forth on its website wxx.xxxx.xxx), the Company ceased charging late fees and credit reporting activity for selected Mortgagors in certain counties from the date of any such designation until May 1, 2006, and has decided if reasonably prudent, to extend such period as long as necessary. In addition, the Company suspended foreclosure and bankruptcy activity relating to such Mortgage Loan beyond its final maturity dateLoans from the date of such designation until May 1, 2006, and has decided if reasonably prudent, to extend such period as long as necessary. In accordance with the standards of the first paragraph of Section 3.01, the Company shall not waive (or permit a sub-servicer to waive) any Prepayment Charge related to an EMC Mortgage Loan unless: (i) the enforceability thereof shall have been limited by bankruptcy, insolvency, moratorium, receivership and other similar laws relating to creditors’ rights generally, (ii) the enforcement thereof is illegal, or any local, state or federal agency has threatened legal action if the prepayment penalty is enforced, (iii) the collectability thereof shall have mortgage debt has been limited due to acceleration accelerated in connection with a foreclosure or other involuntary payment or (iv) such waiver is standard and customary in servicing similar Mortgage Loans and relates to a default or a reasonably foreseeable default and would, in the reasonable judgment of the Company, maximize recovery of total proceeds taking into account the value of such Prepayment Charge and the related EMC Mortgage Loan. If a Prepayment Charge is waived, but does not meet the standards described above, then the Company is required to pay the amount of such waived Prepayment Charge, for the benefit of the related Class C P Certificates, by remitting such amount to the Securities Administrator (or the Master Servicer Servicer, if the Securities Administrator is no longer related to the Master Servicer) by the Remittance Date. Payments of such waived charges shall not be payments in respect of any Regular Interest.
(b) The Company shall establish and maintain a Protected Account (which shall at all times be an Eligible Account) with a depository institution in the name of the Company for the benefit of the Trustee on behalf of the Certificateholders and designated “EMC Mortgage Corporation, as servicer on behalf of Citibank, N.A., as Trustee, for the benefit of the certificateholdersU.S. Bank National Association, in trust for registered holders of Bear Xxxxxxx Sxxxxxx Asset Backed Securities I LLC, MortgageAsset-Backed Certificates, Certificates Series 2006-5AC4”. The Company shall deposit or cause to be deposited into the Protected Account on a daily basis within one two Business Day Days of receiptreceipt and identification, except as otherwise specifically provided herein, the following payments and collections remitted by subservicers or received by it in respect of the EMC Mortgage Loans subsequent to the Cut-off Date (other than in respect of principal and interest due on the EMC 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, including Principal Prepayments, on the EMC Mortgage Loans;
(ii) all payments on account of interest on the EMC Mortgage Loans net of the related Servicing Fee permitted under Section 3.133.10 and LPMI Fees, if any;
(iii) all Liquidation Proceeds, Subsequent Recoveries Proceeds and Insurance Proceeds with respect to any EMC Mortgage Loans, other than proceeds to be applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with the Company’s normal servicing procedures;
(iv) any amount required to be deposited by the Company pursuant to Section 5.01(c) in connection with any losses on Permitted Investments;
(v) any amounts required to be deposited by the Company pursuant to Section 3.073.05;
(vi) any Prepayment Charges collected on the EMC Mortgage Loans; and
(vii) any other amounts required to be deposited hereunder. The foregoing requirements for deposit remittance by the Company into the Protected Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, payments in the nature of late payment charges or assumption fees, if collected, need not be deposited remitted by the Company. In the event that the Company shall deposit remit any amount not required to be deposited remitted and not otherwise subject to withdrawal pursuant to Section 5.02, it may at any time withdraw or direct the institution maintaining the Protected Account, to withdraw such amount from the Protected Account, any provision herein to the contrary notwithstanding. Such withdrawal or direction may be accomplished by delivering written notice thereof to the institution maintaining the Protected Account, that describes the amounts deposited in error in the Protected Account. The Company shall maintain adequate records with respect to all withdrawals made pursuant to this Section. Reconciliations will be prepared for the Protected Account within 45 calendar days after the bank statement cut-off date. All items requiring reconciliation will be resolved within 90 calendar days of their original identification. All funds deposited in the Protected Account shall be held in trust for the Certificateholders until withdrawn in accordance with Section 5.02.
(c) The institution that maintains the Protected Account shall invest the funds in the Protected Account, in the manner directed by the Company, in Permitted Investments which shall mature not later than the Business Day immediately preceding the Remittance Date and shall not be sold or disposed of prior to its 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 shall be for the benefit of the Company as servicing compensation and shall be remitted to it monthly as provided herein. The amount of any losses incurred in the Protected Account in respect of any such investments shall be deposited by the Company into the Protected Account, out of the Company’s own funds.
(d) The Company shall give at least 30 days advance notice to the Trustee, the Securities Administrator, the SponsorSeller, the Master Servicer, each Rating Agency and the Depositor of any proposed change of location of the Protected Account prior to any change thereof.
(e) In the event that the Master Servicer and Securities Administrator are no longer affiliated, the Master Servicer shall establish and maintain an account separate from the Distribution Account into which any funds remitted by the Company and Servicers will be deposited. No later than noon New York time on the Business Day prior to each Distribution Date, the Master Servicer shall remit any such funds to the Paying Agent for deposit in the Distribution Account. The Master Servicer shall make the following permitted withdrawals and transfers from such account:
(i) The Master Servicer will, from time to time on demand of the Company, a Servicer or the Securities Administrator, make or cause to be made such withdrawals or transfers from the account as the Master Servicer has designated for such transfer or withdrawal pursuant to this Agreement and the related Servicing Agreement. The Master Servicer may clear and terminate the account pursuant to Section 11.01 and remove amounts from time to time deposited in error.
(ii) On an ongoing basis, the Master Servicer shall withdraw from the account (i) any expenses, costs and liabilities recoverable by the Trustee, the Master Servicer or the Securities Administrator or the Custodian pursuant to Sections 4.03, 8.04 and 10.05 and (ii) any amounts payable to the Master Servicer as set forth in Section 4.14; provided, however, that the Master Servicer shall be obligated to pay from its own funds any amounts which it is required to pay under Section 8.03(a).
(iii) In addition, on or before each Business Day prior to each Distribution Date, the Master Servicer shall deposit in the Distribution Account (or remit to the Trustee for deposit therein) any Monthly Advances required to be made by the Master Servicer with respect to the Mortgage Loans.
(iv) No later than noon New York time on each Business Day prior to each Distribution Date, the Master Servicer will transfer all Available Funds on deposit in the account with respect to the related Distribution Date to the Paying Agent for deposit in the Distribution Account.
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (Bear Stearns Asset Backed Securities I Trust 2006-Ac4), Pooling and Servicing Agreement (Bear Stearns Asset Backed Securities I Trust 2006-Ac4)
Collection of Mortgage Loan Payments; Protected Account. (a) The Company Master Servicer shall make reasonable efforts in accordance with customary and usual standards of practice of prudent mortgage lenders in the respective states in which the Mortgaged Properties related to the EMC Mortgage Loans are located to collect all payments called for under the terms and provisions of the EMC Mortgage Loans to the extent such procedures shall be consistent with this Agreement and the terms and provisions of any related Required Insurance Policy. Consistent with the foregoing, the Company Master Servicer may in its discretion (i) waive any late payment charge and (ii) extend the Due Dates due dates for payments due on a Mortgage Note related to an EMC Mortgage Loan for a period not greater than 125 days, provided that, EMC shall not extend the payment date of any Mortgage Loan beyond the date of its final maturity date. In the event of any such arrangement, the Company Master Servicer shall make Advances on the related EMC Mortgage Loan during the scheduled period in accordance with the amortization schedule of such EMC Mortgage Loan without modification thereof by reason of such arrangements, and shall be entitled to reimbursement therefor in accordance with Section 6.015.01. The Company Master Servicer shall not be required to institute or join in litigation with respect to collection of any payment (whether under a Mortgage, Mortgage Note or otherwise or against any public or governmental authority with respect to a taking or condemnation) if it reasonably believes that enforcing the provision of the Mortgage or other instrument pursuant to which such payment is required is prohibited by applicable law. In addition, if (x) an EMC a Mortgage Loan is in default or default is reasonably foreseeable imminent or (y) the Company Master Servicer delivers to the Trustee, Securities Administrator and Master Servicer Trustee a certification addressed to the Trustee and the Securities AdministratorTrustee, based on the advice of counsel or certified public accountants, in either case, that have a national reputation with respect to taxation of REMICs, that a modification of such EMC Mortgage Loan will not result in the imposition of taxes on or disqualify from REMIC status any of REMIC I, REMIC II, REMIC III, REMIC IV, REMIC V, V or REMIC VI, REMIC VII or REMIC VIII, the Company may if it reasonably believes that undertaking such actions would be in the best interest of the CertificateholdersMaster Servicer may, (A) amend the related Mortgage Note to reduce the Mortgage Rate applicable thereto, provided that such reduced Mortgage Rate shall in no event be lower than 5.00% with respect to any EMC Mortgage Loan and (B) amend any Mortgage Note related to an EMC Mortgage Loan to extend to the maturity thereof; provided that, EMC shall not extend the payment date of any Mortgage Loan beyond its final maturity date. In accordance with the standards of the first paragraph of Section 3.01, the Company The Master Servicer shall not waive (or permit a sub-servicer to waive) any Prepayment Charge related to an EMC Mortgage Loan unless: (i) the enforceability thereof shall have been limited by bankruptcy, insolvency, moratorium, receivership and other similar laws relating to creditors’ ' rights generally, (ii) the enforcement thereof is illegal, or any local, state or federal agency has threatened legal action if the prepayment penalty is enforced, (iii) the collectability thereof shall have been limited due to acceleration in connection with a foreclosure or other involuntary payment or (iv) such waiver is standard and customary in servicing similar Mortgage Loans and relates to a default or a reasonably foreseeable default and would, in the reasonable judgment of the CompanyMaster Servicer, maximize recovery of total proceeds taking into account the value of such Prepayment Charge and the related EMC Mortgage Loan. If a Prepayment Charge is waived, but does not meet the standards described above, then the Company Master Servicer is required to pay the amount of such waived Prepayment Charge, for the benefit of the related Class C P Certificates, by remitting such amount to the Master Servicer Trustee by the Remittance Distribution Account Deposit Date. Payments of such waived charges shall not be payments in respect of any Regular Interest.
(b) The Company Master Servicer shall establish and maintain a Protected Account (which shall at all times be an Eligible Account) with a depository institution in the name of the Company Master Servicer for the benefit of the Trustee on behalf of the Certificateholders and designated “"EMC Mortgage Corporation, as servicer on behalf of Citibank, N.A., as TrusteeMaster Servicer, for the benefit of the certificateholdersLaSalle Bank National Association, in trust for registered holders of Bear Xxxxxxx Asset Backed Securities I LLC, MortgageAsset-Backed Certificates, Certificates Series 20062005-5”HE3". The Company Master Servicer shall deposit or cause to be deposited into the Protected Account on a daily basis within one Business Day of receipt, except as otherwise specifically provided herein, the following payments and collections remitted by subservicers or received by it in respect of the EMC Mortgage Loans subsequent to the Cut-off Date (other than in respect of principal and interest due on the EMC 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, including Principal Prepayments, on the EMC Mortgage Loans;
(ii) all payments on account of interest on the EMC Mortgage Loans net of the related Servicing Fee permitted under Section 3.133.10 and LPMI Fees, if any;
(iii) all Liquidation Proceeds, Subsequent Recoveries and Insurance Proceeds with respect to any EMC Mortgage LoansProceeds, other than proceeds to be applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with the Company’s Master Servicer's normal servicing procedures;
(iv) any amount required to be deposited by the Company Master Servicer pursuant to Section 5.01(c4.01(c) in connection with any losses on Permitted Investments;
(v) any amounts required to be deposited by the Company Master Servicer pursuant to Section 3.073.05;
(vi) any Prepayment Charges collected on the EMC Mortgage Loans; and
(vii) any other amounts required to be deposited hereunder. The foregoing requirements for deposit remittance by the Company Master Servicer into the Protected Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, payments in the nature of late payment charges or assumption fees, if collected, need not be deposited remitted by the CompanyMaster Servicer. In the event that the Company Master Servicer shall deposit remit any amount not required to be deposited remitted and not otherwise subject to withdrawal pursuant to Section 5.024.02, it may at any time withdraw or direct the institution maintaining the Protected Account, to withdraw such amount from the Protected Account, any provision herein to the contrary notwithstanding. Such withdrawal or direction may be accomplished by delivering written notice thereof to the institution maintaining the Protected Account, that describes the amounts deposited in error in the Protected Account. The Company Master Servicer shall maintain adequate records with respect to all withdrawals made pursuant to this Section. All funds deposited in the Protected Account shall be held in trust for the Certificateholders until withdrawn in accordance with Section 5.024.02.
(c) The institution that maintains the Protected Account shall invest the funds in the Protected Account, in the manner directed by the CompanyMaster Servicer, in Permitted Investments which shall mature not later than the Business Day immediately preceding the Remittance Date and shall not be sold or disposed of prior to its 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 shall be for the benefit of the Company Master Servicer as servicing compensation and shall be remitted to it monthly as provided herein. The amount of any losses incurred in the Protected Account in respect of any such investments shall be deposited by the Company Master Servicer into the Protected Account, out of the Company’s Master Servicer's own funds.
(d) The Company Master Servicer shall give at least 30 days advance notice to the Trustee, the Securities Administrator, the Sponsor, the Master ServicerSeller, each Rating Agency and the Depositor of any proposed change of location of the Protected Account prior to any change thereof.
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (Bear Stearns Asset Backed Securities I Trust 2005-He3), Pooling and Servicing Agreement (Bear Stearns Asset Backed Securities I Trust 2005-He3)
Collection of Mortgage Loan Payments; Protected Account. (a) The Company shall make reasonable efforts in accordance with customary and usual standards of practice of prudent mortgage lenders in the respective states in which the Mortgaged Properties related to the EMC Mortgage Loans are located to collect all payments called for under the terms and provisions of the EMC Mortgage Loans to the extent such procedures shall be consistent with this Agreement and the terms and provisions of any related Required Insurance Policy. Consistent with the foregoing, the Company may in its discretion (i) waive any late payment charge and (ii) extend the Due Dates due dates for payments due on a Mortgage Note related to an EMC Mortgage Loan for a period not greater than 125 days, provided that, EMC shall not extend the payment date of any Mortgage Loan beyond the date of its final maturity date. In the event of any such arrangement, the Company shall make Advances on the related EMC Mortgage Loan during the scheduled period in accordance with the amortization schedule of such EMC Mortgage Loan without modification thereof by reason of such arrangements, and shall be entitled to reimbursement therefor in accordance with Section 6.01. The Company shall not be required to institute or join in litigation with respect to collection of any payment (whether under a Mortgage, Mortgage Note or otherwise or against any public or governmental authority with respect to a taking or condemnation) if it reasonably believes that enforcing the provision of the Mortgage or other instrument pursuant to which such payment is required is prohibited by applicable law. In additionConsistent with and in addition to the terms set forth in this Agreement, if (x) an EMC a Mortgage Loan is in default or such default is reasonably foreseeable or (y) foreseeable, the Company delivers may waive, modify or vary any term of any Mortgage Loan or consent to the Trusteepostponement of strict compliance with any such term or in any manner grant indulgence to any Mortgagor, Securities Administrator including without limitation, to (1) capitalize any amounts owing on the Mortgage Loan by adding such amount to the outstanding principal balance of the Mortgage Loan, (2) defer such amounts to a later date or the final payment date of such Mortgage Loan, (3) extend the maturity of any such Mortgage Loan, (4) amend the related Mortgage Note to reduce or otherwise change the related Mortgage Rate with respect to any Mortgage Loan, (5) convert the Mortgage Rate on any Mortgage Loan from a fixed rate to an adjustable rate or vice versa, (6) with respect to a Mortgage Loan with an initial fixed rate period followed by an adjustable rate period, extend the fixed period and Master Servicer reduce the adjustable rate period, and/or (7) forgive the amount of any interest principal or Servicing Advances owed by the related Mortgagor; provided that, in the Company’s reasonable and prudent determination, such waiver, modification, postponement or indulgence (A) is not materially adverse to the interests of the Certificateholders in the aggregate on a present value basis using reasonable assumptions (including taking into account any estimated Realized Loss that might result absent such action); and (B) does not amend the related Mortgage Note to extend the maturity thereof later than the date of the Latest Possible Maturity Date; provided, further, with respect to any Mortgage Loan that is not in default or if default is not reasonably foreseeable, unless the Company has provided to the Trustee a certification addressed to the Trustee and the Securities AdministratorTrustee, based on the advice of counsel or certified public accountants, in either case, that have a national reputation with respect to taxation of REMICs, that a such modification of such EMC Mortgage Loan will not result in the imposition of taxes on or disqualify from REMIC status any of REMIC I, REMIC II, REMIC III, REMIC IV, REMIC V, V or REMIC VI, REMIC VII or REMIC VIII, the Company may if it reasonably believes that undertaking such actions would be in the best interest of the Certificateholders, (A) amend the related Mortgage Note to reduce the Mortgage Rate applicable thereto, provided that such reduced Mortgage Rate shall in no event be lower than 5.00% not permit any modification with respect to any EMC Mortgage Loan and Loan. Notwithstanding the foregoing, for any waiver, modification, postponement or indulgence (B) amend not including any Mortgage Note related to an EMC Mortgage Loan to extend to the maturity thereof; provided thatpartial releases, EMC shall not extend the payment date assumptions of mortgages or modifications of any Mortgage Loan beyond its final maturity datethat is done in connection with the Relief Act) which the Company reasonably anticipates may result in a Realized Loss of 20% or more of the outstanding principal balance of a Mortgage Loan, the Company shall present such proposed waiver, modification, postponement or indulgence, together with any supporting documentation, to the Master Servicer for consideration and approval. The Company shall submit all waivers, modifications, or variances of the terms of any Mortgage Loan with respect to partial releases, assumptions of mortgages or for modifications done in furtherance of compliance with the Relief Act, together with any supporting documentation, to the Master Servicer for consideration and approval. In accordance connection with any such Servicing Modification, the standards Company or the Master Servicer may reimburse itself from the Trust for any outstanding Advances and Servicing Advances in the same calendar month as the Servicing Modification to the extent that such Advances or Servicing Advances are reimbursable to the Company or the Master Servicer and to the extent of related Principal Funds in the Protected Account for the related Distribution Date. To the extent there are not sufficient Principal Funds available on the related Distribution Date to reimburse the Company or the Master Servicer for such Advances and Servicing Advances, the Company or the Master Servicer may reimburse itself on a first priority basis from related Principal Funds that are available on future Distribution Dates. If any mortgagor’s obligation to repay any outstanding amounts due under the terms of the first paragraph of Section 3.01related Mortgage Loan for which an Advance or Servicing Advance has been made by the Company or the Master Servicer is forgiven, any such Advance or Servicing Advance will be treated as a Realized Loss which will be incurred on the Distribution Date related to the calendar month during which the Servicing Modification occurred. The Company shall not waive (or permit a sub-servicer to waive) any Prepayment Charge related to an EMC Mortgage Loan unless: (i) the enforceability thereof shall have been limited by bankruptcy, insolvency, moratorium, receivership and other similar laws relating to creditors’ rights generally, (ii) the enforcement thereof is illegal, or any local, state or federal agency has threatened legal action if the prepayment penalty is enforced, (iii) the collectability thereof shall have mortgage debt has been limited due to acceleration accelerated in connection with a foreclosure or other involuntary payment or (iv) such waiver is standard and customary in servicing similar Mortgage Loans and relates to a default or a reasonably foreseeable default and would, in the reasonable judgment of the Company, maximize recovery of total proceeds taking into account the value of such Prepayment Charge and the related EMC Mortgage Loan. If a Prepayment Charge is waived, but does not meet the standards described above, then the Company is required to pay the amount of such waived Prepayment Charge, for the benefit of the related Class C P Certificates, by remitting such amount to the Master Servicer by the Remittance Date. Payments of such waived charges shall not be payments in respect of any Regular Interest.
(b) The Company shall establish and maintain a Protected Account (which shall at all times be an Eligible Account) with a depository institution in the name of the Company for the benefit of the Trustee on behalf of the Certificateholders and designated “EMC Mortgage Corporation, as servicer on behalf of Citibank, N.A., as Trustee, for the benefit of the certificateholders, in trust for registered holders of Bear Xxxxxxx Asset Backed Securities I LLC, Mortgage-Backed Certificates, Series 2006-5”. The Company shall deposit or cause to be deposited into the Protected Account on a daily basis within one Business Day of receipt, except as otherwise specifically provided herein, the following payments and collections remitted by subservicers or received by it in respect of the EMC Mortgage Loans subsequent to the Cut-off Date (other than in respect of principal and interest due on the EMC 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, including Principal Prepayments, on the EMC Mortgage Loans;
(ii) all payments on account of interest on the EMC Mortgage Loans net of the related Servicing Fee permitted under Section 3.13, if any;
(iii) all Liquidation Proceeds, Subsequent Recoveries and Insurance Proceeds with respect to any EMC Mortgage Loans, other than proceeds to be applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with the Company’s normal servicing procedures;
(iv) any amount required to be deposited by the Company pursuant to Section 5.01(c) in connection with any losses on Permitted Investments;
(v) any amounts required to be deposited by the Company pursuant to Section 3.07;
(vi) any Prepayment Charges collected on the EMC Mortgage Loans; and
(vii) any other amounts required to be deposited hereunder. The foregoing requirements for deposit by the Company into the Protected Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, payments in the nature of late payment charges or assumption fees, if collected, need not be deposited by the Company. In the event that the Company shall deposit any amount not required to be deposited and not otherwise subject to withdrawal pursuant to Section 5.02, it may at any time withdraw or direct the institution maintaining the Protected Account, to withdraw such amount from the Protected Account, any provision herein to the contrary notwithstanding. Such withdrawal or direction may be accomplished by delivering written notice thereof to the institution maintaining the Protected Account, that describes the amounts deposited in error in the Protected Account. The Company shall maintain adequate records with respect to all withdrawals made pursuant to this Section. All funds deposited in the Protected Account shall be held in trust for the Certificateholders until withdrawn in accordance with Section 5.02.
(c) The institution that maintains the Protected Account shall invest the funds in the Protected Account, in the manner directed by the Company, in Permitted Investments which shall mature not later than the Business Day immediately preceding the Remittance Date and shall not be sold or disposed of prior to its 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 shall be for the benefit of the Company as servicing compensation and shall be remitted to it monthly as provided herein. The amount of any losses incurred in the Protected Account in respect of any such investments shall be deposited by the Company into the Protected Account, out of the Company’s own funds.
(d) The Company shall give at least 30 days advance notice to the Trustee, the Securities Administrator, the Sponsor, the Master Servicer, each Rating Agency and the Depositor of any proposed change of location of the Protected Account prior to any change thereof.
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (Bear Stearns Asset Backed Securities I Trust 2007-He6), Pooling and Servicing Agreement (Bear Stearns Asset Backed Securities I Trust 2007-He6)
Collection of Mortgage Loan Payments; Protected Account. (a) The Company Master Servicer shall make reasonable efforts in accordance with customary and usual standards of practice of prudent mortgage lenders in the respective states in which the Mortgaged Properties related to the EMC Mortgage Loans are located to collect all payments called for under the terms and provisions of the EMC Mortgage Loans to the extent such procedures shall be consistent with this Agreement and the terms and provisions of any related Required Insurance Policy. Consistent with the foregoing, the Company Master Servicer may in its discretion (i) waive any late payment charge and (ii) extend the Due Dates due dates for payments due on a Mortgage Note related to an EMC Mortgage Loan for a period not greater than 125 days, provided that, EMC shall not extend the payment date of any Mortgage Loan beyond the date of its final maturity date. In the event of any such arrangement, the Company Master Servicer shall make Advances on the related EMC Mortgage Loan during the scheduled period in accordance with the amortization schedule of such EMC Mortgage Loan without modification thereof by reason of such arrangements, and shall be entitled to reimbursement therefor in accordance with Section 6.015.01. The Company Master Servicer shall not be required to institute or join in litigation with respect to collection of any payment (whether under a Mortgage, Mortgage Note or otherwise or against any public or governmental authority with respect to a taking or condemnation) if it reasonably believes that enforcing the provision of the Mortgage or other instrument pursuant to which such payment is required is prohibited by applicable law. In addition, if (x) an EMC a Mortgage Loan is in default or default is reasonably foreseeable foreseeable, the Master Servicer may also waive, modify or vary any term of any Mortgage Loan or consent to the postponement of strict compliance with any such term or in any manner grant indulgence to any mortgagor, including without limitation, to (1) capitalize any amounts owing on the Mortgage Loan by adding such amount to the outstanding principal balance of the Mortgage Loan, (2) defer such amounts to a later date or the final payment date of such Mortgage Loan, (3) extend the maturity of any such Mortgage Loan, but in no instance past the date on which the final payment is due on the latest maturing Mortgage Loan as of the Cut-off Date, and/or (4) reduce the related Mortgage Rate (subject to clause (y) below), provided that, in the Master Servicer’s determination, such waiver, modification, postponement or indulgence is not materially adverse to the interests of the Certificateholders (taking into account any estimated Realized Loss that might result absent such action), or (y) the Company Master Servicer delivers to the Trustee, Securities Administrator and Master Servicer Trustee a certification addressed to the Trustee and the Securities AdministratorTrustee, based on the advice of counsel or certified public accountants, in either case, that have a national reputation with respect to taxation of REMICs, that a modification of such EMC Mortgage Loan will not result in the imposition of taxes on or disqualify from REMIC status any of REMIC I, REMIC II, REMIC III, REMIC IV, IV or REMIC V, REMIC VI, REMIC VII or REMIC VIII, the Company may if it reasonably believes that undertaking such actions would be in the best interest of the CertificateholdersMaster Servicer may, (A) amend the related Mortgage Note to reduce the Mortgage Rate applicable thereto, provided that such reduced Mortgage Rate shall in no event be lower than 5.00% with respect to any EMC Mortgage Loan and (B) amend any Mortgage Note related to an EMC Mortgage Loan to extend to the maturity thereof; provided that, EMC shall not extend the payment date of any Mortgage Loan beyond its final maturity date. In accordance with the standards of the first paragraph of Section 3.01, the Company The Master Servicer shall not waive (or permit a sub-servicer to waive) any Prepayment Charge related to an EMC Mortgage Loan unless: (i) the enforceability thereof shall have been limited by bankruptcy, insolvency, moratorium, receivership and other similar laws relating to creditors’ rights generally, (ii) the enforcement thereof is illegal, or any local, state or federal agency has threatened legal action if the prepayment penalty is enforced, (iii) the collectability thereof shall have mortgage debt has been limited due to acceleration accelerated in connection with a foreclosure or other involuntary payment or (iv) such waiver is standard and customary in servicing similar Mortgage Loans and relates to a default or a reasonably foreseeable default and would, in the reasonable judgment of the CompanyMaster Servicer, maximize recovery of total proceeds taking into account the value of such Prepayment Charge and the related EMC Mortgage Loan. If a Prepayment Charge is waived, but does not meet the standards described above, then the Company Master Servicer is required to pay the amount of such waived Prepayment Charge, for the benefit of the related Class C Certificates, by remitting such amount to the Master Servicer Trustee by the Remittance Distribution Account Deposit Date. Payments of such waived charges shall not be payments in respect of any Regular Interest.
(b) The Company Master Servicer shall establish and maintain a Protected Account (which shall at all times be an Eligible Account) with a depository institution in the name of the Company Master Servicer for the benefit of the Trustee on behalf of the Certificateholders and designated “EMC Mortgage Corporation, as servicer on behalf of Citibank, N.A., as TrusteeMaster Servicer, for the benefit of the certificateholdersLaSalle Bank National Association, in trust for registered holders Holders of Bear Xxxxxxx Asset Backed Securities I LLC, Bear Xxxxxxx Mortgage Funding Trust, Mortgage-Backed Certificates, Series 20062007-5SL2”. The Company Master Servicer shall deposit or cause to be deposited into the Protected Account on a daily basis within one two Business Day Days of receiptreceipt and identification, except as otherwise specifically provided herein, the following payments and collections remitted by subservicers or received by it in respect of the EMC Mortgage Loans subsequent to the Cut-off Date (other than in respect of principal and interest due on the EMC 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, including Principal Prepayments, on the EMC Mortgage Loans;
(ii) all payments on account of interest on the EMC Mortgage Loans net of the related Servicing Fee permitted under Section 3.133.10 and LPMI Fees, if any;
(iii) all Liquidation Proceeds, Subsequent Recoveries and Insurance Proceeds with respect to any EMC Mortgage LoansProceeds, other than proceeds to be applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with the CompanyMaster Servicer’s normal servicing procedures;
(iv) any amount required to be deposited by the Company Master Servicer pursuant to Section 5.01(c4.01(c) in connection with any losses on Permitted Investments;
(v) any amounts required to be deposited by the Company Master Servicer pursuant to Section 3.073.05;
(vi) any Prepayment Charges collected on the EMC Mortgage Loans; and
(vii) any other amounts required to be deposited hereunder. The foregoing requirements for deposit remittance by the Company Master Servicer into the Protected Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, payments in the nature of late payment charges or assumption fees, if collected, need not be deposited remitted by the CompanyMaster Servicer. In the event that the Company Master Servicer shall deposit remit any amount not required to be deposited remitted and not otherwise subject to withdrawal pursuant to Section 5.024.02, it may at any time withdraw or direct the institution maintaining the Protected Account, to withdraw such amount from the Protected Account, any provision herein to the contrary notwithstanding. Such withdrawal or direction may be accomplished by delivering written notice thereof to the institution maintaining the Protected Account, that describes the amounts deposited in error in the Protected Account. The Company Master Servicer shall maintain adequate records with respect to all withdrawals made pursuant to this Section. Reconciliations will be prepared for the Protected Account within 45 calendar days after the bank statement cut-off date. All funds deposited in the Protected Account shall be held in trust for the Certificateholders until withdrawn in accordance with Section 5.024.02.
(c) The institution that maintains the Protected Account shall invest the funds in the Protected Account, in the manner directed by the CompanyMaster Servicer, in Permitted Investments which shall mature not later than the Business Day immediately preceding the Remittance Date and shall not be sold or disposed of prior to its 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 shall be for the benefit of the Company Master Servicer as servicing compensation and shall be remitted to it monthly as provided herein. The amount of any losses incurred in the Protected Account in respect of any such investments shall be deposited by the Company Master Servicer into the Protected Account, out of the CompanyMaster Servicer’s own funds.
(d) The Company Master Servicer shall give at least 30 days advance notice to the Trustee, the Securities Administrator, the Sponsor, the Master ServicerSeller, each Rating Agency and the Depositor of any proposed change of location of the Protected Account prior to any change thereof.
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (Bear Stearns Mortgage Funding Trust 2007-Sl2), Pooling and Servicing Agreement (Bear Stearns Mortgage Funding Trust 2007-Sl2)
Collection of Mortgage Loan Payments; Protected Account. (a) The Company Master Servicer shall make reasonable efforts in accordance with customary and usual standards of practice of prudent mortgage lenders in the respective states in which the Mortgaged Properties related to the EMC Mortgage Loans are located to collect all payments called for under the terms and provisions of the EMC Mortgage Loans to the extent such procedures shall be consistent with this Agreement and the terms and provisions of any related Required Insurance Policy. Consistent with the foregoing, the Company Master Servicer may in its discretion (i) waive any late payment charge and (ii) extend the Due Dates due dates for payments due on a Mortgage Note related to an EMC Mortgage Loan for a period not greater than 125 days, provided that, EMC shall not extend the payment date of any Mortgage Loan beyond the date of its final maturity date. In the event of any such arrangement, the Company Master Servicer shall make Advances on the related EMC Mortgage Loan during the scheduled period in accordance with the amortization schedule of such EMC Mortgage Loan without modification thereof by reason of such arrangements, and shall be entitled to reimbursement therefor in accordance with Section 6.015.01. The Company Master Servicer shall not be required to institute or join in litigation with respect to collection of any payment (whether under a Mortgage, Mortgage Note or otherwise or against any public or governmental authority with respect to a taking or condemnation) if it reasonably believes that enforcing the provision of the Mortgage or other instrument pursuant to which such payment is required is prohibited by applicable law. In addition, if (x) an EMC a Mortgage Loan is in default or default is reasonably foreseeable foreseeable, the Master Servicer may also waive, modify or vary any term of any Mortgage Loan or consent to the postponement of strict compliance with any such term or in any manner grant indulgence to any mortgagor, including without limitation, to (1) capitalize any amounts owing on the Mortgage Loan by adding such amount to the outstanding principal balance of the Mortgage Loan, (2) defer such amounts to a later date or the final payment date of such Mortgage Loan, (3) extend the maturity of any such Mortgage Loan, but in no instance past the date on which the final payment is due on the latest maturing Mortgage Loan as of the Cut-off Date, and/or (4) reduce the related Mortgage Rate (subject to clause (y) below), provided that, in the Master Servicer’s determination, such waiver, modification, postponement or indulgence is not materially adverse to the interests of the Certificateholders (taking into account any estimated Realized Loss that might result absent such action), or (y) the Company Master Servicer delivers to the Trustee, Securities Administrator and Master Servicer Trustee a certification addressed to the Trustee and the Securities AdministratorTrustee, based on the advice of counsel or certified public accountants, in either case, that have a national reputation with respect to taxation of REMICs, that a modification of such EMC Mortgage Loan will not result in the imposition of taxes on or disqualify from REMIC status any of REMIC I, REMIC II, REMIC III, REMIC IV, REMIC V, REMIC VI, REMIC VII or VII, REMIC VIII, REMIC IX or REMIC X, the Company may if it reasonably believes that undertaking such actions would be in the best interest of the CertificateholdersMaster Servicer may, (A) amend the related Mortgage Note to reduce the Mortgage Rate applicable thereto, provided that such reduced Mortgage Rate shall in no event be lower than 5.00% with respect to any EMC Mortgage Loan and (B) amend any Mortgage Note related to an EMC Mortgage Loan to extend to the maturity thereof; provided that, EMC shall not extend the payment date of any Mortgage Loan beyond its final maturity date. In accordance with the standards of the first paragraph of Section 3.01, the Company .
(b) The Master Servicer shall not waive (or permit a sub-servicer to waive) any Prepayment Charge related to an EMC Mortgage Loan unless: (i) the enforceability thereof shall have been limited by bankruptcy, insolvency, moratorium, receivership and other similar laws relating to creditors’ rights generally, (ii) the enforcement thereof is illegal, or any local, state or federal agency has threatened legal action if the prepayment penalty is enforced, (iii) the collectability thereof shall have mortgage debt has been limited due to acceleration accelerated in connection with a foreclosure or other involuntary payment or (iv) such waiver is standard and customary in servicing similar Mortgage Loans and relates to a default or a reasonably foreseeable default and would, in the reasonable judgment of the CompanyMaster Servicer, maximize recovery of total proceeds taking into account the value of such Prepayment Charge and the related EMC Mortgage Loan. If a Prepayment Charge is waived, but does not meet the standards described above, then the Company Master Servicer is required to pay the amount of such waived Prepayment Charge, for the benefit of the related Class C P Certificates, by remitting such amount to the Master Servicer Trustee by the Remittance Date. Payments of Distribution Account Deposit Date with respect to such waived charges shall not be payments in respect of any Regular InterestLoan Group.
(bc) The Company Master Servicer shall establish and maintain a Protected Account (which shall at all times be an Eligible Account) with a depository institution in the name of the Company Master Servicer for the benefit of the Trustee on behalf of the Certificateholders and designated “EMC Mortgage Corporation, as servicer on behalf of Citibank, N.A., as TrusteeMaster Servicer, for the benefit of the certificateholdersLaSalle Bank National Association, in trust for registered holders Holders of Bear Xxxxxxx Sxxxxxx Asset Backed Securities I LLC, MortgageAsset-Backed Certificates, Series 2006-5AQ1”. The Company Master Servicer shall deposit or cause to be deposited into the Protected Account on a daily basis within one two Business Day Days of receiptreceipt and identification, except as otherwise specifically provided herein, the following payments and collections remitted by subservicers or received by it in respect of the EMC Mortgage Loans subsequent to the Cut-off Date (other than in respect of principal and interest due on the EMC Mortgage Loans on or before the Cut-off Date) and the following amounts required to be deposited hereunder:
(i) with respect to each Loan Group, all payments on account of principal, including Principal Prepayments, on the EMC Mortgage Loans;
(ii) with respect to each Loan Group, all payments on account of interest on the EMC Mortgage Loans net of the related Servicing Fee permitted under Section 3.133.10 and LPMI Fees, if any;
(iii) with respect to each Loan Group, all Liquidation Proceeds, Subsequent Recoveries and Insurance Proceeds with respect to any EMC Mortgage LoansProceeds, other than proceeds to be applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with the CompanyMaster Servicer’s normal servicing procedures;
(iv) with respect to each Loan Group, any amount required to be deposited by the Company Master Servicer pursuant to Section 5.01(c4.01(c) in connection with any losses on Permitted Investments;
(v) with respect to each Loan Group, any amounts required to be deposited by the Company Master Servicer pursuant to Section 3.073.05;
(vi) with respect to each Loan Group, any Prepayment Charges collected on the EMC Mortgage Loans; and
(vii) with respect to each Loan Group, any other amounts required to be deposited hereunder. The foregoing requirements for deposit remittance by the Company Master Servicer into the Protected Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, payments in the nature of late payment charges or assumption fees, if collected, need not be deposited remitted by the CompanyMaster Servicer. In the event that the Company Master Servicer shall deposit remit any amount with respect to a Loan Group not required to be deposited remitted and not otherwise subject to withdrawal pursuant to Section 5.024.02, it may at any time withdraw or direct the institution maintaining the Protected Account, to withdraw such amount from the Protected AccountAccount with respect to such Loan Group, any provision herein to the contrary notwithstanding. Such withdrawal or direction may be accomplished by delivering written notice thereof to the institution maintaining the Protected Account, that describes the amounts deposited in error in the Protected Account. The Company Master Servicer shall maintain adequate records with respect to all withdrawals made pursuant to this Section. Reconciliations will be prepared for the Protected Account within 45 calendar days after the bank statement cut-off date. All funds deposited in the Protected Account shall be held in trust for the related Certificateholders until withdrawn in accordance with Section 5.024.02.
(cd) The institution that maintains the Protected Account shall invest the funds in the Protected Account, in the manner directed by the CompanyMaster Servicer, in Permitted Investments which shall mature not later than the Business Day immediately preceding the Remittance Date and shall not be sold or disposed of prior to its 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 shall be for the benefit of the Company Master Servicer as servicing compensation and shall be remitted to it monthly as provided herein. The amount of any losses incurred in the Protected Account in respect of any such investments shall be deposited by the Company Master Servicer into the Protected Account, out of the CompanyMaster Servicer’s own funds.
(de) The Company Master Servicer shall give at least 30 days advance notice to the Trustee, the Securities Administrator, the Sponsor, the Master ServicerSellers, each Rating Agency and the Depositor of any proposed change of location of the Protected Account prior to any change thereof.
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (Bear Stearns Asset Backed Securities I Trust 2006-Aq1), Pooling and Servicing Agreement (Bear Stearns Asset Backed Securities I Trust 2006-Aq1)
Collection of Mortgage Loan Payments; Protected Account. (a) The Company shall make reasonable efforts in accordance with customary and usual standards of practice of prudent mortgage lenders in the respective states in which the Mortgaged Properties related to the EMC Mortgage Loans are located to collect all payments called for under the terms and provisions of the EMC Mortgage Loans to the extent such procedures shall be consistent with this Agreement and the terms and provisions of any related Required Insurance Policy. Consistent with the foregoing, the Company may in its discretion (i) waive any late payment charge and (ii) extend the Due Dates due dates for payments due on a Mortgage Note related to an EMC Mortgage Loan for a period not greater than 125 days, provided that, EMC shall not extend the payment date of any Mortgage Loan beyond the date of its final maturity date. In the event of any such arrangement, the Company shall make Advances on the related EMC Mortgage Loan during the scheduled period in accordance with the amortization schedule of such EMC Mortgage Loan without modification thereof by reason of such arrangements, and shall be entitled to reimbursement therefor in accordance with Section 6.01. The Company shall not be required to institute or join in litigation with respect to collection of any payment (whether under a Mortgage, Mortgage Note or otherwise or against any public or governmental authority with respect to a taking or condemnation) if it reasonably believes that enforcing the provision of the Mortgage or other instrument pursuant to which such payment is required is prohibited by applicable law. In addition, if (x) an EMC a Mortgage Loan is in default or default is reasonably foreseeable imminent or (y) the Company delivers to the Trustee, Securities Administrator and Master Servicer Trustee a certification addressed to the Trustee and the Securities AdministratorTrustee, based on the advice of counsel or certified public accountants, in either case, that have a national reputation with respect to taxation of REMICs, that a modification of such EMC Mortgage Loan will not result in the imposition of taxes on or disqualify any of REMIC I, REMIC II, II or REMIC III, REMIC IV, REMIC V, REMIC VI, REMIC VII or REMIC VIII, the Company may if it reasonably believes that undertaking such actions would be in the best interest of the Certificateholdersmay, (A) amend the related Mortgage Note to reduce the Mortgage Rate applicable thereto, provided that such reduced Mortgage Rate shall in no event be lower than 5.00% with respect to any EMC Mortgage Loan and (B) amend any Mortgage Note related to an EMC Mortgage Loan to extend to the maturity thereof; provided that, EMC shall not extend the payment date of any Mortgage Loan beyond its final maturity date. In accordance with the standards of the first paragraph of Section 3.01, the Company shall not waive (or permit a sub-servicer to waive) any Prepayment Charge related to an EMC Mortgage Loan unless: (i) the enforceability thereof shall have been limited by bankruptcy, insolvency, moratorium, receivership and other similar laws relating to creditors’ rights generally, (ii) the enforcement thereof is illegal, or any local, state or federal agency has threatened legal action if the prepayment penalty is enforced, (iii) the collectability thereof shall have been limited due to acceleration in connection with a foreclosure or other involuntary payment or (iv) such waiver is standard and customary in servicing similar Mortgage Loans and relates to a default or a reasonably foreseeable default and would, in the reasonable judgment of the Company, maximize recovery of total proceeds taking into account the value of such Prepayment Charge and the related EMC Mortgage Loan. If a Prepayment Charge is waived, but does not meet the standards described above, then the Company is required to pay the amount of such waived Prepayment Charge, for the benefit of the related Class C Certificates, by remitting such amount to the Master Servicer by the Remittance Date. Payments of such waived charges shall not be payments in respect of any Regular Interest.
(b) The Company shall establish and maintain a Protected Account (which shall at all times be an Eligible Account) with a depository institution in the name of the Company for the benefit of the Trustee on behalf of the Certificateholders and designated “EMC Mortgage Corporation, as servicer on behalf of Citibank, N.A., as Trustee, for the benefit of the certificateholders"JPMorgan Chase Bank , in trust for registered holders of Bear Xxxxxxx Stearns Asset Backed Securities I LLCBackex Xxxxxities, MortgageInc., Asset-Backed Certificates, Certificates Series 20062003-5”AC2". The Company shall deposit or cause to be deposited into the Protected Account on a daily basis within one Business Day of receipt, except as otherwise specifically provided herein, the following payments and collections remitted by subservicers or received by it in respect of the EMC Mortgage Loans subsequent to the Cut-off Date (other than in respect of principal and interest due on the EMC 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, including Principal Prepayments, on the EMC Mortgage Loans;
(ii) all payments on account of interest on the EMC Mortgage Loans net of the related Servicing Fee permitted under Section 3.133.10 and LPMI Fees, if any;
(iii) all Liquidation Proceeds, Subsequent Recoveries and Insurance Proceeds with respect to any EMC Mortgage Loans, other than proceeds to be applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with the Company’s 's normal servicing procedures;
(iv) any amount required to be deposited by the Company pursuant to Section 5.01(c) in connection with any losses on Permitted Investments;
(v) any amounts required to be deposited by the Company pursuant to Section 3.073.05;
(vi) any Prepayment Charges collected on the EMC Mortgage Loans; and
(vii) any other amounts required to be deposited hereunder. The foregoing requirements for deposit by the Company into the Protected Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, payments in the nature of late payment charges or assumption fees, if collected, need not be deposited by the Company. In the event that the Company shall deposit any amount not required to be deposited and not otherwise subject to withdrawal pursuant to Section 5.02, it may at any time withdraw or direct the institution maintaining the Protected Account, to withdraw such amount from the Protected Account, any provision herein to the contrary notwithstanding. Such withdrawal or direction may be accomplished by delivering written notice thereof to the institution maintaining the Protected Account, that describes the amounts deposited in error in the Protected Account. The Company shall maintain adequate records with respect to all withdrawals made pursuant to this Section. All funds deposited in the Protected Account shall be held in trust for the Certificateholders until withdrawn in accordance with Section 5.02.
(c) The institution that maintains the Protected Account shall invest the funds in the Protected Account, in the manner directed by the Company, in Permitted Investments which shall mature not later than the Business Day immediately preceding the Remittance Date and shall not be sold or disposed of prior to its 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 shall be for the benefit of the Company as servicing compensation and shall be remitted to it monthly as provided herein. The amount of any losses incurred in the Protected Account in respect of any such investments shall be deposited by the Company into the Protected Account, out of the Company’s own funds.
(d) The Company shall give at least 30 days advance notice to the Trustee, the Securities Administrator, the Sponsor, the Master Servicer, each Rating Agency and the Depositor of any proposed change of location of the Protected Account prior to any change thereof.
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (Bear Stearns Asset Backed Sec Inc Asset Bk Cert Ser 03 Ac2), Pooling and Servicing Agreement (Bear Stearns Asset Backed Sec Inc Asset Bk Cert Ser 03 Ac2)
Collection of Mortgage Loan Payments; Protected Account. (a) The Company shall make reasonable efforts in accordance with customary and usual standards of practice of prudent mortgage lenders in the respective states in which the Mortgaged Properties related to the EMC Mortgage Loans are located to collect all payments called for under the terms and provisions of the EMC Mortgage Loans to the extent such procedures shall be consistent with this Agreement and the terms and provisions of any related Required Insurance Policy. Consistent with the foregoing, the Company may in its discretion (i) waive any late payment charge and (ii) extend the Due Dates for payments due on a Mortgage Note related to an EMC Mortgage Loan for a period not greater than 125 days, provided that, EMC shall not extend the payment date of any Mortgage Loan beyond the date of its final maturity date. In the event of any such arrangement, the Company shall make Advances on the related EMC Mortgage Loan during the scheduled period in accordance with the amortization schedule of such EMC Mortgage Loan without modification thereof by reason of such arrangements, and shall be entitled to reimbursement therefor in accordance with Section 6.01. The Company shall not be required to institute or join in litigation with respect to collection of any payment (whether under a Mortgage, Mortgage Note or otherwise or against any public or governmental authority with respect to a taking or condemnation) if it reasonably believes that enforcing the provision of the Mortgage or other instrument pursuant to which such payment is required is prohibited by applicable law. In addition, if (x) an EMC Mortgage Loan is in default or default is reasonably foreseeable foreseeable, the Company may also waive, modify or vary any term of any EMC Mortgage Loan or consent to the postponement of strict compliance with any such term or in any manner grant indulgence to any mortgagor, including without limitation, to (1) capitalize any amounts owing on the EMC Mortgage Loan by adding such amount to the outstanding principal balance of the EMC Mortgage Loan, (2) defer such amounts to a later date or the final payment date of such Mortgage Loan, (3) extend the maturity of any such EMC Mortgage Loan, but in no instance past the date on which the final payment is due on the latest maturing Mortgage Loan as of the Cut-off Date, and/or (4) reduce the related Mortgage Rate (subject to clause (y) below), provided that, in the Company’s determination, such waiver, modification, postponement or indulgence is not materially adverse to the interests of the Certificateholders (taking into account any estimated Realized Loss that might result absent such action), or (y) the Company delivers to the Trustee, Securities Administrator and Master Servicer a certification addressed to the Trustee and the Securities Administrator, based on the advice of counsel or certified public accountants, in either case, that have a national reputation with respect to taxation of REMICs, that a modification of such EMC Mortgage Loan will not result in the imposition of taxes on or disqualify from REMIC status any of REMIC I, REMIC II, REMIC III, REMIC IV, IV or REMIC V, REMIC VI, REMIC VII or REMIC VIII, the Company may if it reasonably believes that undertaking such actions would be in the best interest of the Certificateholders, (A) amend the related Mortgage Note to reduce the Mortgage Rate applicable thereto, provided that such reduced Mortgage Rate shall in no event be lower than 5.00% with respect to any EMC Mortgage Loan and (B) amend any Mortgage Note related to an EMC Mortgage Loan to extend to the maturity thereof; provided that, EMC shall not extend the payment date of any Mortgage Loan beyond its final maturity date. In accordance with the standards of the first paragraph of Section 3.01, the Company shall not waive (or permit a sub-servicer to waive) any Prepayment Charge related to an EMC Mortgage Loan unless: (i) the enforceability thereof shall have been limited by bankruptcy, insolvency, moratorium, receivership and other similar laws relating to creditors’ rights generally, (ii) the enforcement thereof is illegal, or any local, state or federal agency has threatened legal action if the prepayment penalty is enforced, (iii) the collectability thereof shall have mortgage debt has been limited due to acceleration accelerated in connection with a foreclosure or other involuntary payment or (iv) such waiver is standard and customary in servicing similar Mortgage Loans and relates to a default or a reasonably foreseeable default and would, in the reasonable judgment of the Company, maximize recovery of total proceeds taking into account the value of such Prepayment Charge and the related EMC Mortgage Loan. If a Prepayment Charge is waived, but does not meet the standards described above, then the Company is required to pay the amount of such waived Prepayment Charge, for the benefit of the related Class C Certificates, by remitting such amount to the Master Servicer by the Remittance Date. Payments of such waived charges shall not be payments in respect of any Regular Interest.
(b) The Company shall establish and maintain a Protected Account (which shall at all times be an Eligible Account) with a depository institution in the name of the Company for the benefit of the Trustee on behalf of the Certificateholders and designated “EMC Mortgage Corporation, as servicer on behalf of Citibank, N.A., as Trustee, for the benefit of the certificateholders, in trust for registered holders Holders of Bear Xxxxxxx Asset Backed Securities SACO I LLCTrust 2006-10, Mortgage-Backed Certificates, Series 2006-510”. The Company shall deposit or cause to be deposited into the Protected Account on a daily basis within one two Business Day Days of receiptreceipt and identification, except as otherwise specifically provided herein, the following payments and collections remitted by subservicers or received by it in respect of the EMC Mortgage Loans subsequent to the Cut-off Date (other than in respect of principal and interest due on the EMC 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, including Principal Prepayments, on the EMC Mortgage Loans;
(ii) all payments on account of interest on the EMC Mortgage Loans net of the related Servicing Fee permitted under Section 3.13, if any;
(iii) all Liquidation Proceeds, Subsequent Recoveries and Insurance Proceeds with respect to any EMC Mortgage Loans, other than proceeds to be applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with the Company’s normal servicing procedures;
(iv) any amount required to be deposited by the Company pursuant to Section 5.01(c) in connection with any losses on Permitted Investments;
(v) any amounts required to be deposited by the Company pursuant to Section 3.07;
(vi) any Prepayment Charges collected on the EMC Mortgage Loans; and
(vii) any other amounts required to be deposited hereunder. The foregoing requirements for deposit by the Company into the Protected Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, payments in the nature of late payment charges or assumption fees, if collected, need not be deposited by the Company. In the event that the Company shall deposit any amount not required to be deposited and not otherwise subject to withdrawal pursuant to Section 5.02, it may at any time withdraw or direct the institution maintaining the Protected Account, to withdraw such amount from the Protected Account, any provision herein to the contrary notwithstanding. Such withdrawal or direction may be accomplished by delivering written notice thereof to the institution maintaining the Protected Account, that describes the amounts deposited in error in the Protected Account. The Company shall maintain adequate records with respect to all withdrawals made pursuant to this Section. Reconciliations will be prepared for the Protected Account within 45 calendar days after the bank statement cut-off date. All funds deposited in the Protected Account shall be held in trust for the Certificateholders until withdrawn in accordance with Section 5.02.
(c) The institution that maintains the Protected Account shall invest the funds in the Protected Account, in the manner directed by the Company, in Permitted Investments which shall mature not later than the Business Day immediately preceding the Remittance Date and shall not be sold or disposed of prior to its 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 shall be for the benefit of the Company as servicing compensation and shall be remitted to it monthly as provided herein. The amount of any losses incurred in the Protected Account in respect of any such investments shall be deposited by the Company into the Protected Account, out of the Company’s own funds.
(d) The Company shall give at least 30 days advance notice to the Trustee, the Securities Administrator, the SponsorSeller, the Master Servicer, each Rating Agency and the Depositor of any proposed change of location of the Protected Account prior to any change thereof.
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (SACO I Trust 2006-10), Pooling and Servicing Agreement (SACO I Trust 2006-10)
Collection of Mortgage Loan Payments; Protected Account. (a) The Company Master Servicer shall make reasonable efforts in accordance with customary and usual standards of practice of prudent mortgage lenders in the respective states in which the Mortgaged Properties related to the EMC Mortgage Loans are located to collect all payments called for under the terms and provisions of the EMC Mortgage Loans to the extent such procedures shall be consistent with this Agreement and the terms and provisions of any related Required Insurance Policy. Consistent with the foregoing, the Company Master Servicer may in its discretion (i) waive any late payment charge and (ii) extend the Due Dates due dates for payments due on a Mortgage Note related to an EMC Mortgage Loan for a period not greater than 125 days, provided that, EMC shall not extend the payment date of any Mortgage Loan beyond the date of its final maturity date. In the event of any such arrangement, the Company Master Servicer shall make Advances on the related EMC Mortgage Loan during the scheduled period in accordance with the amortization schedule of such EMC Mortgage Loan without modification thereof by reason of such arrangements, and shall be entitled to reimbursement therefor in accordance with Section 6.015.01. The Company Master Servicer shall not be required to institute or join in litigation with respect to collection of any payment (whether under a Mortgage, Mortgage Note or otherwise or against any public or governmental authority with respect to a taking or condemnation) if it reasonably believes that enforcing the provision of the Mortgage or other instrument pursuant to which such payment is required is prohibited by applicable law. In addition, if (x) an EMC a Mortgage Loan is in default or default is reasonably foreseeable imminent or (y) the Company Master Servicer delivers to the Trustee, Securities Administrator and Master Servicer Trustee a certification addressed to the Trustee and the Securities AdministratorTrustee, based on the advice of counsel or certified public accountants, in either case, that have a national reputation with respect to taxation of REMICs, that a modification of such EMC Mortgage Loan will not result in the imposition of taxes on or disqualify from REMIC status any of REMIC I, REMIC II, REMIC III, REMIC IV, REMIC V, V or REMIC VI, REMIC VII or REMIC VIII, the Company may if it reasonably believes that undertaking such actions would be in the best interest of the CertificateholdersMaster Servicer may, (A) amend the related Mortgage Note to reduce the Mortgage Rate applicable thereto, provided that such reduced Mortgage Rate shall in no event be lower than 5.00% with respect to any EMC Mortgage Loan and (B) amend any Mortgage Note related to an EMC Mortgage Loan to extend to the maturity thereof; provided that, EMC shall not extend the payment date of any Mortgage Loan beyond its final maturity date. In accordance with the standards of the first paragraph of Section 3.01, the Company The Master Servicer shall not waive (or permit a sub-servicer to waive) any Prepayment Charge related to an EMC Mortgage Loan unless: (i) the enforceability thereof shall have been limited by bankruptcy, insolvency, moratorium, receivership and other similar laws relating to creditors’ rights generally, (ii) the enforcement thereof is illegal, or any local, state or federal agency has threatened legal action if the prepayment penalty is enforced, (iii) the collectability thereof shall have been limited due to acceleration in connection with a foreclosure or other involuntary payment or (iv) such waiver is standard and customary in servicing similar Mortgage Loans and relates to a default or a reasonably foreseeable default and would, in the reasonable judgment of the CompanyMaster Servicer, maximize recovery of total proceeds taking into account the value of such Prepayment Charge and the related EMC Mortgage Loan. If a Prepayment Charge is waived, but does not meet the standards described above, then the Company Master Servicer is required to pay the amount of such waived Prepayment Charge, for the benefit of the related Class C P Certificates, by remitting such amount to the Master Servicer Trustee by the Remittance Distribution Account Deposit Date. Payments of such waived charges shall not be payments in respect of any Regular Interest.
(b) The Company Master Servicer shall establish and maintain a Protected Account (which shall at all times be an Eligible Account) with a depository institution in the name of the Company Master Servicer for the benefit of the Trustee on behalf of the Certificateholders and designated “EMC Mortgage Corporation, as servicer on behalf of Citibank, N.A., as TrusteeMaster Servicer, for the benefit of the certificateholdersLaSalle Bank National Association, in trust for registered holders of Bear Xxxxxxx Asset Backed Securities I LLC, MortgageAsset-Backed Certificates, Series 20062005-5TC1”. The Company Master Servicer shall deposit or cause to be deposited into the Protected Account on a daily basis within one Business Day of receipt, except as otherwise specifically provided herein, the following payments and collections remitted by subservicers or received by it in respect of the EMC Mortgage Loans subsequent to the Cut-off Date (other than in respect of principal and interest due on the EMC 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, including Principal Prepayments, on the EMC Mortgage Loans;
(ii) all payments on account of interest on the EMC Mortgage Loans net of the related Servicing Fee permitted under Section 3.133.10 and LPMI Fees, if any;
(iii) all Liquidation Proceeds, Subsequent Recoveries and Insurance Proceeds with respect to any EMC Mortgage LoansProceeds, other than proceeds to be applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with the CompanyMaster Servicer’s normal servicing procedures;
(iv) any amount required to be deposited by the Company Master Servicer pursuant to Section 5.01(c4.01(c) in connection with any losses on Permitted Investments;
(v) any amounts required to be deposited by the Company Master Servicer pursuant to Section 3.073.05;
(vi) any Prepayment Charges collected on the EMC Mortgage Loans; and
(vii) any other amounts required to be deposited hereunder. The foregoing requirements for deposit remittance by the Company Master Servicer into the Protected Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, payments in the nature of late payment charges or assumption fees, if collected, need not be deposited remitted by the CompanyMaster Servicer. In the event that the Company Master Servicer shall deposit remit any amount not required to be deposited remitted and not otherwise subject to withdrawal pursuant to Section 5.024.02, it may at any time withdraw or direct the institution maintaining the Protected Account, to withdraw such amount from the Protected Account, any provision herein to the contrary notwithstanding. Such withdrawal or direction may be accomplished by delivering written notice thereof to the institution maintaining the Protected Account, that describes the amounts deposited in error in the Protected Account. The Company Master Servicer shall maintain adequate records with respect to all withdrawals made pursuant to this Section. All funds deposited in the Protected Account shall be held in trust for the Certificateholders until withdrawn in accordance with Section 5.024.02.
(c) The institution that maintains the Protected Account shall invest the funds in the Protected Account, in the manner directed by the CompanyMaster Servicer, in Permitted Investments which shall mature not later than the Business Day immediately preceding the Remittance Date and shall not be sold or disposed of prior to its 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 shall be for the benefit of the Company Master Servicer as servicing compensation and shall be remitted to it monthly as provided herein. The amount of any losses incurred in the Protected Account in respect of any such investments shall be deposited by the Company Master Servicer into the Protected Account, out of the CompanyMaster Servicer’s own funds.
(d) The Company Master Servicer shall give at least 30 days advance notice to the Trustee, the Securities Administrator, the Sponsor, the Master ServicerSeller, each Rating Agency and the Depositor of any proposed change of location of the Protected Account prior to any change thereof.
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (Bear Stearns Asset Backed Securities I Trust 2005-Tc1), Pooling and Servicing Agreement (Bear Stearns Asset Backed Securities I Trust 2005-Tc1)
Collection of Mortgage Loan Payments; Protected Account. (a) The Company Master Servicer shall make reasonable efforts in accordance with customary and usual standards of practice of prudent mortgage lenders in the respective states in which the Mortgaged Properties related to the EMC Mortgage Loans are located to collect all payments called for under the terms and provisions of the EMC Mortgage Loans to the extent such procedures shall be consistent with this Agreement and the terms and provisions of any related Required Insurance Policy. Consistent with the foregoing, the Company Master Servicer may in its discretion (i) waive any late payment charge and (ii) extend the Due Dates due dates for payments due on a Mortgage Note related to an EMC Mortgage Loan for a period not greater than 125 days, provided that, EMC shall not extend the payment date of any Mortgage Loan beyond the date of its final maturity date. In the event of any such arrangement, the Company Master Servicer shall make Advances on the related EMC Mortgage Loan during the scheduled period in accordance with the amortization schedule of such EMC Mortgage Loan without modification thereof by reason of such arrangements, and shall be entitled to reimbursement therefor in accordance with Section 6.015.01. The Company Master Servicer shall not be required to institute or join in litigation with respect to collection of any payment (whether under a Mortgage, Mortgage Note or otherwise or against any public or governmental authority with respect to a taking or condemnation) if it reasonably believes that enforcing the provision of the Mortgage or other instrument pursuant to which such payment is required is prohibited by applicable law. In addition, if (x) an EMC a Mortgage Loan is in default or default is reasonably foreseeable imminent or (y) the Company Master Servicer delivers to the Trustee, Securities Administrator and Master Servicer Trustee a certification addressed to the Trustee and the Securities AdministratorTrustee, based on the advice of counsel or certified public accountants, in either case, that have a national reputation with respect to taxation of REMICs, that a modification of such EMC Mortgage Loan will not result in the imposition of taxes on or disqualify from REMIC status any of REMIC I, REMIC II, REMIC III, REMIC IV, REMIC V, V or REMIC VI, REMIC VII or REMIC VIII, the Company may if it reasonably believes that undertaking such actions would be in the best interest of the CertificateholdersMaster Servicer may, (A) amend the related Mortgage Note to reduce the Mortgage Rate applicable thereto, provided that such reduced Mortgage Rate shall in no event be lower than 5.00% with respect to any EMC Mortgage Loan and (B) amend any Mortgage Note related to an EMC Mortgage Loan to extend to the maturity thereof; provided that. With respect to Mortgage Loans affected by Hurricane Xxxxxxx, EMC shall not if the Mortgaged Property is located in public and individual assistance counties as designated by FEMA (as set forth on its website xxx.xxxx.xxx), the Master Servicer will cease charging of late fees and credit reporting activity for all Mortgagors in such counties until March 1, 2006, and if reasonably prudent, may extend the payment date of any Mortgage Loan beyond its final maturity datesuch period as long as necessary. In accordance with the standards of the first paragraph of Section 3.01addition, the Company Master Servicer may suspend all foreclosure and bankruptcy activity relating to such Mortgage Loans until March 1, 2006, and if reasonably prudent, may extend such period as long as necessary. The Master Servicer shall not waive (or permit a sub-servicer to waive) any Prepayment Charge related to an EMC Mortgage Loan unless: (i) the enforceability thereof shall have been limited by bankruptcy, insolvency, moratorium, receivership and other similar laws relating to creditors’ rights generally, (ii) the enforcement thereof is illegal, or any local, state or federal agency has threatened legal action if the prepayment penalty is enforced, (iii) the collectability thereof shall have been limited due to acceleration in connection with a foreclosure or other involuntary payment or (iv) such waiver is standard and customary in servicing similar Mortgage Loans and relates to a default or a reasonably foreseeable default and would, in the reasonable judgment of the CompanyMaster Servicer, maximize recovery of total proceeds taking into account the value of such Prepayment Charge and the related EMC Mortgage Loan. If a Prepayment Charge is waived, but does not meet the standards described above, then the Company Master Servicer is required to pay the amount of such waived Prepayment Charge, for the benefit of the related Class C P Certificates, by remitting such amount to the Master Servicer Trustee by the Remittance Distribution Account Deposit Date. Payments of such waived charges shall not be payments in respect of any Regular Interest.
(b) The Company Master Servicer shall establish and maintain a Protected Account (which shall at all times be an Eligible Account) with a depository institution in the name of the Company Master Servicer for the benefit of the Trustee on behalf of the Certificateholders and designated “EMC Mortgage Corporation, as servicer on behalf of Citibank, N.A., as TrusteeMaster Servicer, for the benefit of the certificateholdersLaSalle Bank National Association, in trust for registered holders of Bear Xxxxxxx Asset Backed Securities I LLC, MortgageAsset-Backed Certificates, Series 2006-5PC1”. The Company Master Servicer shall deposit or cause to be deposited into the Protected Account on a daily basis within one two Business Day Days of receiptreceipt and identification, except as otherwise specifically provided herein, the following payments and collections remitted by subservicers or received by it in respect of the EMC Mortgage Loans subsequent to the Cut-off Date (other than in respect of principal and interest due on the EMC 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, including Principal Prepayments, on the EMC Mortgage Loans;
(ii) all payments on account of interest on the EMC Mortgage Loans net of the related Servicing Fee permitted under Section 3.133.10 and LPMI Fees, if any;
(iii) all Liquidation Proceeds, Subsequent Recoveries and Insurance Proceeds with respect to any EMC Mortgage LoansProceeds, other than proceeds to be applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with the CompanyMaster Servicer’s normal servicing procedures;
(iv) any amount required to be deposited by the Company Master Servicer pursuant to Section 5.01(c4.01(c) in connection with any losses on Permitted Investments;
(v) any amounts required to be deposited by the Company Master Servicer pursuant to Section 3.073.05;
(vi) any Prepayment Charges collected on the EMC Mortgage Loans; and
(vii) any other amounts required to be deposited hereunder. The foregoing requirements for deposit remittance by the Company Master Servicer into the Protected Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, payments in the nature of late payment charges or assumption fees, if collected, need not be deposited remitted by the CompanyMaster Servicer. In the event that the Company Master Servicer shall deposit remit any amount not required to be deposited remitted and not otherwise subject to withdrawal pursuant to Section 5.024.02, it may at any time withdraw or direct the institution maintaining the Protected Account, to withdraw such amount from the Protected Account, any provision herein to the contrary notwithstanding. Such withdrawal or direction may be accomplished by delivering written notice thereof to the institution maintaining the Protected Account, that describes the amounts deposited in error in the Protected Account. The Company Master Servicer shall maintain adequate records with respect to all withdrawals made pursuant to this Section. Reconciliations will be prepared for the Protected Account within 45 Calendar days after the bank statement cut-off date. All items requiring reconciliation will be resolved within 90 calendar days of their original identification. All funds deposited in the Protected Account shall be held in trust for the Certificateholders until withdrawn in accordance with Section 5.024.02.
(c) The institution that maintains the Protected Account shall invest the funds in the Protected Account, in the manner directed by the CompanyMaster Servicer, in Permitted Investments which shall mature not later than the Business Day immediately preceding the Remittance Date and shall not be sold or disposed of prior to its 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 shall be for the benefit of the Company Master Servicer as servicing compensation and shall be remitted to it monthly as provided herein. The amount of any losses incurred in the Protected Account in respect of any such investments shall be deposited by the Company Master Servicer into the Protected Account, out of the CompanyMaster Servicer’s own funds.
(d) The Company Master Servicer shall give at least 30 days advance notice to the Trustee, the Securities Administrator, the Sponsor, the Master ServicerSeller, each Rating Agency and the Depositor of any proposed change of location of the Protected Account prior to any change thereof.
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (Bear Stearns Asset Backed Securities I Trust 2006-Pc1), Pooling and Servicing Agreement (Bear Stearns Asset Backed Securities I Trust 2006-Pc1)
Collection of Mortgage Loan Payments; Protected Account. (a) The Company shall make reasonable efforts in accordance with customary and usual standards of practice of prudent mortgage lenders in the respective states in which the Mortgaged Properties related to the EMC Mortgage Loans are located to collect all payments called for under the terms and provisions of the EMC Mortgage Loans to the extent such procedures shall be consistent with this Agreement and the terms and provisions of any related Required Insurance Policy. Consistent with the foregoing, the Company may in its discretion (i) waive any late payment charge and (ii) extend the Due Dates due dates for payments due on a Mortgage Note related to an EMC Mortgage Loan for a period not greater than 125 days, provided that, EMC shall not extend the payment date of any Mortgage Loan beyond the date of its final maturity date. In the event of any such arrangement, the Company shall make Advances on the related EMC Mortgage Loan during the scheduled period in accordance with the amortization schedule of such EMC Mortgage Loan without modification thereof by reason of such arrangements, and shall be entitled to reimbursement therefor in accordance with Section 6.01. The Company shall not be required to institute or join in litigation with respect to collection of any payment (whether under a Mortgage, Mortgage Note or otherwise or against any public or governmental authority with respect to a taking or condemnation) if it reasonably believes that enforcing the provision of the Mortgage or other instrument pursuant to which such payment is required is prohibited by applicable law. In addition, if (x) an a EMC Mortgage Loan is in default or default is reasonably foreseeable or (y) the Company delivers to the Trustee, the Securities Administrator and the Master Servicer a certification addressed to the Trustee and the Securities Administrator, based on the advice of counsel or certified public accountants, in either case, that have a national reputation with respect to taxation of REMICs, that a modification of such EMC Mortgage Loan will not result in the imposition of taxes on or disqualify from REMIC status any of REMIC I, REMIC II, REMIC III, REMIC IV, REMIC V, V or REMIC VI, REMIC VII or REMIC VIII, the Company may if it reasonably believes that undertaking such actions would be in the best interest of the Certificateholdersmay, (A) amend the related Mortgage Note to reduce the Mortgage Rate applicable thereto, provided that such reduced Mortgage Rate shall in no event be lower than 5.00% with respect to any EMC Mortgage Loan and (B) amend any Mortgage Note related to an EMC Mortgage Loan to extend to the maturity thereof; provided that. With respect to EMC Mortgage Loans affected by Hurricane Xxxxxxx, EMC shall not if the Mortgaged Property is located in public and individual assistance counties as designated by FEMA (as set forth on its website xxx.xxxx.xxx), the Company may cease charging of late fees and credit reporting activity for Mortgagors in such counties until May 1, 2006 and if reasonably prudent, may extend the payment date of any Mortgage Loan beyond its final maturity datesuch period as long as necessary. In accordance with the standards of the first paragraph of Section 3.01addition, the Company may suspend foreclosure and bankruptcy activity relating to certain EMC Mortgage Loans and if reasonably prudent, may extend such period as long as necessary. The Company shall not waive (or permit a sub-servicer to waive) any Prepayment Charge related to an EMC Mortgage Loan unless: (i) the enforceability thereof shall have been limited by bankruptcy, insolvency, moratorium, receivership and other similar laws relating to creditors’ rights generally, (ii) the enforcement thereof is illegal, or any local, state or federal agency has threatened legal action if the prepayment penalty is enforced, (iii) the collectability thereof shall have mortgage debt has been limited due to acceleration accelerated in connection with a foreclosure or other involuntary payment or (iv) such waiver is standard and customary in servicing similar Mortgage Loans and relates to a default or a reasonably foreseeable default and would, in the reasonable judgment of the Company, maximize recovery of total proceeds taking into account the value of such Prepayment Charge and the related EMC Mortgage Loan. If a Prepayment Charge is waived, but does not meet the standards described above, then the Company is required to pay the amount of such waived Prepayment Charge, for the benefit of the related Class C P Certificates, by remitting such amount to the Master Servicer by the Remittance Date. Payments of such waived charges shall not be payments in respect of any Regular Interest.
(b) The Company shall establish and maintain a Protected Account (which shall at all times be an Eligible Account) with a depository institution in the name of the Company for the benefit of the Trustee on behalf of the Certificateholders and designated “EMC Mortgage Corporation, as servicer on behalf of Citibank, N.A., N.A. as Trustee, for the benefit of the certificateholders, in trust for registered holders of Bear Xxxxxxx Asset Backed Securities I LLC, MortgageAsset-Backed Certificates, Series 2006-5HE3”. The Company shall deposit or cause to be deposited into the Protected Account on a daily basis within one Business Day of receipt, except as otherwise specifically provided herein, the following payments and collections remitted by subservicers or received by it in respect of the EMC Mortgage Loans subsequent to the Cut-off Date (other than in respect of principal and interest due on the EMC 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, including Principal Prepayments, on the EMC Mortgage Loans;
(ii) all payments on account of interest on the EMC Mortgage Loans net of the related Servicing Fee permitted under Section 3.133.12, if any;
(iii) all Liquidation Proceeds, Subsequent Recoveries and Insurance Proceeds with respect to any EMC Mortgage Loans, other than proceeds to be applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with the Company’s normal servicing procedures;
(iv) any amount required to be deposited by the Company pursuant to Section 5.01(c) in connection with any losses on Permitted Investments;
(v) any amounts required to be deposited by the Company pursuant to Section 3.07;
(vi) any Prepayment Charges collected on the EMC Mortgage Loans; and
(vii) any other amounts required to be deposited hereunder. The foregoing requirements for deposit by the Company into the Protected Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, payments in the nature of late payment charges or assumption fees, if collected, need not be deposited by the Company. In the event that the Company shall deposit any amount not required to be deposited and not otherwise subject to withdrawal pursuant to Section 5.02, it may at any time withdraw or direct the institution maintaining the Protected Account, to withdraw such amount from the Protected Account, any provision herein to the contrary notwithstanding. Such withdrawal or direction may be accomplished by delivering written notice thereof to the institution maintaining the Protected Account, that describes the amounts deposited in error in the Protected Account. The Company shall maintain adequate records with respect to all withdrawals made pursuant to this Section. All funds deposited in the Protected Account shall be held in trust for the Certificateholders until withdrawn in accordance with Section 5.02.
(c) The institution that maintains the Protected Account shall invest the funds in the Protected Account, in the manner directed by the Company, in Permitted Investments which shall mature not later than the Business Day immediately preceding the Remittance Date and shall not be sold or disposed of prior to its 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 shall be for the benefit of the Company as servicing compensation and shall be remitted to it monthly as provided herein. The amount of any losses incurred in the Protected Account in respect of any such investments shall be deposited by the Company into the Protected Account, out of the Company’s own funds.
(d) The Company shall give at least 30 days advance notice to the Trustee, the Securities Administrator, the Sponsor, the Master Servicer, each Rating Agency and the Depositor of any proposed change of location of the Protected Account prior to any change thereof.
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (Bear Stearns Asset Backed Securities I Trust 2006-He3), Pooling and Servicing Agreement (Bear Stearns Asset Backed Securities I Trust 2006-He3)
Collection of Mortgage Loan Payments; Protected Account. (a) The Company Master Servicer shall make reasonable efforts in accordance with customary and usual standards of practice of prudent mortgage lenders in the respective states in which the Mortgaged Properties related to the EMC Mortgage Loans are located to collect all payments called for under the terms and provisions of the EMC Mortgage Loans to the extent such procedures shall be consistent with this Agreement and the terms and provisions of any related Required Insurance Policy. Consistent with the foregoing, the Company Master Servicer may in its discretion (i) waive any late payment charge and (ii) extend the Due Dates due dates for payments due on a Mortgage Note related to an EMC Mortgage Loan for a period not greater than 125 days, provided that, EMC shall not extend the payment date of any Mortgage Loan beyond the date of its final maturity date. In the event of any such arrangement, the Company Master Servicer shall make Advances on the related EMC Mortgage Loan during the scheduled period in accordance with the amortization schedule of such EMC Mortgage Loan without modification thereof by reason of such arrangements, and shall be entitled to reimbursement therefor in accordance with Section 6.015.01. The Company Master Servicer shall not be required to institute or join in litigation with respect to collection of any payment (whether under a Mortgage, Mortgage Note or otherwise or against any public or governmental authority with respect to a taking or condemnation) if it reasonably believes that enforcing the provision of the Mortgage or other instrument pursuant to which such payment is required is prohibited by applicable law. In addition, if (x) an EMC a Mortgage Loan is in default or default is reasonably foreseeable imminent or (y) the Company Master Servicer delivers to the Trustee, Securities Administrator Trustee and Master Servicer the Certificate Insurer a certification addressed to the Trustee and the Securities AdministratorCertificate Insurer, based on the advice of counsel or certified public accountants, in either case, that have a national reputation with respect to taxation of REMICs, that a modification of such EMC Mortgage Loan will not result in the imposition of taxes on or disqualify from REMIC status any of REMIC I, REMIC II, REMIC III, REMIC IV, REMIC V, V or REMIC VI, REMIC VII or REMIC VIII, the Company may if it reasonably believes that undertaking such actions would be in the best interest of the CertificateholdersMaster Servicer may, (A) amend the related Mortgage Note to reduce the Mortgage Rate applicable thereto, provided that such reduced Mortgage Rate shall in no event be lower than 5.00% with respect to any EMC Mortgage Loan and (B) amend any Mortgage Note related to an EMC Mortgage Loan to extend to the maturity thereof; provided that. With respect to Mortgage Loans affected by Hurricane Xxxxxxx, EMC if the Mortgaged Property is located in public and individual assistance counties as designated by FEMA (as set forth on its website at xxx.xxxx.xxx), the Master Servicer shall not cease all collections calls, charging of late fees and credit reporting activity for all Mortgagors in such counties for 90 days, and if reasonably prudent, may extend the payment date of any Mortgage Loan beyond its final maturity datesuch period as long as necessary. In accordance with the standards of the first paragraph of Section 3.01addition, the Company Master Servicer shall suspend all foreclosure and bankruptcy activity relating to such Mortgage Loans for 90 days, and if reasonably prudent, may extend such period as long as necessary. The Master Servicer shall not waive (or permit a sub-servicer to waive) any Prepayment Charge related to an EMC Mortgage Loan unless: (i) the enforceability thereof shall have been limited by bankruptcy, insolvency, moratorium, receivership and other similar laws relating to creditors’ rights generally, (ii) the enforcement thereof is illegal, or any local, state or federal agency has threatened legal action if the prepayment penalty is enforced, (iii) the collectability thereof shall have been limited due to acceleration in connection with a foreclosure or other involuntary payment or (iv) such waiver is standard and customary in servicing similar Mortgage Loans and relates to a default or a reasonably foreseeable default and would, in the reasonable judgment of the CompanyMaster Servicer, maximize recovery of total proceeds taking into account the value of such Prepayment Charge and the related EMC Mortgage Loan. If a Prepayment Charge is waived, but does not meet the standards described above, then the Company Master Servicer is required to pay the amount of such waived Prepayment Charge, for the benefit of the related Class C P Certificates, by remitting such amount to the Master Servicer Trustee by the Remittance Distribution Account Deposit Date. Payments of such waived charges shall not be payments in respect of any Regular Interest.
(ba) The Company Master Servicer shall establish and maintain a Protected Account (which shall at all times be an Eligible Account) with a depository institution in the name of the Company Master Servicer for the benefit of the Trustee on behalf of the Certificateholders and the Certificate Insurer and designated “EMC Mortgage Corporation, as servicer on behalf of Citibank, N.A., as TrusteeMaster Servicer, for the benefit of the certificateholdersLaSalle Bank National Association, in trust for registered holders of Bear Xxxxxxx Asset Backed Securities I LLC, MortgageAsset-Backed Certificates, Series 20062005-5HE9”. The Company Master Servicer shall deposit or cause to be deposited into the Protected Account on a daily basis within one Business Day of receipt, except as otherwise specifically provided herein, the following payments and collections remitted by subservicers or received by it in respect of the EMC Mortgage Loans subsequent to the Cut-off Date (other than in respect of principal and interest due on the EMC 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, including Principal Prepayments, on the EMC Mortgage Loans;
(ii) all payments on account of interest on the EMC Mortgage Loans net of the related Servicing Fee permitted under Section 3.133.10 and LPMI Fees, if any;
(iii) all Liquidation Proceeds, Subsequent Recoveries and Insurance Proceeds with respect to any EMC Mortgage LoansProceeds, other than proceeds to be applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with the CompanyMaster Servicer’s normal servicing procedures;
(iv) any amount required to be deposited by the Company Master Servicer pursuant to Section 5.01(c4.01(c) in connection with any losses on Permitted Investments;
(v) any amounts required to be deposited by the Company Master Servicer pursuant to Section 3.073.05;
(vi) any Prepayment Charges collected on the EMC Mortgage Loans; and
(vii) any other amounts required to be deposited hereunder. The foregoing requirements for deposit remittance by the Company Master Servicer into the Protected Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, payments in the nature of late payment charges or assumption fees, if collected, need not be deposited remitted by the CompanyMaster Servicer. In the event that the Company Master Servicer shall deposit remit any amount not required to be deposited remitted and not otherwise subject to withdrawal pursuant to Section 5.024.02, it may at any time withdraw or direct the institution maintaining the Protected Account, to withdraw such amount from the Protected Account, any provision herein to the contrary notwithstanding. Such withdrawal or direction may be accomplished by delivering written notice thereof to the institution maintaining the Protected Account, that describes the amounts deposited in error in the Protected Account. The Company shall maintain adequate records with respect to all withdrawals made pursuant to this Section. All funds deposited in the Protected Account shall be held in trust for the Certificateholders until withdrawn in accordance with Section 5.02.
(c) The institution that maintains the Protected Account shall invest the funds in the Protected Account, in the manner directed by the Company, in Permitted Investments which shall mature not later than the Business Day immediately preceding the Remittance Date and shall not be sold or disposed of prior to its 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 shall be for the benefit of the Company as servicing compensation and shall be remitted to it monthly as provided herein. The amount of any losses incurred in the Protected Account in respect of any such investments shall be deposited by the Company into the Protected Account, out of the Company’s own funds.
(d) The Company shall give at least 30 days advance notice to the Trustee, the Securities Administrator, the Sponsor, the Master Servicer, each Rating Agency and the Depositor of any proposed change of location of the Protected Account prior to any change thereof.contrary
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (Bear Stearns Asset Backed Securities I Trust 2005-He9), Pooling and Servicing Agreement (Bear Stearns Asset Backed Securities I Trust 2005-He9)
Collection of Mortgage Loan Payments; Protected Account. (a) The Company Master Servicer shall make reasonable efforts in accordance with customary and usual standards of practice of prudent mortgage lenders in the respective states in which the Mortgaged Properties related to the EMC Mortgage Loans are located to collect all payments called for under the terms and provisions of the EMC Mortgage Loans to the extent such procedures shall be consistent with this Agreement and the terms and provisions of any related Required Insurance Policy. Consistent with the foregoing, the Company Master Servicer may in its discretion (i) waive any late payment charge and (ii) extend the Due Dates due dates for payments due on a Mortgage Note related to an EMC Mortgage Loan for a period not greater than 125 days, provided that, EMC shall not extend the payment date of any Mortgage Loan beyond the date of its final maturity date. In the event of any such arrangement, the Company Master Servicer shall make Advances on the related EMC Mortgage Loan during the scheduled period in accordance with the amortization schedule of such EMC Mortgage Loan without modification thereof by reason of such arrangements, and shall be entitled to reimbursement therefor in accordance with Section 6.015.01. The Company Master Servicer shall not be required to institute or join in litigation with respect to collection of any payment (whether under a Mortgage, Mortgage Note or otherwise or against any public or governmental authority with respect to a taking or condemnation) if it reasonably believes that enforcing the provision of the Mortgage or other instrument pursuant to which such payment is required is prohibited by applicable law. In addition, if (x) an EMC a Mortgage Loan is in default or default is reasonably foreseeable imminent or (y) the Company Master Servicer delivers to the Trustee, Securities Administrator and Master Servicer Trustee a certification addressed to the Trustee and the Securities AdministratorTrustee, based on the advice of counsel or certified public accountants, in either case, that have a national reputation with respect to taxation of REMICs, that a modification of such EMC Mortgage Loan will not result in the imposition of taxes on or disqualify from REMIC status any of REMIC I, REMIC II, REMIC III, REMIC IV, REMIC V, V or REMIC VI, REMIC VII or REMIC VIII, the Company may if it reasonably believes that undertaking such actions would be in the best interest of the CertificateholdersMaster Servicer may, (A) amend the related Mortgage Note to reduce the Mortgage Rate applicable thereto, provided that such reduced Mortgage Rate shall in no event be lower than 5.00% with respect to any EMC Mortgage Loan and (B) amend any Mortgage Note related to an EMC Mortgage Loan to extend to the maturity thereof; provided that, EMC shall not extend the payment date of any Mortgage Loan beyond its final maturity date. In accordance with the standards of the first paragraph of Section 3.01, the Company The Master Servicer shall not waive (or permit a sub-servicer to waive) any Prepayment Charge related to an EMC Mortgage Loan unless: (i) the enforceability thereof shall have been limited by bankruptcy, insolvency, moratorium, receivership and other similar laws relating to creditors’ rights generally, (ii) the enforcement thereof is illegal, or any local, state or federal agency has threatened legal action if the prepayment penalty is enforced, (iii) the collectability thereof shall have been limited due to acceleration in connection with a foreclosure or other involuntary payment or (iv) such waiver is standard and customary in servicing similar Mortgage Loans and relates to a default or a reasonably foreseeable default and would, in the reasonable judgment of the CompanyMaster Servicer, maximize recovery of total proceeds taking into account the value of such Prepayment Charge and the related EMC Mortgage Loan. If a Prepayment Charge is waived, but does not meet the standards described above, then the Company Master Servicer is required to pay the amount of such waived Prepayment Charge, for the benefit of the related Class C P Certificates, by remitting such amount to the Master Servicer Trustee by the Remittance Distribution Account Deposit Date. Payments of such waived charges shall not be payments in respect of any Regular Interest.
(b) The Company Master Servicer shall establish and maintain a Protected Account (which shall at all times be an Eligible Account) with a depository institution in the name of the Company Master Servicer for the benefit of the Trustee on behalf of the Certificateholders and designated “EMC Mortgage Corporation, as servicer on behalf of Citibank, N.A., as TrusteeMaster Servicer, for the benefit of the certificateholdersLaSalle Bank National Association, in trust for registered holders of Bear Xxxxxxx Asset Backed Securities I LLC, MortgageAsset-Backed Certificates, Series 20062005-5HE8”. The Company Master Servicer shall deposit or cause to be deposited into the Protected Account on a daily basis within one Business Day of receipt, except as otherwise specifically provided herein, the following payments and collections remitted by subservicers or received by it in respect of the EMC Mortgage Loans subsequent to the Cut-off Date (other than in respect of principal and interest due on the EMC 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, including Principal Prepayments, on the EMC Mortgage Loans;
(ii) all payments on account of interest on the EMC Mortgage Loans net of the related Servicing Fee permitted under Section 3.133.10 and LPMI Fees, if any;
(iii) all Liquidation Proceeds, Subsequent Recoveries and Insurance Proceeds with respect to any EMC Mortgage LoansProceeds, other than proceeds to be applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with the CompanyMaster Servicer’s normal servicing procedures;
(iv) any amount required to be deposited by the Company Master Servicer pursuant to Section 5.01(c4.01(c) in connection with any losses on Permitted Investments;
(v) any amounts required to be deposited by the Company Master Servicer pursuant to Section 3.073.05;
(vi) any Prepayment Charges collected on the EMC Mortgage Loans; and
(vii) any other amounts required to be deposited hereunder. The foregoing requirements for deposit remittance by the Company Master Servicer into the Protected Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, payments in the nature of late payment charges or assumption fees, if collected, need not be deposited remitted by the CompanyMaster Servicer. In the event that the Company Master Servicer shall deposit remit any amount not required to be deposited remitted and not otherwise subject to withdrawal pursuant to Section 5.024.02, it may at any time withdraw or direct the institution maintaining the Protected Account, to withdraw such amount from the Protected Account, any provision herein to the contrary notwithstanding. Such withdrawal or direction may be accomplished by delivering written notice thereof to the institution maintaining the Protected Account, that describes the amounts deposited in error in the Protected Account. The Company Master Servicer shall maintain adequate records with respect to all withdrawals made pursuant to this Section. All funds deposited in the Protected Account shall be held in trust for the Certificateholders until withdrawn in accordance with Section 5.024.02.
