Establishment of and Deposits to Custodial Account. The Company shall segregate and hold all funds collected and received pursuant to a Mortgage Loan separate and apart from any of its own funds and general assets and shall establish and maintain one or more Custodial Accounts, in the form of time deposit or demand accounts, titled "Countrywide Home Loans Inc. in trust for the Purchaser of Conventional Residential Conventional Residential Mortgage Loans, and various Mortgagors". The Custodial Account shall be established with a Qualified Depository. Any funds deposited in the Custodial Account shall at all times be fully insured to the full extent permitted under applicable law. Funds deposited in the Custodial Account may be drawn on by the Company in accordance with Section 4.05. The creation of any Custodial Account shall be evidenced by a certification in the form of Exhibit D-1 hereto, in the case of an account established with the Company, or by a letter agreement in the form of Exhibit D-2 hereto, in the case of an account held by a depository other than the Company. A copy of such certification or letter agreement shall be furnished to the Purchaser and, upon request, to any subsequent Purchaser. The Company shall deposit in the Custodial Account within two Business Days of receipt, and retain therein, the following collections received by the Company and payments made by the Company after the related Cut-off Date, (other than payments of principal and interest due on or before the related Cut-off Date, or received by the Company prior to the related Cut-off Date but allocable to a period subsequent thereto or with respect to each LPMI Loan, in the amount of the LPMI Fee): (i) all payments on account of principal on the Mortgage Loans, including all Principal Prepayments; (ii) all payments on account of interest on the Mortgage Loans adjusted to the Mortgage Loan Remittance Rate; (iii) all Liquidation Proceeds; (iv) all Insurance Proceeds including amounts required to be deposited pursuant to Section 4.10, Section 4.11, Section 4.14 and Section 4.15; (v) all Condemnation Proceeds which are not applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with Section 4.14; (vi) any amount required to be deposited in the Custodial Account pursuant to Section 4.01, 4.09, 5.03, 6.01 or 6.02; (vii) any amounts payable in connection with the repurchase of any Mortgage Loan pursuant to Section 3.03 and all amounts required to be deposited by the Company in connection with a shortfall in principal amount of any Qualified Substitute Mortgage Loan pursuant to Section 3.03; (viii) with respect to each Principal Prepayment in full or in part, the Prepayment Interest Shortfall Amount, if any, for the month of distribution. Such deposit shall be made from the Company's own funds, without reimbursement therefore, which, in the aggregate, for any month, shall not exceed one twelfth of 0.50% of the outstanding principal balance of the Mortgage Loans; (ix) any amounts required to be deposited by the Company pursuant to Section 4.11 in connection with the deductible clause in any blanket hazard insurance policy; and (x) any amounts received with respect to or related to any REO Property and all REO Disposition Proceeds pursuant to Section 4.16. The foregoing requirements for deposit into the Custodial 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, prepayment penalties, assumption fees, and other ancillary fees need not be deposited by the Company into the Custodial Account. Any interest paid on funds deposited in the Custodial Account by the depository institution shall accrue to the benefit of the Company and the Company shall be entitled to retain and withdraw such interest from the Custodial Account pursuant to Section 4.05.
Appears in 30 contracts
Samples: Flow Seller's Warranties and Servicing Agreement (Structured Adjustable Rate Mortgage Loan Trust Series 2005-12), Flow Seller's Warranties and Servicing Agreement (Structured Adjustable Rate Mortgage Loan Trust), Flow Seller's Warranties and Servicing Agreement (Structured Adjustable Rate Mortgage Loan Trust)
Establishment of and Deposits to Custodial Account. The Company shall segregate and hold all funds collected and received pursuant to a Mortgage Loan separate and apart from any of its own funds and general assets and shall establish and maintain one or more Custodial Accounts, in the form of time deposit or demand accounts, titled "“Countrywide Home Loans Inc. in trust for the Purchaser of Conventional Residential Conventional Residential Mortgage Loans, and various Mortgagors"”. The Custodial Account shall be established with a Qualified Depository. Any funds deposited in the Custodial Account shall at all times be fully insured to the full extent permitted under applicable law. Funds deposited in the Custodial Account may be drawn on by the Company in accordance with Section 4.05. The creation of any Custodial Account shall be evidenced by a certification in the form of Exhibit D-1 hereto, in the case of an account established with the Company, or by a letter agreement in the form of Exhibit D-2 hereto, in the case of an account held by a depository other than the Company. A copy of such certification or letter agreement shall be furnished to the Purchaser and, upon request, to any subsequent Purchaser. The Company shall deposit in the Custodial Account within two Business Days of receipt, and retain therein, the following collections received by the Company and payments made by the Company after the related Cut-off Date, (other than payments of principal and interest due on or before the related Cut-off Date, or received by the Company prior to the related Cut-off Date but allocable to a period subsequent thereto or with respect to each LPMI Loan, in the amount of the LPMI Fee):
(i) all payments on account of principal on the Mortgage Loans, including all Principal Prepayments;
(ii) all payments on account of interest on the Mortgage Loans adjusted to the Mortgage Loan Remittance Rate;
(iii) all Liquidation Proceeds;
(iv) all Insurance Proceeds including amounts required to be deposited pursuant to Section 4.10, Section 4.11, Section 4.14 and Section 4.15;
(v) all Condemnation Proceeds which are not applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with Section 4.14;
(vi) any amount required to be deposited in the Custodial Account pursuant to Section 4.01, 4.09, 5.03, 6.01 or 6.02;
(vii) any amounts payable in connection with the repurchase of any Mortgage Loan pursuant to Section 3.03 and all amounts required to be deposited by the Company in connection with a shortfall in principal amount of any Qualified Substitute Mortgage Loan pursuant to Section 3.03;
(viii) with respect to each Principal Prepayment in full or in part, the Prepayment Interest Shortfall Amount, if any, for the month of distribution. Such deposit shall be made from the Company's ’s own funds, without reimbursement therefore, which, in the aggregate, for any month, shall not exceed one twelfth of 0.50% of the outstanding principal balance of the Mortgage Loans;
(ix) any amounts required to be deposited by the Company pursuant to Section 4.11 in connection with the deductible clause in any blanket hazard insurance policy; and
(x) any amounts received with respect to or related to any REO Property and all REO Disposition Proceeds pursuant to Section 4.16. The foregoing requirements for deposit into the Custodial 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, prepayment penalties, assumption fees, and other ancillary fees need not be deposited by the Company into the Custodial Account. Any interest paid on funds deposited in the Custodial Account by the depository institution shall accrue to the benefit of the Company and the Company shall be entitled to retain and withdraw such interest from the Custodial Account pursuant to Section 4.05.