(c) The institution that maintains the Protected Account shall invest the funds in the Protected Account, in the manner directed by the CompanyMaster Servicer, in Permitted Investments which shall mature not later than the Business Day immediately preceding the Remittance Date and shall not be sold or disposed of prior to its 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 shall be for the benefit of the Company Master Servicer as servicing compensation and shall be remitted to it monthly as provided herein. The amount of any losses incurred in the Protected Account in respect of any such investments shall be deposited by the Company Master Servicer into the Protected Account, out of the CompanyMaster Servicer’s own funds.
(d) The Company Master Servicer shall give at least 30 days advance notice to the Trustee, the Securities Administrator, the Sponsor, the Master ServicerSeller, each Rating Agency and the Depositor of any proposed change of location of the Protected Account prior to any change thereof.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Bear Stearns Asset Backed Securities I Trust 2005-He8)
Collection of Mortgage Loan Payments; Protected Account. (a) The Company Master Servicer shall make reasonable efforts in accordance with customary and usual standards of practice of prudent mortgage lenders in the respective states in which the Mortgaged Properties related to the EMC Mortgage Loans are located to collect all payments called for under the terms and provisions of the EMC Mortgage Loans to the extent such procedures shall be consistent with this Agreement and the terms and provisions of any related Required Insurance Policy. Consistent with the foregoing, the Company Master Servicer may in its discretion (i) waive any late payment charge and (ii) extend the Due Dates due dates for payments due on a Mortgage Note related to an EMC Mortgage Loan for a period not greater than 125 days, provided that, EMC shall not extend the payment date of any Mortgage Loan beyond the date of its final maturity date. In the event of any such arrangement, the Company Master Servicer shall make Advances on the related EMC Mortgage Loan during the scheduled period in accordance with the amortization schedule of such EMC Mortgage Loan without modification thereof by reason of such arrangements, and shall be entitled to reimbursement therefor in accordance with Section 6.015.01. The Company Master Servicer shall not be required to institute or join in litigation with respect to collection of any payment (whether under a Mortgage, Mortgage Note or otherwise or against any public or governmental authority with respect to a taking or condemnation) if it reasonably believes that enforcing the provision of the Mortgage or other instrument pursuant to which such payment is required is prohibited by applicable law. In addition, if (x) an EMC a Mortgage Loan is in default or default is reasonably foreseeable foreseeable, the Master Servicer may also waive, modify or vary any term of any Mortgage Loan or consent to the postponement of strict compliance with any such term or in any manner grant indulgence to any mortgagor, including without limitation, to (1) capitalize any amounts owing on the Mortgage Loan by adding such amount to the outstanding principal balance of the Mortgage Loan, (2) defer such amounts to a later date or the final payment date of such Mortgage Loan, (3) extend the maturity of any such Mortgage Loan, but in no instance past the date on which the final payment is due on the latest maturing Mortgage Loan as of the Cut-off Date, and/or (4) reduce the related Mortgage Rate (subject to clause (y) below), provided that, in the Master Servicer’s determination, such waiver, modification, postponement or indulgence is not materially adverse to the interests of the Certificateholders (taking into account any estimated Realized Loss that might result absent such action), or (y) the Company Master Servicer delivers to the Trustee, Securities Administrator and Master Servicer Trustee a certification addressed to the Trustee and the Securities AdministratorTrustee, based on the advice of counsel or certified public accountants, in either case, that have a national reputation with respect to taxation of REMICs, that a modification of such EMC Mortgage Loan will not result in the imposition of taxes on or disqualify from REMIC status any of REMIC I, REMIC II, REMIC III, REMIC IV, IV or REMIC V, REMIC VI, REMIC VII or REMIC VIII, the Company may if it reasonably believes that undertaking such actions would be in the best interest of the CertificateholdersMaster Servicer may, (A) amend the related Mortgage Note to reduce the Mortgage Rate applicable thereto, provided that such reduced Mortgage Rate shall in no event be lower than 5.00% with respect to any EMC Mortgage Loan and (B) amend any Mortgage Note related to an EMC Mortgage Loan to extend to the maturity thereof; provided that, EMC shall not extend the payment date of any Mortgage Loan beyond its final maturity date. In accordance with the standards of the first paragraph of Section 3.01, the Company The Master Servicer shall not waive (or permit a sub-servicer to waive) any Prepayment Charge related to an EMC Mortgage Loan unless: (i) the enforceability thereof shall have been limited by bankruptcy, insolvency, moratorium, receivership and other similar laws relating to creditors’ rights generally, (ii) the enforcement thereof is illegal, or any local, state or federal agency has threatened legal action if the prepayment penalty is enforced, (iii) the collectability thereof shall have mortgage debt has been limited due to acceleration accelerated in connection with a foreclosure or other involuntary payment or (iv) such waiver is standard and customary in servicing similar Mortgage Loans and relates to a default or a reasonably foreseeable default and would, in the reasonable judgment of the CompanyMaster Servicer, maximize recovery of total proceeds taking into account the value of such Prepayment Charge and the related EMC Mortgage Loan. If a Prepayment Charge is waived, but does not meet the standards described above, then the Company Master Servicer is required to pay the amount of such waived Prepayment Charge, for the benefit of the related Class C Certificates, by remitting such amount to the Master Servicer Trustee by the Remittance Distribution Account Deposit Date. Payments of such waived charges shall not be payments in respect of any Regular Interest.
(b) The Company Master Servicer shall establish and maintain a Protected Account (which shall at all times be an Eligible Account) with a depository institution in the name of the Company Master Servicer for the benefit of the Trustee on behalf of the Certificateholders and designated “EMC Mortgage Corporation, as servicer on behalf of Citibank, N.A., as TrusteeMaster Servicer, for the benefit of the certificateholdersLaSalle Bank National Association, in trust for registered holders Holders of Bear Xxxxxxx Asset Stexxxx Xxset Backed Securities I LLC, Bear Stexxxx Xxrtgage Funding Trust, Mortgage-Backed Certificates, Series 2006-5SL4”. The Company Master Servicer shall deposit or cause to be deposited into the Protected Account on a daily basis within one two Business Day Days of receiptreceipt and identification, except as otherwise specifically provided herein, the following payments and collections remitted by subservicers or received by it in respect of the EMC Mortgage Loans subsequent to the Cut-off Date (other than in respect of principal and interest due on the EMC 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, including Principal Prepayments, on the EMC Mortgage Loans;
(ii) all payments on account of interest on the EMC Mortgage Loans net of the related Servicing Fee permitted under Section 3.133.10 and LPMI Fees, if any;
(iii) all Liquidation Proceeds, Subsequent Recoveries and Insurance Proceeds with respect to any EMC Mortgage LoansProceeds, other than proceeds to be applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with the CompanyMaster Servicer’s normal servicing procedures;
(iv) any amount required to be deposited by the Company Master Servicer pursuant to Section 5.01(c4.01(c) in connection with any losses on Permitted Investments;
(v) any amounts required to be deposited by the Company Master Servicer pursuant to Section 3.073.05;
(vi) any Prepayment Charges collected on the EMC Mortgage Loans; and
(vii) any other amounts required to be deposited hereunder. The foregoing requirements for deposit remittance by the Company Master Servicer into the Protected Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, payments in the nature of late payment charges or assumption fees, if collected, need not be deposited remitted by the CompanyMaster Servicer. In the event that the Company Master Servicer shall deposit remit any amount not required to be deposited remitted and not otherwise subject to withdrawal pursuant to Section 5.024.02, it may at any time withdraw or direct the institution maintaining the Protected Account, to withdraw such amount from the Protected Account, any provision herein to the contrary notwithstanding. Such withdrawal or direction may be accomplished by delivering written notice thereof to the institution maintaining the Protected Account, that describes the amounts deposited in error in the Protected Account. The Company Master Servicer shall maintain adequate records with respect to all withdrawals made pursuant to this Section. Reconciliations will be prepared for the Protected Account within 45 calendar days after the bank statement cut-off date. All funds deposited in the Protected Account shall be held in trust for the Certificateholders until withdrawn in accordance with Section 5.024.02.
(c) The institution that maintains the Protected Account shall invest the funds in the Protected Account, in the manner directed by the CompanyMaster Servicer, in Permitted Investments which shall mature not later than the Business Day immediately preceding the Remittance Date and shall not be sold or disposed of prior to its 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 shall be for the benefit of the Company Master Servicer as servicing compensation and shall be remitted to it monthly as provided herein. The amount of any losses incurred in the Protected Account in respect of any such investments shall be deposited by the Company Master Servicer into the Protected Account, out of the CompanyMaster Servicer’s own funds.
(d) The Company Master Servicer shall give at least 30 days advance notice to the Trustee, the Securities Administrator, the Sponsor, the Master ServicerSeller, each Rating Agency and the Depositor of any proposed change of location of the Protected Account prior to any change thereof.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Bear Stearns Mortgage Funding Trust 2006-Sl4)
Collection of Mortgage Loan Payments; Protected Account. (a) The Company shall make reasonable efforts in accordance with customary and usual standards of practice of prudent mortgage lenders in the respective states in which the Mortgaged Properties related to the EMC Mortgage Loans are located to collect all payments called for under the terms and provisions of the EMC Mortgage Loans to the extent such procedures shall be consistent with this Agreement and the terms and provisions of any related Required Insurance Policy. Consistent with the foregoing, the Company may in its discretion (i) waive any late payment charge and (ii) extend the Due Dates due dates for payments due on a Mortgage Note related to an EMC Mortgage Loan for a period not greater than 125 days, provided that, EMC shall not extend the payment date of any Mortgage Loan beyond the date of its final maturity date. In the event of any such arrangement, the Company shall make Advances on the related EMC Mortgage Loan during the scheduled period in accordance with the amortization schedule of such EMC Mortgage Loan without modification thereof by reason of such arrangements, and shall be entitled to reimbursement therefor in accordance with Section 6.01. The Company shall not be required to institute or join in litigation with respect to collection of any payment (whether under a Mortgage, Mortgage Note or otherwise or against any public or governmental authority with respect to a taking or condemnation) if it reasonably believes that enforcing the provision of the Mortgage or other instrument pursuant to which such payment is required is prohibited by applicable law. In addition, if (x) an EMC Mortgage Loan is in default or default is reasonably foreseeable foreseeable, and in accordance with the guidelines of EMC’s Master Servicing Asset Authority Levels, attached hereto as Exhibit W, the Company may also waive, modify or vary any term of any EMC Mortgage Loan or consent to the postponement of strict compliance with any such term or in any manner grant indulgence to any mortgagor, including without limitation, to (1) capitalize any amounts owing on the EMC Mortgage Loan by adding such amount to the outstanding principal balance of the EMC Mortgage Loan, (2) defer such amounts to a later date or the final payment date of such Mortgage Loan, (3) extend the maturity of any such EMC Mortgage Loan, but in no instance past the date on which the final payment is due on the latest maturing Mortgage Loan as of the Cut-off Date, and/or (4) reduce the related Mortgage Rate (subject to clause (y) below), provided that, in the Company’s determination, such waiver, modification, postponement or indulgence is not materially adverse to the interests of the Certificateholders (taking into account any estimated Realized Loss that might result absent such action), or (y) the Company delivers to the Trustee, Securities Administrator and Master Servicer Trustee a certification addressed to the Trustee and the Securities AdministratorTrustee, based on the advice of counsel or certified public accountants, in either case, that have a national reputation with respect to taxation of REMICs, that a modification of such EMC Mortgage Loan will not result in the imposition of taxes on or disqualify from REMIC status any of REMIC I, REMIC II, REMIC III, REMIC IV, REMIC V, REMIC VI, REMIC VII IV or REMIC VIII, V the Company may if it reasonably believes that undertaking such actions would be in the best interest of the Certificateholdersmay, (A) amend the related Mortgage Note to reduce the Mortgage Rate applicable thereto, provided that such reduced Mortgage Rate shall in no event be lower than 5.00% with respect to any EMC Mortgage Loan and (B) amend any Mortgage Note related to an EMC Mortgage Loan to extend to the maturity thereof; provided that, EMC shall not extend the payment date of any Mortgage Loan beyond its final maturity date. In accordance with the standards of the first paragraph of Section 3.01, the Company shall not waive (or permit a sub-servicer to waive) any Prepayment Charge related to an EMC Mortgage Loan unless: (i) the enforceability thereof shall have been limited by bankruptcy, insolvency, moratorium, receivership and other similar laws relating to creditors’ rights generally, (ii) the enforcement thereof is illegal, or any local, state or federal agency has threatened legal action if the prepayment penalty is enforced, (iii) the collectability thereof shall have mortgage debt has been limited due to acceleration accelerated in connection with a foreclosure or other involuntary payment or (iv) such waiver is standard and customary in servicing similar Mortgage Loans and relates to a default or a reasonably foreseeable default and would, in the reasonable judgment of the Company, maximize recovery of total proceeds taking into account the value of such Prepayment Charge and the related EMC Mortgage Loan. If a Prepayment Charge is waived, but does not meet the standards described above, then the Company is required to pay the amount of such waived Prepayment Charge, for the benefit of the related Class C P Certificates, by remitting such amount to the Master Servicer by the Remittance Date. Payments of such waived charges shall not be payments in respect of any Regular Interest.
(b) The Company shall establish and maintain a Protected Account (which shall at all times be an Eligible Account) with a depository institution in the name of the Company for the benefit of the Trustee on behalf of the Certificateholders and designated “EMC Mortgage Corporation, as servicer on behalf of Citibank, N.A., as Trustee, for the benefit of the certificateholdersU.S. Bank National Association, in trust for registered holders of Bear Xxxxxxx Asset Backed Securities I LLC, MortgageAsset-Backed Certificates, Certificates Series 20062007-5AC1”. The Company shall deposit or cause to be deposited into the Protected Account on a daily basis within one two Business Day Days of receiptreceipt and identification, except as otherwise specifically provided herein, the following payments and collections remitted by subservicers or received by it in respect of the EMC Mortgage Loans subsequent to the Cut-off Date (other than in respect of principal and interest due on the EMC 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, including Principal Prepayments, on the EMC Mortgage Loans;
(ii) all payments on account of interest on the EMC Mortgage Loans net of the related Servicing Fee permitted under Section 3.133.10 and LPMI Fees, if any;
(iii) all Liquidation Proceeds, Subsequent Recoveries Proceeds and Insurance Proceeds with respect to any EMC Mortgage Loans, other than proceeds to be applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with the Company’s normal servicing procedures;
(iv) any amount required to be deposited by the Company pursuant to Section 5.01(c) in connection with any losses on Permitted Investments;
(v) any amounts required to be deposited by the Company pursuant to Section 3.073.05;
(vi) any Prepayment Charges collected on the EMC Mortgage Loans; and
(vii) any other amounts required to be deposited hereunder. The foregoing requirements for deposit remittance by the Company into the Protected Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, payments in the nature of late payment charges or assumption fees, if collected, need not be deposited remitted by the Company. In the event that the Company shall deposit remit any amount not required to be deposited remitted and not otherwise subject to withdrawal pursuant to Section 5.02, it may at any time withdraw or direct the institution maintaining the Protected Account, to withdraw such amount from the Protected Account, any provision herein to the contrary notwithstanding. Such withdrawal or direction may be accomplished by delivering written notice thereof to the institution maintaining the Protected Account, that describes the amounts deposited in error in the Protected Account. The Company shall maintain adequate records with respect to all withdrawals made pursuant to this Section. Reconciliations will be prepared for the Protected Account within 45 calendar days after the bank statement cut-off date. All items requiring reconciliation will be resolved within 90 calendar days of their original identification. All funds deposited in the Protected Account shall be held in trust for the Certificateholders until withdrawn in accordance with Section 5.02.
(c) The institution that maintains the Protected Account shall invest the funds in the Protected Account, in the manner directed by the Company, in Permitted Investments which shall mature not later than the Business Day immediately preceding the Remittance Date and shall not be sold or disposed of prior to its 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 shall be for the benefit of the Company as servicing compensation and shall be remitted to it monthly as provided herein. The amount of any losses incurred in the Protected Account in respect of any such investments shall be deposited by the Company into the Protected Account, out of the Company’s own funds.
(d) The Company shall give at least 30 days advance notice to the Trustee, the Securities Administrator, the SponsorSeller, the Master Servicer, each Rating Agency and the Depositor of any proposed change of location of the Protected Account prior to any change thereof.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Bear Stearns Asset Backed Securities I Trust 2007-Ac1)
Collection of Mortgage Loan Payments; Protected Account. (a) The Company Master Servicer shall make reasonable efforts in accordance with customary and usual standards of practice of prudent mortgage lenders in the respective states in which the Mortgaged Properties related to the EMC Mortgage Loans are located to collect all payments called for under the terms and provisions of the EMC Mortgage Loans to the extent such procedures shall be consistent with this Agreement and the terms and provisions of any related Required Insurance Policy. Consistent with the foregoing, the Company Master Servicer may in its discretion (i) waive any late payment charge and (ii) extend the Due Dates due dates for payments due on a Mortgage Note related to an EMC Mortgage Loan for a period not greater than 125 days, provided that, EMC shall not extend the payment date of any Mortgage Loan beyond the date of its final maturity date. In the event of any such arrangement, the Company Master Servicer shall make Advances on the related EMC Mortgage Loan during the scheduled period in accordance with the amortization schedule of such EMC Mortgage Loan without modification thereof by reason of such arrangements, and shall be entitled to reimbursement therefor in accordance with Section 6.015.01. The Company Master Servicer shall not be required to institute or join in litigation with respect to collection of any payment (whether under a Mortgage, Mortgage Note or otherwise or against any public or governmental authority with respect to a taking or condemnation) if it reasonably believes that enforcing the provision of the Mortgage or other instrument pursuant to which such payment is required is prohibited by applicable law. In addition, if (x) an EMC a Mortgage Loan is in default or default is reasonably foreseeable imminent or (y) the Company Master Servicer delivers to the Trustee, Securities Administrator and Master Servicer Trustee a certification addressed to the Trustee and the Securities AdministratorTrustee, based on the advice of counsel or certified public accountants, in either case, that have a national reputation with respect to taxation of REMICs, that a modification of such EMC Mortgage Loan will not result in the imposition of taxes on or disqualify from REMIC status any of REMIC I, REMIC II, REMIC III, REMIC IV, REMIC V, V or REMIC VI, REMIC VII or REMIC VIII, the Company may if it reasonably believes that undertaking such actions would be in the best interest of the CertificateholdersMaster Servicer may, (A) amend the related Mortgage Note to reduce the Mortgage Rate applicable thereto, provided that such reduced Mortgage Rate shall in no event be lower than 5.00% with respect to any EMC Mortgage Loan and (B) amend any Mortgage Note related to an EMC Mortgage Loan to extend to the maturity thereof; provided that. With respect to Mortgage Loans affected by Hurricane Xxxxxxx, EMC shall not if the Mortgaged Property is located in public and individual assistance counties as designated by FEMA (as set forth on its website xxx.xxxx.xxx), the Master Servicer will cease charging of late fees and credit reporting activity for all Mortgagors in such counties until March 1, 2006, and if reasonably prudent, may extend the payment date of any Mortgage Loan beyond its final maturity datesuch period as long as necessary. In accordance with the standards of the first paragraph of Section 3.01addition, the Company Master Servicer may suspend all foreclosure and bankruptcy activity relating to such Mortgage Loans until March 1, 2006, and if reasonably prudent, may extend such period as long as necessary. The Master Servicer shall not waive (or permit a sub-servicer to waive) any Prepayment Charge related to an EMC Mortgage Loan unless: (i) the enforceability thereof shall have been limited by bankruptcy, insolvency, moratorium, receivership and other similar laws relating to creditors’ rights generally, (ii) the enforcement thereof is illegal, or any local, state or federal agency has threatened legal action if the prepayment penalty is enforced, (iii) the collectability thereof shall have been limited due to acceleration in connection with a foreclosure or other involuntary payment or (iv) such waiver is standard and customary in servicing similar Mortgage Loans and relates to a default or a reasonably foreseeable default and would, in the reasonable judgment of the CompanyMaster Servicer, maximize recovery of total proceeds taking into account the value of such Prepayment Charge and the related EMC Mortgage Loan. If a Prepayment Charge is waived, but does not meet the standards described above, then the Company Master Servicer is required to pay the amount of such waived Prepayment Charge, for the benefit of the related Class C P Certificates, by remitting such amount to the Master Servicer Trustee by the Remittance Distribution Account Deposit Date. Payments of such waived charges shall not be payments in respect of any Regular Interest.
(b) The Company Master Servicer shall establish and maintain a Protected Account (which shall at all times be an Eligible Account) with a depository institution in the name of the Company Master Servicer for the benefit of the Trustee on behalf of the Certificateholders and designated “EMC Mortgage Corporation, as servicer on behalf of Citibank, N.A., as TrusteeMaster Servicer, for the benefit of the certificateholdersLaSalle Bank National Association, in trust for registered holders of Bear Xxxxxxx Asset Backed Securities I LLC, MortgageAsset-Backed Certificates, Series 2006-5EC1”. The Company Master Servicer shall deposit or cause to be deposited into the Protected Account on a daily basis within one two Business Day Days of receiptreceipt and identification, except as otherwise specifically provided herein, the following payments and collections remitted by subservicers or received by it in respect of the EMC Mortgage Loans subsequent to the Cut-off Date (other than in respect of principal and interest due on the EMC 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, including Principal Prepayments, on the EMC Mortgage Loans;
(ii) all payments on account of interest on the EMC Mortgage Loans net of the related Servicing Fee permitted under Section 3.133.10 and LPMI Fees, if any;
(iii) all Liquidation Proceeds, Subsequent Recoveries and Insurance Proceeds with respect to any EMC Mortgage LoansProceeds, other than proceeds to be applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with the CompanyMaster Servicer’s normal servicing procedures;
(iv) any amount required to be deposited by the Company Master Servicer pursuant to Section 5.01(c4.01(c) in connection with any losses on Permitted Investments;
(v) any amounts required to be deposited by the Company Master Servicer pursuant to Section 3.073.05;
(vi) any Prepayment Charges collected on the EMC Mortgage Loans; and
(vii) any other amounts required to be deposited hereunder. The foregoing requirements for deposit remittance by the Company Master Servicer into the Protected Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, payments in the nature of late payment charges or assumption fees, if collected, need not be deposited remitted by the CompanyMaster Servicer. In the event that the Company Master Servicer shall deposit remit any amount not required to be deposited remitted and not otherwise subject to withdrawal pursuant to Section 5.024.02, it may at any time withdraw or direct the institution maintaining the Protected Account, to withdraw such amount from the Protected Account, any provision herein to the contrary notwithstanding. Such withdrawal or direction may be accomplished by delivering written notice thereof to the institution maintaining the Protected Account, that describes the amounts deposited in error in the Protected Account. The Company Master Servicer shall maintain adequate records with respect to all withdrawals made pursuant to this Section. Reconciliations will be prepared for the Protected Account within 45 calendar days after the bank statement cut-off date. All items requiring reconciliation will be resolved within 90 calendar days of their original identification. All funds deposited in the Protected Account shall be held in trust for the Certificateholders until withdrawn in accordance with Section 5.024.02.
(c) The institution that maintains the Protected Account shall invest the funds in the Protected Account, in the manner directed by the CompanyMaster Servicer, in Permitted Investments which shall mature not later than the Business Day immediately preceding the Remittance Date and shall not be sold or disposed of prior to its 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 shall be for the benefit of the Company Master Servicer as servicing compensation and shall be remitted to it monthly as provided herein. The amount of any losses incurred in the Protected Account in respect of any such investments shall be deposited by the Company Master Servicer into the Protected Account, out of the CompanyMaster Servicer’s own funds.
(d) The Company Master Servicer shall give at least 30 days advance notice to the Trustee, the Securities Administrator, the Sponsor, the Master ServicerSeller, each Rating Agency and the Depositor of any proposed change of location of the Protected Account prior to any change thereof.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Bear Stearns Asset Backed Securities I LLC Trust 2006-Ec1)
Collection of Mortgage Loan Payments; Protected Account. (a) The Company Master Servicer shall make reasonable efforts in accordance with customary and usual standards of practice of prudent mortgage lenders in the respective states in which the Mortgaged Properties related to the EMC Mortgage Loans are located to collect all payments called for under the terms and provisions of the EMC Mortgage Loans to the extent such procedures shall be consistent with this Agreement and the terms and provisions of any related Required Insurance Policy. Consistent with the foregoing, the Company Master Servicer may in its discretion (i) waive any late payment charge and (ii) extend the Due Dates due dates for payments due on a Mortgage Note related to an EMC Mortgage Loan for a period not greater than 125 days, provided that, EMC shall not extend the payment date of any Mortgage Loan beyond the date of its final maturity date. In the event of any such arrangement, the Company Master Servicer shall make Advances on the related EMC Mortgage Loan during the scheduled period in accordance with the amortization schedule of such EMC Mortgage Loan without modification thereof by reason of such arrangements, and shall be entitled to reimbursement therefor in accordance with Section 6.015.01. The Company Master Servicer shall not be required to institute or join in litigation with respect to collection of any payment (whether under a Mortgage, Mortgage Note or otherwise or against any public or governmental authority with respect to a taking or condemnation) if it reasonably believes that enforcing the provision of the Mortgage or other instrument pursuant to which such payment is required is prohibited by applicable law. In addition, if (x) an EMC a Mortgage Loan is in default or default is reasonably foreseeable or imminent and (y) the Company Master Servicer delivers to the Trustee, Securities Administrator and Master Servicer Trustee a certification addressed to the Trustee and the Securities AdministratorTrustee, based on the advice of counsel or certified public accountants, in either case, that have a national reputation with respect to taxation of REMICs, that a modification of such EMC Mortgage Loan will not result in the imposition of taxes on or disqualify any of either REMIC I, REMIC II, REMIC III, III or REMIC IV, REMIC V, REMIC VI, REMIC VII or REMIC VIII, the Company may if it reasonably believes that undertaking such actions would be in the best interest of the CertificateholdersMaster Servicer may, (A) amend the related Mortgage Note to reduce the Mortgage Rate applicable thereto, provided that such reduced Mortgage Rate shall in no event be lower than 5.00% with respect to any EMC Mortgage Loan and (B) amend any Mortgage Note related to an EMC Mortgage Loan to extend to the maturity thereof; provided that, EMC shall not extend the payment date of any Mortgage Loan beyond its final maturity date. In accordance with the standards of the first paragraph of Section 3.01, the Company The Master Servicer shall not waive (or permit a sub-servicer to waive) any Prepayment Charge related to an EMC Mortgage Loan unless: (i) the enforceability thereof shall have been limited by bankruptcy, insolvency, moratorium, receivership and other similar laws relating to creditors’ ' rights generally, (ii) the enforcement thereof is illegal, or any local, state or federal agency has threatened legal action if the prepayment penalty is enforced, (iii) the collectability thereof shall have been limited due to acceleration in connection with a foreclosure or other involuntary payment or (iv) such waiver is standard and customary in servicing similar Mortgage Loans and relates to a default or a reasonably foreseeable default and would, in the reasonable judgment of the CompanyMaster Servicer, maximize recovery of total proceeds taking into account the value of such Prepayment Charge and the related EMC Mortgage Loan. In no event will the Master Servicer waive a Prepayment Charge in connection with a refinancing of a Mortgage Loan that is not related to a default or a reasonably foreseeable default. If a Prepayment Charge is waived, but does not meet the standards described above, then the Company Master Servicer is required to pay the amount of such waived Prepayment Charge, for the benefit of the related Class C P Certificates, by remitting such amount to the Master Servicer Trustee by the Remittance Distribution Account Deposit Date. Payments of such waived charges shall not be payments in respect of any Regular Interest.
(b) The Company Master Servicer shall establish and maintain a Protected Account (which shall at all times be an Eligible Account) with a depository institution in the name of the Company Master Servicer for the benefit of the Trustee on behalf of the Certificateholders and designated “"EMC Mortgage Corporation, as servicer on behalf of Citibank, N.A., as TrusteeMaster Servicer, for the benefit of the certificateholdersLaSalle Bank National Association, in trust for registered holders of Bear Xxxxxxx Stearns Asset Backed Securities Backex Xxxxxities I LLC, MortgageAsset-Backed Certificates, Certificates Series 20062004-5”FR1". The Company Master Servicer shall deposit or cause to be deposited into the Protected Account on a daily basis within one Business Day of receipt, except as otherwise specifically provided herein, the following payments and collections remitted by subservicers or received by it in respect of the EMC Mortgage Loans subsequent to the Cut-off Date (other than in respect of principal and interest due on the EMC 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, including Principal Prepayments, on the EMC Mortgage Loans;
(ii) all payments on account of interest on the EMC Mortgage Loans net of the related Servicing Fee permitted under Section 3.133.10 and LPMI Fees, if any;
(iii) all Liquidation Proceeds, Subsequent Recoveries and Insurance Proceeds with respect to any EMC Mortgage LoansProceeds, other than proceeds to be applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with the Company’s Master Servicer's normal servicing procedures;
(iv) any amount required to be deposited by the Company Master Servicer pursuant to Section 5.01(c4.01(c) in connection with any losses on Permitted Investments;
(v) any amounts required to be deposited by the Company Master Servicer pursuant to Section 3.073.05;
(vi) any Prepayment Charges collected on the EMC Mortgage Loans; and
(vii) any other amounts required to be deposited hereunder. The foregoing requirements for deposit remittance by the Company Master Servicer into the Protected Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, payments in the nature of late payment charges or assumption fees, if collected, need not be deposited remitted by the CompanyMaster Servicer. In the event that the Company Master Servicer shall deposit remit any amount not required to be deposited remitted and not otherwise subject to withdrawal pursuant to Section 5.024.02, it may at any time withdraw or direct the institution maintaining the Protected Account, to withdraw such amount from the Protected Account, any provision herein to the contrary notwithstanding. Such withdrawal or direction may be accomplished by delivering written notice thereof to the institution maintaining the Protected Account, that describes the amounts deposited in error in the Protected Account. The Company Master Servicer shall maintain adequate records with respect to all withdrawals made pursuant to this Section. All funds deposited in the Protected Account shall be held in trust for the Certificateholders until withdrawn in accordance with Section 5.024.02.
(c) The institution that maintains the Protected Account shall invest the funds in the Protected Account, in the manner directed by the CompanyMaster Servicer, in Permitted Investments which shall mature not later than the Business Day immediately preceding the Remittance Date and shall not be sold or disposed of prior to its 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 shall be for the benefit of the Company Master Servicer as servicing compensation and shall be remitted to it monthly as provided herein. The amount of any losses incurred in the Protected Account in respect of any such investments shall be deposited by the Company Master Servicer into the Protected Account, out of the Company’s Master Servicer's own funds.
(d) The Company Master Servicer shall give at least 30 days advance notice to the Trustee, the Securities Administrator, the Sponsor, the Master ServicerSeller, each Rating Agency and the Depositor of any proposed change of location of the Protected Account prior to any change thereof.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Bear Stearns Asset Backed Securities I Trust 2004-Fr1)
Collection of Mortgage Loan Payments; Protected Account. (a) The Company Master Servicer shall make reasonable efforts in accordance with customary and usual standards of practice of prudent mortgage lenders in the respective states in which the Mortgaged Properties related to the EMC Mortgage Loans are located to collect all payments called for under the terms and provisions of the EMC Mortgage Loans to the extent such procedures shall be consistent with this Agreement and the terms and provisions of any related Required Insurance Policy. Consistent with the foregoing, the Company Master Servicer may in its discretion (i) waive any late payment charge and (ii) extend the Due Dates due dates for payments due on a Mortgage Note related to an EMC Mortgage Loan for a period not greater than 125 days, provided that, EMC shall not extend the payment date of any Mortgage Loan beyond the date of its final maturity date. In the event of any such arrangement, the Company Master Servicer shall make Advances on the related EMC Mortgage Loan during the scheduled period in accordance with the amortization schedule of such EMC Mortgage Loan without modification thereof by reason of such arrangements, and shall be entitled to reimbursement therefor in accordance with Section 6.015.01. The Company Master Servicer shall not be required to institute or join in litigation with respect to collection of any payment (whether under a Mortgage, Mortgage Note or otherwise or against any public or governmental authority with respect to a taking or condemnation) if it reasonably believes that enforcing the provision of the Mortgage or other instrument pursuant to which such payment is required is prohibited by applicable law. In addition, if (x) an EMC a Mortgage Loan is in default or default is reasonably foreseeable imminent or (y) the Company Master Servicer delivers to the Trustee, Securities Administrator and Master Servicer Trustee a certification addressed to the Trustee and the Securities Administratorcertification, based on the advice of counsel or certified public accountants, in either case, that have a national reputation with respect to taxation of REMICs, that a modification of such EMC Mortgage Loan will not result in the imposition of taxes on or disqualify any of REMIC I, REMIC II, II or REMIC III, REMIC IV, REMIC V, REMIC VI, REMIC VII or REMIC VIII, the Company may if it reasonably believes that undertaking such actions would be in the best interest of the CertificateholdersMaster Servicer may, (A) amend the related Mortgage Note to reduce the Mortgage Rate applicable thereto, provided that such reduced Mortgage Rate shall in no event be lower than 5.008.25% with respect to any EMC Mortgage Loan and (B) amend any Mortgage Note related to an EMC Mortgage Loan to extend to the maturity thereof; provided that, EMC shall not extend the payment date of any Mortgage Loan beyond its final maturity date. In accordance with the standards of the first paragraph of Section 3.01, the Company shall not waive (or permit a sub-servicer to waive) any Prepayment Charge related to an EMC Mortgage Loan unless: (i) the enforceability thereof shall have been limited by bankruptcy, insolvency, moratorium, receivership and other similar laws relating to creditors’ rights generally, (ii) the enforcement thereof is illegal, or any local, state or federal agency has threatened legal action if the prepayment penalty is enforced, (iii) the collectability thereof shall have been limited due to acceleration in connection with a foreclosure or other involuntary payment or (iv) such waiver is standard and customary in servicing similar Mortgage Loans and relates to a default or a reasonably foreseeable default and would, in the reasonable judgment of the Company, maximize recovery of total proceeds taking into account the value of such Prepayment Charge and the related EMC Mortgage Loan. If a Prepayment Charge is waived, but does not meet the standards described above, then the Company is required to pay the amount of such waived Prepayment Charge, for the benefit of the related Class C Certificates, by remitting such amount to the Master Servicer by the Remittance Date. Payments of such waived charges shall not be payments in respect of any Regular Interest.
(b) The Company Master Servicer shall establish and maintain a Protected Account (which shall at all times be an Eligible Account) with a depository institution in the name of the Company Master Servicer for the benefit of the Trustee on behalf of the Certificateholders and designated “EMC Mortgage Corporation"Wells Fargo Bank Mixxxxxta, as servicer on behalf of Citibank, N.A., as Trustee, for the benefit of the certificateholdersNational Association, in trust for registered holders of Bear Xxxxxxx Stearns Asset Backed Securities I LLCBackex Xxxxxities, MortgageInc., Asset-Backed Certificates, Certificates Series 20062001-5”AC1". The Company Master Servicer shall deposit or cause to be deposited into the Protected Account on a daily basis within one Business Day of receipt, except as otherwise specifically provided herein, the following payments and collections remitted by subservicers (other than National City) or received by it in respect of the EMC Mortgage Loans subsequent to the Cut-off Date (other than in respect of principal and interest due on the EMC 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, including Principal Prepayments, on the EMC Mortgage Loans and all Prepayment Charges collected by the Master Servicer with respect to the Mortgage Loans;
(ii) all payments on account of interest on the EMC Mortgage Loans net of the related Servicing Fee permitted under Section 3.13, if any3.14;
(iii) all Liquidation Proceeds, Subsequent Recoveries and Insurance Proceeds with respect to any EMC Mortgage Loans, other than proceeds to be applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with the Company’s Master Servicer's normal servicing procedures;
(iv) any amount required to be deposited by the Company Master Servicer pursuant to Section 5.01(c4.01(c) in connection with any losses on Permitted Investments;
(v) any amounts required to be deposited by the Company pursuant to Section 3.07;
(vi) any Prepayment Charges collected on the EMC Mortgage Loans; and
(vii) any other amounts required to be deposited hereunder. The foregoing requirements for deposit by the Company into the Protected Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, payments in the nature of late payment charges or assumption fees, if collected, need not be deposited by the Company. In the event that the Company shall deposit any amount not required to be deposited and not otherwise subject to withdrawal pursuant to Section 5.02, it may at any time withdraw or direct the institution maintaining the Protected Account, to withdraw such amount from the Protected Account, any provision herein to the contrary notwithstanding. Such withdrawal or direction may be accomplished by delivering written notice thereof to the institution maintaining the Protected Account, that describes the amounts deposited in error in the Protected Account. The Company shall maintain adequate records with respect to all withdrawals made pursuant to this Section. All funds deposited in the Protected Account shall be held in trust for the Certificateholders until withdrawn in accordance with Section 5.02.
(c) The institution that maintains the Protected Account shall invest the funds in the Protected Account, in the manner directed by the Company, in Permitted Investments which shall mature not later than the Business Day immediately preceding the Remittance Date and shall not be sold or disposed of prior to its 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 shall be for the benefit of the Company as servicing compensation and shall be remitted to it monthly as provided herein. The amount of any losses incurred in the Protected Account in respect of any such investments shall be deposited by the Company into the Protected Account, out of the Company’s own funds.
(d) The Company shall give at least 30 days advance notice to the Trustee, the Securities Administrator, the Sponsor, the Master Servicer, each Rating Agency and the Depositor of any proposed change of location of the Protected Account prior to any change thereof.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Bear Stearns Asset Backed Securities Inc)
Collection of Mortgage Loan Payments; Protected Account. (a) The Company Master Servicer shall make reasonable efforts in accordance with customary and usual standards of practice of prudent mortgage lenders in the respective states in which the Mortgaged Properties related to the EMC Mortgage Loans are located to collect all payments called for under the terms and provisions of the EMC Mortgage Loans to the extent such procedures shall be consistent with this Agreement and the terms and provisions of any related Required Insurance Policy. Consistent with the foregoing, the Company Master Servicer may in its discretion (i) waive any late payment charge and (ii) extend the Due Dates due dates for payments due on a Mortgage Note related to an EMC Mortgage Loan for a period not greater than 125 days, provided that, EMC shall not extend the payment date of any Mortgage Loan beyond the date of its final maturity date. In the event of any such arrangement, the Company Master Servicer shall make Advances on the related EMC Mortgage Loan during the scheduled period in accordance with the amortization schedule of such EMC Mortgage Loan without modification thereof by reason of such arrangements, and shall be entitled to reimbursement therefor in accordance with Section 6.015.01. The Company Master Servicer shall not be required to institute or join in litigation with respect to collection of any payment (whether under a Mortgage, Mortgage Note or otherwise or against any public or governmental authority with respect to a taking or condemnation) if it reasonably believes that enforcing the provision of the Mortgage or other instrument pursuant to which such payment is required is prohibited by applicable law. In addition, if (x) an EMC a Mortgage Loan is in default or default is reasonably foreseeable imminent or (y) the Company Master Servicer delivers to the Trustee, Securities Administrator and Master Servicer Trustee a certification addressed to the Trustee and the Securities AdministratorTrustee, based on the advice of counsel or certified public accountants, in either case, that have a national reputation with respect to taxation of REMICs, that a modification of such EMC Mortgage Loan will not result in the imposition of taxes on or disqualify from REMIC status any of REMIC I, REMIC II, REMIC III, REMIC IV, REMIC V, V or REMIC VI, REMIC VII or REMIC VIII, the Company may if it reasonably believes that undertaking such actions would be in the best interest of the CertificateholdersMaster Servicer may, (A) amend the related Mortgage Note to reduce the Mortgage Rate applicable thereto, provided that such reduced Mortgage Rate shall in no event be lower than 5.00% with respect to any EMC Mortgage Loan and (B) amend any Mortgage Note related to an EMC Mortgage Loan to extend to the maturity thereof; provided that. With respect to Mortgage Loans affected by Hurricane Xxxxxxx, EMC if the Mortgaged Property is located in public and individual assistance counties as designated by FEMA (as set forth on its website xxx.xxxx.xxx), the Master Servicer shall not cease charging of late fees and credit reporting activity for all Mortgagors in such counties until January 3, 2006, and if reasonably prudent, may extend the payment date of any Mortgage Loan beyond its final maturity datesuch period as long as necessary. In accordance with the standards of the first paragraph of Section 3.01addition, the Company Master Servicer shall suspend all foreclosure and bankruptcy activity relating to such Mortgage Loans until January 3, 2006, and if reasonably prudent, may extend such period as long as necessary. The Master Servicer shall not waive (or permit a sub-servicer to waive) any Prepayment Charge related to an EMC Mortgage Loan unless: (i) the enforceability thereof shall have been limited by bankruptcy, insolvency, moratorium, receivership and other similar laws relating to creditors’ rights generally, (ii) the enforcement thereof is illegal, or any local, state or federal agency has threatened legal action if the prepayment penalty is enforced, (iii) the collectability thereof shall have been limited due to acceleration in connection with a foreclosure or other involuntary payment or (iv) such waiver is standard and customary in servicing similar Mortgage Loans and relates to a default or a reasonably foreseeable default and would, in the reasonable judgment of the CompanyMaster Servicer, maximize recovery of total proceeds taking into account the value of such Prepayment Charge and the related EMC Mortgage Loan. If a Prepayment Charge is waived, but does not meet the standards described above, then the Company Master Servicer is required to pay the amount of such waived Prepayment Charge, for the benefit of the related Class C P Certificates, by remitting such amount to the Master Servicer Trustee by the Remittance Distribution Account Deposit Date. Payments of such waived charges shall not be payments in respect of any Regular Interest.
(b) The Company Master Servicer shall establish and maintain a Protected Account (which shall at all times be an Eligible Account) with a depository institution in the name of the Company Master Servicer for the benefit of the Trustee on behalf of the Certificateholders and designated “EMC Mortgage Corporation, as servicer on behalf of Citibank, N.A., as TrusteeMaster Servicer, for the benefit of the certificateholdersLaSalle Bank National Association, in trust for registered holders of Bear Xxxxxxx Asset Backed Securities I LLC, MortgageAsset-Backed Certificates, Series 20062005-5AQ2”. The Company Master Servicer shall deposit or cause to be deposited into the Protected Account on a daily basis within one Business Day of receipt, except as otherwise specifically provided herein, the following payments and collections remitted by subservicers or received by it in respect of the EMC Mortgage Loans subsequent to the Cut-off Date (other than in respect of principal and interest due on the EMC 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, including Principal Prepayments, on the EMC Mortgage Loans;
(ii) all payments on account of interest on the EMC Mortgage Loans net of the related Servicing Fee permitted under Section 3.133.10 and LPMI Fees, if any;
(iii) all Liquidation Proceeds, Subsequent Recoveries and Insurance Proceeds with respect to any EMC Mortgage LoansProceeds, other than proceeds to be applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with the CompanyMaster Servicer’s normal servicing procedures;
(iv) any amount required to be deposited by the Company Master Servicer pursuant to Section 5.01(c4.01(c) in connection with any losses on Permitted Investments;
(v) any amounts required to be deposited by the Company Master Servicer pursuant to Section 3.073.05;
(vi) any Prepayment Charges collected on the EMC Mortgage Loans; and
(vii) any other amounts required to be deposited hereunder. The foregoing requirements for deposit remittance by the Company Master Servicer into the Protected Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, payments in the nature of late payment charges or assumption fees, if collected, need not be deposited remitted by the CompanyMaster Servicer. In the event that the Company Master Servicer shall deposit remit any amount not required to be deposited remitted and not otherwise subject to withdrawal pursuant to Section 5.024.02, it may at any time withdraw or direct the institution maintaining the Protected Account, to withdraw such amount from the Protected Account, any provision herein to the contrary notwithstanding. Such withdrawal or direction may be accomplished by delivering written notice thereof to the institution maintaining the Protected Account, that describes the amounts deposited in error in the Protected Account. The Company Master Servicer shall maintain adequate records with respect to all withdrawals made pursuant to this Section. All funds deposited in the Protected Account shall be held in trust for the Certificateholders until withdrawn in accordance with Section 5.024.02.
(c) The institution that maintains the Protected Account shall invest the funds in the Protected Account, in the manner directed by the CompanyMaster Servicer, in Permitted Investments which shall mature not later than the Business Day immediately preceding the Remittance Date and shall not be sold or disposed of prior to its 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 shall be for the benefit of the Company Master Servicer as servicing compensation and shall be remitted to it monthly as provided herein. The amount of any losses incurred in the Protected Account in respect of any such investments shall be deposited by the Company Master Servicer into the Protected Account, out of the CompanyMaster Servicer’s own funds.
(d) The Company Master Servicer shall give at least 30 days advance notice to the Trustee, the Securities Administrator, the Sponsor, the Master ServicerSeller, each Rating Agency and the Depositor of any proposed change of location of the Protected Account prior to any change thereof.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Bear Stearns Asset Backed Securities I Trust 2005-Aq2)
Collection of Mortgage Loan Payments; Protected Account. (a) The Company shall make reasonable efforts in accordance with customary and usual standards of practice of prudent mortgage lenders in the respective states in which the Mortgaged Properties related to the EMC Mortgage Loans are located to collect all payments called for under the terms and provisions of the EMC Mortgage Loans to the extent such procedures shall be consistent with this Agreement and the terms and provisions of any related Required Insurance Policy. Consistent with the foregoing, the Company may in its discretion (i) waive any late payment charge and (ii) extend the Due Dates due dates for payments due on a Mortgage Note related to an EMC Mortgage Loan for a period not greater than 125 days, provided that, EMC shall not extend the payment date of any Mortgage Loan beyond the date of its final maturity date. In the event of any such arrangement, the Company shall make Advances on the related EMC Mortgage Loan during the scheduled period in accordance with the amortization schedule of such EMC Mortgage Loan without modification thereof by reason of such arrangements, and shall be entitled to reimbursement therefor in accordance with Section 6.01. The Company shall not be required to institute or join in litigation with respect to collection of any payment (whether under a Mortgage, Mortgage Note or otherwise or against any public or governmental authority with respect to a taking or condemnation) if it reasonably believes that enforcing the provision of the Mortgage or other instrument pursuant to which such payment is required is prohibited by applicable law. In addition, if (x) an EMC Mortgage Loan is in default or default is reasonably foreseeable or (y) the Company delivers to the Trustee, Securities Administrator and Master Servicer Trustee a certification addressed to the Trustee and the Securities AdministratorTrustee, based on the advice of counsel or certified public accountants, in either case, that have a national reputation with respect to taxation of REMICs, that a modification of such EMC Mortgage Loan will not result in the imposition of taxes on or disqualify from REMIC status any of REMIC I, REMIC II, REMIC III, REMIC IV, REMIC V, REMIC VI, REMIC VII IV or REMIC VIII, V the Company may if it reasonably believes that undertaking such actions would be in the best interest of the Certificateholdersmay, (A) amend the related Mortgage Note to reduce the Mortgage Rate applicable thereto, provided that such reduced Mortgage Rate shall in no event be lower than 5.00% with respect to any EMC Mortgage Loan and (B) amend any Mortgage Note related to an EMC Mortgage Loan to extend to the maturity thereof; provided that. With respect to Mortgage Loans affected by Hurricane Katxxxx, EMC shall not extend xf the payment Mortgaged Property is located in public and individual assistance counties as designated by FEMA (as set forth on its website www.xxxx.xxx), the Company ceased charging late fees and credit reporting activity for selected Mortgagors in certain counties from the date of any such designation until May 1, 2006, and has decided if reasonably prudent, to extend such period as long as necessary. In addition, the Company suspended foreclosure and bankruptcy activity relating to such Mortgage Loan beyond its final maturity dateLoans from the date of such designation until May 1, 2006, and has decided if reasonably prudent, to extend such period as long as necessary. In accordance with the standards of the first paragraph of Section 3.01, the Company shall not waive (or permit a sub-servicer to waive) any Prepayment Charge related to an EMC Mortgage Loan unless: (i) the enforceability thereof shall have been limited by bankruptcy, insolvency, moratorium, receivership and other similar laws relating to creditors’ rights generally, (ii) the enforcement thereof is illegal, or any local, state or federal agency has threatened legal action if the prepayment penalty is enforced, (iii) the collectability thereof shall have mortgage debt has been limited due to acceleration accelerated in connection with a foreclosure or other involuntary payment or (iv) such waiver is standard and customary in servicing similar Mortgage Loans and relates to a default or a reasonably foreseeable default and would, in the reasonable judgment of the Company, maximize recovery of total proceeds taking into account the value of such Prepayment Charge and the related EMC Mortgage Loan. If a Prepayment Charge is waived, but does not meet the standards described above, then the Company is required to pay the amount of such waived Prepayment Charge, for the benefit of the related Class C P Certificates, by remitting such amount to the Securities Administrator (or the Master Servicer Servicer, if the Securities Administrator is no longer related to the Master Servicer) by the Remittance Date. Payments of such waived charges shall not be payments in respect of any Regular Interest.
(b) The Company shall establish and maintain a Protected Account (which shall at all times be an Eligible Account) with a depository institution in the name of the Company for the benefit of the Trustee on behalf of the Certificateholders and designated “EMC Mortgage Corporation, as servicer on behalf of Citibank, N.A., as Trustee, for the benefit of the certificateholdersU.S. Bank National Association, in trust for registered holders of Bear Xxxxxxx Asset Stexxxx Xxset Backed Securities I LLC, MortgageAsset-Backed Certificates, Certificates Series 2006-5AC4”. The Company shall deposit or cause to be deposited into the Protected Account on a daily basis within one two Business Day Days of receiptreceipt and identification, except as otherwise specifically provided herein, the following payments and collections remitted by subservicers or received by it in respect of the EMC Mortgage Loans subsequent to the Cut-off Date (other than in respect of principal and interest due on the EMC 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, including Principal Prepayments, on the EMC Mortgage Loans;
(ii) all payments on account of interest on the EMC Mortgage Loans net of the related Servicing Fee permitted under Section 3.133.10 and LPMI Fees, if any;
(iii) all Liquidation Proceeds, Subsequent Recoveries Proceeds and Insurance Proceeds with respect to any EMC Mortgage Loans, other than proceeds to be applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with the Company’s normal servicing procedures;
(iv) any amount required to be deposited by the Company pursuant to Section 5.01(c) in connection with any losses on Permitted Investments;
(v) any amounts required to be deposited by the Company pursuant to Section 3.073.05;
(vi) any Prepayment Charges collected on the EMC Mortgage Loans; and
(vii) any other amounts required to be deposited hereunder. The foregoing requirements for deposit remittance by the Company into the Protected Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, payments in the nature of late payment charges or assumption fees, if collected, need not be deposited remitted by the Company. In the event that the Company shall deposit remit any amount not required to be deposited remitted and not otherwise subject to withdrawal pursuant to Section 5.02, it may at any time withdraw or direct the institution maintaining the Protected Account, to withdraw such amount from the Protected Account, any provision herein to the contrary notwithstanding. Such withdrawal or direction may be accomplished by delivering written notice thereof to the institution maintaining the Protected Account, that describes the amounts deposited in error in the Protected Account. The Company shall maintain adequate records with respect to all withdrawals made pursuant to this Section. Reconciliations will be prepared for the Protected Account within 45 calendar days after the bank statement cut-off date. All items requiring reconciliation will be resolved within 90 calendar days of their original identification. All funds deposited in the Protected Account shall be held in trust for the Certificateholders until withdrawn in accordance with Section 5.02.
(c) The institution that maintains the Protected Account shall invest the funds in the Protected Account, in the manner directed by the Company, in Permitted Investments which shall mature not later than the Business Day immediately preceding the Remittance Date and shall not be sold or disposed of prior to its 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 shall be for the benefit of the Company as servicing compensation and shall be remitted to it monthly as provided herein. The amount of any losses incurred in the Protected Account in respect of any such investments shall be deposited by the Company into the Protected Account, out of the Company’s own funds.
(d) The Company shall give at least 30 days advance notice to the Trustee, the Securities Administrator, the SponsorSeller, the Master Servicer, each Rating Agency and the Depositor of any proposed change of location of the Protected Account prior to any change thereof.
(e) In the event that the Master Servicer and Securities Administrator are no longer affiliated, the Master Servicer shall establish and maintain an account separate from the Distribution Account into which any funds remitted by the Company and Servicers will be deposited. No later than noon New York time on the Business Day prior to each Distribution Date, the Master Servicer shall remit any such funds to the Paying Agent for deposit in the Distribution Account. The Master Servicer shall make the following permitted withdrawals and transfers from such account:
(i) The Master Servicer will, from time to time on demand of the Company, a Servicer or the Securities Administrator, make or cause to be made such withdrawals or transfers from the account as the Master Servicer has designated for such transfer or withdrawal pursuant to this Agreement and the related Servicing Agreement. The Master Servicer may clear and terminate the account pursuant to Section 11.01 and remove amounts from time to time deposited in error.
(ii) On an ongoing basis, the Master Servicer shall withdraw from the account (i) any expenses, costs and liabilities recoverable by the Trustee, the Master Servicer or the Securities Administrator or the Custodian pursuant to Sections 4.03, 8.04 and 10.05 and (ii) any amounts payable to the Master Servicer as set forth in Section 4.14; provided, however, that the Master Servicer shall be obligated to pay from its own funds any amounts which it is required to pay under Section 8.03(a).
(iii) In addition, on or before each Business Day prior to each Distribution Date, the Master Servicer shall deposit in the Distribution Account (or remit to the Trustee for deposit therein) any Monthly Advances required to be made by the Master Servicer with respect to the Mortgage Loans.
(iv) No later than noon New York time on each Business Day prior to each Distribution Date, the Master Servicer will transfer all Available Funds on deposit in the account with respect to the related Distribution Date to the Paying Agent for deposit in the Distribution Account.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Bear Stearns Asset Backed Securities I Trust 2006-Ac4)
Collection of Mortgage Loan Payments; Protected Account. (a) The Company Master Servicer shall make reasonable efforts in accordance with customary and usual standards of practice of prudent mortgage lenders in the respective states in which the Mortgaged Properties related to the EMC Mortgage Loans are located to collect all payments called for under the terms and provisions of the EMC Mortgage Loans to the extent such procedures shall be consistent with this Agreement and the terms and provisions of any related Required Insurance Policy. Consistent with the foregoing, the Company Master Servicer may in its discretion (i) waive any late payment charge and (ii) extend the Due Dates due dates for payments due on a Mortgage Note related to an EMC Mortgage Loan for a period not greater than 125 days, provided that, EMC shall not extend the payment date of any Mortgage Loan beyond the date of its final maturity date. In the event of any such arrangement, the Company Master Servicer shall make Advances on the related EMC Mortgage Loan during the scheduled period in accordance with the amortization schedule of such EMC Mortgage Loan without modification thereof by reason of such arrangements, and shall be entitled to reimbursement therefor in accordance with Section 6.015.01. The Company Master Servicer shall not be required to institute or join in litigation with respect to collection of any payment (whether under a Mortgage, Mortgage Note or otherwise or against any public or governmental authority with respect to a taking or condemnation) if it reasonably believes that enforcing the provision of the Mortgage or other instrument pursuant to which such payment is required is prohibited by applicable law. In addition, if (x) an EMC a Mortgage Loan is in default or default is reasonably foreseeable imminent or (y) the Company Master Servicer delivers to the Trustee, Securities Administrator and Master Servicer Trustee a certification addressed to the Trustee and the Securities AdministratorTrustee, based on the advice of counsel or certified public accountants, in either case, that have a national reputation with respect to taxation of REMICs, that a modification of such EMC Mortgage Loan will not result in the imposition of taxes on or disqualify from REMIC status any of REMIC I, REMIC II, REMIC III, REMIC IV, REMIC V, V or REMIC VI, REMIC VII or REMIC VIII, the Company may if it reasonably believes that undertaking such actions would be in the best interest of the CertificateholdersMaster Servicer may, (A) amend the related Mortgage Note to reduce the Mortgage Rate applicable thereto, provided that such reduced Mortgage Rate shall in no event be lower than 5.00% with respect to any EMC Mortgage Loan and (B) amend any Mortgage Note related to an EMC Mortgage Loan to extend to the maturity thereof; provided that, EMC shall not extend the payment date of any Mortgage Loan beyond its final maturity date. In accordance with the standards of the first paragraph of Section 3.01, the Company The Master Servicer shall not waive (or permit a sub-servicer to waive) any Prepayment Charge related to an EMC Mortgage Loan unless: (i) the enforceability thereof shall have been limited by bankruptcy, insolvency, moratorium, receivership and other similar laws relating to creditors’ rights generally, (ii) the enforcement thereof is illegal, or any local, state or federal agency has threatened legal action if the prepayment penalty is enforced, (iii) the collectability thereof shall have been limited due to acceleration in connection with a foreclosure or other involuntary payment or (iv) such waiver is standard and customary in servicing similar Mortgage Loans and relates to a default or a reasonably foreseeable default and would, in the reasonable judgment of the CompanyMaster Servicer, maximize recovery of total proceeds taking into account the value of such Prepayment Charge and the related EMC Mortgage Loan. If a Prepayment Charge is waived, but does not meet the standards described above, then the Company Master Servicer is required to pay the amount of such waived Prepayment Charge, for the benefit of the related Class C P Certificates, by remitting such amount to the Master Servicer Trustee by the Remittance Distribution Account Deposit Date. Payments of such waived charges shall not be payments in respect of any Regular Interest.
(b) The Company Master Servicer shall establish and maintain a Protected Account (which shall at all times be an Eligible Account) with a depository institution in the name of the Company for the benefit of the Trustee on behalf of the Certificateholders and designated “EMC Mortgage Corporation, as servicer on behalf of Citibank, N.A., as Trustee, for the benefit of the certificateholders, in trust for registered holders of Bear Xxxxxxx Asset Backed Securities I LLC, Mortgage-Backed Certificates, Series 2006-5”. The Company shall deposit or cause to be deposited into the Protected Account on a daily basis within one Business Day of receipt, except as otherwise specifically provided herein, the following payments and collections remitted by subservicers or received by it in respect of the EMC Mortgage Loans subsequent to the Cut-off Date (other than in respect of principal and interest due on the EMC Mortgage Loans on or before the Cut-off Date) and the following amounts required to be deposited hereunder:Master
(i) all payments on account of principal, including Principal Prepayments, on the EMC Mortgage Loans;
(ii) all payments on account of interest on the EMC Mortgage Loans net of the related Servicing Fee permitted under Section 3.133.10 and LPMI Fees, if any;
(iii) all Liquidation Proceeds, Subsequent Recoveries and Insurance Proceeds with respect to any EMC Mortgage LoansProceeds, other than proceeds to be applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with the CompanyMaster Servicer’s normal servicing procedures;
(iv) any amount required to be deposited by the Company Master Servicer pursuant to Section 5.01(c4.01(c) in connection with any losses on Permitted Investments;
(v) any amounts required to be deposited by the Company Master Servicer pursuant to Section 3.073.05;
(vi) any Prepayment Charges collected on the EMC Mortgage Loans; and
(vii) any other amounts required to be deposited hereunder. The foregoing requirements for deposit remittance by the Company Master Servicer into the Protected Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, payments in the nature of late payment charges or assumption fees, if collected, need not be deposited remitted by the CompanyMaster Servicer. In the event that the Company Master Servicer shall deposit remit any amount not required to be deposited remitted and not otherwise subject to withdrawal pursuant to Section 5.024.02, it may at any time withdraw or direct the institution maintaining the Protected Account, to withdraw such amount from the Protected Account, any provision herein to the contrary notwithstanding. Such withdrawal or direction may be accomplished by delivering written notice thereof to the institution maintaining the Protected Account, that describes the amounts deposited in error in the Protected Account. The Company Master Servicer shall maintain adequate records with respect to all withdrawals made pursuant to this Section. All funds deposited in the Protected Account shall be held in trust for the Certificateholders until withdrawn in accordance with Section 5.024.02.
(c) The institution that maintains the Protected Account shall invest the funds in the Protected Account, in the manner directed by the CompanyMaster Servicer, in Permitted Investments which shall mature not later than the Business Day immediately preceding the Remittance Date and shall not be sold or disposed of prior to its 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 shall be for the benefit of the Company Master Servicer as servicing compensation and shall be remitted to it monthly as provided herein. The amount of any losses incurred in the Protected Account in respect of any such investments shall be deposited by the Company Master Servicer into the Protected Account, out of the CompanyMaster Servicer’s own funds.
(d) The Company Master Servicer shall give at least 30 days advance notice to the Trustee, the Securities Administrator, the Sponsor, the Master ServicerSeller, each Rating Agency and the Depositor of any proposed change of location of the Protected Account prior to any change thereof.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Bear Stearns Asset Backed Securities I Trust 2005-Fr1)
Collection of Mortgage Loan Payments; Protected Account. (a) The Company Master Servicer shall make reasonable efforts in accordance with customary and usual standards of practice of prudent mortgage lenders in the respective states in which the Mortgaged Properties related to the EMC Mortgage Loans are located to collect all payments called for under the terms and provisions of the EMC Mortgage Loans to the extent such procedures shall be consistent with this Agreement and the terms and provisions of any related Required Insurance Policy. Consistent with the foregoing, the Company Master Servicer may in its discretion (i) waive any late payment charge and (ii) extend the Due Dates due dates for payments due on a Mortgage Note related to an EMC Mortgage Loan for a period not greater than 125 days, provided that, EMC shall not extend the payment date of any Mortgage Loan beyond the date of its final maturity date. In the event of any such arrangement, the Company Master Servicer shall make Advances on the related EMC Mortgage Loan during the scheduled period in accordance with the amortization schedule of such EMC Mortgage Loan without modification thereof by reason of such arrangements, and shall be entitled to reimbursement therefor in accordance with Section 6.015.01. The Company Master Servicer shall not be required to institute or join in litigation with respect to collection of any payment (whether under a Mortgage, Mortgage Note or otherwise or against any public or governmental authority with respect to a taking or condemnation) if it reasonably believes that enforcing the provision of the Mortgage or other instrument pursuant to which such payment is required is prohibited by applicable law. In addition, if (x) an EMC a Mortgage Loan is in default or default is reasonably foreseeable foreseeable, the Master Servicer may also waive, modify or vary any term of any Mortgage Loan or consent to the postponement of strict compliance with any such term or in any manner grant indulgence to any mortgagor, including without limitation, to (1) capitalize any amounts owing on the Mortgage Loan by adding such amount to the outstanding principal balance of the Mortgage Loan, (2) defer such amounts to a later date or the final payment date of such Mortgage Loan, (3) extend the maturity of any such Mortgage Loan, but in no instance past the date on which the final payment is due on the latest maturing Mortgage Loan as of the Cut-off Date, and/or (4) reduce the related Mortgage Rate (subject to clause (y) below), provided that, in the Master Servicer’s determination, such waiver, modification, postponement or indulgence is not materially adverse to the interests of the Certificateholders (taking into account any estimated Realized Loss that might result absent such action), or (y) the Company Master Servicer delivers to the Trustee, Securities Administrator and Master Servicer Trustee a certification addressed to the Trustee and the Securities AdministratorTrustee, based on the advice of counsel or certified public accountants, in either case, that have a national reputation with respect to taxation of REMICs, that a modification of such EMC Mortgage Loan will not result in the imposition of taxes on or disqualify from REMIC status any of REMIC I, REMIC II, REMIC III, REMIC IV, REMIC V, REMIC VI, REMIC VII or VII, REMIC VIII, REMIC IX or REMIC X, the Company may if it reasonably believes that undertaking such actions would be in the best interest of the CertificateholdersMaster Servicer may, (A) amend the related Mortgage Note to reduce the Mortgage Rate applicable thereto, provided that such reduced Mortgage Rate shall in no event be lower than 5.00% with respect to any EMC Mortgage Loan and (B) amend any Mortgage Note related to an EMC Mortgage Loan to extend to the maturity thereof; provided that, EMC shall not extend the payment date of any Mortgage Loan beyond its final maturity date. In accordance with the standards of the first paragraph of Section 3.01, the Company .
(b) The Master Servicer shall not waive (or permit a sub-servicer to waive) any Prepayment Charge related to an EMC Mortgage Loan unless: (i) the enforceability thereof shall have been limited by bankruptcy, insolvency, moratorium, receivership and other similar laws relating to creditors’ rights generally, (ii) the enforcement thereof is illegal, or any local, state or federal agency has threatened legal action if the prepayment penalty is enforced, (iii) the collectability thereof shall have mortgage debt has been limited due to acceleration accelerated in connection with a foreclosure or other involuntary payment or (iv) such waiver is standard and customary in servicing similar Mortgage Loans and relates to a default or a reasonably foreseeable default and would, in the reasonable judgment of the CompanyMaster Servicer, maximize recovery of total proceeds taking into account the value of such Prepayment Charge and the related EMC Mortgage Loan. If a Prepayment Charge is waived, but does not meet the standards described above, then the Company Master Servicer is required to pay the amount of such waived Prepayment Charge, for the benefit of the related Class C P Certificates, by remitting such amount to the Master Servicer Trustee by the Remittance Date. Payments of Distribution Account Deposit Date with respect to such waived charges shall not be payments in respect of any Regular InterestLoan Group.
(bc) The Company Master Servicer shall establish and maintain a Protected Account (which shall at all times be an Eligible Account) with a depository institution in the name of the Company Master Servicer for the benefit of the Trustee on behalf of the Certificateholders and designated “EMC Mortgage Corporation, as servicer on behalf of Citibank, N.A., as TrusteeMaster Servicer, for the benefit of the certificateholdersLaSalle Bank National Association, in trust for registered holders Holders of Bear Xxxxxxx Asset Stexxxx Xxset Backed Securities I LLC, MortgageAsset-Backed Certificates, Series 2006-5HE8”. The Company Master Servicer shall deposit or cause to be deposited into the Protected Account on a daily basis within one two Business Day Days of receiptreceipt and identification, except as otherwise specifically provided herein, the following payments and collections remitted by subservicers or received by it in respect of the EMC Mortgage Loans subsequent to the Cut-off Date (other than in respect of principal and interest due on the EMC Mortgage Loans on or before the Cut-off Date) and the following amounts required to be deposited hereunder:
(i) with respect to each Loan Group, all payments on account of principal, including Principal Prepayments, on the EMC Mortgage Loans;
(ii) with respect to each Loan Group, all payments on account of interest on the EMC Mortgage Loans net of the related Servicing Fee permitted under Section 3.133.10 and LPMI Fees, if any;
(iii) with respect to each Loan Group, all Liquidation Proceeds, Subsequent Recoveries and Insurance Proceeds with respect to any EMC Mortgage LoansProceeds, other than proceeds to be applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with the CompanyMaster Servicer’s normal servicing procedures;
(iv) with respect to each Loan Group, any amount required to be deposited by the Company Master Servicer pursuant to Section 5.01(c4.01(c) in connection with any losses on Permitted Investments;
(v) with respect to each Loan Group, any amounts required to be deposited by the Company Master Servicer pursuant to Section 3.073.05;
(vi) with respect to each Loan Group, any Prepayment Charges collected on the EMC Mortgage Loans; and
(vii) with respect to each Loan Group, any other amounts required to be deposited hereunder. The foregoing requirements for deposit remittance by the Company Master Servicer into the Protected Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, payments in the nature of late payment charges or assumption fees, if collected, need not be deposited remitted by the CompanyMaster Servicer. In the event that the Company Master Servicer shall deposit remit any amount with respect to a Loan Group not required to be deposited remitted and not otherwise subject to withdrawal pursuant to Section 5.024.02, it may at any time withdraw or direct the institution maintaining the Protected Account, to withdraw such amount from the Protected AccountAccount with respect to such Loan Group, any provision herein to the contrary notwithstanding. Such withdrawal or direction may be accomplished by delivering written notice thereof to the institution maintaining the Protected Account, that describes the amounts deposited in error in the Protected Account. The Company Master Servicer shall maintain adequate records with respect to all withdrawals made pursuant to this Section. Reconciliations will be prepared for the Protected Account within 45 calendar days after the bank statement cut-off date. All funds deposited in the Protected Account shall be held in trust for the related Certificateholders until withdrawn in accordance with Section 5.024.02.
(cd) The institution that maintains the Protected Account shall invest the funds in the Protected Account, in the manner directed by the CompanyMaster Servicer, in Permitted Investments which shall mature not later than the Business Day immediately preceding the Remittance Date and shall not be sold or disposed of prior to its 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 shall be for the benefit of the Company Master Servicer as servicing compensation and shall be remitted to it monthly as provided herein. The amount of any losses incurred in the Protected Account in respect of any such investments shall be deposited by the Company Master Servicer into the Protected Account, out of the CompanyMaster Servicer’s own funds.
(de) The Company Master Servicer shall give at least 30 days advance notice to the Trustee, the Securities Administrator, the Sponsor, the Master ServicerSellers, each Rating Agency and the Depositor of any proposed change of location of the Protected Account prior to any change thereof.
Appears in 1 contract
Collection of Mortgage Loan Payments; Protected Account. (a) The Company shall make reasonable efforts in accordance with customary and usual standards of practice of prudent mortgage lenders in the respective states in which the Mortgaged Properties related to the EMC Mortgage Loans are located to collect all payments called for under the terms and provisions of the EMC Mortgage Loans to the extent such procedures shall be consistent with this Agreement and the terms and provisions of any related Required Insurance Policy. Consistent with the foregoing, the Company may in its discretion (i) waive any late payment charge and (ii) extend the Due Dates due dates for payments due on a Mortgage Note related to an EMC Mortgage Loan for a period not greater than 125 days, provided that, EMC shall not extend the payment date of any Mortgage Loan beyond the date of its final maturity date. In the event of any such arrangement, the Company shall make Advances on the related EMC Mortgage Loan during the scheduled period in accordance with the amortization schedule of such EMC Mortgage Loan without modification thereof by reason of such arrangements, and shall be entitled to reimbursement therefor in accordance with Section 6.01. The Company shall not be required to institute or join in litigation with respect to collection of any payment (whether under a Mortgage, Mortgage Note or otherwise or against any public or governmental authority with respect to a taking or condemnation) if it reasonably believes that enforcing the provision of the Mortgage or other instrument pursuant to which such payment is required is prohibited by applicable law. In addition, if (x) an EMC Mortgage Loan is in default or default is reasonably foreseeable imminent or (y) the Company delivers to the Trustee, Securities Administrator Trustee and Master Servicer the Certificate Insurers a certification addressed to the Trustee and the Securities AdministratorCertificate Insurers, based on the advice of counsel or certified public accountants, in either case, that have a national reputation with respect to taxation of REMICs, that a modification of such EMC Mortgage Loan will not result in the imposition of taxes on or disqualify from REMIC status any of REMIC I, REMIC II, REMIC III, REMIC IV, IV or REMIC V, REMIC VI, REMIC VII or REMIC VIII, the Company may if it reasonably believes that undertaking such actions would be in the best interest of the Certificateholdersmay, (A) amend the related Mortgage Note to reduce the Mortgage Rate applicable thereto, provided that such reduced Mortgage Rate shall in no event be lower than 5.00% with respect to any EMC Mortgage Loan and (B) amend any Mortgage Note related to an EMC Mortgage Loan to extend to the maturity thereof; provided that, EMC shall not extend the payment date of any Mortgage Loan beyond its final maturity date. In accordance with the standards of the first paragraph of Section 3.01, the Company shall not waive (or permit a sub-servicer to waive) any Prepayment Charge related to an EMC Mortgage Loan unless: (i) the enforceability thereof shall have been limited by bankruptcy, insolvency, moratorium, receivership and other similar laws relating to creditors’ rights generally, (ii) the enforcement thereof is illegal, or any local, state or federal agency has threatened legal action if the prepayment penalty is enforced, (iii) the collectability thereof shall have been limited due to acceleration in connection with a foreclosure or other involuntary payment or (iv) such waiver is standard and customary in servicing similar Mortgage Loans and relates to a default or a reasonably foreseeable default and would, in the reasonable judgment of the Company, maximize recovery of total proceeds taking into account the value of such Prepayment Charge and the related EMC Mortgage Loan. If a Prepayment Charge is waived, but does not meet the standards described above, then the Company is required to pay the amount of such waived Prepayment Charge, for the benefit of the related Class C P Certificates, by remitting such amount to the Master Servicer by the Remittance Date. Payments of such waived charges shall not be payments in respect of any Regular Interest.
(b) The Company shall establish and maintain a Protected Account (which shall at all times be an Eligible Account) with a depository institution in the name of the Company for the benefit of the Trustee on behalf of the Certificateholders and the Certificate Insurers and designated “EMC Mortgage Corporation, as servicer on behalf of Citibank, N.A., as Trustee, for the benefit of the certificateholdersU.S. Bank National Association, in trust for registered holders of Bear Xxxxxxx Asset Backed Securities I LLC, MortgageAsset-Backed Certificates, Certificates Series 20062005-5AC5”. The Company shall deposit or cause to be deposited into the Protected Account on a daily basis within one Business Day of receipt, except as otherwise specifically provided herein, the following payments and collections remitted by subservicers or received by it in respect of the EMC Mortgage Loans subsequent to the Cut-off Date (other than in respect of principal and interest due on the EMC 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, including Principal Prepayments, on the EMC Mortgage Loans;
(ii) all payments on account of interest on the EMC Mortgage Loans net of the related Servicing Fee permitted under Section 3.133.10 and LPMI Fees, if any;
(iii) all Liquidation Proceeds, Subsequent Recoveries Proceeds and Insurance Proceeds with respect to any EMC Mortgage Loans, other than proceeds to be applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with the Company’s normal servicing procedures;
(iv) any amount required to be deposited by the Company pursuant to Section 5.01(c) in connection with any losses on Permitted Investments;
(v) any amounts required to be deposited by the Company pursuant to Section 3.073.05;
(vi) any Prepayment Charges collected on the EMC Mortgage Loans; and
(vii) any other amounts required to be deposited hereunder. The foregoing requirements for deposit remittance by the Company into the Protected Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, payments in the nature of late payment charges or assumption fees, if collected, need not be deposited remitted by the Company. In the event that the Company shall deposit remit any amount not required to be deposited remitted and not otherwise subject to withdrawal pursuant to Section 5.02, it may at any time withdraw or direct the institution maintaining the Protected Account, to withdraw such amount from the Protected Account, any provision herein to the contrary notwithstanding. Such withdrawal or direction may be accomplished by delivering written notice thereof to the institution maintaining the Protected Account, that describes the amounts deposited in error in the Protected Account. The Company shall maintain adequate records with respect to all withdrawals made pursuant to this Section. All funds deposited in the Protected Account shall be held in trust for the Certificateholders and the Certificate Insurers until withdrawn in accordance with Section 5.02.
(c) The institution that maintains the Protected Account shall invest the funds in the Protected Account, in the manner directed by the Company, in Permitted Investments which shall mature not later than the Business Day immediately preceding the Remittance Date and shall not be sold or disposed of prior to its maturity. All such Permitted Investments shall be made in the name of the Trustee, for the benefit of the CertificateholdersCertificateholders and the Certificate Insurer. All income and gain net of any losses realized from any such investment shall be for the benefit of the Company as servicing compensation and shall be remitted to it monthly as provided herein. The amount of any losses incurred in the Protected Account in respect of any such investments shall be deposited by the Company into the Protected Account, out of the Company’s own funds.
(d) The Company shall give at least 30 days advance notice to the Trustee, the Securities Administrator, the SponsorSeller, the Master Servicer, each Rating Agency and the Certificate Insurers and the Depositor of any proposed change of location of the Protected Account prior to any change thereof.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Bear Stearns Asset Backed Securities I Trust 2005-Ac5)
Collection of Mortgage Loan Payments; Protected Account. (a) The Company Master Servicer shall make reasonable efforts in accordance with customary and usual standards of practice of prudent mortgage lenders in the respective states in which the Mortgaged Properties related to the EMC Mortgage Loans are located to collect all payments called for under the terms and provisions of the EMC Mortgage Loans to the extent such procedures shall be consistent with this Agreement and the terms and provisions of any related Required Insurance Policy. Consistent with the foregoing, the Company Master Servicer may in its discretion (i) waive any late payment charge and (ii) extend the Due Dates due dates for payments due on a Mortgage Note related to an EMC Mortgage Loan for a period not greater than 125 days, provided that, EMC shall not extend the payment date of any Mortgage Loan beyond the date of its final maturity date. In the event of any such arrangement, the Company Master Servicer shall make Advances on the related EMC Mortgage Loan during the scheduled period in accordance with the amortization schedule of such EMC Mortgage Loan without modification thereof by reason of such arrangements, and shall be entitled to reimbursement therefor in accordance with Section 6.015.01. The Company Master Servicer shall not be required to institute or join in litigation with respect to collection of any payment (whether under a Mortgage, Mortgage Note or otherwise or against any public or governmental authority with respect to a taking or condemnation) if it reasonably believes that enforcing the provision of the Mortgage or other instrument pursuant to which such payment is required is prohibited by applicable law. In addition, if (x) an EMC a Mortgage Loan is in default or default is reasonably foreseeable imminent or (y) the Company Master Servicer delivers to the Trustee, Securities Administrator and Master Servicer Trustee a certification addressed to the Trustee and the Securities AdministratorTrustee, based on the advice of counsel or certified public accountants, in either case, that have a national reputation with respect to taxation of REMICs, that a modification of such EMC Mortgage Loan will not result in the imposition of taxes on or disqualify from REMIC status any of REMIC I, REMIC II, REMIC III, REMIC IV, REMIC V, V or REMIC VI, REMIC VII or REMIC VIII, the Company may if it reasonably believes that undertaking such actions would be in the best interest of the CertificateholdersMaster Servicer may, (A) amend the related Mortgage Note to reduce the Mortgage Rate applicable thereto, provided that such reduced Mortgage Rate shall in no event be lower than 5.00% with respect to any EMC Mortgage Loan and (B) amend any Mortgage Note related to an EMC Mortgage Loan to extend to the maturity thereof; provided that. With respect to Mortgage Loans affected by Hurricane Xxxxxxx, EMC if the Mortgaged Property is located in public and individual assistance counties as designated by FEMA (as set forth on its website xxx.xxxx.xxx), the Master Servicer shall not cease charging of late fees and credit reporting activity for all Mortgagors in such counties until January 3, 2006, and if reasonably prudent, may extend the payment date of any Mortgage Loan beyond its final maturity datesuch period as long as necessary. In accordance with the standards of the first paragraph of Section 3.01addition, the Company Master Servicer shall suspend all foreclosure and bankruptcy activity relating to such Mortgage Loans until January 3, 2006, and if reasonably prudent, may extend such period as long as necessary. The Master Servicer shall not waive (or permit a sub-servicer to waive) any Prepayment Charge related to an EMC Mortgage Loan unless: (i) the enforceability thereof shall have been limited by bankruptcy, insolvency, moratorium, receivership and other similar laws relating to creditors’ rights generally, (ii) the enforcement thereof is illegal, or any local, state or federal agency has threatened legal action if the prepayment penalty is enforced, (iii) the collectability thereof shall have mortgage debt has been limited due to acceleration accelerated in connection with a foreclosure or other involuntary payment or (iv) such waiver is standard and customary in servicing similar Mortgage Loans and relates to a default or a reasonably foreseeable default and would, in the reasonable judgment of the CompanyMaster Servicer, maximize recovery of total proceeds taking into account the value of such Prepayment Charge and the related EMC Mortgage Loan. If a Prepayment Charge is waived, but does not meet the standards described above, then the Company Master Servicer is required to pay the amount of such waived Prepayment Charge, for the benefit of the related Class C P Certificates, by remitting such amount to the Master Servicer Trustee by the Remittance Distribution Account Deposit Date. Payments of such waived charges shall not be payments in respect of any Regular Interest.
(b) The Company Master Servicer shall establish and maintain a Protected Account (which shall at all times be an Eligible Account) with a depository institution in the name of the Company Master Servicer for the benefit of the Trustee on behalf of the Certificateholders and designated “EMC Mortgage Corporation, as servicer on behalf of Citibank, N.A., as TrusteeMaster Servicer, for the benefit of the certificateholdersLaSalle Bank National Association, in trust for registered holders of Bear Xxxxxxx Asset Backed Securities I LLC, MortgageAsset-Backed Certificates, Series 20062005-5HE12”. The Company Master Servicer shall deposit or cause to be deposited into the Protected Account on a daily basis within one Business Day of receipt, except as otherwise specifically provided herein, the following payments and collections remitted by subservicers or received by it in respect of the EMC Mortgage Loans subsequent to the Cut-off Date (other than in respect of principal and interest due on the EMC 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, including Principal Prepayments, on the EMC Mortgage Loans;
(ii) all payments on account of interest on the EMC Mortgage Loans net of the related Servicing Fee permitted under Section 3.133.10 and LPMI Fees, if any;
(iii) all Liquidation Proceeds, Subsequent Recoveries and Insurance Proceeds with respect to any EMC Mortgage LoansProceeds, other than proceeds to be applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with the CompanyMaster Servicer’s normal servicing procedures;
(iv) any amount required to be deposited by the Company Master Servicer pursuant to Section 5.01(c4.01(c) in connection with any losses on Permitted Investments;
(v) any amounts required to be deposited by the Company Master Servicer pursuant to Section 3.073.05;
(vi) any Prepayment Charges collected on the EMC Mortgage Loans; and
(vii) any other amounts required to be deposited hereunder. The foregoing requirements for deposit remittance by the Company Master Servicer into the Protected Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, payments in the nature of late payment charges or assumption fees, if collected, need not be deposited remitted by the CompanyMaster Servicer. In the event that the Company Master Servicer shall deposit remit any amount not required to be deposited remitted and not otherwise subject to withdrawal pursuant to Section 5.024.02, it may at any time withdraw or direct the institution maintaining the Protected Account, to withdraw such amount from the Protected Account, any provision herein to the contrary notwithstanding. Such withdrawal or direction may be accomplished by delivering written notice thereof to the institution maintaining the Protected Account, that describes the amounts deposited in error in the Protected Account. The Company Master Servicer shall maintain adequate records with respect to all withdrawals made pursuant to this Section. All funds deposited in the Protected Account shall be held in trust for the Certificateholders until withdrawn in accordance with Section 5.024.02.
(c) The institution that maintains the Protected Account shall invest the funds in the Protected Account, in the manner directed by the CompanyMaster Servicer, in Permitted Investments which shall mature not later than the Business Day immediately preceding the Remittance Date and shall not be sold or disposed of prior to its 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 shall be for the benefit of the Company Master Servicer as servicing compensation and shall be remitted to it monthly as provided herein. The amount of any losses incurred in the Protected Account in respect of any such investments shall be deposited by the Company Master Servicer into the Protected Account, out of the CompanyMaster Servicer’s own funds.
(d) The Company Master Servicer shall give at least 30 days advance notice to the Trustee, the Securities Administrator, the Sponsor, the Master ServicerSellers, each Rating Agency and the Depositor of any proposed change of location of the Protected Account prior to any change thereof.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Bear Stearns Asset Backed Securities I Trust 2005-He12)
Collection of Mortgage Loan Payments; Protected Account. (a) The Company Master Servicer shall make reasonable efforts in accordance with customary and usual standards of practice of prudent mortgage lenders in the respective states in which the Mortgaged Properties related to the EMC Mortgage Loans are located to collect all payments called for under the terms and provisions of the EMC Mortgage Loans to the extent such procedures shall be consistent with this Agreement and the terms and provisions of any related Required Insurance Policy. Consistent with the foregoing, the Company Master Servicer may in its discretion (i) waive any late payment charge and (ii) extend the Due Dates due dates for payments due on a Mortgage Note related to an EMC Mortgage Loan for a period not greater than 125 days, provided that, EMC shall not extend the payment date of any Mortgage Loan beyond the date of its final maturity date. In the event of any such arrangement, the Company Master Servicer shall make Advances on the related EMC Mortgage Loan during the scheduled period in accordance with the amortization schedule of such EMC Mortgage Loan without modification thereof by reason of such arrangements, and shall be entitled to reimbursement therefor in accordance with Section 6.015.01. The Company Master Servicer shall not be required to institute or join in litigation with respect to collection of any payment (whether under a Mortgage, Mortgage Note or otherwise or against any public or governmental authority with respect to a taking or condemnation) if it reasonably believes that enforcing the provision of the Mortgage or other instrument pursuant to which such payment is required is prohibited by applicable law. In addition, if (x) an EMC a Mortgage Loan is in default or default is reasonably foreseeable imminent or (y) the Company Master Servicer delivers to the Trustee, Securities Administrator and Master Servicer Trustee a certification addressed to the Trustee and the Securities AdministratorTrustee, based on the advice of counsel or certified public accountants, in either case, that have a national reputation with respect to taxation of REMICs, that a modification of such EMC Mortgage Loan will not result in the imposition of taxes on or disqualify from REMIC status any of REMIC I, I or REMIC II, REMIC III, REMIC IV, REMIC V, REMIC VI, REMIC VII or REMIC VIII, the Company may if it reasonably believes that undertaking such actions would be in the best interest of the CertificateholdersMaster Servicer may, (A) amend the related Mortgage Note to reduce the Mortgage Rate applicable thereto, provided that such reduced Mortgage Rate shall in no event be lower than 5.00% with respect to any EMC Mortgage Loan and (B) amend any Mortgage Note related to an EMC Mortgage Loan to extend to the maturity thereof; provided that, EMC shall not extend the payment date of any Mortgage Loan beyond its final maturity date. In accordance with the standards of the first paragraph of Section 3.01, the Company The Master Servicer shall not waive (or permit a sub-servicer to waive) any Prepayment Charge related to an EMC Mortgage Loan unless: (i) the enforceability thereof shall have been limited by bankruptcy, insolvency, moratorium, receivership and other similar laws relating to creditors’ rights generally, (ii) the enforcement thereof is illegal, or any local, state or federal agency has threatened legal action if the prepayment penalty is enforced, (iii) the collectability thereof shall have been limited due to acceleration in connection with a foreclosure or other involuntary payment or (iv) such waiver is standard and customary in servicing similar Mortgage Loans and relates to a default or a reasonably foreseeable default and would, in the reasonable judgment of the CompanyMaster Servicer, maximize recovery of total proceeds taking into account the value of such Prepayment Charge and the related EMC Mortgage Loan. If a Prepayment Charge is waived, but does not meet the standards described above, then the Company Master Servicer is required to pay the amount of such waived Prepayment Charge, for the benefit of the related Class C Certificates, by remitting such amount to the Master Servicer Trustee by the Remittance Distribution Account Deposit Date. Payments of such waived charges shall not be payments in respect of any Regular Interest.
(b) The Company Master Servicer shall establish and maintain a Protected Account (which shall at all times be an Eligible Account) with a depository institution in the name of the Company Master Servicer for the benefit of the Trustee on behalf of the Certificateholders and designated “EMC Mortgage Corporation, as servicer on behalf of Citibank, N.A., as TrusteeMaster Servicer, for the benefit of the certificateholdersLaSalle Bank National Association, in trust for registered holders of Bear Xxxxxxx Asset Backed Securities I LLC, Mortgage-Backed Certificates, Series 20062005-5WM1”. The Company Master Servicer shall deposit or cause to be deposited into the Protected Account on a daily basis within one Business Day of receipt, except as otherwise specifically provided herein, the following payments and collections remitted by subservicers or received by it in respect of the EMC Mortgage Loans subsequent to the Cut-off Date (other than in respect of principal and interest due on the EMC 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, including Principal Prepayments, on the EMC Mortgage Loans;
(ii) all payments on account of interest on the EMC Mortgage Loans net of the related Servicing Fee permitted under Section 3.133.10 and LPMI Fees, if any;
(iii) all Liquidation Proceeds, Subsequent Recoveries and Insurance Proceeds with respect to any EMC Mortgage LoansProceeds, other than proceeds to be applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with the CompanyMaster Servicer’s normal servicing procedures;
(iv) any amount required to be deposited by the Company Master Servicer pursuant to Section 5.01(c4.01(c) in connection with any losses on Permitted Investments;
(v) any amounts required to be deposited by the Company Master Servicer pursuant to Section 3.073.05;
(vi) any Prepayment Charges collected on the EMC Mortgage Loans; and
(vii) any other amounts required to be deposited hereunder. The foregoing requirements for deposit remittance by the Company Master Servicer into the Protected Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, payments in the nature of late payment charges or assumption fees, if collected, need not be deposited remitted by the CompanyMaster Servicer. In the event that the Company Master Servicer shall deposit remit any amount not required to be deposited remitted and not otherwise subject to withdrawal pursuant to Section 5.024.02, it may at any time withdraw or direct the institution maintaining the Protected Account, to withdraw such amount from the Protected Account, any provision herein to the contrary notwithstanding. Such withdrawal or direction may be accomplished by delivering written notice thereof to the institution maintaining the Protected Account, that describes the amounts deposited in error in the Protected Account. The Company Master Servicer shall maintain adequate records with respect to all withdrawals made pursuant to this Section. All funds deposited in the Protected Account shall be held in trust for the Certificateholders until withdrawn in accordance with Section 5.024.02.
(c) The institution that maintains the Protected Account shall invest the funds in the Protected Account, in the manner directed by the CompanyMaster Servicer, in Permitted Investments which shall mature not later than the Business Day immediately preceding the Remittance Date and shall not be sold or disposed of prior to its 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 shall be for the benefit of the Company Master Servicer as servicing compensation and shall be remitted to it monthly as provided herein. The amount of any losses incurred in the Protected Account in respect of any such investments shall be deposited by the Company Master Servicer into the Protected Account, out of the CompanyMaster Servicer’s own funds.
(d) The Company Master Servicer shall give at least 30 days advance notice to the Trustee, the Securities Administrator, the Sponsor, the Master ServicerSeller, each Rating Agency and the Depositor of any proposed change of location of the Protected Account prior to any change thereof.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Saco I Trust, 2005-Wm1)
Collection of Mortgage Loan Payments; Protected Account. (a) The Company shall make reasonable efforts in accordance with customary and usual standards of practice of prudent mortgage lenders in the respective states in which the Mortgaged Properties related to the EMC Mortgage Loans are located to collect all payments called for under the terms and provisions of the EMC Mortgage Loans to the extent such procedures shall be consistent with this Agreement and the terms and provisions of any related Required Insurance Policy. Consistent with the foregoing, the Company may in its discretion (i) waive any late payment charge and (ii) extend the Due Dates due dates for payments due on a Mortgage Note related to an EMC Mortgage Loan for a period not greater than 125 days, provided that, EMC shall not extend the payment date of any Mortgage Loan beyond the date of its final maturity date. In the event of any such arrangement, the Company shall make Advances on the related EMC Mortgage Loan during the scheduled period in accordance with the amortization schedule of such EMC Mortgage Loan without modification thereof by reason of such arrangements, and shall be entitled to reimbursement therefor in accordance with Section 6.01. The Company shall not be required to institute or join in litigation with respect to collection of any payment (whether under a Mortgage, Mortgage Note or otherwise or against any public or governmental authority with respect to a taking or condemnation) if it reasonably believes that enforcing the provision of the Mortgage or other instrument pursuant to which such payment is required is prohibited by applicable law. In addition, if (x) an EMC Mortgage Loan is in default or default is reasonably foreseeable imminent or (y) the Company delivers to the Trustee, Securities Administrator Trustee and Master Servicer the Certificate Insurers a certification addressed to the Trustee and the Securities AdministratorCertificate Insurers, based on the advice of counsel or certified public accountants, in either case, that have a national reputation with respect to taxation of REMICs, that a modification of such EMC Mortgage Loan will not result in the imposition of taxes on or disqualify from REMIC status any of REMIC I, REMIC II, REMIC III, REMIC IV, IV or REMIC V, REMIC VI, REMIC VII or REMIC VIII, the Company may if it reasonably believes that undertaking such actions would be in the best interest of the Certificateholdersmay, (A) amend the related Mortgage Note to reduce the Mortgage Rate applicable thereto, provided that such reduced Mortgage Rate shall in no event be lower than 5.00% with respect to any EMC Mortgage Loan and (B) amend any Mortgage Note related to an EMC Mortgage Loan to extend to the maturity thereof; provided that, EMC shall not extend the payment date of any Mortgage Loan beyond its final maturity date. In accordance with the standards of the first paragraph of Section 3.01, the Company shall not waive (or permit a sub-servicer to waive) any Prepayment Charge related to an EMC Mortgage Loan unless: (i) the enforceability thereof shall have been limited by bankruptcy, insolvency, moratorium, receivership and other similar laws relating to creditors’ rights generally, (ii) the enforcement thereof is illegal, or any local, state or federal agency has threatened legal action if the prepayment penalty is enforced, (iii) the collectability thereof shall have been limited due to acceleration in connection with a foreclosure or other involuntary payment or (iv) such waiver is standard and customary in servicing similar Mortgage Loans and relates to a default or a reasonably foreseeable default and would, in the reasonable judgment of the Company, maximize recovery of total proceeds taking into account the value of such Prepayment Charge and the related EMC Mortgage Loan. If a Prepayment Charge is waived, but does not meet the standards described above, then the Company is required to pay the amount of such waived Prepayment Charge, for the benefit of the related Class C P Certificates, by remitting such amount to the Master Servicer by the Remittance Date. Payments of such waived charges shall not be payments in respect of any Regular Interest.
(b) The Company shall establish and maintain a Protected Account (which shall at all times be an Eligible Account) with a depository institution in the name of the Company for the benefit of the Trustee on behalf of the Certificateholders and the Certificate Insurers and designated “EMC Mortgage Corporation, as servicer on behalf of Citibank, N.A., as Trustee, for the benefit of the certificateholdersU.S. Bank National Association, in trust for registered holders of Bear Xxxxxxx Sxxxxxx Asset Backed Securities I LLC, MortgageAsset-Backed Certificates, Certificates Series 20062005-5AC6”. The Company shall deposit or cause to be deposited into the Protected Account on a daily basis within one Business Day of receipt, except as otherwise specifically provided herein, the following payments and collections remitted by subservicers or received by it in respect of the EMC Mortgage Loans subsequent to the Cut-off Date (other than in respect of principal and interest due on the EMC 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, including Principal Prepayments, on the EMC Mortgage Loans;
(ii) all payments on account of interest on the EMC Mortgage Loans net of the related Servicing Fee permitted under Section 3.133.10 and LPMI Fees, if any;
(iii) all Liquidation Proceeds, Subsequent Recoveries Proceeds and Insurance Proceeds with respect to any EMC Mortgage Loans, other than proceeds to be applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with the Company’s normal servicing procedures;
(iv) any amount required to be deposited by the Company pursuant to Section 5.01(c) in connection with any losses on Permitted Investments;
(v) any amounts required to be deposited by the Company pursuant to Section 3.073.05;
(vi) any Prepayment Charges collected on the EMC Mortgage Loans; and
(vii) any other amounts required to be deposited hereunder. The foregoing requirements for deposit remittance by the Company into the Protected Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, payments in the nature of late payment charges or assumption fees, if collected, need not be deposited remitted by the Company. In the event that the Company shall deposit remit any amount not required to be deposited remitted and not otherwise subject to withdrawal pursuant to Section 5.02, it may at any time withdraw or direct the institution maintaining the Protected Account, to withdraw such amount from the Protected Account, any provision herein to the contrary notwithstanding. Such withdrawal or direction may be accomplished by delivering written notice thereof to the institution maintaining the Protected Account, that describes the amounts deposited in error in the Protected Account. The Company shall maintain adequate records with respect to all withdrawals made pursuant to this Section. All funds deposited in the Protected Account shall be held in trust for the Certificateholders and the Certificate Insurers until withdrawn in accordance with Section 5.02.
(c) The institution that maintains the Protected Account shall invest the funds in the Protected Account, in the manner directed by the Company, in Permitted Investments which shall mature not later than the Business Day immediately preceding the Remittance Date and shall not be sold or disposed of prior to its maturity. All such Permitted Investments shall be made in the name of the Trustee, for the benefit of the CertificateholdersCertificateholders and the Certificate Insurer. All income and gain net of any losses realized from any such investment shall be for the benefit of the Company as servicing compensation and shall be remitted to it monthly as provided herein. The amount of any losses incurred in the Protected Account in respect of any such investments shall be deposited by the Company into the Protected Account, out of the Company’s own funds.
(d) The Company shall give at least 30 days advance notice to the Trustee, the Securities Administrator, the SponsorSeller, the Master Servicer, each Rating Agency and the Certificate Insurers and the Depositor of any proposed change of location of the Protected Account prior to any change thereof.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Bear Stearns Asset Backed Securities I Trust 2005-Ac6)
Collection of Mortgage Loan Payments; Protected Account. (a) The Company shall make reasonable efforts in accordance with customary and usual standards of practice of prudent mortgage lenders in the respective states in which the Mortgaged Properties related to the EMC Mortgage Loans are located to collect all payments called for under the terms and provisions of the EMC Mortgage Loans to the extent such procedures shall be consistent with this Agreement and the terms and provisions of any related Required Insurance Policy. Consistent with the foregoing, the Company may in its discretion (i) waive any late payment charge and (ii) extend the Due Dates due dates for payments due on a Mortgage Note related to an EMC Mortgage Loan for a period not greater than 125 days, provided that, EMC shall not extend the payment date of any Mortgage Loan beyond the date of its final maturity date. In the event of any such arrangement, the Company shall make Advances on the related EMC Mortgage Loan during the scheduled period in accordance with the amortization schedule of such EMC Mortgage Loan without modification thereof by reason of such arrangements, and shall be entitled to reimbursement therefor in accordance with Section 6.01. The Company shall not be required to institute or join in litigation with respect to collection of any payment (whether under a Mortgage, Mortgage Note or otherwise or against any public or governmental authority with respect to a taking or condemnation) if it reasonably believes that enforcing the provision of the Mortgage or other instrument pursuant to which such payment is required is prohibited by applicable law. In addition, if (x) an EMC Mortgage Loan is in default or default is reasonably foreseeable foreseeable, the Company may also waive, modify or vary any term of any EMC Mortgage Loan or consent to the postponement of strict compliance with any such term or in any manner grant indulgence to any mortgagor, including without limitation, to (1) capitalize any amounts owing on the EMC Mortgage Loan by adding such amount to the outstanding principal balance of the EMC Mortgage Loan, (2) defer such amounts to a later date or the final payment date of such Mortgage Loan, (3) extend the maturity of any such EMC Mortgage Loan, but in no instance past the date on which the final payment is due on the latest maturing Mortgage Loan as of the Cut-off Date, and/or (4) reduce the related Mortgage Rate (subject to clause (y) below), provided that, in the Company’s determination, such waiver, modification, postponement or indulgence is not materially adverse to the interests of the Certificateholders (taking into account any estimated Realized Loss that might result absent such action), or (y) the Company delivers to the Trustee, Securities Administrator and Master Servicer Trustee a certification addressed to the Trustee and the Securities AdministratorTrustee, based on the advice of counsel or certified public accountants, in either case, that have a national reputation with respect to taxation of REMICs, that a modification of such EMC Mortgage Loan will not result in the imposition of taxes on or disqualify from REMIC status any of REMIC I, REMIC II, REMIC III, REMIC IV, REMIC V, REMIC VI, REMIC VII III or REMIC VIII, IV the Company may if it reasonably believes that undertaking such actions would be in the best interest of the Certificateholdersmay, (A) amend the related Mortgage Note to reduce the Mortgage Rate applicable thereto, provided that such reduced Mortgage Rate shall in no event be lower than 5.00% with respect to any EMC Mortgage Loan and (B) amend any Mortgage Note related to an EMC Mortgage Loan to extend to the maturity thereof; provided that, EMC shall not extend the payment date of any Mortgage Loan beyond its final maturity date. In accordance with the standards of the first paragraph of Section 3.01, the Company shall not waive (or permit a sub-servicer to waive) any Prepayment Charge related to an EMC Mortgage Loan unless: (i) the enforceability thereof shall have been limited by bankruptcy, insolvency, moratorium, receivership and other similar laws relating to creditors’ rights generally, (ii) the enforcement thereof is illegal, or any local, state or federal agency has threatened legal action if the prepayment penalty is enforced, (iii) the collectability thereof shall have mortgage debt has been limited due to acceleration accelerated in connection with a foreclosure or other involuntary payment or (iv) such waiver is standard and customary in servicing similar Mortgage Loans and relates to a default or a reasonably foreseeable default and would, in the reasonable judgment of the Company, maximize recovery of total proceeds taking into account the value of such Prepayment Charge and the related EMC Mortgage Loan. If a Prepayment Charge is waived, but does not meet the standards described above, then the Company is required to pay the amount of such waived Prepayment Charge, for the benefit of the related Class C P Certificates, by remitting such amount to the Securities Administrator (or the Master Servicer Servicer, if the Securities Administrator is no longer related to the Master Servicer) by the Remittance Date. Payments of such waived charges shall not be payments in respect of any Regular Interest.
(b) The Company shall establish and maintain a Protected Account (which shall at all times be an Eligible Account) with a depository institution in the name of the Company for the benefit of the Trustee on behalf of the Certificateholders and designated “EMC Mortgage Corporation, as servicer on behalf of Citibank, N.A., as Trustee, for the benefit of the certificateholdersU.S. Bank National Association, in trust for registered holders of Bear Xxxxxxx Asset Backed Securities I LLC, MortgageAsset-Backed Certificates, Certificates Series 2006-5AC5”. The Company shall deposit or cause to be deposited into the Protected Account on a daily basis within one two Business Day Days of receiptreceipt and identification, except as otherwise specifically provided herein, the following payments and collections remitted by subservicers or received by it in respect of the EMC Mortgage Loans subsequent to the Cut-off Date (other than in respect of principal and interest due on the EMC 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, including Principal Prepayments, on the EMC Mortgage Loans;
(ii) all payments on account of interest on the EMC Mortgage Loans net of the related Servicing Fee permitted under Section 3.133.10 and LPMI Fees, if any;
(iii) all Liquidation Proceeds, Subsequent Recoveries Proceeds and Insurance Proceeds with respect to any EMC Mortgage Loans, other than proceeds to be applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with the Company’s normal servicing procedures;
(iv) any amount required to be deposited by the Company pursuant to Section 5.01(c) in connection with any losses on Permitted Investments;
(v) any amounts required to be deposited by the Company pursuant to Section 3.073.05;
(vi) any Prepayment Charges collected on the EMC Mortgage Loans; and
(vii) any other amounts required to be deposited hereunder. The foregoing requirements for deposit remittance by the Company into the Protected Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, payments in the nature of late payment charges or assumption fees, if collected, need not be deposited remitted by the Company. In the event that the Company shall deposit remit any amount not required to be deposited remitted and not otherwise subject to withdrawal pursuant to Section 5.02, it may at any time withdraw or direct the institution maintaining the Protected Account, to withdraw such amount from the Protected Account, any provision herein to the contrary notwithstanding. Such withdrawal or direction may be accomplished by delivering written notice thereof to the institution maintaining the Protected Account, that describes the amounts deposited in error in the Protected Account. The Company shall maintain adequate records with respect to all withdrawals made pursuant to this Section. Reconciliations will be prepared for the Protected Account within 45 calendar days after the bank statement cut-off date. All items requiring reconciliation will be resolved within 90 calendar days of their original identification. All funds deposited in the Protected Account shall be held in trust for the Certificateholders until withdrawn in accordance with Section 5.02.
(c) The institution that maintains the Protected Account shall invest the funds in the Protected Account, in the manner directed by the Company, in Permitted Investments which shall mature not later than the Business Day immediately preceding the Remittance Date and shall not be sold or disposed of prior to its 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 shall be for the benefit of the Company as servicing compensation and shall be remitted to it monthly as provided herein. The amount of any losses incurred in the Protected Account in respect of any such investments shall be deposited by the Company into the Protected Account, out of the Company’s own funds.
(d) The Company shall give at least 30 days advance notice to the Trustee, the Securities Administrator, the SponsorSeller, the Master Servicer, each Rating Agency and the Depositor of any proposed change of location of the Protected Account prior to any change thereof.
(e) In the event that the Master Servicer and Securities Administrator are no longer affiliated, the Master Servicer shall establish and maintain an account separate from the Distribution Account into which any funds remitted by the Company and Servicers will be deposited. No later than noon New York time on the Business Day prior to each Distribution Date, the Master Servicer shall remit any such funds to the Paying Agent for deposit in the Distribution Account. The Master Servicer shall make the following permitted withdrawals and transfers from such account:
(i) The Master Servicer will, from time to time on demand of the Company, a Servicer or the Securities Administrator, make or cause to be made such withdrawals or transfers from the account as the Master Servicer has designated for such transfer or withdrawal pursuant to this Agreement and the related Servicing Agreement. The Master Servicer may clear and terminate the account pursuant to Section 11.01 and remove amounts from time to time deposited in error.
(ii) On an ongoing basis, the Master Servicer shall withdraw from the account (i) any expenses, costs and liabilities recoverable by the Trustee, the Master Servicer or the Securities Administrator or the Custodian pursuant to Sections 4.03, 8.04 and 10.05 and (ii) any amounts payable to the Master Servicer as set forth in Section 4.14; provided, however, that the Master Servicer shall be obligated to pay from its own funds any amounts which it is required to pay under Section 8.03(a).
(iii) In addition, on or before each Business Day prior to each Distribution Date, the Master Servicer shall deposit in the Distribution Account (or remit to the Trustee for deposit therein) any Monthly Advances required to be made by the Master Servicer with respect to the Mortgage Loans.
(iv) No later than noon New York time on each Business Day prior to each Distribution Date, the Master Servicer will transfer all Available Funds on deposit in the account with respect to the related Distribution Date to the Paying Agent for deposit in the Distribution Account.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Bear Stearns Asset Backed Securities I Trust 2006-Ac5)
Collection of Mortgage Loan Payments; Protected Account. (a) The Company shall make reasonable efforts in accordance with customary and usual standards of practice of prudent mortgage lenders in the respective states in which the Mortgaged Properties related to the EMC Mortgage Loans are located to collect all payments called for under the terms and provisions of the EMC Mortgage Loans to the extent such procedures shall be consistent with this Agreement and the terms and provisions of any related Required Insurance Policy. Consistent with the foregoing, the Company may in its discretion (i) waive any late payment charge and (ii) extend the Due Dates due dates for payments due on a Mortgage Note related to an EMC Mortgage Loan for a period not greater than 125 days, provided that, EMC shall not extend the payment date of any Mortgage Loan beyond the date of its final maturity date. In the event of any such arrangement, the Company shall make Advances on the related EMC Mortgage Loan during the scheduled period in accordance with the amortization schedule of such EMC Mortgage Loan without modification thereof by reason of such arrangements, and shall be entitled to reimbursement therefor in accordance with Section 6.01. The Company shall not be required to institute or join in litigation with respect to collection of any payment (whether under a Mortgage, Mortgage Note or otherwise or against any public or governmental authority with respect to a taking or condemnation) if it reasonably believes that enforcing the provision of the Mortgage or other instrument pursuant to which such payment is required is prohibited by applicable law. In addition, if (x) an a EMC Mortgage Loan is in default or default is reasonably foreseeable or (y) the Company delivers to the Trustee, the Securities Administrator and the Master Servicer a certification addressed to the Trustee and the Securities Administrator, based on the advice of counsel or certified public accountants, in either case, that have a national reputation with respect to taxation of REMICs, that a modification of such EMC Mortgage Loan will not result in the imposition of taxes on or disqualify from REMIC status any of REMIC I, REMIC II, REMIC III, REMIC IV, REMIC V, V or REMIC VI, REMIC VII or REMIC VIII, the Company may if it reasonably believes that undertaking such actions would be in the best interest of the Certificateholdersmay, (A) amend the related Mortgage Note to reduce the Mortgage Rate applicable thereto, provided that such reduced Mortgage Rate shall in no event be lower than 5.00% with respect to any EMC Mortgage Loan and (B) amend any Mortgage Note related to an EMC Mortgage Loan to extend to the maturity thereof; provided that. With respect to EMC Mortgage Loans affected by Hurricane Xxxxxxx, EMC shall not if the Mortgaged Property is located in public and individual assistance counties as designated by FEMA (as set forth on its website xxx.xxxx.xxx), the Company may cease charging of late fees and credit reporting activity for Mortgagors in such counties until May 1, 2006 and if reasonably prudent, may extend the payment date of any Mortgage Loan beyond its final maturity datesuch period as long as necessary. In accordance with the standards of the first paragraph of Section 3.01addition, the Company may suspend foreclosure and bankruptcy activity relating to certain EMC Mortgage Loans and if reasonably prudent, may extend such period as long as necessary. The Company shall not waive (or permit a sub-servicer to waive) any Prepayment Charge related to an EMC Mortgage Loan unless: (i) the enforceability thereof shall have been limited by bankruptcy, insolvency, moratorium, receivership and other similar laws relating to creditors’ rights generally, (ii) the enforcement thereof is illegal, or any local, state or federal agency has threatened legal action if the prepayment penalty is enforced, (iii) the collectability thereof shall have mortgage debt has been limited due to acceleration accelerated in connection with a foreclosure or other involuntary payment or (iv) such waiver is standard and customary in servicing similar Mortgage Loans and relates to a default or a reasonably foreseeable default and would, in the reasonable judgment of the Company, maximize recovery of total proceeds taking into account the value of such Prepayment Charge and the related EMC Mortgage Loan. If a Prepayment Charge is waived, but does not meet the standards described above, then the Company is required to pay the amount of such waived Prepayment Charge, for the benefit of the related Class C P Certificates, by remitting such amount to the Master Servicer by the Remittance Date. Payments of such waived charges shall not be payments in respect of any Regular Interest.
(b) The Company shall establish and maintain a Protected Account (which shall at all times be an Eligible Account) with a depository institution in the name of the Company for the benefit of the Trustee on behalf of the Certificateholders and designated “EMC Mortgage Corporation, as servicer on behalf of Citibank, N.A., N.A. as Trustee, for the benefit of the certificateholders, in trust for registered holders of Bear Xxxxxxx Asset Backed Securities I LLC, MortgageAsset-Backed Certificates, Series 2006-5HE4”. The Company shall deposit or cause to be deposited into the Protected Account on a daily basis within one Business Day of receipt, except as otherwise specifically provided herein, the following payments and collections remitted by subservicers or received by it in respect of the EMC Mortgage Loans subsequent to the Cut-off Date (other than in respect of principal and interest due on the EMC 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, including Principal Prepayments, on the EMC Mortgage Loans;
(ii) all payments on account of interest on the EMC Mortgage Loans net of the related Servicing Fee permitted under Section 3.133.12, if any;
(iii) all Liquidation Proceeds, Subsequent Recoveries and Insurance Proceeds with respect to any EMC Mortgage Loans, other than proceeds to be applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with the Company’s normal servicing procedures;
(iv) any amount required to be deposited by the Company pursuant to Section 5.01(c) in connection with any losses on Permitted Investments;
(v) any amounts required to be deposited by the Company pursuant to Section 3.07;
(vi) any Prepayment Charges collected on the EMC Mortgage Loans; and
(vii) any other amounts required to be deposited hereunder. The foregoing requirements for deposit by the Company into the Protected Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, payments in the nature of late payment charges or assumption fees, if collected, need not be deposited by the Company. In the event that the Company shall deposit any amount not required to be deposited and not otherwise subject to withdrawal pursuant to Section 5.02, it may at any time withdraw or direct the institution maintaining the Protected Account, to withdraw such amount from the Protected Account, any provision herein to the contrary notwithstanding. Such withdrawal or direction may be accomplished by delivering written notice thereof to the institution maintaining the Protected Account, that describes the amounts deposited in error in the Protected Account. The Company shall maintain adequate records with respect to all withdrawals made pursuant to this Section. All funds deposited in the Protected Account shall be held in trust for the Certificateholders until withdrawn in accordance with Section 5.02.
(c) The institution that maintains the Protected Account shall invest the funds in the Protected Account, in the manner directed by the Company, in Permitted Investments which shall mature not later than the Business Day immediately preceding the Remittance Date and shall not be sold or disposed of prior to its 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 shall be for the benefit of the Company as servicing compensation and shall be remitted to it monthly as provided herein. The amount of any losses incurred in the Protected Account in respect of any such investments shall be deposited by the Company into the Protected Account, out of the Company’s own funds.
(d) The Company shall give at least 30 days advance notice to the Trustee, the Securities Administrator, the Sponsor, the Master Servicer, each Rating Agency and the Depositor of any proposed change of location of the Protected Account prior to any change thereof.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Bear Stearns Asset Backed Securities I Trust 2006-He4)
Collection of Mortgage Loan Payments; Protected Account. (a) The Company shall make reasonable efforts in accordance with customary and usual standards of practice of prudent mortgage lenders in the respective states in which the Mortgaged Properties related to the EMC Mortgage Loans are located to collect all payments called for under the terms and provisions of the EMC Mortgage Loans to the extent such procedures shall be consistent with this Agreement and the terms and provisions of any related Required Insurance Policy. Consistent with the foregoing, the Company may in its discretion (i) waive any late payment charge and (ii) extend the Due Dates due dates for payments due on a Mortgage Note related to an EMC Mortgage Loan for a period not greater than 125 days, provided that, EMC shall not extend the payment date of any Mortgage Loan beyond the date of its final maturity date. In the event of any such arrangement, the Company shall make Advances on the related EMC Mortgage Loan during the scheduled period in accordance with the amortization schedule of such EMC Mortgage Loan without modification thereof by reason of such arrangements, and shall be entitled to reimbursement therefor in accordance with Section 6.01. The Company shall not be required to institute or join in litigation with respect to collection of any payment (whether under a Mortgage, Mortgage Note or otherwise or against any public or governmental authority with respect to a taking or condemnation) if it reasonably believes that enforcing the provision of the Mortgage or other instrument pursuant to which such payment is required is prohibited by applicable law. In addition, if (x) an EMC Mortgage Loan is in default or default is reasonably foreseeable imminent or (y) the Company delivers to the Trustee, Securities Administrator and Master Servicer Trustee a certification addressed to the Trustee and the Securities AdministratorTrustee, based on the advice of counsel or certified public accountants, in either case, that have a national reputation with respect to taxation of REMICs, that a modification of such EMC Mortgage Loan will not result in the imposition of taxes on or disqualify any of either REMIC I, I or REMIC II, REMIC III, REMIC IV, REMIC V, REMIC VI, REMIC VII or REMIC VIII, the Company may if it reasonably believes that undertaking such actions would be in the best interest of the Certificateholdersmay, (A) amend the related Mortgage Note to reduce the Mortgage Rate applicable thereto, provided that such reduced Mortgage Rate shall in no event be lower than 5.00% with respect to any EMC Mortgage Loan thereto and (B) amend any Mortgage Note related to an EMC Mortgage Loan to extend to the maturity thereof; provided that, EMC shall not extend the payment date of any Mortgage Loan beyond its final maturity date. In accordance with the standards of the first paragraph of Section 3.01, the Company shall not waive (or permit a sub-servicer to waive) any Prepayment Charge related to an EMC Mortgage Loan unless: (i) the enforceability thereof shall have been limited by bankruptcy, insolvency, moratorium, receivership and other similar laws relating to creditors’ " rights generally, (ii) the enforcement thereof is illegal, or any local, state or federal agency has threatened legal action if the prepayment penalty is enforced, (iii) the collectability thereof shall have been limited due to acceleration in connection with a foreclosure or other involuntary payment or (iv) such waiver is standard and customary in servicing similar Mortgage Loans and relates to a default or a reasonably foreseeable default and would, in the reasonable judgment of the Company, maximize recovery of total proceeds taking into account the value of such Prepayment Charge and the related EMC Mortgage Loan. In no event will the Company waive a Prepayment Charge in connection with a refinancing of an EMC Mortgage Loan that is not related to a default or a reasonably foreseeable default. If a Prepayment Charge is waived, but does not meet the standards described above, then the Company is required to pay the amount of such waived Prepayment Charge, for the benefit of the related Class C P Certificates, by remitting such amount to the Master Servicer by the Remittance Date. Payments of such waived charges shall not be payments in respect of any Regular Interest.
(b) The Company shall establish and maintain a Protected Account (which shall at all times be an Eligible Account) with a depository institution in the name of the Company for the benefit of the Trustee on behalf of the Certificateholders and designated “EMC Mortgage Corporation, as servicer on behalf of Citibank, N.A., as Trustee, for the benefit of the certificateholders"U.S. Bank National Association, in trust for registered holders of Bear Xxxxxxx Stearns Asset Backed Securities Backex Xxxxxities I LLC, MortgageAsset-Backed Certificates, Certificates Series 20062004-5”AC3". The Company shall deposit or cause to be deposited into the Protected Account on a daily basis within one Business Day of receipt, except as otherwise specifically provided herein, the following payments and collections remitted by subservicers or received by it in respect of the EMC Mortgage Loans subsequent to the Cut-off Date (other than in respect of principal and interest due on the EMC 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, including Principal Prepayments, on the EMC Mortgage Loans;
(ii) all payments on account of interest on the EMC Mortgage Loans net of the related Servicing Fee permitted under Section 3.133.10 and LPMI Fees, if any;
(iii) all Liquidation Proceeds, Subsequent Recoveries Proceeds and Insurance Proceeds with respect to any EMC Mortgage Loans, other than proceeds to be applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with the Company’s 's normal servicing procedures;
(iv) any amount required to be deposited by the Company pursuant to Section 5.01(c) in connection with any losses on Permitted Investments;
(v) any amounts required to be deposited by the Company pursuant to Section 3.073.05;
(vi) any Prepayment Charges collected on the EMC Mortgage Loans; and
(vii) any other amounts required to be deposited hereunder. The foregoing requirements for deposit by the Company into the Protected Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, payments in the nature of late payment charges or assumption fees, if collected, need not be deposited by the Company. In the event that the Company shall deposit any amount not required to be deposited and not otherwise subject to withdrawal pursuant to Section 5.02, it may at any time withdraw or direct the institution maintaining the Protected Account, to withdraw such amount from the Protected Account, any provision herein to the contrary notwithstanding. Such withdrawal or direction may be accomplished by delivering written notice thereof to the institution maintaining the Protected Account, that describes the amounts deposited in error in the Protected Account. The Company shall maintain adequate records with respect to all withdrawals made pursuant to this Section. All funds deposited in the Protected Account shall be held in trust for the Certificateholders until withdrawn in accordance with Section 5.02.
(c) The institution that maintains the Protected Account shall invest the funds in the Protected Account, in the manner directed by the Company, in Permitted Investments which shall mature not later than the Business Day immediately preceding the Remittance Date and shall not be sold or disposed of prior to its 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 shall be for the benefit of the Company as servicing compensation and shall be remitted to it monthly as provided herein. The amount of any losses incurred in the Protected Account in respect of any such investments shall be deposited by the Company into the Protected Account, out of the Company’s own funds.
(d) The Company shall give at least 30 days advance notice to the Trustee, the Securities Administrator, the Sponsor, the Master Servicer, each Rating Agency and the Depositor of any proposed change of location of the Protected Account prior to any change thereof.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Bear Stearns Asset Backed Securities I LLC 2004-Ac3)
Collection of Mortgage Loan Payments; Protected Account. (a) The Company shall make reasonable efforts in accordance with customary and usual standards of practice of prudent mortgage lenders in the respective states in which the Mortgaged Properties related to the EMC Mortgage Loans are located to collect all payments called for under the terms and provisions of the EMC Mortgage Loans to the extent such procedures shall be consistent with this Agreement and the terms and provisions of any related Required Insurance Policy. Consistent with the foregoing, the Company may in its discretion (i) waive any late payment charge and (ii) extend the Due Dates due dates for payments due on a Mortgage Note related to an EMC Mortgage Loan for a period not greater than 125 days, provided that, EMC shall not extend the payment date of any Mortgage Loan beyond the date of its final maturity date. In the event of any such arrangement, the Company shall make Advances on the related EMC Mortgage Loan during the scheduled period in accordance with the amortization schedule of such EMC Mortgage Loan without modification thereof by reason of such arrangements, and shall be entitled to reimbursement therefor in accordance with Section 6.01. The Company shall not be required to institute or join in litigation with respect to collection of any payment (whether under a Mortgage, Mortgage Note or otherwise or against any public or governmental authority with respect to a taking or condemnation) if it reasonably believes that enforcing the provision of the Mortgage or other instrument pursuant to which such payment is required is prohibited by applicable law. In addition, if (x) an EMC a Mortgage Loan is in default or default is reasonably foreseeable imminent or (y) the Company delivers to the Trustee, Securities Administrator and Master Servicer Trustee a certification addressed to the Trustee and the Securities Administratorcertification, based on the advice of counsel or certified public accountants, in either case, that have a national reputation with respect to taxation of REMICs, that a modification of such EMC Mortgage Loan will not result in the imposition of taxes on or disqualify any of REMIC I, I or REMIC II, REMIC III, REMIC IV, REMIC V, REMIC VI, REMIC VII or REMIC VIII, the Company may if it reasonably believes that undertaking such actions would be in the best interest of the Certificateholdersmay, (A) amend the related Mortgage Note to reduce the Mortgage Rate applicable thereto, provided that such reduced Mortgage Rate shall in no event be lower than 5.008.25% with respect to any EMC Mortgage Loan and (B) amend any Mortgage Note related to an EMC Mortgage Loan to extend to the maturity thereof; provided that, EMC shall not extend the payment date of any Mortgage Loan beyond its final maturity date. In accordance with the standards of the first paragraph of Section 3.01, the Company shall not waive (or permit a sub-servicer to waive) any Prepayment Charge related to an EMC Mortgage Loan unless: (i) the enforceability thereof shall have been limited by bankruptcy, insolvency, moratorium, receivership and other similar laws relating to creditors’ rights generally, (ii) the enforcement thereof is illegal, or any local, state or federal agency has threatened legal action if the prepayment penalty is enforced, (iii) the collectability thereof shall have been limited due to acceleration in connection with a foreclosure or other involuntary payment or (iv) such waiver is standard and customary in servicing similar Mortgage Loans and relates to a default or a reasonably foreseeable default and would, in the reasonable judgment of the Company, maximize recovery of total proceeds taking into account the value of such Prepayment Charge and the related EMC Mortgage Loan. If a Prepayment Charge is waived, but does not meet the standards described above, then the Company is required to pay the amount of such waived Prepayment Charge, for the benefit of the related Class C Certificates, by remitting such amount to the Master Servicer by the Remittance Date. Payments of such waived charges shall not be payments in respect of any Regular Interest.
(b) The Company shall establish and maintain a Protected Account (which shall at all times be an Eligible Account) with a depository institution in the name of the Company for the benefit of the Trustee on behalf of the Certificateholders and designated “EMC Mortgage Corporation"Bank One, as servicer on behalf of Citibank, N.A., as Trustee, for the benefit of the certificateholdersNational Association, in trust for registered holders of Bear Xxxxxxx Stearns Asset Backex Xxxxxities, Inc., Asset- Backed Securities I LLC, MortgageCertificates Series 2002-Backed Certificates, Series 2006-5”AC1". The Company shall deposit or cause to be deposited into the Protected Account on a daily basis within one Business Day of receipt, except as otherwise specifically provided herein, the following payments and collections remitted by subservicers or received by it in respect of the EMC Mortgage Loans subsequent to the Cut-off Date (other than in respect of principal and interest due on the EMC 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, including Principal Prepayments, on the EMC Mortgage Loans and all Prepayment Charges collected by the Company with respect to the EMC Mortgage Loans;
(ii) all payments on account of interest on the EMC Mortgage Loans net of the related Servicing Fee permitted under Section 3.13, if any3.10;
(iii) all Liquidation Proceeds, Subsequent Recoveries and Insurance Proceeds with respect to any EMC Mortgage Loans, other than proceeds to be applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with the Company’s 's normal servicing procedures;
(iv) any amount required to be deposited by the Company pursuant to Section 5.01(c) in connection with any losses on Permitted Investments;
(v) any amounts required to be deposited by the Company pursuant to Section 3.07;
(vi) any Prepayment Charges collected on the EMC Mortgage Loans3.05; and
(viivi) any other amounts required to be deposited hereunder. The foregoing requirements for deposit remittance by the Company into the Protected Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, payments in the nature of late payment charges or assumption fees, if collected, need not be deposited remitted by the Company. In the event that the Company shall deposit remit any amount not required to be deposited remitted and not otherwise subject to withdrawal pursuant to Section 5.02, it may at any time withdraw or direct the institution maintaining the Protected Account, to withdraw such amount from the Protected Account, any provision herein to the contrary notwithstanding. Such withdrawal or direction may be accomplished by delivering written notice thereof to the institution maintaining the Protected Account, that describes the amounts deposited in error in the Protected Account. The Company shall maintain adequate records with respect to all withdrawals made pursuant to this Section. All funds deposited in the Protected Account shall be held in trust for the Certificateholders until withdrawn in accordance with Section 5.02.
(c) The institution that maintains the Protected Account shall invest the funds in the Protected Account, in the manner directed by the Company, in Permitted Investments which shall mature not later than the Business Day immediately preceding the Remittance Date and shall not be sold or disposed of prior to its 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 shall be for the benefit of the Company as servicing compensation and shall be remitted to it monthly as provided herein. The amount of any losses incurred in the Protected Account in respect of any such investments shall be deposited by the Company into the Protected Account, out of the Company’s 's own funds.
(d) The Company shall give at least 30 days advance notice to the Trustee, the Securities Administrator, the SponsorSeller, the Master Servicer, each Rating Agency and the Depositor of any proposed change of location of the Protected Account prior to any change thereof.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Bear Stearns Asset Backed Securities Inc)
Collection of Mortgage Loan Payments; Protected Account. (a) The Company Master Servicer shall make reasonable efforts in accordance with customary and usual standards of practice of prudent mortgage lenders in the respective states in which the Mortgaged Properties related to the EMC Mortgage Loans are located to collect all payments called for under the terms and provisions of the EMC Mortgage Loans to the extent such procedures shall be consistent with this Agreement and the terms and provisions of any related Required Insurance Policy. Consistent with the foregoing, the Company Master Servicer may in its discretion (i) waive any late payment charge and (ii) extend the Due Dates due dates for payments due on a Mortgage Note related to an EMC Mortgage Loan for a period not greater than 125 days, provided that, EMC shall not extend the payment date of any Mortgage Loan beyond the date of its final maturity date. In the event of any such arrangement, the Company Master Servicer shall make Advances on the related EMC Mortgage Loan during the scheduled period in accordance with the amortization schedule of such EMC Mortgage Loan without modification thereof by reason of such arrangements, and shall be entitled to reimbursement therefor in accordance with Section 6.015.01. The Company Master Servicer shall not be required to institute or join in litigation with respect to collection of any payment (whether under a Mortgage, Mortgage Note or otherwise or against any public or governmental authority with respect to a taking or condemnation) if it reasonably believes that enforcing the provision of the Mortgage or other instrument pursuant to which such payment is required is prohibited by applicable law. In addition, if (x) an EMC a Mortgage Loan is in default or default is reasonably foreseeable imminent or (y) the Company Master Servicer delivers to the Trustee, Securities Administrator and Master Servicer Trustee a certification addressed to the Trustee and the Securities AdministratorTrustee, based on the advice of counsel or certified public accountants, in either case, that have a national reputation with respect to taxation of REMICs, that a modification of such EMC Mortgage Loan will not result in the imposition of taxes on or disqualify from REMIC status any of REMIC I, REMIC II, REMIC III, REMIC IV, REMIC V, V or REMIC VI, REMIC VII or REMIC VIII, the Company may if it reasonably believes that undertaking such actions would be in the best interest of the CertificateholdersMaster Servicer may, (A) amend the related Mortgage Note to reduce the Mortgage Rate applicable thereto, provided that such reduced Mortgage Rate shall in no event be lower than 5.00% with respect to any EMC Mortgage Loan and (B) amend any Mortgage Note related to an EMC Mortgage Loan to extend to the maturity thereof; provided that. With respect to Mortgage Loans affected by Hurricane Xxxxxxx, EMC if the Mortgaged Property is located in public and individual assistance counties as designated by FEMA (as set forth on its website xxx.xxxx.xxx), the Master Servicer shall not cease charging of late fees and credit reporting activity for all Mortgagors in such counties until January 3, 2006, and if reasonably prudent, may extend the payment date of any Mortgage Loan beyond its final maturity datesuch period as long as necessary. In accordance with the standards of the first paragraph of Section 3.01addition, the Company Master Servicer shall suspend all foreclosure and bankruptcy activity relating to such Mortgage Loans until January 3, 2006, and if reasonably prudent, may extend such period as long as necessary. The Master Servicer shall not waive (or permit a sub-servicer to waive) any Prepayment Charge related to an EMC Mortgage Loan unless: (i) the enforceability thereof shall have been limited by bankruptcy, insolvency, moratorium, receivership and other similar laws relating to creditors’ rights generally, (ii) the enforcement thereof is illegal, or any local, state or federal agency has threatened legal action if the prepayment penalty is enforced, (iii) the collectability thereof shall have been limited due to acceleration in connection with a foreclosure or other involuntary payment or (iv) such waiver is standard and customary in servicing similar Mortgage Loans and relates to a default or a reasonably foreseeable default and would, in the reasonable judgment of the CompanyMaster Servicer, maximize recovery of total proceeds taking into account the value of such Prepayment Charge and the related EMC Mortgage Loan. If a Prepayment Charge is waived, but does not meet the standards described above, then the Company Master Servicer is required to pay the amount of such waived Prepayment Charge, for the benefit of the related Class C P Certificates, by remitting such amount to the Master Servicer Trustee by the Remittance Distribution Account Deposit Date. Payments of such waived charges shall not be payments in respect of any Regular Interest.
(b) The Company Master Servicer shall establish and maintain a Protected Account (which shall at all times be an Eligible Account) with a depository institution in the name of the Company Master Servicer for the benefit of the Trustee on behalf of the Certificateholders and designated “EMC Mortgage Corporation, as servicer on behalf of Citibank, N.A., as TrusteeMaster Servicer, for the benefit of the certificateholdersLaSalle Bank National Association, in trust for registered holders of Bear Xxxxxxx Asset Backed Securities I LLC, MortgageAsset-Backed Certificates, Series 20062005-5HE11”. The Company Master Servicer shall deposit or cause to be deposited into the Protected Account on a daily basis within one Business Day of receipt, except as otherwise specifically provided herein, the following payments and collections remitted by subservicers or received by it in respect of the EMC Mortgage Loans subsequent to the Cut-off Date (other than in respect of principal and interest due on the EMC 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, including Principal Prepayments, on the EMC Mortgage Loans;
(ii) all payments on account of interest on the EMC Mortgage Loans net of the related Servicing Fee permitted under Section 3.133.10 and LPMI Fees, if any;
(iii) all Liquidation Proceeds, Subsequent Recoveries and Insurance Proceeds with respect to any EMC Mortgage LoansProceeds, other than proceeds to be applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with the CompanyMaster Servicer’s normal servicing procedures;
(iv) any amount required to be deposited by the Company Master Servicer pursuant to Section 5.01(c4.01(c) in connection with any losses on Permitted Investments;
(v) any amounts required to be deposited by the Company Master Servicer pursuant to Section 3.073.05;
(vi) any Prepayment Charges collected on the EMC Mortgage Loans; and
(vii) any other amounts required to be deposited hereunder. The foregoing requirements for deposit remittance by the Company Master Servicer into the Protected Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, payments in the nature of late payment charges or assumption fees, if collected, need not be deposited remitted by the CompanyMaster Servicer. In the event that the Company Master Servicer shall deposit remit any amount not required to be deposited remitted and not otherwise subject to withdrawal pursuant to Section 5.024.02, it may at any time withdraw or direct the institution maintaining the Protected Account, to withdraw such amount from the Protected Account, any provision herein to the contrary notwithstanding. Such withdrawal or direction may be accomplished by delivering written notice thereof to the institution maintaining the Protected Account, that describes the amounts deposited in error in the Protected Account. The Company Master Servicer shall maintain adequate records with respect to all withdrawals made pursuant to this Section. All funds deposited in the Protected Account shall be held in trust for the Certificateholders until withdrawn in accordance with Section 5.024.02.
(c) The institution that maintains the Protected Account shall invest the funds in the Protected Account, in the manner directed by the CompanyMaster Servicer, in Permitted Investments which shall mature not later than the Business Day immediately preceding the Remittance Date and shall not be sold or disposed of prior to its 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 shall be for the benefit of the Company Master Servicer as servicing compensation and shall be remitted to it monthly as provided herein. The amount of any losses incurred in the Protected Account in respect of any such investments shall be deposited by the Company Master Servicer into the Protected Account, out of the CompanyMaster Servicer’s own funds.
(d) The Company Master Servicer shall give at least 30 days advance notice to the Trustee, the Securities Administrator, the Sponsor, the Master ServicerSeller, each Rating Agency and the Depositor of any proposed change of location of the Protected Account prior to any change thereof.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Asset-Backed Certificates, Series 2005-He11)
Collection of Mortgage Loan Payments; Protected Account. (a) The Company Master Servicer shall make reasonable efforts in accordance with customary and usual standards of practice of prudent mortgage lenders in the respective states in which the Mortgaged Properties related to the EMC Mortgage Loans are located to collect all payments called for under the terms and provisions of the EMC Mortgage Loans to the extent such procedures shall be consistent with this Agreement and the terms and provisions of any related Required Insurance Policy. Consistent with the foregoing, the Company Master Servicer may in its discretion (i) waive any late payment charge and (ii) extend the Due Dates due dates for payments due on a Mortgage Note related to an EMC Mortgage Loan for a period not greater than 125 days, provided that, EMC shall not extend the payment date of any Mortgage Loan beyond the date of its final maturity date. In the event of any such arrangement, the Company Master Servicer shall make Advances on the related EMC Mortgage Loan during the scheduled period in accordance with the amortization schedule of such EMC Mortgage Loan without modification thereof by reason of such arrangements, and shall be entitled to reimbursement therefor in accordance with Section 6.015.01. The Company Master Servicer shall not be required to institute or join in litigation with respect to collection of any payment (whether under a Mortgage, Mortgage Note or otherwise or against any public or governmental authority with respect to a taking or condemnation) if it reasonably believes that enforcing the provision of the Mortgage or other instrument pursuant to which such payment is required is prohibited by applicable law. In addition, if (x) an EMC a Mortgage Loan is in default or default is reasonably foreseeable foreseeable, the Master Servicer may also waive, modify or vary any term of any Mortgage Loan or consent to the postponement of strict compliance with any such term or in any manner grant indulgence to any mortgagor, including without limitation, to (1) capitalize any amounts owing on the Mortgage Loan by adding such amount to the outstanding principal balance of the Mortgage Loan, (2) defer such amounts to a later date or the final payment date of such Mortgage Loan, (3) extend the maturity of any such Mortgage Loan, but in no instance past the date on which the final payment is due on the latest maturing Mortgage Loan as of the Cut-off Date, and/or (4) reduce the related Mortgage Rate (subject to clause (y) below), provided that, in the Master Servicer’s determination, such waiver, modification, postponement or indulgence is not materially adverse to the interests of the Certificateholders (taking into account any estimated Realized Loss that might result absent such action), or (y) the Company Master Servicer delivers to the Trustee, Securities Administrator and Master Servicer Trustee a certification addressed to the Trustee and the Securities AdministratorTrustee, based on the advice of counsel or certified public accountants, in either case, that have a national reputation with respect to taxation of REMICs, that a modification of such EMC Mortgage Loan will not result in the imposition of taxes on or disqualify from REMIC status any of REMIC I, REMIC II, REMIC III, REMIC IV, IV or REMIC V, REMIC VI, REMIC VII or REMIC VIII, the Company may if it reasonably believes that undertaking such actions would be in the best interest of the CertificateholdersMaster Servicer may, (A) amend the related Mortgage Note to reduce the Mortgage Rate applicable thereto, provided that such reduced Mortgage Rate shall in no event be lower than 5.00% with respect to any EMC Mortgage Loan and (B) amend any Mortgage Note related to an EMC Mortgage Loan to extend to the maturity thereof; provided that, EMC shall not extend the payment date of any Mortgage Loan beyond its final maturity date. In accordance with the standards of the first paragraph of Section 3.01, the Company The Master Servicer shall not waive (or permit a sub-servicer to waive) any Prepayment Charge related to an EMC Mortgage Loan unless: (i) the enforceability thereof shall have been limited by bankruptcy, insolvency, moratorium, receivership and other similar laws relating to creditors’ rights generally, (ii) the enforcement thereof is illegal, or any local, state or federal agency has threatened legal action if the prepayment penalty is enforced, (iii) the collectability thereof shall have mortgage debt has been limited due to acceleration accelerated in connection with a foreclosure or other involuntary payment or (iv) such waiver is standard and customary in servicing similar Mortgage Loans and relates to a default or a reasonably foreseeable default and would, in the reasonable judgment of the CompanyMaster Servicer, maximize recovery of total proceeds taking into account the value of such Prepayment Charge and the related EMC Mortgage Loan. If a Prepayment Charge is waived, but does not meet the standards described above, then the Company Master Servicer is required to pay the amount of such waived Prepayment Charge, for the benefit of the related Class C Certificates, by remitting such amount to the Master Servicer Trustee by the Remittance Distribution Account Deposit Date. Payments of such waived charges shall not be payments in respect of any Regular Interest.
(b) The Company Master Servicer shall establish and maintain a Protected Account (which shall at all times be an Eligible Account) with a depository institution in the name of the Company Master Servicer for the benefit of the Trustee on behalf of the Certificateholders and designated “EMC Mortgage Corporation, as servicer on behalf of Citibank, N.A., as TrusteeMaster Servicer, for the benefit of the certificateholdersLaSalle Bank National Association, in trust for registered holders Holders of Bear Xxxxxxx Asset Backed Securities I LLC, Bear Xxxxxxx Mortgage Funding Trust, Mortgage-Backed Certificates, Series 2006-5SL3”. The Company Master Servicer shall deposit or cause to be deposited into the Protected Account on a daily basis within one two Business Day Days of receiptreceipt and identification, except as otherwise specifically provided herein, the following payments and collections remitted by subservicers or received by it in respect of the EMC Mortgage Loans subsequent to the Cut-off Date (other than in respect of principal and interest due on the EMC 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, including Principal Prepayments, on the EMC Mortgage Loans;
(ii) all payments on account of interest on the EMC Mortgage Loans net of the related Servicing Fee permitted under Section 3.133.10 and LPMI Fees, if any;
(iii) all Liquidation Proceeds, Subsequent Recoveries and Insurance Proceeds with respect to any EMC Mortgage LoansProceeds, other than proceeds to be applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with the CompanyMaster Servicer’s normal servicing procedures;
(iv) any amount required to be deposited by the Company Master Servicer pursuant to Section 5.01(c4.01(c) in connection with any losses on Permitted Investments;
(v) any amounts required to be deposited by the Company Master Servicer pursuant to Section 3.073.05;
(vi) any Prepayment Charges collected on the EMC Mortgage Loans; and
(vii) any other amounts required to be deposited hereunder. The foregoing requirements for deposit remittance by the Company Master Servicer into the Protected Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, payments in the nature of late payment charges or assumption fees, if collected, need not be deposited remitted by the CompanyMaster Servicer. In the event that the Company Master Servicer shall deposit remit any amount not required to be deposited remitted and not otherwise subject to withdrawal pursuant to Section 5.024.02, it may at any time withdraw or direct the institution maintaining the Protected Account, to withdraw such amount from the Protected Account, any provision herein to the contrary notwithstanding. Such withdrawal or direction may be accomplished by delivering written notice thereof to the institution maintaining the Protected Account, that describes the amounts deposited in error in the Protected Account. The Company Master Servicer shall maintain adequate records with respect to all withdrawals made pursuant to this Section. Reconciliations will be prepared for the Protected Account within 45 calendar days after the bank statement cut-off date. All funds deposited in the Protected Account shall be held in trust for the Certificateholders until withdrawn in accordance with Section 5.024.02.
(c) The institution that maintains the Protected Account shall invest the funds in the Protected Account, in the manner directed by the CompanyMaster Servicer, in Permitted Investments which shall mature not later than the Business Day immediately preceding the Remittance Date and shall not be sold or disposed of prior to its 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 shall be for the benefit of the Company Master Servicer as servicing compensation and shall be remitted to it monthly as provided herein. The amount of any losses incurred in the Protected Account in respect of any such investments shall be deposited by the Company Master Servicer into the Protected Account, out of the CompanyMaster Servicer’s own funds.
(d) The Company Master Servicer shall give at least 30 days advance notice to the Trustee, the Securities Administrator, the Sponsor, the Master ServicerSeller, each Rating Agency and the Depositor of any proposed change of location of the Protected Account prior to any change thereof.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Bear Stearns Mortgage Funding Trust 2006-Sl3)
Collection of Mortgage Loan Payments; Protected Account. (a) The Company Master Servicer shall make reasonable efforts in accordance with customary and usual standards of practice of prudent mortgage lenders in the respective states in which the Mortgaged Properties related to the EMC Mortgage Loans are located to collect all payments called for under the terms and provisions of the EMC Mortgage Loans to the extent such procedures shall be consistent with this Agreement and the terms and provisions of any related Required Insurance Policy. Consistent with the foregoing, the Company Master Servicer may in its discretion (i) waive any late payment charge and (ii) extend the Due Dates due dates for payments due on a Mortgage Note related to an EMC Mortgage Loan for a period not greater than 125 days, provided that, EMC shall not extend the payment date of any Mortgage Loan beyond the date of its final maturity date. In the event of any such arrangement, the Company Master Servicer shall make Advances on the related EMC Mortgage Loan during the scheduled period in accordance with the amortization schedule of such EMC Mortgage Loan without modification thereof by reason of such arrangements, and shall be entitled to reimbursement therefor in accordance with Section 6.015.01. The Company Master Servicer shall not be required to institute or join in litigation with respect to collection of any payment (whether under a Mortgage, Mortgage Note or otherwise or against any public or governmental authority with respect to a taking or condemnation) if it reasonably believes that enforcing the provision of the Mortgage or other instrument pursuant to which such payment is required is prohibited by applicable law. In addition, if (x) an EMC a Mortgage Loan is in default or default is reasonably foreseeable imminent or (y) the Company Master Servicer delivers to the Trustee, Securities Administrator and Master Servicer Trustee a certification addressed to the Trustee and the Securities AdministratorTrustee, based on the advice of counsel or certified public accountants, in either case, that have a national reputation with respect to taxation of REMICs, that a modification of such EMC Mortgage Loan will not result in the imposition of taxes on or disqualify any of REMIC I, REMIC II, REMIC III, III or REMIC IV, REMIC V, REMIC VI, REMIC VII or REMIC VIII, the Company may if it reasonably believes that undertaking such actions would be in the best interest of the CertificateholdersMaster Servicer may, (A) amend the related Mortgage Note to reduce the Mortgage Rate applicable thereto, provided that such reduced Mortgage Rate shall in no event be lower than 5.00% with respect to any EMC Mortgage Loan and (B) amend any Mortgage Note related to an EMC Mortgage Loan to extend to the maturity thereof; provided that, EMC shall not extend the payment date of any Mortgage Loan beyond its final maturity date. In accordance with the standards of the first paragraph of Section 3.01, the Company The Master Servicer shall not waive (or permit a sub-servicer to waive) any Prepayment Charge related to an EMC Mortgage Loan unless: (i) the enforceability thereof shall have been limited by bankruptcy, insolvency, moratorium, receivership and other similar laws relating to creditors’ ' rights generally, (ii) the enforcement thereof is illegal, or any local, state or federal agency has threatened legal action if the prepayment penalty is enforced, (iii) the collectability thereof shall have been limited due to acceleration in connection with a foreclosure or other involuntary payment or (iv) such waiver is standard and customary in servicing similar Mortgage Loans and relates to a default or a reasonably foreseeable default and would, in the reasonable judgment of the CompanyMaster Servicer, maximize recovery of total proceeds taking into account the value of such Prepayment Charge and the related EMC Mortgage Loan. If a Prepayment Charge is waived, but does not meet the standards described above, then the Company Master Servicer is required to pay the amount of such waived Prepayment Charge, for the benefit of the related Class C P Certificates, by remitting such amount to the Master Servicer Trustee by the Remittance Distribution Account Deposit Date. Payments of such waived charges shall not be payments in respect of any Regular Interest.
(b) The Company Master Servicer shall establish and maintain a Protected Account (which shall at all times be an Eligible Account) with a depository institution in the name of the Company Master Servicer for the benefit of the Trustee on behalf of the Certificateholders and designated “"EMC Mortgage Corporation, as servicer on behalf of Citibank, N.A., as TrusteeMaster Servicer, for the benefit of the certificateholdersLaSalle Bank National Association, in trust for registered holders of Bear Xxxxxxx Stearns Asset Backed Securities Backex Xxxxxities I LLC, MortgageAsset-Backed Certificates, Certificates Series 20062004-5”HE10". The Company Master Servicer shall deposit or cause to be deposited into the Protected Account on a daily basis within one Business Day of receipt, except as otherwise specifically provided herein, the following payments and collections remitted by subservicers or received by it in respect of the EMC Mortgage Loans subsequent to the Cut-off Date (other than in respect of principal and interest due on the EMC 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, including Principal Prepayments, on the EMC Mortgage Loans;
(ii) all payments on account of interest on the EMC Mortgage Loans net of the related Servicing Fee permitted under Section 3.133.10 and LPMI Fees, if any;
(iii) all Liquidation Proceeds, Subsequent Recoveries and Insurance Proceeds with respect to any EMC Mortgage LoansProceeds, other than proceeds to be applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with the Company’s Master Servicer's normal servicing procedures;
(iv) any amount required to be deposited by the Company Master Servicer pursuant to Section 5.01(c4.01(c) in connection with any losses on Permitted Investments;
(v) any amounts required to be deposited by the Company Master Servicer pursuant to Section 3.073.05;
(vi) any Prepayment Charges collected on the EMC Mortgage Loans; and
(vii) any other amounts required to be deposited hereunder. The foregoing requirements for deposit remittance by the Company Master Servicer into the Protected Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, payments in the nature of late payment charges or assumption fees, if collected, need not be deposited remitted by the CompanyMaster Servicer. In the event that the Company Master Servicer shall deposit remit any amount not required to be deposited remitted and not otherwise subject to withdrawal pursuant to Section 5.024.02, it may at any time withdraw or direct the institution maintaining the Protected Account, to withdraw such amount from the Protected Account, any provision herein to the contrary notwithstanding. Such withdrawal or direction may be accomplished by delivering written notice thereof to the institution maintaining the Protected Account, that describes the amounts deposited in error in the Protected Account. The Company Master Servicer shall maintain adequate records with respect to all withdrawals made pursuant to this Section. All funds deposited in the Protected Account shall be held in trust for the Certificateholders until withdrawn in accordance with Section 5.024.02.
(c) The institution that maintains the Protected Account shall invest the funds in the Protected Account, in the manner directed by the CompanyMaster Servicer, in Permitted Investments which shall mature not later than the Business Day immediately preceding the Remittance Date and shall not be sold or disposed of prior to its 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 shall be for the benefit of the Company Master Servicer as servicing compensation and shall be remitted to it monthly as provided herein. The amount of any losses incurred in the Protected Account in respect of any such investments shall be deposited by the Company Master Servicer into the Protected Account, out of the Company’s Master Servicer's own funds.
(d) The Company Master Servicer shall give at least 30 days advance notice to the Trustee, the Securities Administrator, the Sponsor, the Master ServicerSeller, each Rating Agency and the Depositor of any proposed change of location of the Protected Account prior to any change thereof.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Bear Stearns Asset Backed Securities I Trust 2004-He10)
Collection of Mortgage Loan Payments; Protected Account. (a) The Company shall make reasonable efforts in accordance with customary and usual standards of practice of prudent mortgage lenders in the respective states in which the Mortgaged Properties related to the EMC Mortgage Loans are located to collect all payments called for under the terms and provisions of the EMC Mortgage Loans to the extent such procedures shall be consistent with this Agreement and the terms and provisions of any related Required Insurance Policy. Consistent with the foregoing, the Company may in its discretion (i) waive any late payment charge and (ii) extend the Due Dates for payments due on a Mortgage Note related to an EMC Mortgage Loan for a period not greater than 125 days, provided that, EMC shall not extend the payment date of any Mortgage Loan beyond the date of its final maturity date. In the event of any such arrangement, the Company shall make Advances on the related EMC Mortgage Loan during the scheduled period in accordance with the amortization schedule of such EMC Mortgage Loan without modification thereof by reason of such arrangements, and shall be entitled to reimbursement therefor in accordance with Section 6.01. The Company shall not be required to institute or join in litigation with respect to collection of any payment (whether under a Mortgage, Mortgage Note or otherwise or against any public or governmental authority with respect to a taking or condemnation) if it reasonably believes that enforcing the provision of the Mortgage or other instrument pursuant to which such payment is required is prohibited by applicable law. In addition, if (x) an EMC Mortgage Loan is in default or default is reasonably foreseeable imminent or (y) the Company delivers to the Trustee, Securities Administrator Administrator, the Class I-A Insurer and Master Servicer a certification addressed to the Trustee Trustee, the Securities Administrator and the Securities AdministratorClass I-A Insurer, based on the advice of counsel or certified public accountants, in either case, that have a national reputation with respect to taxation of REMICs, that a modification of such EMC Mortgage Loan will not result in the imposition of taxes on or disqualify any of REMIC I, REMIC II, REMIC III, REMIC IV, IV or REMIC V, REMIC VI, REMIC VII or REMIC VIII, the Company may if it reasonably believes that undertaking such actions would be in the best interest of the CertificateholdersCertificateholders and the Class I-A Insurer, (A) amend the related Mortgage Note to reduce the Mortgage Rate applicable thereto, provided that such reduced Mortgage Rate shall in no event be lower than 5.00% with respect to any EMC Mortgage Loan and (B) amend any Mortgage Note related to an EMC Mortgage Loan to extend to the maturity thereof; provided that, EMC shall not extend the payment date of any Mortgage Loan beyond its final maturity date. In accordance with the standards of the first paragraph of Section 3.01, the Company shall not waive (or permit a sub-servicer to waive) any Prepayment Charge related to an EMC Mortgage Loan unless: (i) the enforceability thereof shall have been limited by bankruptcy, insolvency, moratorium, receivership and other similar laws relating to creditors’ rights generally, (ii) the enforcement thereof is illegal, or any local, state or federal agency has threatened legal action if the prepayment penalty is enforced, (iii) the collectability thereof shall have been limited due to acceleration in connection with a foreclosure or other involuntary payment or (iv) such waiver is standard and customary in servicing similar Mortgage Loans and relates to a default or a reasonably foreseeable default and would, in the reasonable judgment of the Company, maximize recovery of total proceeds taking into account the value of such Prepayment Charge and the related EMC Mortgage Loan. If a Prepayment Charge is waived, but does not meet the standards described above, then the Company is required to pay the amount of such waived Prepayment Charge, for the benefit of the related Class C Certificates, by remitting such amount to the Master Servicer by the Remittance Date. Payments of such waived charges shall not be payments in respect of any Regular Interest.
(b) The Company shall establish and maintain a Protected Account (which shall at all times be an Eligible Account) with a depository institution in the name of the Company for the benefit of the Trustee on behalf of the Certificateholders and the Class I-A Insurer and designated “EMC Mortgage Corporation, as servicer on behalf of Citibank, N.A., as Trustee, for the benefit of the certificateholders, in trust for registered holders of Bear Xxxxxxx Asset Backed Securities I LLC, Mortgage-Backed Certificates, Series 20062005-510”. The Company shall deposit or cause to be deposited into the Protected Account on a daily basis within one Business Day of receipt, except as otherwise specifically provided herein, the following payments and collections remitted by subservicers or received by it in respect of the EMC Mortgage Loans subsequent to the Cut-off Date (other than in respect of principal and interest due on the EMC 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, including Principal Prepayments, on the EMC Mortgage Loans;
(ii) all payments on account of interest on the EMC Mortgage Loans net of the related Servicing Fee permitted under Section 3.13, if any;
(iii) all Liquidation Proceeds, Subsequent Recoveries and Insurance Proceeds with respect to any EMC Mortgage Loans, other than proceeds to be applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with the Company’s normal servicing procedures;
(iv) any amount required to be deposited by the Company pursuant to Section 5.01(c) in connection with any losses on Permitted Investments;
(v) any amounts required to be deposited by the Company pursuant to Section 3.07;
(vi) any Prepayment Charges collected on the EMC Mortgage Loans; and
(vii) any other amounts required to be deposited hereunder. The foregoing requirements for deposit by the Company into the Protected Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, payments in the nature of late payment charges or assumption fees, if collected, need not be deposited by the Company. In the event that the Company shall deposit any amount not required to be deposited and not otherwise subject to withdrawal pursuant to Section 5.02, it may at any time withdraw or direct the institution maintaining the Protected Account, to withdraw such amount from the Protected Account, any provision herein to the contrary notwithstanding. Such withdrawal or direction may be accomplished by delivering written notice thereof to the institution maintaining the Protected Account, that describes the amounts deposited in error in the Protected Account. The Company shall maintain adequate records with respect to all withdrawals made pursuant to this Section. All funds deposited in the Protected Account shall be held in trust for the Certificateholders until withdrawn in accordance with Section 5.02.
(c) The institution that maintains the Protected Account shall invest the funds in the Protected Account, in the manner directed by the Company, in Permitted Investments which shall mature not later than the Business Day immediately preceding the Remittance Date and shall not be sold or disposed of prior to its maturity. All such Permitted Investments shall be made in the name of the Trustee, for the benefit of the CertificateholdersCertificateholders and the Class I-A Insurer. All income and gain net of any losses realized from any such investment shall be for the benefit of the Company as servicing compensation and shall be remitted to it monthly as provided herein. The amount of any losses incurred in the Protected Account in respect of any such investments shall be deposited by the Company into the Protected Account, out of the Company’s own funds.
(d) The Company shall give at least 30 days advance notice to the Trustee, the Securities Administrator, the SponsorSellers, the Master Servicer, each Rating Agency Agency, the Class I-A Insurer and the Depositor of any proposed change of location of the Protected Account prior to any change thereof.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (SACO I Trust 2005-10)
Collection of Mortgage Loan Payments; Protected Account. (a) The Company Master Servicer shall make reasonable efforts in accordance with customary and usual standards of practice of prudent mortgage lenders in the respective states in which the Mortgaged Properties related to the EMC Mortgage Loans are located to collect all payments called for under the terms and provisions of the EMC Mortgage Loans to the extent such procedures shall be consistent with this Agreement and the terms and provisions of any related Required Insurance Policy. Consistent with the foregoing, the Company Master Servicer may in its discretion (i) waive any late payment charge and (ii) extend the Due Dates due dates for payments due on a Mortgage Note related to an EMC Mortgage Loan for a period not greater than 125 days, provided that, EMC shall not extend the payment date of any Mortgage Loan beyond the date of its final maturity date. In the event of any such arrangement, the Company Master Servicer shall make Advances on the related EMC Mortgage Loan during the scheduled period in accordance with the amortization schedule of such EMC Mortgage Loan without modification thereof by reason of such arrangements, and shall be entitled to reimbursement therefor in accordance with Section 6.015.01. The Company Master Servicer shall not be required to institute or join in litigation with respect to collection of any payment (whether under a Mortgage, Mortgage Note or otherwise or against any public or governmental authority with respect to a taking or condemnation) if it reasonably believes that enforcing the provision of the Mortgage or other instrument pursuant to which such payment is required is prohibited by applicable law. In addition, if (x) an EMC a Mortgage Loan is in default or default is reasonably foreseeable foreseeable, the Master Servicer may also waive, modify or vary any term of any Mortgage Loan or consent to the postponement of strict compliance with any such term or in any manner grant indulgence to any mortgagor, including without limitation, to (1) capitalize any amounts owing on the Mortgage Loan by adding such amount to the outstanding principal balance of the Mortgage Loan, (2) defer such amounts to a later date or the final payment date of such Mortgage Loan, (3) extend the maturity of any such Mortgage Loan, but in no instance past the date on which the final payment is due on the latest maturing Mortgage Loan as of the Cut-off Date, and/or (4) reduce the related Mortgage Rate (subject to clause (y) below), provided that, in the Master Servicer’s determination, such waiver, modification, postponement or indulgence is not materially adverse to the interests of the Certificateholders (taking into account any estimated Realized Loss that might result absent such action), or (y) the Company Master Servicer delivers to the Trustee, Securities Administrator and Master Servicer Trustee a certification addressed to the Trustee and the Securities AdministratorTrustee, based on the advice of counsel or certified public accountants, in either case, that have a national reputation with respect to taxation of REMICs, that a modification of such EMC Mortgage Loan will not result in the imposition of taxes on or disqualify from REMIC status any of REMIC I, REMIC II, REMIC III, REMIC IV, IV or REMIC V, REMIC VI, REMIC VII or REMIC VIII, the Company may if it reasonably believes that undertaking such actions would be in the best interest of the CertificateholdersMaster Servicer may, (A) amend the related Mortgage Note to reduce the Mortgage Rate applicable thereto, provided that such reduced Mortgage Rate shall in no event be lower than 5.00% with respect to any EMC Mortgage Loan and (B) amend any Mortgage Note related to an EMC Mortgage Loan to extend to the maturity thereof; provided that, EMC shall not extend the payment date of any Mortgage Loan beyond its final maturity date. In accordance with the standards of the first paragraph of Section 3.01, the Company The Master Servicer shall not waive (or permit a sub-servicer to waive) any Prepayment Charge related to an EMC Mortgage Loan unless: (i) the enforceability thereof shall have been limited by bankruptcy, insolvency, moratorium, receivership and other similar laws relating to creditors’ rights generally, (ii) the enforcement thereof is illegal, or any local, state or federal agency has threatened legal action if the prepayment penalty is enforced, (iii) the collectability thereof shall have mortgage debt has been limited due to acceleration accelerated in connection with a foreclosure or other involuntary payment or (iv) such waiver is standard and customary in servicing similar Mortgage Loans and relates to a default or a reasonably foreseeable default and would, in the reasonable judgment of the CompanyMaster Servicer, maximize recovery of total proceeds taking into account the value of such Prepayment Charge and the related EMC Mortgage Loan. If a Prepayment Charge is waived, but does not meet the standards described above, then the Company Master Servicer is required to pay the amount of such waived Prepayment Charge, for the benefit of the related Class C Certificates, by remitting such amount to the Master Servicer Trustee by the Remittance Distribution Account Deposit Date. Payments of such waived charges shall not be payments in respect of any Regular Interest.
(b) The Company Master Servicer shall establish and maintain a Protected Account (which shall at all times be an Eligible Account) with a depository institution in the name of the Company Master Servicer for the benefit of the Trustee on behalf of the Certificateholders and designated “EMC Mortgage Corporation, as servicer on behalf of Citibank, N.A., as TrusteeMaster Servicer, for the benefit of the certificateholdersLaSalle Bank National Association, in trust for registered holders Holders of Bear Xxxxxxx Sxxxxxx Asset Backed Securities I LLC, Bear Sxxxxxx Mortgage Funding Trust, Mortgage-Backed Certificates, Series 2006-5SL1”. The Company Master Servicer shall deposit or cause to be deposited into the Protected Account on a daily basis within one two Business Day Days of receiptreceipt and identification, except as otherwise specifically provided herein, the following payments and collections remitted by subservicers or received by it in respect of the EMC Mortgage Loans subsequent to the Cut-off Date (other than in respect of principal and interest due on the EMC 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, including Principal Prepayments, on the EMC Mortgage Loans;
(ii) all payments on account of interest on the EMC Mortgage Loans net of the related Servicing Fee permitted under Section 3.133.10 and LPMI Fees, if any;
(iii) all Liquidation Proceeds, Subsequent Recoveries and Insurance Proceeds with respect to any EMC Mortgage LoansProceeds, other than proceeds to be applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with the CompanyMaster Servicer’s normal servicing procedures;
(iv) any amount required to be deposited by the Company Master Servicer pursuant to Section 5.01(c4.01(c) in connection with any losses on Permitted Investments;
(v) any amounts required to be deposited by the Company Master Servicer pursuant to Section 3.073.05;
(vi) any Prepayment Charges collected on the EMC Mortgage Loans; and
(vii) any other amounts required to be deposited hereunder. The foregoing requirements for deposit remittance by the Company Master Servicer into the Protected Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, payments in the nature of late payment charges or assumption fees, if collected, need not be deposited remitted by the CompanyMaster Servicer. In the event that the Company Master Servicer shall deposit remit any amount not required to be deposited remitted and not otherwise subject to withdrawal pursuant to Section 5.024.02, it may at any time withdraw or direct the institution maintaining the Protected Account, to withdraw such amount from the Protected Account, any provision herein to the contrary notwithstanding. Such withdrawal or direction may be accomplished by delivering written notice thereof to the institution maintaining the Protected Account, that describes the amounts deposited in error in the Protected Account. The Company Master Servicer shall maintain adequate records with respect to all withdrawals made pursuant to this Section. Reconciliations will be prepared for the Protected Account within 45 calendar days after the bank statement cut-off date. All items requiring reconciliation will be resolved within 90 calendar days of their original identification. All funds deposited in the Protected Account shall be held in trust for the Certificateholders until withdrawn in accordance with Section 5.024.02.
(c) The institution that maintains the Protected Account shall invest the funds in the Protected Account, in the manner directed by the CompanyMaster Servicer, in Permitted Investments which shall mature not later than the Business Day immediately preceding the Remittance Date and shall not be sold or disposed of prior to its 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 shall be for the benefit of the Company Master Servicer as servicing compensation and shall be remitted to it monthly as provided herein. The amount of any losses incurred in the Protected Account in respect of any such investments shall be deposited by the Company Master Servicer into the Protected Account, out of the CompanyMaster Servicer’s own funds.
(d) The Company Master Servicer shall give at least 30 days advance notice to the Trustee, the Securities Administrator, the Sponsor, the Master ServicerSeller, each Rating Agency and the Depositor of any proposed change of location of the Protected Account prior to any change thereof.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Bear Stearns Mortgage Funding Trust 2006-Sl1)
Collection of Mortgage Loan Payments; Protected Account. (a) The Company Master Servicer shall make reasonable efforts in accordance with customary and usual standards of practice of prudent mortgage lenders in the respective states in which the Mortgaged Properties related to the EMC Mortgage Loans are located to collect all payments called for under the terms and provisions of the EMC Mortgage Loans to the extent such procedures shall be consistent with this Agreement and the terms and provisions of any related Required Insurance Policy. Consistent with the foregoing, the Company Master Servicer may in its discretion (i) waive any late payment charge and (ii) extend the Due Dates due dates for payments due on a Mortgage Note related to an EMC Mortgage Loan for a period not greater than 125 days, provided that, EMC shall not extend the payment date of any Mortgage Loan beyond the date of its final maturity date. In the event of any such arrangement, the Company Master Servicer shall make Advances on the related EMC Mortgage Loan during the scheduled period in accordance with the amortization schedule of such EMC Mortgage Loan without modification thereof by reason of such arrangements, and shall be entitled to reimbursement therefor in accordance with Section 6.015.01. The Company Master Servicer shall not be required to institute or join in litigation with respect to collection of any payment (whether under a Mortgage, Mortgage Note or otherwise or against any public or governmental authority with respect to a taking or condemnation) if it reasonably believes that enforcing the provision of the Mortgage or other instrument pursuant to which such payment is required is prohibited by applicable law. In addition, if (x) an EMC a Mortgage Loan is in default or default is reasonably foreseeable foreseeable, the Master Servicer may also waive, modify or vary any term of any Mortgage Loan or consent to the postponement of strict compliance with any such term or in any manner grant indulgence to any mortgagor, including without limitation, to (1) capitalize any amounts owing on the Mortgage Loan by adding such amount to the outstanding principal balance of the Mortgage Loan, (2) defer such amounts to a later date or the final payment date of such Mortgage Loan, (3) extend the maturity of any such Mortgage Loan, but in no instance past the date on which the final payment is due on the latest maturing Mortgage Loan as of the Cut-off Date, and/or (4) reduce the related Mortgage Rate (subject to clause (y) below), provided that, in the Master Servicer’s determination, such waiver, modification, postponement or indulgence is not materially adverse to the interests of the Certificateholders (taking into account any estimated Realized Loss that might result absent such action), or (y) the Company Master Servicer delivers to the Trustee, Securities Administrator and Master Servicer Trustee a certification addressed to the Trustee and the Securities AdministratorTrustee, based on the advice of counsel or certified public accountants, in either case, that have a national reputation with respect to taxation of REMICs, that a modification of such EMC Mortgage Loan will not result in the imposition of taxes on or disqualify from REMIC status any of REMIC I, REMIC II, REMIC III, REMIC IV, IV or REMIC V, REMIC VI, REMIC VII or REMIC VIII, the Company may if it reasonably believes that undertaking such actions would be in the best interest of the CertificateholdersMaster Servicer may, (A) amend the related Mortgage Note to reduce the Mortgage Rate applicable thereto, provided that such reduced Mortgage Rate shall in no event be lower than 5.00% with respect to any EMC Mortgage Loan and (B) amend any Mortgage Note related to an EMC Mortgage Loan to extend to the maturity thereof; provided that, EMC shall not extend the payment date of any Mortgage Loan beyond its final maturity date. In accordance with the standards of the first paragraph of Section 3.01, the Company The Master Servicer shall not waive (or permit a sub-servicer to waive) any Prepayment Charge related to an EMC Mortgage Loan unless: (i) the enforceability thereof shall have been limited by bankruptcy, insolvency, moratorium, receivership and other similar laws relating to creditors’ rights generally, (ii) the enforcement thereof is illegal, or any local, state or federal agency has threatened legal action if the prepayment penalty is enforced, (iii) the collectability thereof shall have mortgage debt has been limited due to acceleration accelerated in connection with a foreclosure or other involuntary payment or (iv) such waiver is standard and customary in servicing similar Mortgage Loans and relates to a default or a reasonably foreseeable default and would, in the reasonable judgment of the CompanyMaster Servicer, maximize recovery of total proceeds taking into account the value of such Prepayment Charge and the related EMC Mortgage Loan. If a Prepayment Charge is waived, but does not meet the standards described above, then the Company Master Servicer is required to pay the amount of such waived Prepayment Charge, for the benefit of the related Class C Certificates, by remitting such amount to the Master Servicer Trustee by the Remittance Distribution Account Deposit Date. Payments of such waived charges shall not be payments in respect of any Regular Interest.
(b) The Company Master Servicer shall establish and maintain a Protected Account (which shall at all times be an Eligible Account) with a depository institution in the name of the Company Master Servicer for the benefit of the Trustee on behalf of the Certificateholders and designated “EMC Mortgage Corporation, as servicer on behalf of Citibank, N.A., as TrusteeMaster Servicer, for the benefit of the certificateholdersLaSalle Bank National Association, in trust for registered holders Holders of Bear Xxxxxxx Asset Backed Securities I LLC, Bear Xxxxxxx Mortgage Funding Trust, Mortgage-Backed Certificates, Series 20062007-5SL1”. The Company Master Servicer shall deposit or cause to be deposited into the Protected Account on a daily basis within one two Business Day Days of receiptreceipt and identification, except as otherwise specifically provided herein, the following payments and collections remitted by subservicers or received by it in respect of the EMC Mortgage Loans subsequent to the Cut-off Date (other than in respect of principal and interest due on the EMC 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, including Principal Prepayments, on the EMC Mortgage Loans;
(ii) all payments on account of interest on the EMC Mortgage Loans net of the related Servicing Fee permitted under Section 3.133.10 and LPMI Fees, if any;
(iii) all Liquidation Proceeds, Subsequent Recoveries and Insurance Proceeds with respect to any EMC Mortgage LoansProceeds, other than proceeds to be applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with the CompanyMaster Servicer’s normal servicing procedures;
(iv) any amount required to be deposited by the Company Master Servicer pursuant to Section 5.01(c4.01(c) in connection with any losses on Permitted Investments;
(v) any amounts required to be deposited by the Company Master Servicer pursuant to Section 3.073.05;
(vi) any Prepayment Charges collected on the EMC Mortgage Loans; and
(vii) any other amounts required to be deposited hereunder. The foregoing requirements for deposit remittance by the Company Master Servicer into the Protected Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, payments in the nature of late payment charges or assumption fees, if collected, need not be deposited remitted by the CompanyMaster Servicer. In the event that the Company Master Servicer shall deposit remit any amount not required to be deposited remitted and not otherwise subject to withdrawal pursuant to Section 5.024.02, it may at any time withdraw or direct the institution maintaining the Protected Account, to withdraw such amount from the Protected Account, any provision herein to the contrary notwithstanding. Such withdrawal or direction may be accomplished by delivering written notice thereof to the institution maintaining the Protected Account, that describes the amounts deposited in error in the Protected Account. The Company Master Servicer shall maintain adequate records with respect to all withdrawals made pursuant to this Section. Reconciliations will be prepared for the Protected Account within 45 calendar days after the bank statement cut-off date. All funds deposited in the Protected Account shall be held in trust for the Certificateholders until withdrawn in accordance with Section 5.024.02.
(c) The institution that maintains the Protected Account shall invest the funds in the Protected Account, in the manner directed by the CompanyMaster Servicer, in Permitted Investments which shall mature not later than the Business Day immediately preceding the Remittance Distribution Account Deposit Date and shall not be sold or disposed of prior to its 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 shall be for the benefit of the Company Master Servicer as servicing compensation and shall be remitted to it monthly as provided herein. The amount of any losses incurred in the Protected Account in respect of any such investments shall be deposited by the Company Master Servicer into the Protected Account, out of the CompanyMaster Servicer’s own funds.
(d) The Company Master Servicer shall give at least 30 days advance notice to the Trustee, the Securities Administrator, the Sponsor, the Master ServicerSeller, each Rating Agency and the Depositor of any proposed change of location of the Protected Account prior to any change thereof.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Bear Stearns Mortgage Funding Trust 2007-Sl1)
Collection of Mortgage Loan Payments; Protected Account. (a) The Company shall make reasonable efforts in accordance with customary and usual standards of practice of prudent mortgage lenders in the respective states in which the Mortgaged Properties related to the EMC Mortgage Loans are located to collect all payments called for under the terms and provisions of the EMC Mortgage Loans to the extent such procedures shall be consistent with this Agreement and the terms and provisions of any related Required Insurance Policy. Consistent with the foregoing, the Company may in its discretion (i) waive any late payment charge and (ii) extend the Due Dates for payments due on a Mortgage Note related to an EMC Mortgage Loan for a period not greater than 125 days, provided that, EMC shall not extend the payment date of any Mortgage Loan beyond the date of its final maturity date. In the event of any such arrangement, the Company shall make Advances on the related EMC Mortgage Loan during the scheduled period in accordance with the amortization schedule of such EMC Mortgage Loan without modification thereof by reason of such arrangements, and shall be entitled to reimbursement therefor in accordance with Section 6.01. The Company shall not be required to institute or join in litigation with respect to collection of any payment (whether under a Mortgage, Mortgage Note or otherwise or against any public or governmental authority with respect to a taking or condemnation) if it reasonably believes that enforcing the provision of the Mortgage or other instrument pursuant to which such payment is required is prohibited by applicable law. In addition, if (x) an EMC Mortgage Loan is in default or default is reasonably foreseeable imminent or (y) the Company delivers to the Trustee, Securities Administrator and Master Servicer a certification addressed to the Trustee and the Securities Administrator, based on the advice of counsel or certified public accountants, in either case, that have a national reputation with respect to taxation of REMICs, that a modification of such EMC Mortgage Loan will not result in the imposition of taxes on or disqualify any of REMIC I, REMIC II, II or REMIC III, REMIC IV, REMIC V, REMIC VI, REMIC VII or REMIC VIII, the Company may if it reasonably believes that undertaking such actions would be in the best interest of the Certificateholdersmay, (A) amend the related Mortgage Note to reduce the Mortgage Rate applicable thereto, provided that such reduced Mortgage Rate shall in no event be lower than 5.00% with respect to any EMC Mortgage Loan and (B) amend any Mortgage Note related to an EMC Mortgage Loan to extend to the maturity thereof; provided that, EMC shall not extend the payment date of any Mortgage Loan beyond its final maturity date. In accordance with the standards of the first paragraph of Section 3.01, the Company shall not waive (or permit a sub-servicer to waive) any Prepayment Charge related to an EMC Mortgage Loan unless: (i) the enforceability thereof shall have been limited by bankruptcy, insolvency, moratorium, receivership and other similar laws relating to creditors’ rights generally, (ii) the enforcement thereof is illegal, or any local, state or federal agency has threatened legal action if the prepayment penalty is enforced, (iii) the collectability thereof shall have been limited due to acceleration in connection with a foreclosure or other involuntary payment or (iv) such waiver is standard and customary in servicing similar Mortgage Loans and relates to a default or a reasonably foreseeable default and would, in the reasonable judgment of the Company, maximize recovery of total proceeds taking into account the value of such Prepayment Charge and the related EMC Mortgage Loan. If a Prepayment Charge is waived, but does not meet the standards described above, then the Company is required to pay the amount of such waived Prepayment Charge, for the benefit of the related Class C Certificates, by remitting such amount to the Master Servicer by the Remittance Date. Payments of such waived charges shall not be payments in respect of any Regular Interest.