Appears in 27 contracts
Samples: Flow Seller’s Warranties and Servicing Agreement (Structured Adjustable Rate Mortgage Loan Trust Series 2007-7), Flow Seller’s Warranties and Servicing Agreement (Lehman XS Trust Series 2007-7n), Flow Seller’s Warranties and Servicing Agreement (Structured Adjustable Rate Mortgage Loan Trust Series 2006-12)
Establishment of and Deposits to Custodial Account. The Company shall segregate and hold all funds collected and received pursuant to a Mortgage Loan separate and apart from any of its own funds and general assets and shall establish and maintain one or more Custodial Accounts, in the form of time deposit or demand accounts, titled "Countrywide Xxxxx Fargo Home Loans Mortgage, Inc. in trust for the Purchaser and/or subsequent purchasers of Conventional Residential Conventional Residential Mortgage Loans, and various Mortgagors". Mortgagors - P & I." The Custodial Account shall be established with a Qualified Depository. Any funds deposited in the Custodial Account shall at all times be fully insured to the full fullest extent permitted under allowed by applicable law. Funds deposited in the Custodial Account may be drawn on by the Company in accordance with Section 4.05. The creation of any Custodial Account shall be evidenced by a certification in the form of Exhibit D-1 hereto, in the case of an account established with the Company, or by a letter agreement in the form of Exhibit D-2 hereto, in the case of an account held by a depository other than the Company. Company each in the forms attached hereto as Exhibit D. A copy of such certification or letter agreement shall be furnished to the Purchaser and, or any subsequent purchaser upon request, to any subsequent Purchaser. The Company shall deposit in the Custodial Account within two one (1) Business Days Day of the Company's receipt, and retain therein, the following collections received by the Company and payments made by the Company after the related Cut-off Date, (other than payments of principal and interest due on or before the related Cut-off Date, or received by the Company prior to the related Cut-off Date but allocable to a period subsequent thereto or with respect to each LPMI Loan, in the amount of the LPMI Fee):thereto:
(i) all payments on account of principal on the Mortgage Loans, including all Principal Prepayments;
(ii) all payments on account of interest on the Mortgage Loans adjusted to the Mortgage Loan Remittance Rate;
(iii) all Liquidation Proceeds;
(iv) all Insurance Proceeds including amounts required to be deposited pursuant to Section 4.104.10 (other than proceeds to be held in the Escrow Account and applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with Section 4.14), Section 4.11, Section 4.14 4.11 and Section 4.15;
(v) all Condemnation Proceeds which are not applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with Section 4.14;
(vi) any amount required to be deposited in the Custodial Account pursuant to Section 4.01, 4.09, 5.03, 6.01 or 6.02;
(vii) any amounts payable in connection with the repurchase of any Mortgage Loan pursuant to Section 3.03 and all amounts required to be deposited by the Company in connection with a shortfall in principal amount of any Qualified Substitute Mortgage Loan pursuant to Section 3.03;
(viii) with respect to each Principal Prepayment in full or in part, an amount (to be paid by the Prepayment Interest Shortfall Amount, if any, for the month Company out of distribution. Such deposit shall be made from the Company's own its funds, without reimbursement therefore, ) which, when added to all amounts allocable to interest received in connection with the aggregatePrincipal Prepayment, for any equals one month, shall not exceed one twelfth 's interest on the amount of 0.50% of the outstanding principal balance of so prepaid at the Mortgage LoansLoan Remittance Rate;
(ix) any amounts required to be deposited by the Company pursuant to Section 4.11 in connection with the deductible clause in any blanket hazard insurance policy; and
(x) any amounts received with respect to or related to any REO Property and all REO Disposition Proceeds pursuant to Section 4.16. The foregoing requirements for deposit into the Custodial 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, prepayment penalties, charges and assumption fees, and other ancillary fees to the extent permitted by Section 6.01, need not be deposited by the Company into the Custodial Account. Any interest paid on funds deposited in the Custodial Account by the depository institution shall accrue to the benefit of the Company and the Company shall be entitled to retain and withdraw such interest from the Custodial Account pursuant to Section 4.05.
Appears in 18 contracts
Samples: Seller's Warranties and Servicing Agreement (Structured Asset Securities Corp Mor Pas THR Cer Ser 2002-8a), Seller's Warranties and Servicing Agreement (Structured Asset Sec Corp Mort Pass THR Certs Ser 2003 24a), Seller's Warranties and Servicing Agreement (Structured Adjustable Rate Mortgage Loan Trust)
Establishment of and Deposits to Custodial Account. The Company shall segregate and hold all funds collected and received pursuant to a Mortgage Loan separate and apart from any of its own funds and general assets and shall establish and maintain one or more Custodial Accounts, in the form of time deposit or demand accounts, titled "Countrywide Home Loans Inc. National City Mortgage Corp in trust for the Purchaser of Conventional Residential Conventional Residential Fixed Rate Mortgage Loans, Group No. 2001-1 and various Mortgagors". The Custodial Account shall be established with a Qualified DepositoryDepository acceptable to the Purchaser. Any funds deposited in the Custodial Account shall at all times be fully insured to the full extent permitted under applicable law. Funds deposited in the Custodial Account may be drawn on by the Company in accordance with Section 4.05. The creation of any Custodial Account shall be evidenced by a certification in the form of Exhibit D-1 hereto, in the case of an account established with the Company, or by a letter agreement in the form of Exhibit D-2 hereto, in the case of an account held by a depository other than the Company. A copy of such certification or letter agreement shall be furnished to the Purchaser and, upon request, to any subsequent Purchaser. The Company shall deposit in the Custodial Account within two Business Days of receipton a daily basis, and retain therein, the following collections received by the Company and payments made by the Company after the related Cut-off Date, (other than payments of principal and interest due on or before the related Cut-off Date, or received by the Company prior to the related Cut-off Date but allocable to a period subsequent thereto thereto, or with respect to each LPMI Loan, in the amount of the LPMI Fee):
(i) all payments on account of principal on the Mortgage Loans, including all Principal Prepayments;
(ii) all payments on account of interest on the Mortgage Loans adjusted to the Mortgage Loan Remittance Rate;
(iii) all Liquidation Proceeds;
(iv) all Insurance Proceeds including amounts required to be deposited pursuant to Section 4.104.10 (other than proceeds to be held in the Escrow Account and applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with Section 4.14), Section 4.11, Section 4.14 4.11 and Section 4.15;
(v) all Condemnation Proceeds which are not applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with Section 4.14;
(vi) any amount required to be deposited in the Custodial Account pursuant to Section 4.01, 4.09, 5.03, 6.01 or 6.02;
(vii) any amounts payable in connection with the repurchase of any Mortgage Loan pursuant to Section 3.03 or 3.06 and all amounts required to be deposited by the Company in connection with a shortfall in principal amount of any Qualified Substitute Mortgage Loan pursuant to Section 3.03;
(viii) with respect to each Principal Prepayment in full or in part, the Prepayment Interest Shortfall Amount, if any, for the month of distribution. Such deposit shall be made from the Company's own funds, without reimbursement therefore, which, in the aggregate, for any month, shall not exceed one twelfth of 0.50% therefor up to a maximum amount per month of the outstanding principal balance of Servicing Fee actually received for such month for the Mortgage Loans;
(ix) any amounts required to be deposited by the Company pursuant to Section 4.11 in connection with the deductible clause in any blanket hazard insurance policy; and
(x) any amounts received with respect to or related to any REO Property and all REO Disposition Proceeds pursuant to Section 4.16. The foregoing requirements for deposit into the Custodial Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, payments in the nature of Ancillary Income, including late payment charges, prepayment penalties, charges and assumption fees, and other ancillary fees to the extent permitted by Section 6.01, need not be deposited by the Company into the Custodial Account. Any interest paid on funds deposited in the Custodial Account by the depository institution shall accrue to the benefit of the Company and the Company shall be entitled to retain and withdraw such interest from the Custodial Account pursuant to Section 4.05.