(b) The Company shall establish and maintain a Protected Account (which shall at all times be an Eligible Account) with a depository institution in the name of the Company for the benefit of the Trustee on behalf of the Certificateholders and designated “EMC Mortgage Corporation, as servicer on behalf of Citibank, N.A., as Trustee, for the benefit of the certificateholders, in trust for registered holders of Bear Xxxxxxx Asset Backed Securities I LLC, Mortgage-Backed Certificates, Series 20062005-58”. The Company shall deposit or cause to be deposited into the Protected Account on a daily basis within one Business Day of receipt, except as otherwise specifically provided herein, the following payments and collections remitted by subservicers or received by it in respect of the EMC Mortgage Loans subsequent to the Cut-off Date (other than in respect of principal and interest due on the EMC 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, including Principal Prepayments, on the EMC Mortgage Loans;
(ii) all payments on account of interest on the EMC Mortgage Loans net of the related Servicing Fee permitted under Section 3.133.13 and LPMI Fees, if any;
(iii) all Liquidation Proceeds, Subsequent Recoveries and Insurance Proceeds with respect to any EMC Mortgage Loans, other than proceeds to be applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with the Company’s normal servicing procedures;
(iv) any amount required to be deposited by the Company pursuant to Section 5.01(c) in connection with any losses on Permitted Investments;
(v) any amounts required to be deposited by the Company pursuant to Section 3.07;
(vi) any Prepayment Charges collected on the EMC Mortgage Loans; and
(vii) any other amounts required to be deposited hereunder. The foregoing requirements for deposit by the Company into the Protected Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, payments in the nature of late payment charges or assumption fees, if collected, need not be deposited by the Company. In the event that the Company shall deposit any amount not required to be deposited and not otherwise subject to withdrawal pursuant to Section 5.02, it may at any time withdraw or direct the institution maintaining the Protected Account, to withdraw such amount from the Protected Account, any provision herein to the contrary notwithstanding. Such withdrawal or direction may be accomplished by delivering written notice thereof to the institution maintaining the Protected Account, that describes the amounts deposited in error in the Protected Account. The Company shall maintain adequate records with respect to all withdrawals made pursuant to this Section. All funds deposited in the Protected Account shall be held in trust for the Certificateholders until withdrawn in accordance with Section 5.02.
(c) The institution that maintains the Protected Account shall invest the funds in the Protected Account, in the manner directed by the Company, in Permitted Investments which shall mature not later than the Business Day immediately preceding the Remittance Date and shall not be sold or disposed of prior to its 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 shall be for the benefit of the Company as servicing compensation and shall be remitted to it monthly as provided herein. The amount of any losses incurred in the Protected Account in respect of any such investments shall be deposited by the Company into the Protected Account, out of the Company’s own funds.
(d) The Company shall give at least 30 days advance notice to the Trustee, the Securities Administrator, the SponsorSellers, the Master Servicer, each Rating Agency and the Depositor of any proposed change of location of the Protected Account prior to any change thereof.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Saco I Trust 2005-8)
Collection of Mortgage Loan Payments; Protected Account. (a) The Company Master Servicer shall make reasonable efforts in accordance with customary and usual standards of practice of prudent mortgage lenders in the respective states in which the Mortgaged Properties related to the EMC Mortgage Loans are located to collect all payments called for under the terms and provisions of the EMC Mortgage Loans to the extent such procedures shall be consistent with this Agreement and the terms and provisions of any related Required Insurance Policy. Consistent with the foregoing, the Company Master Servicer may in its discretion (i) waive any late payment charge and (ii) extend the Due Dates due dates for payments due on a Mortgage Note related to an EMC Mortgage Loan for a period not greater than 125 days, provided that, EMC shall not extend the payment date of any Mortgage Loan beyond the date of its final maturity date. In the event of any such arrangement, the Company Master Servicer shall make Advances on the related EMC Mortgage Loan during the scheduled period in accordance with the amortization schedule of such EMC Mortgage Loan without modification thereof by reason of such arrangements, and shall be entitled to reimbursement therefor in accordance with Section 6.015.01. The Company Master Servicer shall not be required to institute or join in litigation with respect to collection of any payment (whether under a Mortgage, Mortgage Note or otherwise or against any public or governmental authority with respect to a taking or condemnation) if it reasonably believes that enforcing the provision of the Mortgage or other instrument pursuant to which such payment is required is prohibited by applicable law. In addition, if (x) an EMC a Mortgage Loan is in default or default is reasonably foreseeable imminent or (y) the Company Master Servicer delivers to the Trustee, Securities Administrator and Master Servicer Trustee a certification addressed to the Trustee and the Securities AdministratorTrustee, based on the advice of counsel or certified public accountants, in either case, that have a national reputation with respect to taxation of REMICs, that a modification of such EMC Mortgage Loan will not result in the imposition of taxes on or disqualify from REMIC status any of REMIC I, REMIC II, II or REMIC III, REMIC IV, REMIC V, REMIC VI, REMIC VII or REMIC VIII, the Company may if it reasonably believes that undertaking such actions would be in the best interest of the CertificateholdersMaster Servicer may, (A) amend the related Mortgage Note to reduce the Mortgage Rate applicable thereto, provided that such reduced Mortgage Rate shall in no event be lower than 5.00% with respect to any EMC Mortgage Loan and (B) amend any Mortgage Note related to an EMC Mortgage Loan to extend to the maturity thereof; provided that, EMC shall not extend the payment date of any Mortgage Loan beyond its final maturity date. In accordance with the standards of the first paragraph of Section 3.01, the Company The Master Servicer shall not waive (or permit a sub-servicer to waive) any Prepayment Charge related to an EMC Mortgage Loan unless: (i) the enforceability thereof shall have been limited by bankruptcy, insolvency, moratorium, receivership and other similar laws relating to creditors’ rights generally, (ii) the enforcement thereof is illegal, or any local, state or federal agency has threatened legal action if the prepayment penalty is enforced, (iii) the collectability thereof shall have been limited due to acceleration in connection with a foreclosure or other involuntary payment or (iv) such waiver is standard and customary in servicing similar Mortgage Loans and relates to a default or a reasonably foreseeable default and would, in the reasonable judgment of the CompanyMaster Servicer, maximize recovery of total proceeds taking into account the value of such Prepayment Charge and the related EMC Mortgage Loan. If a Prepayment Charge is waived, but does not meet the standards described above, then the Company Master Servicer is required to pay the amount of such waived Prepayment Charge, for the benefit of the related Class C Certificates, by remitting such amount to the Master Servicer Trustee by the Remittance Distribution Account Deposit Date. Payments of such waived charges shall not be payments in respect of any Regular Interest.
(b) The Company Master Servicer shall establish and maintain a Protected Account (which shall at all times be an Eligible Account) with a depository institution in the name of the Company Master Servicer for the benefit of the Trustee on behalf of the Certificateholders and designated “EMC Mortgage Corporation, as servicer on behalf of Citibank, N.A., as TrusteeMaster Servicer, for the benefit of the certificateholdersLaSalle Bank National Association, in trust for registered holders of Bear Xxxxxxx Asset Backed Securities I LLC, SACO I Trust, Mortgage-Backed Certificates, Series 20062005-56”. The Company Master Servicer shall deposit or cause to be deposited into the Protected Account on a daily basis within one Business Day of receipt, except as otherwise specifically provided herein, the following payments and collections remitted by subservicers or received by it in respect of the EMC Mortgage Loans subsequent to the Cut-off Date (other than in respect of principal and interest due on the EMC 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, including Principal Prepayments, on the EMC Mortgage Loans;
(ii) all payments on account of interest on the EMC Mortgage Loans net of the related Servicing Fee permitted under Section 3.133.10 and LPMI Fees, if any;
(iii) all Liquidation Proceeds, Subsequent Recoveries and Insurance Proceeds with respect to any EMC Mortgage LoansProceeds, other than proceeds to be applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with the CompanyMaster Servicer’s normal servicing procedures;
(iv) any amount required to be deposited by the Company Master Servicer pursuant to Section 5.01(c4.01(c) in connection with any losses on Permitted Investments;
(v) any amounts required to be deposited by the Company Master Servicer pursuant to Section 3.073.05;
(vi) any Prepayment Charges collected on the EMC Mortgage Loans; and
(vii) any other amounts required to be deposited hereunder. The foregoing requirements for deposit remittance by the Company Master Servicer into the Protected Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, payments in the nature of late payment charges or assumption fees, if collected, need not be deposited remitted by the CompanyMaster Servicer. In the event that the Company Master Servicer shall deposit remit any amount not required to be deposited remitted and not otherwise subject to withdrawal pursuant to Section 5.024.02, it may at any time withdraw or direct the institution maintaining the Protected Account, to withdraw such amount from the Protected Account, any provision herein to the contrary notwithstanding. Such withdrawal or direction may be accomplished by delivering written notice thereof to the institution maintaining the Protected Account, that describes the amounts deposited in error in the Protected Account. The Company Master Servicer shall maintain adequate records with respect to all withdrawals made pursuant to this Section. All funds deposited in the Protected Account shall be held in trust for the Certificateholders until withdrawn in accordance with Section 5.024.02.
(c) The institution that maintains the Protected Account shall invest the funds in the Protected Account, in the manner directed by the CompanyMaster Servicer, in Permitted Investments which shall mature not later than the Business Day immediately preceding the Remittance Date and shall not be sold or disposed of prior to its 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 shall be for the benefit of the Company Master Servicer as servicing compensation and shall be remitted to it monthly as provided herein. The amount of any losses incurred in the Protected Account in respect of any such investments shall be deposited by the Company Master Servicer into the Protected Account, out of the CompanyMaster Servicer’s own funds.
(d) The Company Master Servicer shall give at least 30 days advance notice to the Trustee, the Securities Administrator, the Sponsor, the Master ServicerSeller, each Rating Agency and the Depositor of any proposed change of location of the Protected Account prior to any change thereof.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Saco I Trust, 2005-6)
Collection of Mortgage Loan Payments; Protected Account. (a) The Company Master Servicer shall make reasonable efforts in accordance with customary and usual standards of practice of prudent mortgage lenders in the respective states in which the Mortgaged Properties related to the EMC Mortgage Loans are located to collect all payments called for under the terms and provisions of the EMC Mortgage Loans to the extent such procedures shall be consistent with this Agreement and the terms and provisions of any related Required Insurance Policy. Consistent with the foregoing, the Company Master Servicer may in its discretion (i) waive any late payment charge and (ii) extend the Due Dates due dates for payments due on a Mortgage Note related to an EMC Mortgage Loan for a period not greater than 125 days, provided that, EMC shall not extend the payment date of any Mortgage Loan beyond the date of its final maturity date. In the event of any such arrangement, the Company Master Servicer shall make Advances on the related EMC Mortgage Loan during the scheduled period in accordance with the amortization schedule of such EMC Mortgage Loan without modification thereof by reason of such arrangements, and shall be entitled to reimbursement therefor in accordance with Section 6.015.01. The Company Master Servicer shall not be required to institute or join in litigation with respect to collection of any payment (whether under a Mortgage, Mortgage Note or otherwise or against any public or governmental authority with respect to a taking or condemnation) if it reasonably believes that enforcing the provision of the Mortgage or other instrument pursuant to which such payment is required is prohibited by applicable law. In addition, if (x) an EMC a Mortgage Loan is in default or default is reasonably foreseeable or imminent and (y) the Company Master Servicer delivers to the Trustee, Securities Administrator and Master Servicer Trustee a certification addressed to the Trustee and the Securities AdministratorTrustee, based on the advice of counsel or certified public accountants, in either case, that have a national reputation with respect to taxation of REMICs, that a modification of such EMC Mortgage Loan will not result in the imposition of taxes on or disqualify any of either REMIC I, REMIC II, REMIC III, III or REMIC IV, REMIC V, REMIC VI, REMIC VII or REMIC VIII, the Company may if it reasonably believes that undertaking such actions would be in the best interest of the CertificateholdersMaster Servicer may, (A) amend the related Mortgage Note to reduce the Mortgage Rate applicable thereto, provided that such reduced Mortgage Rate shall in no event be lower than 5.00% with respect to any EMC Mortgage Loan and (B) amend any Mortgage Note related to an EMC Mortgage Loan to extend to the maturity thereof; provided that, EMC shall not extend the payment date of any Mortgage Loan beyond its final maturity date. In accordance with the standards of the first paragraph of Section 3.01, the Company shall not waive (or permit a sub-servicer to waive) any Prepayment Charge related to an EMC Mortgage Loan unless: (i) the enforceability thereof shall have been limited by bankruptcy, insolvency, moratorium, receivership and other similar laws relating to creditors’ rights generally, (ii) the enforcement thereof is illegal, or any local, state or federal agency has threatened legal action if the prepayment penalty is enforced, (iii) the collectability thereof shall have been limited due to acceleration in connection with a foreclosure or other involuntary payment or (iv) such waiver is standard and customary in servicing similar Mortgage Loans and relates to a default or a reasonably foreseeable default and would, in the reasonable judgment of the Company, maximize recovery of total proceeds taking into account the value of such Prepayment Charge and the related EMC Mortgage Loan. If a Prepayment Charge is waived, but does not meet the standards described above, then the Company is required to pay the amount of such waived Prepayment Charge, for the benefit of the related Class C Certificates, by remitting such amount to the Master Servicer by the Remittance Date. Payments of such waived charges shall not be payments in respect of any Regular Interest.
(b) The Company shall establish and maintain a Protected Account (which shall at all times be an Eligible Account) with a depository institution in the name of the Company for the benefit of the Trustee on behalf of the Certificateholders and designated “EMC Mortgage Corporation, as servicer on behalf of Citibank, N.A., as Trustee, for the benefit of the certificateholders, in trust for registered holders of Bear Xxxxxxx Asset Backed Securities I LLC, Mortgage-Backed Certificates, Series 2006-5”. The Company shall deposit or cause to be deposited into the Protected Account on a daily basis within one Business Day of receipt, except as otherwise specifically provided herein, the following payments and collections remitted by subservicers or received by it in respect of the EMC Mortgage Loans subsequent to the Cut-off Date (other than in respect of principal and interest due on the EMC 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, including Principal Prepayments, on the EMC Mortgage Loans;
(ii) all payments on account of interest on the EMC Mortgage Loans net of the related Servicing Fee permitted under Section 3.13, if any;
(iii) all Liquidation Proceeds, Subsequent Recoveries and Insurance Proceeds with respect to any EMC Mortgage Loans, other than proceeds to be applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with the Company’s normal servicing procedures;
(iv) any amount required to be deposited by the Company pursuant to Section 5.01(c) in connection with any losses on Permitted Investments;
(v) any amounts required to be deposited by the Company pursuant to Section 3.07;
(vi) any Prepayment Charges collected on the EMC Mortgage Loans; and
(vii) any other amounts required to be deposited hereunder. The foregoing requirements for deposit by the Company into the Protected Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, payments in the nature of late payment charges or assumption fees, if collected, need not be deposited by the Company. In the event that the Company shall deposit any amount not required to be deposited and not otherwise subject to withdrawal pursuant to Section 5.02, it may at any time withdraw or direct the institution maintaining the Protected Account, to withdraw such amount from the Protected Account, any provision herein to the contrary notwithstanding. Such withdrawal or direction may be accomplished by delivering written notice thereof to the institution maintaining the Protected Account, that describes the amounts deposited in error in the Protected Account. The Company shall maintain adequate records with respect to all withdrawals made pursuant to this Section. All funds deposited in the Protected Account shall be held in trust for the Certificateholders until withdrawn in accordance with Section 5.02.
(c) The institution that maintains the Protected Account shall invest the funds in the Protected Account, in the manner directed by the Company, in Permitted Investments which shall mature not later than the Business Day immediately preceding the Remittance Date and shall not be sold or disposed of prior to its 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 shall be for the benefit of the Company as servicing compensation and shall be remitted to it monthly as provided herein. The amount of any losses incurred in the Protected Account in respect of any such investments shall be deposited by the Company into the Protected Account, out of the Company’s own funds.
(d) The Company shall give at least 30 days advance notice to the Trustee, the Securities Administrator, the Sponsor, the Master Servicer, each Rating Agency and the Depositor of any proposed change of location of the Protected Account prior to any change thereof.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Bear Stearns Asset Backed Securities I Trust 2004-He6)
Collection of Mortgage Loan Payments; Protected Account. (a) The Company shall make reasonable efforts in accordance with customary and usual standards of practice of prudent mortgage lenders in the respective states in which the Mortgaged Properties related to the EMC Mortgage Loans are located to collect all payments called for under the terms and provisions of the EMC Mortgage Loans to the extent such procedures shall be consistent with this Agreement and the terms and provisions of any related Required Insurance Policy. Consistent with the foregoing, the Company may in its discretion (i) waive any late payment charge and (ii) extend the Due Dates due dates for payments due on a Mortgage Note related to an EMC Mortgage Loan for a period not greater than 125 days, provided that, EMC shall not extend the payment date of any Mortgage Loan beyond the date of its final maturity date. In the event of any such arrangement, the Company shall make Advances on the related EMC Mortgage Loan during the scheduled period in accordance with the amortization schedule of such EMC Mortgage Loan without modification thereof by reason of such arrangements, and shall be entitled to reimbursement therefor in accordance with Section 6.01. The Company shall not be required to institute or join in litigation with respect to collection of any payment (whether under a Mortgage, Mortgage Note or otherwise or against any public or governmental authority with respect to a taking or condemnation) if it reasonably believes that enforcing the provision of the Mortgage or other instrument pursuant to which such payment is required is prohibited by applicable law. In additionConsistent with and in addition to the terms set forth in this Agreement, if (x) an EMC a Mortgage Loan is in default or such default is reasonably foreseeable or (y) foreseeable, the Company delivers may waive, modify or vary any term of any Mortgage Loan or consent to the Trusteepostponement of strict compliance with any such term or in any manner grant indulgence to any Mortgagor, Securities Administrator including without limitation, to (1) capitalize any amounts owing on the Mortgage Loan by adding such amount to the outstanding principal balance of the Mortgage Loan, (2) defer such amounts to a later date or the final payment date of such Mortgage Loan, (3) extend the maturity of any such Mortgage Loan, (4) amend the related Mortgage Note to reduce or otherwise change the related Mortgage Rate with respect to any Mortgage Loan, (5) convert the Mortgage Rate on any Mortgage Loan from a fixed rate to an adjustable rate or vice versa, (6) with respect to a Mortgage Loan with an initial fixed rate period followed by an adjustable rate period, extend the fixed period and Master Servicer reduce the adjustable rate period, and/or (7) forgive the amount of any interest, principal or Servicing Advances owed by the related Mortgagor; provided that, in the Company’s reasonable and prudent determination, such waiver, modification, postponement or indulgence (A) is not materially adverse to the interests of the Certificateholders in the aggregate on a present value basis using reasonable assumptions (including taking into account any estimated Realized Loss that might result absent such action); and (B) does not amend the related Mortgage Note to extend the maturity thereof later than the date of the Latest Possible Maturity Date; provided, further, with respect to any Mortgage Loan that is not in default or if default is not reasonably foreseeable, unless the Company has provided to the Trustee a certification addressed to the Trustee and the Securities AdministratorTrustee, based on the advice of counsel or certified public accountants, in either case, that have a national reputation with respect to taxation of REMICs, that a such modification of such EMC Mortgage Loan will not result in the imposition of taxes on or disqualify from REMIC status any of REMIC I, REMIC II, REMIC III, REMIC IV, REMIC V, V or REMIC VI, REMIC VII or REMIC VIII, the Company may if it reasonably believes that undertaking such actions would be in the best interest of the Certificateholders, (A) amend the related Mortgage Note to reduce the Mortgage Rate applicable thereto, provided that such reduced Mortgage Rate shall in no event be lower than 5.00% not permit any modification with respect to any EMC Mortgage Loan and Loan. Notwithstanding the foregoing, for any waiver, modification, postponement or indulgence (B) amend not including any Mortgage Note related to an EMC Mortgage Loan to extend to the maturity thereof; provided thatpartial releases, EMC shall not extend the payment date assumptions of mortgages or modifications of any Mortgage Loan beyond its final maturity date. In accordance that is done in connection with compliance with the standards Relief Act) which the Company reasonably anticipates may result in a Realized Loss of 20% or more of the first paragraph outstanding principal balance of Section 3.01a Mortgage Loan, the Company shall present such proposed waiver, modification, postponement or indulgence, together with any supporting documentation, to the Master Servicer for consideration and approval. The Company shall submit all waivers, modifications or variances of the terms of any Mortgage Loan with respect to partial releases, assumptions of mortgages or for modifications done in furtherance of compliance with the Relief Act, together with any supporting documentation, to the Master Servicer for consideration and approval.
(b) In connection with any such Servicing Modification, the Company or the Master Servicer may reimburse itself from the Trust for any outstanding Advances and Servicing Advances in the same calendar month as the Servicing Modification to the extent that such Advances or Servicing Advances are reimbursable to the Company or the Master Servicer and to the extent of related Principal Funds in the Protected Account for the related Distribution Date. To the extent there are not sufficient Principal Funds available on the related Distribution Date to reimburse the Company or the Master Servicer for such Advances and Servicing Advances, the Company or the Master Servicer may reimburse itself on a first priority basis from related Principal Funds that are available on future Distribution Dates. If any mortgagor’s obligation to repay any outstanding amounts due under the terms of the related Mortgage Loan for which an Advance or Servicing Advance has been made by the Company or the Master Servicer is forgiven, any such Advance or Servicing Advance will be treated as a Realized Loss which will be incurred on the Distribution Date related to the calendar month during which the Servicing Modification occurred. The Company shall not waive (or permit a sub-servicer to waive) any Prepayment Charge related to an EMC Mortgage Loan unless: (i) the enforceability thereof shall have been limited by bankruptcy, insolvency, moratorium, receivership and other similar laws relating to creditors’ rights generally, (ii) the enforcement thereof is illegal, or any local, state or federal agency has threatened legal action if the prepayment penalty is enforced, (iii) the collectability thereof shall have mortgage debt has been limited due to acceleration accelerated in connection with a foreclosure or other involuntary payment or (iv) such waiver is standard and customary in servicing similar Mortgage Loans and relates to a default or a reasonably foreseeable default and would, in the reasonable judgment of the Company, maximize recovery of total proceeds taking into account the value of such Prepayment Charge and the related EMC Mortgage Loan. If a Prepayment Charge is waived, but does not meet the standards described above, then the Company is required to pay the amount of such waived Prepayment Charge, for the benefit of the related Class C P Certificates, by remitting such amount to the Master Servicer by the Remittance Date. Payments of such waived charges shall not be payments in respect of any Regular Interest.
(bc) The Company shall establish and maintain a Protected Account (which shall at all times be an Eligible Account) with a depository institution in the name of the Company for the benefit of the Trustee on behalf of the Certificateholders and designated “EMC Mortgage Corporation, as servicer on behalf of Citibank, N.A., as Trustee, for the benefit of the certificateholdersLaSalle Bank National Association, in trust for registered holders Holders of Bear Xxxxxxx Asset Backed Securities I LLC, MortgageAsset-Backed Certificates, Certificates Series 20062007-5HE7”. The Company shall deposit or cause to be deposited into the Protected Account on a daily basis within one two Business Day Days of receiptreceipt and identification, except as otherwise specifically provided herein, the following payments and collections remitted by subservicers or received by it in respect of the EMC Mortgage Loans subsequent to the Cut-off Date (other than in respect of principal and interest due on the EMC 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, including Principal Prepayments, on the EMC Mortgage Loans;
(ii) all payments on account of interest on the EMC Mortgage Loans net of the related Servicing Fee permitted under Section 3.133.10 and LPMI Fees, if any;
(iii) all Liquidation Proceeds, Subsequent Recoveries and Insurance Proceeds with respect to any EMC Mortgage LoansProceeds, other than proceeds to be applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with the Company’s normal servicing procedures;
(iv) any amount required to be deposited by the Company pursuant to Section 5.01(c) in connection with any losses on Permitted Investments;
(v) any amounts required to be deposited by the Company pursuant to Section 3.073.05;
(vi) any Prepayment Charges collected on the EMC Mortgage Loans; and
(vii) any other amounts required to be deposited hereunder. The foregoing requirements for deposit remittance by the Company into the Protected Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, payments in the nature of late payment charges or assumption fees, if collected, need not be deposited remitted by the Company. In the event that the Company shall deposit remit any amount not required to be deposited remitted and not otherwise subject to withdrawal pursuant to Section 5.02, it may at any time withdraw or direct the institution maintaining the Protected Account, to withdraw such amount from the Protected Account, any provision herein to the contrary notwithstanding. Such withdrawal or direction may be accomplished by delivering written notice thereof to the institution maintaining the Protected Account, that describes the amounts deposited in error in the Protected Account. The Company shall maintain adequate records with respect to all withdrawals made pursuant to this Section. Reconciliations will be prepared for the Protected Account within 45 calendar days after the bank statement cut-off date. All items requiring reconciliation will be resolved within 90 calendar days of their original identification. All funds deposited in the Protected Account shall be held in trust for the Certificateholders until withdrawn in accordance with Section 5.02.
(cd) The institution that maintains the Protected Account shall invest the funds in the Protected Account, in the manner directed by the Company, in Permitted Investments which shall mature not later than the Business Day immediately preceding the Remittance Date and shall not be sold or disposed of prior to its 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 shall be for the benefit of the Company as servicing compensation and shall be remitted to it monthly as provided herein. The amount of any losses incurred in the Protected Account in respect of any such investments shall be deposited by the Company into the Protected Account, out of the Company’s own funds, not later than the applicable Remittance Date on which the moneys so invested are required to be remitted to the Master Servicer.
(de) The Company shall give at least 30 days advance notice to the Trustee, the Securities Administrator, the SponsorSeller, the Master Servicer, each Rating Agency and the Depositor of any proposed change of location of the Protected Account prior to any change thereof.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Bear Stearns Asset Backed Securities I Trust 2007-He7)
Collection of Mortgage Loan Payments; Protected Account. (a) The Company Master Servicer shall make reasonable efforts in accordance with customary and usual standards of practice of prudent mortgage lenders in the respective states in which the Mortgaged Properties related to the EMC Mortgage Loans are located to collect all payments called for under the terms and provisions of the EMC Mortgage Loans to the extent such procedures shall be consistent with this Agreement and the terms and provisions of any related Required Insurance Policy. Consistent with the foregoing, the Company Master Servicer may in its discretion (i) waive any late payment charge and (ii) extend the Due Dates due dates for payments due on a Mortgage Note related to an EMC Mortgage Loan for a period not greater than 125 days, provided that, EMC shall not extend the payment date of any Mortgage Loan beyond the date of its final maturity date. In the event of any such arrangement, the Company Master Servicer shall make Advances on the related EMC Mortgage Loan during the scheduled period in accordance with the amortization schedule of such EMC Mortgage Loan without modification thereof by reason of such arrangements, and shall be entitled to reimbursement therefor in accordance with Section 6.015.01. The Company Master Servicer shall not be required to institute or join in litigation with respect to collection of any payment (whether under a Mortgage, Mortgage Note or otherwise or against any public or governmental authority with respect to a taking or condemnation) if it reasonably believes that enforcing the provision of the Mortgage or other instrument pursuant to which such payment is required is prohibited by applicable law. In addition, if (x) an EMC a Mortgage Loan is in default or default is reasonably foreseeable or imminent and (y) the Company Master Servicer delivers to the Trustee, Securities Administrator and Master Servicer Trustee a certification addressed to the Trustee and the Securities AdministratorTrustee, based on the advice of counsel or certified public accountants, in either case, that have a national reputation with respect to taxation of REMICs, that a modification of such EMC Mortgage Loan will not result in the imposition of taxes on or disqualify any of either REMIC I, REMIC II, REMIC III, III or REMIC IV, REMIC V, REMIC VI, REMIC VII or REMIC VIII, the Company may if it reasonably believes that undertaking such actions would be in the best interest of the CertificateholdersMaster Servicer may, (A) amend the related Mortgage Note to reduce the Mortgage Rate applicable thereto, provided that such reduced Mortgage Rate shall in no event be lower than 5.00% with respect to any EMC Mortgage Loan and (B) amend any Mortgage Note related to an EMC Mortgage Loan to extend to the maturity thereof; provided that, EMC shall not extend the payment date of any Mortgage Loan beyond its final maturity date. In accordance with the standards of the first paragraph of Section 3.01, the Company The Master Servicer shall not waive (or permit a sub-servicer to waive) any Prepayment Charge related to an EMC Mortgage Loan unless: (i) the enforceability thereof shall have been limited by bankruptcy, insolvency, moratorium, receivership and other similar laws relating to creditors’ ' rights generally, (ii) the enforcement thereof is illegal, or any local, state or federal agency has threatened legal action if the prepayment penalty is enforced, (iii) the collectability thereof shall have been limited due to acceleration in connection with a foreclosure or other involuntary payment or (iv) such waiver is standard and customary in servicing similar Mortgage Loans and relates to a default or a reasonably foreseeable default and would, in the reasonable judgment of the CompanyMaster Servicer, maximize recovery of total proceeds taking into account the value of such Prepayment Charge and the related EMC Mortgage Loan. In no event will the Master Servicer waive a Prepayment Charge in connection with a refinancing of a Mortgage Loan that is not related to a default or a reasonably foreseeable default. If a Prepayment Charge is waived, but does not meet the standards described above, then the Company Master Servicer is required to pay the amount of such waived Prepayment Charge, for the benefit of the related Class C P Certificates, by remitting such amount to the Master Servicer Trustee by the Remittance Distribution Account Deposit Date. Payments of such waived charges shall not be payments in respect of any Regular Interest.
(b) The Company Master Servicer shall establish and maintain a Protected Account (which shall at all times be an Eligible Account) with a depository institution in the name of the Company Master Servicer for the benefit of the Trustee on behalf of the Certificateholders and designated “"EMC Mortgage Corporation, as servicer on behalf of Citibank, N.A., as TrusteeMaster Servicer, for the benefit of the certificateholdersLaSalle Bank National Association, in trust for registered holders of Bear Xxxxxxx Stearns Asset Backed Securities Backex Xxxxxities I LLC, MortgageAsset-Backed Certificates, Certificates Series 20062004-5”HE5". The Company Master Servicer shall deposit or cause to be deposited into the Protected Account on a daily basis within one Business Day of receipt, except as otherwise specifically provided herein, the following payments and collections remitted by subservicers or received by it in respect of the EMC Mortgage Loans subsequent to the Cut-off Date (other than in respect of principal and interest due on the EMC 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, including Principal Prepayments, on the EMC Mortgage Loans;
(ii) all payments on account of interest on the EMC Mortgage Loans net of the related Servicing Fee permitted under Section 3.133.10 and LPMI Fees, if any;
(iii) all Liquidation Proceeds, Subsequent Recoveries and Insurance Proceeds with respect to any EMC Mortgage LoansProceeds, other than proceeds to be applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with the Company’s Master Servicer's normal servicing procedures;
(iv) any amount required to be deposited by the Company Master Servicer pursuant to Section 5.01(c4.01(c) in connection with any losses on Permitted Investments;
(v) any amounts required to be deposited by the Company Master Servicer pursuant to Section 3.073.05;
(vi) any Prepayment Charges collected on the EMC Mortgage Loans; and
(vii) any other amounts required to be deposited hereunder. The foregoing requirements for deposit remittance by the Company Master Servicer into the Protected Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, payments in the nature of late payment charges or assumption fees, if collected, need not be deposited remitted by the CompanyMaster Servicer. In the event that the Company Master Servicer shall deposit remit any amount not required to be deposited remitted and not otherwise subject to withdrawal pursuant to Section 5.024.02, it may at any time withdraw or direct the institution maintaining the Protected Account, to withdraw such amount from the Protected Account, any provision herein to the contrary notwithstanding. Such withdrawal or direction may be accomplished by delivering written notice thereof to the institution maintaining the Protected Account, that describes the amounts deposited in error in the Protected Account. The Company Master Servicer shall maintain adequate records with respect to all withdrawals made pursuant to this Section. All funds deposited in the Protected Account shall be held in trust for the Certificateholders until withdrawn in accordance with Section 5.024.02.
(c) The institution that maintains the Protected Account shall invest the funds in the Protected Account, in the manner directed by the CompanyMaster Servicer, in Permitted Investments which shall mature not later than the Business Day immediately preceding the Remittance Date and shall not be sold or disposed of prior to its 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 shall be for the benefit of the Company Master Servicer as servicing compensation and shall be remitted to it monthly as provided herein. The amount of any losses incurred in the Protected Account in respect of any such investments shall be deposited by the Company Master Servicer into the Protected Account, out of the Company’s Master Servicer's own funds.
(d) The Company Master Servicer shall give at least 30 days advance notice to the Trustee, the Securities Administrator, the Sponsor, the Master ServicerSeller, each Rating Agency and the Depositor of any proposed change of location of the Protected Account prior to any change thereof.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Bear Stearns Asset Backed Securities I LLC 2004-He5)
Collection of Mortgage Loan Payments; Protected Account. (a) The Company Master Servicer shall make reasonable efforts in accordance with customary and usual standards of practice of prudent mortgage lenders in the respective states in which the Mortgaged Properties related to the EMC Mortgage Loans are located to collect all payments called for under the terms and provisions of the EMC Mortgage Loans to the extent such procedures shall be consistent with this Agreement and the terms and provisions of any related Required Insurance Policy. Consistent with the foregoing, the Company Master Servicer may in its discretion (i) waive any late payment charge and (ii) extend the Due Dates due dates for payments due on a Mortgage Note related to an EMC Mortgage Loan for a period not greater than 125 days, provided that, EMC shall not extend the payment date of any Mortgage Loan beyond the date of its final maturity date. In the event of any such arrangement, the Company Master Servicer shall make Advances on the related EMC Mortgage Loan during the scheduled period in accordance with the amortization schedule of such EMC Mortgage Loan without modification thereof by reason of such arrangements, and shall be entitled to reimbursement therefor in accordance with Section 6.015.01. The Company Master Servicer shall not be required to institute or join in litigation with respect to collection of any payment (whether under a Mortgage, Mortgage Note or otherwise or against any public or governmental authority with respect to a taking or condemnation) if it reasonably believes that enforcing the provision of the Mortgage or other instrument pursuant to which such payment is required is prohibited by applicable law. In addition, if (x) an EMC a Mortgage Loan is in default or default is reasonably foreseeable imminent or (y) the Company Master Servicer delivers to the Trustee, Securities Administrator and Master Servicer Trustee a certification addressed to the Trustee and the Securities AdministratorTrustee, based on the advice of counsel or certified public accountants, in either case, that have a national reputation with respect to taxation of REMICs, that a modification of such EMC Mortgage Loan will not result in the imposition of taxes on or disqualify from REMIC status any of REMIC I, REMIC II, REMIC III, REMIC IV, REMIC V, V or REMIC VI, REMIC VII or REMIC VIII, the Company may if it reasonably believes that undertaking such actions would be in the best interest of the CertificateholdersMaster Servicer may, (A) amend the related Mortgage Note to reduce the Mortgage Rate applicable thereto, provided that such reduced Mortgage Rate shall in no event be lower than 5.00% with respect to any EMC Mortgage Loan and (B) amend any Mortgage Note related to an EMC Mortgage Loan to extend to the maturity thereof; provided that, EMC shall not extend the payment date of any Mortgage Loan beyond its final maturity date. In accordance with the standards of the first paragraph of Section 3.01, the Company The Master Servicer shall not waive (or permit a sub-servicer to waive) any Prepayment Charge related to an EMC Mortgage Loan unless: (i) the enforceability thereof shall have been limited by bankruptcy, insolvency, moratorium, receivership and other similar laws relating to creditors’ rights generally, (ii) the enforcement thereof is illegal, or any local, state or federal agency has threatened legal action if the prepayment penalty is enforced, (iii) the collectability thereof shall have been limited due to acceleration in connection with a foreclosure or other involuntary payment or (iv) such waiver is standard and customary in servicing similar Mortgage Loans and relates to a default or a reasonably foreseeable default and would, in the reasonable judgment of the CompanyMaster Servicer, maximize recovery of total proceeds taking into account the value of such Prepayment Charge and the related EMC Mortgage Loan. If a Prepayment Charge is waived, but does not meet the standards described above, then the Company Master Servicer is required to pay the amount of such waived Prepayment Charge, for the benefit of the related Class C P Certificates, by remitting such amount to the Master Servicer Trustee by the Remittance Distribution Account Deposit Date. Payments of such waived charges shall not be payments in respect of any Regular Interest.
(b) The Company Master Servicer shall establish and maintain a Protected Account (which shall at all times be an Eligible Account) with a depository institution in the name of the Company Master Servicer for the benefit of the Trustee on behalf of the Certificateholders and designated “EMC Mortgage Corporation, as servicer on behalf of Citibank, N.A., as TrusteeMaster Servicer, for the benefit of the certificateholdersLaSalle Bank National Association, in trust for registered holders of Bear Xxxxxxx Asset Backed Securities I LLC, MortgageAsset-Backed Certificates, Certificates Series 20062005-5HE4”. The Company Master Servicer shall deposit or cause to be deposited into the Protected Account on a daily basis within one Business Day of receipt, except as otherwise specifically provided herein, the following payments and collections remitted by subservicers or received by it in respect of the EMC Mortgage Loans subsequent to the Cut-off Date (other than in respect of principal and interest due on the EMC 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, including Principal Prepayments, on the EMC Mortgage Loans;
(ii) all payments on account of interest on the EMC Mortgage Loans net of the related Servicing Fee permitted under Section 3.133.10 and LPMI Fees, if any;
(iii) all Liquidation Proceeds, Subsequent Recoveries and Insurance Proceeds with respect to any EMC Mortgage LoansProceeds, other than proceeds to be applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with the CompanyMaster Servicer’s normal servicing procedures;
(iv) any amount required to be deposited by the Company Master Servicer pursuant to Section 5.01(c4.01(c) in connection with any losses on Permitted Investments;
(v) any amounts required to be deposited by the Company Master Servicer pursuant to Section 3.073.05;
(vi) any Prepayment Charges collected on the EMC Mortgage Loans; and
(vii) any other amounts required to be deposited hereunder. The foregoing requirements for deposit remittance by the Company Master Servicer into the Protected Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, payments in the nature of late payment charges or assumption fees, if collected, need not be deposited remitted by the CompanyMaster Servicer. In the event that the Company Master Servicer shall deposit remit any amount not required to be deposited remitted and not otherwise subject to withdrawal pursuant to Section 5.024.02, it may at any time withdraw or direct the institution maintaining the Protected Account, to withdraw such amount from the Protected Account, any provision herein to the contrary notwithstanding. Such withdrawal or direction may be accomplished by delivering written notice thereof to the institution maintaining the Protected Account, that describes the amounts deposited in error in the Protected Account. The Company Master Servicer shall maintain adequate records with respect to all withdrawals made pursuant to this Section. All funds deposited in the Protected Account shall be held in trust for the Certificateholders until withdrawn in accordance with Section 5.024.02.
(c) The institution that maintains the Protected Account shall invest the funds in the Protected Account, in the manner directed by the CompanyMaster Servicer, in Permitted Investments which shall mature not later than the Business Day immediately preceding the Remittance Date and shall not be sold or disposed of prior to its 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 shall be for the benefit of the Company Master Servicer as servicing compensation and shall be remitted to it monthly as provided herein. The amount of any losses incurred in the Protected Account in respect of any such investments shall be deposited by the Company Master Servicer into the Protected Account, out of the CompanyMaster Servicer’s own funds.
(d) The Company Master Servicer shall give at least 30 days advance notice to the Trustee, the Securities Administrator, the Sponsor, the Master ServicerSeller, each Rating Agency and the Depositor of any proposed change of location of the Protected Account prior to any change thereof.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Bear Stearns Asset Backed Securities I Trust 2005-He4)
Collection of Mortgage Loan Payments; Protected Account. (a) The Company shall make reasonable efforts in accordance with customary and usual standards of practice of prudent mortgage lenders in the respective states in which the Mortgaged Properties related to the EMC Mortgage Loans are located to collect all payments called for under the terms and provisions of the EMC Mortgage Loans to the extent such procedures shall be consistent with this Agreement and the terms and provisions of any related Required Insurance Policy. Consistent with the foregoing, the Company may in its discretion (i) waive any late payment charge and (ii) extend the Due Dates due dates for payments due on a Mortgage Note related to an EMC Mortgage Loan for a period not greater than 125 days, provided that, EMC shall not extend the payment date of any Mortgage Loan beyond the date of its final maturity date. In the event of any such arrangement, the Company shall make Advances on the related EMC Mortgage Loan during the scheduled period in accordance with the amortization schedule of such EMC Mortgage Loan without modification thereof by reason of such arrangements, and shall be entitled to reimbursement therefor in accordance with Section 6.01. The Company shall not be required to institute or join in litigation with respect to collection of any payment (whether under a Mortgage, Mortgage Note or otherwise or against any public or governmental authority with respect to a taking or condemnation) if it reasonably believes that enforcing the provision of the Mortgage or other instrument pursuant to which such payment is required is prohibited by applicable law. In additionConsistent with and in addition to the terms set forth in this Agreement, if (x) an EMC Mortgage Loan is in default or such default is reasonably foreseeable or (y) foreseeable, the Company delivers may waive, modify or vary any term of any EMC Mortgage Loan or consent to the Trusteepostponement of strict compliance with any such term or in any manner grant indulgence to any Mortgagor, Securities Administrator including without limitation, to (1) capitalize any amounts owing on the EMC Mortgage Loan by adding such amount to the outstanding principal balance of the EMC Mortgage Loan, (2) defer such amounts to a later date or the final payment date of such Mortgage Loan, (3) extend the maturity of any such EMC Mortgage Loan, (4) amend the related Mortgage Note to reduce the related Mortgage Rate with respect to any EMC Mortgage Loan, (5) convert the Mortgage Rate on any EMC Mortgage Loan from a fixed rate to an adjustable rate or vice versa, (6) with respect to an EMC Mortgage Loan with an initial fixed rate period followed by an adjustable rate period, extend the fixed period and Master Servicer reduce the adjustable rate period, and/or (7) forgive the amount of any interest and principal owed by the related Mortgagor; provided that, in the Company’s reasonable and prudent determination, such waiver, modification, postponement or indulgence (A) is not materially adverse to the interests of the Certificateholders in the aggregate on a present value basis using reasonable assumptions (including taking into account any estimated Realized Loss that might result absent such action); and (B) does not amend the related Mortgage Note to extend the maturity thereof later than the date of the Latest Possible Maturity Date; provided, further, with respect to any EMC Mortgage Loan that is not in default or if default is not reasonably foreseeable, unless the Company has provided to the Trustee a certification addressed to the Trustee and the Securities AdministratorTrustee, based on the advice of counsel or certified public accountants, in either case, that have a national reputation with respect to taxation of REMICs, that a such modification of such EMC Mortgage Loan will not result in the imposition of taxes on or disqualify from REMIC status any of REMIC I, REMIC II, II or REMIC III, REMIC IV, REMIC V, REMIC VI, REMIC VII or REMIC VIII, the Company may if it reasonably believes that undertaking such actions would be in the best interest of the Certificateholders, (A) amend the related Mortgage Note to reduce the Mortgage Rate applicable thereto, provided that such reduced Mortgage Rate shall in no event be lower than 5.00% not permit any modification with respect to any EMC Mortgage Loan Loan. Notwithstanding the foregoing, for any modification which may result in a Realized Loss of 20% or more of the outstanding principal balance of a Mortgage Loan, the Company shall present such proposed modification, together with any supporting documentation, to the Master Servicer for consideration and (B) amend approval. In connection with any Mortgage Note such Servicing Modification, the related Servicer or the Master Servicer may reimburse itself from the Trust for any outstanding Advances and Servicing Advances at the time of the modification to the extent that such related Advances or Servicing Advances are reimbursable to the related Servicer or the Master Servicer and to the extent of Principal Funds in the Protected Account for the related Distribution Date. Any such reimbursement shall occur during the same calendar month as the Servicing Modification and, to the extent such Advance or Servicing Advance is forgiven, any such reimbursement will be treated as a Realized Loss which will be incurred on the Distribution Date related to an EMC Mortgage Loan to extend the calendar month during which the Servicing Modification occurred. To the extent Advances and Servicing Advances or other amounts owed the related Servicer or the Master Servicer are capitalized, the related Servicer or the Master Servicer may reimburse itself from such arrearages on a first priority basis to the maturity thereof; provided that, EMC shall not extend extent of Principal Funds for the payment date of any Mortgage Loan beyond its final maturity daterelated Distribution Date. In accordance with the standards of the first paragraph of Section 3.01, the Company shall not waive (or permit a sub-servicer to waive) any Prepayment Charge related to an EMC Mortgage Loan unless: (i) the enforceability thereof shall have been limited by bankruptcy, insolvency, moratorium, receivership and other similar laws relating to creditors’ rights generally, (ii) the enforcement thereof is illegal, or any local, state or federal agency has threatened legal action if the prepayment penalty is enforced, (iii) the collectability thereof shall have mortgage debt has been limited due to acceleration accelerated in connection with a foreclosure or other involuntary payment or (iv) such waiver is standard and customary in servicing similar Mortgage Loans and relates to a default or a reasonably foreseeable default and would, in the reasonable judgment of the Company, maximize recovery of total proceeds taking into account the value of such Prepayment Charge and the related EMC Mortgage Loan. If a Prepayment Charge is waived, but does not meet the standards described above, then the Company is required to pay the amount of such waived Prepayment Charge, for the benefit of the related Class C P Certificates, by remitting such amount to the Master Servicer by the Remittance Date. Payments of such waived charges shall not be payments in respect of any Regular Interest.
(b) The Company shall establish and maintain a Protected Account (which shall at all times be an Eligible Account) with a depository institution in the name of the Company for the benefit of the Trustee on behalf of the Certificateholders and designated “EMC Mortgage CorporationXxxxx Fargo Bank, as servicer on behalf of Citibank, N.A., as Trustee, for the benefit of the certificateholdersNational Association, in trust for registered holders of Bear Xxxxxxx Asset Backed Securities I LLC, MortgageAsset-Backed Certificates, Certificates Series 20062007-5AC5”. The Company shall deposit or cause to be deposited into the Protected Account on a daily basis within one two Business Day Days of receiptreceipt and identification, except as otherwise specifically provided herein, the following payments and collections remitted by subservicers or received by it in respect of the EMC Mortgage Loans subsequent to the Cut-off Date (other than in respect of principal and interest due on the EMC 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, including Principal Prepayments, on the EMC Mortgage Loans;
(ii) all payments on account of interest on the EMC Mortgage Loans net of the related Servicing Fee permitted under Section 3.133.10 and LPMI Fees, if any;
(iii) all Liquidation Proceeds, Subsequent Recoveries Proceeds and Insurance Proceeds with respect to any EMC Mortgage Loans, other than proceeds to be applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with the Company’s normal servicing procedures;
(iv) any amount required to be deposited by the Company pursuant to Section 5.01(c) in connection with any losses on Permitted Investments;
(v) any amounts required to be deposited by the Company pursuant to Section 3.073.05;
(vi) any Prepayment Charges collected on the EMC Mortgage Loans; and
(vii) any other amounts required to be deposited hereunder. The foregoing requirements for deposit remittance by the Company into the Protected Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, payments in the nature of late payment charges or assumption fees, if collected, need not be deposited remitted by the Company. In the event that the Company shall deposit remit any amount not required to be deposited remitted and not otherwise subject to withdrawal pursuant to Section 5.02, it may at any time withdraw or direct the institution maintaining the Protected Account, to withdraw such amount from the Protected Account, any provision herein to the contrary notwithstanding. Such withdrawal or direction may be accomplished by delivering written notice thereof to the institution maintaining the Protected Account, that describes the amounts deposited in error in the Protected Account. The Company shall maintain adequate records with respect to all withdrawals made pursuant to this Section. Reconciliations will be prepared for the Protected Account within 45 calendar days after the bank statement cut-off date. All items requiring reconciliation will be resolved within 90 calendar days of their original identification. All funds deposited in the Protected Account shall be held in trust for the Certificateholders until withdrawn in accordance with Section 5.02.
(c) The institution that maintains the Protected Account shall invest the funds in the Protected Account, in the manner directed by the Company, in Permitted Investments which shall mature not later than the Business Day immediately preceding the Remittance Date and shall not be sold or disposed of prior to its 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 shall be for the benefit of the Company as servicing compensation and shall be remitted to it monthly as provided herein. The amount of any losses incurred in the Protected Account in respect of any such investments shall be deposited by the Company into the Protected Account, out of the Company’s own funds.
(d) The Company shall give at least 30 days advance notice to the Trustee, the Securities Administrator, the SponsorMortgage Loan Sellers, the Master Servicer, each Rating Agency and the Depositor of any proposed change of location of the Protected Account prior to any change thereof.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Bear Stearns Asset Backed Securities I Trust 2007-Ac5)
Collection of Mortgage Loan Payments; Protected Account. (a) The Company shall make reasonable efforts in accordance with customary and usual standards of practice of prudent mortgage lenders in the respective states in which the Mortgaged Properties related to the EMC Mortgage Loans are located to collect all payments called for under the terms and provisions of the EMC Mortgage Loans to the extent such procedures shall be consistent with this Agreement and the terms and provisions of any related Required Insurance Policy. Consistent with the foregoing, the Company may in its discretion (i) waive any late payment charge and (ii) extend the Due Dates due dates for payments due on a Mortgage Note related to an EMC Mortgage Loan for a period not greater than 125 days, provided that, EMC shall not extend the payment date of any Mortgage Loan beyond the date of its final maturity date. In the event of any such arrangement, the Company shall make Advances on the related EMC Mortgage Loan during the scheduled period in accordance with the amortization schedule of such EMC Mortgage Loan without modification thereof by reason of such arrangements, and shall be entitled to reimbursement therefor in accordance with Section 6.01. The Company shall not be required to institute or join in litigation with respect to collection of any payment (whether under a Mortgage, Mortgage Note or otherwise or against any public or governmental authority with respect to a taking or condemnation) if it reasonably believes that enforcing the provision of the Mortgage or other instrument pursuant to which such payment is required is prohibited by applicable law. In addition, if (x) an EMC Mortgage Loan is in default or default is reasonably foreseeable imminent or (y) the Company delivers to the Trustee, Securities Administrator and Master Servicer Trustee a certification addressed to the Trustee and the Securities AdministratorTrustee, based on the advice of counsel or certified public accountants, in either case, that have a national reputation with respect to taxation of REMICs, that a modification of such EMC Mortgage Loan will not result in the imposition of taxes on or disqualify any of REMIC I, REMIC II, II or REMIC III, REMIC IV, REMIC V, REMIC VI, REMIC VII or REMIC VIII, the Company may if it reasonably believes that undertaking such actions would be in the best interest of the Certificateholdersmay, (A) amend the related Mortgage Note to reduce the Mortgage Rate applicable thereto, provided that such reduced Mortgage Rate shall in no event be lower than 5.00% with respect to any EMC Mortgage Loan and (B) amend any Mortgage Note related to an EMC Mortgage Loan to extend to the maturity thereof; provided that, EMC shall not extend the payment date of any Mortgage Loan beyond its final maturity date. In accordance with the standards of the first paragraph of Section 3.01, the Company shall not waive (or permit a sub-servicer to waive) any Prepayment Charge related to an EMC Mortgage Loan unless: (i) the enforceability thereof shall have been limited by bankruptcy, insolvency, moratorium, receivership and other similar laws relating to creditors’ ' rights generally, (ii) the enforcement thereof is illegal, or any local, state or federal agency has threatened legal action if the prepayment penalty is enforced, (iii) the collectability thereof shall have been limited due to acceleration in connection with a foreclosure or other involuntary payment or (iv) such waiver is standard and customary in servicing similar Mortgage Loans and relates to a default or a reasonably foreseeable default and would, in the reasonable judgment of the Company, maximize recovery of total proceeds taking into account the value of such Prepayment Charge and the related EMC Mortgage Loan. If a Prepayment Charge is waived, but does not meet the standards described above, then the Company is required to pay the amount of such waived Prepayment Charge, for the benefit of the related Class C P Certificates, by remitting such amount to the Master Servicer by the Remittance Date. Payments of such waived charges shall not be payments in respect of any Regular Interest.
(b) The Company shall establish and maintain a Protected Account (which shall at all times be an Eligible Account) with a depository institution in the name of the Company for the benefit of the Trustee on behalf of the Certificateholders and designated “EMC Mortgage Corporation, as servicer on behalf of Citibank, N.A., as Trustee, for the benefit of the certificateholders"U.S. Bank National Association, in trust for registered holders of Bear Xxxxxxx Stearns Asset Backed Securities Backex Xxxxxities I LLC, MortgageAsset-Backed Certificates, Certificates Series 20062004-5”AC7". The Company shall deposit or cause to be deposited into the Protected Account on a daily basis within one Business Day of receipt, except as otherwise specifically provided herein, the following payments and collections remitted by subservicers or received by it in respect of the EMC Mortgage Loans subsequent to the Cut-off Date (other than in respect of principal and interest due on the EMC 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, including Principal Prepayments, on the EMC Mortgage Loans;
(ii) all payments on account of interest on the EMC Mortgage Loans net of the related Servicing Fee permitted under Section 3.133.10 and LPMI Fees, if any;
(iii) all Liquidation Proceeds, Subsequent Recoveries Proceeds and Insurance Proceeds with respect to any EMC Mortgage Loans, other than proceeds to be applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with the Company’s 's normal servicing procedures;
(iv) any amount required to be deposited by the Company pursuant to Section 5.01(c) in connection with any losses on Permitted Investments;
(v) any amounts required to be deposited by the Company pursuant to Section 3.073.05;
(vi) any Prepayment Charges collected on the EMC Mortgage Loans; and
(vii) any other amounts required to be deposited hereunder. The foregoing requirements for deposit remittance by the Company into the Protected Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, payments in the nature of late payment charges or assumption fees, if collected, need not be deposited remitted by the Company. In the event that the Company shall deposit remit any amount not required to be deposited remitted and not otherwise subject to withdrawal pursuant to Section 5.02, it may at any time withdraw or direct the institution maintaining the Protected Account, to withdraw such amount from the Protected Account, any provision herein to the contrary notwithstanding. Such withdrawal or direction may be accomplished by delivering written notice thereof to the institution maintaining the Protected Account, that describes the amounts deposited in error in the Protected Account. The Company shall maintain adequate records with respect to all withdrawals made pursuant to this Section. All funds deposited in the Protected Account shall be held in trust for the Certificateholders until withdrawn in accordance with Section 5.02.
(c) The institution that maintains the Protected Account shall invest the funds in the Protected Account, in the manner directed by the Company, in Permitted Investments which shall mature not later than the Business Day immediately preceding the Remittance Date and shall not be sold or disposed of prior to its 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 shall be for the benefit of the Company as servicing compensation and shall be remitted to it monthly as provided herein. The amount of any losses incurred in the Protected Account in respect of any such investments shall be deposited by the Company into the Protected Account, out of the Company’s 's own funds.
(d) The Company shall give at least 30 days advance notice to the Trustee, the Securities Administrator, the SponsorSeller, the Master Servicer, each Rating Agency and the Depositor of any proposed change of location of the Protected Account prior to any change thereof.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Bear Stearns Asset Backed Securities I Trust 2004-Ac7)
Collection of Mortgage Loan Payments; Protected Account. (a) The Company Master Servicer shall make reasonable efforts in accordance with customary and usual standards of practice of prudent mortgage lenders in the respective states in which the Mortgaged Properties related to the EMC Mortgage Loans are located to collect all payments called for under the terms and provisions of the EMC Mortgage Loans to the extent such procedures shall be consistent with this Agreement and the terms and provisions of any related Required Insurance Policy. Consistent with the foregoing, the Company Master Servicer may in its discretion (i) waive any late payment charge and (ii) extend the Due Dates due dates for payments due on a Mortgage Note related to an EMC Mortgage Loan for a period not greater than 125 days, provided that, EMC shall not extend the payment date of any Mortgage Loan beyond the date of its final maturity date. In the event of any such arrangement, the Company Master Servicer shall make Advances on the related EMC Mortgage Loan during the scheduled period in accordance with the amortization schedule of such EMC Mortgage Loan without modification thereof by reason of such arrangements, and shall be entitled to reimbursement therefor in accordance with Section 6.015.01. The Company Master Servicer shall not be required to institute or join in litigation with respect to collection of any payment (whether under a Mortgage, Mortgage Note or otherwise or against any public or governmental authority with respect to a taking or condemnation) if it reasonably believes that enforcing the provision of the Mortgage or other instrument pursuant to which such payment is required is prohibited by applicable law. In addition, if (x) an EMC a Mortgage Loan is in default or default is reasonably foreseeable imminent or (y) the Company Master Servicer delivers to the Trustee, Securities Administrator Trustee and Master Servicer the Certificate Insurer a certification addressed to the Trustee and the Securities AdministratorCertificate Insurer, based on the advice of counsel or certified public accountants, in either case, that have a national reputation with respect to taxation of REMICs, that a modification of such EMC Mortgage Loan will not result in the imposition of taxes on or disqualify any of REMIC I, REMIC II, REMIC III, III or REMIC IV, REMIC V, REMIC VI, REMIC VII or REMIC VIII, the Company may if it reasonably believes that undertaking such actions would be in the best interest of the CertificateholdersMaster Servicer may, (A) amend the related Mortgage Note to reduce the Mortgage Rate applicable thereto, provided that such reduced Mortgage Rate shall in no event be lower than 5.00% with respect to any EMC Mortgage Loan and (B) amend any Mortgage Note related to an EMC Mortgage Loan to extend to the maturity thereof; provided that, EMC shall not extend the payment date of any Mortgage Loan beyond its final maturity date. In accordance with the standards of the first paragraph of Section 3.01, the Company The Master Servicer shall not waive (or permit a sub-servicer to waive) any Prepayment Charge related to an EMC Mortgage Loan unless: (i) the enforceability thereof shall have been limited by bankruptcy, insolvency, moratorium, receivership and other similar laws relating to creditors’ ' rights generally, (ii) the enforcement thereof is illegal, or any local, state or federal agency has threatened legal action if the prepayment penalty is enforced, (iii) the collectability thereof shall have been limited due to acceleration in connection with a foreclosure or other involuntary payment or (iv) such waiver is standard and customary in servicing similar Mortgage Loans and relates to a default or a reasonably foreseeable default and would, in the reasonable judgment of the CompanyMaster Servicer, maximize recovery of total proceeds taking into account the value of such Prepayment Charge and the related EMC Mortgage Loan. If a Prepayment Charge is waived, but does not meet the standards described above, then the Company Master Servicer is required to pay the amount of such waived Prepayment Charge, for the benefit of the related Class C P Certificates, by remitting such amount to the Master Servicer Trustee by the Remittance Distribution Account Deposit Date. Payments of such waived charges shall not be payments in respect of any Regular Interest.
(b) The Company Master Servicer shall establish and maintain a Protected Account (which shall at all times be an Eligible Account) with a depository institution in the name of the Company Master Servicer for the benefit of the Trustee on behalf of the Certificateholders and the Certificate Insurer and designated “"EMC Mortgage Corporation, as servicer on behalf of Citibank, N.A., as TrusteeMaster Servicer, for the benefit of the certificateholdersLaSalle Bank National Association, in trust for registered holders of Bear Xxxxxxx Stearns Asset Backed Securities Backex Xxxxxities I LLC, MortgageAsset-Backed Certificates, Certificates Series 20062004-5”HE9". The Company Master Servicer shall deposit or cause to be deposited into the Protected Account on a daily basis within one Business Day of receipt, except as otherwise specifically provided herein, the following payments and collections remitted by subservicers or received by it in respect of the EMC Mortgage Loans subsequent to the Cut-off Date (other than in respect of principal and interest due on the EMC 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, including Principal Prepayments, on the EMC Mortgage Loans;
(ii) all payments on account of interest on the EMC Mortgage Loans net of the related Servicing Fee permitted under Section 3.133.10 and LPMI Fees, if any;
(iii) all Liquidation Proceeds, Subsequent Recoveries and Insurance Proceeds with respect to any EMC Mortgage LoansProceeds, other than proceeds to be applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with the Company’s Master Servicer's normal servicing procedures;
(iv) any amount required to be deposited by the Company Master Servicer pursuant to Section 5.01(c4.01(c) in connection with any losses on Permitted Investments;
(v) any amounts required to be deposited by the Company Master Servicer pursuant to Section 3.073.05;
(vi) any Prepayment Charges collected on the EMC Mortgage Loans; and
(vii) any other amounts required to be deposited hereunder. The foregoing requirements for deposit remittance by the Company Master Servicer into the Protected Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, payments in the nature of late payment charges or assumption fees, if collected, need not be deposited remitted by the CompanyMaster Servicer. In the event that the Company Master Servicer shall deposit remit any amount not required to be deposited remitted and not otherwise subject to withdrawal pursuant to Section 5.024.02, it may at any time withdraw or direct the institution maintaining the Protected Account, to withdraw such amount from the Protected Account, any provision herein to the contrary notwithstanding. Such withdrawal or direction may be accomplished by delivering written notice thereof to the institution maintaining the Protected Account, that describes the amounts deposited in error in the Protected Account. The Company Master Servicer shall maintain adequate records with respect to all withdrawals made pursuant to this Section. All funds deposited in the Protected Account shall be held in trust for the Certificateholders and the Certificate Insurer until withdrawn in accordance with Section 5.024.02.
(c) The institution that maintains the Protected Account shall invest the funds in the Protected Account, in the manner directed by the CompanyMaster Servicer, in Permitted Investments which shall mature not later than the Business Day immediately preceding the Remittance Date and shall not be sold or disposed of prior to its maturity. All such Permitted Investments shall be made in the name of the Trustee, for the benefit of the CertificateholdersCertificateholders and the Certificate Insurer. All income and gain net of any losses realized from any such investment shall be for the benefit of the Company Master Servicer as servicing compensation and shall be remitted to it monthly as provided herein. The amount of any losses incurred in the Protected Account in respect of any such investments shall be deposited by the Company Master Servicer into the Protected Account, out of the Company’s Master Servicer's own funds.
(d) The Company Master Servicer shall give at least 30 days advance notice to the Trustee, the Securities Administrator, the Sponsor, the Master ServicerSeller, each Rating Agency Agency, the Certificate Insurer and the Depositor of any proposed change of location of the Protected Account prior to any change thereof.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Bear Stearns Asset Backed Securities I Trust 2004-He9)
Collection of Mortgage Loan Payments; Protected Account. (a) The Company shall make reasonable efforts in accordance with customary and usual standards of practice of prudent mortgage lenders in the respective states in which the Mortgaged Properties related to the EMC Mortgage Loans are located to collect all payments called for under the terms and provisions of the EMC Mortgage Loans to the extent such procedures shall be consistent with this Agreement and the terms and provisions of any related Required Insurance Policy. Consistent with the foregoing, the Company may in its discretion (i) waive any late payment charge and (ii) extend the Due Dates due dates for payments due on a Mortgage Note related to an EMC Mortgage Loan for a period not greater than 125 days, provided that, EMC shall not extend the payment date of any Mortgage Loan beyond the date of its final maturity date. In the event of any such arrangement, the Company shall make Advances on the related EMC Mortgage Loan during the scheduled period in accordance with the amortization schedule of such EMC Mortgage Loan without modification thereof by reason of such arrangements, and shall be entitled to reimbursement therefor in accordance with Section 6.01. The Company shall not be required to institute or join in litigation with respect to collection of any payment (whether under a Mortgage, Mortgage Note or otherwise or against any public or governmental authority with respect to a taking or condemnation) if it reasonably believes that enforcing the provision of the Mortgage or other instrument pursuant to which such payment is required is prohibited by applicable law. In additionConsistent with and in addition to the terms set forth in this Agreement, if (x) an EMC Mortgage Loan is in default or such default is reasonably foreseeable or (y) foreseeable, the Company delivers may waive, modify or vary any term of any EMC Mortgage Loan or consent to the Trusteepostponement of strict compliance with any such term or in any manner grant indulgence to any Mortgagor, Securities Administrator including without limitation, to (1) capitalize any amounts owing on the EMC Mortgage Loan by adding such amount to the outstanding principal balance of the EMC Mortgage Loan, (2) defer such amounts to a later date or the final payment date of such Mortgage Loan, (3) extend the maturity of any such EMC Mortgage Loan, (4) amend the related Mortgage Note to reduce the related Mortgage Rate with respect to any EMC Mortgage Loan, (5) convert the Mortgage Rate on any EMC Mortgage Loan from a fixed rate to an adjustable rate or vice versa, (6) with respect to an EMC Mortgage Loan with an initial fixed rate period followed by an adjustable rate period, extend the fixed period and Master Servicer reduce the adjustable rate period, and/or (7) forgive the amount of any interest and principal owed by the related Mortgagor; provided that, in the Company’s reasonable and prudent determination, such waiver, modification, postponement or indulgence (A) is not materially adverse to the interests of the Certificateholders in the aggregate on a present value basis using reasonable assumptions (including taking into account any estimated Realized Loss that might result absent such action); and (B) does not amend the related Mortgage Note to extend the maturity thereof later than the date of the Latest Possible Maturity Date; provided, further, with respect to any EMC Mortgage Loan that is not in default or if default is not reasonably foreseeable, unless the Company has provided to the Trustee a certification addressed to the Trustee and the Securities AdministratorTrustee, based on the advice of counsel or certified public accountants, in either case, that have a national reputation with respect to taxation of REMICs, that a such modification of such EMC Mortgage Loan will not result in the imposition of taxes on or disqualify from REMIC status any of REMIC I, REMIC II, REMIC III, REMIC IV, REMIC V, V or REMIC VI, REMIC VII or REMIC VIII, the Company may if it reasonably believes that undertaking such actions would be in the best interest of the Certificateholders, (A) amend the related Mortgage Note to reduce the Mortgage Rate applicable thereto, provided that such reduced Mortgage Rate shall in no event be lower than 5.00% not permit any modification with respect to any EMC Mortgage Loan and (B) amend Loan. Notwithstanding the foregoing, for any modification which may result in a Realized Loss of 20% or more of the outstanding principal balance of a Mortgage Note related to an EMC Mortgage Loan to extend Loan, the Company shall present such proposed modification, together with any supporting documentation, to the maturity thereof; provided that, EMC shall not extend the payment date of any Mortgage Loan beyond its final maturity dateMaster Servicer for consideration and approval. In accordance with the standards of the first paragraph of Section 3.01, the Company shall not waive (or permit a sub-servicer to waive) any Prepayment Charge related to an EMC Mortgage Loan unless: (i) the enforceability thereof shall have been limited by bankruptcy, insolvency, moratorium, receivership and other similar laws relating to creditors’ rights generally, (ii) the enforcement thereof is illegal, or any local, state or federal agency has threatened legal action if the prepayment penalty is enforced, (iii) the collectability thereof shall have mortgage debt has been limited due to acceleration accelerated in connection with a foreclosure or other involuntary payment or (iv) such waiver is standard and customary in servicing similar Mortgage Loans and relates to a default or a reasonably foreseeable default and would, in the reasonable judgment of the Company, maximize recovery of total proceeds taking into account the value of such Prepayment Charge and the related EMC Mortgage Loan. If a Prepayment Charge is waived, but does not meet the standards described above, then the Company is required to pay the amount of such waived Prepayment Charge, for the benefit of the related Class C P Certificates, by remitting such amount to the Master Servicer by the Remittance Date. Payments of such waived charges shall not be payments in respect of any Regular Interest.
(b) The Company shall establish and maintain a Protected Account (which shall at all times be an Eligible Account) with a depository institution in the name of the Company for the benefit of the Trustee on behalf of the Certificateholders and designated “EMC Mortgage CorporationXxxxx Fargo Bank, as servicer on behalf of Citibank, N.A., as Trustee, for the benefit of the certificateholdersNational Association, in trust for registered holders of Bear Xxxxxxx Asset Backed Securities I LLC, MortgageAsset-Backed Certificates, Certificates Series 20062007-5AC4”. The Company shall deposit or cause to be deposited into the Protected Account on a daily basis within one two Business Day Days of receiptreceipt and identification, except as otherwise specifically provided herein, the following payments and collections remitted by subservicers or received by it in respect of the EMC Mortgage Loans subsequent to the Cut-off Date (other than in respect of principal and interest due on the EMC 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, including Principal Prepayments, on the EMC Mortgage Loans;
(ii) all payments on account of interest on the EMC Mortgage Loans net of the related Servicing Fee permitted under Section 3.133.10 and LPMI Fees, if any;
(iii) all Liquidation Proceeds, Subsequent Recoveries Proceeds and Insurance Proceeds with respect to any EMC Mortgage Loans, other than proceeds to be applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with the Company’s normal servicing procedures;
(iv) any amount required to be deposited by the Company pursuant to Section 5.01(c) in connection with any losses on Permitted Investments;
(v) any amounts required to be deposited by the Company pursuant to Section 3.073.05;
(vi) any Prepayment Charges collected on the EMC Mortgage Loans; and
(vii) any other amounts required to be deposited hereunder. The foregoing requirements for deposit remittance by the Company into the Protected Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, payments in the nature of late payment charges or assumption fees, if collected, need not be deposited remitted by the Company. In the event that the Company shall deposit remit any amount not required to be deposited remitted and not otherwise subject to withdrawal pursuant to Section 5.02, it may at any time withdraw or direct the institution maintaining the Protected Account, to withdraw such amount from the Protected Account, any provision herein to the contrary notwithstanding. Such withdrawal or direction may be accomplished by delivering written notice thereof to the institution maintaining the Protected Account, that describes the amounts deposited in error in the Protected Account. The Company shall maintain adequate records with respect to all withdrawals made pursuant to this Section. Reconciliations will be prepared for the Protected Account within 45 calendar days after the bank statement cut-off date. All items requiring reconciliation will be resolved within 90 calendar days of their original identification. All funds deposited in the Protected Account shall be held in trust for the Certificateholders until withdrawn in accordance with Section 5.02.
(c) The institution that maintains the Protected Account shall invest the funds in the Protected Account, in the manner directed by the Company, in Permitted Investments which shall mature not later than the Business Day immediately preceding the Remittance Date and shall not be sold or disposed of prior to its 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 shall be for the benefit of the Company as servicing compensation and shall be remitted to it monthly as provided herein. The amount of any losses incurred in the Protected Account in respect of any such investments shall be deposited by the Company into the Protected Account, out of the Company’s own funds.
(d) The Company shall give at least 30 days advance notice to the Trustee, the Securities Administrator, the SponsorMortgage Loan Sellers, the Master Servicer, each Rating Agency and the Depositor of any proposed change of location of the Protected Account prior to any change thereof.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Bear Stearns Asset Backed Securities I Trust 2007-Ac4)
Collection of Mortgage Loan Payments; Protected Account. (a) The Company Master Servicer shall make reasonable efforts in accordance with customary and usual standards of practice of prudent mortgage lenders in the respective states in which the Mortgaged Properties related to the EMC Mortgage Loans are located to collect all payments called for under the terms and provisions of the EMC Mortgage Loans to the extent such procedures shall be consistent with this Agreement and the terms and provisions of any related Required Insurance Policy. Consistent with the foregoing, the Company Master Servicer may in its discretion (i) waive any late payment charge and (ii) extend the Due Dates due dates for payments due on a Mortgage Note related to an EMC Mortgage Loan for a period not greater than 125 days, provided that, EMC shall not extend the payment date of any Mortgage Loan beyond the date of its final maturity date. In the event of any such arrangement, the Company Master Servicer shall make Advances on the related EMC Mortgage Loan during the scheduled period in accordance with the amortization schedule of such EMC Mortgage Loan without modification thereof by reason of such arrangements, and shall be entitled to reimbursement therefor in accordance with Section 6.01Section
5.01. The Company Master Servicer shall not be required to institute or join in litigation with respect to collection of any payment (whether under a Mortgage, Mortgage Note or otherwise or against any public or governmental authority with respect to a taking or condemnation) if it reasonably believes that enforcing the provision of the Mortgage or other instrument pursuant to which such payment is required is prohibited by applicable law. In addition, if (x) an EMC a Mortgage Loan is in default or default is reasonably foreseeable imminent or (y) the Company Master Servicer delivers to the Trustee, Securities Administrator and Master Servicer Trustee a certification addressed to the Trustee and the Securities AdministratorTrustee, based on the advice of counsel or certified public accountants, in either case, that have a national reputation with respect to taxation of REMICs, that a modification of such EMC Mortgage Loan will not result in the imposition of taxes on or disqualify from REMIC status any of REMIC I, REMIC II, REMIC III, REMIC IV, REMIC V, V or REMIC VI, REMIC VII or REMIC VIII, the Company may if it reasonably believes that undertaking such actions would be in the best interest of the CertificateholdersMaster Servicer may, (A) amend the related Mortgage Note to reduce the Mortgage Rate applicable thereto, provided that such reduced Mortgage Rate shall in no event be lower than 5.00% with respect to any EMC Mortgage Loan and (B) amend any Mortgage Note related to an EMC Mortgage Loan to extend to the maturity thereof; provided that. With respect to Mortgage Loans affected by Hurricane Xxxxxxx, EMC if the Mortgaged Property is located in public and individual assistance counties as designated by FEMA (as set forth on its website xxx.xxxx.xxx), the Master Servicer shall not cease charging of late fees and credit reporting activity for all Mortgagors in such counties until January 3, 2006, and if reasonably prudent, may extend the payment date of any Mortgage Loan beyond its final maturity datesuch period as long as necessary. In accordance with the standards of the first paragraph of Section 3.01addition, the Company Master Servicer shall suspend all foreclosure and bankruptcy activity relating to such Mortgage Loans until January 3, 2006, and if reasonably prudent, may extend such period as long as necessary. The Master Servicer shall not waive (or permit a sub-servicer to waive) any Prepayment Charge related to an EMC Mortgage Loan unless: :
(i) the enforceability thereof shall have been limited by bankruptcy, insolvency, moratorium, receivership and other similar laws relating to creditors’ rights generally, (ii) the enforcement thereof is illegal, or any local, state or federal agency has threatened legal action if the prepayment penalty is enforced, (iii) the collectability thereof shall have been limited due to acceleration in connection with a foreclosure or other involuntary payment or (iv) such waiver is standard and customary in servicing similar Mortgage Loans and relates to a default or a reasonably foreseeable default and would, in the reasonable judgment of the CompanyMaster Servicer, maximize recovery of total proceeds taking into account the value of such Prepayment Charge and the related EMC Mortgage Loan. If a Prepayment Charge is waived, but does not meet the standards described above, then the Company Master Servicer is required to pay the amount of such waived Prepayment Charge, for the benefit of the related Class C P Certificates, by remitting such amount to the Master Servicer Trustee by the Remittance Distribution Account Deposit Date. Payments of such waived charges shall not be payments in respect of any Regular Interest.
(b) The Company Master Servicer shall establish and maintain a Protected Account (which shall at all times be an Eligible Account) with a depository institution in the name of the Company Master Servicer for the benefit of the Trustee on behalf of the Certificateholders and designated “EMC Mortgage Corporation, as servicer on behalf of Citibank, N.A., as TrusteeMaster Servicer, for the benefit of the certificateholdersLaSalle Bank National Association, in trust for registered holders of Bear Xxxxxxx Asset Backed Securities I LLC, MortgageAsset-Backed Certificates, Series 20062005-5AQ2”. The Company Master Servicer shall deposit or cause to be deposited into the Protected Account on a daily basis within one Business Day of receipt, except as otherwise specifically provided herein, the following payments and collections remitted by subservicers or received by it in respect of the EMC Mortgage Loans subsequent to the Cut-off Date (other than in respect of principal and interest due on the EMC 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, including Principal Prepayments, on the EMC Mortgage Loans;
(ii) all payments on account of interest on the EMC Mortgage Loans net of the related Servicing Fee permitted under Section 3.133.10 and LPMI Fees, if any;
(iii) all Liquidation Proceeds, Subsequent Recoveries and Insurance Proceeds with respect to any EMC Mortgage LoansProceeds, other than proceeds to be applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with the CompanyMaster Servicer’s normal servicing procedures;
(iv) any amount required to be deposited by the Company Master Servicer pursuant to Section 5.01(c4.01(c) in connection with any losses on Permitted Investments;
(v) any amounts required to be deposited by the Company Master Servicer pursuant to Section 3.073.05;
(vi) any Prepayment Charges collected on the EMC Mortgage Loans; and
(vii) any other amounts required to be deposited hereunder. The foregoing requirements for deposit remittance by the Company Master Servicer into the Protected Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, payments in the nature of late payment charges or assumption fees, if collected, need not be deposited remitted by the CompanyMaster Servicer. In the event that the Company Master Servicer shall deposit remit any amount not required to be deposited remitted and not otherwise subject to withdrawal pursuant to Section 5.024.02, it may at any time withdraw or direct the institution maintaining the Protected Account, to withdraw such amount from the Protected Account, any provision herein to the contrary notwithstanding. Such withdrawal or direction may be accomplished by delivering written notice thereof to the institution maintaining the Protected Account, that describes the amounts deposited in error in the Protected Account. The Company Master Servicer shall maintain adequate records with respect to all withdrawals made pursuant to this Section. All funds deposited in the Protected Account shall be held in trust for the Certificateholders until withdrawn in accordance with Section 5.024.02.
(c) The institution that maintains the Protected Account shall invest the funds in the Protected Account, in the manner directed by the CompanyMaster Servicer, in Permitted Investments which shall mature not later than the Business Day immediately preceding the Remittance Date and shall not be sold or disposed of prior to its 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 shall be for the benefit of the Company Master Servicer as servicing compensation and shall be remitted to it monthly as provided herein. The amount of any losses incurred in the Protected Account in respect of any such investments shall be deposited by the Company Master Servicer into the Protected Account, out of the CompanyMaster Servicer’s own funds.
(d) The Company Master Servicer shall give at least 30 days advance notice to the Trustee, the Securities Administrator, the Sponsor, the Master ServicerSeller, each Rating Agency and the Depositor of any proposed change of location of the Protected Account prior to any change thereof.
Appears in 1 contract
Samples: Pooling and Servicing Agreement
Collection of Mortgage Loan Payments; Protected Account. (a) The Company shall make reasonable efforts in accordance with customary and usual standards of practice of prudent mortgage lenders in the respective states in which the Mortgaged Properties related to the EMC Mortgage Loans are located to collect all payments called for under the terms and provisions of the EMC Mortgage Loans to the extent such procedures shall be consistent with this Agreement and the terms and provisions of any related Required Insurance Policy. Consistent with the foregoing, the Company may in its discretion (i) waive any late payment charge and (ii) extend the Due Dates due dates for payments due on a Mortgage Note related to an EMC Mortgage Loan for a period not greater than 125 days, provided that, EMC shall not extend the payment date of any Mortgage Loan beyond the date of its final maturity date. In the event of any such arrangement, the Company shall make Advances on the related EMC Mortgage Loan during the scheduled period in accordance with the amortization schedule of such EMC Mortgage Loan without modification thereof by reason of such arrangements, and shall be entitled to reimbursement therefor in accordance with Section 6.01. The Company shall not be required to institute or join in litigation with respect to collection of any payment (whether under a Mortgage, Mortgage Note or otherwise or against any public or governmental authority with respect to a taking or condemnation) if it reasonably believes that enforcing the provision of the Mortgage or other instrument pursuant to which such payment is required is prohibited by applicable law. In addition, if (x) an EMC Mortgage Loan is in default or default is reasonably foreseeable imminent or (y) the Company delivers to the Trustee, Securities Administrator and Master Servicer Trustee a certification addressed to the Trustee and the Securities AdministratorTrustee, based on the advice of counsel or certified public accountants, in either case, that have a national reputation with respect to taxation of REMICs, that a modification of such EMC Mortgage Loan will not result in the imposition of taxes on or disqualify any of REMIC I, REMIC II, II or REMIC III, REMIC IV, REMIC V, REMIC VI, REMIC VII or REMIC VIII, the Company may if it reasonably believes that undertaking such actions would be in the best interest of the Certificateholdersmay, (A) amend the related Mortgage Note to reduce the Mortgage Rate applicable thereto, provided that such reduced Mortgage Rate shall in no event be lower than 5.00% with respect to any EMC Mortgage Loan and (B) amend any Mortgage Note related to an EMC Mortgage Loan to extend to the maturity thereof; provided that. With respect to Mortgage Loans affected by Hurricane Xxxxxxx, EMC shall not if the Mortgaged Property is located in public and individual assistance counties as designated by FEMA (as set forth on its website xxx.xxxx.xxx), the Company may cease charging of late fees and credit reporting activity for Mortgators in such counties until May 1, 2006 and if reasonably prudent, may extend such period as long as necessary. In addition, the payment date of any Company may suspend foreclosure and bankruptcy activity relating to certain Mortgage Loan beyond its final maturity dateLoans and if reasonably prudent, may extend such period as long as necessary. In accordance with the standards of the first paragraph of Section 3.01, the Company shall not waive (or permit a sub-servicer to waive) any Prepayment Charge related to an EMC Mortgage Loan unless: (i) the enforceability thereof shall have been limited by bankruptcy, insolvency, moratorium, receivership and other similar laws relating to creditors’ rights generally, (ii) the enforcement thereof is illegal, or any local, state or federal agency has threatened legal action if the prepayment penalty is enforced, (iii) the collectability thereof shall have been limited due to acceleration in connection with a foreclosure or other involuntary payment or (iv) such waiver is standard and customary in servicing similar Mortgage Loans and relates to a default or a reasonably foreseeable default and would, in the reasonable judgment of the Company, maximize recovery of total proceeds taking into account the value of such Prepayment Charge and the related EMC Mortgage Loan. If a Prepayment Charge is waived, but does not meet the standards described above, then the Company is required to pay the amount of such waived Prepayment Charge, for the benefit of the related Class C P Certificates, by remitting such amount to the Master Servicer by the Remittance Date. Payments of such waived charges shall not be payments in respect of any Regular Interest.
(b) The Company shall establish and maintain a Protected Account (which shall at all times be an Eligible Account) with a depository institution in the name of the Company for the benefit of the Trustee on behalf of the Certificateholders and designated “EMC Mortgage Corporation, as servicer on behalf of Citibank, N.A., as Trustee, for the benefit of the certificateholdersU.S. Bank National Association, in trust for registered holders Holders of Bear Xxxxxxx Asset Backed Securities I LLC, MortgageAsset-Backed Certificates, Certificates Series 2006-5AC3”. The Company shall deposit or cause to be deposited into the Protected Account on a daily basis within one Business Day of receipt, except as otherwise specifically provided herein, the following payments and collections remitted by subservicers or received by it in respect of the EMC Mortgage Loans subsequent to the Cut-off Date (other than in respect of principal and interest due on the EMC 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, including Principal Prepayments, on the EMC Mortgage Loans;
(ii) all payments on account of interest on the EMC Mortgage Loans net of the related Servicing Fee permitted under Section 3.133.10 and LPMI Fees, if any;
(iii) all Liquidation Proceeds, Subsequent Recoveries Proceeds and Insurance Proceeds with respect to any EMC Mortgage Loans, other than proceeds to be applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with the Company’s normal servicing procedures;
(iv) any amount required to be deposited by the Company pursuant to Section 5.01(c) in connection with any losses on Permitted Investments;
(v) any amounts required to be deposited by the Company pursuant to Section 3.073.05;
(vi) any Prepayment Charges collected on the EMC Mortgage Loans; and
(vii) any other amounts required to be deposited hereunder. The foregoing requirements for deposit remittance by the Company into the Protected Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, payments in the nature of late payment charges or assumption fees, if collected, need not be deposited remitted by the Company. In the event that the Company shall deposit remit any amount not required to be deposited remitted and not otherwise subject to withdrawal pursuant to Section 5.02, it may at any time withdraw or direct the institution maintaining the Protected Account, to withdraw such amount from the Protected Account, any provision herein to the contrary notwithstanding. Such withdrawal or direction may be accomplished by delivering written notice thereof to the institution maintaining the Protected Account, that describes the amounts deposited in error in the Protected Account. The Company shall maintain adequate records with respect to all withdrawals made pursuant to this Section. All funds deposited in the Protected Account shall be held in trust for the Certificateholders until withdrawn in accordance with Section 5.02.
(c) The institution that maintains the Protected Account shall invest the funds in the Protected Account, in the manner directed by the Company, in Permitted Investments which shall mature not later than the Business Day immediately preceding the Remittance Date and shall not be sold or disposed of prior to its 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 shall be for the benefit of the Company as servicing compensation and shall be remitted to it monthly as provided herein. The amount of any losses incurred in the Protected Account in respect of any such investments shall be deposited by the Company into the Protected Account, out of the Company’s own funds.
(d) The Company shall give at least 30 days advance notice to the Trustee, the Securities Administrator, the Sponsor, the Master Servicer, each Rating Agency and the Depositor of any proposed change of location of the Protected Account prior to any change thereof.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Bear Stearns Asset Backed Securities I Trust 2006-Ac3)
Collection of Mortgage Loan Payments; Protected Account. (a) The Company Master Servicer shall make reasonable efforts in accordance with customary and usual standards of practice of prudent mortgage lenders in the respective states in which the Mortgaged Properties related to the EMC Mortgage Loans are located to collect all payments called for under the terms and provisions of the EMC Mortgage Loans to the extent such procedures shall be consistent with this Agreement and the terms and provisions of any related Required Insurance Policy. Consistent with the foregoing, the Company Master Servicer may in its discretion (i) waive any late payment charge and (ii) extend the Due Dates due dates for payments due on a Mortgage Note related to an EMC Mortgage Loan for a period not greater than 125 days, provided that, EMC shall not extend the payment date of any Mortgage Loan beyond the date of its final maturity date. In the event of any such arrangement, the Company Master Servicer shall make Advances on the related EMC Mortgage Loan during the scheduled period in accordance with the amortization schedule of such EMC Mortgage Loan without modification thereof by reason of such arrangements, and shall be entitled to reimbursement therefor in accordance with Section 6.015.01. The Company Master Servicer shall not be required to institute or join in litigation with respect to collection of any payment (whether under a Mortgage, Mortgage Note or otherwise or against any public or governmental authority with respect to a taking or condemnation) if it reasonably believes that enforcing the provision of the Mortgage or other instrument pursuant to which such payment is required is prohibited by applicable law. In addition, if (x) an EMC a Mortgage Loan is in default or default is reasonably foreseeable imminent or (y) the Company Master Servicer delivers to the Trustee, Securities Administrator and Master Servicer Trustee a certification addressed to the Trustee and the Securities AdministratorTrustee, based on the advice of counsel or certified public accountants, in either case, that have a national reputation with respect to taxation of REMICs, that a modification of such EMC Mortgage Loan will not result in the imposition of taxes on or disqualify any of REMIC I, REMIC II, REMIC III, REMIC IV, REMIC V, V or REMIC VI, REMIC VII or REMIC VIII, the Company may if it reasonably believes that undertaking such actions would be in the best interest of the CertificateholdersMaster Servicer may, (A) amend the related Mortgage Note to reduce the Mortgage Rate applicable thereto, provided that such reduced Mortgage Rate shall in no event be lower than 5.00% with respect to any EMC Mortgage Loan and (B) amend any Mortgage Note related to an EMC Mortgage Loan to extend to the maturity thereof; provided that, EMC shall not extend the payment date of any Mortgage Loan beyond its final maturity date. In accordance with the standards of the first paragraph of Section 3.01, the Company The Master Servicer shall not waive (or permit a sub-servicer to waive) any Prepayment Charge related to an EMC Mortgage Loan unless: (i) the enforceability thereof shall have been limited by bankruptcy, insolvency, moratorium, receivership and other similar laws relating to creditors’ ' rights generally, (ii) the enforcement thereof is illegal, or any local, state or federal agency has threatened legal action if the prepayment penalty is enforced, (iii) the collectability thereof shall have been limited due to acceleration in connection with a foreclosure or other involuntary payment or (iv) such waiver is standard and customary in servicing similar Mortgage Loans and relates to a default or a reasonably foreseeable default and would, in the reasonable judgment of the CompanyMaster Servicer, maximize recovery of total proceeds taking into account the value of such Prepayment Charge and the related EMC Mortgage Loan. If a Prepayment Charge is waived, but does not meet the standards described above, then the Company Master Servicer is required to pay the amount of such waived Prepayment Charge, for the benefit of the related Class C P Certificates, by remitting such amount to the Master Servicer Trustee by the Remittance Distribution Account Deposit Date. Payments of such waived charges shall not be payments in respect of any Regular Interest.