Appears in 14 contracts
Samples: Servicing Agreement (Structured Asset Sec Corp Mort Pass THR Cert Ser 2002-15), Servicing Agreement (Structured Asset Securities Corp Mort Pass THR Cert Ser 2002), Servicing Agreement (Structured Asset Securities Corp Mort Pas THR Cer Se 2002-2)
Establishment of and Deposits to Custodial Account. The Company shall segregate and hold all funds collected and received pursuant to a Mortgage Loan or a Letter of Credit separate and apart from any of its own funds and general assets and shall establish and maintain one or more Custodial Accounts, in the form of time deposit or demand accounts, titled "Countrywide Home Loans Inc. “Xxxxx Fargo Bank, N.A., in trust for the Purchaser of Conventional Residential Conventional Residential Mortgage LoansLoans serviced under the Second Amended and Restated Master Seller’s Warranties and Servicing Agreement, and various Mortgagors"dated as of November 1, 2005 - P & I”, or as otherwise directed in writing by the Purchaser or its assigns after the related Closing Date in connection with any Whole Loan Transfer or Securitization Transaction. The Custodial Account shall be established with a Qualified Depository. Any funds deposited in Upon request of the Purchaser and within ten (10) days thereof, the Company shall provide the Purchaser with written confirmation of the existence of such Custodial Account. The Custodial Account shall at all times be fully insured to the full fullest extent permitted under applicable lawallowed by Applicable Law. Funds deposited in the Custodial Account may be drawn on by the Company in accordance with Section 4.05. The creation of any Custodial Account shall be evidenced by a certification in the form of Exhibit D-1 hereto, in the case of an account established with the Company, or by a letter agreement in the form of Exhibit D-2 hereto, in the case of an account held by a depository other than the Company. A copy of such certification or letter agreement shall be furnished to the Purchaser and, upon request, to any subsequent Purchaser4.5. The Company shall deposit in the Custodial Account within one Business Day (or two Business Days in the case of the amounts described in clauses (3) through (5) below) of the Company’s receipt, and retain therein, the following collections received by the Company and payments made by the Company after the related Cut-off Date, (other than payments of principal and interest due on or before the related Cut-off Date, or received by the Company prior to the related Cut-off Date but allocable to a period subsequent thereto or with respect to each LPMI Loan, in the amount of the LPMI Fee)::
(i1) all payments on account of principal on the Mortgage Loans, including all Principal Prepayments;
(ii2) all payments on account of interest on the Mortgage Loans Loans, adjusted to the Mortgage Loan Remittance Rate;
(iii3) all Liquidation Proceeds;
(iv4) all Insurance Proceeds including amounts required to be deposited pursuant to Section 4.104.10 (other than proceeds to be held in the Escrow Account and applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with Section 4.14), Section 4.11, Section 4.14 4.11 and Section 4.15;
(v5) all Condemnation Proceeds which are not applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with Section 4.14;
(vi6) any amount required to be deposited in the Custodial Account pursuant to Section 4.014.1, 4.095.1, 5.035.3, 6.01 6.1 or 6.026.2;
(vii7) any amounts payable in connection with the repurchase of any Mortgage Loan pursuant to Section 3.03 and all amounts required to be deposited by the Company in connection with a shortfall in principal amount of any Qualified Substitute Mortgage Loan pursuant to Section 3.032.3, 3.3 or 6.2;
(viii) 8) with respect to each Principal Prepayment in full or in part, an amount (to be paid by the Prepayment Interest Shortfall Amount, if any, for the month Company out of distribution. Such deposit shall be made from the Company's own its funds, without reimbursement therefore, ) which, when added to all amounts allocable to interest received in connection with the aggregatePrincipal Prepayment, for any equals one month, shall not exceed one twelfth ’s interest on the amount of 0.50% of the outstanding principal balance of so prepaid at the Mortgage LoansLoan Remittance Rate;
(ix9) any amounts required to be deposited by the Company pursuant to Section 4.11 in connection with the deductible clause in any blanket hazard insurance policy; and;
(x10) any amounts received with respect to or related to any REO Property and all REO Disposition Proceeds pursuant to Section 4.16;
(11) an amount from the Buydown Account that when added to the Mortgagor’s payment will equal the full monthly amount due under the related Mortgage Note;
(12) an amount from the Subsidy Account that when added to the Mortgagor’s payment will equal the full monthly amount due under the related Mortgage Note; and
(13) with respect to a Pledged Asset Mortgage Loan, any amounts required to be deposited by the Company pursuant to Section 4.25 of this Agreement in connection with a Letter of Credit. The foregoing requirements for deposit into the Custodial 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, prepayment penalties, charges and assumption fees, and other ancillary fees to the extent permitted by Section 6.1, need not be deposited by the Company into the Custodial Account. Any interest paid on funds deposited in the Custodial Account by the depository institution shall accrue to the benefit of the Company and the Company shall be entitled to retain and withdraw such interest from the Custodial Account pursuant to Section 4.054.5. The Company shall reimburse the Custodial Account for any losses incurred as a result of the investment of amounts on deposit in the Custodial Account.
Appears in 7 contracts
Samples: Master Seller’s Warranties and Servicing Agreement (GSR Mortgage Loan Trust 2007-Ar2), Master Seller’s Warranties and Servicing Agreement (GSR Mortgage Loan Trust 2007-1f), Master Seller’s Warranties and Servicing Agreement (GSR Mortgage Loan Trust 2007-Ar1)
Establishment of and Deposits to Custodial Account. The Company shall segregate and hold all funds collected and received pursuant to a Mortgage Loan separate and apart from any of its own funds and general assets and shall establish and maintain one or more Custodial Accounts, in the form of time deposit or demand accounts, titled "Countrywide Home Loans Inc. “IndyMac Bank, FSB in trust for the Purchaser of Conventional Residential Conventional Residential Fixed and Adjustable Rate Mortgage Loans, Group No. 2003-1 and various Mortgagors"”. The Custodial Account shall be established with a Qualified DepositoryDepository acceptable to the Purchaser. Any funds deposited in the Custodial Account shall at all times be fully insured to the full extent permitted under applicable law. Funds deposited in the Custodial Account may be drawn on by the Company in accordance with Section 4.05. The creation of any Custodial Account shall be evidenced by a certification in the form of Exhibit D-1 hereto, in the case of an account established with the Company, or by a letter agreement in the form of Exhibit D-2 hereto, in the case of an account held by a depository other than the Company. A copy of such certification or letter agreement shall be furnished to the Purchaser and, upon request, to any subsequent Purchaser. The Company shall deposit in the Custodial Account within two Business Days of receipton a daily basis, and retain therein, the following collections received by the Company and payments made by the Company after the related Cut-off Date, (other than payments of principal and interest due on or before the related Cut-off Date, or received by the Company prior to the related Cut-off Date but allocable to a period subsequent thereto or with respect to each LPMI Loan, in the amount of the LPMI Fee):thereto:
(i) all payments on account of principal on the Mortgage Loans, including all Principal Prepayments;
(ii) all payments on account of interest on the Mortgage Loans adjusted to the Mortgage Loan Remittance Rate;
(iii) all Liquidation Proceeds;
(iv) all Insurance Proceeds including amounts required to be deposited pursuant to Section 4.104.10 (other than proceeds to be held in the Escrow Account and applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with Section 4.14), Section 4.11, Section 4.14 4.11 and Section 4.15;
(v) all Condemnation Proceeds which are not applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with Section 4.14;
(vi) any amount required to be deposited in the Custodial Account pursuant to Section 4.01, 4.09, 5.03, 6.01 or 6.02;
(vii) any amounts payable in connection with the repurchase of any Mortgage Loan pursuant to Section 3.03 3.03, 3.05 or 3.06 and all amounts required to be deposited by the Company in connection with a shortfall in principal amount of any Qualified Substitute Mortgage Loan pursuant to Section 3.03;
(viii) with respect to each Principal Prepayment in full or in part, the Prepayment Interest Shortfall Amount, if any, for the month of distribution. Such deposit shall be made from the Company's ’s own funds, without reimbursement therefore, which, in the aggregate, for any month, shall not exceed one twelfth of 0.50% therefor up to a maximum amount per month of the outstanding principal balance of Servicing Fee actually received for such month for the Mortgage Loans;
(ix) any amounts required to be deposited by the Company pursuant to Section 4.11 in connection with the deductible clause in any blanket hazard insurance policy; and
(x) any amounts received with respect to or related to any REO Property and all REO Disposition Proceeds pursuant to Section 4.16. The foregoing requirements for deposit into the Custodial 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, prepayment penalties, charges and assumption fees, and other ancillary fees to the extent permitted by Section 6.01, need not be deposited by the Company into the Custodial Account. Any interest paid on funds deposited in the Custodial Account by the depository institution shall accrue to the benefit of the Company and the Company shall be entitled to retain and withdraw such interest from the Custodial Account pursuant to Section 4.05.
Appears in 7 contracts
Samples: Servicing Agreement (Lehman Mortgage Trust 2007-3), Servicing Agreement (LXS 2007-3), Servicing Agreement (Lehman XS Trust 2007-1)
Establishment of and Deposits to Custodial Account. The Company shall segregate and hold all funds collected and received pursuant to a Mortgage Loan separate and apart from any of its own funds and general assets and shall establish and maintain one or more Custodial Accounts, in the form of time deposit or demand accounts, titled "“Countrywide Home Loans Loans, Inc. in trust for the Purchaser EMC Mortgage Corporation, as purchaser of Conventional Residential Conventional Residential Adjustable Rate Mortgage Loans, Loans and various Mortgagors"”. The Custodial Account shall be established with a Qualified DepositoryDepository acceptable to the Purchaser. Any funds deposited in the Custodial Account shall at all times be fully insured to the full extent permitted under applicable law. Funds deposited in the Custodial Account may be drawn on by the Company in accordance with Section 4.05. The creation of any Custodial Account shall be evidenced by a certification in the form of Exhibit D-1 hereto, in the case of an account established with the Company, or by a letter agreement in the form of Exhibit D-2 hereto, in the case of an account held by a depository other than the Company. A copy of such certification or letter agreement shall be furnished to the Purchaser and, upon request, to any subsequent Purchaser. The Company shall deposit in the Custodial Account within two Business Days of receipt, and retain therein, the following collections received by the Company and payments made by the Company after the related Cut-off Date, (other than payments of principal and interest due on or before the related Cut-off Date, or received by the Company prior to the related Cut-off Date but allocable to a period subsequent thereto or with respect to each LPMI Loan, in the amount of the LPMI Fee):
(i) all payments on account of principal on the Mortgage Loans, including all Principal Prepayments;
(ii) all payments on account of interest on the Mortgage Loans adjusted to the Mortgage Loan Remittance Rate;
(iii) all Liquidation Proceeds;
(iv) all Insurance Proceeds including amounts required to be deposited pursuant to Section 4.10, Section 4.11, Section 4.14 and Section 4.15;
(v) all Condemnation Proceeds which are not applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with Section 4.14;
(vi) any amount required to be deposited in the Custodial Account pursuant to Section 4.01, 4.09, 5.03, 6.01 or 6.02;
(vii) any amounts payable in connection with the repurchase of any Mortgage Loan pursuant to Section 3.03 3.03, 3.05 or 3.07 and all amounts required to be deposited by the Company in connection with a shortfall in principal amount of any Qualified Substitute Mortgage Loan pursuant to Section 3.03;
(viii) with respect to each Principal Prepayment in full or in part, the Prepayment Interest Shortfall Amount, if any, for the month of distribution. Such deposit shall be made from the Company's ’s own funds, without reimbursement therefore, which, in the aggregate, for any month, shall not exceed one twelfth of 0.50% therefor up to a maximum amount per month of the outstanding principal balance of Servicing Fee actually received for such month for the Mortgage Loans;
(ix) any amounts required to be deposited by the Company pursuant to Section 4.11 in connection with the deductible clause in any blanket hazard insurance policy; and
(x) any amounts received with respect to or related to any REO Property and all REO Disposition Proceeds pursuant to Section 4.16. The foregoing requirements for deposit into the Custodial 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, prepayment penalties, charges and assumption fees, and other ancillary fees to the extent permitted by Section 6.01, need not be deposited by the Company into the Custodial Account. Any interest paid on funds deposited in the Custodial Account by the depository institution shall accrue to the benefit of the Company and the Company shall be entitled to retain and withdraw such interest from the Custodial Account pursuant to Section 4.05.