(b) The Company Master Servicer shall establish and maintain a Protected Account (which shall at all times be an Eligible Account) with a depository institution in the name of the Company Master Servicer for the benefit of the Trustee on behalf of the Certificateholders and designated “"EMC Mortgage Corporation, as servicer on behalf of Citibank, N.A., as TrusteeMaster Servicer, for the benefit of the certificateholdersLaSalle Bank National Association, in trust for registered holders of Bear Xxxxxxx Asset Backed Securities I LLC, MortgageAsset-Backed Certificates, Certificates Series 20062005-5”HE2". The Company Master Servicer shall deposit or cause to be deposited into the Protected Account on a daily basis within one Business Day of receipt, except as otherwise specifically provided herein, the following payments and collections remitted by subservicers or received by it in respect of the EMC Mortgage Loans subsequent to the Cut-off Date (other than in respect of principal and interest due on the EMC 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, including Principal Prepayments, on the EMC Mortgage Loans;
(ii) all payments on account of interest on the EMC Mortgage Loans net of the related Servicing Fee permitted under Section 3.133.10 and LPMI Fees, if any;
(iii) all Liquidation Proceeds, Subsequent Recoveries and Insurance Proceeds with respect to any EMC Mortgage LoansProceeds, other than proceeds to be applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with the Company’s Master Servicer's normal servicing procedures;
(iv) any amount required to be deposited by the Company Master Servicer pursuant to Section 5.01(c4.01(c) in connection with any losses on Permitted Investments;
(v) any amounts required to be deposited by the Company Master Servicer pursuant to Section 3.073.05;
(vi) any Prepayment Charges collected on the EMC Mortgage Loans; and
(vii) any other amounts required to be deposited hereunder. The foregoing requirements for deposit remittance by the Company Master Servicer into the Protected Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, payments in the nature of late payment charges or assumption fees, if collected, need not be deposited remitted by the CompanyMaster Servicer. In the event that the Company Master Servicer shall deposit remit any amount not required to be deposited remitted and not otherwise subject to withdrawal pursuant to Section 5.024.02, it may at any time withdraw or direct the institution maintaining the Protected Account, to withdraw such amount from the Protected Account, any provision herein to the contrary notwithstanding. Such withdrawal or direction may be accomplished by delivering written notice thereof to the institution maintaining the Protected Account, that describes the amounts deposited in error in the Protected Account. The Company Master Servicer shall maintain adequate records with respect to all withdrawals made pursuant to this Section. All funds 109 deposited in the Protected Account shall be held in trust for the Certificateholders until withdrawn in accordance with Section 5.024.02.
(c) The institution that maintains the Protected Account shall invest the funds in the Protected Account, in the manner directed by the CompanyMaster Servicer, in Permitted Investments which shall mature not later than the Business Day immediately preceding the Remittance Date and shall not be sold or disposed of prior to its 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 shall be for the benefit of the Company Master Servicer as servicing compensation and shall be remitted to it monthly as provided herein. The amount of any losses incurred in the Protected Account in respect of any such investments shall be deposited by the Company Master Servicer into the Protected Account, out of the Company’s Master Servicer's own funds.
(d) The Company Master Servicer shall give at least 30 days advance notice to the Trustee, the Securities Administrator, the Sponsor, the Master ServicerSeller, each Rating Agency and the Depositor of any proposed change of location of the Protected Account prior to any change thereof.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Bear Stearns Asset Backed Securities I Trust 2005-He2)
Collection of Mortgage Loan Payments; Protected Account. (a) The Company Master Servicer shall make reasonable efforts in accordance with customary and usual standards of practice of prudent mortgage lenders in the respective states in which the Mortgaged Properties related to the EMC Mortgage Loans are located to collect all payments called for under the terms and provisions of the EMC Mortgage Loans to the extent such procedures shall be consistent with this Agreement and the terms and provisions of any related Required Insurance Policy. Consistent with the foregoing, the Company Master Servicer may in its discretion (i) waive any late payment charge and (ii) extend the Due Dates due dates for payments due on a Mortgage Note related to an EMC Mortgage Loan for a period not greater than 125 days, provided that, EMC shall not extend the payment date of any Mortgage Loan beyond the date of its final maturity date. In the event of any such arrangement, the Company Master Servicer shall make Advances on the related EMC Mortgage Loan during the scheduled period in accordance with the amortization schedule of such EMC Mortgage Loan without modification thereof by reason of such arrangements, and shall be entitled to reimbursement therefor in accordance with Section 6.01. The Company Master Servicer shall not be required to institute or join in litigation with respect to collection of any payment (whether under a Mortgage, Mortgage Note or otherwise or against any public or governmental authority with respect to a taking or condemnation) if it reasonably believes that enforcing the provision of the Mortgage or other instrument pursuant to which such payment is required is prohibited by applicable law. In addition, if (x) an EMC a Mortgage Loan is in default or default is reasonably foreseeable foreseeable, the Master Servicer may also waive, modify or vary any term of any Mortgage Loan or consent to the postponement of strict compliance with any such term or in any manner grant indulgence to any mortgagor, including without limitation, to (1) capitalize any amounts owing on the Mortgage Loan by adding such amount to the outstanding principal balance of the Mortgage Loan, (2) defer such amounts to a later date or the final payment date of such Mortgage Loan, (3) extend the maturity of any such Mortgage Loan, but in no instance past the date on which the final payment is due on the latest maturing Mortgage Loan as of the Cut-off Date, and/or (4) reduce the related Mortgage Rate (subject to clause (y) below), provided that, in the Master Servicer’s determination such waiver, modification, postponement or indulgence is not materially adverse to the interests of the Certificateholders (taking into account any estimated Realized Loss that might result absent such action), or (y) the Company Master Servicer delivers to the Trustee, Securities Administrator and Master Servicer Trustee a certification addressed to the Trustee and the Securities AdministratorTrustee, based on the advice of counsel or certified public accountants, in either case, that have a national reputation with respect to taxation of REMICs, that a modification of such EMC Mortgage Loan will not result in the imposition of taxes on or disqualify from REMIC status any of REMIC I, REMIC II, REMIC III, REMIC IV, IV or REMIC V, REMIC VI, REMIC VII or REMIC VIII, the Company may if it reasonably believes that undertaking such actions would be in the best interest of the CertificateholdersMaster Servicer may, (A) amend the related Mortgage Note to reduce the Mortgage Rate applicable thereto, provided that such reduced Mortgage Rate shall in no event be lower than 5.00% with respect to any EMC Mortgage Loan and (B) amend any Mortgage Note related to an EMC Mortgage Loan to extend to the maturity thereof; provided that, EMC shall not extend the payment date of any Mortgage Loan beyond its final maturity date. In accordance with the standards of the first paragraph of Section 3.01, the Company Master Servicer shall not waive (or permit a sub-servicer to waive) any Prepayment Charge related to an EMC Mortgage Loan unless: (i) the enforceability thereof shall have been limited by bankruptcy, insolvency, moratorium, receivership and other similar laws relating to creditors’ rights generally, (ii) the enforcement thereof is illegal, or any local, state or federal agency has threatened legal action if the prepayment penalty is enforced, (iii) the collectability thereof shall have mortgage debt has been limited due to acceleration accelerated in connection with a foreclosure or other involuntary payment or (iv) such waiver is standard and customary in servicing similar Mortgage Loans and relates to a default or a reasonably foreseeable default and would, in the reasonable judgment of the CompanyMaster Servicer, maximize recovery of total proceeds taking into account the value of such Prepayment Charge and the related EMC Mortgage Loan. If a Prepayment Charge is waived, but does not meet the standards described above, then the Company Master Servicer is required to pay the amount of such waived Prepayment Charge, for the benefit of the related Class C P Certificates, by remitting such amount to the Master Servicer Trustee by the Remittance Date. Payments of such waived charges shall not be payments in respect of any Regular Interest.
(b) The Company Master Servicer shall establish and maintain a Protected Account (which shall at all times be an Eligible Account) with a depository institution in the name of the Company Master Servicer for the benefit of the Trustee on behalf of the Certificateholders and designated “EMC Mortgage CorporationXxxxx Fargo, as servicer on behalf of Citibank, N.A., as Trustee, for the benefit of the certificateholdersNational Association, in trust for registered holders of Bear Xxxxxxx Asset Backed Securities I LLCMortgage Funding Trust 2006-AC1, MortgageAsset-Backed Certificates, Series 2006-5AC1”. The Company Master Servicer shall deposit or cause to be deposited into the Protected Account on a daily basis within one two Business Day Days of receiptreceipt and identification, except as otherwise specifically provided herein, the following payments and collections remitted by subservicers or received by it in respect of the EMC Mortgage Loans subsequent to the Cut-off Date (other than in respect of principal and interest due on the EMC 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, including Principal Prepayments, on the EMC Mortgage Loans;
(ii) all payments on account of interest on the EMC Mortgage Loans net of the related Servicing Fee permitted under Section 3.133.10 and LPMI Fees, if any;
(iii) all Liquidation Proceeds, Subsequent Recoveries Proceeds and Insurance Proceeds with respect to any EMC Mortgage LoansProceeds, other than proceeds to be applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with the CompanyMaster Servicer’s normal servicing procedures;
(iv) any amount required to be deposited by the Company Master Servicer pursuant to Section 5.01(c) in connection with any losses on Permitted Investments;
(v) any amounts required to be deposited by the Company Master Servicer pursuant to Section 3.073.05;
(vi) any Prepayment Charges collected on the EMC Mortgage Loans; and
(vii) any other amounts required to be deposited hereunder. The foregoing requirements for deposit remittance by the Company Master Servicer into the Protected Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, payments in the nature of late payment charges or assumption fees, if collected, need not be deposited remitted by the CompanyMaster Servicer. In the event that the Company Master Servicer shall deposit remit any amount not required to be deposited remitted and not otherwise subject to withdrawal pursuant to Section 5.02, it may at any time withdraw or direct the institution maintaining the Protected Account, to withdraw such amount from the Protected Account, any provision herein to the contrary notwithstanding. Such withdrawal or direction may be accomplished by delivering written notice thereof to the institution maintaining the Protected Account, that describes the amounts deposited in error in the Protected Account. The Company Master Servicer shall maintain adequate records with respect to all withdrawals made pursuant to this Section. Reconciliations will be prepared for the Protected Account within 45 calendar days after the bank statement cut-off date. All items requiring reconciliation will be resolved within 90 calendar days of their original identification. All funds deposited in the Protected Account shall be held in trust for the Certificateholders until withdrawn in accordance with Section 5.02.
(c) The institution that maintains the Protected Account shall invest the funds in the Protected Account, in the manner directed by the CompanyMaster Servicer, in Permitted Investments which shall mature not later than the Business Day immediately preceding the Remittance Date and shall not be sold or disposed of prior to its 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 shall be for the benefit of the Company Master Servicer as servicing compensation and shall be remitted to it monthly as provided herein. The amount of any losses incurred in the Protected Account in respect of any such investments shall be deposited by the Company Master Servicer into the Protected Account, out of the CompanyMaster Servicer’s own funds.
(d) The Company Master Servicer shall give at least 30 days advance notice to the Trustee, the Securities Administrator, the SponsorSeller, the Master Servicer, each Rating Agency and the Depositor of any proposed change of location of the Protected Account prior to any change thereof.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Bear Stearns Mortgage Funding Trust 2006-Ac1)
Collection of Mortgage Loan Payments; Protected Account. (a) The Company Master Servicer shall make reasonable efforts in accordance with customary and usual standards of practice of prudent mortgage lenders in the respective states in which the Mortgaged Properties related to the EMC Mortgage Loans are located to collect all payments called for under the terms and provisions of the EMC Mortgage Loans to the extent such procedures shall be consistent with this Agreement and the terms and provisions of any related Required Insurance Policy. Consistent with the foregoing, the Company Master Servicer may in its discretion (i) waive any late payment charge and (ii) extend the Due Dates due dates for payments due on a Mortgage Note related to an EMC Mortgage Loan for a period not greater than 125 days, provided that, EMC shall not extend the payment date of any Mortgage Loan beyond the date of its final maturity date. In the event of any such arrangement, the Company Master Servicer shall make Advances on the related EMC Mortgage Loan during the scheduled period in accordance with the amortization schedule of such EMC Mortgage Loan without modification thereof by reason of such arrangements, and shall be entitled to reimbursement therefor in accordance with Section 6.015.01. The Company Master Servicer shall not be required to institute or join in litigation with respect to collection of any payment (whether under a Mortgage, Mortgage Note or otherwise or against any public or governmental authority with respect to a taking or condemnation) if it reasonably believes that enforcing the provision of the Mortgage or other instrument pursuant to which such payment is required is prohibited by applicable law. In addition, if (x) an EMC a Mortgage Loan is in default or default is reasonably foreseeable foreseeable, the Master Servicer may also waive, modify or vary any term of any Mortgage Loan or consent to the postponement of strict compliance with any such term or in any manner grant indulgence to any mortgagor, including without limitation, to (1) capitalize any amounts owing on the Mortgage Loan by adding such amount to the outstanding principal balance of the Mortgage Loan, (2) defer such amounts to a later date or the final payment date of such Mortgage Loan, (3) extend the maturity of any such Mortgage Loan, but in no instance past the date on which the final payment is due on the latest maturing Mortgage Loan as of the Cut-off Date, and/or (4) reduce the related Mortgage Rate (subject to clause (y) below), provided that, in the Master Servicer’s determination, such waiver, modification, postponement or indulgence is not materially adverse to the interests of the Certificateholders (taking into account any estimated Realized Loss that might result absent such action), or (y) the Company Master Servicer delivers to the Trustee, Securities Administrator and Master Servicer Trustee a certification addressed to the Trustee and the Securities AdministratorTrustee, based on the advice of counsel or certified public accountants, in either case, that have a national reputation with respect to taxation of REMICs, that a modification of such EMC Mortgage Loan will not result in the imposition of taxes on or disqualify from REMIC status any of REMIC I, REMIC II, REMIC III, REMIC IV, IV or REMIC V, REMIC VI, REMIC VII or REMIC VIII, the Company may if it reasonably believes that undertaking such actions would be in the best interest of the CertificateholdersMaster Servicer may, (A) amend the related Mortgage Note to reduce the Mortgage Rate applicable thereto, provided that such reduced Mortgage Rate shall in no event be lower than 5.00% with respect to any EMC Mortgage Loan and (B) amend any Mortgage Note related to an EMC Mortgage Loan to extend to the maturity thereof; provided that, EMC shall not extend the payment date of any Mortgage Loan beyond its final maturity date. In accordance with the standards of the first paragraph of Section 3.01, the Company The Master Servicer shall not waive (or permit a sub-servicer to waive) any Prepayment Charge related to an EMC Mortgage Loan unless: (i) the enforceability thereof shall have been limited by bankruptcy, insolvency, moratorium, receivership and other similar laws relating to creditors’ rights generally, (ii) the enforcement thereof is illegal, or any local, state or federal agency has threatened legal action if the prepayment penalty is enforced, (iii) the collectability thereof shall have mortgage debt has been limited due to acceleration accelerated in connection with a foreclosure or other involuntary payment or (iv) such waiver is standard and customary in servicing similar Mortgage Loans and relates to a default or a reasonably foreseeable default and would, in the reasonable judgment of the CompanyMaster Servicer, maximize recovery of total proceeds taking into account the value of such Prepayment Charge and the related EMC Mortgage Loan. If a Prepayment Charge is waived, but does not meet the standards described above, then the Company Master Servicer is required to pay the amount of such waived Prepayment Charge, for the benefit of the related Class C Certificates, by remitting such amount to the Master Servicer Trustee by the Remittance Distribution Account Deposit Date. Payments of such waived charges shall not be payments in respect of any Regular Interest.
(b) The Company Master Servicer shall establish and maintain a Protected Account (which shall at all times be an Eligible Account) with a depository institution in the name of the Company Master Servicer for the benefit of the Trustee on behalf of the Certificateholders and designated “EMC Mortgage Corporation, as servicer on behalf of Citibank, N.A., as TrusteeMaster Servicer, for the benefit of the certificateholdersLaSalle Bank National Association, in trust for registered holders Holders of Bear Xxxxxxx Asset Backed Securities I LLC, Bear Xxxxxxx Mortgage Funding Trust, Mortgage-Backed Certificates, Series 2006-5SL5”. The Company Master Servicer shall deposit or cause to be deposited into the Protected Account on a daily basis within one two Business Day Days of receiptreceipt and identification, except as otherwise specifically provided herein, the following payments and collections remitted by subservicers or received by it in respect of the EMC Mortgage Loans subsequent to the Cut-off Date (other than in respect of principal and interest due on the EMC 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, including Principal Prepayments, on the EMC Mortgage Loans;
(ii) all payments on account of interest on the EMC Mortgage Loans net of the related Servicing Fee permitted under Section 3.133.10 and LPMI Fees, if any;
(iii) all Liquidation Proceeds, Subsequent Recoveries and Insurance Proceeds with respect to any EMC Mortgage LoansProceeds, other than proceeds to be applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with the CompanyMaster Servicer’s normal servicing procedures;
(iv) any amount required to be deposited by the Company Master Servicer pursuant to Section 5.01(c4.01(c) in connection with any losses on Permitted Investments;
(v) any amounts required to be deposited by the Company Master Servicer pursuant to Section 3.073.05;
(vi) any Prepayment Charges collected on the EMC Mortgage Loans; and
(vii) any other amounts required to be deposited hereunder. The foregoing requirements for deposit remittance by the Company Master Servicer into the Protected Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, payments in the nature of late payment charges or assumption fees, if collected, need not be deposited remitted by the CompanyMaster Servicer. In the event that the Company Master Servicer shall deposit remit any amount not required to be deposited remitted and not otherwise subject to withdrawal pursuant to Section 5.024.02, it may at any time withdraw or direct the institution maintaining the Protected Account, to withdraw such amount from the Protected Account, any provision herein to the contrary notwithstanding. Such withdrawal or direction may be accomplished by delivering written notice thereof to the institution maintaining the Protected Account, that describes the amounts deposited in error in the Protected Account. The Company Master Servicer shall maintain adequate records with respect to all withdrawals made pursuant to this Section. Reconciliations will be prepared for the Protected Account within 45 calendar days after the bank statement cut-off date. All funds deposited in the Protected Account shall be held in trust for the Certificateholders until withdrawn in accordance with Section 5.024.02.
(c) The institution that maintains the Protected Account shall invest the funds in the Protected Account, in the manner directed by the CompanyMaster Servicer, in Permitted Investments which shall mature not later than the Business Day immediately preceding the Remittance Date and shall not be sold or disposed of prior to its 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 shall be for the benefit of the Company Master Servicer as servicing compensation and shall be remitted to it monthly as provided herein. The amount of any losses incurred in the Protected Account in respect of any such investments shall be deposited by the Company Master Servicer into the Protected Account, out of the CompanyMaster Servicer’s own funds.
(d) The Company Master Servicer shall give at least 30 days advance notice to the Trustee, the Securities Administrator, the Sponsor, the Master ServicerSeller, each Rating Agency and the Depositor of any proposed change of location of the Protected Account prior to any change thereof.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Bear Stearns Mortgage Funding Trust 2006-Sl5)
Collection of Mortgage Loan Payments; Protected Account. (a) The Company Master Servicer shall make reasonable efforts in accordance with customary and usual standards of practice of prudent mortgage lenders in the respective states in which the Mortgaged Properties related to the EMC Mortgage Loans are located to collect all payments called for under the terms and provisions of the EMC Mortgage Loans to the extent such procedures shall be consistent with this Agreement and the terms and provisions of any related Required Insurance Policy. Consistent with the foregoing, the Company Master Servicer may in its discretion (i) waive any late payment charge and (ii) extend the Due Dates due dates for payments due on a Mortgage Note related to an EMC Mortgage Loan for a period not greater than 125 days, provided that, EMC shall not extend the payment date of any Mortgage Loan beyond the date of its final maturity date. In the event of any such arrangement, the Company Master Servicer shall make Advances on the related EMC Mortgage Loan during the scheduled period in accordance with the amortization schedule of such EMC Mortgage Loan without modification thereof by reason of such arrangements, and shall be entitled to reimbursement therefor in accordance with Section 6.015.01. The Company Master Servicer shall not be required to institute or join in litigation with respect to collection of any payment (whether under a Mortgage, Mortgage Note or otherwise or against any public or governmental authority with respect to a taking or condemnation) if it reasonably believes that enforcing the provision of the Mortgage or other instrument pursuant to which such payment is required is prohibited by applicable law. In addition, if (x) an EMC a Mortgage Loan is in default or default is reasonably foreseeable or (y) the Company Master Servicer delivers to the Trustee, Securities Administrator and Master Servicer Trustee a certification addressed to the Trustee and the Securities AdministratorTrustee, based on the advice of counsel or certified public accountants, in either case, that have a national reputation with respect to taxation of REMICs, that a modification of such EMC Mortgage Loan will not result in the imposition of taxes on or disqualify from REMIC status any of REMIC I, REMIC II, REMIC III, REMIC IV, REMIC V, REMIC VI, REMIC VII or VII, REMIC VIII, REMIC IX or REMIC X, the Company may if it reasonably believes that undertaking such actions would be in the best interest of the CertificateholdersMaster Servicer may, (A) amend the related Mortgage Note to reduce the Mortgage Rate applicable thereto, provided that such reduced Mortgage Rate shall in no event be lower than 5.00% with respect to any EMC Mortgage Loan and (B) amend any Mortgage Note related to an EMC Mortgage Loan to extend to the maturity thereof; provided that. With respect to Mortgage Loans affected by Hurricane Xxxxxxx, if the Mortgaged Property is located in public and individual assistance counties as designated by FEMA (as set forth on its website xxx.xxxx.xxx), EMC shall not extend ceased charging late fees and credit reporting activity for selected mortgagors in certain counties from the payment date of any Mortgage Loan beyond its final maturity datesuch designation until May 1, 2006, and has decided if reasonably prudent, to extend such period as long as necessary. In accordance with addition, EMC suspended foreclosure and bankruptcy activity relating to such Mortgage Loans from the standards date of the first paragraph of Section 3.01such designation until May 1, the Company 2006, and has decided if reasonably prudent, to extend such period as long as necessary. The Master Servicer shall not waive (or permit a sub-servicer to waive) any Prepayment Charge related to an EMC Mortgage Loan unless: (i) the enforceability thereof shall have been limited by bankruptcy, insolvency, moratorium, receivership and other similar laws relating to creditors’ rights generally, (ii) the enforcement thereof is illegal, or any local, state or federal agency has threatened legal action if the prepayment penalty is enforced, (iii) the collectability thereof shall have mortgage debt has been limited due to acceleration accelerated in connection with a foreclosure or other involuntary payment or (iv) such waiver is standard and customary in servicing similar Mortgage Loans and relates to a default or a reasonably foreseeable default and would, in the reasonable judgment of the CompanyMaster Servicer, maximize recovery of total proceeds taking into account the value of such Prepayment Charge and the related EMC Mortgage Loan. If a Prepayment Charge is waived, but does not meet the standards described above, then the Company Master Servicer is required to pay the amount of such waived Prepayment Charge, for the benefit of the related Class C P Certificates, by remitting such amount to the Master Servicer Trustee by the Remittance Date. Payments of Distribution Account Deposit Date with respect to such waived charges shall not be payments in respect of any Regular InterestLoan Group.
(b) The Company Master Servicer shall establish and maintain a Protected Account (which shall at all times be an Eligible Account) with a depository institution in the name of the Company Master Servicer for the benefit of the Trustee on behalf of the Certificateholders and designated “EMC Mortgage Corporation, as servicer on behalf of Citibank, N.A., as TrusteeMaster Servicer, for the benefit of the certificateholdersLaSalle Bank National Association, in trust for registered holders Holders of Bear Xxxxxxx Asset Backed Securities I LLC, MortgageAsset-Backed Certificates, Series 2006-5HE6”. The Company Master Servicer shall deposit or cause to be deposited into the Protected Account on a daily basis within one two Business Day Days of receiptreceipt and identification, except as otherwise specifically provided herein, the following payments and collections remitted by subservicers or received by it in respect of the EMC Mortgage Loans subsequent to the Cut-off Date (other than in respect of principal and interest due on the EMC Mortgage Loans on or before the Cut-off Date) and the following amounts required to be deposited hereunder:
(i) with respect to each Loan Group, all payments on account of principal, including Principal Prepayments, on the EMC Mortgage Loans;
(ii) with respect to each Loan Group, all payments on account of interest on the EMC Mortgage Loans net of the related Servicing Fee permitted under Section 3.133.10 and LPMI Fees, if any;
(iii) with respect to each Loan Group, all Liquidation Proceeds, Subsequent Recoveries and Insurance Proceeds with respect to any EMC Mortgage LoansProceeds, other than proceeds to be applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with the CompanyMaster Servicer’s normal servicing procedures;
(iv) with respect to each Loan Group, any amount required to be deposited by the Company Master Servicer pursuant to Section 5.01(c4.01(c) in connection with any losses on Permitted Investments;
(v) with respect to each Loan Group, any amounts required to be deposited by the Company Master Servicer pursuant to Section 3.073.05;
(vi) with respect to each Loan Group, any Prepayment Charges collected on the EMC Mortgage Loans; and
(vii) with respect to each Loan Group, any other amounts required to be deposited hereunder. The foregoing requirements for deposit remittance by the Company Master Servicer into the Protected Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, payments in the nature of late payment charges or assumption fees, if collected, need not be deposited remitted by the CompanyMaster Servicer. In the event that the Company Master Servicer shall deposit remit any amount with respect to a Loan Group not required to be deposited remitted and not otherwise subject to withdrawal pursuant to Section 5.024.02, it may at any time withdraw or direct the institution maintaining the Protected Account, to withdraw such amount from the Protected AccountAccount with respect to such Loan Group, any provision herein to the contrary notwithstanding. Such withdrawal or direction may be accomplished by delivering written notice thereof to the institution maintaining the Protected Account, that describes the amounts deposited in error in the Protected Account. The Company Master Servicer shall maintain adequate records with respect to all withdrawals made pursuant to this Section. Reconciliations will be prepared for the Protected Account within 45 calendar days after the bank statement cut-off date. All items requiring reconciliation will be resolved within 90 calendar days of their original identification. All funds deposited in the Protected Account shall be held in trust for the related Certificateholders until withdrawn in accordance with Section 5.024.02.
(c) The institution that maintains the Protected Account shall invest the funds in the Protected Account, in the manner directed by the CompanyMaster Servicer, in Permitted Investments which shall mature not later than the Business Day immediately preceding the Remittance Date and shall not be sold or disposed of prior to its 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 shall be for the benefit of the Company Master Servicer as servicing compensation and shall be remitted to it monthly as provided herein. The amount of any losses incurred in the Protected Account in respect of any such investments shall be deposited by the Company Master Servicer into the Protected Account, out of the CompanyMaster Servicer’s own funds.
(d) The Company Master Servicer shall give at least 30 days advance notice to the Trustee, the Securities Administrator, the Sponsor, the Master ServicerSellers, each Rating Agency and the Depositor of any proposed change of location of the Protected Account prior to any change thereof.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Bear Stearns Asset Backed Securities I Trust 2006-He6)
Collection of Mortgage Loan Payments; Protected Account. (a) The Company Master Servicer shall make reasonable efforts in accordance with customary and usual standards of practice of prudent mortgage lenders in the respective states in which the Mortgaged Properties related to the EMC Mortgage Loans are located to collect all payments called for under the terms and provisions of the EMC Mortgage Loans to the extent such procedures shall be consistent with this Agreement and the terms and provisions of any related Required Insurance Policy. Consistent with the foregoing, the Company Master Servicer may in its discretion (i) waive any late payment charge and (ii) extend the Due Dates due dates for payments due on a Mortgage Note related to an EMC Mortgage Loan for a period not greater than 125 days, provided that, EMC shall not extend the payment date of any Mortgage Loan beyond the date of its final maturity date. In the event of any such arrangement, the Company Master Servicer shall make Advances on the related EMC Mortgage Loan during the scheduled period in accordance with the amortization schedule of such EMC Mortgage Loan without modification thereof by reason of such arrangements, and shall be entitled to reimbursement therefor in accordance with Section 6.015.01. The Company Master Servicer shall not be required to institute or join in litigation with respect to collection of any payment (whether under a Mortgage, Mortgage Note or otherwise or against any public or governmental authority with respect to a taking or condemnation) if it reasonably believes that enforcing the provision of the Mortgage or other instrument pursuant to which such payment is required is prohibited by applicable law. In addition, if (x) an EMC a Mortgage Loan is in default or default is reasonably foreseeable or imminent and (y) the Company Master Servicer delivers to the Trustee, Securities Administrator and Master Servicer Trustee a certification addressed to the Trustee and the Securities AdministratorTrustee, based on the advice of counsel or certified public accountants, in either case, that have a national reputation with respect to taxation of REMICs, that a modification of such EMC Mortgage Loan will not result in the imposition of taxes on or disqualify any of either REMIC I, REMIC II, REMIC III, III or REMIC IV, REMIC V, REMIC VI, REMIC VII or REMIC VIII, the Company may if it reasonably believes that undertaking such actions would be in the best interest of the CertificateholdersMaster Servicer may, (A) amend the related Mortgage Note to reduce the Mortgage Rate applicable thereto, provided that such reduced Mortgage Rate shall in no event be lower than 5.00% with respect to any EMC Mortgage Loan and (B) amend any Mortgage Note related to an EMC Mortgage Loan to extend to the maturity thereof; provided that, EMC shall not extend the payment date of any Mortgage Loan beyond its final maturity date. In accordance with the standards of the first paragraph of Section 3.01, the Company The Master Servicer shall not waive (or permit a sub-servicer to waive) any Prepayment Charge related to an EMC Mortgage Loan unless: (i) the enforceability thereof shall have been limited by bankruptcy, insolvency, moratorium, receivership and other similar laws relating to creditors’ ' rights generally, (ii) the enforcement thereof is illegal, or any local, state or federal agency has threatened legal action if the prepayment penalty is enforced, (iii) the collectability thereof shall have been limited due to acceleration in connection with a foreclosure or other involuntary payment or (iv) such waiver is standard and customary in servicing similar Mortgage Loans and relates to a default or a reasonably foreseeable default and would, in the reasonable judgment of the CompanyMaster Servicer, maximize recovery of total proceeds taking into account the value of such Prepayment Charge and the related EMC Mortgage Loan. In no event will the Master Servicer waive a Prepayment Charge in connection with a refinancing of a Mortgage Loan that is not related to a default or a reasonably foreseeable default. If a Prepayment Charge is waived, but does not meet the standards described above, then the Company Master Servicer is required to pay the amount of such waived Prepayment Charge, for the benefit of the related Class C P Certificates, by remitting such amount to the Master Servicer Trustee by the Remittance Distribution Account Deposit Date. Payments of such waived charges shall not be payments in respect of any Regular Interest.
(b) The Company Master Servicer shall establish and maintain a Protected Account (which shall at all times be an Eligible Account) with a depository institution in the name of the Company Master Servicer for the benefit of the Trustee on behalf of the Certificateholders and designated “"EMC Mortgage Corporation, as servicer on behalf of Citibank, N.A., as TrusteeMaster Servicer, for the benefit of the certificateholdersLaSalle Bank National Association, in trust for registered holders of Bear Xxxxxxx Stearns Asset Backed Securities Backex Xxxxxities I LLC, MortgageAsset-Backed Certificates, Certificates Series 20062004-5”HE4". The Company Master Servicer shall deposit or cause to be deposited into the Protected Account on a daily basis within one Business Day of receipt, except as otherwise specifically provided herein, the following payments and collections remitted by subservicers or received by it in respect of the EMC Mortgage Loans subsequent to the Cut-off Date (other than in respect of principal and interest due on the EMC 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, including Principal Prepayments, on the EMC Mortgage Loans;
(ii) all payments on account of interest on the EMC Mortgage Loans net of the related Servicing Fee permitted under Section 3.133.10 and LPMI Fees, if any;
(iii) all Liquidation Proceeds, Subsequent Recoveries and Insurance Proceeds with respect to any EMC Mortgage LoansProceeds, other than proceeds to be applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with the Company’s Master Servicer's normal servicing procedures;
(iv) any amount required to be deposited by the Company Master Servicer pursuant to Section 5.01(c4.01(c) in connection with any losses on Permitted Investments;
(v) any amounts required to be deposited by the Company Master Servicer pursuant to Section 3.073.05;
(vi) any Prepayment Charges collected on the EMC Mortgage Loans; and
(vii) any other amounts required to be deposited hereunder. The foregoing requirements for deposit remittance by the Company Master Servicer into the Protected Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, payments in the nature of late payment charges or assumption fees, if collected, need not be deposited remitted by the CompanyMaster Servicer. In the event that the Company Master Servicer shall deposit remit any amount not required to be deposited remitted and not otherwise subject to withdrawal pursuant to Section 5.024.02, it may at any time withdraw or direct the institution maintaining the Protected Account, to withdraw such amount from the Protected Account, any provision herein to the contrary notwithstanding. Such withdrawal or direction may be accomplished by delivering written notice thereof to the institution maintaining the Protected Account, that describes the amounts deposited in error in the Protected Account. The Company Master Servicer shall maintain adequate records with respect to all withdrawals made pursuant to this Section. All funds deposited in the Protected Account shall be held in trust for the Certificateholders until withdrawn in accordance with Section 5.024.02.
(c) The institution that maintains the Protected Account shall invest the funds in the Protected Account, in the manner directed by the CompanyMaster Servicer, in Permitted Investments which shall mature not later than the Business Day immediately preceding the Remittance Date and shall not be sold or disposed of prior to its 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 shall be for the benefit of the Company Master Servicer as servicing compensation and shall be remitted to it monthly as provided herein. The amount of any losses incurred in the Protected Account in respect of any such investments shall be deposited by the Company Master Servicer into the Protected Account, out of the Company’s Master Servicer's own funds.
(d) The Company Master Servicer shall give at least 30 days advance notice to the Trustee, the Securities Administrator, the Sponsor, the Master ServicerSeller, each Rating Agency and the Depositor of any proposed change of location of the Protected Account prior to any change thereof.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Bear Stearns Asset Backed Securities I LLC 2004-He4)
Collection of Mortgage Loan Payments; Protected Account. (a) The Company Master Servicer shall make reasonable efforts in accordance with customary and usual standards of practice of prudent mortgage lenders in the respective states in which the Mortgaged Properties related to the EMC Mortgage Loans are located to collect all payments called for under the terms and provisions of the EMC Mortgage Loans to the extent such procedures shall be consistent with this Agreement and the terms and provisions of any related Required Insurance Policy. Consistent with the foregoing, the Company Master Servicer may in its discretion (i) waive any late payment charge and (ii) extend the Due Dates due dates for payments due on a Mortgage Note related to an EMC Mortgage Loan for a period not greater than 125 days, provided that, EMC shall not extend the payment date of any Mortgage Loan beyond the date of its final maturity date. In the event of any such arrangement, the Company Master Servicer shall make Advances on the related EMC Mortgage Loan during the scheduled period in accordance with the amortization schedule of such EMC Mortgage Loan without modification thereof by reason of such arrangements, and shall be entitled to reimbursement therefor in accordance with Section 6.015.01. The Company Master Servicer shall not be required to institute or join in litigation with respect to collection of any payment (whether under a Mortgage, Mortgage Note or otherwise or against any public or governmental authority with respect to a taking or condemnation) if it reasonably believes that enforcing the provision of the Mortgage or other instrument pursuant to which such payment is required is prohibited by applicable law. In addition, if (x) an EMC a Mortgage Loan is in default or default is reasonably foreseeable or imminent and (y) the Company Master Servicer delivers to the Trustee, Securities Administrator and Master Servicer Trustee a certification addressed to the Trustee and the Securities AdministratorTrustee, based on the advice of counsel or certified public accountants, in either case, that have a national reputation with respect to taxation of REMICs, that a modification of such EMC Mortgage Loan will not result in the imposition of taxes on or disqualify any of either REMIC I, REMIC II, REMIC III, III or REMIC IV, REMIC V, REMIC VI, REMIC VII or REMIC VIII, the Company may if it reasonably believes that undertaking such actions would be in the best interest of the CertificateholdersMaster Servicer may, (A) amend the related Mortgage Note to reduce the Mortgage Rate applicable thereto, provided that such reduced Mortgage Rate shall in no event be lower than 5.00% with respect to any EMC Mortgage Loan and (B) amend any Mortgage Note related to an EMC Mortgage Loan to extend to the maturity thereof; provided that, EMC shall not extend the payment date of any Mortgage Loan beyond its final maturity date. In accordance with the standards of the first paragraph of Section 3.01, the Company The Master Servicer shall not waive (or permit a sub-servicer to waive) any Prepayment Charge related to an EMC Mortgage Loan unless: (i) the enforceability thereof shall have been limited by bankruptcy, insolvency, moratorium, receivership and other similar laws relating to creditors’ ' rights generally, (ii) the enforcement thereof is illegal, or any local, state or federal agency has threatened legal action if the prepayment penalty is enforced, (iii) the collectability thereof shall have been limited due to acceleration in connection with a foreclosure or other involuntary payment or (iv) such waiver is standard and customary in servicing similar Mortgage Loans and relates to a default or a reasonably foreseeable default and would, in the reasonable judgment of the CompanyMaster Servicer, maximize recovery of total proceeds taking into account the value of such Prepayment Charge and the related EMC Mortgage Loan. In no event will the Master Servicer waive a Prepayment Charge in connection with a refinancing of a Mortgage Loan that is not related to a default or a reasonably foreseeable default. If a Prepayment Charge is waived, but does not meet the standards described above, then the Company Master Servicer is required to pay the amount of such waived Prepayment Charge, for the benefit of the related Class C P Certificates, by remitting such amount to the Master Servicer Trustee by the Remittance Distribution Account Deposit Date. Payments of such waived charges shall not be payments in respect of any Regular Interest.
(b) The Company Master Servicer shall establish and maintain a Protected Account (which shall at all times be an Eligible Account) with a depository institution in the name of the Company Master Servicer for the benefit of the Trustee on behalf of the Certificateholders and designated “"EMC Mortgage Corporation, as servicer on behalf of Citibank, N.A., as TrusteeMaster Servicer, for the benefit of the certificateholdersLaSalle Bank National Association, in trust for registered holders of Bear Xxxxxxx Stearns Asset Backed Securities I LLCXxxxxxties, MortgageInc., Asset-Backed Certificates, Certificates Series 20062004-5”HE3". The Company Master Servicer shall deposit or cause to be deposited into the Protected Account on a daily basis within one Business Day of receipt, except as otherwise specifically provided herein, the following payments and collections remitted by subservicers or received by it in respect of the EMC Mortgage Loans subsequent to the Cut-off Date (other than in respect of principal and interest due on the EMC 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, including Principal Prepayments, on the EMC Mortgage Loans;
(ii) all payments on account of interest on the EMC Mortgage Loans net of the related Servicing Fee permitted under Section 3.133.10 and LPMI Fees, if any;
(iii) all Liquidation Proceeds, Subsequent Recoveries and Insurance Proceeds with respect to any EMC Mortgage LoansProceeds, other than proceeds to be applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with the Company’s Master Servicer's normal servicing procedures;
(iv) any amount required to be deposited by the Company Master Servicer pursuant to Section 5.01(c4.01(c) in connection with any losses on Permitted Investments;
(v) any amounts required to be deposited by the Company Master Servicer pursuant to Section 3.073.05;
(vi) any Prepayment Charges collected on the EMC Mortgage Loans; and
(vii) any other amounts required to be deposited hereunder. The foregoing requirements for deposit remittance by the Company Master Servicer into the Protected Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, payments in the nature of late payment charges or assumption fees, if collected, need not be deposited remitted by the CompanyMaster Servicer. In the event that the Company Master Servicer shall deposit remit any amount not required to be deposited remitted and not otherwise subject to withdrawal pursuant to Section 5.024.02, it may at any time withdraw or direct the institution maintaining the Protected Account, to withdraw such amount from the Protected Account, any provision herein to the contrary notwithstanding. Such withdrawal or direction may be accomplished by delivering written notice thereof to the institution maintaining the Protected Account, that describes the amounts deposited in error in the Protected Account. The Company Master Servicer shall maintain adequate records with respect to all withdrawals made pursuant to this Section. All funds deposited in the Protected Account shall be held in trust for the Certificateholders until withdrawn in accordance with Section 5.024.02.
(c) The institution that maintains the Protected Account shall invest the funds in the Protected Account, in the manner directed by the CompanyMaster Servicer, in Permitted Investments which shall mature not later than the Business Day immediately preceding the Remittance Date and shall not be sold or disposed of prior to its 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 shall be for the benefit of the Company Master Servicer as servicing compensation and shall be remitted to it monthly as provided herein. The amount of any losses incurred in the Protected Account in respect of any such investments shall be deposited by the Company Master Servicer into the Protected Account, out of the Company’s Master Servicer's own funds.
(d) The Company Master Servicer shall give at least 30 days advance notice to the Trustee, the Securities Administrator, the Sponsor, the Master ServicerSeller, each Rating Agency and the Depositor of any proposed change of location of the Protected Account prior to any change thereof.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Bear Stearns Asset-Backed Certificates Series 2004-He3)
Collection of Mortgage Loan Payments; Protected Account. (a) The Company shall make reasonable efforts in accordance with customary and usual standards of practice of prudent mortgage lenders in the respective states in which the Mortgaged Properties related to the EMC Mortgage Loans are located to collect all payments called for under the terms and provisions of the EMC Mortgage Loans to the extent such procedures shall be consistent with this Agreement and the terms and provisions of any related Required Insurance Policy. Consistent with the foregoing, the Company may in its discretion (i) waive any late payment charge and (ii) extend the Due Dates due dates for payments due on a Mortgage Note related to an EMC Mortgage Loan for a period not greater than 125 days, provided that, EMC shall not extend the payment date of any Mortgage Loan beyond the date of its final maturity date. In the event of any such arrangement, the Company shall make Advances on the related EMC Mortgage Loan during the scheduled period in accordance with the amortization schedule of such EMC Mortgage Loan without modification thereof by reason of such arrangements, and shall be entitled to reimbursement therefor in accordance with Section 6.01. The Company shall not be required to institute or join in litigation with respect to collection of any payment (whether under a Mortgage, Mortgage Note or otherwise or against any public or governmental authority with respect to a taking or condemnation) if it reasonably believes that enforcing the provision of the Mortgage or other instrument pursuant to which such payment is required is prohibited by applicable law. In additionConsistent with and in addition to the terms set forth in this Agreement, if (x) an EMC Mortgage Loan is in default or such default is reasonably foreseeable or (y) foreseeable, the Company delivers may waive, modify or vary any term of any EMC Mortgage Loan or consent to the Trusteepostponement of strict compliance with any such term or in any manner grant indulgence to any Mortgagor, Securities Administrator including without limitation, to (1) capitalize any amounts owing on the EMC Mortgage Loan by adding such amount to the outstanding principal balance of the EMC Mortgage Loan, (2) defer such amounts to a later date or the final payment date of such Mortgage Loan, (3) extend the maturity of any such EMC Mortgage Loan, (4) amend the related Mortgage Note to reduce the related Mortgage Rate with respect to any EMC Mortgage Loan, (5) convert the Mortgage Rate on any EMC Mortgage Loan from a fixed rate to an adjustable rate or vice versa, (6) with respect to an EMC Mortgage Loan with an initial fixed rate period followed by an adjustable rate period, extend the fixed period and Master Servicer reduce the adjustable rate period, and/or (7) forgive the amount of any interest, principal or Servicing Advances owed by the related Mortgagor; provided that, in the Company’s reasonable and prudent determination, such waiver, modification, postponement or indulgence (A) is not materially adverse to the interests of the Certificateholders in the aggregate on a present value basis using reasonable assumptions (including taking into account any estimated Realized Loss that might result absent such action); and (B) does not amend the related Mortgage Note to extend the maturity thereof later than the date of the Latest Possible Maturity Date; provided, further, with respect to any EMC Mortgage Loan that is not in default or if default is not reasonably foreseeable, unless the Company has provided to the Trustee a certification addressed to the Trustee and the Securities AdministratorTrustee, based on the advice of counsel or certified public accountants, in either case, that have a national reputation with respect to taxation of REMICs, that a such modification of such EMC Mortgage Loan will not result in the imposition of taxes on or disqualify any of from REMIC I, REMIC II, REMIC III, REMIC IV, REMIC V, REMIC VI, REMIC VII or REMIC VIIIstatus the Trust REMIC, the Company may if it reasonably believes that undertaking such actions would be in the best interest of the Certificateholders, (A) amend the related Mortgage Note to reduce the Mortgage Rate applicable thereto, provided that such reduced Mortgage Rate shall in no event be lower than 5.00% not permit any modification with respect to any EMC Mortgage Loan and Loan. Notwithstanding the foregoing, for any waiver, modification, postponement or indulgence (B) amend not including any Mortgage Note related to an EMC Mortgage Loan to extend to the maturity thereof; provided thatpartial releases, EMC shall not extend the payment date assumptions of mortgages or modifications of any Mortgage Loan beyond its final maturity datethat is done in connection with compliance with the Relief Act) which the Company reasonably anticipates may result in a realized loss of 20% or more of the outstanding principal balance of a Mortgage Loan, the Company shall present such proposed waiver, modification, postponement or indulgence, together with any supporting documentation, to the Master Servicer for consideration and approval. The Company shall submit all waivers, modifications or variances of the terms of any Mortgage Loan with respect to partial releases, assumptions of mortgages or for modifications done in furtherance of compliance with the Relief Act, together with any supporting documentation, to the Master Servicer for consideration and approval. In connection with any such Servicing Modification, the related Servicer or the Master Servicer may reimburse itself from the Trust for any outstanding Advances and Servicing Advances in the same calendar month as the Servicing Modification to the extent that such Advances and Servicing Advances are reimbursable to the related Servicer or the Master Servicer and to the extent of Principal Funds in the Protected Account for the related Distribution Date. To the extent the Principal Funds available on the Distribution Date is not sufficient to reimburse the related Servicer or the Master Servicer for such Advances and Servicing Advances, the related Servicer or the Master Servicer, as applicable, may reimburse itself on a first priority basis from the Principal Funds that are available on future Distribution Dates in the manner set forth in this Agreement or the related Servicing Agreement. If any Mortgagor’s obligation to repay any outstanding amounts due under the terms of the related Mortgage Loan for which an Advance or Servicing Advance has been made by the related Servicer or the Master Servicer is forgiven, any such reimbursement will be treated as a Realized Loss which will be incurred on the Distribution Date related to the calendar month during which the Servicing Modification occurred. In accordance with the standards of the first paragraph of Section 3.01, the Company shall not waive (or permit a sub-servicer to waive) any Prepayment Charge related to an EMC Mortgage Loan unless: (i) the enforceability thereof shall have been limited by bankruptcy, insolvency, moratorium, receivership and other similar laws relating to creditors’ rights generally, (ii) the enforcement thereof is illegal, or any local, state or federal agency has threatened legal action if the prepayment penalty is enforced, (iii) the collectability thereof shall have mortgage debt has been limited due to acceleration accelerated in connection with a foreclosure or other involuntary payment or (iv) such waiver is standard and customary in servicing similar Mortgage Loans and relates to a default or a reasonably foreseeable default and would, in the reasonable judgment of the Company, maximize recovery of total proceeds taking into account the value of such Prepayment Charge and the related EMC Mortgage Loan. If a Prepayment Charge is waived, but does not meet the standards described above, then the Company is required to pay the amount of such waived Prepayment Charge, for the benefit of the related Class C P Certificates, by remitting such amount to the Master Servicer by the Remittance Date. Payments of such waived charges shall not be payments in respect of any Regular Interest.
(b) The Company shall establish and maintain a Protected Account (which shall at all times be an Eligible Account) with a depository institution in the name of the Company for the benefit of the Trustee on behalf of the Certificateholders and designated “EMC Mortgage CorporationWxxxx Fargo Bank, as servicer on behalf of Citibank, N.A., as Trustee, for the benefit of the certificateholdersNational Association, in trust for registered holders of Bear Xxxxxxx Sxxxxxx Asset Backed Securities I LLC, MortgageAsset-Backed Certificates, Certificates Series 20062007-5AC6”. The Company shall deposit or cause to be deposited into the Protected Account on a daily basis within one two Business Day Days of receiptreceipt and identification, except as otherwise specifically provided herein, the following payments and collections remitted by subservicers or received by it in respect of the EMC Mortgage Loans subsequent to the Cut-off Date (other than in respect of principal and interest due on the EMC 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, including Principal Prepayments, on the EMC Mortgage Loans;
(ii) all payments on account of interest on the EMC Mortgage Loans net of the related Servicing Fee permitted under Section 3.133.10 and LPMI Fees, if any;
(iii) all Liquidation Proceeds, Insurance Proceeds and Subsequent Recoveries and Insurance Proceeds with respect to any EMC Mortgage Loans, other than proceeds to be applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with the Company’s normal servicing procedures;
(iv) any amount required to be deposited by the Company pursuant to Section 5.01(c) in connection with any losses on Permitted Investments;
(v) any amounts required to be deposited by the Company pursuant to Section 3.073.05;
(vi) any Prepayment Charges collected on the EMC Mortgage Loans; and
(vii) any other amounts required to be deposited hereunder. The foregoing requirements for deposit remittance by the Company into the Protected Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, payments in the nature of late payment charges or assumption fees, if collected, need not be deposited remitted by the Company. In the event that the Company shall deposit remit any amount not required to be deposited remitted and not otherwise subject to withdrawal pursuant to Section 5.02, it may at any time withdraw or direct the institution maintaining the Protected Account, to withdraw such amount from the Protected Account, any provision herein to the contrary notwithstanding. Such withdrawal or direction may be accomplished by delivering written notice thereof to the institution maintaining the Protected Account, that describes the amounts deposited in error in the Protected Account. The Company shall maintain adequate records with respect to all withdrawals made pursuant to this Section. Reconciliations will be prepared for the Protected Account within 45 calendar days after the bank statement cut-off date. All items requiring reconciliation will be resolved within 90 calendar days of their original identification. All funds deposited in the Protected Account shall be held in trust for the Certificateholders until withdrawn in accordance with Section 5.02.
(c) The institution that maintains the Protected Account shall invest the funds in the Protected Account, in the manner directed by the Company, in Permitted Investments which shall mature not later than the Business Day immediately preceding the Remittance Date and shall not be sold or disposed of prior to its 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 shall be for the benefit of the Company as servicing compensation and shall be remitted to it monthly as provided herein. The amount of any losses incurred in the Protected Account in respect of any such investments shall be deposited by the Company into the Protected Account, out of the Company’s own funds, not later than the applicable Remittance Date on which the monies so invested are required to be remitted to the Master Servicer.
(d) The Company shall give at least 30 days advance notice to the Trustee, the Securities Administrator, the SponsorMortgage Loan Sellers, the Master Servicer, each Rating Agency and the Depositor of any proposed change of location of the Protected Account prior to any change thereof.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Bear Stearns Asset Backed Securities I Trust 2007-Ac6)
Collection of Mortgage Loan Payments; Protected Account. (a) The Company Master Servicer shall make reasonable efforts in accordance with customary and usual standards of practice of prudent mortgage lenders in the respective states in which the Mortgaged Properties related to the EMC Mortgage Loans are located to collect all payments called for under the terms and provisions of the EMC Mortgage Loans to the extent such procedures shall be consistent with this Agreement and the terms and provisions of any related Required Insurance Policy. Consistent with the foregoing, the Company Master Servicer may in its discretion (i) waive any late payment charge and (ii) extend the Due Dates due dates for payments due on a Mortgage Note related to an EMC Mortgage Loan for a period not greater than 125 days, provided that, EMC shall not extend the payment date of any Mortgage Loan beyond the date of its final maturity date. In the event of any such arrangement, the Company Master Servicer shall make Advances on the related EMC Mortgage Loan during the scheduled period in accordance with the amortization schedule of such EMC Mortgage Loan without modification thereof by reason of such arrangements, and shall be entitled to reimbursement therefor in accordance with Section 6.015.01. The Company Master Servicer shall not be required to institute or join in litigation with respect to collection of any payment (whether under a Mortgage, Mortgage Note or otherwise or against any public or governmental authority with respect to a taking or condemnation) if it reasonably believes that enforcing the provision of the Mortgage or other instrument pursuant to which such payment is required is prohibited by applicable law. In addition, if (x) an EMC a Mortgage Loan is in default or such default is reasonably foreseeable foreseeable, the Master Servicer may waive, modify or (y) the Company delivers vary any term of any Mortgage Loan or consent to the Trusteepostponement of strict compliance with any such term or in any manner grant indulgence to any Mortgagor, Securities Administrator including without limitation, to (1) capitalize any amounts owing on the Mortgage Loan by adding such amount to the outstanding principal balance of the Mortgage Loan, (2) defer such amounts to a later date or the final payment date of such Mortgage Loan, (3) extend the maturity of any such Mortgage Loan, (4) amend the related Mortgage Note to reduce the related Mortgage Rate with respect to any Mortgage Loan, (5) convert the Mortgage Rate on any Mortgage Loan from a fixed rate to an adjustable rate or vice versa, (6) with respect to a Mortgage Loan with an initial fixed rate period followed by an adjustable rate period, extend the fixed period and reduce the adjustable rate period, and/or (7) forgive the amount of any interest and principal owed by the related Mortgagor; provided that, in the Master Servicer’s reasonable and prudent determination, such waiver, modification, postponement or indulgence: (A) is not materially adverse to the interests of the Certificateholders on a present value basis using reasonable assumptions (including taking into account any estimated Realized Loss that might result absent such action); and (B) does not amend the related Mortgage Note to extend the maturity thereof later than the date of the Latest Possible Maturity Date; provided, further, with respect to any Mortgage Loan that is not in default or if default is not reasonably foreseeable, unless the Master Servicer has provided to the Trustee a certification addressed to the Trustee and the Securities AdministratorTrustee, based on the advice of counsel or certified public accountants, in either case, accountants that have a national reputation with respect to taxation of REMICs, REMICs that a modification of such EMC Mortgage Loan will not result in the imposition of taxes on or disqualify from REMIC status any of REMIC I, REMIC II, REMIC III, REMIC IV, REMIC V, V or REMIC VI, REMIC VII or REMIC VIII, the Company may if it reasonably believes that undertaking such actions would be in the best interest of the Certificateholders, (A) amend the related Mortgage Note to reduce the Mortgage Rate applicable thereto, provided that such reduced Mortgage Rate Master Servicer shall in no event be lower than 5.00% not permit any modification with respect to any EMC Mortgage Loan Loan. In connection with any such Servicing Modification, the Master Servicer may reimburse itself from the Trust for any outstanding Advances and (B) amend Servicing Advances at the time of the modification to the extent that such related Advances or Servicing Advances are reimbursable to the Master Servicer and to the extent of Principal Funds in the Protected Account for the related Distribution Date. Any such reimbursement shall occur during the same calendar month as the Servicing Modification, to the extent such Advance or Servicing Advance is forgiven, and any Mortgage Note such reimbursement will be treated as a Realized Loss which will be incurred on the Distribution Date related to an EMC Mortgage Loan to extend the calendar month during which the Servicing Modification occurred. To the extent Advances and Servicing Advances or other amounts owed the Master Servicer are capitalized, the Master Servicer may reimburse itself from such arrearages on a first priority basis to the maturity thereof; provided that, EMC shall not extend extent of Principal Funds for the payment date of any Mortgage Loan beyond its final maturity date. In accordance with the standards of the first paragraph of Section 3.01, the Company related Distribution Date.
(b) The Master Servicer shall not waive (or permit a sub-servicer to waive) any Prepayment Charge related to an EMC Mortgage Loan unless: (i) the enforceability thereof shall have been limited by bankruptcy, insolvency, moratorium, receivership and other similar laws relating to creditors’ rights generally, (ii) the enforcement thereof is illegal, or any local, state or federal agency has threatened legal action if the prepayment penalty is enforced, (iii) the collectability thereof shall have mortgage debt has been limited due to acceleration accelerated in connection with a foreclosure or other involuntary payment or (iv) such waiver is standard and customary in servicing similar Mortgage Loans and relates to a default or a reasonably foreseeable default and would, in the reasonable judgment of the CompanyMaster Servicer, maximize recovery of total proceeds taking into account the value of such Prepayment Charge and the related EMC Mortgage Loan. If a Prepayment Charge is waived, but does not meet the standards described above, then the Company Master Servicer is required to pay the amount of such waived Prepayment Charge, for the benefit of the related Class C P Certificates, by remitting such amount to the Master Servicer Trustee by the Remittance Distribution Account Deposit Date. Payments of such waived charges shall not be payments in respect of any Regular Interest.
(bc) The Company Master Servicer shall establish and maintain a Protected Account (which shall at all times be an Eligible Account) with a depository institution in the name of the Company Master Servicer for the benefit of the Trustee on behalf of the Certificateholders and designated “EMC Mortgage Corporation, as servicer on behalf of Citibank, N.A., as TrusteeMaster Servicer, for the benefit of the certificateholdersLaSalle Bank National Association, in trust for registered holders Holders of Bear Xxxxxxx Sxxxxxx Asset Backed Securities I LLC, MortgageAsset-Backed Certificates, Series 20062007-5HE5”. The Company Master Servicer shall deposit or cause to be deposited into the Protected Account on a daily basis within one two Business Day Days of receiptreceipt and identification, except as otherwise specifically provided herein, the following payments and collections remitted by subservicers or received by it in respect of the EMC Mortgage Loans subsequent to the Cut-off Date (other than in respect of principal and interest due on the EMC 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, including Principal Prepayments, on the EMC Mortgage Loans;
(ii) all payments on account of interest on the EMC Mortgage Loans net of the related Servicing Fee permitted under Section 3.133.10 and LPMI Fees, if any;
(iii) all Liquidation Proceeds, Subsequent Recoveries and Insurance Proceeds with respect to any EMC Mortgage LoansProceeds, other than proceeds to be applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with the CompanyMaster Servicer’s normal servicing procedures;
(iv) any amount required to be deposited by the Company Master Servicer pursuant to Section 5.01(c4.01(c) in connection with any losses on Permitted Investments;
(v) any amounts required to be deposited by the Company Master Servicer pursuant to Section 3.073.05;
(vi) any Prepayment Charges collected on the EMC Mortgage Loans; and
(vii) any other amounts required to be deposited hereunder. The foregoing requirements for deposit remittance by the Company Master Servicer into the Protected Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, payments in the nature of late payment charges or assumption fees, if collected, need not be deposited remitted by the CompanyMaster Servicer. In the event that the Company Master Servicer shall deposit remit any amount not required to be deposited remitted and not otherwise subject to withdrawal pursuant to Section 5.024.02, it may at any time withdraw or direct the institution maintaining the Protected Account, to withdraw such amount from the Protected Account, any provision herein to the contrary notwithstanding. Such withdrawal or direction may be accomplished by delivering written notice thereof to the institution maintaining the Protected Account, that describes the amounts deposited in error in the Protected Account. The Company Master Servicer shall maintain adequate records with respect to all withdrawals made pursuant to this Section. Reconciliations will be prepared for the Protected Account within 45 calendar days after the bank statement cut-off date. All funds deposited in the Protected Account shall be held in trust for the Certificateholders until withdrawn in accordance with Section 5.024.02.
(cd) The institution that maintains the Protected Account shall invest the funds in the Protected Account, in the manner directed by the CompanyMaster Servicer, in Permitted Investments which shall mature not later than the Business Day immediately preceding the Remittance Distribution Account Deposit Date and shall not be sold or disposed of prior to its 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 shall be for the benefit of the Company Master Servicer as servicing compensation and shall be remitted to it monthly as provided herein. The amount of any losses incurred in the Protected Account in respect of any such investments shall be deposited by the Company Master Servicer into the Protected Account, out of the CompanyMaster Servicer’s own funds.
(de) The Company Master Servicer shall give at least 30 days advance notice to the Trustee, the Securities Administrator, the Sponsor, the Master ServicerSellers, each Rating Agency and the Depositor of any proposed change of location of the Protected Account prior to any change thereof.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Bear Stearns Asset Backed Securities I Trust 2007-He5)
Collection of Mortgage Loan Payments; Protected Account. (a) The Company shall make reasonable efforts in accordance with customary and usual standards of practice of prudent mortgage lenders in the respective states in which the Mortgaged Properties related to the EMC Mortgage Loans are located to collect all payments called for under the terms and provisions of the EMC Mortgage Loans to the extent such procedures shall be consistent with this Agreement and the terms and provisions of any related Required Insurance Policy. Consistent with the foregoing, the Company may in its discretion (i) waive any late payment charge and (ii) extend the Due Dates for payments due on a Mortgage Note related to an EMC Mortgage Loan for a period not greater than 125 days, provided that, EMC shall not extend the payment date of any Mortgage Loan beyond the date of its final maturity date. In the event of any such arrangement, the Company shall make Advances on the related EMC Mortgage Loan during the scheduled period in accordance with the amortization schedule of such EMC Mortgage Loan without modification thereof by reason of such arrangements, and shall be entitled to reimbursement therefor in accordance with Section 6.01. The Company shall not be required to institute or join in litigation with respect to collection of any payment (whether under a Mortgage, Mortgage Note or otherwise or against any public or governmental authority with respect to a taking or condemnation) if it reasonably believes that enforcing the provision of the Mortgage or other instrument pursuant to which such payment is required is prohibited by applicable law. In addition, if (x) an EMC Mortgage Loan is in default or default is reasonably foreseeable imminent or (y) the Company delivers to the Trustee, Securities Administrator and Master Servicer a certification addressed to the Trustee and the Securities Administrator, based on the advice of counsel or certified public accountants, in either case, that have a national reputation with respect to taxation of REMICs, that a modification of such EMC Mortgage Loan will not result in the imposition of taxes on or disqualify any of REMIC I, I or REMIC II, REMIC III, REMIC IV, REMIC V, REMIC VI, REMIC VII or REMIC VIII, the Company may if it reasonably believes that undertaking such actions would be in the best interest of the Certificateholdersmay, (A) amend the related Mortgage Note to reduce the Mortgage Rate applicable thereto, provided that such reduced Mortgage Rate shall in no event be lower than 5.00% with respect to any EMC Mortgage Loan and (B) amend any Mortgage Note related to an EMC Mortgage Loan to extend to the maturity thereof; provided that, EMC shall not extend the payment date of any Mortgage Loan beyond its final maturity date. In accordance with the standards of the first paragraph of Section 3.01, the Company shall not waive (or permit a sub-servicer to waive) any Prepayment Charge related to an EMC Mortgage Loan unless: (i) the enforceability thereof shall have been limited by bankruptcy, insolvency, moratorium, receivership and other similar laws relating to creditors’ rights generally, (ii) the enforcement thereof is illegal, or any local, state or federal agency has threatened legal action if the prepayment penalty is enforced, (iii) the collectability thereof shall have been limited due to acceleration in connection with a foreclosure or other involuntary payment or (iv) such waiver is standard and customary in servicing similar Mortgage Loans and relates to a default or a reasonably foreseeable default and would, in the reasonable judgment of the Company, maximize recovery of total proceeds taking into account the value of such Prepayment Charge and the related EMC Mortgage Loan. If a Prepayment Charge is waived, but does not meet the standards described above, then the Company is required to pay the amount of such waived Prepayment Charge, for the benefit of the related Class C Certificates, by remitting such amount to the Master Servicer by the Remittance Date. Payments of such waived charges shall not be payments in respect of any Regular Interest.
(b) The Company shall establish and maintain a Protected Account (which shall at all times be an Eligible Account) with a depository institution in the name of the Company for the benefit of the Trustee on behalf of the Certificateholders and designated “EMC Mortgage Corporation, as servicer on behalf of Citibank, N.A., as Trustee, for the benefit of the certificateholders, in trust for registered holders of Bear Xxxxxxx Asset Backed Securities I LLC, Mortgage-Backed Certificates, Series 20062005-57”. The Company shall deposit or cause to be deposited into the Protected Account on a daily basis within one Business Day of receipt, except as otherwise specifically provided herein, the following payments and collections remitted by subservicers or received by it in respect of the EMC Mortgage Loans subsequent to the Cut-off Date (other than in respect of principal and interest due on the EMC 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, including Principal Prepayments, on the EMC Mortgage Loans;
(ii) all payments on account of interest on the EMC Mortgage Loans net of the related Servicing Fee permitted under Section 3.133.13 and LPMI Fees, if any;
(iii) all Liquidation Proceeds, Subsequent Recoveries and Insurance Proceeds with respect to any EMC Mortgage Loans, other than proceeds to be applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with the Company’s normal servicing procedures;
(iv) any amount required to be deposited by the Company pursuant to Section 5.01(c) in connection with any losses on Permitted Investments;
(v) any amounts required to be deposited by the Company pursuant to Section 3.07;
(vi) any Prepayment Charges collected on the EMC Mortgage Loans; and
(vii) any other amounts required to be deposited hereunder. The foregoing requirements for deposit by the Company into the Protected Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, payments in the nature of late payment charges or assumption fees, if collected, need not be deposited by the Company. In the event that the Company shall deposit any amount not required to be deposited and not otherwise subject to withdrawal pursuant to Section 5.02, it may at any time withdraw or direct the institution maintaining the Protected Account, to withdraw such amount from the Protected Account, any provision herein to the contrary notwithstanding. Such withdrawal or direction may be accomplished by delivering written notice thereof to the institution maintaining the Protected Account, that describes the amounts deposited in error in the Protected Account. The Company shall maintain adequate records with respect to all withdrawals made pursuant to this Section. All funds deposited in the Protected Account shall be held in trust for the Certificateholders until withdrawn in accordance with Section 5.02.
(c) The institution that maintains the Protected Account shall invest the funds in the Protected Account, in the manner directed by the Company, in Permitted Investments which shall mature not later than the Business Day immediately preceding the Remittance Date and shall not be sold or disposed of prior to its 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 shall be for the benefit of the Company as servicing compensation and shall be remitted to it monthly as provided herein. The amount of any losses incurred in the Protected Account in respect of any such investments shall be deposited by the Company into the Protected Account, out of the Company’s own funds.
(d) The Company shall give at least 30 days advance notice to the Trustee, the Securities Administrator, the SponsorSellers, the Master Servicer, each Rating Agency and the Depositor of any proposed change of location of the Protected Account prior to any change thereof.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Mortgage-Backed Certificates, Series 2005-7)
Collection of Mortgage Loan Payments; Protected Account. (a) The Company shall make reasonable efforts in accordance with customary and usual standards of practice of prudent mortgage lenders in the respective states in which the Mortgaged Properties related to the EMC Mortgage Loans are located to collect all payments called for under the terms and provisions of the EMC Mortgage Loans to the extent such procedures shall be consistent with this Agreement and the terms and provisions of any related Required Insurance Policy. Consistent with the foregoing, the Company may in its discretion (i) waive any late payment charge and (ii) extend the Due Dates due dates for payments due on a Mortgage Note related to an EMC Mortgage Loan for a period not greater than 125 days, provided that, EMC shall not extend the payment date of any Mortgage Loan beyond the date of its final maturity date. In the event of any such arrangement, the Company shall make Advances on the related EMC Mortgage Loan during the scheduled period in accordance with the amortization schedule of such EMC Mortgage Loan without modification thereof by reason of such arrangements, and shall be entitled to reimbursement therefor in accordance with Section 6.01. The Company shall not be required to institute or join in litigation with respect to collection of any payment (whether under a Mortgage, Mortgage Note or otherwise or against any public or governmental authority with respect to a taking or condemnation) if it reasonably believes that enforcing the provision of the Mortgage or other instrument pursuant to which such payment is required is prohibited by applicable law. In addition, if (x) an EMC Mortgage Loan is in default or default is reasonably foreseeable imminent or (y) the Company delivers to the Trustee, Securities Administrator and Master Servicer a certification addressed to the Trustee and the Securities Administrator, based on the advice of counsel or certified public accountants, in either case, that have a national reputation with respect to taxation of REMICs, that a modification of such EMC Mortgage Loan will not result in the imposition of taxes on or disqualify any of REMIC I, I or REMIC II, REMIC III, REMIC IV, REMIC V, REMIC VI, REMIC VII or REMIC VIII, the Company may if it reasonably believes that undertaking such actions would be in the best interest of the Certificateholdersmay, (A) amend the related Mortgage Note to reduce the Mortgage Rate applicable thereto, provided that such reduced Mortgage Rate shall in no event be lower than 5.00% with respect to any EMC Mortgage Loan and (B) amend any Mortgage Note related to an EMC Mortgage Loan to extend to the maturity thereof; provided that, EMC shall not extend the payment date of any Mortgage Loan beyond its final maturity date. In accordance with the standards of the first paragraph of Section 3.01, the Company shall not waive (or permit a sub-servicer to waive) any Prepayment Charge related to an EMC Mortgage Loan unless: (i) the enforceability thereof shall have been limited by bankruptcy, insolvency, moratorium, receivership and other similar laws relating to creditors’ rights generally, (ii) the enforcement thereof is illegal, or any local, state or federal agency has threatened legal action if the prepayment penalty is enforced, (iii) the collectability thereof shall have been limited due to acceleration in connection with a foreclosure or other involuntary payment or (iv) such waiver is standard and customary in servicing similar Mortgage Loans and relates to a default or a reasonably foreseeable default and would, in the reasonable judgment of the Company, maximize recovery of total proceeds taking into account the value of such Prepayment Charge and the related EMC Mortgage Loan. If a Prepayment Charge is waived, but does not meet the standards described above, then the Company is required to pay the amount of such waived Prepayment Charge, for the benefit of the related Class C Certificates, by remitting such amount to the Master Servicer by the Remittance Date. Payments of such waived charges shall not be payments in respect of any Regular Interest.
(b) The Company shall establish and maintain a Protected Account (which shall at all times be an Eligible Account) with a depository institution in the name of the Company for the benefit of the Trustee on behalf of the Certificateholders and designated “EMC Mortgage Corporation, as servicer on behalf of Citibank, N.A., as Trustee, for the benefit of the certificateholders, in trust for registered holders of Bear Xxxxxxx Asset Backed Securities I LLC, Mortgage-Backed Certificates, Series 20062005-57”. The Company shall deposit or cause to be deposited into the Protected Account on a daily basis within one Business Day of receipt, except as otherwise specifically provided herein, the following payments and collections remitted by subservicers or received by it in respect of the EMC Mortgage Loans subsequent to the Cut-off Date (other than in respect of principal and interest due on the EMC 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, including Principal Prepayments, on the EMC Mortgage Loans;
(ii) all payments on account of interest on the EMC Mortgage Loans net of the related Servicing Fee permitted under Section 3.133.13 and LPMI Fees, if any;
(iii) all Liquidation Proceeds, Subsequent Recoveries and Insurance Proceeds with respect to any EMC Mortgage Loans, other than proceeds to be applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with the Company’s normal servicing procedures;
(iv) any amount required to be deposited by the Company pursuant to Section 5.01(c) in connection with any losses on Permitted Investments;
(v) any amounts required to be deposited by the Company pursuant to Section 3.07;
(vi) any Prepayment Charges collected on the EMC Mortgage Loans; and
(vii) any other amounts required to be deposited hereunder. The foregoing requirements for deposit by the Company into the Protected Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, payments in the nature of late payment charges or assumption fees, if collected, need not be deposited by the Company. In the event that the Company shall deposit any amount not required to be deposited and not otherwise subject to withdrawal pursuant to Section 5.02, it may at any time withdraw or direct the institution maintaining the Protected Account, to withdraw such amount from the Protected Account, any provision herein to the contrary notwithstanding. Such withdrawal or direction may be accomplished by delivering written notice thereof to the institution maintaining the Protected Account, that describes the amounts deposited in error in the Protected Account. The Company shall maintain adequate records with respect to all withdrawals made pursuant to this Section. All funds deposited in the Protected Account shall be held in trust for the Certificateholders until withdrawn in accordance with Section 5.02.
(c) The institution that maintains the Protected Account shall invest the funds in the Protected Account, in the manner directed by the Company, in Permitted Investments which shall mature not later than the Business Day immediately preceding the Remittance Date and shall not be sold or disposed of prior to its 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 shall be for the benefit of the Company as servicing compensation and shall be remitted to it monthly as provided herein. The amount of any losses incurred in the Protected Account in respect of any such investments shall be deposited by the Company into the Protected Account, out of the Company’s own funds.
(d) The Company shall give at least 30 days advance notice to the Trustee, the Securities Administrator, the SponsorSellers, the Master Servicer, each Rating Agency and the Depositor of any proposed change of location of the Protected Account prior to any change thereof.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Mortgage-Backed Certificates, Series 2005-7)
Collection of Mortgage Loan Payments; Protected Account. (a) The Company shall make reasonable efforts in accordance with customary and usual standards of practice of prudent mortgage lenders in the respective states in which the Mortgaged Properties related to the EMC Mortgage Loans are located to collect all payments called for under the terms and provisions of the EMC Mortgage Loans to the extent such procedures shall be consistent with this Agreement and the terms and provisions of any related Required Insurance Policy. Consistent with the foregoing, the Company may in its discretion (i) waive any late payment charge and (ii) extend the Due Dates due dates for payments due on a Mortgage Note related to an EMC Mortgage Loan for a period not greater than 125 days, provided that, EMC shall not extend the payment date of any Mortgage Loan beyond the date of its final maturity date. In the event of any such arrangement, the Company shall make Advances on the related EMC Mortgage Loan during the scheduled period in accordance with the amortization schedule of such EMC Mortgage Loan without modification thereof by reason of such arrangements, and shall be entitled to reimbursement therefor in accordance with Section 6.01. The Company shall not be required to institute or join in litigation with respect to collection of any payment (whether under a Mortgage, Mortgage Note or otherwise or against any public or governmental authority with respect to a taking or condemnation) if it reasonably believes that enforcing the provision of the Mortgage or other instrument pursuant to which such payment is required is prohibited by applicable law. In addition, if (x) an EMC Mortgage Loan is in default or default is reasonably foreseeable imminent or (y) the Company delivers to the Trustee, Securities Administrator and Master Servicer Trustee a certification addressed to the Trustee and the Securities AdministratorTrustee, based on the advice of counsel or certified public accountants, in either case, that have a national reputation with respect to taxation of REMICs, that a modification of such EMC Mortgage Loan will not result in the imposition of taxes on or disqualify from REMIC status any of REMIC I, REMIC II, II or REMIC III, REMIC IV, REMIC V, REMIC VI, REMIC VII or REMIC VIII, the Company may if it reasonably believes that undertaking such actions would be in the best interest of the Certificateholdersmay, (A) amend the related Mortgage Note to reduce the Mortgage Rate applicable thereto, provided that such reduced Mortgage Rate shall in no event be lower than 5.00% with respect to any EMC Mortgage Loan and (B) amend any Mortgage Note related to an EMC Mortgage Loan to extend to the maturity thereof; provided that, EMC shall not extend the payment date of any Mortgage Loan beyond its final maturity date. In accordance with the standards of the first paragraph of Section 3.01, the Company shall not waive (or permit a sub-servicer to waive) any Prepayment Charge related to an EMC Mortgage Loan unless: (i) the enforceability thereof shall have been limited by bankruptcy, insolvency, moratorium, receivership and other similar laws relating to creditors’ ' rights generally, (ii) the enforcement thereof is illegal, or any local, state or federal agency has threatened legal action if the prepayment penalty is enforced, (iii) the collectability thereof shall have been limited due to acceleration in connection with a foreclosure or other involuntary payment or (iv) such waiver is standard and customary in servicing similar Mortgage Loans and relates to a default or a reasonably foreseeable default and would, in the reasonable judgment of the Company, maximize recovery of total proceeds taking into account the value of such Prepayment Charge and the related EMC Mortgage Loan. If a Prepayment Charge is waived, but does not meet the standards described above, then the Company is required to pay the amount of such waived Prepayment Charge, for the benefit of the related Class C P Certificates, by remitting such amount to the Master Servicer by the Remittance Date. Payments of such waived charges shall not be payments in respect of any Regular Interest.
(b) The Company shall establish and maintain a Protected Account (which shall at all times be an Eligible Account) with a depository institution in the name of the Company for the benefit of the Trustee on behalf of the Certificateholders and designated “EMC Mortgage Corporation, as servicer on behalf of Citibank, N.A., as Trustee, for the benefit of the certificateholders"U.S. Bank National Association, in trust for registered holders of Bear Xxxxxxx Asset Backed Securities I LLC, MortgageAsset-Backed Certificates, Certificates Series 20062005-5”AC2". The Company shall deposit or cause to be deposited into the Protected Account on a daily basis within one Business Day of receipt, except as otherwise specifically provided herein, the following payments and collections remitted by subservicers or received by it in respect of the EMC Mortgage Loans subsequent to the Cut-off Date (other than in respect of principal and interest due on the EMC 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, including Principal Prepayments, on the EMC Mortgage Loans;
(ii) all payments on account of interest on the EMC Mortgage Loans net of the related Servicing Fee permitted under Section 3.133.10 and LPMI Fees, if any;
(iii) all Liquidation Proceeds, Subsequent Recoveries Proceeds and Insurance Proceeds with respect to any EMC Mortgage Loans, other than proceeds to be applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with the Company’s 's normal servicing procedures;
(iv) any amount required to be deposited by the Company pursuant to Section 5.01(c) in connection with any losses on Permitted Investments;
(v) any amounts required to be deposited by the Company pursuant to Section 3.073.05;
(vi) any Prepayment Charges collected on the EMC Mortgage Loans; and
(vii) any other amounts required to be deposited hereunder. The foregoing requirements for deposit remittance by the Company into the Protected Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, payments in the nature of late payment charges or assumption fees, if collected, need not be deposited remitted by the Company. In the event that the Company shall deposit remit any amount not required to be deposited remitted and not otherwise subject to withdrawal pursuant to Section 5.02, it may at any time withdraw or direct the institution maintaining the Protected Account, to withdraw such amount from the Protected Account, any provision herein to the contrary notwithstanding. Such withdrawal or direction may be accomplished by delivering written notice thereof to the institution maintaining the Protected Account, that describes the amounts deposited in error in the Protected Account. The Company shall maintain adequate records with respect to all withdrawals made pursuant to this Section. All funds deposited in the Protected Account shall be held in trust for the Certificateholders until withdrawn in accordance with Section 5.02.
(c) The institution that maintains the Protected Account shall invest the funds in the Protected Account, in the manner directed by the Company, in Permitted Investments which shall mature not later than the Business Day immediately preceding the Remittance Date and shall not be sold or disposed of prior to its 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 shall be for the benefit of the Company as servicing compensation and shall be remitted to it monthly as provided herein. The amount of any losses incurred in the Protected Account in respect of any such investments shall be deposited by the Company into the Protected Account, out of the Company’s 's own funds.
(d) The Company shall give at least 30 days advance notice to the Trustee, the Securities Administrator, the SponsorSeller, the Master Servicer, each Rating Agency and the Depositor of any proposed change of location of the Protected Account prior to any change thereof.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Bear Stearns Asset Backed Securities I Trust 2005-Ac2)
Collection of Mortgage Loan Payments; Protected Account. (a) The Company Servicer shall make reasonable efforts in accordance with customary and usual standards of practice of prudent mortgage lenders in the respective states in which the Mortgaged Properties related to the EMC Mortgage Loans are located to collect all payments called for under the terms and provisions of the EMC Mortgage Loans to the extent such procedures shall be consistent with this Agreement and the terms and provisions of any related Required Insurance Policy. Consistent with the foregoing, the Company Servicer may in its discretion (i) waive any late payment charge and (ii) extend the Due Dates due dates for payments due on a Mortgage Note related to an EMC a Mortgage Loan for a period not greater than 125 days, provided that, EMC shall not extend the payment date of any Mortgage Loan beyond the date of its final maturity date. In the event of any such arrangement, the Company Servicer shall make Advances on the related EMC Mortgage Loan during the scheduled period in accordance with the amortization schedule of such EMC Mortgage Loan without modification thereof by reason of such arrangements, and shall be entitled to reimbursement therefor in accordance with Section 6.01. The Company Servicer shall not be required to institute or join in litigation with respect to collection of any payment (whether under a Mortgage, Mortgage Note or otherwise or against any public or governmental authority with respect to a taking or condemnation) if it reasonably believes that enforcing the provision of the Mortgage or other instrument pursuant to which such payment is required is prohibited by applicable law. In addition, if (x) an EMC a Mortgage Loan is in default or default is reasonably foreseeable imminent within the meaning of the REMIC provisions or (y) the Company Servicer delivers to the Trustee, Securities Administrator and Master Servicer Trustee a certification addressed to the Trustee and the Securities AdministratorTrustee, based on the advice of counsel or certified public accountants, in either case, that have a national reputation with respect to taxation of REMICs, that a modification of such EMC Mortgage Loan will not result in the imposition of taxes on or disqualify from REMIC status of any of REMIC I, REMIC II, REMIC III, REMIC IV, REMIC V, REMIC VI, REMIC VII or REMIC VIIIcreated hereby, the Company Servicer may if it reasonably believes that undertaking such actions would be in amend the best interest terms of the Certificateholders, (A) amend the related Mortgage Note to reduce the Mortgage Rate applicable thereto, provided that such reduced Mortgage Rate shall in no event be lower than 5.00% with respect to any EMC Mortgage Loan and (B) amend any Mortgage Note related to an EMC Mortgage Loan to extend to so long as the maturity thereof; provided that, EMC shall date is not extend extended beyond the payment date of any Mortgage Loan beyond its final maturity dateLatest Possible Maturity Date. In accordance with the standards of the first paragraph of Section 3.01, the Company Servicer shall not waive (or permit a sub-servicer to waive) any Prepayment Charge related to an EMC a Mortgage Loan unless: (i) the enforceability thereof shall have been limited by bankruptcy, insolvency, moratorium, receivership and other similar laws relating to creditors’ rights generally, (ii) the enforcement thereof is illegal, or any local, state or federal agency has threatened legal action if the prepayment penalty is enforced, (iii) the collectability thereof shall have been limited due to acceleration in connection with a foreclosure or other involuntary payment or (iv) such waiver is standard and customary in servicing similar Mortgage Loans and relates to a default or a reasonably foreseeable default and would, in the reasonable judgment of the CompanyServicer, maximize recovery of total proceeds taking into account the value of such Prepayment Charge and the related EMC Mortgage Loan. If a Prepayment Charge is waived, but does not meet the standards described above, then the Company Servicer is required to pay the amount of such waived Prepayment Charge, for the benefit of the related Class C Certificates, Charge by remitting such amount to the Master Servicer Securities Administrator by the Remittance Date. Payments of such waived charges shall not be payments in respect of any Regular Interest.
(b) The Company Servicer shall establish and maintain a Protected Account (which shall at all times be an Eligible Account) with a depository institution in the name of the Company Servicer for the benefit of the Trustee on behalf of the Certificateholders and designated “EMC Mortgage CorporationHSBC Bank USA, as servicer on behalf of Citibank, N.A., as Trustee, for the benefit of the certificateholdersNational Association, in trust for registered holders of Bear Xxxxxxx Asset Backed Securities I LLCSunTrust Alternative Loan Trust 2006-1F, MortgageMortgage Pass-Backed Through Certificates, Series 2006-5”. 1F.” The Company Servicer shall deposit or cause to be deposited into the Protected Account on a daily basis within one two Business Day Days of receiptreceipt and identification, except as otherwise specifically provided herein, the following payments and collections remitted by subservicers Subservicers or received by it in respect of the EMC Mortgage Loans subsequent to the Cut-off Date (other than in respect of principal and interest due on the EMC 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, including Principal Prepayments, on the EMC Mortgage Loans;
(ii) all payments on account of interest on the EMC Mortgage Loans net of the related Servicing Fee permitted under Section 3.133.10 and LPMI Fees, if any;
(iii) all Liquidation Proceeds, Subsequent Recoveries Proceeds and Insurance Proceeds with respect to any EMC Mortgage Loans, other than proceeds to be applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with the CompanyServicer’s normal servicing procedures;
(iv) any amount required to be deposited by the Company Servicer pursuant to Section 5.01(c) in connection with any losses on Permitted Investments;
(v) any amounts required to be deposited by the Company Servicer pursuant to Section 3.073.05;
(vi) any Prepayment Charges collected on the EMC Mortgage Loans; and
(vii) any other amounts required to be deposited hereunder. The foregoing requirements for deposit remittance by the Company Servicer into the Protected Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, payments in the nature of late payment charges or assumption fees, if collected, need not be deposited remitted by the CompanyServicer. In the event that the Company Servicer shall deposit remit any amount not required to be deposited remitted and not otherwise subject to withdrawal pursuant to Section 5.02, it may at any time withdraw or direct the institution maintaining the Protected Account, to withdraw such amount from the Protected Account, any provision herein to the contrary notwithstanding. Such withdrawal or direction may be accomplished by delivering written notice thereof to the institution maintaining the Protected Account, that describes the amounts deposited in error in the Protected Account. The Company Servicer shall maintain adequate records with respect to all withdrawals made pursuant to this Section. Reconciliations will be prepared for the Protected Account within 45 calendar days after the bank statement cut-off date. All items requiring reconciliation will be resolved within 90 calendar days of their original identification. All funds deposited in the Protected Account shall be held in trust for the Certificateholders until withdrawn in accordance with Section 5.02.
(c) The institution that maintains the Protected Account shall invest the funds in the Protected Account, in the manner directed by the CompanyServicer, in Permitted Investments which shall mature not later than the Business Day immediately preceding the Remittance Date and shall not be sold or disposed of prior to its 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 shall be for the benefit of the Company Servicer as servicing compensation and shall be remitted to it monthly as provided herein. The amount of any losses incurred in the Protected Account in respect of any such investments shall be deposited by the Company Servicer into the Protected Account, out of the CompanyServicer’s own funds.
(d) The Company Servicer shall give at least 30 days advance notice to the Trustee, the Securities Administrator, the Sponsor, the Master Servicer, each Rating Agency and the Depositor of any proposed change of location of the Protected Account prior to any change thereof.