Appears in 7 contracts
Samples: Pooling and Servicing Agreement (Bear Stearns ARM Trust 2007-4), Pooling and Servicing Agreement (Bear Stearns ARM Trust 2006-2), Pooling and Servicing Agreement (Bear Stearns ARM Trust 2006-2)
Establishment of and Deposits to Custodial Account. The Company shall segregate and hold all funds collected and received pursuant to a Mortgage Loan separate and apart from any of its own funds and general assets and shall establish and maintain one or more Custodial Accounts, in the form of time deposit or demand accounts, titled "Countrywide Home Loans Inc. “IndyMac Bank, FSB in trust for the Purchaser of Conventional Residential Conventional Residential Fixed and Adjustable Rate Mortgage Loans, Group No. 2005-1 and various Mortgagors"”. The Custodial Account shall be established with a Qualified DepositoryDepository acceptable to the Purchaser. Any funds deposited in the Custodial Account shall at all times be fully insured to the full extent permitted under applicable law. Funds deposited in the Custodial Account may be drawn on by the Company in accordance with Section 4.05. The creation of any Custodial Account shall be evidenced by a certification in the form of Exhibit D-1 hereto, in the case of an account established with the Company, or by a letter agreement in the form of Exhibit D-2 hereto, in the case of an account held by a depository other than the Company. A copy of such certification or letter agreement shall be furnished to the Purchaser and, upon request, to any subsequent Purchaser. The Company shall deposit in the Custodial Account within two Business Days of receipton a daily basis, and retain therein, the following collections received by the Company and payments made by the Company after the related Cut-off Date, (other than payments of principal and interest due on or before the related Cut-off Date, or received by the Company prior to the related Cut-off Date but allocable to a period subsequent thereto or with respect to each LPMI Loan, in the amount of the LPMI Fee):thereto:
(i) all payments on account of principal on the Mortgage Loans, including all Principal Prepayments;
(ii) all payments on account of interest on the Mortgage Loans adjusted to the Mortgage Loan Remittance Rate;
(iii) all Liquidation Proceeds;
(iv) all Insurance Proceeds including amounts required to be deposited pursuant to Section 4.104.10 (other than proceeds to be held in the Escrow Account and applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with Section 4.14), Section 4.11, Section 4.14 4.11 and Section 4.15;
(v) all Condemnation Proceeds which are not applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with Section 4.14;
(vi) any amount required to be deposited in the Custodial Account pursuant to Section 4.01, 4.09, 5.03, 6.01 or 6.02;
(vii) any amounts payable in connection with the repurchase of any Mortgage Loan pursuant to Section 3.03 3.03, 3.05 or 3.06 and all amounts required to be deposited by the Company in connection with a shortfall in principal amount of any Qualified Substitute Mortgage Loan pursuant to Section 3.03;
(viii) with respect to each Principal Prepayment in full or in part, the Prepayment Interest Shortfall Amount, if any, for the month of distribution. Such deposit shall be made from the Company's ’s own funds, without reimbursement therefore, which, in the aggregate, for any month, shall not exceed one twelfth of 0.50% therefor up to a maximum amount per month of the outstanding principal balance of Servicing Fee actually received for such month for the Mortgage Loans;
(ix) any amounts required to be deposited by the Company pursuant to Section 4.11 in connection with the deductible clause in any blanket hazard insurance policy; and
(x) any amounts received with respect to or related to any REO Property and all REO Disposition Proceeds pursuant to Section 4.16. The foregoing requirements for deposit into the Custodial 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, prepayment penalties, charges and assumption fees, and other ancillary fees to the extent permitted by Section 6.01, need not be deposited by the Company into the Custodial Account. Any interest paid on funds deposited in the Custodial Account by the depository institution shall accrue to the benefit of the Company and the Company shall be entitled to retain and withdraw such interest from the Custodial Account pursuant to Section 4.05.
Appears in 6 contracts
Samples: Seller’s Warranties and Servicing Agreement (Structured Adjustable Rate Mortgage Loan Trust Series 2006-4), Seller’s Warranties and Servicing Agreement (Lehman XS Trust Series 2007-12n), Seller’s Warranties and Servicing Agreement (Structured Adjustable Rate Mortgage Loan Trust Series 2006-8)
Establishment of and Deposits to Custodial Account. The Company shall segregate and hold all funds collected and received pursuant to a Mortgage Loan separate and apart from any of its own funds and general assets and shall establish and maintain one or more Custodial Accounts, in the form of time deposit or demand accounts, titled "Countrywide Home Loans Inc. SunTrust Mortgage, Inc., in trust for the Purchaser Banc of Conventional Residential Conventional Residential America Mortgage Capital Corporation and/or subsequent purchasers of Mortgage Loans, and various Mortgagors". Mortgagors - P & I." The Custodial Account shall be established with a Qualified Depository. Upon request of the Purchaser and within ten (10) days thereof, the Company shall provide the Purchaser with written confirmation of the existence of such Custodial Account. Any funds deposited in the Custodial Account shall at all times be fully insured to the full fullest extent permitted under allowed by applicable law. Funds deposited in the Custodial Account may be drawn on by the Company in accordance with Section 4.05. The creation of any Custodial Account shall be evidenced by a certification in the form of Exhibit D-1 hereto, in the case of an account established with the Company, or by a letter agreement in the form of Exhibit D-2 hereto, in the case of an account held by a depository other than the Company. A copy of such certification or letter agreement shall be furnished to the Purchaser and, upon request, to any subsequent Purchaser. The Company shall deposit in the Custodial Account within two one Business Days Day of Company's receipt, and retain therein, the following collections received by the Company and payments made by the Company after the related Cut-off Date, (other than payments of principal and interest due on or before the related Cut-off Date, or received by the Company prior to the related Cut-off Date but allocable to a period subsequent thereto or with respect to each LPMI Loan, in the amount of the LPMI Fee):thereto:
(i) all payments on account of principal on the Mortgage Loans, including all Principal Prepayments;
(ii) all payments on account of interest on the Mortgage Loans adjusted to the Mortgage Loan Remittance Rate;
(iii) all Liquidation Proceeds;
(iv) all Insurance Proceeds including amounts required to be deposited pursuant to Section 4.104.10 (other than proceeds to be held in the Escrow Account and applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with Section 4.14), Section 4.11, Section 4.14 4.11 and Section 4.15;; 39
(v) all Condemnation Proceeds which are not applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with Section 4.14;
(vi) any amount required to be deposited in the Custodial Account pursuant to Section 3.05, 4.01, 4.094,10, 5.03, 6.01 or 6.02;
(vii) any amounts payable in connection with the repurchase of or substitution for any Mortgage Loan pursuant to Section 3.03 and all amounts required to be deposited by the Company in connection with a shortfall in principal amount of any Qualified Substitute Mortgage Loan pursuant to Section 3.03or 3.04;
(viii) with respect to each Principal Prepayment an amount (to be paid by the Company out of its funds) which, when added to all amounts allocable to interest received in full or connection with the Principal Prepayment, equals one month's interest on the amount of principal so prepaid at the Mortgage Loan Remittance Rate; provided, however, that in part, no event shall the Prepayment Interest Shortfall Amount, if any, aggregate of deposits made by the Company pursuant to this clause (viii) exceed the aggregate amount of the Servicing Fee for the month of distribution. Such deposit shall be made related calendar month, whether or not received from the Company's own funds, without reimbursement therefore, which, in the aggregate, for any month, shall not exceed one twelfth of 0.50% of the outstanding principal balance of the Mortgage LoansMortgagor;
(ix) any amounts required to be deposited by the Company pursuant to Section 4.11 in connection with the deductible clause in any blanket hazard insurance policy; and
(x) any amounts received with respect to or related to any REO Property and all REO Disposition Proceeds pursuant to Section 4.16. The foregoing requirements for deposit into the Custodial 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, prepayment penalties, charges and assumption fees, and other ancillary fees to the extent permitted by Section 6.01, need not be deposited by the Company into the Custodial Account. Any interest paid on funds deposited in the Custodial Account by the depository institution shall accrue to the benefit of the Company and the Company shall be entitled to retain and withdraw such interest from the Custodial Account pursuant to Section 4.05. The Company shall maintain adequate records with respect to all deposits and withdrawals made pursuant to this Section 4.04 and Section 4.05. All funds required to be deposited in the Custodial Account shall be held in trust for the Purchaser until withdrawn in accordance with Section 4.05.
Appears in 6 contracts
Samples: Flow Sale and Servicing Agreement (Banc of America Funding 2006-3 Trust), Flow Sale and Servicing Agreement (Banc of America Funding 2006-5 Trust), Flow Sale and Servicing Agreement (Banc of America Funding 2006-2 Trust)
Establishment of and Deposits to Custodial Account. The Company shall segregate and hold all funds collected and received pursuant to a Mortgage Loan separate and apart from any of its own funds and general assets and shall establish and maintain one or more Custodial Accounts, in the form of time deposit or demand accounts, titled "Countrywide Home Loans Inc. IndyMac Bank, FSB in trust for the Purchaser of Conventional Residential Conventional Residential Fixed and Adjustable Rate Mortgage Loans, Group No. 2003-1 and various Mortgagors". The Custodial Account shall be established with a Qualified DepositoryDepository acceptable to the Purchaser. Any funds deposited in the Custodial Account shall at all times be fully insured to the full extent permitted under applicable law. Funds deposited in the Custodial Account may be drawn on by the Company in accordance with Section 4.05. The creation of any Custodial Account shall be evidenced by a certification in the form of Exhibit D-1 hereto, in the case of an account established with the Company, or by a letter agreement in the form of Exhibit D-2 hereto, in the case of an account held by a depository other than the Company. A copy of such certification or letter agreement shall be furnished to the Purchaser and, upon request, to any subsequent Purchaser. The Company shall deposit in the Custodial Account within two Business Days of receipton a daily basis, and retain therein, the following collections received by the Company and payments made by the Company after the related Cut-off Date, (other than payments of principal and interest due on or before the related Cut-off Date, or received by the Company prior to the related Cut-off Date but allocable to a period subsequent thereto or with respect to each LPMI Loan, in the amount of the LPMI Fee):thereto:
(i) all payments on account of principal on the Mortgage Loans, including all Principal Prepayments;
(ii) all payments on account of interest on the Mortgage Loans adjusted to the Mortgage Loan Remittance Rate;
(iii) all Liquidation Proceeds;
(iv) all Insurance Proceeds including amounts required to be deposited pursuant to Section 4.104.10 (other than proceeds to be held in the Escrow Account and applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with Section 4.14), Section 4.11, Section 4.14 4.11 and Section 4.15;
(v) all Condemnation Proceeds which are not applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with Section 4.14;
(vi) any amount required to be deposited in the Custodial Account pursuant to Section 4.01, 4.09, 5.03, 6.01 or 6.02;
(vii) any amounts payable in connection with the repurchase of any Mortgage Loan pursuant to Section 3.03 3.03, 3.05 or 3.06 and all amounts required to be deposited by the Company in connection with a shortfall in principal amount of any Qualified Substitute Mortgage Loan pursuant to Section 3.03;
(viii) with respect to each Principal Prepayment in full or in part, the Prepayment Interest Shortfall Amount, if any, for the month of distribution. Such deposit shall be made from the Company's own funds, without reimbursement therefore, which, in the aggregate, for any month, shall not exceed one twelfth of 0.50% therefor up to a maximum amount per month of the outstanding principal balance of Servicing Fee actually received for such month for the Mortgage Loans;
(ix) any amounts required to be deposited by the Company pursuant to Section 4.11 in connection with the deductible clause in any blanket hazard insurance policy; and
(x) any amounts received with respect to or related to any REO Property and all REO Disposition Proceeds pursuant to Section 4.16. The foregoing requirements for deposit into the Custodial 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, prepayment penalties, charges and assumption fees, and other ancillary fees to the extent permitted by Section 6.01, need not be deposited by the Company into the Custodial Account. Any interest paid on funds deposited in the Custodial Account by the depository institution shall accrue to the benefit of the Company and the Company shall be entitled to retain and withdraw such interest from the Custodial Account pursuant to Section 4.05.
Appears in 6 contracts
Samples: Seller's Warranties and Servicing Agreement (Structured Asset Sec Corp Mort Passthr Certs Ser 2003 40a), Seller's Warranties and Servicing Agreement (Structured Adjustable Rate Mortgage Loan Trust), Seller's Warranties and Servicing Agreement (Structured Adjustable Rate Mortgage Loan Trust)
Establishment of and Deposits to Custodial Account. The Company shall segregate and hold all funds collected and received pursuant to a Mortgage Loan separate and apart from any of its own funds and general assets and shall establish and maintain one or more Custodial Accounts, in the form of time deposit or demand accounts, titled "Countrywide Home Loans Inc. Xxxxx Fargo Bank, N.A., in trust for the Purchaser Bank of Conventional Residential Conventional Residential America, National Association, its successors or assigns, and/or subsequent purchasers of Mortgage Loans, and various Mortgagors". Loans - P & I." The Custodial Account shall be established with a Qualified Depository. Any funds deposited in Upon request of the Purchaser and within ten (10) days thereof, the Company shall provide the Purchaser with written confirmation of the existence of such Custodial Account. The Custodial Account shall at all times be fully insured to the full fullest extent permitted under allowed by applicable law. Funds deposited in the Custodial Account may be drawn on by the Company in accordance with Section 4.05. The creation of any Custodial Account shall be evidenced by a certification in the form of Exhibit D-1 hereto, in the case of an account established with the Company, or by a letter agreement in the form of Exhibit D-2 hereto, in the case of an account held by a depository other than the Company. A copy of such certification or letter agreement shall be furnished to the Purchaser and, upon request, to any subsequent Purchaser. The Company shall deposit in the Custodial Account within two (2) Business Days of Company's receipt, and retain therein, the following collections received by the Company and payments made by the Company after the related Cut-off Date, (other than payments of principal and interest due on or before the related Cut-off Date, or received by the Company prior to the related Cut-off Date but allocable to a period subsequent thereto thereto, other than payments of principal and interest due on or with respect to each LPMI Loan, in before the amount of the LPMI Fee):Cut-off Date:
(i) all payments on account of principal on the Mortgage Loans, including all Principal PrepaymentsPrepayments (including Prepayment Penalties paid by the Mortgagor or other amounts paid by the Company pursuant to Section 4.21 of this Agreement);
(ii) all payments on account of interest on the Mortgage Loans adjusted to the Mortgage Loan Remittance Rate;
(iii) all Liquidation Proceeds;
(iv) all Insurance Proceeds including amounts required to be deposited pursuant to Section 4.104.10 (other than proceeds to be held in the Escrow Account and applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with Section 4.14), Section 4.11, Section 4.14 4.11 and Section 4.15;
(v) all Condemnation Proceeds which are not applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with Section 4.14;
(vi) any amount required to be deposited in the Custodial Account pursuant to Section 4.01, 4.09, 5.03, 6.01 or 6.02;
(vii) any amounts payable in connection with the repurchase of any Mortgage Loan pursuant to Section 3.03 and all amounts required to be deposited by the Company in connection with a shortfall in principal amount of any Qualified Substitute Mortgage Loan pursuant to Section 3.03;
(viii) with respect to each Principal Prepayment in full or in partPrepayment, the Prepayment Interest Shortfall Amount, if any, for (to be paid by the month Company out of distribution. Such deposit shall be made from the Company's its own funds, without reimbursement therefore, which, in the aggregate, for any month, shall not exceed one twelfth of 0.50% of the outstanding principal balance of the Mortgage Loans);
(ix) any amounts required to be deposited by the Company pursuant to Section 4.11 in connection with the deductible clause in any blanket hazard insurance policy; and;
(x) any amounts received with respect to or related to any REO Property and all REO Disposition Proceeds pursuant to Section 4.16;
(xi) with respect to a Subsidy Loan, an amount from the Escrow Account that when added to the Mortgagor's payment will equal the full monthly amount due under the related Mortgage Note;
(xii) with respect to a Pledged Asset Mortgage Loan, any amounts required to be deposited by the Company pursuant to Section 4.31 of this Agreement in connection with a Letter of Credit; and
(xiii) with respect to each Buydown Mortgage Loan, an amount from the Escrow Account that when added to the Mortgagor's payment will equal the full monthly amount due under the related Mortgage Note. The foregoing requirements for deposit into the Custodial 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, prepayment penalties, charges and assumption fees, and other ancillary fees to the extent permitted by Section 6.01, need not be deposited by the Company into the Custodial Account. Any interest paid on funds deposited in the Custodial Account by the depository institution shall accrue to the benefit of the Company and the Company shall be entitled to retain and withdraw such interest from the Custodial Account pursuant to Section 4.05. The Company shall maintain adequate records with respect to all deposits made pursuant to this Section 4.04. All funds required to be deposited in the Custodial Account shall be held in trust for the Purchaser until withdrawn in accordance with Section 4.05.