Appears in 1 contract
Collection of Mortgage Loan Payments; Protected Account. (a) The Company Master Servicer shall make reasonable efforts in accordance with customary and usual standards of practice of prudent mortgage lenders in the respective states in which the Mortgaged Properties related to the EMC Mortgage Loans are located to collect all payments called for under the terms and provisions of the EMC Mortgage Loans to the extent such procedures shall be consistent with this Agreement and the terms and provisions of any related Required Insurance Policy. Consistent with the foregoing, the Company Master Servicer may in its discretion (i) waive any late payment charge and (ii) extend the Due Dates due dates for payments due on a Mortgage Note related to an EMC Mortgage Loan for a period not greater than 125 days, provided that, EMC shall not extend the payment date of any Mortgage Loan beyond the date of its final maturity date. In the event of any such arrangement, the Company Master Servicer shall make Advances on the related EMC Mortgage Loan during the scheduled period in accordance with the amortization schedule of such EMC Mortgage Loan without modification thereof by reason of such arrangements, and shall be entitled to reimbursement therefor in accordance with Section 6.015.01. The Company Master Servicer shall not be required to institute or join in litigation with respect to collection of any payment (whether under a Mortgage, Mortgage Note or otherwise or against any public or governmental authority with respect to a taking or condemnation) if it reasonably believes that enforcing the provision of the Mortgage or other instrument pursuant to which such payment is required is prohibited by applicable law. In addition, if (x) an EMC a Mortgage Loan is in default or default is reasonably foreseeable foreseeable, the Master Servicer may also waive, modify or vary any term of any Mortgage Loan or consent to the postponement of strict compliance with any such term or in any manner grant indulgence to any mortgagor, including without limitation, to (1) capitalize any amounts owing on the Mortgage Loan by adding such amount to the outstanding principal balance of the Mortgage Loan, (2) defer such amounts to a later date or the final payment date of such Mortgage Loan, (3) extend the maturity of any such Mortgage Loan, but in no instance past the date on which the final payment is due on the latest maturing Mortgage Loan as of the Cut-off Date, and/or (4) reduce the related Mortgage Rate (subject to clause (y) below), provided that, in the Master Servicer’s determination, such waiver, modification, postponement or indulgence is not materially adverse to the interests of the Certificateholders (taking into account any estimated Realized Loss that might result absent such action) or (y) the Company Master Servicer delivers to the Trustee, Securities Administrator and Master Servicer Trustee a certification addressed to the Trustee and the Securities AdministratorTrustee, based on the advice of counsel or certified public accountants, in either case, that have a national reputation with respect to taxation of REMICs, that a modification of such EMC Mortgage Loan will not result in the imposition of taxes on or disqualify from REMIC status any of REMIC I, REMIC II, REMIC III, REMIC IV, REMIC V, V or REMIC VI, REMIC VII or REMIC VIII, the Company may if it reasonably believes that undertaking such actions would be in the best interest of the CertificateholdersMaster Servicer may, (A) amend the related Mortgage Note to reduce the Mortgage Rate applicable thereto, provided that such reduced Mortgage Rate shall in no event be lower than 5.00% with respect to any EMC Mortgage Loan and (B) amend any Mortgage Note related to an EMC Mortgage Loan to extend to the maturity thereof; provided that, EMC shall not extend the payment date of any Mortgage Loan beyond its final maturity date. In accordance with the standards of the first paragraph of Section 3.01, the Company .
(b) The Master Servicer shall not waive (or permit a sub-servicer to waive) any Prepayment Charge related to an EMC Mortgage Loan unless: (i) the enforceability thereof shall have been limited by bankruptcy, insolvency, moratorium, receivership and other similar laws relating to creditors’ rights generally, (ii) the enforcement thereof is illegal, or any local, state or federal agency has threatened legal action if the prepayment penalty is enforced, (iii) the collectability thereof shall have mortgage debt has been limited due to acceleration accelerated in connection with a foreclosure or other involuntary payment or (iv) such waiver is standard and customary in servicing similar Mortgage Loans and relates to a default or a reasonably foreseeable default and would, in the reasonable judgment of the CompanyMaster Servicer, maximize recovery of total proceeds taking into account the value of such Prepayment Charge and the related EMC Mortgage Loan. If a Prepayment Charge is waived, but does not meet the standards described above, then the Company Master Servicer is required to pay the amount of such waived Prepayment Charge, for the benefit of the related Class C P Certificates, by remitting such amount to the Master Servicer Trustee by the Remittance Distribution Account Deposit Date. Payments of such waived charges shall not be payments in respect of any Regular Interest.
(bc) The Company Master Servicer shall establish and maintain a Protected Account (which shall at all times be an Eligible Account) with a depository institution in the name of the Company Master Servicer for the benefit of the Trustee on behalf of the Certificateholders and designated “EMC Mortgage Corporation, as servicer on behalf of Citibank, N.A., as TrusteeMaster Servicer, for the benefit of the certificateholdersLaSalle Bank National Association, in trust for registered holders Holders of Bear Xxxxxxx Asset Backed Securities I LLC, MortgageAsset-Backed Certificates, Series 20062007-5HE3”. The Company Master Servicer shall deposit or cause to be deposited into the Protected Account on a daily basis within one two Business Day Days of receiptreceipt and identification, except as otherwise specifically provided herein, the following payments and collections remitted by subservicers or received by it in respect of the EMC Mortgage Loans subsequent to the Cut-off Date (other than in respect of principal and interest due on the EMC 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, including Principal Prepayments, on the EMC Mortgage Loans;
(ii) all payments on account of interest on the EMC Mortgage Loans net of the related Servicing Fee permitted under Section 3.133.10 and LPMI Fees, if any;
(iii) all Liquidation Proceeds, Subsequent Recoveries and Insurance Proceeds with respect to any EMC Mortgage LoansProceeds, other than proceeds to be applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with the CompanyMaster Servicer’s normal servicing procedures;
(iv) any amount required to be deposited by the Company Master Servicer pursuant to Section 5.01(c4.01(c) in connection with any losses on Permitted Investments;
(v) any amounts required to be deposited by the Company Master Servicer pursuant to Section 3.073.05;
(vi) any Prepayment Charges collected on the EMC Mortgage Loans; and
(vii) any other amounts required to be deposited hereunder. The foregoing requirements for deposit remittance by the Company Master Servicer into the Protected Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, payments in the nature of late payment charges or assumption fees, if collected, need not be deposited remitted by the CompanyMaster Servicer. In the event that the Company Master Servicer shall deposit remit any amount not required to be deposited remitted and not otherwise subject to withdrawal pursuant to Section 5.024.02, it may at any time withdraw or direct the institution maintaining the Protected Account, to withdraw such amount from the Protected Account, any provision herein to the contrary notwithstanding. Such withdrawal or direction may be accomplished by delivering written notice thereof to the institution maintaining the Protected Account, that describes the amounts deposited in error in the Protected Account. The Company Master Servicer shall maintain adequate records with respect to all withdrawals made pursuant to this Section. Reconciliations will be prepared for the Protected Account within 45 calendar days after the bank statement cut-off date. All funds deposited in the Protected Account shall be held in trust for the Certificateholders until withdrawn in accordance with Section 5.024.02.
(cd) The institution that maintains the Protected Account shall invest the funds in the Protected Account, in the manner directed by the CompanyMaster Servicer, in Permitted Investments which shall mature not later than the Business Day immediately preceding the Remittance Distribution Account Deposit Date and shall not be sold or disposed of prior to its 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 shall be for the benefit of the Company Master Servicer as servicing compensation and shall be remitted to it monthly as provided herein. The amount of any losses incurred in the Protected Account in respect of any such investments shall be deposited by the Company Master Servicer into the Protected Account, out of the CompanyMaster Servicer’s own funds.
(de) The Company Master Servicer shall give at least 30 days advance notice to the Trustee, the Securities Administrator, the Sponsor, the Master ServicerSellers, each Rating Agency and the Depositor of any proposed change of location of the Protected Account prior to any change thereof.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Bear Stearns Asset Backed Securities I Trust 2007-He3)
Collection of Mortgage Loan Payments; Protected Account. (a) The Company Master Servicer shall make reasonable efforts in accordance with customary and usual standards of practice of prudent mortgage lenders in the respective states in which the Mortgaged Properties related to the EMC Mortgage Loans are located to collect all payments called for under the terms and provisions of the EMC Mortgage Loans to the extent such procedures shall be consistent with this Agreement and the terms and provisions of any related Required Insurance Policy. Consistent with the foregoing, the Company Master Servicer may in its discretion (i) waive any late payment charge and (ii) extend the Due Dates due dates for payments due on a Mortgage Note related to an EMC Mortgage Loan for a period not greater than 125 days, provided that, EMC shall not extend the payment date of any Mortgage Loan beyond the date of its final maturity date. In the event of any such arrangement, the Company Master Servicer shall make Advances on the related EMC Mortgage Loan during the scheduled period in accordance with the amortization schedule of such EMC Mortgage Loan without modification thereof by reason of such arrangements, and shall be entitled to reimbursement therefor in accordance with Section 6.015.01. The Company Master Servicer shall not be required to institute or join in litigation with respect to collection of any payment (whether under a Mortgage, Mortgage Note or otherwise or against any public or governmental authority with respect to a taking or condemnation) if it reasonably believes that enforcing the provision of the Mortgage or other instrument pursuant to which such payment is required is prohibited by applicable law. In addition, if (x) an EMC a Mortgage Loan is in default or default is reasonably foreseeable or (y) the Company Master Servicer delivers to the Trustee, Securities Administrator and Master Servicer Trustee a certification addressed to the Trustee and the Securities AdministratorTrustee, based on the advice of counsel or certified public accountants, in either case, that have a national reputation with respect to taxation of REMICs, that a modification of such EMC Mortgage Loan will not result in the imposition of taxes on or disqualify from REMIC status any of REMIC I, REMIC II, REMIC III, REMIC IV, REMIC V, V or REMIC VI, REMIC VII or REMIC VIII, the Company may if it reasonably believes that undertaking such actions would be in the best interest of the CertificateholdersMaster Servicer may, (A) amend the related Mortgage Note to reduce the Mortgage Rate applicable thereto, provided that such reduced Mortgage Rate shall in no event be lower than 5.00% with respect to any EMC Mortgage Loan and (B) amend any Mortgage Note related to an EMC Mortgage Loan to extend to the maturity thereof; provided that. With respect to Mortgage Loans affected by Hurricane Katrina, EMC shall not if the Mortxxxxx Xroperty is located in public and individual assistance counties as designated by FEMA (as set forth on its website www.fema.gov), the Mxxxxx Xxxxxxer may cease charging of late fees and credit reporting activity for Mortgagors in such counties until May 1, 2006 and if reasonably prudent, may extend the payment date of any Mortgage Loan beyond its final maturity datesuch period as long as necessary. In accordance with the standards of the first paragraph of Section 3.01addition, the Company Master Servicer may suspend foreclosure and bankruptcy activity relating to certain Mortgage Loans and if reasonably prudent, may extend such period as long as necessary. The Master Servicer shall not waive (or permit a sub-servicer to waive) any Prepayment Charge related to an EMC Mortgage Loan unless: (i) the enforceability thereof shall have been limited by bankruptcy, insolvency, moratorium, receivership and other similar laws relating to creditors’ ' rights generally, (ii) the enforcement thereof is illegal, or any local, state or federal agency has threatened legal action if the prepayment penalty is enforced, (iii) the collectability thereof shall have mortgage debt has been limited due to acceleration accelerated in connection with a foreclosure or other involuntary payment or (iv) such waiver is standard and customary in servicing similar Mortgage Loans and relates to a default or a reasonably foreseeable default and would, in the reasonable judgment of the CompanyMaster Servicer, maximize recovery of total proceeds taking into account the value of such Prepayment Charge and the related EMC Mortgage Loan. If a Prepayment Charge is waived, but does not meet the standards described above, then the Company Master Servicer is required to pay the amount of such waived Prepayment Charge, for the benefit of the related Class C P Certificates, by remitting such amount to the Master Servicer Trustee by the Remittance Distribution Account Deposit Date. Payments of such waived charges shall not be payments in respect of any Regular Interest.
(b) The Company Master Servicer shall establish and maintain a Protected Account (which shall at all times be an Eligible Account) with a depository institution in the name of the Company Master Servicer for the benefit of the Trustee on behalf of the Certificateholders and designated “"EMC Mortgage Corporation, as servicer on behalf of Citibank, N.A., as TrusteeMaster Servicer, for the benefit of the certificateholdersLaSalle Bank National Association, in trust for registered holders Holders of Bear Xxxxxxx Stearns Asset Backed Securities Xxxxxxties I LLC, MortgageAsset-Backed Certificates, Series 2006-5”EC2". The Company Master Servicer shall deposit or cause to be deposited into the Protected Account on a daily basis within one two Business Day Days of receiptreceipt and identification, except as otherwise specifically provided herein, the following payments and collections remitted by subservicers or received by it in respect of the EMC Mortgage Loans subsequent to the Cut-off Date (other than in respect of principal and interest due on the EMC 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, including Principal Prepayments, on the EMC Mortgage Loans;
(ii) all payments on account of interest on the EMC Mortgage Loans net of the related Servicing Fee permitted under Section 3.133.10 and LPMI Fees, if any;
(iii) all Liquidation Proceeds, Subsequent Recoveries and Insurance Proceeds with respect to any EMC Mortgage LoansProceeds, other than proceeds to be applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with the Company’s Master Servicer's normal servicing procedures;
(iv) any amount required to be deposited by the Company Master Servicer pursuant to Section 5.01(c4.01(c) in connection with any losses on Permitted Investments;
(v) any amounts required to be deposited by the Company Master Servicer pursuant to Section 3.073.05;
(vi) any Prepayment Charges collected on the EMC Mortgage Loans; and
(vii) any other amounts required to be deposited hereunder. The foregoing requirements for deposit remittance by the Company Master Servicer into the Protected Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, payments in the nature of late payment charges or assumption fees, if collected, need not be deposited remitted by the CompanyMaster Servicer. In the event that the Company Master Servicer shall deposit remit any amount not required to be deposited remitted and not otherwise subject to withdrawal pursuant to Section 5.024.02, it may at any time withdraw or direct the institution maintaining the Protected Account, to withdraw such amount from the Protected Account, any provision herein to the contrary notwithstanding. Such withdrawal or direction may be accomplished by delivering written notice thereof to the institution maintaining the Protected Account, that describes the amounts deposited in error in the Protected Account. The Company Master Servicer shall maintain adequate records with respect to all withdrawals made pursuant to this Section. Reconciliations will be prepared for the Protected Account within 45 calendar days after the bank statement cut-off date. All items requiring reconciliation will be resolved within 90 calendar days of their original identification. All funds deposited in the Protected Account shall be held in trust for the Certificateholders until withdrawn in accordance with Section 5.024.02.
(c) The institution that maintains the Protected Account shall invest the funds in the Protected Account, in the manner directed by the CompanyMaster Servicer, in Permitted Investments which shall mature not later than the Business Day immediately preceding the Remittance Date and shall not be sold or disposed of prior to its 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 shall be for the benefit of the Company Master Servicer as servicing compensation and shall be remitted to it monthly as provided herein. The amount of any losses incurred in the Protected Account in respect of any such investments shall be deposited by the Company Master Servicer into the Protected Account, out of the Company’s Master Servicer's own funds.
(d) The Company Master Servicer shall give at least 30 days advance notice to the Trustee, the Securities Administrator, the Sponsor, the Master ServicerSellers, each Rating Agency and the Depositor of any proposed change of location of the Protected Account prior to any change thereof.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Bear Stearns Asset Backed Securities I LLC Trust 2006-Ec2)
Collection of Mortgage Loan Payments; Protected Account. (a) The Company Master Servicer shall make reasonable efforts in accordance with customary and usual standards of practice of prudent mortgage lenders in the respective states in which the Mortgaged Properties related to the EMC Mortgage Loans are located to collect all payments called for under the terms and provisions of the EMC Mortgage Loans to the extent such procedures shall be consistent with this Agreement and the terms and provisions of any related Required Insurance Policy. Consistent with the foregoing, the Company Master Servicer may in its discretion (i) waive any late payment charge and (ii) extend the Due Dates due dates for payments due on a Mortgage Note related to an EMC Mortgage Loan for a period not greater than 125 days, provided that, EMC shall not extend the payment date of any Mortgage Loan beyond the date of its final maturity date. In the event of any such arrangement, the Company Master Servicer shall make Advances on the related EMC Mortgage Loan during the scheduled period in accordance with the amortization schedule of such EMC Mortgage Loan without modification thereof by reason of such arrangements, and shall be entitled to reimbursement therefor in accordance with Section 6.015.01. The Company Master Servicer shall not be required to institute or join in litigation with respect to collection of any payment (whether under a Mortgage, Mortgage Note or otherwise or against any public or governmental authority with respect to a taking or condemnation) if it reasonably believes that enforcing the provision of the Mortgage or other instrument pursuant to which such payment is required is prohibited by applicable law. In addition, if (x) an EMC a Mortgage Loan is in default or default is reasonably foreseeable foreseeable, the Master Servicer may also waive, modify or vary any term of any Mortgage Loan or consent to the postponement of strict compliance with any such term or in any manner grant indulgence to any mortgagor, including without limitation, to (1) capitalize any amounts owing on the Mortgage Loan by adding such amount to the outstanding principal balance of the Mortgage Loan, (2) defer such amounts to a later date or the final payment date of such Mortgage Loan, (3) extend the maturity of any such Mortgage Loan, but in no instance past the date on which the final payment is due on the latest maturing Mortgage Loan as of the Cut-off Date, and/or (4) reduce the related Mortgage Rate (subject to clause (y) below), provided that, in the Master Servicer’s determination, such waiver, modification, postponement or indulgence is not materially adverse to the interests of the Certificateholders (taking into account any estimated Realized Loss that might result absent such action), or (y) the Company Master Servicer delivers to the Trustee, Securities Administrator and Master Servicer Trustee a certification addressed to the Trustee and the Securities AdministratorTrustee, based on the advice of counsel or certified public accountants, in either case, that have a national reputation with respect to taxation of REMICs, that a modification of such EMC Mortgage Loan will not result in the imposition of taxes on or disqualify from REMIC status any of REMIC I, REMIC II, REMIC III, REMIC IV, REMIC V, REMIC VI, REMIC VII or VII, REMIC VIII, REMIC IX or REMIC X, the Company may if it reasonably believes that undertaking such actions would be in the best interest of the CertificateholdersMaster Servicer may, (A) amend the related Mortgage Note to reduce the Mortgage Rate applicable thereto, provided that such reduced Mortgage Rate shall in no event be lower than 5.00% with respect to any EMC Mortgage Loan and (B) amend any Mortgage Note related to an EMC Mortgage Loan to extend to the maturity thereof; provided that, EMC shall not extend the payment date of any Mortgage Loan beyond its final maturity date. In accordance with the standards of the first paragraph of Section 3.01, the Company .
(b) The Master Servicer shall not waive (or permit a sub-servicer to waive) any Prepayment Charge related to an EMC Mortgage Loan unless: (i) the enforceability thereof shall have been limited by bankruptcy, insolvency, moratorium, receivership and other similar laws relating to creditors’ rights generally, (ii) the enforcement thereof is illegal, or any local, state or federal agency has threatened legal action if the prepayment penalty is enforced, (iii) the collectability thereof shall have mortgage debt has been limited due to acceleration accelerated in connection with a foreclosure or other involuntary payment or (iv) such waiver is standard and customary in servicing similar Mortgage Loans and relates to a default or a reasonably foreseeable default and would, in the reasonable judgment of the CompanyMaster Servicer, maximize recovery of total proceeds taking into account the value of such Prepayment Charge and the related EMC Mortgage Loan. If a Prepayment Charge is waived, but does not meet the standards described above, then the Company Master Servicer is required to pay the amount of such waived Prepayment Charge, for the benefit of the related Class C P Certificates, by remitting such amount to the Master Servicer Trustee by the Remittance Date. Payments of Distribution Account Deposit Date with respect to such waived charges shall not be payments in respect of any Regular InterestLoan Group.
(bc) The Company Master Servicer shall establish and maintain a Protected Account (which shall at all times be an Eligible Account) with a depository institution in the name of the Company Master Servicer for the benefit of the Trustee on behalf of the Certificateholders and designated “EMC Mortgage Corporation, as servicer on behalf of Citibank, N.A., as TrusteeMaster Servicer, for the benefit of the certificateholdersLaSalle Bank National Association, in trust for registered holders Holders of Bear Xxxxxxx Asset Backed Securities I LLC, MortgageAsset-Backed Certificates, Series 2006-5HE10”. The Company Master Servicer shall deposit or cause to be deposited into the Protected Account on a daily basis within one two Business Day Days of receiptreceipt and identification, except as otherwise specifically provided herein, the following payments and collections remitted by subservicers or received by it in respect of the EMC Mortgage Loans subsequent to the Cut-off Date (other than in respect of principal and interest due on the EMC Mortgage Loans on or before the Cut-off Date) and the following amounts required to be deposited hereunder:
(i) with respect to each Loan Group, all payments on account of principal, including Principal Prepayments, on the EMC Mortgage Loans;
(ii) with respect to each Loan Group, all payments on account of interest on the EMC Mortgage Loans net of the related Servicing Fee permitted under Section 3.133.10 and LPMI Fees, if any;
(iii) with respect to each Loan Group, all Liquidation Proceeds, Subsequent Recoveries and Insurance Proceeds with respect to any EMC Mortgage LoansProceeds, other than proceeds to be applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with the CompanyMaster Servicer’s normal servicing procedures;
(iv) with respect to each Loan Group, any amount required to be deposited by the Company Master Servicer pursuant to Section 5.01(c4.01(c) in connection with any losses on Permitted Investments;
(v) with respect to each Loan Group, any amounts required to be deposited by the Company Master Servicer pursuant to Section 3.073.05;
(vi) with respect to each Loan Group, any Prepayment Charges collected on the EMC Mortgage Loans; and
(vii) with respect to each Loan Group, any other amounts required to be deposited hereunder. The foregoing requirements for deposit remittance by the Company Master Servicer into the Protected Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, payments in the nature of late payment charges or assumption fees, if collected, need not be deposited remitted by the CompanyMaster Servicer. In the event that the Company Master Servicer shall deposit remit any amount with respect to a Loan Group not required to be deposited remitted and not otherwise subject to withdrawal pursuant to Section 5.024.02, it may at any time withdraw or direct the institution maintaining the Protected Account, to withdraw such amount from the Protected AccountAccount with respect to such Loan Group, any provision herein to the contrary notwithstanding. Such withdrawal or direction may be accomplished by delivering written notice thereof to the institution maintaining the Protected Account, that describes the amounts deposited in error in the Protected Account. The Company Master Servicer shall maintain adequate records with respect to all withdrawals made pursuant to this Section. Reconciliations will be prepared for the Protected Account within 45 calendar days after the bank statement cut-off date. All funds deposited in the Protected Account shall be held in trust for the related Certificateholders until withdrawn in accordance with Section 5.024.02.
(cd) The institution that maintains the Protected Account shall invest the funds in the Protected Account, in the manner directed by the CompanyMaster Servicer, in Permitted Investments which shall mature not later than the Business Day immediately preceding the Remittance Date and shall not be sold or disposed of prior to its 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 shall be for the benefit of the Company Master Servicer as servicing compensation and shall be remitted to it monthly as provided herein. The amount of any losses incurred in the Protected Account in respect of any such investments shall be deposited by the Company Master Servicer into the Protected Account, out of the CompanyMaster Servicer’s own funds.
(de) The Company Master Servicer shall give at least 30 days advance notice to the Trustee, the Securities Administrator, the Sponsor, the Master ServicerSellers, each Rating Agency and the Depositor of any proposed change of location of the Protected Account prior to any change thereof.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Bear Stearns Asset Backed Securities I Trust 2006-He10)
Collection of Mortgage Loan Payments; Protected Account. (a) The Company Servicer shall make reasonable efforts in accordance with customary and usual standards of practice of prudent mortgage lenders in the respective states in which the Mortgaged Properties related to the EMC Mortgage Loans are located to collect all payments called for under the terms and provisions of the EMC Mortgage Loans to the extent such procedures shall be consistent with this Agreement and the terms and provisions of any related Required Insurance Policy, and follow such collection procedures as it would employ in its good faith business judgment and which are normal and usual in its general mortgage servicing activities. Consistent with the foregoing, the Company Servicer may in its discretion (i) waive waive, modify or vary or permit to be waived, modified or varied, any late payment charge and (ii) extend the Due Dates for payments due on a Mortgage Note related to an EMC Mortgage Loan for a period not greater than 125 days, provided that, EMC shall not extend the payment date term of any Mortgage Loan beyond if the date Mortgage Loan is in default or default is reasonably foreseeable. In addition, if (x) a Mortgage Loan is in default or default is imminent or (y) the Servicer delivers to the Master Servicer and the Securities Administrator a certification addressed to the Securities Administrator, based on the advice of its counsel or certified public accountants, in either case, that have a national reputation with respect to taxation of REMICs, that a modification of such Mortgage Loan will not result in the imposition of taxes on or disqualify any of REMIC I, REMIC II or REMIC III, the Servicer may, with the consent of the Master Servicer, which consent shall not be unreasonably withheld, enter into any payment plan or agreement to modify payments with a Mortgagor or permit any modification with respect to any mortgage loan that would change the Mortgage Rate, forgive the payment of principal or interest, change the outstanding principal amount or extend the final maturity datematurity. In the event of any such arrangementarrangements, the Company Servicer shall make Advances on the related EMC Mortgage Loan during the scheduled period in accordance with the amortization schedule of such EMC Mortgage Loan without modification thereof by reason of such arrangements, and shall be entitled to reimbursement therefor in accordance with Section 6.01. The Company Servicer shall not be required to institute or join in litigation with respect to collection of any payment (whether under a Mortgage, Mortgage Note or otherwise or against any public or governmental authority with respect to a taking or condemnation) if it reasonably believes that enforcing the provision of the Mortgage or other instrument pursuant to which such payment is required is prohibited by applicable law. Notwithstanding the foregoing, the Servicer shall not permit any modification with respect to any Mortgage Loan that would both constitute a sale or exchange of such Mortgage Loan within the meaning of Section 1001 of the Code and any proposed, temporary or final regulations promulgated thereunder (other than in connection with a proposed conveyance or assumption of such Mortgage Loan that is treated as a Principal Prepayment in Full pursuant to Section 3.02 hereof) and cause either REMIC formed under this Agreement to fail to qualify as a REMIC under the Code. In addition, if (x) an EMC Mortgage Loan notwithstanding any state or federal law to the contrary, the Servicer shall not impose a prepayment premium in any instance when the mortgage debt is accelerated as the result of the borrower’s default in default or default is reasonably foreseeable or (y) making the Company delivers loan payments. Upon request, the Trustee shall execute and deliver to the Servicer any powers of attorney and other documents, furnished by the Servicer to the Trustee, Securities Administrator necessary or appropriate to enable the Servicer to service and Master administer the Mortgage Loans. The Trustee shall not be liable for any action taken by the Servicer a certification addressed or any subservicer pursuant to such powers of attorney. In connection with servicing and administering the Trustee and the Securities Administrator, based on the advice of counsel or certified public accountants, in either case, that have a national reputation with respect to taxation of REMICs, that a modification of such EMC Mortgage Loan will not result in the imposition of taxes on or disqualify any of REMIC I, REMIC II, REMIC III, REMIC IV, REMIC V, REMIC VI, REMIC VII or REMIC VIIILoans, the Company may if it reasonably believes that undertaking such actions would be in the best interest Servicer and any Affiliate of the Certificateholders, (A) amend the related Mortgage Note to reduce the Mortgage Rate applicable thereto, provided that such reduced Mortgage Rate shall in no event be lower than 5.00% with respect to any EMC Mortgage Loan and (B) amend any Mortgage Note related to an EMC Mortgage Loan to extend to the maturity thereof; provided that, EMC shall not extend the payment date of any Mortgage Loan beyond its final maturity date. In accordance with the standards of the first paragraph of Section 3.01, the Company shall not waive (or permit a sub-servicer to waive) any Prepayment Charge related to an EMC Mortgage Loan unless: Servicer (i) the enforceability thereof may perform services such as appraisals and brokerage services that are not customarily provided by servicers of mortgage loans, and shall have been limited by bankruptcy, insolvency, moratorium, receivership be entitled to reasonable compensation therefor in accordance with Section 3.10 and other similar laws relating to creditors’ rights generally, (ii) may, at its own discretion and on behalf of the enforcement thereof is illegalTrust Fund, or any local, state or federal agency has threatened legal action if the prepayment penalty is enforced, (iii) the collectability thereof shall have been limited due to acceleration in connection with a foreclosure or other involuntary payment or (iv) such waiver is standard and customary in servicing similar Mortgage Loans and relates to a default or a reasonably foreseeable default and would, obtain credit information in the reasonable judgment form of the Company, maximize recovery of total proceeds taking into account the value of such Prepayment Charge and the related EMC Mortgage Loan. If a Prepayment Charge is waived, but does not meet the standards described above, then the Company is required to pay the amount of such waived Prepayment Charge, for the benefit of the related Class C Certificates, by remitting such amount to the Master Servicer by the Remittance Date. Payments of such waived charges shall not be payments in respect of any Regular Interest“credit score” from a credit repository.
(b) The Company Servicer shall establish and maintain a Protected Account (which shall at all times be an Eligible Account) with a depository institution in the name of the Company Servicer for the benefit of the Trustee on behalf of the Certificateholders and designated “EMC Mortgage CorporationOcwen Loan Servicing, LLC, as servicer on behalf of Citibank, N.A., as TrusteeServicer, for the benefit of the certificateholdersCitibank, N.A., in trust for registered holders of Bear Xxxxxxx Asset Backed Securities I LLC, MortgageAsset-Backed Certificates, Series 20062005-5CL1”. The Company Servicer shall deposit or cause to be deposited into the Protected Account on a daily basis within one two Business Day Days of receipt, except as otherwise specifically provided herein, the following payments and collections remitted by subservicers or received by it in respect of the EMC Mortgage Loans subsequent to the applicable Cut-off Date (other than in respect of principal and interest due on the EMC Mortgage Loans on or before the applicable Cut-off Date or principal of or interest on Subsequent Mortgage Loans due on or before the related Subsequent Cut-off Date) and the following amounts required to be deposited hereunder:
(i) all payments on account of principal, including Principal Prepayments, on the EMC Mortgage Loans;
(ii) all payments on account of interest on the EMC Mortgage Loans net of the related Servicing Fee permitted under Section 3.133.10, if anyany Prepayment Interest Excess, the Master Servicing Fee and the Risk Manager Fee;
(iii) all Liquidation Proceeds, Subsequent Recoveries and Insurance Proceeds with respect to any EMC Mortgage LoansProceeds, other than proceeds to be applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with the CompanyServicer’s normal servicing procedures;
(iv) any amount required to be deposited by the Company Servicer pursuant to Section 5.01(c) in connection with any losses on Permitted Investments;
(v) any amounts required to be deposited by the Company Servicer pursuant to Section 3.07;
(vi) any Prepayment Charges collected on the EMC Mortgage Loans3.05; and
(viivi) any other amounts required to be deposited hereunder. The foregoing requirements for deposit remittance by the Company Servicer into the Protected Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, payments in the nature of late payment charges or assumption fees, if collected, need not be deposited remitted by the CompanyServicer. In the event that the Company Servicer shall deposit remit any amount not required to be deposited remitted and not otherwise subject to withdrawal pursuant to Section 5.02, it may at any time withdraw or direct the institution maintaining the Protected Account, to withdraw such amount from the Protected Account, any provision herein to the contrary notwithstanding. Such withdrawal or direction may be accomplished by delivering written notice thereof to the institution maintaining the Protected Account, that describes the amounts deposited in error in the Protected Account. The Company Servicer shall maintain adequate records with respect to all withdrawals made pursuant to this Section. All funds deposited in the Protected Account shall be held in trust for the Certificateholders until withdrawn in accordance with Section 5.02.
(c) The institution that maintains the Protected Account Servicer shall invest the funds in the Protected Account, in the manner directed by the Company, Account in Permitted Investments which shall mature not later than the Business Day immediately preceding prior to the Remittance Date and shall not be sold or disposed of prior to its 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 shall be for the benefit of the Company Servicer as servicing compensation and shall be remitted to it monthly as provided herein. The amount of any losses incurred in the Protected Account in respect of any such investments shall be deposited by the Company Servicer into the Protected Account, out of the CompanyServicer’s own funds.
(d) The Company Servicer shall give at least 30 days advance notice to the Trustee, the Securities Administrator, the SponsorAdministrator each Seller, the Master Servicer, each Rating Agency and the Depositor of any proposed change of location of the Protected Account prior to any change thereof.
(e) The Master Servicer shall enforce the obligation of the Servicer to establish and maintain the Protected Account in accordance with this Section 5.01.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Bear Stearns Asset Backed Securities I Trust 2005-Cl1)
Collection of Mortgage Loan Payments; Protected Account. (a) The Company Master Servicer shall make reasonable efforts in accordance with customary and usual standards of practice of prudent mortgage lenders in the respective states in which the Mortgaged Properties related to the EMC Mortgage Loans are located to collect all payments called for under the terms and provisions of the EMC Mortgage Loans to the extent such procedures shall be consistent with this Agreement and the terms and provisions of any related Required Insurance Policy. Consistent with the foregoing, the Company Master Servicer may in its discretion (i) waive any late payment charge and (ii) extend the Due Dates due dates for payments due on a Mortgage Note related to an EMC Mortgage Loan for a period not greater than 125 days, provided that, EMC shall not extend the payment date of any Mortgage Loan beyond the date of its final maturity date. In the event of any such arrangement, the Company Master Servicer shall make Advances on the related EMC Mortgage Loan during the scheduled period in accordance with the amortization schedule of such EMC Mortgage Loan without modification thereof by reason of such arrangements, and shall be entitled to reimbursement therefor in accordance with Section 6.015.01. The Company Master Servicer shall not be required to institute or join in litigation with respect to collection of any payment (whether under a Mortgage, Mortgage Note or otherwise or against any public or governmental authority with respect to a taking or condemnation) if it reasonably believes that enforcing the provision of the Mortgage or other instrument pursuant to which such payment is required is prohibited by applicable law. In addition, if (x) an EMC a Mortgage Loan is in default or default is reasonably foreseeable or (y) the Company Master Servicer delivers to the Trustee, Securities Administrator and Master Servicer Trustee a certification addressed to the Trustee and the Securities AdministratorTrustee, based on the advice of counsel or certified public accountants, in either case, that have a national reputation with respect to taxation of REMICs, that a modification of such EMC Mortgage Loan will not result in the imposition of taxes on or disqualify from REMIC status any of REMIC I, REMIC II, REMIC III, REMIC IV, REMIC V, V or REMIC VI, REMIC VII or REMIC VIII, the Company may if it reasonably believes that undertaking such actions would be in the best interest of the CertificateholdersMaster Servicer may, (A) amend the related Mortgage Note to reduce the Mortgage Rate applicable thereto, provided that such reduced Mortgage Rate shall in no event be lower than 5.00% with respect to any EMC Mortgage Loan and (B) amend any Mortgage Note related to an EMC Mortgage Loan to extend to the maturity thereof; provided that. With respect to Mortgage Loans affected by Hurricane Kxxxxxx, EMC shall not if the Mortgaged Property is located in public and individual assistance counties as designated by FEMA (as set forth on its website wxx.xxxx.xxx), the Master Servicer may cease charging of late fees and credit reporting activity for Mortgagors in such counties until May 1, 2006 and if reasonably prudent, may extend the payment date of any Mortgage Loan beyond its final maturity datesuch period as long as necessary. In accordance with the standards of the first paragraph of Section 3.01addition, the Company Master Servicer may suspend foreclosure and bankruptcy activity relating to certain Mortgage Loans and if reasonably prudent, may extend such period as long as necessary. The Master Servicer shall not waive (or permit a sub-servicer to waive) any Prepayment Charge related to an EMC Mortgage Loan unless: (i) the enforceability thereof shall have been limited by bankruptcy, insolvency, moratorium, receivership and other similar laws relating to creditors’ rights generally, (ii) the enforcement thereof is illegal, or any local, state or federal agency has threatened legal action if the prepayment penalty is enforced, (iii) the collectability thereof shall have mortgage debt has been limited due to acceleration accelerated in connection with a foreclosure or other involuntary payment or (iv) such waiver is standard and customary in servicing similar Mortgage Loans and relates to a default or a reasonably foreseeable default and would, in the reasonable judgment of the CompanyMaster Servicer, maximize recovery of total proceeds taking into account the value of such Prepayment Charge and the related EMC Mortgage Loan. If a Prepayment Charge is waived, but does not meet the standards described above, then the Company Master Servicer is required to pay the amount of such waived Prepayment Charge, for the benefit of the related Class C P Certificates, by remitting such amount to the Master Servicer Trustee by the Remittance Distribution Account Deposit Date. Payments of such waived charges shall not be payments in respect of any Regular Interest.
(b) The Company Master Servicer shall establish and maintain a Protected Account (which shall at all times be an Eligible Account) with a depository institution in the name of the Company Master Servicer for the benefit of the Trustee on behalf of the Certificateholders and designated “EMC Mortgage Corporation, as servicer on behalf of Citibank, N.A., as TrusteeMaster Servicer, for the benefit of the certificateholdersLaSalle Bank National Association, in trust for registered holders Holders of Bear Xxxxxxx Sxxxxxx Asset Backed Securities I LLC, MortgageAsset-Backed Certificates, Series 2006-5HE5”. The Company Master Servicer shall deposit or cause to be deposited into the Protected Account on a daily basis within one two Business Day Days of receiptreceipt and identification, except as otherwise specifically provided herein, the following payments and collections remitted by subservicers or received by it in respect of the EMC Mortgage Loans subsequent to the Cut-off Date (other than in respect of principal and interest due on the EMC 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, including Principal Prepayments, on the EMC Mortgage Loans;
(ii) all payments on account of interest on the EMC Mortgage Loans net of the related Servicing Fee permitted under Section 3.133.10 and LPMI Fees, if any;
(iii) all Liquidation Proceeds, Subsequent Recoveries and Insurance Proceeds with respect to any EMC Mortgage LoansProceeds, other than proceeds to be applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with the CompanyMaster Servicer’s normal servicing procedures;
(iv) any amount required to be deposited by the Company Master Servicer pursuant to Section 5.01(c4.01(c) in connection with any losses on Permitted Investments;
(v) any amounts required to be deposited by the Company Master Servicer pursuant to Section 3.073.05;
(vi) any Prepayment Charges collected on the EMC Mortgage Loans; and
(vii) any other amounts required to be deposited hereunder. The foregoing requirements for deposit remittance by the Company Master Servicer into the Protected Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, payments in the nature of late payment charges or assumption fees, if collected, need not be deposited remitted by the CompanyMaster Servicer. In the event that the Company Master Servicer shall deposit remit any amount not required to be deposited remitted and not otherwise subject to withdrawal pursuant to Section 5.024.02, it may at any time withdraw or direct the institution maintaining the Protected Account, to withdraw such amount from the Protected Account, any provision herein to the contrary notwithstanding. Such withdrawal or direction may be accomplished by delivering written notice thereof to the institution maintaining the Protected Account, that describes the amounts deposited in error in the Protected Account. The Company Master Servicer shall maintain adequate records with respect to all withdrawals made pursuant to this Section. Reconciliations will be prepared for the Protected Account within 45 calendar days after the bank statement cut-off date. All items requiring reconciliation will be resolved within 90 calendar days of their original identification. All funds deposited in the Protected Account shall be held in trust for the Certificateholders until withdrawn in accordance with Section 5.024.02.
(c) The institution that maintains the Protected Account shall invest the funds in the Protected Account, in the manner directed by the CompanyMaster Servicer, in Permitted Investments which shall mature not later than the Business Day immediately preceding the Remittance Date and shall not be sold or disposed of prior to its 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 shall be for the benefit of the Company Master Servicer as servicing compensation and shall be remitted to it monthly as provided herein. The amount of any losses incurred in the Protected Account in respect of any such investments shall be deposited by the Company Master Servicer into the Protected Account, out of the CompanyMaster Servicer’s own funds.
(d) The Company Master Servicer shall give at least 30 days advance notice to the Trustee, the Securities Administrator, the Sponsor, the Master ServicerSellers, each Rating Agency and the Depositor of any proposed change of location of the Protected Account prior to any change thereof.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Bear Stearns Asset Backed Securities I Trust 2006-He5)
Collection of Mortgage Loan Payments; Protected Account. (a) The Company Master Servicer shall make reasonable efforts in accordance with customary and usual standards of practice of prudent mortgage lenders in the respective states in which the Mortgaged Properties related to the EMC Mortgage Loans are located to collect all payments called for under the terms and provisions of the EMC Mortgage Loans to the extent such procedures shall be consistent with this Agreement and the terms and provisions of any related Required Insurance Policy. Consistent with the foregoing, the Company Master Servicer may in its discretion (i) waive any late payment charge and (ii) extend the Due Dates due dates for payments due on a Mortgage Note related to an EMC Mortgage Loan for a period not greater than 125 days, provided that, EMC shall not extend the payment date of any Mortgage Loan beyond the date of its final maturity date. In the event of any such arrangement, the Company Master Servicer shall make Advances on the related EMC Mortgage Loan during the scheduled period in accordance with the amortization schedule of such EMC Mortgage Loan without modification thereof by reason of such arrangements, and shall be entitled to reimbursement therefor in accordance with Section 6.015.01. The Company Master Servicer shall not be required to institute or join in litigation with respect to collection of any payment (whether under a Mortgage, Mortgage Note or otherwise or against any public or governmental authority with respect to a taking or condemnation) if it reasonably believes that enforcing the provision of the Mortgage or other instrument pursuant to which such payment is required is prohibited by applicable law. In addition, if (x) an EMC a Mortgage Loan is in default or default is reasonably foreseeable or imminent and (y) the Company Master Servicer delivers to the Trustee, Securities Administrator and Master Servicer Trustee a certification addressed to the Trustee and the Securities AdministratorTrustee, based on the advice of counsel or certified public accountants, in either case, that have a national reputation with respect to taxation of REMICs, that a modification of such EMC Mortgage Loan will not result in the imposition of taxes on or disqualify any of either REMIC I, REMIC II, REMIC III, III or REMIC IV, REMIC V, REMIC VI, REMIC VII or REMIC VIII, the Company may if it reasonably believes that undertaking such actions would be in the best interest of the CertificateholdersMaster Servicer may, (A) amend the related Mortgage Note to reduce the Mortgage Rate applicable thereto, provided that such reduced Mortgage Rate shall in no event be lower than 5.00% with respect to any EMC Mortgage Loan and (B) amend any Mortgage Note related to an EMC Mortgage Loan to extend to the maturity thereof; provided that, EMC shall not extend the payment date of any Mortgage Loan beyond its final maturity date. In accordance with the standards of the first paragraph of Section 3.01, the Company The Master Servicer shall not waive (or permit a sub-servicer to waive) any Prepayment Charge related to an EMC Mortgage Loan unless: (i) the enforceability thereof shall have been limited by bankruptcy, insolvency, moratorium, receivership and other similar laws relating to creditors’ ' rights generally, (ii) the enforcement thereof is illegal, or any local, state or federal agency has threatened legal action if the prepayment penalty is enforced, (iii) the collectability thereof shall have been limited due to acceleration in connection with a foreclosure or other involuntary payment or (iv) such waiver is standard and customary in servicing similar Mortgage Loans and relates to a default or a reasonably foreseeable default and would, in the reasonable judgment of the CompanyMaster Servicer, maximize recovery of total proceeds taking into account the value of such Prepayment Charge and the related EMC Mortgage Loan. In no event will the Master Servicer waive a Prepayment Charge in connection with a refinancing of a Mortgage Loan that is not related to a default or a reasonably foreseeable default. If a Prepayment Charge is waived, but does not meet the standards described above, then the Company Master Servicer is required to pay the amount of such waived Prepayment Charge, for the benefit of the related Class C P Certificates, by remitting such amount to the Master Servicer Trustee by the Remittance Distribution Account Deposit Date. Payments of such waived charges shall not be payments in respect of any Regular Interest.
(b) The Company Master Servicer shall establish and maintain a Protected Account (which shall at all times be an Eligible Account) with a depository institution in the name of the Company Master Servicer for the benefit of the Trustee on behalf of the Certificateholders and designated “"EMC Mortgage Corporation, as servicer on behalf of Citibank, N.A., as TrusteeMaster Servicer, for the benefit of the certificateholdersLaSalle Bank National Association, in trust for registered holders of Bear Xxxxxxx Stearns Asset Backed Securities I LLCBackex Xxxxxities, MortgageInc., Asset-Backed Certificates, Certificates Series 20062004-5”HE2". The Company Master Servicer shall deposit or cause to be deposited into the Protected Account on a daily basis within one Business Day of receipt, except as otherwise specifically provided herein, the following payments and collections remitted by subservicers or received by it in respect of the EMC Mortgage Loans subsequent to the Cut-off Date (other than in respect of principal and interest due on the EMC 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, including Principal Prepayments, on the EMC Mortgage Loans;
(ii) all payments on account of interest on the EMC Mortgage Loans net of the related Servicing Fee permitted under Section 3.133.10 and LPMI Fees, if any;
(iii) all Liquidation Proceeds, Subsequent Recoveries and Insurance Proceeds with respect to any EMC Mortgage LoansProceeds, other than proceeds to be applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with the Company’s Master Servicer's normal servicing procedures;
(iv) any amount required to be deposited by the Company Master Servicer pursuant to Section 5.01(c4.01(c) in connection with any losses on Permitted Investments;
(v) any amounts required to be deposited by the Company Master Servicer pursuant to Section 3.073.05;
(vi) any Prepayment Charges collected on the EMC Mortgage Loans; and
(vii) any other amounts required to be deposited hereunder. The foregoing requirements for deposit remittance by the Company Master Servicer into the Protected Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, payments in the nature of late payment charges or assumption fees, if collected, need not be deposited remitted by the CompanyMaster Servicer. In the event that the Company Master Servicer shall deposit remit any amount not required to be deposited remitted and not otherwise subject to withdrawal pursuant to Section 5.024.02, it may at any time withdraw or direct the institution maintaining the Protected Account, to withdraw such amount from the Protected Account, any provision herein to the contrary notwithstanding. Such withdrawal or direction may be accomplished by delivering written notice thereof to the institution maintaining the Protected Account, that describes the amounts deposited in error in the Protected Account. The Company Master Servicer shall maintain adequate records with respect to all withdrawals made pursuant to this Section. All funds deposited in the Protected Account shall be held in trust for the Certificateholders until withdrawn in accordance with Section 5.024.02.
(c) The institution that maintains the Protected Account shall invest the funds in the Protected Account, in the manner directed by the CompanyMaster Servicer, in Permitted Investments which shall mature not later than the Business Day immediately preceding the Remittance Date and shall not be sold or disposed of prior to its 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 shall be for the benefit of the Company Master Servicer as servicing compensation and shall be remitted to it monthly as provided herein. The amount of any losses incurred in the Protected Account in respect of any such investments shall be deposited by the Company Master Servicer into the Protected Account, out of the Company’s Master Servicer's own funds.
(d) The Company Master Servicer shall give at least 30 days advance notice to the Trustee, the Securities Administrator, the Sponsor, the Master ServicerSeller, each Rating Agency and the Depositor of any proposed change of location of the Protected Account prior to any change thereof.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Bear Stearns Asset Backed Certificates Series 2004-He2)
Collection of Mortgage Loan Payments; Protected Account. (a) The Company Master Servicer shall make reasonable efforts in accordance with customary and usual standards of practice of prudent mortgage lenders in the respective states in which the Mortgaged Properties related to the EMC Mortgage Loans are located to collect all payments called for under the terms and provisions of the EMC Mortgage Loans to the extent such procedures shall be consistent with this Agreement and the terms and provisions of any related Required Insurance Policy. Consistent with the foregoing, the Company Master Servicer may in its discretion (i) waive any late payment charge and (ii) extend the Due Dates due dates for payments due on a Mortgage Note related to an EMC Mortgage Loan for a period not greater than 125 days, provided that, EMC shall not extend the payment date of any Mortgage Loan beyond the date of its final maturity date. In the event of any such arrangement, the Company Master Servicer shall make Advances on the related EMC Mortgage Loan during the scheduled period in accordance with the amortization schedule of such EMC Mortgage Loan without modification thereof by reason of such arrangements, and shall be entitled to reimbursement therefor in accordance with Section 6.015.01. The Company Master Servicer shall not be required to institute or join in litigation with respect to collection of any payment (whether under a Mortgage, Mortgage Note or otherwise or against any public or governmental authority with respect to a taking or condemnation) if it reasonably believes that enforcing the provision of the Mortgage or other instrument pursuant to which such payment is required is prohibited by applicable law. In addition, if (x) an EMC a Mortgage Loan is in default or default is reasonably foreseeable or (y) the Company Master Servicer delivers to the Trustee, Securities Administrator and Master Servicer Trustee a certification addressed to the Trustee and the Securities AdministratorTrustee, based on the advice of counsel or certified public accountants, in either case, that have a national reputation with respect to taxation of REMICs, that a modification of such EMC Mortgage Loan will not result in the imposition of taxes on or disqualify from REMIC status any of REMIC I, REMIC II, REMIC III, REMIC IV, REMIC V, V or REMIC VI, REMIC VII or REMIC VIII, the Company may if it reasonably believes that undertaking such actions would be in the best interest of the CertificateholdersMaster Servicer may, (A) amend the related Mortgage Note to reduce the Mortgage Rate applicable thereto, provided that such reduced Mortgage Rate shall in no event be lower than 5.00% with respect to any EMC Mortgage Loan and (B) amend any Mortgage Note related to an EMC Mortgage Loan to extend to the maturity thereof; provided that. With respect to Mortgage Loans affected by Hurricane Xxxxxxx, EMC shall not if the Mortgaged Property is located in public and individual assistance counties as designated by FEMA (as set forth on its website xxx.xxxx.xxx), the Master Servicer will cease charging of late fees and credit reporting activity for all Mortgagors in such counties until March 1, 2006, and if reasonably prudent, may extend the payment date of any Mortgage Loan beyond its final maturity datesuch period as long as necessary. In accordance with the standards of the first paragraph of Section 3.01addition, the Company Master Servicer may suspend all foreclosure and bankruptcy activity relating to such Mortgage Loans until March 1, 2006, and if reasonably prudent, may extend such period as long as necessary. The Master Servicer shall not waive (or permit a sub-servicer to waive) any Prepayment Charge related to an EMC Mortgage Loan unless: (i) the enforceability thereof shall have been limited by bankruptcy, insolvency, moratorium, receivership and other similar laws relating to creditors’ rights generally, (ii) the enforcement thereof is illegal, or any local, state or federal agency has threatened legal action if the prepayment penalty is enforced, (iii) the collectability thereof shall have mortgage debt has been limited due to acceleration accelerated in connection with a foreclosure or other involuntary payment or (iv) such waiver is standard and customary in servicing similar Mortgage Loans and relates to a default or a reasonably foreseeable default and would, in the reasonable judgment of the CompanyMaster Servicer, maximize recovery of total proceeds taking into account the value of such Prepayment Charge and the related EMC Mortgage Loan. If a Prepayment Charge is waived, but does not meet the standards described above, then the Company Master Servicer is required to pay the amount of such waived Prepayment Charge, for the benefit of the related Class C P Certificates, by remitting such amount to the Master Servicer Trustee by the Remittance Distribution Account Deposit Date. Payments of such waived charges shall not be payments in respect of any Regular Interest.
(b) The Company Master Servicer shall establish and maintain a Protected Account (which shall at all times be an Eligible Account) with a depository institution in the name of the Company Master Servicer for the benefit of the Trustee on behalf of the Certificateholders and designated “EMC Mortgage Corporation, as servicer on behalf of Citibank, N.A., as TrusteeMaster Servicer, for the benefit of the certificateholdersLaSalle Bank National Association, in trust for registered holders of Bear Xxxxxxx Asset Backed Securities I LLC, MortgageAsset-Backed Certificates, Series 2006-5EC1”. The Company Master Servicer shall deposit or cause to be deposited into the Protected Account on a daily basis within one two Business Day Days of receiptreceipt and identification, except as otherwise specifically provided herein, the following payments and collections remitted by subservicers or received by it in respect of the EMC Mortgage Loans subsequent to the Cut-off Date (other than in respect of principal and interest due on the EMC 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, including Principal Prepayments, on the EMC Mortgage Loans;
(ii) all payments on account of interest on the EMC Mortgage Loans net of the related Servicing Fee permitted under Section 3.133.10 and LPMI Fees, if any;
(iii) all Liquidation Proceeds, Subsequent Recoveries and Insurance Proceeds with respect to any EMC Mortgage LoansProceeds, other than proceeds to be applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with the CompanyMaster Servicer’s normal servicing procedures;
(iv) any amount required to be deposited by the Company Master Servicer pursuant to Section 5.01(c4.01(c) in connection with any losses on Permitted Investments;
(v) any amounts required to be deposited by the Company Master Servicer pursuant to Section 3.073.05;
(vi) any Prepayment Charges collected on the EMC Mortgage Loans; and
(vii) any other amounts required to be deposited hereunder. The foregoing requirements for deposit remittance by the Company Master Servicer into the Protected Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, payments in the nature of late payment charges or assumption fees, if collected, need not be deposited remitted by the CompanyMaster Servicer. In the event that the Company Master Servicer shall deposit remit any amount not required to be deposited remitted and not otherwise subject to withdrawal pursuant to Section 5.024.02, it may at any time withdraw or direct the institution maintaining the Protected Account, to withdraw such amount from the Protected Account, any provision herein to the contrary notwithstanding. Such withdrawal or direction may be accomplished by delivering written notice thereof to the institution maintaining the Protected Account, that describes the amounts deposited in error in the Protected Account. The Company Master Servicer shall maintain adequate records with respect to all withdrawals made pursuant to this Section. Reconciliations will be prepared for the Protected Account within 45 calendar days after the bank statement cut-off date. All items requiring reconciliation will be resolved within 90 calendar days of their original identification. All funds deposited in the Protected Account shall be held in trust for the Certificateholders until withdrawn in accordance with Section 5.024.02.
(c) The institution that maintains the Protected Account shall invest the funds in the Protected Account, in the manner directed by the CompanyMaster Servicer, in Permitted Investments which shall mature not later than the Business Day immediately preceding the Remittance Date and shall not be sold or disposed of prior to its 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 shall be for the benefit of the Company Master Servicer as servicing compensation and shall be remitted to it monthly as provided herein. The amount of any losses incurred in the Protected Account in respect of any such investments shall be deposited by the Company Master Servicer into the Protected Account, out of the CompanyMaster Servicer’s own funds.
(d) The Company Master Servicer shall give at least 30 days advance notice to the Trustee, the Securities Administrator, the Sponsor, the Master ServicerSeller, each Rating Agency and the Depositor of any proposed change of location of the Protected Account prior to any change thereof.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Bear Stearns Asset Backed Securities I LLC Trust 2006-Ec1)
Collection of Mortgage Loan Payments; Protected Account. (a) The Company shall make reasonable efforts in accordance with customary and usual standards of practice of prudent mortgage lenders in the respective states in which the Mortgaged Properties related to the EMC Mortgage Loans are located to collect all payments called for under the terms and provisions of the EMC Mortgage Loans to the extent such procedures shall be consistent with this Agreement and the terms and provisions of any related Required Insurance Policy. Consistent with the foregoing, the Company may in its discretion (i) waive any late payment charge and (ii) extend the Due Dates due dates for payments due on a Mortgage Note related to an EMC Mortgage Loan for a period not greater than 125 days, provided that, EMC shall not extend the payment date of any Mortgage Loan beyond the date of its final maturity date. In the event of any such arrangement, the Company shall make Advances on the related EMC Mortgage Loan during the scheduled period in accordance with the amortization schedule of such EMC Mortgage Loan without modification thereof by reason of such arrangements, and shall be entitled to reimbursement therefor in accordance with Section 6.01. The Company shall not be required to institute or join in litigation with respect to collection of any payment (whether under a Mortgage, Mortgage Note or otherwise or against any public or governmental authority with respect to a taking or condemnation) if it reasonably believes that enforcing the provision of the Mortgage or other instrument pursuant to which such payment is required is prohibited by applicable law. In addition, if (x) an EMC Mortgage Loan is in default or default is reasonably foreseeable imminent or (y) the Company delivers to the Trustee, Securities Administrator and Master Servicer Trustee a certification addressed to the Trustee and the Securities AdministratorTrustee, based on the advice of counsel or certified public accountants, in either case, that have a national reputation with respect to taxation of REMICs, that a modification of such EMC Mortgage Loan will not result in the imposition of taxes on or disqualify any of REMIC I, I or REMIC II, REMIC III, REMIC IV, REMIC V, REMIC VI, REMIC VII or REMIC VIII, the Company may if it reasonably believes that undertaking such actions would be in the best interest of the Certificateholdersmay, (A) amend the related Mortgage Note to reduce the Mortgage Rate applicable thereto, provided that such reduced Mortgage Rate shall in no event be lower than 5.00% with respect to any EMC Mortgage Loan and (B) amend any Mortgage Note related to an EMC Mortgage Loan to extend to the maturity thereof; provided that, EMC shall not extend the payment date of any Mortgage Loan beyond its final maturity date. In accordance with the standards of the first paragraph of Section 3.01, the Company shall not waive (or permit a sub-servicer to waive) any Prepayment Charge related to an EMC Mortgage Loan unless: (i) the enforceability thereof shall have been limited by bankruptcy, insolvency, moratorium, receivership and other similar laws relating to creditors’ ' rights generally, (ii) the enforcement thereof is illegal, or any local, state or federal agency has threatened legal action if the prepayment penalty is enforced, (iii) the collectability thereof shall have been limited due to acceleration in connection with a foreclosure or other involuntary payment or (iv) such waiver is standard and customary in servicing similar Mortgage Loans and relates to a default or a reasonably foreseeable default and would, in the reasonable judgment of the Company, maximize recovery of total proceeds taking into account the value of such Prepayment Charge and the related EMC Mortgage Loan. If a Prepayment Charge is waived, but does not meet the standards described above, then the Company is required to pay the amount of such waived Prepayment Charge, for the benefit of the related Class C P Certificates, by remitting such amount to the Master Servicer by the Remittance Date. Payments of such waived charges shall not be payments in respect of any Regular Interest.
(b) The Company shall establish and maintain a Protected Account (which shall at all times be an Eligible Account) with a depository institution in the name of the Company for the benefit of the Trustee on behalf of the Certificateholders and designated “EMC Mortgage Corporation, as servicer on behalf of Citibank, N.A., as Trustee, for the benefit of the certificateholders"U.S. Bank National Association, in trust for registered holders of Bear Xxxxxxx Asset Backed Securities I LLC, MortgageAsset-Backed Certificates, Certificates Series 20062005-5”AC1". The Company shall deposit or cause to be deposited into the Protected Account on a daily basis within one Business Day of receipt, except as otherwise specifically provided herein, the following payments and collections remitted by subservicers or received by it in respect of the EMC Mortgage Loans subsequent to the Cut-off Date (other than in respect of principal and interest due on the EMC 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, including Principal Prepayments, on the EMC Mortgage Loans;
(ii) all payments on account of interest on the EMC Mortgage Loans net of the related Servicing Fee permitted under Section 3.133.10 and LPMI Fees, if any;
(iii) all Liquidation Proceeds, Subsequent Recoveries Proceeds and Insurance Proceeds with respect to any EMC Mortgage Loans, other than proceeds to be applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with the Company’s 's normal servicing procedures;
(iv) any amount required to be deposited by the Company pursuant to Section 5.01(c) in connection with any losses on Permitted Investments;
(v) any amounts required to be deposited by the Company pursuant to Section 3.073.05;
(vi) any Prepayment Charges collected on the EMC Mortgage Loans; and
(vii) any other amounts required to be deposited hereunder. The foregoing requirements for deposit remittance by the Company into the Protected Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, payments in the nature of late payment charges or assumption fees, if collected, need not be deposited remitted by the Company. In the event that the Company shall deposit remit any amount not required to be deposited remitted and not otherwise subject to withdrawal pursuant to Section 5.02, it may at any time withdraw or direct the institution maintaining the Protected Account, to withdraw such amount from the Protected Account, any provision herein to the contrary notwithstanding. Such withdrawal or direction may be accomplished by delivering written notice thereof to the institution maintaining the Protected Account, that describes the amounts deposited in error in the Protected Account. The Company shall maintain adequate records with respect to all withdrawals made pursuant to this Section. All funds deposited in the Protected Account shall be held in trust for the Certificateholders until withdrawn in accordance with Section 5.02.
(c) The institution that maintains the Protected Account shall invest the funds in the Protected Account, in the manner directed by the Company, in Permitted Investments which shall mature not later than the Business Day immediately preceding the Remittance Date and shall not be sold or disposed of prior to its 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 shall be for the benefit of the Company as servicing compensation and shall be remitted to it monthly as provided herein. The amount of any losses incurred in the Protected Account in respect of any such investments shall be deposited by the Company into the Protected Account, out of the Company’s 's own funds.
(d) The Company shall give at least 30 days advance notice to the Trustee, the Securities Administrator, the SponsorSeller, the Master Servicer, each Rating Agency and the Depositor of any proposed change of location of the Protected Account prior to any change thereof.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Bear Stearns Asset Backed Securities I Trust 2005-Ac1)
Collection of Mortgage Loan Payments; Protected Account. (a) The Company shall make reasonable efforts in accordance with customary and usual standards of practice of prudent mortgage lenders in the respective states in which the Mortgaged Properties related to the EMC Mortgage Loans are located to collect all payments called for under the terms and provisions of the EMC Mortgage Loans to the extent such procedures shall be consistent with this Agreement and the terms and provisions of any related Required Insurance Policy. Consistent with the foregoing, the Company may in its discretion (i) waive any late payment charge and (ii) extend the Due Dates due dates for payments due on a Mortgage Note related to an EMC Mortgage Loan for a period not greater than 125 days, provided that, EMC shall not extend the payment date of any Mortgage Loan beyond the date of its final maturity date. In the event of any such arrangement, the Company shall make Advances on the related EMC Mortgage Loan during the scheduled period in accordance with the amortization schedule of such EMC Mortgage Loan without modification thereof by reason of such arrangements, and shall be entitled to reimbursement therefor in accordance with Section 6.01. The Company shall not be required to institute or join in litigation with respect to collection of any payment (whether under a Mortgage, Mortgage Note or otherwise or against any public or governmental authority with respect to a taking or condemnation) if it reasonably believes that enforcing the provision of the Mortgage or other instrument pursuant to which such payment is required is prohibited by applicable law. In addition, if (x) an EMC a Mortgage Loan is in default or default is reasonably foreseeable or imminent and (y) the Company delivers to the Trustee, Securities Administrator and Master Servicer a certification addressed to the Trustee and the Securities AdministratorMBIA a certification, based on the advice of counsel or certified public accountants, in either case, that have a national reputation with respect to taxation of REMICs, that a modification of such EMC Mortgage Loan will not result in the imposition of taxes on or disqualify any of REMIC I, REMIC II, II or REMIC III, REMIC IV, REMIC V, REMIC VI, REMIC VII or REMIC VIII, the Company may if it reasonably believes that undertaking such actions would be in the best interest of the Certificateholdersmay, (A) amend the related Mortgage Note to reduce the Net Mortgage Rate applicable thereto, provided that such reduced Net Mortgage Rate shall in no event be lower than 5.008.00% with respect to any EMC Mortgage Loan and (B) amend any Mortgage Note related to an EMC Mortgage Loan to extend to the maturity thereof; provided that, EMC shall not extend the payment date of any Mortgage Loan beyond its final maturity date. In accordance with the standards of the first paragraph of Section 3.01, the Company shall not waive (or permit a sub-servicer to waive) any Prepayment Charge related to an EMC Mortgage Loan unless: (i) the enforceability thereof shall have been limited by bankruptcy, insolvency, moratorium, receivership and other similar laws relating to creditors’ rights generally, (ii) the enforcement thereof is illegal, or any local, state or federal agency has threatened legal action if the prepayment penalty is enforced, (iii) the collectability thereof shall have been limited due to acceleration in connection with a foreclosure or other involuntary payment or (iv) such waiver is standard and customary in servicing similar Mortgage Loans and relates to a default or a reasonably foreseeable default and would, in the reasonable judgment of the Company, maximize recovery of total proceeds taking into account the value of such Prepayment Charge and the related EMC Mortgage Loan. If a Prepayment Charge is waived, but does not meet the standards described above, then the Company is required to pay the amount of such waived Prepayment Charge, for the benefit of the related Class C Certificates, by remitting such amount to the Master Servicer by the Remittance Date. Payments of such waived charges shall not be payments in respect of any Regular Interest.
(b) The Company shall establish and maintain a Protected Account (which shall at all times be an Eligible Account) with a depository institution in the name of the Company for the benefit of the Trustee on behalf of the Certificateholders and MBIA and designated “EMC Mortgage Corporation"Bank One, as servicer on behalf of Citibank, N.A., as Trustee, for the benefit of the certificateholdersNational Association, in trust for registered holders of Bear Xxxxxxx Stearns Asset Backed Securities I LLCBackex Xxxxxities, MortgageInc., Asset-Backed Certificates, Certificates Series 20062002-5”AC3". The Company shall deposit or cause to be deposited into the Protected Account on a daily basis within one Business Day of receipt, except as otherwise specifically provided herein, the following payments and collections remitted by subservicers or received by it in respect of the EMC Mortgage Loans subsequent to the Cut-off Date (other than in respect of principal and interest due on the EMC 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, including Principal Prepayments, on the EMC Mortgage Loans;
(ii) all payments on account of interest on the EMC Mortgage Loans net of the related Servicing Fee permitted under Section 3.133.10 and LPMI Fees, if any;
(iii) all Liquidation Proceeds, Subsequent Recoveries and Insurance Proceeds with respect to any EMC Mortgage Loans, other than proceeds to be applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with the Company’s 's normal servicing procedures;
(iv) any amount required to be deposited by the Company pursuant to Section 5.01(c) in connection with any losses on Permitted Investments;
(v) any amounts required to be deposited by the Company pursuant to Section 3.073.05;
(vi) any Prepayment Charges collected on the EMC Mortgage Loans; and
(vii) any other amounts required to be deposited hereunder. The foregoing requirements for deposit remittance by the Company into the Protected Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, payments in the nature of late payment charges or assumption fees, if collected, need not be deposited remitted by the Company. In the event that the Company shall deposit remit any amount not required to be deposited remitted and not otherwise subject to withdrawal pursuant to Section 5.02, it may at any time withdraw or direct the institution maintaining the Protected Account, to withdraw such amount from the Protected Account, any provision herein to the contrary notwithstanding. Such withdrawal or direction may be accomplished by delivering written notice thereof to the institution maintaining the Protected Account, that describes the amounts deposited in error in the Protected Account. The Company shall maintain adequate records with respect to all withdrawals made pursuant to this Section. All funds deposited in the Protected Account (other than any Prepayment Charges deposited therein) shall be held in trust for the Certificateholders and MBIA until withdrawn in accordance with Section 5.02. Notwithstanding anything to the contrary contained herein, in the event that the Company assigns the servicing obligations with respect to all or a portion of the EMC Mortgage Loans to a successor pursuant to Section 8.05(b) hereof, such successor may be entitled to retain the Prepayment Charges with respect to any EMC Mortgage Loans serviced by such successor and collected directly from the related Mortgagor and may not be required to remit any such Prepayment Charges to the Master Servicer in accordance with Section 5.04(c) hereof.
(c) The institution that maintains the Protected Account shall invest the funds in the Protected Account, in the manner directed by the Company, in Permitted Investments which shall mature not later than the Business Day immediately preceding the Remittance Date and shall not be sold or disposed of prior to its maturity. All such Permitted Investments shall be made in the name of the Trustee, for the benefit of the CertificateholdersCertificateholders and MBIA. All income and gain net of any losses realized from any such investment shall be for the benefit of the Company as servicing compensation and shall be remitted to it monthly as provided herein. The amount of any losses incurred in the Protected Account in respect of any such investments shall be deposited by the Company into the Protected Account, out of the Company’s 's own funds.
(d) The Company shall give at least 30 days advance notice to the Trustee, the Securities Administrator, the SponsorSeller, the Master Servicer, each Rating Agency Agency, MBIA and the Depositor of any proposed change of location of the Protected Account prior to any change thereof.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Bear Stearns Asset Backed Sec Inc Asst Bk Cert Ser 2002-Ac3)
Collection of Mortgage Loan Payments; Protected Account. (a) The Company shall make reasonable efforts in accordance with customary and usual standards of practice of prudent mortgage lenders in the respective states in which the Mortgaged Properties related to the EMC Mortgage Loans are located to collect all payments called for under the terms and provisions of the EMC Mortgage Loans to the extent such procedures shall be consistent with this Agreement and the terms and provisions of any related Required Insurance Policy. Consistent with the foregoing, the Company may in its discretion (i) waive any late payment charge and (ii) extend the Due Dates due dates for payments due on a Mortgage Note related to an EMC Mortgage Loan for a period not greater than 125 days, provided that, EMC shall not extend the payment date of any Mortgage Loan beyond the date of its final maturity date. In the event of any such arrangement, the Company shall make Advances on the related EMC Mortgage Loan during the scheduled period in accordance with the amortization schedule of such EMC Mortgage Loan without modification thereof by reason of such arrangements, and shall be entitled to reimbursement therefor in accordance with Section 6.01. The Company shall not be required to institute or join in litigation with respect to collection of any payment (whether under a Mortgage, Mortgage Note or otherwise or against any public or governmental authority with respect to a taking or condemnation) if it reasonably believes that enforcing the provision of the Mortgage or other instrument pursuant to which such payment is required is prohibited by applicable law. In addition, if (x) an EMC Mortgage Loan is in default or default is reasonably foreseeable imminent or (y) the Company delivers to the Trustee, Securities Administrator Trustee and Master Servicer the Insurer a certification addressed to the Trustee and the Securities AdministratorInsurer, based on the advice of counsel or certified public accountants, in either case, that have a national reputation with respect to taxation of REMICs, that a modification of such EMC Mortgage Loan will not result in the imposition of taxes on or disqualify from REMIC status any of REMIC I, REMIC II, II or REMIC III, REMIC IV, REMIC V, REMIC VI, REMIC VII or REMIC VIII, the Company may if it reasonably believes that undertaking such actions would be in the best interest of the Certificateholdersmay, (A) amend the related Mortgage Note to reduce the Mortgage Rate applicable thereto, provided that such reduced Mortgage Rate shall in no event be lower than 5.00% with respect to any EMC Mortgage Loan and (B) amend any Mortgage Note related to an EMC Mortgage Loan to extend to the maturity thereof; provided that, EMC shall not extend the payment date of any Mortgage Loan beyond its final maturity date. In accordance with the standards of the first paragraph of Section 3.01, the Company shall not waive (or permit a sub-servicer to waive) any Prepayment Charge related to an EMC Mortgage Loan unless: (i) the enforceability thereof shall have been limited by bankruptcy, insolvency, moratorium, receivership and other similar laws relating to creditors’ rights generally, (ii) the enforcement thereof is illegal, or any local, state or federal agency has threatened legal action if the prepayment penalty is enforced, (iii) the collectability thereof shall have been limited due to acceleration in connection with a foreclosure or other involuntary payment or (iv) such waiver is standard and customary in servicing similar Mortgage Loans and relates to a default or a reasonably foreseeable default and would, in the reasonable judgment of the Company, maximize recovery of total proceeds taking into account the value of such Prepayment Charge and the related EMC Mortgage Loan. If a Prepayment Charge is waived, but does not meet the standards described above, then the Company is required to pay the amount of such waived Prepayment Charge, for the benefit of the related Class C P Certificates, by remitting such amount to the Securities Administrator (or the Master Servicer Servicer, if the Securities Administrator is no longer related to the Master Servicer) by the Remittance Date. Payments of such waived charges shall not be payments in respect of any Regular Interest.
(b) The Company shall establish and maintain a Protected Account (which shall at all times be an Eligible Account) with a depository institution in the name of the Company for the benefit of the Trustee on behalf of the Certificateholders and the Insurer and designated “EMC Mortgage Corporation, as servicer on behalf of Citibank, N.A., as Trustee, for the benefit of the certificateholdersU.S. Bank National Association, in trust for registered holders of Bear Xxxxxxx Sxxxxxx Asset Backed Securities I LLC, MortgageAsset-Backed Certificates, Certificates Series 2006-5AC1”. The Company shall deposit or cause to be deposited into the Protected Account on a daily basis within one two Business Day Days of receiptreceipt and identification, except as otherwise specifically provided herein, the following payments and collections remitted by subservicers or received by it in respect of the EMC Mortgage Loans subsequent to the Cut-off Date (other than in respect of principal and interest due on the EMC 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, including Principal Prepayments, on the EMC Mortgage Loans;
(ii) all payments on account of interest on the EMC Mortgage Loans net of the related Servicing Fee permitted under Section 3.133.10 and LPMI Fees, if any;
(iii) all Liquidation Proceeds, Subsequent Recoveries Proceeds and Insurance Proceeds with respect to any EMC Mortgage Loans, other than proceeds to be applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with the Company’s normal servicing procedures;
(iv) any amount required to be deposited by the Company pursuant to Section 5.01(c) in connection with any losses on Permitted Investments;
(v) any amounts required to be deposited by the Company pursuant to Section 3.073.05;
(vi) any Prepayment Charges collected on the EMC Mortgage Loans; and
(vii) any other amounts required to be deposited hereunder. The foregoing requirements for deposit remittance by the Company into the Protected Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, payments in the nature of late payment charges or assumption fees, if collected, need not be deposited remitted by the Company. In the event that the Company shall deposit remit any amount not required to be deposited remitted and not otherwise subject to withdrawal pursuant to Section 5.02, it may at any time withdraw or direct the institution maintaining the Protected Account, to withdraw such amount from the Protected Account, any provision herein to the contrary notwithstanding. Such withdrawal or direction may be accomplished by delivering written notice thereof to the institution maintaining the Protected Account, that describes the amounts deposited in error in the Protected Account. The Company shall maintain adequate records with respect to all withdrawals made pursuant to this Section. Reconciliations will be prepared for the Protected Account within 45 calendar days after the bank statement cut-off date. All items requiring reconciliation will be resolved within 90 calendar days of their original identification. All funds deposited in the Protected Account shall be held in trust for the Certificateholders and the Insurer until withdrawn in accordance with Section 5.02.
(c) The institution that maintains the Protected Account shall invest the funds in the Protected Account, in the manner directed by the Company, in Permitted Investments which shall mature not later than the Business Day immediately preceding the Remittance Date and shall not be sold or disposed of prior to its maturity. All such Permitted Investments shall be made in the name of the Trustee, for the benefit of the CertificateholdersCertificateholders and the Certificate Insurer. All income and gain net of any losses realized from any such investment shall be for the benefit of the Company as servicing compensation and shall be remitted to it monthly as provided herein. The amount of any losses incurred in the Protected Account in respect of any such investments shall be deposited by the Company into the Protected Account, out of the Company’s own funds.
(d) The Company shall give at least 30 days advance notice to the Trustee, the Securities Administrator, the Sponsor, the Master Servicer, each Rating Agency and the Insurer and the Depositor of any proposed change of location of the Protected Account prior to any change thereof.
(e) In the event that the Master Servicer and Securities Administrator are no longer affiliated, the Master Servicer shall establish and maintain an account separate from the Distribution Account into which any funds remitted by the Company and Servicers will be deposited. No later than noon New York time on the Business Day prior to each Distribution Date, the Master Servicer shall remit any such funds to the Paying Agent for deposit in the Distribution Account. The Master Servicer shall make the following permitted withdrawals and transfers from such account:
(i) The Master Servicer will, from time to time on demand of the Company, a Servicer or the Securities Administrator, make or cause to be made such withdrawals or transfers from the account as the Master Servicer has designated for such transfer or withdrawal pursuant to this Agreement and the related Servicing Agreement. The Master Servicer may clear and terminate the account pursuant to Section 11.01 and remove amounts from time to time deposited in error.
(ii) On an ongoing basis, the Master Servicer shall withdraw from the account (i) any expenses, costs and liabilities recoverable by the Trustee, the Master Servicer or the Securities Administrator or the Custodian pursuant to Sections 4.03, 8.04 and 10.05 and (ii) any amounts payable to the Master Servicer as set forth in Section 4.14; provided, however, that the Master Servicer shall be obligated to pay from its own funds any amounts which it is required to pay under Section 8.03(a).
(iii) In addition, on or before each Business Day prior to each Distribution Date, the Master Servicer shall deposit in the Distribution Account (or remit to the Trustee for deposit therein) any Monthly Advances required to be made by the Master Servicer with respect to the Mortgage Loans.
(iv) No later than noon New York time on each Business Day prior to each Distribution Date, the Master Servicer will transfer all Available Funds on deposit in the account with respect to the related Distribution Date to the Paying Agent for deposit in the Distribution Account.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Bear Stearns Asset Backed Securities I Trust 2006-Ac1)
Collection of Mortgage Loan Payments; Protected Account. (a) The Company shall make reasonable efforts in accordance with customary and usual standards of practice of prudent mortgage lenders in the respective states in which the Mortgaged Properties related to the EMC Mortgage Loans are located to collect all payments called for under the terms and provisions of the EMC Mortgage Loans to the extent such procedures shall be consistent with this Agreement and the terms and provisions of any related Required Insurance Policy. Consistent with the foregoing, the Company may in its discretion (i) waive any late payment charge and (ii) extend the Due Dates due dates for payments due on a Mortgage Note related to an EMC Mortgage Loan for a period not greater than 125 days, provided that, EMC shall not extend the payment date of any Mortgage Loan beyond the date of its final maturity date. In the event of any such arrangement, the Company shall make Advances on the related EMC Mortgage Group I Loan during the scheduled period in accordance with the amortization schedule of such EMC Mortgage Group I Loan without modification thereof by reason of such arrangements, and shall be entitled to reimbursement therefor in accordance with Section 6.01. The Company shall not be required to institute or join in litigation with respect to collection of any payment (whether under a Mortgage, Mortgage Note or otherwise or against any public or governmental authority with respect to a taking or condemnation) if it reasonably believes that enforcing the provision of the Mortgage or other instrument pursuant to which such payment is required is prohibited by applicable law. In addition, if (x) an EMC Mortgage Loan is in default or default is reasonably foreseeable imminent or (y) the Company delivers to the Trustee, Securities Administrator and Master Servicer a certification addressed to the Trustee and the Securities Administrator, based on the advice of counsel or certified public accountants, in either case, that have a national reputation with respect to taxation of REMICs, that a modification of such EMC Mortgage Loan will not result in the imposition of taxes on or disqualify any of REMIC I, REMIC II, REMIC III, REMIC IV, REMIC V, V or REMIC VI, REMIC VII or REMIC VIII, the Company may if it reasonably believes that undertaking such actions would be in the best interest of the Certificateholdersmay, (A) amend the related Mortgage Note to reduce the Mortgage Rate applicable thereto, provided that such reduced Mortgage Rate shall in no event be lower than 5.00% with respect to any EMC Mortgage Loan and (B) amend any Mortgage Note related to an EMC Mortgage Loan to extend to the maturity thereof; provided that, EMC shall not extend the payment date of any Mortgage Loan beyond its final maturity date. In accordance with the standards of the first paragraph of Section 3.01, the Company shall not waive (or permit a sub-servicer to waive) any Prepayment Charge related to an EMC Mortgage Loan unless: (i) the enforceability thereof shall have been limited by bankruptcy, insolvency, moratorium, receivership and other similar laws relating to creditors’ rights generally, (ii) the enforcement thereof is illegal, or any local, state or federal agency has threatened legal action if the prepayment penalty is enforced, (iii) the collectability thereof shall have been limited due to acceleration in connection with a foreclosure or other involuntary payment or (iv) such waiver is standard and customary in servicing similar Mortgage Loans and relates to a default or a reasonably foreseeable default and would, in the reasonable judgment of the Company, maximize recovery of total proceeds taking into account the value of such Prepayment Charge and the related EMC Mortgage Loan. If a Prepayment Charge is waived, but does not meet the standards described above, then the Company is required to pay the amount of such waived Prepayment Charge, for the benefit of the related Class I-C Certificates, by remitting such amount to the Master Servicer by the Remittance Date. Payments of such waived charges shall not be payments in respect of any Regular Interest.
(b) The Company shall establish and maintain a Protected Account (which shall at all times be an Eligible Account) with a depository institution in the name of the Company for the benefit of the Trustee on behalf of the Certificateholders and designated “EMC Mortgage CorporationCorporation as Servicer, as servicer on behalf of Citibank, N.A., as Trustee, for the benefit of the certificateholders, in trust for registered holders of Bear Xxxxxxx Asset Backed Securities I I, LLC, MortgageMortgage Pass-Backed Through Certificates, Series 20062005-5”. The Company shall deposit or cause to be deposited into the Protected Account on a daily basis within one Business Day of receipt, except as otherwise specifically provided herein, the following payments and collections remitted by subservicers or received by it in respect of the EMC Mortgage Loans subsequent to the Cut-off Date (other than in respect of principal and interest due on the EMC 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, including Principal Prepayments, on the EMC Mortgage Loans;
(ii) all payments on account of interest on the EMC Mortgage Loans net of the related Servicing Fee permitted under Section 3.133.10 and LPMI Fees, if any;
(iii) all Liquidation Proceeds, Released Mortgaged Property Proceeds, Recoveries, Subsequent Recoveries and Insurance Proceeds with respect to any EMC Mortgage Loans, other than proceeds to be applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with the Company’s normal servicing procedures;
(iv) any amount required to be deposited by the Company pursuant to Section 5.01(c) in connection with any losses on Permitted Investments;
(v) any amounts required to be deposited by the Company pursuant to Section 3.073.05;
(vi) any Prepayment Charges collected on the EMC Mortgage Loans; and
(vii) any other amounts required to be deposited hereunder. The foregoing requirements for deposit by the Company into the Protected Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, payments in the nature of late payment charges or assumption fees, if collected, need not be deposited by the Company. In the event that the Company shall deposit any amount not required to be deposited and not otherwise subject to withdrawal pursuant to Section 5.02, it may at any time withdraw or direct the institution maintaining the Protected Account, to withdraw such amount from the Protected Account, any provision herein to the contrary notwithstanding. Such withdrawal or direction may be accomplished by delivering written notice thereof to the institution maintaining the Protected Account, that describes the amounts deposited in error in the Protected Account. The Company shall maintain adequate records with respect to all withdrawals made pursuant to this Section. All funds deposited in the Protected Account shall be held in trust for the Certificateholders until withdrawn in accordance with Section 5.02.
(c) The institution that maintains the Protected Account shall invest the funds in the Protected Account, in the manner directed by the Company, in Permitted Investments which shall mature not later than the Business Day immediately preceding the Remittance Date and shall not be sold or disposed of prior to its 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 shall be for the benefit of the Company as servicing compensation and shall be remitted to it monthly as provided herein. The amount of any losses incurred in the Protected Account in respect of any such investments shall be deposited by the Company into the Protected Account, out of the Company’s own funds.
(d) The Company shall give at least 30 days advance notice to the Trustee, the Securities Administrator, the SponsorSellers, the Master Servicer, each Rating Agency and the Depositor of any proposed change of location of the Protected Account prior to any change thereof.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Saco I Trust 2005-5)
Collection of Mortgage Loan Payments; Protected Account. (a) The Company Master Servicer shall make reasonable efforts in accordance with customary and usual standards of practice of prudent mortgage lenders in the respective states in which the Mortgaged Properties related to the EMC Mortgage Loans are located to collect all payments called for under the terms and provisions of the EMC Mortgage Loans to the extent such procedures shall be consistent with this Agreement and the terms and provisions of any related Required Insurance Policy. Consistent with the foregoing, the Company Master Servicer may in its discretion (i) waive any late payment charge and (ii) extend the Due Dates due dates for payments due on a Mortgage Note related to an EMC Mortgage Loan for a period not greater than 125 days, provided that, EMC shall not extend the payment date of any Mortgage Loan beyond the date of its final maturity date. In the event of any such arrangement, the Company Master Servicer shall make Advances on the related EMC Mortgage Loan during the scheduled period in accordance with the amortization schedule of such EMC Mortgage Loan without modification thereof by reason of such arrangements, and shall be entitled to reimbursement therefor in accordance with Section 6.015.01. The Company Master Servicer shall not be required to institute or join in litigation with respect to collection of any payment (whether under a Mortgage, Mortgage Note or otherwise or against any public or governmental authority with respect to a taking or condemnation) if it reasonably believes that enforcing the provision of the Mortgage or other instrument pursuant to which such payment is required is prohibited by applicable law. In addition, if (x) an EMC a Mortgage Loan is in default or default is reasonably foreseeable or (y) the Company Master Servicer delivers to the Trustee, Securities Administrator and Master Servicer Trustee a certification addressed to the Trustee and the Securities AdministratorTrustee, based on the advice of counsel or certified public accountants, in either case, that have a national reputation with respect to taxation of REMICs, that a modification of such EMC Mortgage Loan will not result in the imposition of taxes on or disqualify from REMIC status any of REMIC I, REMIC II, REMIC III, REMIC IV, REMIC V, REMIC VI, REMIC VII or VII, REMIC VIII, REMIC IX or REMIC X, the Company may if it reasonably believes that undertaking such actions would be in the best interest of the CertificateholdersMaster Servicer may, (A) amend the related Mortgage Note to reduce the Mortgage Rate applicable thereto, provided that such reduced Mortgage Rate shall in no event be lower than 5.00% with respect to any EMC Mortgage Loan and (B) amend any Mortgage Note related to an EMC Mortgage Loan to extend to the maturity thereof; provided that. With respect to Mortgage Loans affected by Hurricane Xxxxxxx, EMC shall not if the Mortgaged Property is located in public and individual assistance counties as designated by FEMA (as set forth on its website xxx.xxxx.xxx), the Master Servicer will cease charging of late fees and credit reporting activity for all Mortgagors in such counties until March 1, 2006, and if reasonably prudent, may extend the payment date of any Mortgage Loan beyond its final maturity datesuch period as long as necessary. In accordance with the standards of the first paragraph of Section 3.01addition, the Company Master Servicer may suspend all foreclosure and bankruptcy activity relating to such Mortgage Loans until March 1, 2006, and if reasonably prudent, may extend such period as long as necessary. The Master Servicer shall not waive (or permit a sub-servicer to waive) any Prepayment Charge related to an EMC Mortgage Loan unless: (i) the enforceability thereof shall have been limited by bankruptcy, insolvency, moratorium, receivership and other similar laws relating to creditors’ rights generally, (ii) the enforcement thereof is illegal, or any local, state or federal agency has threatened legal action if the prepayment penalty is enforced, (iii) the collectability thereof shall have mortgage debt has been limited due to acceleration accelerated in connection with a foreclosure or other involuntary payment or (iv) such waiver is standard and customary in servicing similar Mortgage Loans and relates to a default or a reasonably foreseeable default and would, in the reasonable judgment of the CompanyMaster Servicer, maximize recovery of total proceeds taking into account the value of such Prepayment Charge and the related EMC Mortgage Loan. If a Prepayment Charge is waived, but does not meet the standards described above, then the Company Master Servicer is required to pay the amount of such waived Prepayment Charge, for the benefit of the related Class C P Certificates, by remitting such amount to the Master Servicer Trustee by the Remittance Date. Payments of Distribution Account Deposit Date with respect to such waived charges shall not be payments in respect of any Regular InterestLoan Group.