Appears in 6 contracts
Samples: Master Seller's Warranties and Servicing Agreement (Banc of America Funding 2006-G Trust), Master Seller's Warranties and Servicing Agreement (Banc of America Funding Corp), Master Seller's Warranties and Servicing Agreement (Banc of America Funding 2007-3 Trust)
Establishment of and Deposits to Custodial Account. The Company shall segregate and hold all funds collected and received pursuant to a Mortgage Loan separate and apart from any of its own funds and general assets and shall establish and maintain one or more Custodial Accounts, in the form of time deposit or demand accounts, titled "Countrywide Home Loans Inc. “National City Mortgage Co., in trust for the Purchaser of Conventional Residential Conventional Residential Mortgage LoansLoans serviced under a Flow Seller’s Warranties and Servicing Agreement, and various Mortgagors"dated as of May 1, 2003”, or as otherwise directed in writing by the Purchaser or its assigns after the Closing Date in connection with any Whole Loan Transfer or Securitization Transaction. The Custodial Account shall be established with a Qualified Depository. Upon request of the Purchaser and within ten (10) days thereof, the Company shall provide the Purchaser with written confirmation of the existence of such Custodial Account. Any funds deposited in the Custodial Account shall at all times be fully insured to the full fullest extent permitted under applicable lawallowed by Applicable Law. Funds deposited in the Custodial Account may be drawn on by the Company in accordance with Section 4.05. The creation of any Custodial Account shall be evidenced by a certification in the form of Exhibit D-1 hereto, in the case of an account established with the Company, or by a letter agreement in the form of Exhibit D-2 hereto, in the case of an account held by a depository other than the Company. A copy of such certification or letter agreement shall be furnished to the Purchaser and, upon request, to any subsequent Purchaser4.5. The Company shall deposit in the Custodial Account within one Business Day (or two Business Days in the case of the amounts described in clauses (iii) through (v) below) of the Company’s receipt, and retain therein, the following collections received by the Company and payments made by the Company after the related each Cut-off Date, (other than payments of principal and interest due on or before the related such Cut-off Date, or received by the Company prior to the related Cut-off Date but allocable to a period subsequent thereto or with respect to each LPMI Loan, in the amount of the LPMI Fee)::
(i1) all payments on account of principal on the Mortgage Loans, including all Principal Prepayments, but not including Payaheads;
(ii2) all payments on account of interest on the Mortgage Loans Loans, adjusted to the Mortgage Loan Remittance Rate;
(iii3) all Liquidation Proceeds;
(iv4) all Insurance Proceeds including amounts required to be deposited pursuant to Section 4.104.10 (other than proceeds to be held in the Escrow Account and applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with Section 4.14), Section 4.11, Section 4.14 4.11 and Section 4.15;
(v5) all Condemnation Proceeds which are not applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with Section 4.14;
(vi6) any amount required to be deposited in the Custodial Account pursuant to Section 4.014.1, 4.095.1, 5.035.3, 6.01 6.1 or 6.026.2;
(vii7) any amounts payable in connection with the repurchase of any Mortgage Loan pursuant to Section 3.03 and all amounts required to be deposited by the Company in connection with a shortfall in principal amount of any Qualified Substitute Mortgage Loan pursuant to Section 3.032.3, 3.3 or 6.2;
(viii) 8) with respect to each Principal Prepayment in full or in partincluding, for this purpose, the Prepayment Interest Shortfall Amountprincipal portion of Insurance Proceeds, if anyCondemnation Proceeds, for and Liquidation Proceeds an amount (to be paid by the month Company out of distribution. Such deposit shall be made from the Company's its own funds, without reimbursement therefore, but not in excess of its aggregate Servicing Fee for the related Due Period) which, when added to all amounts allocable to interest received in connection with the aggregatePrincipal Prepayment, for any equals one month, shall not exceed one twelfth 's interest on the amount of 0.50% of the outstanding principal balance of so prepaid at the Mortgage LoansLoan Remittance Rate;
(ix9) any amounts required to be deposited by the Company pursuant to Section 4.11 in connection with the deductible clause in any blanket hazard insurance policy; and
(x10) any amounts received with respect to or related to any REO Property and all REO Disposition Proceeds pursuant to Section 4.16. The foregoing requirements for deposit into the Custodial 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, prepayment penalties, charges and assumption fees, and other ancillary fees to the extent permitted by Section 6.1, need not be deposited by the Company into the Custodial Account. Any interest paid on funds deposited in the Custodial Account by the depository institution shall accrue to the benefit of the Company and the Company shall be entitled to retain and withdraw such interest from the Custodial Account pursuant to Section 4.054.5. The Company shall reimburse the Custodial Account for any losses incurred as a result of the investment of amounts on deposit in the Custodial Account.