(b) The Company Master Servicer shall establish and maintain a Protected Account (which shall at all times be an Eligible Account) with a depository institution in the name of the Company Master Servicer for the benefit of the Trustee on behalf of the Certificateholders and designated “EMC Mortgage Corporation, as servicer on behalf of Citibank, N.A., as TrusteeMaster Servicer, for the benefit of the certificateholdersLaSalle Bank National Association, in trust for registered holders of Bear Xxxxxxx Asset Backed Securities I LLC, MortgageAsset-Backed Certificates, Series 2006-5HE1”. The Company Master Servicer shall deposit or cause to be deposited into the Protected Account on a daily basis within one two Business Day Days of receiptreceipt and identification, except as otherwise specifically provided herein, the following payments and collections remitted by subservicers or received by it in respect of the EMC Mortgage Loans subsequent to the Cut-off Date (other than in respect of principal and interest due on the EMC Mortgage Loans on or before the Cut-off Date) and the following amounts required to be deposited hereunder:
(i) with respect to each Loan Group, all payments on account of principal, including Principal Prepayments, on the EMC Mortgage Loans;
(ii) with respect to each Loan Group, all payments on account of interest on the EMC Mortgage Loans net of the related Servicing Fee permitted under Section 3.133.10 and LPMI Fees, if any;
(iii) with respect to each Loan Group, all Liquidation Proceeds, Subsequent Recoveries and Insurance Proceeds with respect to any EMC Mortgage LoansProceeds, other than proceeds to be applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with the CompanyMaster Servicer’s normal servicing procedures;
(iv) with respect to each Loan Group, any amount required to be deposited by the Company Master Servicer pursuant to Section 5.01(c4.01(c) in connection with any losses on Permitted Investments;
(v) with respect to each Loan Group, any amounts required to be deposited by the Company Master Servicer pursuant to Section 3.073.05;
(vi) with respect to each Loan Group, any Prepayment Charges collected on the EMC Mortgage Loans; and
(vii) with respect to each Loan Group, any other amounts required to be deposited hereunder. The foregoing requirements for deposit remittance by the Company Master Servicer into the Protected Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, payments in the nature of late payment charges or assumption fees, if collected, need not be deposited remitted by the CompanyMaster Servicer. In the event that the Company Master Servicer shall deposit remit any amount with respect to a Loan Group not required to be deposited remitted and not otherwise subject to withdrawal pursuant to Section 5.024.02, it may at any time withdraw or direct the institution maintaining the Protected Account, to withdraw such amount from the Protected AccountAccount with respect to such Loan Group, any provision herein to the contrary notwithstanding. Such withdrawal or direction may be accomplished by delivering written notice thereof to the institution maintaining the Protected Account, that describes the amounts deposited in error in the Protected Account. The Company Master Servicer shall maintain adequate records with respect to all withdrawals made pursuant to this Section. Reconciliations will be prepared for the Protected Account within 45 calendar days after the bank statement cut-off date. All items requiring reconciliation will be resolved within 90 calendar days of their original identification. All funds deposited in the Protected Account shall be held in trust for the related Certificateholders until withdrawn in accordance with Section 5.024.02.
(c) The institution that maintains the Protected Account shall invest the funds in the Protected Account, in the manner directed by the CompanyMaster Servicer, in Permitted Investments which shall mature not later than the Business Day immediately preceding the Remittance Date and shall not be sold or disposed of prior to its 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 shall be for the benefit of the Company Master Servicer as servicing compensation and shall be remitted to it monthly as provided herein. The amount of any losses incurred in the Protected Account in respect of any such investments shall be deposited by the Company Master Servicer into the Protected Account, out of the CompanyMaster Servicer’s own funds.
(d) The Company Master Servicer shall give at least 30 days advance notice to the Trustee, the Securities Administrator, the Sponsor, the Master ServicerSellers, each Rating Agency and the Depositor of any proposed change of location of the Protected Account prior to any change thereof.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Bear Stearns Asset Backed Securities I Trust 2006-He1)
Collection of Mortgage Loan Payments; Protected Account. (a) The Company shall make reasonable efforts in accordance with customary and usual standards of practice of prudent mortgage lenders in the respective states in which the Mortgaged Properties related to the EMC Mortgage Loans are located to collect all payments called for under the terms and provisions of the EMC Mortgage Loans to the extent such procedures shall be consistent with this Agreement and the terms and provisions of any related Required Insurance Policy. Consistent with the foregoing, the Company may in its discretion (i) waive any late payment charge and (ii) extend the Due Dates due dates for payments due on a Mortgage Note related to an EMC Mortgage Loan for a period not greater than 125 days, provided that, EMC shall not extend the payment date of any Mortgage Loan beyond the date of its final maturity date. In the event of any such arrangement, the Company shall make Advances on the related EMC Mortgage Loan during the scheduled period in accordance with the amortization schedule of such EMC Mortgage Loan without modification thereof by reason of such arrangements, and shall be entitled to reimbursement therefor in accordance with Section 6.01. The Company shall not be required to institute or join in litigation with respect to collection of any payment (whether under a Mortgage, Mortgage Note or otherwise or against any public or governmental authority with respect to a taking or condemnation) if it reasonably believes that enforcing the provision of the Mortgage or other instrument pursuant to which such payment is required is prohibited by applicable law. In addition, if (x) an EMC Mortgage Loan is in default or default is reasonably foreseeable imminent or (y) the Company delivers to the Trustee, Securities Administrator and Master Servicer Trustee a certification addressed to the Trustee and the Securities AdministratorTrustee, based on the advice of counsel or certified public accountants, in either case, that have a national reputation with respect to taxation of REMICs, that a modification of such EMC Mortgage Loan will not result in the imposition of taxes on or disqualify any of REMIC I, REMIC II, II or REMIC III, REMIC IV, REMIC V, REMIC VI, REMIC VII or REMIC VIII, the Company may if it reasonably believes that undertaking such actions would be in the best interest of the Certificateholdersmay, (A) amend the related Mortgage Note to reduce the Mortgage Rate applicable thereto, provided that such reduced Mortgage Rate shall in no event be lower than 6.00% with respect to any EMC Mortgage Loan in Loan Group I and 5.00% with respect to any EMC Mortgage Loan in Loan Group II and (B) amend any Mortgage Note related to an EMC Mortgage Loan to extend to the maturity thereof; provided that, EMC shall not extend the payment date of any Mortgage Loan beyond its final maturity date. In accordance with the standards of the first paragraph of Section 3.01, the Company shall not waive (or permit a sub-servicer to waive) any Prepayment Charge related to an EMC Mortgage Loan unless: (i) the enforceability thereof shall have been limited by bankruptcy, insolvency, moratorium, receivership and other similar laws relating to creditors’ ' rights generally, (ii) the enforcement thereof is illegal, or any local, state or federal agency has threatened legal action if the prepayment penalty is enforced, (iii) the collectability thereof shall have been limited due to acceleration in connection with a foreclosure or other involuntary payment or (iv) such waiver is standard and customary in servicing similar Mortgage Loans and relates to a default or a reasonably foreseeable default and would, in the reasonable judgment of the Company, maximize recovery of total proceeds taking into account the value of such Prepayment Charge and the related EMC Mortgage Loan. In no event will the Company waive a Prepayment Charge in connection with a refinancing of an EMC Mortgage Loan that is not related to a default or a reasonably foreseeable default. If a Prepayment Charge is waived, but does not meet the standards described above, then the Company is required to pay the amount of such waived Prepayment Charge, for the benefit of the related Class C P Certificates, by remitting such amount to the Master Servicer by the Remittance Date. Payments of such waived charges shall not be payments in respect of any Regular Interest.
(b) The Company shall establish and maintain a Protected Account (which shall at all times be an Eligible Account) with a depository institution in the name of the Company for the benefit of the Trustee on behalf of the Certificateholders and designated “EMC Mortgage Corporation, as servicer on behalf of Citibank, N.A., as Trustee, for the benefit of the certificateholders"U.S. Bank National Association, in trust for registered holders of Bear Xxxxxxx Stearns Asset Backed Securities Xxxxxxties I LLC, MortgageAsset- Backed Certificates Series 2004-Backed Certificates, Series 2006-5”AC2". The Company shall deposit or cause to be deposited into the Protected Account on a daily basis within one Business Day of receipt, except as otherwise specifically provided herein, the following payments and collections remitted by subservicers or received by it in respect of the EMC Mortgage Loans subsequent to the Cut-off Date (other than in respect of principal and interest due on the EMC 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, including Principal Prepayments, on the EMC Mortgage Loans;
(ii) all payments on account of interest on the EMC Mortgage Loans net of the related Servicing Fee permitted under Section 3.133.10 and LPMI Fees, if any;
(iii) all Liquidation Proceeds, Subsequent Recoveries Proceeds and Insurance Proceeds with respect to any EMC Mortgage LoansLoan, other than proceeds to be applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with the Company’s 's normal servicing procedures;
(iv) any amount required to be deposited by the Company pursuant to Section 5.01(c) in connection with any losses on Permitted Investments;
(v) any amounts required to be deposited by the Company pursuant to Section 3.073.05;
(vi) any Prepayment Charges collected on the EMC Mortgage Loans; and
(vii) any other amounts required to be deposited hereunder. The foregoing requirements for deposit by the Company into the Protected Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, payments in the nature of late payment charges or assumption fees, if collected, need not be deposited by the Company. In the event that the Company shall deposit any amount not required to be deposited and not otherwise subject to withdrawal pursuant to Section 5.02, it may at any time withdraw or direct the institution maintaining the Protected Account, to withdraw such amount from the Protected Account, any provision herein to the contrary notwithstanding. Such withdrawal or direction may be accomplished by delivering written notice thereof to the institution maintaining the Protected Account, that describes the amounts deposited in error in the Protected Account. The Company shall maintain adequate records with respect to all withdrawals made pursuant to this Section. All funds deposited in the Protected Account shall be held in trust for the Certificateholders until withdrawn in accordance with Section 5.02.
(c) The institution that maintains the Protected Account shall invest the funds in the Protected Account, in the manner directed by the Company, in Permitted Investments which shall mature not later than the Business Day immediately preceding the Remittance Date and shall not be sold or disposed of prior to its 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 shall be for the benefit of the Company as servicing compensation and shall be remitted to it monthly as provided herein. The amount of any losses incurred in the Protected Account in respect of any such investments shall be deposited by the Company into the Protected Account, out of the Company’s own funds.
(d) The Company shall give at least 30 days advance notice to the Trustee, the Securities Administrator, the Sponsor, the Master Servicer, each Rating Agency and the Depositor of any proposed change of location of the Protected Account prior to any change thereof.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Bear Stearns Asset Backed Securities I Trust 2004-Ac2)
Collection of Mortgage Loan Payments; Protected Account. (a) The Company Master Servicer shall make reasonable efforts in accordance with customary and usual standards of practice of prudent mortgage lenders in the respective states in which the Mortgaged Properties related to the EMC Mortgage Loans are located to collect all payments called for under the terms and provisions of the EMC Mortgage Loans to the extent such procedures shall be consistent with this Agreement and the terms and provisions of any related Required Insurance Policy. Consistent with the foregoing, the Company Master Servicer may in its discretion (i) waive any late payment charge and (ii) extend the Due Dates due dates for payments due on a Mortgage Note related to an EMC Mortgage Loan for a period not greater than 125 days, provided that, EMC shall not extend the payment date of any Mortgage Loan beyond the date of its final maturity date. In the event of any such arrangement, the Company Master Servicer shall make Advances on the related EMC Mortgage Loan during the scheduled period in accordance with the amortization schedule of such EMC Mortgage Loan without modification thereof by reason of such arrangements, and shall be entitled to reimbursement therefor in accordance with Section 6.015.01. The Company Master Servicer shall not be required to institute or join in litigation with respect to collection of any payment (whether under a Mortgage, Mortgage Note or otherwise or against any public or governmental authority with respect to a taking or condemnation) if it reasonably believes that enforcing the provision of the Mortgage or other instrument pursuant to which such payment is required is prohibited by applicable law. In addition, if (x) an EMC a Mortgage Loan is in default or default is reasonably foreseeable imminent or (y) the Company Master Servicer delivers to the Trustee, Securities Administrator and Master Servicer Trustee a certification addressed to the Trustee and the Securities AdministratorTrustee, based on the advice of counsel or certified public accountants, in either case, that have a national reputation with respect to taxation of REMICs, that a modification of such EMC Mortgage Loan will not result in the imposition of taxes on or disqualify from REMIC status any of REMIC I, REMIC II, REMIC III, REMIC IV, REMIC V, V or REMIC VI, REMIC VII or REMIC VIII, the Company may if it reasonably believes that undertaking such actions would be in the best interest of the CertificateholdersMaster Servicer may, (A) amend the related Mortgage Note to reduce the Mortgage Rate applicable thereto, provided that such reduced Mortgage Rate shall in no event be lower than 5.00% with respect to any EMC Mortgage Loan and (B) amend any Mortgage Note related to an EMC Mortgage Loan to extend to the maturity thereof; provided that. With respect to Mortgage Loans affected by Hurricane Xxxxxxx, EMC if the Mortgaged Property is located in public and individual assistance counties as designated by FEMA (as set forth on its website at xxx.xxxx.xxx), the Master Servicer shall not cease all collections calls, charging of late fees and credit reporting activity for all Mortgagors in such counties for 60 days, and if reasonably prudent, may extend the payment date of any Mortgage Loan beyond its final maturity datesuch period as long as necessary. In accordance with the standards of the first paragraph of Section 3.01addition, the Company Master Servicer shall suspend all foreclosure and bankruptcy activity relating to such Mortgage Loans for 60 days, and if reasonably prudent, may extend such period as long as necessary. The Master Servicer shall not waive (or permit a sub-servicer to waive) any Prepayment Charge related to an EMC Mortgage Loan unless: (i) the enforceability thereof shall have been limited by bankruptcy, insolvency, moratorium, receivership and other similar laws relating to creditors’ rights generally, (ii) the enforcement thereof is illegal, or any local, state or federal agency has threatened legal action if the prepayment penalty is enforced, (iii) the collectability thereof shall have been limited due to acceleration in connection with a foreclosure or other involuntary payment or (iv) such waiver is standard and customary in servicing similar Mortgage Loans and relates to a default or a reasonably foreseeable default and would, in the reasonable judgment of the CompanyMaster Servicer, maximize recovery of total proceeds taking into account the value of such Prepayment Charge and the related EMC Mortgage Loan. If a Prepayment Charge is waived, but does not meet the standards described above, then the Company Master Servicer is required to pay the amount of such waived Prepayment Charge, for the benefit of the related Class C P Certificates, by remitting such amount to the Master Servicer Trustee by the Remittance Distribution Account Deposit Date. Payments of such waived charges shall not be payments in respect of any Regular Interest.
(b) The Company Master Servicer shall establish and maintain a Protected Account (which shall at all times be an Eligible Account) with a depository institution in the name of the Company Master Servicer for the benefit of the Trustee on behalf of the Certificateholders and designated “EMC Mortgage Corporation, as servicer on behalf of Citibank, N.A., as TrusteeMaster Servicer, for the benefit of the certificateholdersLaSalle Bank National Association, in trust for registered holders of Bear Xxxxxxx Asset Backed Securities I LLC, MortgageAsset-Backed Certificates, Series 20062005-5HE10”. The Company Master Servicer shall deposit or cause to be deposited into the Protected Account on a daily basis within one Business Day of receipt, except as otherwise specifically provided herein, the following payments and collections remitted by subservicers or received by it in respect of the EMC Mortgage Loans subsequent to the Cut-off Date (other than in respect of principal and interest due on the EMC 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, including Principal Prepayments, on the EMC Mortgage Loans;
(ii) all payments on account of interest on the EMC Mortgage Loans net of the related Servicing Fee permitted under Section 3.133.10 and LPMI Fees, if any;
(iii) all Liquidation Proceeds, Subsequent Recoveries and Insurance Proceeds with respect to any EMC Mortgage LoansProceeds, other than proceeds to be applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with the CompanyMaster Servicer’s normal servicing procedures;
(iv) any amount required to be deposited by the Company Master Servicer pursuant to Section 5.01(c4.01(c) in connection with any losses on Permitted Investments;
(v) any amounts required to be deposited by the Company Master Servicer pursuant to Section 3.073.05;
(vi) any Prepayment Charges collected on the EMC Mortgage Loans; and
(vii) any other amounts required to be deposited hereunder. The foregoing requirements for deposit remittance by the Company Master Servicer into the Protected Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, payments in the nature of late payment charges or assumption fees, if collected, need not be deposited remitted by the CompanyMaster Servicer. In the event that the Company Master Servicer shall deposit remit any amount not required to be deposited remitted and not otherwise subject to withdrawal pursuant to Section 5.024.02, it may at any time withdraw or direct the institution maintaining the Protected Account, to withdraw such amount from the Protected Account, any provision herein to the contrary notwithstanding. Such withdrawal or direction may be accomplished by delivering written notice thereof to the institution maintaining the Protected Account, that describes the amounts deposited in error in the Protected Account. The Company Master Servicer shall maintain adequate records with respect to all withdrawals made pursuant to this Section. All funds deposited in the Protected Account shall be held in trust for the Certificateholders until withdrawn in accordance with Section 5.024.02.
(c) The institution that maintains the Protected Account shall invest the funds in the Protected Account, in the manner directed by the CompanyMaster Servicer, in Permitted Investments which shall mature not later than the Business Day immediately preceding the Remittance Date and shall not be sold or disposed of prior to its 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 shall be for the benefit of the Company Master Servicer as servicing compensation and shall be remitted to it monthly as provided herein. The amount of any losses incurred in the Protected Account in respect of any such investments shall be deposited by the Company Master Servicer into the Protected Account, out of the CompanyMaster Servicer’s own funds.
(d) The Company Master Servicer shall give at least 30 days advance notice to the Trustee, the Securities Administrator, the Sponsor, the Master ServicerSeller, each Rating Agency and the Depositor of any proposed change of location of the Protected Account prior to any change thereof.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Bear Stearns Asset Backed Securities I Trust 2005-He10)
Collection of Mortgage Loan Payments; Protected Account. (a) The Company shall make reasonable efforts in accordance with customary and usual standards of practice of prudent mortgage lenders in the respective states in which the Mortgaged Properties related to the EMC Mortgage Loans are located to collect all payments called for under the terms and provisions of the EMC Mortgage Loans to the extent such procedures shall be consistent with this Agreement and the terms and provisions of any related Required Insurance Policy. Consistent with the foregoing, the Company may in its discretion (i) waive any late payment charge and (ii) extend the Due Dates due dates for payments due on a Mortgage Note related to an EMC Mortgage Loan for a period not greater than 125 days, provided that, EMC shall not extend the payment date of any Mortgage Loan beyond the date of its final maturity date. In the event of any such arrangement, the Company shall make Advances on the related EMC Mortgage Group I Loan during the scheduled period in accordance with the amortization schedule of such EMC Mortgage Group I Loan without modification thereof by reason of such arrangements, and shall be entitled to reimbursement therefor in accordance with Section 6.01. The Company shall not be required to institute or join in litigation with respect to collection of any payment (whether under a Mortgage, Mortgage Note or otherwise or against any public or governmental authority with respect to a taking or condemnation) if it reasonably believes that enforcing the provision of the Mortgage or other instrument pursuant to which such payment is required is prohibited by applicable law. In addition, if (x) an EMC Mortgage Loan is in default or default is reasonably foreseeable imminent or (y) the Company delivers to the Trustee, Securities Administrator and Master Servicer a certification addressed to the Trustee and the Securities Administrator, based on the advice of counsel or certified public accountants, in either case, that have a national reputation with respect to taxation of REMICs, that a modification of such EMC Mortgage Loan will not result in the imposition of taxes on or disqualify any of REMIC I, REMIC II, REMIC III, REMIC IV, REMIC V, V or REMIC VI, REMIC VII or REMIC VIII, the Company may if it reasonably believes that undertaking such actions would be in the best interest of the Certificateholdersmay, (A) amend the related Mortgage Note to reduce the Mortgage Rate applicable thereto, provided that such reduced Mortgage Rate shall in no event be lower than 5.00% with respect to any EMC Mortgage Loan and (B) amend any Mortgage Note related to an EMC Mortgage Loan to extend to the maturity thereof; provided that, EMC shall not extend the payment date of any Mortgage Loan beyond its final maturity date. In accordance with the standards of the first paragraph of Section 3.01, the Company shall not waive (or permit a sub-servicer to waive) any Prepayment Charge related to an EMC Mortgage Loan unless: (i) the enforceability thereof shall have been limited by bankruptcy, insolvency, moratorium, receivership and other similar laws relating to creditors’ rights generally, (ii) the enforcement thereof is illegal, or any local, state or federal agency has threatened legal action if the prepayment penalty is enforced, (iii) the collectability thereof shall have been limited due to acceleration in connection with a foreclosure or other involuntary payment or (iv) such waiver is standard and customary in servicing similar Mortgage Loans and relates to a default or a reasonably foreseeable default and would, in the reasonable judgment of the Company, maximize recovery of total proceeds taking into account the value of such Prepayment Charge and the related EMC Mortgage Loan. If a Prepayment Charge is waived, but does not meet the standards described above, then the Company is required to pay the amount of such waived Prepayment Charge, for the benefit of the related Class I-C Certificates, by remitting such amount to the Master Servicer by the Remittance Date. Payments of such waived charges shall not be payments in respect of any Regular Interest.
(b) The Company shall establish and maintain a Protected Account (which shall at all times be an Eligible Account) with a depository institution in the name of the Company for the benefit of the Trustee on behalf of the Certificateholders and designated “EMC Mortgage CorporationCorporation as Servicer, as servicer on behalf of Citibank, N.A., as Trustee, for the benefit of the certificateholders, in trust for registered holders of Bear Xxxxxxx Sxxxxxx Asset Backed Securities I I, LLC, MortgageMortgage Pass-Backed Through Certificates, Series 20062005-5”. The Company shall deposit or cause to be deposited into the Protected Account on a daily basis within one Business Day of receipt, except as otherwise specifically provided herein, the following payments and collections remitted by subservicers or received by it in respect of the EMC Mortgage Loans subsequent to the Cut-off Date (other than in respect of principal and interest due on the EMC 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, including Principal Prepayments, on the EMC Mortgage Loans;
(ii) all payments on account of interest on the EMC Mortgage Loans net of the related Servicing Fee permitted under Section 3.133.10 and LPMI Fees, if any;
(iii) all Liquidation Proceeds, Released Mortgaged Property Proceeds, Recoveries, Subsequent Recoveries and Insurance Proceeds with respect to any EMC Mortgage Loans, other than proceeds to be applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with the Company’s normal servicing procedures;
(iv) any amount required to be deposited by the Company pursuant to Section 5.01(c) in connection with any losses on Permitted Investments;
(v) any amounts required to be deposited by the Company pursuant to Section 3.073.05;
(vi) any Prepayment Charges collected on the EMC Mortgage Loans; and
(vii) any other amounts required to be deposited hereunder. The foregoing requirements for deposit by the Company into the Protected Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, payments in the nature of late payment charges or assumption fees, if collected, need not be deposited by the Company. In the event that the Company shall deposit any amount not required to be deposited and not otherwise subject to withdrawal pursuant to Section 5.02, it may at any time withdraw or direct the institution maintaining the Protected Account, to withdraw such amount from the Protected Account, any provision herein to the contrary notwithstanding. Such withdrawal or direction may be accomplished by delivering written notice thereof to the institution maintaining the Protected Account, that describes the amounts deposited in error in the Protected Account. The Company shall maintain adequate records with respect to all withdrawals made pursuant to this Section. All funds deposited in the Protected Account shall be held in trust for the Certificateholders until withdrawn in accordance with Section 5.02.
(c) The institution that maintains the Protected Account shall invest the funds in the Protected Account, in the manner directed by the Company, in Permitted Investments which shall mature not later than the Business Day immediately preceding the Remittance Date and shall not be sold or disposed of prior to its 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 shall be for the benefit of the Company as servicing compensation and shall be remitted to it monthly as provided herein. The amount of any losses incurred in the Protected Account in respect of any such investments shall be deposited by the Company into the Protected Account, out of the Company’s own funds.
(d) The Company shall give at least 30 days advance notice to the Trustee, the Securities Administrator, the SponsorSellers, the Master Servicer, each Rating Agency and the Depositor of any proposed change of location of the Protected Account prior to any change thereof.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Mortgage Pass-Through Certificates, Series 2005-5)
Collection of Mortgage Loan Payments; Protected Account. (a) The Company Master Servicer shall make reasonable efforts in accordance with customary and usual standards of practice of prudent mortgage lenders in the respective states in which the Mortgaged Properties related to the EMC Mortgage Loans are located to collect all payments called for under the terms and provisions of the EMC Mortgage Loans to the extent such procedures shall be consistent with this Agreement and the terms and provisions of any related Required Insurance Policy. Consistent with the foregoing, the Company Master Servicer may in its discretion (i) waive any late payment charge and (ii) extend the Due Dates due dates for payments due on a Mortgage Note related to an EMC Mortgage Loan for a period not greater than 125 days, provided that, EMC shall not extend the payment date of any Mortgage Loan beyond the date of its final maturity date. In the event of any such arrangement, the Company Master Servicer shall make Advances on the related EMC Mortgage Loan during the scheduled period in accordance with the amortization schedule of such EMC Mortgage Loan without modification thereof by reason of such arrangements, and shall be entitled to reimbursement therefor in accordance with Section 6.015.01. The Company Master Servicer shall not be required to institute or join in litigation with respect to collection of any payment (whether under a Mortgage, Mortgage Note or otherwise or against any public or governmental authority with respect to a taking or condemnation) if it reasonably believes that enforcing the provision of the Mortgage or other instrument pursuant to which such payment is required is prohibited by applicable law. In addition, if (x) an EMC a Mortgage Loan is in default or default is reasonably foreseeable imminent or (y) the Company Master Servicer delivers to the Trustee, Securities Administrator and Master Servicer Trustee a certification addressed to the Trustee and the Securities AdministratorTrustee, based on the advice of counsel or certified public accountants, in either case, that have a national reputation with respect to taxation of REMICs, that a modification of such EMC Mortgage Loan will not result in the imposition of taxes on or disqualify any of REMIC I, REMIC II, REMIC III, III or REMIC IV, REMIC V, REMIC VI, REMIC VII or REMIC VIII, the Company may if it reasonably believes that undertaking such actions would be in the best interest of the CertificateholdersMaster Servicer may, (A) amend the related Mortgage Note to reduce the Mortgage Rate applicable thereto, provided that such reduced Mortgage Rate shall in no event be lower than 5.00% with respect to any EMC Mortgage Loan and (B) amend any Mortgage Note related to an EMC Mortgage Loan to extend to the maturity thereof; provided that, EMC shall not extend the payment date of any Mortgage Loan beyond its final maturity date. In accordance with the standards of the first paragraph of Section 3.01, the Company The Master Servicer shall not waive (or permit a sub-servicer to waive) any Prepayment Charge related to an EMC Mortgage Loan unless: (i) the enforceability thereof shall have been limited by bankruptcy, insolvency, moratorium, receivership and other similar laws relating to creditors’ ' rights generally, (ii) the enforcement thereof is illegal, or any local, state or federal agency has threatened legal action if the prepayment penalty is enforced, (iii) the collectability thereof shall have been limited due to acceleration in connection with a foreclosure or other involuntary payment or (iv) such waiver is standard and customary in servicing similar Mortgage Loans and relates to a default or a reasonably foreseeable default and would, in the reasonable judgment of the CompanyMaster Servicer, maximize recovery of total proceeds taking into account the value of such Prepayment Charge and the related EMC Mortgage Loan. In no event will the Master Servicer waive a Prepayment Charge in connection with a refinancing of a Mortgage Loan that is not related to a default or a reasonably foreseeable default. If a Prepayment Charge is waived, but does not meet the standards described above, then the Company Master Servicer is required to pay the amount of such waived Prepayment Charge, for the benefit of the related Class C P Certificates, by remitting such amount to the Master Servicer Trustee by the Remittance Distribution Account Deposit Date. Payments of such waived charges shall not be payments in respect of any Regular Interest.
(b) The Company Master Servicer shall establish and maintain a Protected Account (which shall at all times be an Eligible Account) with a depository institution in the name of the Company Master Servicer for the benefit of the Trustee on behalf of the Certificateholders and designated “"EMC Mortgage Corporation, as servicer on behalf of Citibank, N.A., as TrusteeMaster Servicer, for the benefit of the certificateholdersLaSalle Bank National Association, in trust for registered holders of Bear Xxxxxxx Stearns Asset Backed Securities Backex Xxxxxities I LLC, MortgageAsset-Backed Certificates, Certificates Series 20062004-5”HE7". The Company Master Servicer shall deposit or cause to be deposited into the Protected Account on a daily basis within one Business Day of receipt, except as otherwise specifically provided herein, the following payments and collections remitted by subservicers or received by it in respect of the EMC Mortgage Loans subsequent to the Cut-off Date (other than in respect of principal and interest due on the EMC 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, including Principal Prepayments, on the EMC Mortgage Loans;
(ii) all payments on account of interest on the EMC Mortgage Loans net of the related Servicing Fee permitted under Section 3.133.10 and LPMI Fees, if any;
(iii) all Liquidation Proceeds, Subsequent Recoveries and Insurance Proceeds with respect to any EMC Mortgage LoansProceeds, other than proceeds to be applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with the Company’s Master Servicer's normal servicing procedures;
(iv) any amount required to be deposited by the Company Master Servicer pursuant to Section 5.01(c4.01(c) in connection with any losses on Permitted Investments;
(v) any amounts required to be deposited by the Company Master Servicer pursuant to Section 3.073.05;
(vi) any Prepayment Charges collected on the EMC Mortgage Loans; and
(vii) any other amounts required to be deposited hereunder. The foregoing requirements for deposit remittance by the Company Master Servicer into the Protected Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, payments in the nature of late payment charges or assumption fees, if collected, need not be deposited remitted by the CompanyMaster Servicer. In the event that the Company Master Servicer shall deposit remit any amount not required to be deposited remitted and not otherwise subject to withdrawal pursuant to Section 5.024.02, it may at any time withdraw or direct the institution maintaining the Protected Account, to withdraw such amount from the Protected Account, any provision herein to the contrary notwithstanding. Such withdrawal or direction may be accomplished by delivering written notice thereof to the institution maintaining the Protected Account, that describes the amounts deposited in error in the Protected Account. The Company Master Servicer shall maintain adequate records with respect to all withdrawals made pursuant to this Section. All funds deposited in the Protected Account shall be held in trust for the Certificateholders until withdrawn in accordance with Section 5.024.02.
(c) The institution that maintains the Protected Account shall invest the funds in the Protected Account, in the manner directed by the CompanyMaster Servicer, in Permitted Investments which shall mature not later than the Business Day immediately preceding the Remittance Date and shall not be sold or disposed of prior to its 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 shall be for the benefit of the Company Master Servicer as servicing compensation and shall be remitted to it monthly as provided herein. The amount of any losses incurred in the Protected Account in respect of any such investments shall be deposited by the Company Master Servicer into the Protected Account, out of the Company’s Master Servicer's own funds.
(d) The Company Master Servicer shall give at least 30 days advance notice to the Trustee, the Securities Administrator, the Sponsor, the Master ServicerSeller, each Rating Agency and the Depositor of any proposed change of location of the Protected Account prior to any change thereof.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Bear Stearns Asset Backed Securities I Trust 2004-He7)
Collection of Mortgage Loan Payments; Protected Account. (a) The Company shall make reasonable efforts in accordance with customary and usual standards of practice of prudent mortgage lenders in the respective states in which the Mortgaged Properties related to the EMC Mortgage Loans are located to collect all payments called for under the terms and provisions of the EMC Mortgage Loans to the extent such procedures shall be consistent with this Agreement and the terms and provisions of any related Required Insurance Policy. Consistent with the foregoing, the Company may in its discretion (i) waive any late payment charge and (ii) extend the Due Dates due dates for payments due on a Mortgage Note related to an EMC Mortgage Loan for a period not greater than 125 days, provided that, EMC shall not extend the payment date of any Mortgage Loan beyond the date of its final maturity date. In the event of any such arrangement, the Company shall make Advances on the related EMC Mortgage Loan during the scheduled period in accordance with the amortization schedule of such EMC Mortgage Loan without modification thereof by reason of such arrangements, and shall be entitled to reimbursement therefor in accordance with Section 6.01. The Company shall not be required to institute or join in litigation with respect to collection of any payment (whether under a Mortgage, Mortgage Note or otherwise or against any public or governmental authority with respect to a taking or condemnation) if it reasonably believes that enforcing the provision of the Mortgage or other instrument pursuant to which such payment is required is prohibited by applicable law. In addition, if (x) an EMC a Mortgage Loan is in default or default is reasonably foreseeable imminent or (y) the Company delivers to the Trustee, Securities Administrator and Master Servicer Trustee a certification addressed to the Trustee and the Securities AdministratorTrustee, based on the advice of counsel or certified public accountants, in either case, that have a national reputation with respect to taxation of REMICs, that a modification of such EMC Mortgage Loan will not result in the imposition of taxes on or disqualify any of REMIC I, REMIC II, II or REMIC III, REMIC IV, REMIC V, REMIC VI, REMIC VII or REMIC VIII, the Company may if it reasonably believes that undertaking such actions would be in the best interest of the Certificateholdersmay, (A) amend the related Mortgage Note to reduce the Mortgage Rate applicable thereto, provided that such reduced Mortgage Rate shall in no event be lower than 5.00% with respect to any EMC Mortgage Loan and (B) amend any Mortgage Note related to an EMC Mortgage Loan to extend to the maturity thereof; provided that, EMC shall not extend the payment date of any Mortgage Loan beyond its final maturity date. In accordance with the standards of the first paragraph of Section 3.01, the Company shall not waive (or permit a sub-servicer to waive) any Prepayment Charge related to an EMC Mortgage Loan unless: (i) the enforceability thereof shall have been limited by bankruptcy, insolvency, moratorium, receivership and other similar laws relating to creditors’ rights generally, (ii) the enforcement thereof is illegal, or any local, state or federal agency has threatened legal action if the prepayment penalty is enforced, (iii) the collectability thereof shall have been limited due to acceleration in connection with a foreclosure or other involuntary payment or (iv) such waiver is standard and customary in servicing similar Mortgage Loans and relates to a default or a reasonably foreseeable default and would, in the reasonable judgment of the Company, maximize recovery of total proceeds taking into account the value of such Prepayment Charge and the related EMC Mortgage Loan. If a Prepayment Charge is waived, but does not meet the standards described above, then the Company is required to pay the amount of such waived Prepayment Charge, for the benefit of the related Class C Certificates, by remitting such amount to the Master Servicer by the Remittance Date. Payments of such waived charges shall not be payments in respect of any Regular Interest.
(b) The Company shall establish and maintain a Protected Account (which shall at all times be an Eligible Account) with a depository institution in the name of the Company for the benefit of the Trustee on behalf of the Certificateholders and designated “EMC Mortgage Corporation, as servicer on behalf of Citibank, N.A., as Trustee, for the benefit of the certificateholders"JPMorgan Chase Bank , in trust for registered holders of Bear Xxxxxxx Stearns Asset Backed Securities I LLCBackex Xxxxxities, MortgageInc., Asset-Backed Certificates, Certificates Series 20062003-5”AC3". The Company shall deposit or cause to be deposited into the Protected Account on a daily basis within one Business Day of receipt, except as otherwise specifically provided herein, the following payments and collections remitted by subservicers or received by it in respect of the EMC Mortgage Loans subsequent to the Cut-off Date (other than in respect of principal and interest due on the EMC 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, including Principal Prepayments, on the EMC Mortgage Loans;
(ii) all payments on account of interest on the EMC Mortgage Loans net of the related Servicing Fee permitted under Section 3.133.10 and LPMI Fees, if any;
(iii) all Liquidation Proceeds, Subsequent Recoveries Proceeds and Insurance Proceeds with respect to any EMC Mortgage LoansProceeds, other than proceeds to be applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with the Company’s 's normal servicing procedures;
(iv) any amount required to be deposited by the Company pursuant to Section 5.01(c) in connection with any losses on Permitted Investments;
(v) any amounts required to be deposited by the Company pursuant to Section 3.073.05;
(vi) any Prepayment Charges collected on the EMC Mortgage Loans; and
(vii) any other amounts required to be deposited hereunder. The foregoing requirements for deposit by the Company into the Protected Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, payments in the nature of late payment charges or assumption fees, if collected, need not be deposited by the Company. In the event that the Company shall deposit any amount not required to be deposited and not otherwise subject to withdrawal pursuant to Section 5.02, it may at any time withdraw or direct the institution maintaining the Protected Account, to withdraw such amount from the Protected Account, any provision herein to the contrary notwithstanding. Such withdrawal or direction may be accomplished by delivering written notice thereof to the institution maintaining the Protected Account, that describes the amounts deposited in error in the Protected Account. The Company shall maintain adequate records with respect to all withdrawals made pursuant to this Section. All funds deposited in the Protected Account shall be held in trust for the Certificateholders until withdrawn in accordance with Section 5.02.
(c) The institution that maintains the Protected Account shall invest the funds in the Protected Account, in the manner directed by the Company, in Permitted Investments which shall mature not later than the Business Day immediately preceding the Remittance Date and shall not be sold or disposed of prior to its 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 shall be for the benefit of the Company as servicing compensation and shall be remitted to it monthly as provided herein. The amount of any losses incurred in the Protected Account in respect of any such investments shall be deposited by the Company into the Protected Account, out of the Company’s own funds.
(d) The Company shall give at least 30 days advance notice to the Trustee, the Securities Administrator, the Sponsor, the Master Servicer, each Rating Agency and the Depositor of any proposed change of location of the Protected Account prior to any change thereof.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Bear Stearns Asset Backed Sec Inc Certs Ser 2003-Ac3)
Collection of Mortgage Loan Payments; Protected Account. (a) The Company shall make reasonable efforts in accordance with customary and usual standards of practice of prudent mortgage lenders in the respective states in which the Mortgaged Properties related to the EMC Mortgage Loans are located to collect all payments called for under the terms and provisions of the EMC Mortgage Loans to the extent such procedures shall be consistent with this Agreement and the terms and provisions of any related Required Insurance Policy. Consistent with the foregoing, the Company may in its discretion (i) waive any late payment charge and (ii) extend the Due Dates due dates for payments due on a Mortgage Note related to an EMC Mortgage Loan for a period not greater than 125 days, provided that, EMC shall not extend the payment date of any Mortgage Loan beyond the date of its final maturity date. In the event of any such arrangement, the Company shall make Advances on the related EMC Mortgage Loan during the scheduled period in accordance with the amortization schedule of such EMC Mortgage Loan without modification thereof by reason of such arrangements, and shall be entitled to reimbursement therefor in accordance with Section 6.01. The Company shall not be required to institute or join in litigation with respect to collection of any payment (whether under a Mortgage, Mortgage Note or otherwise or against any public or governmental authority with respect to a taking or condemnation) if it reasonably believes that enforcing the provision of the Mortgage or other instrument pursuant to which such payment is required is prohibited by applicable law. In addition, if (x) an EMC Mortgage Loan is in default or default is reasonably foreseeable imminent or (y) the Company delivers to the Trustee, Securities Administrator and Master Servicer Trustee a certification addressed to the Trustee and the Securities AdministratorTrustee, based on the advice of counsel or certified public accountants, in either case, that have a national reputation with respect to taxation of REMICs, that a modification of such EMC Mortgage Loan will not result in the imposition of taxes on or disqualify any of REMIC I, I or REMIC II, REMIC III, REMIC IV, REMIC V, REMIC VI, REMIC VII or REMIC VIII, the Company may if it reasonably believes that undertaking such actions would be in the best interest of the Certificateholdersmay, (A) amend the related Mortgage Note to reduce the Mortgage Rate applicable thereto, provided that such reduced Mortgage Rate shall in no event be lower than 5.00% with respect to any EMC Mortgage Loan and (B) amend any Mortgage Note related to an EMC Mortgage Loan to extend to the maturity thereof; provided that. With respect to Mortgage Loans affected by Hurricane Xxxxxxx, EMC if the Mortgaged Property is located in public and individual assistance counties as designated by FEMA (as set forth on its website at xxx.xxxx.xxx), the Company shall not cease all collections calls, charging of late fees and credit reporting activity for all Mortgagors in such counties for 90 days, and if reasonably prudent, may extend such period as long as necessary. In addition, the payment date of any Company shall suspend all foreclosure and bankruptcy activity relating to such Mortgage Loan beyond its final maturity dateLoans for 90 days, and if reasonably prudent, may extend such period as long as necessary. In accordance with the standards of the first paragraph of Section 3.01, the Company shall not waive (or permit a sub-servicer to waive) any Prepayment Charge related to an EMC Mortgage Loan unless: (i) the enforceability thereof shall have been limited by bankruptcy, insolvency, moratorium, receivership and other similar laws relating to creditors’ rights generally, (ii) the enforcement thereof is illegal, or any local, state or federal agency has threatened legal action if the prepayment penalty is enforced, (iii) the collectability thereof shall have been limited due to acceleration in connection with a foreclosure or other involuntary payment or (iv) such waiver is standard and customary in servicing similar Mortgage Loans and relates to a default or a reasonably foreseeable default and would, in the reasonable judgment of the Company, maximize recovery of total proceeds taking into account the value of such Prepayment Charge and the related EMC Mortgage Loan. If a Prepayment Charge is waived, but does not meet the standards described above, then the Company is required to pay the amount of such waived Prepayment Charge, for the benefit of the related Class C P Certificates, by remitting such amount to the Master Servicer by the Remittance Date. Payments of such waived charges shall not be payments in respect of any Regular Interest.
(b) The Company shall establish and maintain a Protected Account (which shall at all times be an Eligible Account) with a depository institution in the name of the Company for the benefit of the Trustee on behalf of the Certificateholders and designated “EMC Mortgage Corporation, as servicer on behalf of Citibank, N.A., as Trustee, for the benefit of the certificateholdersU.S. Bank National Association, in trust for registered holders Holders of Bear Xxxxxxx Asset Backed Securities I LLC, MortgageAsset-Backed Certificates, Certificates Series 20062005-5AC7”. The Company shall deposit or cause to be deposited into the Protected Account on a daily basis within one Business Day of receipt, except as otherwise specifically provided herein, the following payments and collections remitted by subservicers or received by it in respect of the EMC Mortgage Loans subsequent to the Cut-off Date (other than in respect of principal and interest due on the EMC 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, including Principal Prepayments, on the EMC Mortgage Loans;
(ii) all payments on account of interest on the EMC Mortgage Loans net of the related Servicing Fee permitted under Section 3.133.10 and LPMI Fees, if any;
(iii) all Liquidation Proceeds, Subsequent Recoveries Proceeds and Insurance Proceeds with respect to any EMC Mortgage Loans, other than proceeds to be applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with the Company’s normal servicing procedures;
(iv) any amount required to be deposited by the Company pursuant to Section 5.01(c) in connection with any losses on Permitted Investments;
(v) any amounts required to be deposited by the Company pursuant to Section 3.073.05;
(vi) any Prepayment Charges collected on the EMC Mortgage Loans; and
(vii) any other amounts required to be deposited hereunder. The foregoing requirements for deposit remittance by the Company into the Protected Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, payments in the nature of late payment charges or assumption fees, if collected, need not be deposited remitted by the Company. In the event that the Company shall deposit remit any amount not required to be deposited remitted and not otherwise subject to withdrawal pursuant to Section 5.02, it may at any time withdraw or direct the institution maintaining the Protected Account, to withdraw such amount from the Protected Account, any provision herein to the contrary notwithstanding. Such withdrawal or direction may be accomplished by delivering written notice thereof to the institution maintaining the Protected Account, that describes the amounts deposited in error in the Protected Account. The Company shall maintain adequate records with respect to all withdrawals made pursuant to this Section. All funds deposited in the Protected Account shall be held in trust for the Certificateholders until withdrawn in accordance with Section 5.02.
(c) The institution that maintains the Protected Account shall invest the funds in the Protected Account, in the manner directed by the Company, in Permitted Investments which shall mature not later than the Business Day immediately preceding the Remittance Date and shall not be sold or disposed of prior to its 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 shall be for the benefit of the Company as servicing compensation and shall be remitted to it monthly as provided herein. The amount of any losses incurred in the Protected Account in respect of any such investments shall be deposited by the Company into the Protected Account, out of the Company’s own funds.
(d) The Company shall give at least 30 days advance notice to the Trustee, the Securities Administrator, the SponsorSeller, the Master Servicer, each Rating Agency and the Depositor of any proposed change of location of the Protected Account prior to any change thereof.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Bear Stearns Asset Backed Securities I Trust 2005-Ac7)
Collection of Mortgage Loan Payments; Protected Account. (a) The Company Master Servicer shall make reasonable efforts in accordance with customary and usual standards of practice of prudent mortgage lenders in the respective states in which the Mortgaged Properties related to the EMC Mortgage Loans are located to collect all payments called for under the terms and provisions of the EMC Mortgage Loans to the extent such procedures shall be consistent with this Agreement and the terms and provisions of any related Required Insurance Policy. Consistent with the foregoing, the Company Master Servicer may in its discretion (i) waive any late payment charge and (ii) extend the Due Dates due dates for payments due on a Mortgage Note related to an EMC Mortgage Loan for a period not greater than 125 days, provided that, EMC shall not extend the payment date of any Mortgage Loan beyond the date of its final maturity date. In the event of any such arrangement, the Company Master Servicer shall make Advances on the related EMC Mortgage Loan during the scheduled period in accordance with the amortization schedule of such EMC Mortgage Loan without modification thereof by reason of such arrangements, and shall be entitled to reimbursement therefor in accordance with Section 6.015.01. The Company Master Servicer shall not be required to institute or join in litigation with respect to collection of any payment (whether under a Mortgage, Mortgage Note or otherwise or against any public or governmental authority with respect to a taking or condemnation) if it reasonably believes that enforcing the provision of the Mortgage or other instrument pursuant to which such payment is required is prohibited by applicable law. In addition, if (x) an EMC a Mortgage Loan is in default or default is reasonably foreseeable or (y) the Company Master Servicer delivers to the Trustee, Securities Administrator and Master Servicer Trustee a certification addressed to the Trustee and the Securities AdministratorTrustee, based on the advice of counsel or certified public accountants, in either case, that have a national reputation with respect to taxation of REMICs, that a modification of such EMC Mortgage Loan will not result in the imposition of taxes on or disqualify from REMIC status any of REMIC I, REMIC II, REMIC III, REMIC IV, REMIC V, V or REMIC VI, REMIC VII or REMIC VIII, the Company may if it reasonably believes that undertaking such actions would be in the best interest of the CertificateholdersMaster Servicer may, (A) amend the related Mortgage Note to reduce the Mortgage Rate applicable thereto, provided that such reduced Mortgage Rate shall in no event be lower than 5.00% with respect to any EMC Mortgage Loan and (B) amend any Mortgage Note related to an EMC Mortgage Loan to extend to the maturity thereof; provided that. With respect to Mortgage Loans affected by Hurricane Katrina, EMC shall not if the Morxxxxxx Property is located in public and individual assistance counties as designated by FEMA (as set forth on its website www.fema.gov), the Xxxxxx Xxxxxcer may cease charging of late fees and credit reporting activity for Mortgagors in such counties until May 1, 2006 and if reasonably prudent, may extend the payment date of any Mortgage Loan beyond its final maturity datesuch period as long as necessary. In accordance with the standards of the first paragraph of Section 3.01addition, the Company Master Servicer may suspend foreclosure and bankruptcy activity relating to certain Mortgage Loans and if reasonably prudent, may extend such period as long as necessary. The Master Servicer shall not waive (or permit a sub-servicer to waive) any Prepayment Charge related to an EMC Mortgage Loan unless: (i) the enforceability thereof shall have been limited by bankruptcy, insolvency, moratorium, receivership and other similar laws relating to creditors’ ' rights generally, (ii) the enforcement thereof is illegal, or any local, state or federal agency has threatened legal action if the prepayment penalty is enforced, (iii) the collectability thereof shall have mortgage debt has been limited due to acceleration accelerated in connection with a foreclosure or other involuntary payment or (iv) such waiver is standard and customary in servicing similar Mortgage Loans and relates to a default or a reasonably foreseeable default and would, in the reasonable judgment of the CompanyMaster Servicer, maximize recovery of total proceeds taking into account the value of such Prepayment Charge and the related EMC Mortgage Loan. If a Prepayment Charge is waived, but does not meet the standards described above, then the Company Master Servicer is required to pay the amount of such waived Prepayment Charge, for the benefit of the related Class C P Certificates, by remitting such amount to the Master Servicer Trustee by the Remittance Distribution Account Deposit Date. Payments of such waived charges shall not be payments in respect of any Regular Interest.
(b) The Company Master Servicer shall establish and maintain a Protected Account (which shall at all times be an Eligible Account) with a depository institution in the name of the Company Master Servicer for the benefit of the Trustee on behalf of the Certificateholders and designated “"EMC Mortgage Corporation, as servicer on behalf of Citibank, N.A., as TrusteeMaster Servicer, for the benefit of the certificateholdersLaSalle Bank National Association, in trust for registered holders Holders of Bear Xxxxxxx Stearns Asset Backed Securities Backex Xxxxxities I LLC, MortgageAsset-Backed Certificates, Series 2006-5”HE2". The Company Master Servicer shall deposit or cause to be deposited into the Protected Account on a daily basis within one two Business Day Days of receiptreceipt and identification, except as otherwise specifically provided herein, the following payments and collections remitted by subservicers or received by it in respect of the EMC Mortgage Loans subsequent to the Cut-off Date (other than in respect of principal and interest due on the EMC 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, including Principal Prepayments, on the EMC Mortgage Loans;
(ii) all payments on account of interest on the EMC Mortgage Loans net of the related Servicing Fee permitted under Section 3.133.10 and LPMI Fees, if any;
(iii) all Liquidation Proceeds, Subsequent Recoveries and Insurance Proceeds with respect to any EMC Mortgage LoansProceeds, other than proceeds to be applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with the Company’s Master Servicer's normal servicing procedures;
(iv) any amount required to be deposited by the Company Master Servicer pursuant to Section 5.01(c4.01(c) in connection with any losses on Permitted Investments;
(v) any amounts required to be deposited by the Company Master Servicer pursuant to Section 3.073.05;
(vi) any Prepayment Charges collected on the EMC Mortgage Loans; and
(vii) any other amounts required to be deposited hereunder. The foregoing requirements for deposit remittance by the Company Master Servicer into the Protected Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, payments in the nature of late payment charges or assumption fees, if collected, need not be deposited remitted by the CompanyMaster Servicer. In the event that the Company Master Servicer shall deposit remit any amount not required to be deposited remitted and not otherwise subject to withdrawal pursuant to Section 5.024.02, it may at any time withdraw or direct the institution maintaining the Protected Account, to withdraw such amount from the Protected Account, any provision herein to the contrary notwithstanding. Such withdrawal or direction may be accomplished by delivering written notice thereof to the institution maintaining the Protected Account, that describes the amounts deposited in error in the Protected Account. The Company Master Servicer shall maintain adequate records with respect to all withdrawals made pursuant to this Section. Reconciliations will be prepared for the Protected Account within 45 calendar days after the bank statement cut-off date. All items requiring reconciliation will be resolved within 90 calendar days of their original identification. All funds deposited in the Protected Account shall be held in trust for the Certificateholders until withdrawn in accordance with Section 5.024.02.
(c) The institution that maintains the Protected Account shall invest the funds in the Protected Account, in the manner directed by the CompanyMaster Servicer, in Permitted Investments which shall mature not later than the Business Day immediately preceding the Remittance Date and shall not be sold or disposed of prior to its 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 shall be for the benefit of the Company Master Servicer as servicing compensation and shall be remitted to it monthly as provided herein. The amount of any losses incurred in the Protected Account in respect of any such investments shall be deposited by the Company Master Servicer into the Protected Account, out of the Company’s Master Servicer's own funds.
(d) The Company Master Servicer shall give at least 30 days advance notice to the Trustee, the Securities Administrator, the Sponsor, the Master ServicerSellers, each Rating Agency and the Depositor of any proposed change of location of the Protected Account prior to any change thereof.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Bear Stearns Asset Backed Securities I Trust 2006-He2)
Collection of Mortgage Loan Payments; Protected Account. (a) The Company Servicer shall make reasonable efforts in accordance with customary and usual standards of practice of prudent mortgage lenders in the respective states in which the Mortgaged Properties related to the EMC Mortgage Loans are located to collect all payments called for under the terms and provisions of the EMC Mortgage Loans to the extent such procedures shall be consistent with this Agreement and the terms and provisions of any related Required Insurance Policy, and follow such collection procedures as it would employ in its good faith business judgment and which are normal and usual in its general mortgage servicing activities. Consistent with the foregoing, the Company Servicer may in its discretion (i) waive any late payment charge and (ii) extend the Due Dates due dates for payments due on a Mortgage Note related to an EMC Mortgage Loan for a period not greater than 125 180 days, provided that, EMC shall not extend the payment date of any Mortgage Loan beyond the date of its final maturity date. In the event of any such arrangement, the Company Servicer shall make Advances on the related EMC Mortgage Loan during the scheduled period in accordance with the amortization schedule of such EMC Mortgage Loan without modification thereof by reason of such arrangements, and shall be entitled to reimbursement therefor in accordance with Section 6.015.01. The Company Servicer shall not be required to institute or join in litigation with respect to collection of any payment (whether under a Mortgage, Mortgage Note or otherwise or against any public or governmental authority with respect to a taking or condemnation) if it reasonably believes that enforcing the provision of the Mortgage or other instrument pursuant to which such payment is required is prohibited by applicable law. In addition, if (x) an EMC a Mortgage Loan is in default or default is reasonably foreseeable imminent or (y) the Company Servicer delivers to the Trustee, Securities Administrator and Master Servicer Trustee a certification addressed to the Trustee and the Securities AdministratorTrustee, based on the advice of counsel or certified public accountants, in either case, that have a national reputation with respect to taxation of REMICs, that a modification of such EMC Mortgage Loan will not result in the imposition of taxes on or disqualify any of REMIC I, REMIC II, II or REMIC III, REMIC IV, REMIC V, REMIC VI, REMIC VII or REMIC VIII, the Company may if it reasonably believes that undertaking such actions would be in the best interest of the CertificateholdersServicer may, (A) amend the related Mortgage Note to reduce the Mortgage Rate applicable thereto, provided that such reduced Mortgage Rate shall in no event be lower than 5.00% with respect to any EMC Mortgage Loan and (B) amend any Mortgage Note related to an EMC Mortgage Loan to extend to the maturity thereof; provided that. Notwithstanding the foregoing, EMC the Servicer shall not extend the payment date of permit any modification with respect to any Mortgage Loan beyond its final maturity date. In accordance with that would both constitute a sale or exchange of such Mortgage Loan within the standards meaning of Section 1001 of the first paragraph of Section 3.01Code and any proposed, the Company shall not waive temporary or final regulations promulgated thereunder (or permit a sub-servicer to waive) any Prepayment Charge related to an EMC Mortgage Loan unless: (i) the enforceability thereof shall have been limited by bankruptcy, insolvency, moratorium, receivership and other similar laws relating to creditors’ rights generally, (ii) the enforcement thereof is illegal, or any local, state or federal agency has threatened legal action if the prepayment penalty is enforced, (iii) the collectability thereof shall have been limited due to acceleration than in connection with a foreclosure proposed conveyance or other involuntary payment assumption of such Mortgage Loan that is treated as a Principal Prepayment in Full pursuant to Section 3.13(d) hereof) and cause either REMIC formed under this Agreement to fail to qualify as a REMIC under the Code. In addition, notwithstanding any state or (iv) such waiver federal law to the contrary, the Servicer shall not impose a prepayment premium in any instance when the mortgage debt is standard and customary in servicing similar Mortgage Loans and relates to a default or a reasonably foreseeable default and would, in accelerated as the reasonable judgment result of the Companyborrower's default in making the loan payments. Upon request, maximize recovery of total proceeds taking into account the value of such Prepayment Charge Trustee shall execute and the related EMC Mortgage Loan. If a Prepayment Charge is waived, but does not meet the standards described above, then the Company is required to pay the amount of such waived Prepayment Charge, for the benefit of the related Class C Certificates, by remitting such amount deliver to the Master Servicer any powers of attorney and other documents, furnished by the Remittance DateServicer to the Trustee, necessary or appropriate to enable the Servicer to service and administer the Mortgage Loans. Payments of such waived charges The Trustee shall not be payments liable for any action taken by the Servicer or any subservicer pursuant to such powers of attorney. In connection with servicing and administering the Mortgage Loans, the Servicer and any Affiliate of the Servicer (i) may perform services such as appraisals and brokerage services that are not customarily provided by servicers of mortgage loans, and shall be entitled to reasonable compensation therefor in respect accordance with Section 3.10 and (ii) may, at its own discretion and on behalf of any Regular Interestthe Trust Fund, obtain credit information in the form of a "credit score" from a credit repository.
(b) The Company Servicer shall establish and maintain a Protected Account (which shall at all times be an Eligible Account) with a depository institution in the name of the Company Servicer for the benefit of the Trustee on behalf of the Certificateholders and designated “EMC "GMAC Mortgage Corporation, as servicer on behalf of Citibank, N.A., as TrusteeServicer, for the benefit of the certificateholdersXxxxx Fargo Bank, National Association, in trust for registered holders of Bear Xxxxxxx Asset Backed Securities I LLC, MortgageAsset-Backed Certificates, Certificates Series 20062004-5”BO1". The Company Servicer shall deposit or cause to be deposited into the Protected Account on a daily basis within one two Business Day Days of receipt, except as otherwise specifically provided herein, the following payments and collections remitted by subservicers or received by it in respect of the EMC Mortgage Loans subsequent to the applicable Cut-off Date (other than in respect of principal and interest due on the EMC Mortgage Loans on or before the applicable Cut-off Date) and the following amounts required to be deposited hereunder:
(i) all payments on account of principal, including Principal Prepayments, on the EMC Mortgage Loans;
(ii) all payments on account of interest on the EMC Mortgage Loans net of the related Servicing Fee permitted under Section 3.133.10 and LPMI Fees, if any;
(iii) all Liquidation Proceeds, Subsequent Recoveries and Insurance Proceeds with respect to any EMC Mortgage LoansProceeds, other than proceeds to be applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with the Company’s Servicer's normal servicing procedures;
(iv) any amount required to be deposited by the Company Servicer pursuant to Section 5.01(c4.01(c) in connection with any losses on Permitted Investments;
(v) any amounts required to be deposited by the Company Servicer pursuant to Section 3.07;
(vi) any Prepayment Charges collected on the EMC Mortgage Loans3.05; and
(viivi) any other amounts required to be deposited hereunder. The foregoing requirements for deposit remittance by the Company Servicer into the Protected Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, payments in the nature of Prepayment Charges, late payment charges or assumption fees, if collected, need not be deposited remitted by the CompanyServicer. In the event that the Company Servicer shall deposit remit any amount not required to be deposited remitted and not otherwise subject to withdrawal pursuant to Section 5.024.02, it may at any time withdraw or direct the institution maintaining the Protected Account, to withdraw such amount from the Protected Account, any provision herein to the contrary notwithstanding. Such withdrawal or direction may be accomplished by delivering written notice thereof to the institution maintaining the Protected Account, that describes the amounts deposited in error in the Protected Account. The Company Servicer shall maintain adequate records with respect to all withdrawals made pursuant to this Section. All funds deposited in the Protected Account shall be held in trust for the Certificateholders until withdrawn in accordance with Section 5.024.02.
(c) The institution that maintains the Protected Account Servicer shall invest the funds in the Protected Account, in the manner directed by the Company, Account in Permitted Investments which shall mature not later than the Business Day immediately preceding prior to the Remittance Date and shall not be sold or disposed of prior to its 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 shall be for the benefit of the Company Servicer as servicing compensation and shall be remitted to it monthly as provided herein. The amount of any losses incurred in the Protected Account in respect of any such investments shall be deposited by the Company Servicer into the Protected Account, out of the Company’s Servicer's own funds.
(d) The Company Servicer shall give at least 30 days advance notice to the Trustee, the Securities Administrator, the Sponsor, the Master ServicerSeller, each Rating Agency and the Depositor of any proposed change of location of the Protected Account prior to any change thereof.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Bear Stearns Asset Backed Securities I Trust 2004-Bo1)
Collection of Mortgage Loan Payments; Protected Account. (a) The Company Master Servicer shall make reasonable efforts in accordance with customary and usual standards of practice of prudent mortgage lenders in the respective states in which the Mortgaged Properties related to the EMC Mortgage Loans are located to collect all payments called for under the terms and provisions of the EMC Mortgage Loans to the extent such procedures shall be consistent with this Agreement and the terms and provisions of any related Required Insurance Policy. Consistent with the foregoing, the Company Master Servicer may in its discretion (i) waive any late payment charge and (ii) extend the Due Dates due dates for payments due on a Mortgage Note related to an EMC Mortgage Loan for a period not greater than 125 days, provided that, EMC shall not extend the payment date of any Mortgage Loan beyond the date of its final maturity date. In the event of any such arrangement, the Company Master Servicer shall make Advances on the related EMC Mortgage Loan during the scheduled period in accordance with the amortization schedule of such EMC Mortgage Loan without modification thereof by reason of such arrangements, and shall be entitled to reimbursement therefor in accordance with Section 6.015.01. The Company Master Servicer shall not be required to institute or join in litigation with respect to collection of any payment (whether under a Mortgage, Mortgage Note or otherwise or against any public or governmental authority with respect to a taking or condemnation) if it reasonably believes that enforcing the provision of the Mortgage or other instrument pursuant to which such payment is required is prohibited by applicable law. In addition, if (x) an EMC a Mortgage Loan is in default or default is reasonably foreseeable foreseeable, the Master Servicer may also waive, modify or vary any term of any Mortgage Loan or consent to the postponement of strict compliance with any such term or in any manner grant indulgence to any mortgagor, including without limitation, to (1) capitalize any amounts owing on the Mortgage Loan by adding such amount to the outstanding principal balance of the Mortgage Loan, (2) defer such amounts to a later date or the final payment date of such Mortgage Loan, (3) extend the maturity of any such Mortgage Loan, but in no instance past the date on which the final payment is due on the latest maturing Mortgage Loan as of the Cut-off Date, and/or (4) reduce the related Mortgage Rate (subject to clause (y) below), provided that, in the Master Servicer’s determination, such waiver, modification, postponement or indulgence is not materially adverse to the interests of the Certificateholders (taking into account any estimated Realized Loss that might result absent such action), or (y) the Company Master Servicer delivers to the Trustee, Securities Administrator and Master Servicer Trustee a certification addressed to the Trustee and the Securities AdministratorTrustee, based on the advice of counsel or certified public accountants, in either case, that have a national reputation with respect to taxation of REMICs, that a modification of such EMC Mortgage Loan will not result in the imposition of taxes on or disqualify from REMIC status any of REMIC I, REMIC II, REMIC III, REMIC IV, IV or REMIC V, REMIC VI, REMIC VII or REMIC VIII, the Company may if it reasonably believes that undertaking such actions would be in the best interest of the CertificateholdersMaster Servicer may, (A) amend the related Mortgage Note to reduce the Mortgage Rate applicable thereto, provided that such reduced Mortgage Rate shall in no event be lower than 5.00% with respect to any EMC Mortgage Loan and (B) amend any Mortgage Note related to an EMC Mortgage Loan to extend to the maturity thereof; provided that, EMC shall not extend the payment date of any Mortgage Loan beyond its final maturity date. In accordance with the standards of the first paragraph of Section 3.01, the Company The Master Servicer shall not waive (or permit a sub-servicer to waive) any Prepayment Charge related to an EMC Mortgage Loan unless: (i) the enforceability thereof shall have been limited by bankruptcy, insolvency, moratorium, receivership and other similar laws relating to creditors’ rights generally, (ii) the enforcement thereof is illegal, or any local, state or federal agency has threatened legal action if the prepayment penalty is enforced, (iii) the collectability thereof shall have mortgage debt has been limited due to acceleration accelerated in connection with a foreclosure or other involuntary payment or (iv) such waiver is standard and customary in servicing similar Mortgage Loans and relates to a default or a reasonably foreseeable default and would, in the reasonable judgment of the CompanyMaster Servicer, maximize recovery of total proceeds taking into account the value of such Prepayment Charge and the related EMC Mortgage Loan. If a Prepayment Charge is waived, but does not meet the standards described above, then the Company Master Servicer is required to pay the amount of such waived Prepayment Charge, for the benefit of the related Class C Certificates, by remitting such amount to the Master Servicer Trustee by the Remittance Distribution Account Deposit Date. Payments of such waived charges shall not be payments in respect of any Regular Interest.
(b) The Company Master Servicer shall establish and maintain a Protected Account (which shall at all times be an Eligible Account) with a depository institution in the name of the Company Master Servicer for the benefit of the Trustee on behalf of the Certificateholders and designated “EMC Mortgage Corporation, as servicer on behalf of Citibank, N.A., as TrusteeMaster Servicer, for the benefit of the certificateholdersLaSalle Bank National Association, in trust for registered holders Holders of Bear Xxxxxxx Asset Backed Securities I LLC, Bear Xxxxxxx Mortgage Funding Trust, Mortgage-Backed Certificates, Series 20062007-5SL1”. The Company Master Servicer shall deposit or cause to be deposited into the Protected Account on a daily basis within one two Business Day Days of receiptreceipt and identification, except as otherwise specifically provided herein, the following payments and collections remitted by subservicers or received by it in respect of the EMC Mortgage Loans subsequent to the Cut-off Date (other than in respect of principal and interest due on the EMC 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, including Principal Prepayments, on the EMC Mortgage Loans;
(ii) all payments on account of interest on the EMC Mortgage Loans net of the related Servicing Fee permitted under Section 3.133.10 and LPMI Fees, if any;
(iii) all Liquidation Proceeds, Subsequent Recoveries and Insurance Proceeds with respect to any EMC Mortgage LoansProceeds, other than proceeds to be applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with the CompanyMaster Servicer’s normal servicing procedures;
(iv) any amount required to be deposited by the Company Master Servicer pursuant to Section 5.01(c4.01(c) in connection with any losses on Permitted Investments;
(v) any amounts required to be deposited by the Company Master Servicer pursuant to Section 3.073.05;
(vi) any Prepayment Charges collected on the EMC Mortgage Loans; and
(vii) any other amounts required to be deposited hereunder. The foregoing requirements for deposit remittance by the Company Master Servicer into the Protected Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, payments in the nature of late payment charges or assumption fees, if collected, need not be deposited remitted by the CompanyMaster Servicer. In the event that the Company Master Servicer shall deposit remit any amount not required to be deposited remitted and not otherwise subject to withdrawal pursuant to Section 5.024.02, it may at any time withdraw or direct the institution maintaining the Protected Account, to withdraw such amount from the Protected Account, any provision herein to the contrary notwithstanding. Such withdrawal or direction may be accomplished by delivering written notice thereof to the institution maintaining the Protected Account, that describes the amounts deposited in error in the Protected Account. The Company Master Servicer shall maintain adequate records with respect to all withdrawals made pursuant to this Section. Reconciliations will be prepared for the Protected Account within 45 calendar days after the bank statement cut-off date. All funds deposited in the Protected Account shall be held in trust for the Certificateholders until withdrawn in accordance with Section 5.024.02.
(c) The institution that maintains the Protected Account shall invest the funds in the Protected Account, in the manner directed by the CompanyMaster Servicer, in Permitted Investments which shall mature not later than the Business Day immediately preceding the Remittance Date and shall not be sold or disposed of prior to its 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 shall be for the benefit of the Company Master Servicer as servicing compensation and shall be remitted to it monthly as provided herein. The amount of any losses incurred in the Protected Account in respect of any such investments shall be deposited by the Company Master Servicer into the Protected Account, out of the CompanyMaster Servicer’s own funds.
(d) The Company Master Servicer shall give at least 30 days advance notice to the Trustee, the Securities Administrator, the Sponsor, the Master ServicerSeller, each Rating Agency and the Depositor of any proposed change of location of the Protected Account prior to any change thereof.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Bear Stearns Mortgage Funding Trust 2007-Sl1)
Collection of Mortgage Loan Payments; Protected Account. (a) The Company Master Servicer shall make reasonable efforts in accordance with customary and usual standards of practice of prudent mortgage lenders in the respective states in which the Mortgaged Properties related to the EMC Mortgage Loans are located to collect all payments called for under the terms and provisions of the EMC Mortgage Loans to the extent such procedures shall be consistent with this Agreement and the terms and provisions of any related Required Insurance Policy. Consistent with the foregoing, the Company Master Servicer may in its discretion (i) waive any late payment charge and (ii) extend the Due Dates due dates for payments due on a Mortgage Note related to an EMC Mortgage Loan for a period not greater than 125 days, provided that, EMC shall not extend the payment date of any Mortgage Loan beyond the date of its final maturity date. In the event of any such arrangement, the Company Master Servicer shall make Advances on the related EMC Mortgage Loan during the scheduled period in accordance with the amortization schedule of such EMC Mortgage Loan without modification thereof by reason of such arrangements, and shall be entitled to reimbursement therefor in accordance with Section 6.015.01. The Company Master Servicer shall not be required to institute or join in litigation with respect to collection of any payment (whether under a Mortgage, Mortgage Note or otherwise or against any public or governmental authority with respect to a taking or condemnation) if it reasonably believes that enforcing the provision of the Mortgage or other instrument pursuant to which such payment is required is prohibited by applicable law. In addition, if (x) an EMC a Mortgage Loan is in default or default is reasonably foreseeable foreseeable, the Master Servicer may also waive, modify or vary any term of any Mortgage Loan or consent to the postponement of strict compliance with any such term or in any manner grant indulgence to any mortgagor, including without limitation, to (1) capitalize any amounts owing on the Mortgage Loan by adding such amount to the outstanding principal balance of the Mortgage Loan, (2) defer such amounts to a later date or the final payment date of such Mortgage Loan, (3) extend the maturity of any such Mortgage Loan, but in no instance past the date on which the final payment is due on the latest maturing Mortgage Loan as of the Cut-off Date, and/or (4) reduce the related Mortgage Rate (subject to clause (y) below), provided that, in the Master Servicer’s determination, such waiver, modification, postponement or indulgence is not materially adverse to the interests of the Certificateholders (taking into account any estimated Realized Loss that might result absent such action), or (y) the Company Master Servicer delivers to the Trustee, Securities Administrator and Master Servicer Trustee a certification addressed to the Trustee and the Securities AdministratorTrustee, based on the advice of counsel or certified public accountants, in either case, that have a national reputation with respect to taxation of REMICs, that a modification of such EMC Mortgage Loan will not result in the imposition of taxes on or disqualify from REMIC status any of REMIC I, REMIC II, REMIC III, REMIC IV, REMIC V, REMIC VI, REMIC VII or VII, REMIC VIII, REMIC IX or REMIC X, the Company may if it reasonably believes that undertaking such actions would be in the best interest of the CertificateholdersMaster Servicer may, (A) amend the related Mortgage Note to reduce the Mortgage Rate applicable thereto, provided that such reduced Mortgage Rate shall in no event be lower than 5.00% with respect to any EMC Mortgage Loan and (B) amend any Mortgage Note related to an EMC Mortgage Loan to extend to the maturity thereof; provided that, EMC shall not extend the payment date of any Mortgage Loan beyond its final maturity date. In accordance with the standards of the first paragraph of Section 3.01, the Company .
(b) The Master Servicer shall not waive (or permit a sub-servicer to waive) any Prepayment Charge related to an EMC Mortgage Loan unless: (i) the enforceability thereof shall have been limited by bankruptcy, insolvency, moratorium, receivership and other similar laws relating to creditors’ rights generally, (ii) the enforcement thereof is illegal, or any local, state or federal agency has threatened legal action if the prepayment penalty is enforced, (iii) the collectability thereof shall have mortgage debt has been limited due to acceleration accelerated in connection with a foreclosure or other involuntary payment or (iv) such waiver is standard and customary in servicing similar Mortgage Loans and relates to a default or a reasonably foreseeable default and would, in the reasonable judgment of the CompanyMaster Servicer, maximize recovery of total proceeds taking into account the value of such Prepayment Charge and the related EMC Mortgage Loan. If a Prepayment Charge is waived, but does not meet the standards described above, then the Company Master Servicer is required to pay the amount of such waived Prepayment Charge, for the benefit of the related Class C P Certificates, by remitting such amount to the Master Servicer Trustee by the Remittance Date. Payments of Distribution Account Deposit Date with respect to such waived charges shall not be payments in respect of any Regular InterestLoan Group.
(bc) The Company Master Servicer shall establish and maintain a Protected Account (which shall at all times be an Eligible Account) with a depository institution in the name of the Company Master Servicer for the benefit of the Trustee on behalf of the Certificateholders and designated “EMC Mortgage Corporation, as servicer on behalf of Citibank, N.A., as TrusteeMaster Servicer, for the benefit of the certificateholdersLaSalle Bank National Association, in trust for registered holders Holders of Bear Xxxxxxx Sxxxxxx Asset Backed Securities I LLC, MortgageAsset-Backed Certificates, Series 20062007-5HE2”. The Company Master Servicer shall deposit or cause to be deposited into the Protected Account on a daily basis within one two Business Day Days of receiptreceipt and identification, except as otherwise specifically provided herein, the following payments and collections remitted by subservicers or received by it in respect of the EMC Mortgage Loans subsequent to the Cut-off Date (other than in respect of principal and interest due on the EMC Mortgage Loans on or before the Cut-off Date) and the following amounts required to be deposited hereunder:
(i) with respect to each Loan Group, all payments on account of principal, including Principal Prepayments, on the EMC Mortgage Loans;
(ii) with respect to each Loan Group, all payments on account of interest on the EMC Mortgage Loans net of the related Servicing Fee permitted under Section 3.133.10 and LPMI Fees, if any;
(iii) with respect to each Loan Group, all Liquidation Proceeds, Subsequent Recoveries and Insurance Proceeds with respect to any EMC Mortgage LoansProceeds, other than proceeds to be applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with the CompanyMaster Servicer’s normal servicing procedures;
(iv) with respect to each Loan Group, any amount required to be deposited by the Company Master Servicer pursuant to Section 5.01(c4.01(c) in connection with any losses on Permitted Investments;
(v) with respect to each Loan Group, any amounts required to be deposited by the Company Master Servicer pursuant to Section 3.073.05;
(vi) with respect to each Loan Group, any Prepayment Charges collected on the EMC Mortgage Loans; and
(vii) with respect to each Loan Group, any other amounts required to be deposited hereunder. The foregoing requirements for deposit remittance by the Company Master Servicer into the Protected Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, payments in the nature of late payment charges or assumption fees, if collected, need not be deposited remitted by the CompanyMaster Servicer. In the event that the Company Master Servicer shall deposit remit any amount with respect to a Loan Group not required to be deposited remitted and not otherwise subject to withdrawal pursuant to Section 5.024.02, it may at any time withdraw or direct the institution maintaining the Protected Account, to withdraw such amount from the Protected AccountAccount with respect to such Loan Group, any provision herein to the contrary notwithstanding. Such withdrawal or direction may be accomplished by delivering written notice thereof to the institution maintaining the Protected Account, that describes the amounts deposited in error in the Protected Account. The Company Master Servicer shall maintain adequate records with respect to all withdrawals made pursuant to this Section. Reconciliations will be prepared for the Protected Account within 45 calendar days after the bank statement cut-off date. All funds deposited in the Protected Account shall be held in trust for the related Certificateholders until withdrawn in accordance with Section 5.024.02.
(cd) The institution that maintains the Protected Account shall invest the funds in the Protected Account, in the manner directed by the CompanyMaster Servicer, in Permitted Investments which shall mature not later than the Business Day immediately preceding the Remittance Distribution Account Deposit Date and shall not be sold or disposed of prior to its 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 shall be for the benefit of the Company Master Servicer as servicing compensation and shall be remitted to it monthly as provided herein. The amount of any losses incurred in the Protected Account in respect of any such investments shall be deposited by the Company Master Servicer into the Protected Account, out of the CompanyMaster Servicer’s own funds.
(de) The Company Master Servicer shall give at least 30 days advance notice to the Trustee, the Securities Administrator, the Sponsor, the Master ServicerMortgage Loan Sellers, each Rating Agency and the Depositor of any proposed change of location of the Protected Account prior to any change thereof.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Bear Stearns Asset Backed Securities I Trust 2007-He2)
Collection of Mortgage Loan Payments; Protected Account. (a) The Company shall make reasonable efforts in accordance with customary and usual standards of practice of prudent mortgage lenders in the respective states in which the Mortgaged Properties related to the EMC Mortgage Loans are located to collect all payments called for under the terms and provisions of the EMC Mortgage Loans to the extent such procedures shall be consistent with this Agreement and the terms and provisions of any related Required Insurance Policy. Consistent with the foregoing, the Company may in its discretion (i) waive any late payment charge and (ii) extend the Due Dates due dates for payments due on a Mortgage Note related to an EMC Mortgage Loan for a period not greater than 125 days, provided that, EMC shall not extend the payment date of any Mortgage Loan beyond the date of its final maturity date. In the event of any such arrangement, the Company shall make Advances on the related EMC Mortgage Loan during the scheduled period in accordance with the amortization schedule of such EMC Mortgage Loan without modification thereof by reason of such arrangements, and shall be entitled to reimbursement therefor in accordance with Section 6.01. The Company shall not be required to institute or join in litigation with respect to collection of any payment (whether under a Mortgage, Mortgage Note or otherwise or against any public or governmental authority with respect to a taking or condemnation) if it reasonably believes that enforcing the provision of the Mortgage or other instrument pursuant to which such payment is required is prohibited by applicable law. In addition, if (x) an EMC Mortgage Loan is in default or default is reasonably foreseeable imminent or (y) the Company delivers to the Trustee, Securities Administrator and Master Servicer Trustee a certification addressed to the Trustee and the Securities AdministratorTrustee, based on the advice of counsel or certified public accountants, in either case, that have a national reputation with respect to taxation of REMICs, that a modification of such EMC Mortgage Loan will not result in the imposition of taxes on or disqualify from REMIC status any of REMIC I, REMIC II, REMIC III, REMIC IV, IV or REMIC V, REMIC VI, REMIC VII or REMIC VIII, the Company may if it reasonably believes that undertaking such actions would be in the best interest of the Certificateholdersmay, (A) amend the related Mortgage Note to reduce the Mortgage Rate applicable thereto, provided that such reduced Mortgage Rate shall in no event be lower than 5.00% with respect to any EMC Mortgage Loan and (B) amend any Mortgage Note related to an EMC Mortgage Loan to extend to the maturity thereof; provided that, EMC shall not extend the payment date of any Mortgage Loan beyond its final maturity date. In accordance with the standards of the first paragraph of Section 3.01, the Company shall not waive (or permit a sub-servicer to waive) any Prepayment Charge related to an EMC Mortgage Loan unless: (i) the enforceability thereof shall have been limited by bankruptcy, insolvency, moratorium, receivership and other similar laws relating to creditors’ rights generally, (ii) the enforcement thereof is illegal, or any local, state or federal agency has threatened legal action if the prepayment penalty is enforced, (iii) the collectability thereof shall have been limited due to acceleration in connection with a foreclosure or other involuntary payment or (iv) such waiver is standard and customary in servicing similar Mortgage Loans and relates to a default or a reasonably foreseeable default and would, in the reasonable judgment of the Company, maximize recovery of total proceeds taking into account the value of such Prepayment Charge and the related EMC Mortgage Loan. If a Prepayment Charge is waived, but does not meet the standards described above, then the Company is required to pay the amount of such waived Prepayment Charge, for the benefit of the related Class C P Certificates, by remitting such amount to the Master Servicer by the Remittance Date. Payments of such waived charges shall not be payments in respect of any Regular Interest.
(b) The Company shall establish and maintain a Protected Account (which shall at all times be an Eligible Account) with a depository institution in the name of the Company for the benefit of the Trustee on behalf of the Certificateholders and designated “EMC Mortgage Corporation, as servicer on behalf of Citibank, N.A., as Trustee, for the benefit of the certificateholdersU.S. Bank National Association, in trust for registered holders of Bear Xxxxxxx Sxxxxxx Asset Backed Securities I LLC, MortgageAsset-Backed Certificates, Certificates Series 20062005-5AC3”. The Company shall deposit or cause to be deposited into the Protected Account on a daily basis within one Business Day of receipt, except as otherwise specifically provided herein, the following payments and collections remitted by subservicers or received by it in respect of the EMC Mortgage Loans subsequent to the Cut-off Date (other than in respect of principal and interest due on the EMC 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, including Principal Prepayments, on the EMC Mortgage Loans;
(ii) all payments on account of interest on the EMC Mortgage Loans net of the related Servicing Fee permitted under Section 3.133.10 and LPMI Fees, if any;
(iii) all Liquidation Proceeds, Subsequent Recoveries Proceeds and Insurance Proceeds with respect to any EMC Mortgage Loans, other than proceeds to be applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with the Company’s normal servicing procedures;
(iv) any amount required to be deposited by the Company pursuant to Section 5.01(c) in connection with any losses on Permitted Investments;
(v) any amounts required to be deposited by the Company pursuant to Section 3.073.05;
(vi) any Prepayment Charges collected on the EMC Mortgage Loans; and
(vii) any other amounts required to be deposited hereunder. The foregoing requirements for deposit remittance by the Company into the Protected Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, payments in the nature of late payment charges or assumption fees, if collected, need not be deposited remitted by the Company. In the event that the Company shall deposit remit any amount not required to be deposited remitted and not otherwise subject to withdrawal pursuant to Section 5.02, it may at any time withdraw or direct the institution maintaining the Protected Account, to withdraw such amount from the Protected Account, any provision herein to the contrary notwithstanding. Such withdrawal or direction may be accomplished by delivering written notice thereof to the institution maintaining the Protected Account, that describes the amounts deposited in error in the Protected Account. The Company shall maintain adequate records with respect to all withdrawals made pursuant to this Section. All funds deposited in the Protected Account shall be held in trust for the Certificateholders until withdrawn in accordance with Section 5.02.
(c) The institution that maintains the Protected Account shall invest the funds in the Protected Account, in the manner directed by the Company, in Permitted Investments which shall mature not later than the Business Day immediately preceding the Remittance Date and shall not be sold or disposed of prior to its 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 shall be for the benefit of the Company as servicing compensation and shall be remitted to it monthly as provided herein. The amount of any losses incurred in the Protected Account in respect of any such investments shall be deposited by the Company into the Protected Account, out of the Company’s own funds.
(d) The Company shall give at least 30 days advance notice to the Trustee, the Securities Administrator, the SponsorSeller, the Master Servicer, each Rating Agency and the Depositor of any proposed change of location of the Protected Account prior to any change thereof.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Bear Stearns Asset Backed Securities I Trust 2005-Ac3)
Collection of Mortgage Loan Payments; Protected Account. (a) The Company shall make reasonable efforts in accordance with customary and usual standards of practice of prudent mortgage lenders in the respective states in which the Mortgaged Properties related to the EMC Mortgage Loans are located to collect all payments called for under the terms and provisions of the EMC Mortgage Loans to the extent such procedures shall be consistent with this Agreement and the terms and provisions of any related Required Insurance Policy. Consistent with the foregoing, the Company may in its discretion (i) waive any late payment charge and (ii) extend the Due Dates for payments due on a Mortgage Note related to an EMC Mortgage Loan for a period not greater than 125 days, provided that, EMC shall not extend the payment date of any Mortgage Loan beyond the date of its final maturity date. In the event of any such arrangement, the Company shall make Advances on the related EMC Mortgage Loan during the scheduled period in accordance with the amortization schedule of such EMC Mortgage Loan without modification thereof by reason of such arrangements, and shall be entitled to reimbursement therefor in accordance with Section 6.01. The Company shall not be required to institute or join in litigation with respect to collection of any payment (whether under a Mortgage, Mortgage Note or otherwise or against any public or governmental authority with respect to a taking or condemnation) if it reasonably believes that enforcing the provision of the Mortgage or other instrument pursuant to which such payment is required is prohibited by applicable law. In addition, if (x) an EMC Mortgage Loan is in default or default is reasonably foreseeable imminent or (y) the Company delivers to the Trustee, Securities Administrator Administrator, the Insurer and Master Servicer a certification addressed to the Trustee Trustee, the Securities Administrator and the Securities AdministratorInsurer, based on the advice of counsel or certified public accountants, in either case, that have a national reputation with respect to taxation of REMICs, that a modification of such EMC Mortgage Loan will not result in the imposition of taxes on or disqualify any of REMIC I, REMIC II, REMIC III, REMIC IV, IV or REMIC V, REMIC VI, REMIC VII or REMIC VIII, the Company may if it reasonably believes that undertaking such actions would be in the best interest of the CertificateholdersCertificateholders and the Insurer, (A) amend the related Mortgage Note to reduce the Mortgage Rate applicable thereto, provided that such reduced Mortgage Rate shall in no event be lower than 5.00% with respect to any EMC Mortgage Loan and (B) amend any Mortgage Note related to an EMC Mortgage Loan to extend to the maturity thereof; provided that, EMC shall not extend the payment date of any Mortgage Loan beyond its final maturity date. In accordance with the standards of the first paragraph of Section 3.01, the Company shall not waive (or permit a sub-servicer to waive) any Prepayment Charge related to an EMC Mortgage Loan unless: (i) the enforceability thereof shall have been limited by bankruptcy, insolvency, moratorium, receivership and other similar laws relating to creditors’ rights generally, (ii) the enforcement thereof is illegal, or any local, state or federal agency has threatened legal action if the prepayment penalty is enforced, (iii) the collectability thereof shall have been limited due to acceleration in connection with a foreclosure or other involuntary payment or (iv) such waiver is standard and customary in servicing similar Mortgage Loans and relates to a default or a reasonably foreseeable default and would, in the reasonable judgment of the Company, maximize recovery of total proceeds taking into account the value of such Prepayment Charge and the related EMC Mortgage Loan. If a Prepayment Charge is waived, but does not meet the standards described above, then the Company is required to pay the amount of such waived Prepayment Charge, for the benefit of the related Class C Certificates, by remitting such amount to the Master Servicer by the Remittance Date. Payments of such waived charges shall not be payments in respect of any Regular Interest.
(b) The Company shall establish and maintain a Protected Account (which shall at all times be an Eligible Account) with a depository institution in the name of the Company for the benefit of the Trustee on behalf of the Certificateholders and the Insurer and designated “EMC Mortgage Corporation, as servicer on behalf of Citibank, N.A., as Trustee, for the benefit of the certificateholders, in trust for registered holders of Bear Xxxxxxx Asset Backed Securities I LLC, Mortgage-Backed Certificates, Series 2006-52”. The Company shall deposit or cause to be deposited into the Protected Account on a daily basis within one Business Day of receipt, except as otherwise specifically provided herein, the following payments and collections remitted by subservicers or received by it in respect of the EMC Mortgage Loans subsequent to the Cut-off Date (other than in respect of principal and interest due on the EMC 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, including Principal Prepayments, on the EMC Mortgage Loans;
(ii) all payments on account of interest on the EMC Mortgage Loans net of the related Servicing Fee permitted under Section 3.13, if any;
(iii) all Liquidation Proceeds, Subsequent Recoveries and Insurance Proceeds with respect to any EMC Mortgage Loans, other than proceeds to be applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with the Company’s normal servicing procedures;
(iv) any amount required to be deposited by the Company pursuant to Section 5.01(c) in connection with any losses on Permitted Investments;
(v) any amounts required to be deposited by the Company pursuant to Section 3.07;
(vi) any Prepayment Charges collected on the EMC Mortgage Loans; and
(vii) any other amounts required to be deposited hereunder. The foregoing requirements for deposit by the Company into the Protected Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, payments in the nature of late payment charges or assumption fees, if collected, need not be deposited by the Company. In the event that the Company shall deposit any amount not required to be deposited and not otherwise subject to withdrawal pursuant to Section 5.02, it may at any time withdraw or direct the institution maintaining the Protected Account, to withdraw such amount from the Protected Account, any provision herein to the contrary notwithstanding. Such withdrawal or direction may be accomplished by delivering written notice thereof to the institution maintaining the Protected Account, that describes the amounts deposited in error in the Protected Account. The Company shall maintain adequate records with respect to all withdrawals made pursuant to this Section. All funds deposited in the Protected Account shall be held in trust for the Certificateholders until withdrawn in accordance with Section 5.02.
(c) The institution that maintains the Protected Account shall invest the funds in the Protected Account, in the manner directed by the Company, in Permitted Investments which shall mature not later than the Business Day immediately preceding the Remittance Date and shall not be sold or disposed of prior to its maturity. All such Permitted Investments shall be made in the name of the Trustee, for the benefit of the CertificateholdersCertificateholders and the Insurer. All income and gain net of any losses realized from any such investment shall be for the benefit of the Company as servicing compensation and shall be remitted to it monthly as provided herein. The amount of any losses incurred in the Protected Account in respect of any such investments shall be deposited by the Company into the Protected Account, out of the Company’s own funds.
(d) The Company shall give at least 30 days advance notice to the Trustee, the Securities Administrator, the SponsorSellers, the Master Servicer, each Rating Agency Agency, the Insurer and the Depositor of any proposed change of location of the Protected Account prior to any change thereof.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (SACO I Trust 2006-2)
Collection of Mortgage Loan Payments; Protected Account. (a) The Company Master Servicer shall make reasonable efforts in accordance with customary and usual standards of practice of prudent mortgage lenders in the respective states in which the Mortgaged Properties related to the EMC Mortgage Loans are located to collect all payments called for under the terms and provisions of the EMC Mortgage Loans to the extent such procedures shall be consistent with this Agreement and the terms and provisions of any related Required Insurance Policy. Consistent with the foregoing, the Company Master Servicer may in its discretion (i) waive any late payment charge and (ii) extend the Due Dates due dates for payments due on a Mortgage Note related to an EMC Mortgage Loan for a period not greater than 125 days, provided that, EMC shall not extend the payment date of any Mortgage Loan beyond the date of its final maturity date. In the event of any such arrangement, the Company Master Servicer shall make Advances on the related EMC Mortgage Loan during the scheduled period in accordance with the amortization schedule of such EMC Mortgage Loan without modification thereof by reason of such arrangements, and shall be entitled to reimbursement therefor in accordance with Section 6.015.01. The Company Master Servicer shall not be required to institute or join in litigation with respect to collection of any payment (whether under a Mortgage, Mortgage Note or otherwise or against any public or governmental authority with respect to a taking or condemnation) if it reasonably believes that enforcing the provision of the Mortgage or other instrument pursuant to which such payment is required is prohibited by applicable law. In addition, if (x) an EMC a Mortgage Loan is in default or default is reasonably foreseeable foreseeable, the Master Servicer may also waive, modify or vary any term of any Mortgage Loan or consent to the postponement of strict compliance with any such term or in any manner grant indulgence to any mortgagor, including without limitation, to (1) capitalize any amounts owing on the Mortgage Loan by adding such amount to the outstanding principal balance of the Mortgage Loan, (2) defer such amounts to a later date or the final payment date of such Mortgage Loan, (3) extend the maturity of any such Mortgage Loan, but in no instance past the date on which the final payment is due on the latest maturing Mortgage Loan as of the Cut-off Date, and/or (4) reduce the related Mortgage Rate (subject to clause (y) below), provided that, in the Master Servicer’s determination, such waiver, modification, postponement or indulgence is not materially adverse to the interests of the Certificateholders (taking into account any estimated Realized Loss that might result absent such action), or (y) the Company Master Servicer delivers to the Trustee, Securities Administrator and Master Servicer Trustee a certification addressed to the Trustee and the Securities AdministratorTrustee, based on the advice of counsel or certified public accountants, in either case, that have a national reputation with respect to taxation of REMICs, that a modification of such EMC Mortgage Loan will not result in the imposition of taxes on or disqualify from REMIC status any of REMIC I, REMIC II, REMIC III, REMIC IV, REMIC V, V or REMIC VI, REMIC VII or REMIC VIII, the Company may if it reasonably believes that undertaking such actions would be in the best interest of the CertificateholdersMaster Servicer may, (A) amend the related Mortgage Note to reduce the Mortgage Rate applicable thereto, provided that such reduced Mortgage Rate shall in no event be lower than 5.00% with respect to any EMC Mortgage Loan and (B) amend any Mortgage Note related to an EMC Mortgage Loan to extend to the maturity thereof; provided that, EMC shall not extend the payment date of any Mortgage Loan beyond its final maturity date. In accordance with the standards of the first paragraph of Section 3.01, the Company .
(b) The Master Servicer shall not waive (or permit a sub-servicer to waive) any Prepayment Charge related to an EMC Mortgage Loan unless: (i) the enforceability thereof shall have been limited by bankruptcy, insolvency, moratorium, receivership and other similar laws relating to creditors’ rights generally, (ii) the enforcement thereof is illegal, or any local, state or federal agency has threatened legal action if the prepayment penalty is enforced, (iii) the collectability thereof shall have mortgage debt has been limited due to acceleration accelerated in connection with a foreclosure or other involuntary payment or (iv) such waiver is standard and customary in servicing similar Mortgage Loans and relates to a default or a reasonably foreseeable default and would, in the reasonable judgment of the CompanyMaster Servicer, maximize recovery of total proceeds taking into account the value of such Prepayment Charge and the related EMC Mortgage Loan. If a Prepayment Charge is waived, but does not meet the standards described above, then the Company Master Servicer is required to pay the amount of such waived Prepayment Charge, for the benefit of the related Class C P Certificates, by remitting such amount to the Master Servicer Trustee by the Remittance Distribution Account Deposit Date. Payments of such waived charges shall not be payments in respect of any Regular Interest.
(bc) The Company Master Servicer shall establish and maintain a Protected Account (which shall at all times be an Eligible Account) with a depository institution in the name of the Company Master Servicer for the benefit of the Trustee on behalf of the Certificateholders and designated “EMC Mortgage Corporation, as servicer on behalf of Citibank, N.A., as TrusteeMaster Servicer, for the benefit of the certificateholdersLaSalle Bank National Association, in trust for registered holders Holders of Bear Xxxxxxx Asset Backed Securities I LLC, MortgageAsset-Backed Certificates, Series 20062007-5AQ1”. The Company Master Servicer shall deposit or cause to be deposited into the Protected Account on a daily basis within one two Business Day Days of receiptreceipt and identification, except as otherwise specifically provided herein, the following payments and collections remitted by subservicers or received by it in respect of the EMC Mortgage Loans subsequent to the Cut-off Date (other than in respect of principal and interest due on the EMC 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, including Principal Prepayments, on the EMC Mortgage Loans;
(ii) all payments on account of interest on the EMC Mortgage Loans net of the related Servicing Fee permitted under Section 3.133.10 and LPMI Fees, if any;
(iii) all Liquidation Proceeds, Subsequent Recoveries and Insurance Proceeds with respect to any EMC Mortgage LoansProceeds, other than proceeds to be applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with the CompanyMaster Servicer’s normal servicing procedures;
(iv) any amount required to be deposited by the Company Master Servicer pursuant to Section 5.01(c4.01(c) in connection with any losses on Permitted Investments;
(v) any amounts required to be deposited by the Company Master Servicer pursuant to Section 3.073.05;
(vi) any Prepayment Charges collected on the EMC Mortgage Loans; and
(vii) any other amounts required to be deposited hereunder. The foregoing requirements for deposit remittance by the Company Master Servicer into the Protected Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, payments in the nature of late payment charges or assumption fees, if collected, need not be deposited remitted by the CompanyMaster Servicer. In the event that the Company Master Servicer shall deposit remit any amount not required to be deposited remitted and not otherwise subject to withdrawal pursuant to Section 5.024.02, it may at any time withdraw or direct the institution maintaining the Protected Account, to withdraw such amount from the Protected Account, any provision herein to the contrary notwithstanding. Such withdrawal or direction may be accomplished by delivering written notice thereof to the institution maintaining the Protected Account, that describes the amounts deposited in error in the Protected Account. The Company Master Servicer shall maintain adequate records with respect to all withdrawals made pursuant to this Section. Reconciliations will be prepared for the Protected Account within 45 calendar days after the bank statement cut-off date. All funds deposited in the Protected Account shall be held in trust for the Certificateholders until withdrawn in accordance with Section 5.024.02.
(cd) The institution that maintains the Protected Account shall invest the funds in the Protected Account, in the manner directed by the CompanyMaster Servicer, in Permitted Investments which shall mature not later than the Business Day immediately preceding the Remittance Distribution Account Deposit Date and shall not be sold or disposed of prior to its 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 shall be for the benefit of the Company Master Servicer as servicing compensation and shall be remitted to it monthly as provided herein. The amount of any losses incurred in the Protected Account in respect of any such investments shall be deposited by the Company Master Servicer into the Protected Account, out of the CompanyMaster Servicer’s own funds.
(de) The Company Master Servicer shall give at least 30 days advance notice to the Trustee, the Securities Administrator, the Sponsor, the Master ServicerMortgage Loan Sellers, each Rating Agency and the Depositor of any proposed change of location of the Protected Account prior to any change thereof.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Bear Stearns Asset Backed Securities I Trust 2007-Aq1)
Collection of Mortgage Loan Payments; Protected Account. (a) The Company shall make reasonable efforts in accordance with customary and usual standards of practice of prudent mortgage lenders in the respective states in which the Mortgaged Properties related to the EMC Mortgage Loans are located to collect all payments called for under the terms and provisions of the EMC Mortgage Loans to the extent such procedures shall be consistent with this Agreement and the terms and provisions of any related Required Insurance Policy. Consistent with the foregoing, the Company may in its discretion (i) waive any late payment charge and (ii) extend the Due Dates due dates for payments due on a Mortgage Note related to an EMC Mortgage Loan for a period not greater than 125 days, provided that, EMC shall not extend the payment date of any Mortgage Loan beyond the date of its final maturity date. In the event of any such arrangement, the Company shall make Advances on the related EMC Mortgage Loan during the scheduled period in accordance with the amortization schedule of such EMC Mortgage Loan without modification thereof by reason of such arrangements, and shall be entitled to reimbursement therefor in accordance with Section 6.01. The Company shall not be required to institute or join in litigation with respect to collection of any payment (whether under a Mortgage, Mortgage Note or otherwise or against any public or governmental authority with respect to a taking or condemnation) if it reasonably believes that enforcing the provision of the Mortgage or other instrument pursuant to which such payment is required is prohibited by applicable law. In addition, if (x) an EMC a Mortgage Loan is in default or default is reasonably foreseeable imminent or (y) the Company delivers to the Trustee, Securities Administrator and Master Servicer Trustee a certification addressed to the Trustee and the Securities Administratorcertification, based on the advice of counsel or certified public accountants, in either case, that have a national reputation with respect to taxation of REMICs, that a modification of such EMC Mortgage Loan will not result in the imposition of taxes on or disqualify any of REMIC I, REMIC II, II or REMIC III, REMIC IV, REMIC V, REMIC VI, REMIC VII or REMIC VIII, the Company may if it reasonably believes that undertaking such actions would be in the best interest of the Certificateholdersmay, (A) amend the related Mortgage Note to reduce the Mortgage Rate applicable thereto, provided that such reduced Mortgage Rate shall in no event be lower than 5.008.50% with respect to any EMC Mortgage Loan in Loan Group I, 6.50% with respect to any Mortgage Loan in Loan Group II and 6.50% with respect to any Mortgage Loan in Loan Group III and (B) amend any Mortgage Note related to an EMC Mortgage Loan to extend to the maturity thereof; provided that, EMC shall not extend the payment date of any Mortgage Loan beyond its final maturity date. In accordance with the standards of the first paragraph of Section 3.01, the Company shall not waive (or permit a sub-servicer to waive) any Prepayment Charge related to an EMC Mortgage Loan unless: (i) the enforceability thereof shall have been limited by bankruptcy, insolvency, moratorium, receivership and other similar laws relating to creditors’ rights generally, (ii) the enforcement thereof is illegal, or any local, state or federal agency has threatened legal action if the prepayment penalty is enforced, (iii) the collectability thereof shall have been limited due to acceleration in connection with a foreclosure or other involuntary payment or (iv) such waiver is standard and customary in servicing similar Mortgage Loans and relates to a default or a reasonably foreseeable default and would, in the reasonable judgment of the Company, maximize recovery of total proceeds taking into account the value of such Prepayment Charge and the related EMC Mortgage Loan. If a Prepayment Charge is waived, but does not meet the standards described above, then the Company is required to pay the amount of such waived Prepayment Charge, for the benefit of the related Class C Certificates, by remitting such amount to the Master Servicer by the Remittance Date. Payments of such waived charges shall not be payments in respect of any Regular Interest.
(b) The Company shall establish and maintain a Protected Account (which shall at all times be an Eligible Account) with a depository institution in the name of the Company for the benefit of the Trustee on behalf of the Certificateholders and designated “EMC Mortgage Corporation"Bank One, as servicer on behalf of Citibank, N.A., as Trustee, for the benefit of the certificateholdersNational Association, in trust for registered holders of Bear Xxxxxxx Stearns Asset Backex Xxxxxities, Inc., Asset- Backed Securities I LLC, MortgageCertificates Series 2002-Backed Certificates, Series 2006-5”AC5". The Company shall deposit or cause to be deposited into the Protected Account on a daily basis within one Business Day of receipt, except as otherwise specifically provided herein, the following payments and collections remitted by subservicers or received by it in respect of the EMC Mortgage Loans subsequent to the Cut-off Date (other than in respect of principal and interest due on the EMC 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, including Principal Prepayments, on the EMC Mortgage Loans;
(ii) all payments on account of interest on the EMC Mortgage Loans net of the related Servicing Fee permitted under Section 3.133.10 and LPMI Fees, if any;
(iii) all Liquidation Proceeds, Subsequent Recoveries and Insurance Proceeds with respect to any EMC Mortgage Loans, other than proceeds to be applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with the Company’s 's normal servicing procedures;
(iv) any amount required to be deposited by the Company pursuant to Section 5.01(c) in connection with any losses on Permitted Investments;
(v) any amounts required to be deposited by the Company pursuant to Section 3.073.05;
(vi) any Prepayment Charges collected on the EMC Mortgage Loans; and
(vii) any other amounts required to be deposited hereunder. The foregoing requirements for deposit by the Company into the Protected Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, payments in the nature of late payment charges or assumption fees, if collected, need not be deposited by the Company. In the event that the Company shall deposit any amount not required to be deposited and not otherwise subject to withdrawal pursuant to Section 5.02, it may at any time withdraw or direct the institution maintaining the Protected Account, to withdraw such amount from the Protected Account, any provision herein to the contrary notwithstanding. Such withdrawal or direction may be accomplished by delivering written notice thereof to the institution maintaining the Protected Account, that describes the amounts deposited in error in the Protected Account. The Company shall maintain adequate records with respect to all withdrawals made pursuant to this Section. All funds deposited in the Protected Account shall be held in trust for the Certificateholders until withdrawn in accordance with Section 5.02.
(c) The institution that maintains the Protected Account shall invest the funds in the Protected Account, in the manner directed by the Company, in Permitted Investments which shall mature not later than the Business Day immediately preceding the Remittance Date and shall not be sold or disposed of prior to its 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 shall be for the benefit of the Company as servicing compensation and shall be remitted to it monthly as provided herein. The amount of any losses incurred in the Protected Account in respect of any such investments shall be deposited by the Company into the Protected Account, out of the Company’s own funds.
(d) The Company shall give at least 30 days advance notice to the Trustee, the Securities Administrator, the Sponsor, the Master Servicer, each Rating Agency and the Depositor of any proposed change of location of the Protected Account prior to any change thereof.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Bear Stearns Asset Bk Sec Inc Series 2002-Ac5)
Collection of Mortgage Loan Payments; Protected Account. (a) The Company Master Servicer shall make reasonable efforts in accordance with customary and usual standards of practice of prudent mortgage lenders in the respective states in which the Mortgaged Properties related to the EMC Mortgage Loans are located to collect all payments called for under the terms and provisions of the EMC Mortgage Loans to the extent such procedures shall be consistent with this Agreement and the terms and provisions of any related Required Insurance Policy. Consistent with the foregoing, the Company Master Servicer may in its discretion (i) waive any late payment charge and (ii) extend the Due Dates due dates for payments due on a Mortgage Note related to an EMC Mortgage Loan for a period not greater than 125 days, provided that, EMC shall not extend the payment date of any Mortgage Loan beyond the date of its final maturity date. In the event of any such arrangement, the Company Master Servicer shall make Advances on the related EMC Mortgage Loan during the scheduled period in accordance with the amortization schedule of such EMC Mortgage Loan without modification thereof by reason of such arrangements, and shall be entitled to reimbursement therefor in accordance with Section 6.016.05. The Company Master Servicer shall not be required to institute or join in litigation with respect to collection of any payment (whether under a Mortgage, Mortgage Note or otherwise or against any public or governmental authority with respect to a taking or condemnation) if it reasonably believes that enforcing the provision of the Mortgage or other instrument pursuant to which such payment is required is prohibited by applicable law. In addition, if (x) an EMC a Mortgage Loan is in default or default is reasonably foreseeable imminent or (y) the Company Master Servicer delivers to the Trustee, Securities Administrator and Master Servicer Trustee a certification addressed to the Trustee and the Securities Administratorcertification, based on the advice of counsel or certified public accountants, in either case, that have a national reputation with respect to taxation of REMICs, that a modification of such EMC Mortgage Loan will not result in the imposition of taxes on or disqualify any of REMIC IIA, REMIC IIIB, REMIC II or REMIC III, REMIC IV, REMIC V, REMIC VI, REMIC VII or REMIC VIII, the Company may if it reasonably believes that undertaking such actions would be in the best interest of the CertificateholdersMaster Servicer may, (A) amend the related Mortgage Note to reduce the Mortgage Rate applicable thereto, provided that such reduced Mortgage Rate shall in no event be lower than 5.00% with respect to any EMC Mortgage Loan thereto and (B) amend any Mortgage Note related to an EMC Mortgage Loan to extend to the maturity thereof; provided that. However, EMC if the Current Principal Amount of the Class B-3 Certificates has been reduced to zero, , the Master Servicer shall not extend take any action pursuant to the payment date of any preceding sentence with respect to a Group 1 or Group 2 Mortgage Loan beyond its final maturity date. In accordance with without obtaining the standards prior written consent of the first paragraph of Section 3.01Guarantor to such modification. The Master Servicer shall submit to the Guarantor with its request for consent, the Company shall not waive (or permit a sub-servicer to waive) any Prepayment Charge such information related to an EMC the proposed modification as can be expected to be needed by the Guarantor to evaluate the Master Servicer's request, including the terms of the proposed modification and the reasons for the Master Servicer's decision that such Group 1 or Group 2 Mortgage Loan unless: (i) the enforceability thereof should be modified. The Guarantor shall be deemed to have been limited by bankruptcy, insolvency, moratorium, receivership and other similar laws relating to creditors’ rights generally, (ii) the enforcement thereof is illegal, or any local, state or federal agency has threatened legal action if the prepayment penalty is enforced, (iii) the collectability thereof shall have been limited due to acceleration in connection with a foreclosure or other involuntary payment or (iv) such waiver is standard and customary in servicing similar Mortgage Loans and relates to a default or a reasonably foreseeable default and would, in the reasonable judgment of the Company, maximize recovery of total proceeds taking into account the value of such Prepayment Charge and the related EMC Mortgage Loan. If a Prepayment Charge is waived, but does not meet the standards described above, then the Company is required to pay the amount of such waived Prepayment Charge, for the benefit of the related Class C Certificates, by remitting such amount consented to the Master Servicer's request in the event that the Guarantor does not either provide the Master Servicer by with its written consent to such requested modification or written notice of its objection to such modification within five Business Days of its receipt of the Remittance DateMaster Servicer's request. Payments Requests for modification shall be sent to the Guarantor at: Fannie Mae, 3900 Wixxxxxxn Xxenxx, X.X., Xxxxxxxxxx, X.X. 00000, Xxxx: Xxxx Xxxxxxent-Loss Mitigation. With respect to each Group 1 or Group 2 Mortgage Loan which is modified after the Current Principal Amount of the Class B-3 Certificates has been reduced to zero, the Master Servicer shall give written notice to the Guarantor to the following address: Fannie Mae, 4000 Wixxxxxxn Avenxx, X.X., Xxxxxxxxxx, X.X. 00000, Xxxx: Xxxx Xxxxxxstration. Such notice shall be delivered within thirty Business Days following such modification and shall include information with respect to the modification, including, without limitation, the interest rate, the principal balance and the maturity date of such waived charges shall not be payments in respect of any Regular InterestGroup 1 or Group 2 Mortgage Loan before and after such modification.
(b) The Company Master Servicer shall establish and maintain a Protected Account (which shall at all times be an Eligible Account) with a depository Depository institution in the name of the Company Master Servicer for the benefit of the Trustee on behalf of the Certificateholders and designated “EMC Mortgage Corporation"Wells Fargo Bank Mixxxxxta, as servicer on behalf of Citibank, N.A., as Trustee, for the benefit of the certificateholdersNational Association, in trust for registered holders of Structured Asset Mortgage Securities Inc., Bear Xxxxxxx Asset Backed Securities I LLCStearns ARM Trust, MortgageXxxxxxxe Pass-Backed Through Certificates, Series 20062002-5”1". The Company Master Servicer shall deposit or cause to be deposited into the Protected Account on a daily basis within one Business Day of receipt, except as otherwise specifically provided herein, the following payments and collections remitted by subservicers or received by it in respect of the EMC Mortgage Loans subsequent to the Cut-off Date (other than in respect of principal and interest due on the EMC 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, including Principal Prepayments, on the EMC Mortgage Loans;
(ii) all payments on account of interest on the EMC Mortgage Loans net of the related Servicing Fee permitted under Section 3.13, if any3.14;
(iii) all Liquidation Proceeds, Subsequent Recoveries and Insurance Proceeds with respect to any EMC Mortgage Loans, other than proceeds to be applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with the Company’s Master Servicer's normal servicing procedures;
(iv) any amount required to be deposited by the Company Master Servicer pursuant to Section 5.01(c4.01(c) in connection with any losses on Permitted Investments;
(v) any amounts required to be deposited by the Company pursuant to Section 3.07;
(vi) any Prepayment Charges collected on the EMC Mortgage Loans; and
(vii) any other amounts required to be deposited hereunder. The foregoing requirements for deposit by the Company into the Protected Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, payments in the nature of late payment charges or assumption fees, if collected, need not be deposited by the Company. In the event that the Company shall deposit any amount not required to be deposited and not otherwise subject to withdrawal pursuant to Section 5.02, it may at any time withdraw or direct the institution maintaining the Protected Account, to withdraw such amount from the Protected Account, any provision herein to the contrary notwithstanding. Such withdrawal or direction may be accomplished by delivering written notice thereof to the institution maintaining the Protected Account, that describes the amounts deposited in error in the Protected Account. The Company shall maintain adequate records with respect to all withdrawals made pursuant to this Section. All funds deposited in the Protected Account shall be held in trust for the Certificateholders until withdrawn in accordance with Section 5.02.
(c) The institution that maintains the Protected Account shall invest the funds in the Protected Account, in the manner directed by the Company, in Permitted Investments which shall mature not later than the Business Day immediately preceding the Remittance Date and shall not be sold or disposed of prior to its 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 shall be for the benefit of the Company as servicing compensation and shall be remitted to it monthly as provided herein. The amount of any losses incurred in the Protected Account in respect of any such investments shall be deposited by the Company into the Protected Account, out of the Company’s own funds.
(d) The Company shall give at least 30 days advance notice to the Trustee, the Securities Administrator, the Sponsor, the Master Servicer, each Rating Agency and the Depositor of any proposed change of location of the Protected Account prior to any change thereof.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Structured Asset Mortgage Investments Inc)
Collection of Mortgage Loan Payments; Protected Account. (a) The Company Master Servicer shall make reasonable efforts in accordance with customary and usual standards of practice of prudent mortgage lenders in the respective states in which the Mortgaged Properties related to the EMC Mortgage Loans are located to collect all payments called for under the terms and provisions of the EMC Mortgage Loans to the extent such procedures shall be consistent with this Agreement and the terms and provisions of any related Required Insurance Policy. Consistent with the foregoing, the Company Master Servicer may in its discretion (i) waive any late payment charge and (ii) extend the Due Dates due dates for payments due on a Mortgage Note related to an EMC Mortgage Loan for a period not greater than 125 days, provided that, EMC shall not extend the payment date of any Mortgage Loan beyond the date of its final maturity date. In the event of any such arrangement, the Company Master Servicer shall make Advances on the related EMC Mortgage Loan during the scheduled period in accordance with the amortization schedule of such EMC Mortgage Loan without modification thereof by reason of such arrangements, and shall be entitled to reimbursement therefor in accordance with Section 6.015.01. The Company Master Servicer shall not be required to institute or join in litigation with respect to collection of any payment (whether under a Mortgage, Mortgage Note or otherwise or against any public or governmental authority with respect to a taking or condemnation) if it reasonably believes that enforcing the provision of the Mortgage or other instrument pursuant to which such payment is required is prohibited by applicable law. In addition, if (x) an EMC a Mortgage Loan is in default or default is reasonably foreseeable foreseeable, the Master Servicer may also waive, modify or vary any term of any Mortgage Loan or consent to the postponement of strict compliance with any such term or in any manner grant indulgence to any mortgagor, including without limitation, to (1) capitalize any amounts owing on the Mortgage Loan by adding such amount to the outstanding principal balance of the Mortgage Loan, (2) defer such amounts to a later date or the final payment date of such Mortgage Loan, (3) extend the maturity of any such Mortgage Loan, but in no instance past the date on which the final payment is due on the latest maturing Mortgage Loan as of the Cut-off Date, and/or (4) reduce the related Mortgage Rate (subject to clause (y) below), provided that, in the Master Servicer’s determination, such waiver, modification, postponement or indulgence is not materially adverse to the interests of the Certificateholders (taking into account any estimated Realized Loss that might result absent such action), or (y) the Company Master Servicer delivers to the Trustee, Securities Administrator and Master Servicer Trustee a certification addressed to the Trustee and the Securities AdministratorTrustee, based on the advice of counsel or certified public accountants, in either case, that have a national reputation with respect to taxation of REMICs, that a modification of such EMC Mortgage Loan will not result in the imposition of taxes on or disqualify from REMIC status any of REMIC I, REMIC II, REMIC III, REMIC IV, REMIC V, REMIC VI, REMIC VII or VII, REMIC VIII, REMIC IX or REMIC X, the Company may if it reasonably believes that undertaking such actions would be in the best interest of the CertificateholdersMaster Servicer may, (A) amend the related Mortgage Note to reduce the Mortgage Rate applicable thereto, provided that such reduced Mortgage Rate shall in no event be lower than 5.00% with respect to any EMC Mortgage Loan and (B) amend any Mortgage Note related to an EMC Mortgage Loan to extend to the maturity thereof; provided that, EMC shall not extend the payment date of any Mortgage Loan beyond its final maturity date. In accordance with the standards of the first paragraph of Section 3.01, the Company .
(b) The Master Servicer shall not waive (or permit a sub-servicer to waive) any Prepayment Charge related to an EMC Mortgage Loan unless: (i) the enforceability thereof shall have been limited by bankruptcy, insolvency, moratorium, receivership and other similar laws relating to creditors’ rights generally, (ii) the enforcement thereof is illegal, or any local, state or federal agency has threatened legal action if the prepayment penalty is enforced, (iii) the collectability thereof shall have mortgage debt has been limited due to acceleration accelerated in connection with a foreclosure or other involuntary payment or (iv) such waiver is standard and customary in servicing similar Mortgage Loans and relates to a default or a reasonably foreseeable default and would, in the reasonable judgment of the CompanyMaster Servicer, maximize recovery of total proceeds taking into account the value of such Prepayment Charge and the related EMC Mortgage Loan. If a Prepayment Charge is waived, but does not meet the standards described above, then the Company Master Servicer is required to pay the amount of such waived Prepayment Charge, for the benefit of the related Class C P Certificates, by remitting such amount to the Master Servicer Trustee by the Remittance Date. Payments of Distribution Account Deposit Date with respect to such waived charges shall not be payments in respect of any Regular InterestLoan Group.
(bc) The Company Master Servicer shall establish and maintain a Protected Account (which shall at all times be an Eligible Account) with a depository institution in the name of the Company Master Servicer for the benefit of the Trustee on behalf of the Certificateholders and designated “EMC Mortgage Corporation, as servicer on behalf of Citibank, N.A., as TrusteeMaster Servicer, for the benefit of the certificateholdersLaSalle Bank National Association, in trust for registered holders Holders of Bear Xxxxxxx Sxxxxxx Asset Backed Securities I LLC, MortgageAsset-Backed Certificates, Series 20062007-5HE1”. The Company Master Servicer shall deposit or cause to be deposited into the Protected Account on a daily basis within one two Business Day Days of receiptreceipt and identification, except as otherwise specifically provided herein, the following payments and collections remitted by subservicers or received by it in respect of the EMC Mortgage Loans subsequent to the Cut-off Date (other than in respect of principal and interest due on the EMC Mortgage Loans on or before the Cut-off Date) and the following amounts required to be deposited hereunder:
(i) with respect to each Loan Group, all payments on account of principal, including Principal Prepayments, on the EMC Mortgage Loans;
(ii) with respect to each Loan Group, all payments on account of interest on the EMC Mortgage Loans net of the related Servicing Fee permitted under Section 3.133.10 and LPMI Fees, if any;
(iii) with respect to each Loan Group, all Liquidation Proceeds, Subsequent Recoveries and Insurance Proceeds with respect to any EMC Mortgage LoansProceeds, other than proceeds to be applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with the CompanyMaster Servicer’s normal servicing procedures;
(iv) with respect to each Loan Group, any amount required to be deposited by the Company Master Servicer pursuant to Section 5.01(c4.01(c) in connection with any losses on Permitted Investments;
(v) with respect to each Loan Group, any amounts required to be deposited by the Company Master Servicer pursuant to Section 3.073.05;
(vi) with respect to each Loan Group, any Prepayment Charges collected on the EMC Mortgage Loans; and
(vii) with respect to each Loan Group, any other amounts required to be deposited hereunder. The foregoing requirements for deposit remittance by the Company Master Servicer into the Protected Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, payments in the nature of late payment charges or assumption fees, if collected, need not be deposited remitted by the CompanyMaster Servicer. In the event that the Company Master Servicer shall deposit remit any amount with respect to a Loan Group not required to be deposited remitted and not otherwise subject to withdrawal pursuant to Section 5.024.02, it may at any time withdraw or direct the institution maintaining the Protected Account, to withdraw such amount from the Protected AccountAccount with respect to such Loan Group, any provision herein to the contrary notwithstanding. Such withdrawal or direction may be accomplished by delivering written notice thereof to the institution maintaining the Protected Account, that describes the amounts deposited in error in the Protected Account. The Company Master Servicer shall maintain adequate records with respect to all withdrawals made pursuant to this Section. Reconciliations will be prepared for the Protected Account within 45 calendar days after the bank statement cut-off date. All funds deposited in the Protected Account shall be held in trust for the related Certificateholders until withdrawn in accordance with Section 5.024.02.
(cd) The institution that maintains the Protected Account shall invest the funds in the Protected Account, in the manner directed by the CompanyMaster Servicer, in Permitted Investments which shall mature not later than the Business Day immediately preceding the Remittance Distribution Account Deposit Date and shall not be sold or disposed of prior to its 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 shall be for the benefit of the Company Master Servicer as servicing compensation and shall be remitted to it monthly as provided herein. The amount of any losses incurred in the Protected Account in respect of any such investments shall be deposited by the Company Master Servicer into the Protected Account, out of the CompanyMaster Servicer’s own funds.
(de) The Company Master Servicer shall give at least 30 days advance notice to the Trustee, the Securities Administrator, the Sponsor, the Master ServicerSeller, each Rating Agency and the Depositor of any proposed change of location of the Protected Account prior to any change thereof.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Bear Stearns Asset Backed Securities I Trust 2007-He1)
Collection of Mortgage Loan Payments; Protected Account. (a) The Company shall make reasonable efforts in accordance with customary and usual standards of practice of prudent mortgage lenders in the respective states in which the Mortgaged Properties related to the EMC Mortgage Loans are located to collect all payments called for under the terms and provisions of the EMC Mortgage Loans to the extent such procedures shall be consistent with this Agreement and the terms and provisions of any related Required Insurance Policy. Consistent with the foregoing, the Company may in its discretion (i) waive any late payment charge and (ii) extend the Due Dates due dates for payments due on a Mortgage Note related to an EMC Mortgage Loan for a period not greater than 125 days, provided that, EMC shall not extend the payment date of any Mortgage Loan beyond the date of its final maturity date. In the event of any such arrangement, the Company shall make Advances on the related EMC Mortgage Loan during the scheduled period in accordance with the amortization schedule of such EMC Mortgage Loan without modification thereof by reason of such arrangements, and shall be entitled to reimbursement therefor in accordance with Section 6.01. The Company shall not be required to institute or join in litigation with respect to collection of any payment (whether under a Mortgage, Mortgage Note or otherwise or against any public or governmental authority with respect to a taking or condemnation) if it reasonably believes that enforcing the provision of the Mortgage or other instrument pursuant to which such payment is required is prohibited by applicable law. In addition, if (x) an EMC Mortgage Loan is in default or default is reasonably foreseeable imminent or (y) the Company delivers to the Trustee, Securities Administrator and Master Servicer Trustee a certification addressed to the Trustee and the Securities AdministratorTrustee, based on the advice of counsel or certified public accountants, in either case, that have a national reputation with respect to taxation of REMICs, that a modification of such EMC Mortgage Loan will not result in the imposition of taxes on or disqualify any of REMIC I, REMIC II, II or REMIC III, REMIC IV, REMIC V, REMIC VI, REMIC VII or REMIC VIII, the Company may if it reasonably believes that undertaking such actions would be in the best interest of the Certificateholdersmay, (A) amend the related Mortgage Note to reduce the Mortgage Rate applicable thereto, provided that such reduced Mortgage Rate shall in no event be lower than 5.00% with respect to any EMC Mortgage Loan and (B) amend any Mortgage Note related to an EMC Mortgage Loan to extend to the maturity thereof; provided that, EMC shall not extend the payment date of any Mortgage Loan beyond its final maturity date. In accordance with the standards of the first paragraph of Section 3.01, the Company shall not waive (or permit a sub-servicer to waive) any Prepayment Charge related to an EMC Mortgage Loan unless: (i) the enforceability thereof shall have been limited by bankruptcy, insolvency, moratorium, receivership and other similar laws relating to creditors’ " rights generally, (ii) the enforcement thereof is illegal, or any local, state or federal agency has threatened legal action if the prepayment penalty is enforced, (iii) the collectability thereof shall have been limited due to acceleration in connection with a foreclosure or other involuntary payment or (iv) such waiver is standard and customary in servicing similar Mortgage Loans and relates to a default or a reasonably foreseeable default and would, in the reasonable judgment of the Company, maximize recovery of total proceeds taking into account the value of such Prepayment Charge and the related EMC Mortgage Loan. In no event will the Company waive a Prepayment Charge in connection with a refinancing of an EMC Mortgage Loan that is not related to a default or a reasonably foreseeable default. If a Prepayment Charge is waived, but does not meet the standards described above, then the Company is required to pay the amount of such waived Prepayment Charge, for the benefit of the related Class C P Certificates, by remitting such amount to the Master Servicer by the Remittance Date. Payments of such waived charges shall not be payments in respect of any Regular Interest.
(b) The Company shall establish and maintain a Protected Account (which shall at all times be an Eligible Account) with a depository institution in the name of the Company for the benefit of the Trustee on behalf of the Certificateholders and designated “EMC Mortgage Corporation, as servicer on behalf of Citibank, N.A., as Trustee, for the benefit of the certificateholders"U.S. Bank National Association, in trust for registered holders of Bear Xxxxxxx Asset Backed Securities I LLC, MortgageAsset-Backed Certificates, Certificates Series 20062004-5”AC4". The Company shall deposit or cause to be deposited into the Protected Account on a daily basis within one Business Day of receipt, except as otherwise specifically provided herein, the following payments and collections remitted by subservicers or received by it in respect of the EMC Mortgage Loans subsequent to the Cut-off Date (other than in respect of principal and interest due on the EMC 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, including Principal Prepayments, on the EMC Mortgage Loans;
(ii) all payments on account of interest on the EMC Mortgage Loans net of the related Servicing Fee permitted under Section 3.133.10 and LPMI Fees, if any;
(iii) all Liquidation Proceeds, Subsequent Recoveries Proceeds and Insurance Proceeds with respect to any EMC Mortgage Loans, other than proceeds to be applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with the Company’s 's normal servicing procedures;
(iv) any amount required to be deposited by the Company pursuant to Section 5.01(c) in connection with any losses on Permitted Investments;
(v) any amounts required to be deposited by the Company pursuant to Section 3.073.05;
(vi) any Prepayment Charges collected on the EMC Mortgage Loans; and
(vii) any other amounts required to be deposited hereunder. The foregoing requirements for deposit by the Company into the Protected Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, payments in the nature of late payment charges or assumption fees, if collected, need not be deposited by the Company. In the event that the Company shall deposit any amount not required to be deposited and not otherwise subject to withdrawal pursuant to Section 5.02, it may at any time withdraw or direct the institution maintaining the Protected Account, to withdraw such amount from the Protected Account, any provision herein to the contrary notwithstanding. Such withdrawal or direction may be accomplished by delivering written notice thereof to the institution maintaining the Protected Account, that describes the amounts deposited in error in the Protected Account. The Company shall maintain adequate records with respect to all withdrawals made pursuant to this Section. All funds deposited in the Protected Account shall be held in trust for the Certificateholders until withdrawn in accordance with Section 5.02.
(c) The institution that maintains the Protected Account shall invest the funds in the Protected Account, in the manner directed by the Company, in Permitted Investments which shall mature not later than the Business Day immediately preceding the Remittance Date and shall not be sold or disposed of prior to its 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 shall be for the benefit of the Company as servicing compensation and shall be remitted to it monthly as provided herein. The amount of any losses incurred in the Protected Account in respect of any such investments shall be deposited by the Company into the Protected Account, out of the Company’s own funds.
(d) The Company shall give at least 30 days advance notice to the Trustee, the Securities Administrator, the Sponsor, the Master Servicer, each Rating Agency and the Depositor of any proposed change of location of the Protected Account prior to any change thereof.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Bear Stearns Asset Backed Securities I Trust 2004-Ac4)
Collection of Mortgage Loan Payments; Protected Account. (a) The Company shall make reasonable efforts in accordance with customary and usual standards of practice of prudent mortgage lenders in the respective states in which the Mortgaged Properties related to the EMC Mortgage Loans are located to collect all payments called for under the terms and provisions of the EMC Mortgage Loans to the extent such procedures shall be consistent with this Agreement and the terms and provisions of any related Required Insurance Policy. Consistent with the foregoing, the Company may in its discretion (i) waive any late payment charge and (ii) extend the Due Dates due dates for payments due on a Mortgage Note related to an EMC Mortgage Loan for a period not greater than 125 days, provided that, EMC shall not extend the payment date of any Mortgage Loan beyond the date of its final maturity date. In the event of any such arrangement, the Company shall make Advances on the related EMC Mortgage Loan during the scheduled period in accordance with the amortization schedule of such EMC Mortgage Loan without modification thereof by reason of such arrangements, and shall be entitled to reimbursement therefor in accordance with Section 6.01. The Company shall not be required to institute or join in litigation with respect to collection of any payment (whether under a Mortgage, Mortgage Note or otherwise or against any public or governmental authority with respect to a taking or condemnation) if it reasonably believes that enforcing the provision of the Mortgage or other instrument pursuant to which such payment is required is prohibited by applicable law. In addition, if (x) an EMC a Mortgage Loan is in default or default is reasonably foreseeable imminent or (y) the Company delivers to the Trustee, Securities Administrator and Master Servicer Trustee a certification addressed to the Trustee and the Securities AdministratorTrustee, based on the advice of counsel or certified public accountants, in either case, that have a national reputation with respect to taxation of REMICs, that a modification of such EMC Mortgage Loan will not result in the imposition of taxes on or disqualify any of REMIC I, REMIC II, II or REMIC III, REMIC IV, REMIC V, REMIC VI, REMIC VII or REMIC VIII, the Company may if it reasonably believes that undertaking such actions would be in the best interest of the Certificateholdersmay, (A) amend the related Mortgage Note to reduce the Mortgage Rate applicable thereto, provided that such reduced Mortgage Rate shall in no event be lower than 5.00% with respect to any EMC Mortgage Loan and (B) amend any Mortgage Note related to an EMC Mortgage Loan to extend to the maturity thereof; provided that, EMC shall not extend the payment date of any Mortgage Loan beyond its final maturity date. In accordance with the standards of the first paragraph of Section 3.01, the Company shall not waive (or permit a sub-servicer to waive) any Prepayment Charge related to an EMC Mortgage Loan unless: (i) the enforceability thereof shall have been limited by bankruptcy, insolvency, moratorium, receivership and other similar laws relating to creditors’ rights generally, (ii) the enforcement thereof is illegal, or any local, state or federal agency has threatened legal action if the prepayment penalty is enforced, (iii) the collectability thereof shall have been limited due to acceleration in connection with a foreclosure or other involuntary payment or (iv) such waiver is standard and customary in servicing similar Mortgage Loans and relates to a default or a reasonably foreseeable default and would, in the reasonable judgment of the Company, maximize recovery of total proceeds taking into account the value of such Prepayment Charge and the related EMC Mortgage Loan. If a Prepayment Charge is waived, but does not meet the standards described above, then the Company is required to pay the amount of such waived Prepayment Charge, for the benefit of the related Class C Certificates, by remitting such amount to the Master Servicer by the Remittance Date. Payments of such waived charges shall not be payments in respect of any Regular Interest.
(b) The Company shall establish and maintain a Protected Account (which shall at all times be an Eligible Account) with a depository institution in the name of the Company for the benefit of the Trustee on behalf of the Certificateholders and designated “EMC Mortgage Corporation, as servicer on behalf of Citibank, N.A., as Trustee, for the benefit of the certificateholders"JPMorgan Chase Bank , in trust for registered holders of Bear Xxxxxxx Asset Backed Securities I LLCStearns Asxxx Xxxked Securities, MortgageInc., Asset-Backed Certificates, Certificates Series 20062003-5”AC1". The Company shall deposit or cause to be deposited into the Protected Account on a daily basis within one Business Day of receipt, except as otherwise specifically provided herein, the following payments and collections remitted by subservicers or received by it in respect of the EMC Mortgage Loans subsequent to the Cut-off Date (other than in respect of principal and interest due on the EMC 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, including Principal Prepayments, on the EMC Mortgage Loans;
(ii) all payments on account of interest on the EMC Mortgage Loans net of the related Servicing Fee permitted under Section 3.133.10 and LPMI Fees, if any;
(iii) all Liquidation Proceeds, Subsequent Recoveries and Insurance Proceeds with respect to any EMC Mortgage Loans, other than proceeds to be applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with the Company’s 's normal servicing procedures;
(iv) any amount required to be deposited by the Company pursuant to Section 5.01(c) in connection with any losses on Permitted Investments;
(v) any amounts required to be deposited by the Company pursuant to Section 3.073.05;
(vi) any Prepayment Charges collected on the EMC Mortgage Loans; and
(vii) any other amounts required to be deposited hereunder. The foregoing requirements for deposit by the Company into the Protected Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, payments in the nature of late payment charges or assumption fees, if collected, need not be deposited by the Company. In the event that the Company shall deposit any amount not required to be deposited and not otherwise subject to withdrawal pursuant to Section 5.02, it may at any time withdraw or direct the institution maintaining the Protected Account, to withdraw such amount from the Protected Account, any provision herein to the contrary notwithstanding. Such withdrawal or direction may be accomplished by delivering written notice thereof to the institution maintaining the Protected Account, that describes the amounts deposited in error in the Protected Account. The Company shall maintain adequate records with respect to all withdrawals made pursuant to this Section. All funds deposited in the Protected Account shall be held in trust for the Certificateholders until withdrawn in accordance with Section 5.02.
(c) The institution that maintains the Protected Account shall invest the funds in the Protected Account, in the manner directed by the Company, in Permitted Investments which shall mature not later than the Business Day immediately preceding the Remittance Date and shall not be sold or disposed of prior to its 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 shall be for the benefit of the Company as servicing compensation and shall be remitted to it monthly as provided herein. The amount of any losses incurred in the Protected Account in respect of any such investments shall be deposited by the Company into the Protected Account, out of the Company’s own funds.
(d) The Company shall give at least 30 days advance notice to the Trustee, the Securities Administrator, the Sponsor, the Master Servicer, each Rating Agency and the Depositor of any proposed change of location of the Protected Account prior to any change thereof.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Bear Stearns Asset Backed Securities Trust 2003-Ac1)
Collection of Mortgage Loan Payments; Protected Account. (a) The Company Master Servicer shall make reasonable efforts in accordance with customary and usual standards of practice of prudent mortgage lenders in the respective states in which the Mortgaged Properties related to the EMC Mortgage Loans are located to collect all payments called for under the terms and provisions of the EMC Mortgage Loans to the extent such procedures shall be consistent with this Agreement and the terms and provisions of any related Required Insurance Policy. Consistent with the foregoing, the Company Master Servicer may in its discretion (i) waive any late payment charge and (ii) extend the Due Dates due dates for payments due on a Mortgage Note related to an EMC Mortgage Loan for a period not greater than 125 days, provided that, EMC shall not extend the payment date of any Mortgage Loan beyond the date of its final maturity date. In the event of any such arrangement, the Company Master Servicer shall make Advances on the related EMC Mortgage Loan during the scheduled period in accordance with the amortization schedule of such EMC Mortgage Loan without modification thereof by reason of such arrangements, and shall be entitled to reimbursement therefor in accordance with Section 6.015.01. The Company Master Servicer shall not be required to institute or join in litigation with respect to collection of any payment (whether under a Mortgage, Mortgage Note or otherwise or against any public or governmental authority with respect to a taking or condemnation) if it reasonably believes that enforcing the provision of the Mortgage or other instrument pursuant to which such payment is required is prohibited by applicable law. In addition, if (x) an EMC a Mortgage Loan is in default or default is reasonably foreseeable imminent or (y) the Company Master Servicer delivers to the Trustee, Securities Administrator and Master Servicer Trustee a certification addressed to the Trustee and the Securities Administratorcertification, based on the advice of counsel or certified public accountants, in either case, that have a national reputation with respect to taxation of REMICs, that a modification of such EMC Mortgage Loan will not result in the imposition of taxes on or disqualify any of REMIC I, REMIC II, REMIC III, III or REMIC IV, REMIC V, REMIC VI, REMIC VII or REMIC VIII, the Company may if it reasonably believes that undertaking such actions would be in the best interest of the CertificateholdersMaster Servicer may, (A) amend the related Mortgage Note to reduce the Mortgage Rate applicable thereto, provided that such reduced Mortgage Rate shall in no event be lower than 5.008.25% with respect to any EMC Mortgage Loan and (B) amend any Mortgage Note related to an EMC Mortgage Loan to extend to the maturity thereof; provided that, EMC shall not extend the payment date of any Mortgage Loan beyond its final maturity date. In accordance with the standards of the first paragraph of Section 3.01, the Company shall not waive (or permit a sub-servicer to waive) any Prepayment Charge related to an EMC Mortgage Loan unless: (i) the enforceability thereof shall have been limited by bankruptcy, insolvency, moratorium, receivership and other similar laws relating to creditors’ rights generally, (ii) the enforcement thereof is illegal, or any local, state or federal agency has threatened legal action if the prepayment penalty is enforced, (iii) the collectability thereof shall have been limited due to acceleration in connection with a foreclosure or other involuntary payment or (iv) such waiver is standard and customary in servicing similar Mortgage Loans and relates to a default or a reasonably foreseeable default and would, in the reasonable judgment of the Company, maximize recovery of total proceeds taking into account the value of such Prepayment Charge and the related EMC Mortgage Loan. If a Prepayment Charge is waived, but does not meet the standards described above, then the Company is required to pay the amount of such waived Prepayment Charge, for the benefit of the related Class C Certificates, by remitting such amount to the Master Servicer by the Remittance Date. Payments of such waived charges shall not be payments in respect of any Regular Interest.
(b) The Company Master Servicer shall establish and maintain a Protected Account (which shall at all times be an Eligible Account) with a depository institution in the name of the Company Master Servicer for the benefit of the Trustee on behalf of the Certificateholders and designated “EMC Mortgage Corporation"Wells Fargo Bank Mixxxxxta, as servicer on behalf of Citibank, N.A., as Trustee, for the benefit of the certificateholdersNational Association, in trust for registered holders of Bear Xxxxxxx Stearns Asset Backed Securities I LLCBackex Xxxxxities, MortgageInc., Asset-Backed Certificates, Certificates Series 20062001-5”AC2". The Company Master Servicer shall deposit or cause to be deposited into the Protected Account on a daily basis within one Business Day of receipt, except as otherwise specifically provided herein, the following payments and collections remitted by subservicers (other than National City) or received by it in respect of the EMC Mortgage Loans subsequent to the Cut-off Date (other than in respect of principal and interest due on the EMC 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, including Principal Prepayments, on the EMC Mortgage Loans and all Prepayment Charges collected by the Master Servicer with respect to the Mortgage Loans;
(ii) all payments on account of interest on the EMC Mortgage Loans net of the related Servicing Fee permitted under Section 3.13, if any3.14;
(iii) all Liquidation Proceeds, Subsequent Recoveries and Insurance Proceeds with respect to any EMC Mortgage Loans, other than proceeds to be applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with the Company’s Master Servicer's normal servicing procedures;
(iv) any amount required to be deposited by the Company Master Servicer pursuant to Section 5.01(c4.01(c) in connection with any losses on Permitted Investments;
(v) any amounts required to be deposited by the Company pursuant to Section 3.07;
(vi) any Prepayment Charges collected on the EMC Mortgage Loans; and
(vii) any other amounts required to be deposited hereunder. The foregoing requirements for deposit by the Company into the Protected Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, payments in the nature of late payment charges or assumption fees, if collected, need not be deposited by the Company. In the event that the Company shall deposit any amount not required to be deposited and not otherwise subject to withdrawal pursuant to Section 5.02, it may at any time withdraw or direct the institution maintaining the Protected Account, to withdraw such amount from the Protected Account, any provision herein to the contrary notwithstanding. Such withdrawal or direction may be accomplished by delivering written notice thereof to the institution maintaining the Protected Account, that describes the amounts deposited in error in the Protected Account. The Company shall maintain adequate records with respect to all withdrawals made pursuant to this Section. All funds deposited in the Protected Account shall be held in trust for the Certificateholders until withdrawn in accordance with Section 5.02.
(c) The institution that maintains the Protected Account shall invest the funds in the Protected Account, in the manner directed by the Company, in Permitted Investments which shall mature not later than the Business Day immediately preceding the Remittance Date and shall not be sold or disposed of prior to its 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 shall be for the benefit of the Company as servicing compensation and shall be remitted to it monthly as provided herein. The amount of any losses incurred in the Protected Account in respect of any such investments shall be deposited by the Company into the Protected Account, out of the Company’s own funds.
(d) The Company shall give at least 30 days advance notice to the Trustee, the Securities Administrator, the Sponsor, the Master Servicer, each Rating Agency and the Depositor of any proposed change of location of the Protected Account prior to any change thereof.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Bear Stearns Asset Backed Securities Inc)
Collection of Mortgage Loan Payments; Protected Account. (a) The Company Master Servicer shall make reasonable efforts in accordance with customary and usual standards of practice of prudent mortgage lenders in the respective states in which the Mortgaged Properties related to the EMC Mortgage Loans are located to collect all payments called for under the terms and provisions of the EMC Mortgage Loans to the extent such procedures shall be consistent with this Agreement and the terms and provisions of any related Required Insurance Policy. Consistent with the foregoing, the Company Master Servicer may in its discretion (i) waive any late payment charge and (ii) extend the Due Dates due dates for payments due on a Mortgage Note related to an EMC Mortgage Loan for a period not greater than 125 days, provided that, EMC shall not extend the payment date of any Mortgage Loan beyond the date of its final maturity date. In the event of any such arrangement, the Company Master Servicer shall make Advances on the related EMC Mortgage Loan during the scheduled period in accordance with the amortization schedule of such EMC Mortgage Loan without modification thereof by reason of such arrangements, and shall be entitled to reimbursement therefor in accordance with Section 6.015.01. The Company Master Servicer shall not be required to institute or join in litigation with respect to collection of any payment (whether under a Mortgage, Mortgage Note or otherwise or against any public or governmental authority with respect to a taking or condemnation) if it reasonably believes that enforcing the provision of the Mortgage or other instrument pursuant to which such payment is required is prohibited by applicable law. In addition, if (x) an EMC a Mortgage Loan is in default or default is reasonably foreseeable foreseeable, the Master Servicer may also waive, modify or vary any term of any Mortgage Loan or consent to the postponement of strict compliance with any such term or in any manner grant indulgence to any mortgagor, including without limitation, to (1) capitalize any amounts owing on the Mortgage Loan by adding such amount to the outstanding principal balance of the Mortgage Loan, (2) defer such amounts to a later date or the final payment date of such Mortgage Loan, (3) extend the maturity of any such Mortgage Loan, but in no instance past the date on which the final payment is due on the latest maturing Mortgage Loan as of the Cut-off Date, and/or (4) reduce the related Mortgage Rate (subject to clause (y) below), provided that, in the Master Servicer’s determination, such waiver, modification, postponement or indulgence is not materially adverse to the interests of the Certificateholders (taking into account any estimated Realized Loss that might result absent such action), or (y) the Company Master Servicer delivers to the Trustee, Securities Administrator and Master Servicer Trustee a certification addressed to the Trustee and the Securities AdministratorTrustee, based on the advice of counsel or certified public accountants, in either case, that have a national reputation with respect to taxation of REMICs, that a modification of such EMC Mortgage Loan will not result in the imposition of taxes on or disqualify from REMIC status any of REMIC I, REMIC II, REMIC III, REMIC IV, IV or REMIC V, REMIC VI, REMIC VII or REMIC VIII, the Company may if it reasonably believes that undertaking such actions would be in the best interest of the CertificateholdersMaster Servicer may, (A) amend the related Mortgage Note to reduce the Mortgage Rate applicable thereto, provided that such reduced Mortgage Rate shall in no event be lower than 5.00% with respect to any EMC Mortgage Loan and (B) amend any Mortgage Note related to an EMC Mortgage Loan to extend to the maturity thereof; provided that, EMC shall not extend the payment date of any Mortgage Loan beyond its final maturity date. In accordance with the standards of the first paragraph of Section 3.01, the Company The Master Servicer shall not waive (or permit a sub-servicer to waive) any Prepayment Charge related to an EMC Mortgage Loan unless: (i) the enforceability thereof shall have been limited by bankruptcy, insolvency, moratorium, receivership and other similar laws relating to creditors’ rights generally, (ii) the enforcement thereof is illegal, or any local, state or federal agency has threatened legal action if the prepayment penalty is enforced, (iii) the collectability thereof shall have mortgage debt has been limited due to acceleration accelerated in connection with a foreclosure or other involuntary payment or (iv) such waiver is standard and customary in servicing similar Mortgage Loans and relates to a default or a reasonably foreseeable default and would, in the reasonable judgment of the CompanyMaster Servicer, maximize recovery of total proceeds taking into account the value of such Prepayment Charge and the related EMC Mortgage Loan. If a Prepayment Charge is waived, but does not meet the standards described above, then the Company Master Servicer is required to pay the amount of such waived Prepayment Charge, for the benefit of the related Class C Certificates, by remitting such amount to the Master Servicer Trustee by the Remittance Distribution Account Deposit Date. Payments of such waived charges shall not be payments in respect of any Regular Interest.
(b) The Company Master Servicer shall establish and maintain a Protected Account (which shall at all times be an Eligible Account) with a depository institution in the name of the Company Master Servicer for the benefit of the Trustee on behalf of the Certificateholders and designated “EMC Mortgage Corporation, as servicer on behalf of Citibank, N.A., as TrusteeMaster Servicer, for the benefit of the certificateholdersLaSalle Bank National Association, in trust for registered holders Holders of Bear Xxxxxxx Asset Backed Securities I LLC, Bear Xxxxxxx Mortgage Funding Trust, Mortgage-Backed Certificates, Series 2006-5SL2”. The Company Master Servicer shall deposit or cause to be deposited into the Protected Account on a daily basis within one two Business Day Days of receiptreceipt and identification, except as otherwise specifically provided herein, the following payments and collections remitted by subservicers or received by it in respect of the EMC Mortgage Loans subsequent to the Cut-off Date (other than in respect of principal and interest due on the EMC 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, including Principal Prepayments, on the EMC Mortgage Loans;
(ii) all payments on account of interest on the EMC Mortgage Loans net of the related Servicing Fee permitted under Section 3.133.10 and LPMI Fees, if any;
(iii) all Liquidation Proceeds, Subsequent Recoveries and Insurance Proceeds with respect to any EMC Mortgage LoansProceeds, other than proceeds to be applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with the CompanyMaster Servicer’s normal servicing procedures;
(iv) any amount required to be deposited by the Company Master Servicer pursuant to Section 5.01(c4.01(c) in connection with any losses on Permitted Investments;
(v) any amounts required to be deposited by the Company Master Servicer pursuant to Section 3.073.05;
(vi) any Prepayment Charges collected on the EMC Mortgage Loans; and
(vii) any other amounts required to be deposited hereunder. The foregoing requirements for deposit remittance by the Company Master Servicer into the Protected Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, payments in the nature of late payment charges or assumption fees, if collected, need not be deposited remitted by the CompanyMaster Servicer. In the event that the Company Master Servicer shall deposit remit any amount not required to be deposited remitted and not otherwise subject to withdrawal pursuant to Section 5.024.02, it may at any time withdraw or direct the institution maintaining the Protected Account, to withdraw such amount from the Protected Account, any provision herein to the contrary notwithstanding. Such withdrawal or direction may be accomplished by delivering written notice thereof to the institution maintaining the Protected Account, that describes the amounts deposited in error in the Protected Account. The Company Master Servicer shall maintain adequate records with respect to all withdrawals made pursuant to this Section. Reconciliations will be prepared for the Protected Account within 45 calendar days after the bank statement cut-off date. All items requiring reconciliation will be resolved within 90 calendar days of their original identification. All funds deposited in the Protected Account shall be held in trust for the Certificateholders until withdrawn in accordance with Section 5.024.02.
(c) The institution that maintains the Protected Account shall invest the funds in the Protected Account, in the manner directed by the CompanyMaster Servicer, in Permitted Investments which shall mature not later than the Business Day immediately preceding the Remittance Date and shall not be sold or disposed of prior to its 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 shall be for the benefit of the Company Master Servicer as servicing compensation and shall be remitted to it monthly as provided herein. The amount of any losses incurred in the Protected Account in respect of any such investments shall be deposited by the Company Master Servicer into the Protected Account, out of the CompanyMaster Servicer’s own funds.
(d) The Company Master Servicer shall give at least 30 days advance notice to the Trustee, the Securities Administrator, the Sponsor, the Master ServicerSeller, each Rating Agency and the Depositor of any proposed change of location of the Protected Account prior to any change thereof.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Bear Stearns Mortgage Funding Trust 2006-Sl2)
Collection of Mortgage Loan Payments; Protected Account. (a) The Company shall make reasonable efforts in accordance with customary and usual standards of practice of prudent mortgage lenders in the respective states in which the Mortgaged Properties related to the EMC Mortgage Loans are located to collect all payments called for under the terms and provisions of the EMC Mortgage Loans to the extent such procedures shall be consistent with this Agreement and the terms and provisions of any related Required Insurance Policy. Consistent with the foregoing, the Company may in its discretion (i) waive any late payment charge and (ii) extend the Due Dates due dates for payments due on a Mortgage Note related to an EMC Mortgage Loan for a period not greater than 125 days, provided that, EMC shall not extend the payment date of any Mortgage Loan beyond the date of its final maturity date. In the event of any such arrangement, the Company shall make Advances on the related EMC Mortgage Loan during the scheduled period in accordance with the amortization schedule of such EMC Mortgage Loan without modification thereof by reason of such arrangements, and shall be entitled to reimbursement therefor in accordance with Section 6.01. The Company shall not be required to institute or join in litigation with respect to collection of any payment (whether under a Mortgage, Mortgage Note or otherwise or against any public or governmental authority with respect to a taking or condemnation) if it reasonably believes that enforcing the provision of the Mortgage or other instrument pursuant to which such payment is required is prohibited by applicable law. In addition, if (x) an EMC Mortgage Loan is in default or default is reasonably foreseeable foreseeable, and in accordance with the guidelines of EMC’s Master Servicing Asset Authority Levels, attached as Exhibit W, if the Company may also waive, modify or vary any term of any EMC Mortgage Loan or consent to the postponement of strict compliance with any such term or in any manner grant indulgence to any mortgagor, including without limitation, to (1) capitalize any amounts owing on the EMC Mortgage Loan by adding such amount to the outstanding principal balance of the EMC Mortgage Loan, (2) defer such amounts to a later date or the final payment date of such Mortgage Loan, (3) extend the maturity of any such EMC Mortgage Loan, but in no instance past the date on which the final payment is due on the latest maturing Mortgage Loan as of the Cut-off Date, and/or (4) reduce the related Mortgage Rate (subject to clause (y) below), provided that, in the Company’s determination, such waiver, modification, postponement or indulgence is not materially adverse to the interests of the Certificateholders (taking into account any estimated Realized Loss that might result absent such action), or (y) the Company delivers to the Trustee, Securities Administrator and Master Servicer Trustee a certification addressed to the Trustee and the Securities AdministratorTrustee, based on the advice of counsel or certified public accountants, in either case, that have a national reputation with respect to taxation of REMICs, that a modification of such EMC Mortgage Loan will not result in the imposition of taxes on or disqualify from REMIC status any of REMIC I, REMIC II, REMIC III, REMIC IV, REMIC V, REMIC VI, REMIC VII IV or REMIC VIII, V the Company may if it reasonably believes that undertaking such actions would be in the best interest of the Certificateholdersmay, (A) amend the related Mortgage Note to reduce the Mortgage Rate applicable thereto, provided that such reduced Mortgage Rate shall in no event be lower than 5.00% with respect to any EMC Mortgage Loan and (B) amend any Mortgage Note related to an EMC Mortgage Loan to extend to the maturity thereof; provided that, EMC shall not extend the payment date of any Mortgage Loan beyond its final maturity date. In accordance with the standards of the first paragraph of Section 3.01, the Company shall not waive (or permit a sub-servicer to waive) any Prepayment Charge related to an EMC Mortgage Loan unless: (i) the enforceability thereof shall have been limited by bankruptcy, insolvency, moratorium, receivership and other similar laws relating to creditors’ rights generally, (ii) the enforcement thereof is illegal, or any local, state or federal agency has threatened legal action if the prepayment penalty is enforced, (iii) the collectability thereof shall have mortgage debt has been limited due to acceleration accelerated in connection with a foreclosure or other involuntary payment or (iv) such waiver is standard and customary in servicing similar Mortgage Loans and relates to a default or a reasonably foreseeable default and would, in the reasonable judgment of the Company, maximize recovery of total proceeds taking into account the value of such Prepayment Charge and the related EMC Mortgage Loan. If a Prepayment Charge is waived, but does not meet the standards described above, then the Company is required to pay the amount of such waived Prepayment Charge, for the benefit of the related Class C P Certificates, by remitting such amount to the Master Servicer by the Remittance Date. Payments of such waived charges shall not be payments in respect of any Regular Interest.
(b) The Company shall establish and maintain a Protected Account (which shall at all times be an Eligible Account) with a depository institution in the name of the Company for the benefit of the Trustee on behalf of the Certificateholders and designated “EMC Mortgage CorporationXxxxx Fargo Bank, as servicer on behalf of Citibank, N.A., as Trustee, for the benefit of the certificateholdersNational Association, in trust for registered holders of Bear Xxxxxxx Asset Backed Securities I LLC, MortgageAsset-Backed Certificates, Certificates Series 20062007-5AC2”. The Company shall deposit or cause to be deposited into the Protected Account on a daily basis within one two Business Day Days of receiptreceipt and identification, except as otherwise specifically provided herein, the following payments and collections remitted by subservicers or received by it in respect of the EMC Mortgage Loans subsequent to the Cut-off Date (other than in respect of principal and interest due on the EMC 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, including Principal Prepayments, on the EMC Mortgage Loans;
(ii) all payments on account of interest on the EMC Mortgage Loans net of the related Servicing Fee permitted under Section 3.133.10 and LPMI Fees, if any;
(iii) all Liquidation Proceeds, Subsequent Recoveries Proceeds and Insurance Proceeds with respect to any EMC Mortgage Loans, other than proceeds to be applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with the Company’s normal servicing procedures;
(iv) any amount required to be deposited by the Company pursuant to Section 5.01(c) in connection with any losses on Permitted Investments;
(v) any amounts required to be deposited by the Company pursuant to Section 3.073.05;
(vi) any Prepayment Charges collected on the EMC Mortgage Loans; and
(vii) any other amounts required to be deposited hereunder. The foregoing requirements for deposit remittance by the Company into the Protected Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, payments in the nature of late payment charges or assumption fees, if collected, need not be deposited remitted by the Company. In the event that the Company shall deposit remit any amount not required to be deposited remitted and not otherwise subject to withdrawal pursuant to Section 5.02, it may at any time withdraw or direct the institution maintaining the Protected Account, to withdraw such amount from the Protected Account, any provision herein to the contrary notwithstanding. Such withdrawal or direction may be accomplished by delivering written notice thereof to the institution maintaining the Protected Account, that describes the amounts deposited in error in the Protected Account. The Company shall maintain adequate records with respect to all withdrawals made pursuant to this Section. Reconciliations will be prepared for the Protected Account within 45 calendar days after the bank statement cut-off date. All items requiring reconciliation will be resolved within 90 calendar days of their original identification. All funds deposited in the Protected Account shall be held in trust for the Certificateholders until withdrawn in accordance with Section 5.02.
(c) The institution that maintains the Protected Account shall invest the funds in the Protected Account, in the manner directed by the Company, in Permitted Investments which shall mature not later than the Business Day immediately preceding the Remittance Date and shall not be sold or disposed of prior to its 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 shall be for the benefit of the Company as servicing compensation and shall be remitted to it monthly as provided herein. The amount of any losses incurred in the Protected Account in respect of any such investments shall be deposited by the Company into the Protected Account, out of the Company’s own funds.
(d) The Company shall give at least 30 days advance notice to the Trustee, the Securities Administrator, the SponsorMortgage Loan Sellers, the Master Servicer, each Rating Agency and the Depositor of any proposed change of location of the Protected Account prior to any change thereof.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Bear Stearns Asset Backed Securities I Trust 2007-Ac2)
Collection of Mortgage Loan Payments; Protected Account. (a) The Company Master Servicer shall make reasonable efforts in accordance with customary and usual standards of practice of prudent mortgage lenders in the respective states in which the Mortgaged Properties related to the EMC Mortgage Loans are located to collect all payments called for under the terms and provisions of the EMC Mortgage Loans to the extent such procedures shall be consistent with this Agreement and the terms and provisions of any related Required Insurance Policy. Consistent with the foregoing, the Company Master Servicer may in its discretion (i) waive any late payment charge and (ii) extend the Due Dates due dates for payments due on a Mortgage Note related to an EMC Mortgage Loan for a period not greater than 125 days, provided that, EMC shall not extend the payment date of any Mortgage Loan beyond the date of its final maturity date. In the event of any such arrangement, the Company Master Servicer shall make Advances on the related EMC Mortgage Loan during the scheduled period in accordance with the amortization schedule of such EMC Mortgage Loan without modification thereof by reason of such arrangements, and shall be entitled to reimbursement therefor in accordance with Section 6.015.01. The Company Master Servicer shall not be required to institute or join in litigation with respect to collection of any payment (whether under a Mortgage, Mortgage Note or otherwise or against any public or governmental authority with respect to a taking or condemnation) if it reasonably believes that enforcing the provision of the Mortgage or other instrument pursuant to which such payment is required is prohibited by applicable law. In addition, if (x) an EMC a Mortgage Loan is in default or default is reasonably foreseeable or imminent and (y) the Company Master Servicer delivers to the Trustee, Securities Administrator Trustee and Master Servicer the Certificate Insurer a certification addressed to the Trustee and the Securities AdministratorCertificate Insurer, based on the advice of counsel or certified public accountants, in either case, that have a national reputation with respect to taxation of REMICs, that a modification of such EMC Mortgage Loan will not result in the imposition of taxes on or disqualify any of either REMIC I, I or REMIC II, REMIC III, REMIC IV, REMIC V, REMIC VI, REMIC VII or REMIC VIII, the Company may if it reasonably believes that undertaking such actions would be in the best interest of the CertificateholdersMaster Servicer may, (A) amend the related Mortgage Note to reduce the Mortgage Rate applicable thereto, provided that such reduced Mortgage Rate shall in no event be lower than 5.00% with respect to any EMC Mortgage Loan and (B) amend any Mortgage Note related to an EMC Mortgage Loan to extend to the maturity thereof; provided that, EMC shall not extend the payment date of any Mortgage Loan beyond its final maturity date. In accordance with the standards of the first paragraph of Section 3.01, the Company shall not waive (or permit a sub-servicer to waive) any Prepayment Charge related to an EMC Mortgage Loan unless: (i) the enforceability thereof shall have been limited by bankruptcy, insolvency, moratorium, receivership and other similar laws relating to creditors’ rights generally, (ii) the enforcement thereof is illegal, or any local, state or federal agency has threatened legal action if the prepayment penalty is enforced, (iii) the collectability thereof shall have been limited due to acceleration in connection with a foreclosure or other involuntary payment or (iv) such waiver is standard and customary in servicing similar Mortgage Loans and relates to a default or a reasonably foreseeable default and would, in the reasonable judgment of the Company, maximize recovery of total proceeds taking into account the value of such Prepayment Charge and the related EMC Mortgage Loan. If a Prepayment Charge is waived, but does not meet the standards described above, then the Company is required to pay the amount of such waived Prepayment Charge, for the benefit of the related Class C Certificates, by remitting such amount to the Master Servicer by the Remittance Date. Payments of such waived charges shall not be payments in respect of any Regular Interest.
(b) The Company Master Servicer shall establish and maintain a Protected Account (which shall at all times be an Eligible Account) with a depository institution in the name of the Company Master Servicer for the benefit of the Trustee on behalf of the Certificateholders and the Certificate Insurer and designated “EMC Mortgage Corporation, as servicer on behalf of Citibank, N.A., as Trustee, for the benefit of the certificateholders"LaSalle Bank National Association, in trust for registered holders of Bear Xxxxxxx Stearns Asset Backed Securities I LLCBackex Xxxxxities, MortgageInc., Asset-Backed Certificates, Certificates Series 20062003-5”HE1". The Company Master Servicer shall deposit or cause to be deposited into the Protected Account on a daily basis within one Business Day of receipt, except as otherwise specifically provided herein, the following payments and collections remitted by subservicers or received by it in respect of the EMC Mortgage Loans subsequent to the Cut-off Date (other than in respect of principal and interest due on the EMC 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, including Principal Prepayments, on the EMC Mortgage Loans;
(ii) all payments on account of interest on the EMC Mortgage Loans net of the related Servicing Fee permitted under Section 3.133.10 and LPMI Fees, if any;
(iii) all Liquidation Proceeds, Subsequent Recoveries Proceeds and Insurance Proceeds with respect to any EMC Mortgage LoansProceeds, other than proceeds to be applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with the Company’s Master Servicer's normal servicing procedures;
(iv) any amount required to be deposited by the Company Master Servicer pursuant to Section 5.01(c4.01(c) in connection with any losses on Permitted Investments;
(v) any amounts required to be deposited by the Company Master Servicer pursuant to Section 3.073.05;
(vi) any Prepayment Charges collected on the EMC Mortgage Loans; and
(vii) any other amounts required to be deposited hereunder. The foregoing requirements for deposit remittance by the Company Master Servicer into the Protected Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, payments in the nature of late payment charges or assumption fees, if collected, need not be deposited remitted by the CompanyMaster Servicer. In the event that the Company Master Servicer shall deposit remit any amount not required to be deposited remitted and not otherwise subject to withdrawal pursuant to Section 5.024.02, it may at any time withdraw or direct the institution maintaining the Protected Account, to withdraw such amount from the Protected Account, any provision herein to the contrary notwithstanding. Such withdrawal or direction may be accomplished by delivering written notice thereof to the institution maintaining the Protected Account, that describes the amounts deposited in error in the Protected Account. The Company Master Servicer shall maintain adequate records with respect to all withdrawals made pursuant to this Section. All funds deposited in the Protected Account shall be held in trust for the Certificateholders and the Certificate Insurer until withdrawn in accordance with Section 5.024.02.
(c) The institution that maintains the Protected Account shall invest the funds in the Protected Account, in the manner directed by the CompanyMaster Servicer, in Permitted Investments which shall mature not later than the Business Day immediately preceding the Remittance Date and shall not be sold or disposed of prior to its maturity. All such Permitted Investments shall be made in the name of the Trustee, for the benefit of the CertificateholdersCertificateholders and the Certificate Insurer. All income and gain net of any losses realized from any such investment shall be for the benefit of the Company Master Servicer as servicing compensation and shall be remitted to it monthly as provided herein. The amount of any losses incurred in the Protected Account in respect of any such investments shall be deposited by the Company Master Servicer into the Protected Account, out of the Company’s Master Servicer's own funds.
(d) The Company Master Servicer shall give at least 30 days advance notice to the Trustee, the Securities Administrator, the Sponsor, the Master ServicerSeller, each Rating Agency Agency, the Certificate Insurer and the Depositor of any proposed change of location of the Protected Account prior to any change thereof.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Bear Stearns Asst Asset Backed Certs Ser 2003 He1)
Collection of Mortgage Loan Payments; Protected Account. (a) The Company Master Servicer shall make reasonable efforts in accordance with customary and usual standards of practice of prudent mortgage lenders in the respective states in which the Mortgaged Properties related to the EMC Mortgage Loans are located to collect all payments called for under the terms and provisions of the EMC Mortgage Loans to the extent such procedures shall be consistent with this Agreement and the terms and provisions of any related Required Insurance Policy. Consistent with the foregoing, the Company Master Servicer may in its discretion (i) waive any late payment charge and (ii) extend the Due Dates due dates for payments due on a Mortgage Note related to an EMC Mortgage Loan for a period not greater than 125 days, provided that, EMC shall not extend the payment date of any Mortgage Loan beyond the date of its final maturity date. In the event of any such arrangement, the Company Master Servicer shall make Advances on the related EMC Mortgage Loan during the scheduled period in accordance with the amortization schedule of such EMC Mortgage Loan without modification thereof by reason of such arrangements, and shall be entitled to reimbursement therefor in accordance with Section 6.015.01. The Company Master Servicer shall not be required to institute or join in litigation with respect to collection of any payment (whether under a Mortgage, Mortgage Note or otherwise or against any public or governmental authority with respect to a taking or condemnation) if it reasonably believes that enforcing the provision of the Mortgage or other instrument pursuant to which such payment is required is prohibited by applicable law. In addition, if (x) an EMC a Mortgage Loan is in default or default is reasonably foreseeable imminent or (y) the Company Master Servicer delivers to the Trustee, Securities Administrator and Master Servicer Trustee a certification addressed to the Trustee and the Securities AdministratorTrustee, based on the advice of counsel or certified public accountants, in either case, that have a national reputation with respect to taxation of REMICs, that a modification of such EMC Mortgage Loan will not result in the imposition of taxes on or disqualify from REMIC status any of REMIC I, I or REMIC II, REMIC III, REMIC IV, REMIC V, REMIC VI, REMIC VII or REMIC VIII, the Company may if it reasonably believes that undertaking such actions would be in the best interest of the CertificateholdersMaster Servicer may, (A) amend the related Mortgage Note to reduce the Mortgage Rate applicable thereto, provided that such reduced Mortgage Rate shall in no event be lower than 5.00% with respect to any EMC Mortgage Loan and (B) amend any Mortgage Note related to an EMC Mortgage Loan to extend to the maturity thereof; provided that. With respect to Mortgage Loans affected by Hurricane Xxxxxxx, EMC if the Mortgaged Property is located in public and individual assistance counties as designated by FEMA (as set forth on its website at xxx.xxxx.xxx), the Master Servicer shall not cease all collections calls, charging of late fees and credit reporting activity for all Mortgagors in such counties for 90 days, and if reasonably prudent, may extend the payment date of any Mortgage Loan beyond its final maturity datesuch period as long as necessary. In accordance with the standards of the first paragraph of Section 3.01addition, the Company Master Servicer shall suspend all foreclosure and bankruptcy activity relating to such Mortgage Loans for 90 days, and if reasonably prudent, may extend such period as long as necessary. The Master Servicer shall not waive (or permit a sub-servicer to waive) any Prepayment Charge related to an EMC Mortgage Loan unless: (i) the enforceability thereof shall have been limited by bankruptcy, insolvency, moratorium, receivership and other similar laws relating to creditors’ rights generally, (ii) the enforcement thereof is illegal, or any local, state or federal agency has threatened legal action if the prepayment penalty is enforced, (iii) the collectability thereof shall have been limited due to acceleration in connection with a foreclosure or other involuntary payment or (iv) such waiver is standard and customary in servicing similar Mortgage Loans and relates to a default or a reasonably foreseeable default and would, in the reasonable judgment of the CompanyMaster Servicer, maximize recovery of total proceeds taking into account the value of such Prepayment Charge and the related EMC Mortgage Loan. If a Prepayment Charge is waived, but does not meet the standards described above, then the Company Master Servicer is required to pay the amount of such waived Prepayment Charge, for the benefit of the related Class C Certificates, by remitting such amount to the Master Servicer Trustee by the Remittance Distribution Account Deposit Date. Payments of such waived charges shall not be payments in respect of any Regular Interest.
(b) The Company Master Servicer shall establish and maintain a Protected Account (which shall at all times be an Eligible Account) with a depository institution in the name of the Company Master Servicer for the benefit of the Trustee on behalf of the Certificateholders and designated “EMC Mortgage Corporation, as servicer on behalf of Citibank, N.A., as TrusteeMaster Servicer, for the benefit of the certificateholdersLaSalle Bank National Association, in trust for registered holders of Bear Xxxxxxx Asset Backed Securities I LLC, Mortgage-Backed Certificates, Series 20062005-5WM2”. The Company Master Servicer shall deposit or cause to be deposited into the Protected Account on a daily basis within one Business Day of receipt, except as otherwise specifically provided herein, the following payments and collections remitted by subservicers or received by it in respect of the EMC Mortgage Loans subsequent to the Cut-off Date (other than in respect of principal and interest due on the EMC 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, including Principal Prepayments, on the EMC Mortgage Loans;
(ii) all payments on account of interest on the EMC Mortgage Loans net of the related Servicing Fee permitted under Section 3.133.10 and LPMI Fees, if any;
(iii) all Liquidation Proceeds, Subsequent Recoveries and Insurance Proceeds with respect to any EMC Mortgage LoansProceeds, other than proceeds to be applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with the CompanyMaster Servicer’s normal servicing procedures;
(iv) any amount required to be deposited by the Company Master Servicer pursuant to Section 5.01(c4.01(c) in connection with any losses on Permitted Investments;
(v) any amounts required to be deposited by the Company Master Servicer pursuant to Section 3.073.05;
(vi) any Prepayment Charges collected on the EMC Mortgage Loans; and
(vii) any other amounts required to be deposited hereunder. The foregoing requirements for deposit remittance by the Company Master Servicer into the Protected Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, payments in the nature of late payment charges or assumption fees, if collected, need not be deposited remitted by the CompanyMaster Servicer. In the event that the Company Master Servicer shall deposit remit any amount not required to be deposited remitted and not otherwise subject to withdrawal pursuant to Section 5.024.02, it may at any time withdraw or direct the institution maintaining the Protected Account, to withdraw such amount from the Protected Account, any provision herein to the contrary notwithstanding. Such withdrawal or direction may be accomplished by delivering written notice thereof to the institution maintaining the Protected Account, that describes the amounts deposited in error in the Protected Account. The Company shall maintain adequate records with respect to all withdrawals made pursuant to this Section. All funds deposited in the Protected Account shall be held in trust for the Certificateholders until withdrawn in accordance with Section 5.02.
(c) The institution that maintains the Protected Account shall invest the funds in the Protected Account, in the manner directed by the Company, in Permitted Investments which shall mature not later than the Business Day immediately preceding the Remittance Date and shall not be sold or disposed of prior to its 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 shall be for the benefit of the Company as servicing compensation and shall be remitted to it monthly as provided herein. The amount of any losses incurred in the Protected Account in respect of any such investments shall be deposited by the Company into the Protected Account, out of the Company’s own funds.
(d) The Company shall give at least 30 days advance notice to the Trustee, the Securities Administrator, the Sponsor, the Master Servicer, each Rating Agency and the Depositor of any proposed change of location of the Protected Account prior to any change thereof.contrary
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Saco I Trust, 2005-Wm2)
Collection of Mortgage Loan Payments; Protected Account. (a) The Company shall make reasonable efforts in accordance with customary and usual standards of practice of prudent mortgage lenders in the respective states in which the Mortgaged Properties related to the EMC Mortgage Loans are located to collect all payments called for under the terms and provisions of the EMC Mortgage Loans to the extent such procedures shall be consistent with this Agreement and the terms and provisions of any related Required Insurance Policy. Consistent with the foregoing, the Company may in its discretion (i) waive any late payment charge and (ii) extend the Due Dates due dates for payments due on a Mortgage Note related to an EMC Mortgage Loan for a period not greater than 125 days, provided that, EMC shall not extend the payment date of any Mortgage Loan beyond the date of its final maturity date. In the event of any such arrangement, the Company shall make Advances on the related EMC Mortgage Loan during the scheduled period in accordance with the amortization schedule of such EMC Mortgage Loan without modification thereof by reason of such arrangements, and shall be entitled to reimbursement therefor in accordance with Section 6.01. The Company shall not be required to institute or join in litigation with respect to collection of any payment (whether under a Mortgage, Mortgage Note or otherwise or against any public or governmental authority with respect to a taking or condemnation) if it reasonably believes that enforcing the provision of the Mortgage or other instrument pursuant to which such payment is required is prohibited by applicable law. In addition, if (x) an EMC a Mortgage Loan is in default or default is reasonably foreseeable imminent or (y) the Company delivers to the Trustee, Securities Administrator and Master Servicer Trustee a certification addressed to the Trustee and the Securities AdministratorTrustee, based on the advice of counsel or certified public accountants, in either case, that have a national reputation with respect to taxation of REMICs, that a modification of such EMC Mortgage Loan will not result in the imposition of taxes on or disqualify any of REMIC I, REMIC II, II or REMIC III, REMIC IV, REMIC V, REMIC VI, REMIC VII or REMIC VIII, the Company may if it reasonably believes that undertaking such actions would be in the best interest of the Certificateholdersmay, (A) amend the related Mortgage Note to reduce the Mortgage Rate applicable thereto, provided that such reduced Mortgage Rate shall in no event be lower than 5.00% with respect to any EMC Mortgage Loan and (B) amend any Mortgage Note related to an EMC Mortgage Loan to extend to the maturity thereof; provided that, EMC shall not extend the payment date of any Mortgage Loan beyond its final maturity date. In accordance with the standards of the first paragraph of Section 3.01, the Company shall not waive (or permit a sub-servicer to waive) any Prepayment Charge related to an EMC Mortgage Loan unless: (i) the enforceability thereof shall have been limited by bankruptcy, insolvency, moratorium, receivership and other similar laws relating to creditors’ rights generally, (ii) the enforcement thereof is illegal, or any local, state or federal agency has threatened legal action if the prepayment penalty is enforced, (iii) the collectability thereof shall have been limited due to acceleration in connection with a foreclosure or other involuntary payment or (iv) such waiver is standard and customary in servicing similar Mortgage Loans and relates to a default or a reasonably foreseeable default and would, in the reasonable judgment of the Company, maximize recovery of total proceeds taking into account the value of such Prepayment Charge and the related EMC Mortgage Loan. If a Prepayment Charge is waived, but does not meet the standards described above, then the Company is required to pay the amount of such waived Prepayment Charge, for the benefit of the related Class C Certificates, by remitting such amount to the Master Servicer by the Remittance Date. Payments of such waived charges shall not be payments in respect of any Regular Interest.
(b) The Company shall establish and maintain a Protected Account (which shall at all times be an Eligible Account) with a depository institution in the name of the Company for the benefit of the Trustee on behalf of the Certificateholders and designated “EMC Mortgage Corporation, as servicer on behalf of Citibank, N.A., as Trustee, for the benefit of the certificateholders"JPMorgan Chase Bank , in trust for registered holders of Bear Xxxxxxx Asset Backed Securities I LLCSecurities, MortgageInc., Asset-Backed Certificates, Certificates Series 20062003-5”AC4". The Company shall deposit or cause to be deposited into the Protected Account on a daily basis within one Business Day of receipt, except as otherwise specifically provided herein, the following payments and collections remitted by subservicers or received by it in respect of the EMC Mortgage Loans subsequent to the Cut-off Date (other than in respect of principal and interest due on the EMC 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, including Principal Prepayments, on the EMC Mortgage Loans;
(ii) all payments on account of interest on the EMC Mortgage Loans net of the related Servicing Fee permitted under Section 3.133.10 and LPMI Fees, if any;
(iii) all Liquidation Proceeds, Subsequent Recoveries Proceeds and Insurance Proceeds with respect to any EMC Mortgage LoansProceeds, other than proceeds to be applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with the Company’s 's normal servicing procedures;
(iv) any amount required to be deposited by the Company pursuant to Section 5.01(c) in connection with any losses on Permitted Investments;
(v) any amounts required to be deposited by the Company pursuant to Section 3.073.05;
(vi) any Prepayment Charges collected on the EMC Mortgage Loans; and
(vii) any other amounts required to be deposited hereunder. The foregoing requirements for deposit by the Company into the Protected Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, payments in the nature of late payment charges or assumption fees, if collected, need not be deposited by the Company. In the event that the Company shall deposit any amount not required to be deposited and not otherwise subject to withdrawal pursuant to Section 5.02, it may at any time withdraw or direct the institution maintaining the Protected Account, to withdraw such amount from the Protected Account, any provision herein to the contrary notwithstanding. Such withdrawal or direction may be accomplished by delivering written notice thereof to the institution maintaining the Protected Account, that describes the amounts deposited in error in the Protected Account. The Company shall maintain adequate records with respect to all withdrawals made pursuant to this Section. All funds deposited in the Protected Account shall be held in trust for the Certificateholders until withdrawn in accordance with Section 5.02.
(c) The institution that maintains the Protected Account shall invest the funds in the Protected Account, in the manner directed by the Company, in Permitted Investments which shall mature not later than the Business Day immediately preceding the Remittance Date and shall not be sold or disposed of prior to its 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 shall be for the benefit of the Company as servicing compensation and shall be remitted to it monthly as provided herein. The amount of any losses incurred in the Protected Account in respect of any such investments shall be deposited by the Company into the Protected Account, out of the Company’s own funds.
(d) The Company shall give at least 30 days advance notice to the Trustee, the Securities Administrator, the Sponsor, the Master Servicer, each Rating Agency and the Depositor of any proposed change of location of the Protected Account prior to any change thereof.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Bear Stearns Asset Backed Securities Inc 2003-Ac4)