Appears in 6 contracts
Samples: Flow Seller’s Warranties and Servicing Agreement (GSR Mortgage Loan Trust 2007-Ar1), Flow Seller’s Warranties and Servicing Agreement (GSR Mortgage Loan Trust 2006-9f), Flow Seller’s Warranties and Servicing Agreement (GSR Mortgage Loan Trust 2006-8f)
Establishment of and Deposits to Custodial Account. The Company shall segregate and hold all funds collected and received pursuant to a Mortgage Loan separate and apart from any of its own funds and general assets and shall establish and maintain one or more Custodial Accounts, in the form of time deposit or demand accounts, titled "Countrywide Home Loans Inc. Xxxxx Fargo Bank, N.A., in trust for the Purchaser Bank of Conventional Residential Conventional Residential America, National Association, its successors or assigns, and/or subsequent purchasers of Mortgage Loans, and various Mortgagors". Loans - P & I." The Custodial Account shall be established with a Qualified Depository. Any funds deposited in Upon request of the Purchaser and within ten (10) days thereof, the Company shall provide the Purchaser with written confirmation of the existence of such Custodial Account. The Custodial Account shall at all times be fully insured to the full fullest extent permitted under allowed by applicable law. Funds deposited in the Custodial Account may be drawn on by the Company in accordance with Section 4.05. The creation of any Custodial Account shall be evidenced by a certification in the form of Exhibit D-1 hereto, in the case of an account established with the Company, or by a letter agreement in the form of Exhibit D-2 hereto, in the case of an account held by a depository other than the Company. A copy of such certification or letter agreement shall be furnished to the Purchaser and, upon request, to any subsequent Purchaser. The Company shall deposit in the Custodial Account within two (2) Business Days of Company's receipt, and retain therein, the following collections received by the Company and payments made by the Company after the related Cut-off Date, (other than payments of principal and interest due on or before the related Cut-off Date, or received by the Company prior to the related Cut-off Date but allocable to a period subsequent thereto thereto, other than payments of principal and interest due on or with respect to each LPMI Loan, in before the amount of the LPMI Fee):Cut-off Date:
(i) all payments on account of principal on the Mortgage Loans, including all Principal PrepaymentsPrepayments (including Prepayment Penalties paid by the Mortgagor or other amounts paid by the Company pursuant to Section 4.21 of this Agreement);
(ii) all payments on account of interest on the Mortgage Loans adjusted to the Mortgage Loan Remittance Rate;
(iii) all Liquidation Proceeds;
(iv) all Insurance Proceeds including amounts required to be deposited pursuant to Section 4.104.10 (other than proceeds to be held in the Escrow Account and applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with Section 4.14), Section 4.11, Section 4.14 4.11 and Section 4.15;
(v) all Condemnation Proceeds which are not applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with Section 4.14;
(vi) any amount required to be deposited in the Custodial Account pursuant to Section 4.01, 4.09, 5.03, 6.01 or 6.02;
(vii) any amounts payable in connection with the repurchase of any Mortgage Loan pursuant to Section 3.03 and all amounts required to be deposited by the Company in connection with a shortfall in principal amount of any Qualified Substitute Mortgage Loan pursuant to Section 3.03;
(viii) with respect to each Principal Prepayment in full or in partPrepayment, the Prepayment Interest Shortfall Amount, if any, for (to be paid by the month Company out of distribution. Such deposit shall be made from the Company's its own funds, without reimbursement therefore, which, in the aggregate, for any month, shall not exceed one twelfth of 0.50% of the outstanding principal balance of the Mortgage Loans);
(ix) any amounts required to be deposited by the Company pursuant to Section 4.11 in connection with the deductible clause in any blanket hazard insurance policy; and;
(x) any amounts received with respect to or related to any REO Property and all REO Disposition Proceeds pursuant to Section 4.16; and
(xi) an amount from the Subsidy Account that when added to the Mortgagor's payment will equal the full monthly amount due under the related Mortgage Note. The foregoing requirements for deposit into the Custodial 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, prepayment penalties, charges and assumption fees, and other ancillary fees to the extent permitted by Section 6.01, need not be deposited by the Company into the Custodial Account. Any interest paid on funds deposited in the Custodial Account by the depository institution shall accrue to the benefit of the Company and the Company shall be entitled to retain and withdraw such interest from the Custodial Account pursuant to Section 4.05. The Company shall maintain adequate records with respect to all deposits made pursuant to this Section 4.04. All funds required to be deposited in 44 the Custodial Account shall be held in trust for the Purchaser until withdrawn in accordance with Section 4.05.
Appears in 4 contracts
Samples: Master Seller's Warranties and Servicing Agreement (Banc of America Funding Corp), Master Seller's Warranties and Servicing Agreement (Banc of America Funding 2006-2 Trust), Master Seller's Warranties and Servicing Agreement (Banc of America Funding Corp)
Establishment of and Deposits to Custodial Account. The Company Interim Servicer shall segregate and hold all funds collected and received pursuant to a the Mortgage Loan Loans separate and apart from any of its own funds and general assets and shall establish and maintain one or more Custodial Accounts, in the form of time deposit or demand accounts, titled "Countrywide Home Loans “Greenpoint Mortgage Funding Inc. in trust for the Purchaser of Conventional Lxxxxx Brothers Bank, FSB, Residential Conventional Residential Fixed and Adjustable Rate Mortgage Loans, Group No. 2001- ___ and various Mortgagors"”. The Custodial Account shall be established with a Qualified DepositoryDepository acceptable to the Purchaser. Any funds deposited in the Custodial Account shall at all times be fully insured to the full extent permitted under applicable law. Funds deposited in the Custodial Account may be drawn on by the Company Interim Servicer in accordance with Section 4.052.05. The creation of any Custodial Account shall be evidenced by a certification in the form of Exhibit D-1 2 hereto, in the case of an account established with the CompanyInterim Servicer, or by a letter agreement in the form of Exhibit D-2 3 hereto, in the case of an account held by a depository other than the CompanyInterim Servicer. A copy of such certification or letter agreement shall be furnished to the Purchaser and, upon request, to any subsequent Purchaser. The Company Interim Servicer shall deposit in the Custodial Account within two Business Days of receipton a daily basis, and retain therein, the following collections received by the Company and payments made by the Company Interim Servicer after the related Cut-off Date, Date (other than payments of principal and interest due on or before the related Cut-off Date, or received by the Company prior to the related Cut-off Date but allocable to a period subsequent thereto or with respect to each LPMI Loan, in the amount of the LPMI Fee):
(i) all payments on account of principal on the Mortgage Loans, including all Principal Prepayments;
(ii) all payments on account of interest on the Mortgage Loans adjusted to the Mortgage Loan Remittance Rate;
(iii) all Liquidation Proceeds;
(iv) all Insurance Proceeds including amounts required to be deposited pursuant to Section 4.102.11 (other than proceeds to be held in the Escrow Account and applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with Section 2.15), Section 4.11, Section 4.14 2.12 and Section 4.152.16;
(v) all Condemnation Proceeds which are not applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with Section 4.142.15;
(vi) any amount required to be deposited in the Custodial Account pursuant to Section 4.012.01, 4.092.10, 5.032.17, 6.01 4.01 or 6.024.02;
(vii) any amounts payable in connection with the repurchase of any Mortgage Loan pursuant to Section 3.03 and all amounts required to be deposited by the Company in connection with a shortfall in principal amount terms of any Qualified Substitute Mortgage Loan pursuant to Section 3.03;the Purchase Agreement; and
(viii) with respect to each Principal Prepayment in full or in part, the Prepayment Interest Shortfall Amount, if any, for the month of distribution. Such deposit shall be made from the Company's own funds, without reimbursement therefore, which, in the aggregate, for any month, shall not exceed one twelfth of 0.50% of the outstanding principal balance of the Mortgage Loans;
(ix) any amounts required to be deposited by the Company Interim Servicer pursuant to Section 4.11 2.11 in connection with the deductible clause in any blanket hazard insurance policy; and.
(xix) any amounts prepayment penalties, late payment charges and assumption fees received in connection with respect to or related to any REO Property and all REO Disposition Proceeds pursuant to Section 4.16the Mortgage Loans. The foregoing requirements for deposit into the Custodial 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, prepayment penalties, assumption fees, and other ancillary fees to the extent permitted by Section 4.01, need not be deposited by the Company Interim Servicer into the Custodial Account. Any interest paid on funds deposited in the Custodial Account by the depository institution shall accrue to the benefit of the Company Interim Servicer and the Company Interim Servicer shall be entitled to retain and withdraw such interest from the Custodial Account pursuant to Section 4.052.05.
Appears in 4 contracts
Samples: Interim Servicing Agreement (Lehman XS Trust Series 2006-Gp2), Interim Servicing Agreement (Lehman XS Trust Series 2006-Gp1), Interim Servicing Agreement (Lehman XS Trust Series 2006-4n)
Establishment of and Deposits to Custodial Account. The Company Servicer shall segregate and hold all funds collected and received pursuant to in connection with a Mortgage Loan separate and apart from any of its own funds and general assets and shall establish and maintain one or more Custodial Accounts, in the form of time deposit or demand accounts, titled "Countrywide Home Loans Inc. Xxxxx Fargo Bank, N.A., in trust for the Purchaser Bank of Conventional Residential Conventional Residential America, National Association, its successors or assigns and/or subsequent Owners of Mortgage Loans, and various Mortgagors". Mortgagors - P & I." The Custodial Account shall be established with a Qualified Depository. Any funds deposited Upon request of the Owner and within ten (10) days thereof, the Servicer shall provide the Owner with written confirmation of the existence of such Custodial Account in the form attached hereto as Exhibit E. The Custodial Account shall at all times be fully insured to the full fullest extent permitted under allowed by applicable law. Funds deposited in the Custodial Account may be drawn on by the Company Servicer in accordance with Section 4.05. The creation of any Custodial Account shall be evidenced by a certification in the form of Exhibit D-1 hereto, in the case of an account established with the Company, or by a letter agreement in the form of Exhibit D-2 hereto, in the case of an account held by a depository other than the Company. A copy of such certification or letter agreement shall be furnished to the Purchaser and, upon request, to any subsequent Purchaser. The Company Servicer shall deposit in the Custodial Account within two (2) Business Days of Servicer's receipt, and retain therein, the following collections received by the Company Servicer and payments made any other amounts required to be deposited by the Company Servicer pursuant to this Agreement after the related Cut-off Date, (or received by the Servicer prior to the Cut-off Date but allocable to a period subsequent thereto, other than payments of principal and interest due on or before the related Cut-off Date, or received by the Company prior to the related Cut-off Date but allocable to a period subsequent thereto or with respect to each LPMI Loan, in the amount of the LPMI Fee):as follows:
(ia) all payments on account of principal on the Mortgage Loans, including all Principal PrepaymentsPrepayments (including Prepayment Penalties paid by the Mortgagor or other amounts paid by the Servicer pursuant to Section 4.01 of this Agreement);
(iib) all payments on account of interest on the Mortgage Loans adjusted to the Mortgage Loan Remittance RateRate along with any Prepayment Interest Shortfall;
(iiic) all Liquidation Proceeds;
(ivd) all Insurance Proceeds including amounts required to be deposited pursuant to Section 4.104.10 (other than proceeds to be held in the Escrow Account and applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with Section 4.14), Section 4.11, Section 4.14 4.11 and Section 4.15;
(ve) all Condemnation Proceeds which are not applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with Section 4.14;
(vif) any amount required to be deposited in the Custodial Account pursuant to Section Sections 4.01, 4.09, 5.03, 6.01 or 6.02;
(viig) any amounts payable in connection with the repurchase of any Mortgage Loan pursuant to Section 3.03 and all amounts required to be deposited by the Company in connection with a shortfall in principal amount of any Qualified Substitute Mortgage Loan pursuant to Section 3.035.04;
(viii) with respect to each Principal Prepayment in full or in part, the Prepayment Interest Shortfall Amount, if any, for the month of distribution. Such deposit shall be made from the Company's own funds, without reimbursement therefore, which, in the aggregate, for any month, shall not exceed one twelfth of 0.50% of the outstanding principal balance of the Mortgage Loans;
(ixh) any amounts required to be deposited by the Company Servicer pursuant to Section 4.11 in connection with the deductible clause in any blanket hazard insurance policy; and
(xi) any amounts received with respect to or related to any REO Property and all REO Disposition Proceeds pursuant to Section 4.16. The foregoing requirements for deposit into the Custodial 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, prepayment penalties, assumption fees, and other ancillary fees need not be deposited by the Company into the Custodial Account. Any interest paid on funds deposited in the Custodial Account by the depository institution shall accrue to the benefit of the Company and the Company shall be entitled to retain and withdraw such interest from the Custodial Account pursuant to Section 4.05.
Appears in 4 contracts
Samples: Servicing Agreement (Banc of America Funding 2007-2 Trust), Servicing Agreement (Banc of America Funding 2007-6 Trust), Servicing Agreement (Banc of America Funding 2007-4 Trust)
Establishment of and Deposits to Custodial Account. The Company Seller shall segregate and hold all funds collected and received pursuant to a the Mortgage Loan Loans separate and apart from any of its own funds and general assets and shall establish and maintain one or more Custodial Accounts, in the form of time deposit or demand accounts, titled "Countrywide Home Loans Inc. RBC Mortgage Company in trust for the Purchaser of Conventional Xxxxxx Brothers Bank, FSB, Residential Conventional Residential Fixed and Adjustable Rate Mortgage Loans, and various Mortgagors"Group No. 2003-2." The Custodial Account shall be established with a Qualified DepositoryDepository acceptable to the Purchaser. Any funds deposited in the Custodial Account shall at all times be fully insured to the full extent permitted under applicable law. Funds deposited in the Custodial Account may be drawn on by the Company Seller in accordance with Section 4.052.05. The creation of any Custodial Account shall be evidenced by a certification in the form of Exhibit D-1 2 hereto, in the case of an account established with the CompanySeller, or by a letter agreement in the form of Exhibit D-2 3 hereto, in the case of an account held by a depository other than the CompanySeller. A copy of such certification or letter agreement shall be furnished to the Purchaser and, upon request, to any subsequent Purchaser. The Company Seller shall deposit in the Custodial Account within two Business Days of receipton a daily basis, and retain therein, the following collections received by the Company and payments made by the Company Seller after the related Cut-off Date, (other than payments of principal and interest due on or before the related Cut-off Date, or received by the Company prior to the related Cut-off Date but allocable to a period subsequent thereto or with respect to each LPMI Loan, in the amount of the LPMI Fee)::
(i) all payments on account of principal on the Mortgage Loans, including all Principal Prepayments;
(ii) all payments on account of interest on the Mortgage Loans adjusted to the Mortgage Loan Remittance Rate;
(iii) all Liquidation Proceeds;
(iv) all Insurance Proceeds including amounts required to be deposited pursuant to Section 4.102.11 (other than proceeds to be held in the Escrow Account and applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with Section 2.15), Section 4.11, Section 4.14 2.12 and Section 4.152.16;
(v) all Condemnation Proceeds which are not applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with Section 4.142.15;
(vi) any amount required to be deposited in the Custodial Account pursuant to Section 4.012.01, 4.092.10, 5.032.17, 6.01 4.01 or 6.024.02;
(vii) any amounts payable in connection with the repurchase of any Mortgage Loan pursuant to Section 3.03 and all amounts required to be deposited by 8 of the Company in connection with a shortfall in principal amount of any Qualified Substitute Mortgage Loan pursuant to Section 3.03;Purchase Agreement; and
(viii) with respect to each Principal Prepayment in full or in part, the Prepayment Interest Shortfall Amount, if any, for the month of distribution. Such deposit shall be made from the Company's own funds, without reimbursement therefore, which, in the aggregate, for any month, shall not exceed one twelfth of 0.50% of the outstanding principal balance of the Mortgage Loans;
(ix) any amounts required to be deposited by the Company Seller pursuant to Section 4.11 2.11 in connection with the deductible clause in any blanket hazard insurance policy; and
(x) any amounts received with respect to or related to any REO Property and all REO Disposition Proceeds pursuant to Section 4.16. The foregoing requirements for deposit into the Custodial 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, prepayment penalties, charges and assumption fees, and other ancillary fees to the extent permitted by Section 4.01, need not be deposited by the Company Seller into the Custodial Account. Any interest paid on funds deposited in the Custodial Account by the depository institution shall accrue to the benefit of the Company Seller and the Company Seller shall be entitled to retain and withdraw such interest from the Custodial Account pursuant to Section 4.052.05.
Appears in 4 contracts
Samples: Interim Servicing Agreement (Structured Asset Securities Corp), Servicing Agreement (Structured Adjustable Rate Mortgage Loan Trust), Interim Servicing Agreement (Structured Adjustable Rate Mortgage Loan Trust)
Establishment of and Deposits to Custodial Account. The Company shall segregate and hold all funds collected and received pursuant to in connection with a Mortgage Loan separate and apart from any of its own funds and general assets and shall establish and maintain one or more Custodial Accounts, in the form of time deposit or demand accounts, titled "Countrywide Home Loans Inc. “Xxxxx Fargo Bank, N.A., in trust for the Purchaser and/or subsequent purchasers of Conventional Residential Conventional Residential Mortgage Loans, and various Mortgagors". - P & I.” The Custodial Account shall be established with a Qualified Depository. Any funds deposited in Upon request of the Purchaser and within ten (10) days thereof, the Company shall provide the Purchaser with written confirmation of the existence of such Custodial Account. The Custodial Account shall at all times be fully insured to the full fullest extent permitted under allowed by applicable law. Funds deposited in the Custodial Account may be drawn on by the Company in accordance with Section 4.05. The creation of any Custodial Account shall be evidenced by a certification in the form of Exhibit D-1 hereto, in the case of an account established with the Company, or by a letter agreement in the form of Exhibit D-2 hereto, in the case of an account held by a depository other than the Company. A copy of such certification or letter agreement shall be furnished to the Purchaser and, upon request, to any subsequent Purchaser. The Company shall deposit in the Custodial Account within two (2) Business Days of Company’s receipt, and retain therein, the following collections received by the Company and payments made by the Company after the related Cut-off Date, (other than payments of principal and interest due on or before the related Cut-off Date, or received by the Company prior to the related Cut-off Date but allocable to a period subsequent thereto or with respect to each LPMI Loan, in the amount of the LPMI Fee):thereto:
(i) all payments on account of principal on the Mortgage Loans, including all Principal Prepayments;
(ii) all payments on account of interest on the Mortgage Loans adjusted to the Mortgage Loan Remittance Rate;
(iii) all Liquidation Proceeds;
(iv) all Insurance Proceeds including amounts required to be deposited pursuant to Section 4.104.10 (other than proceeds to be held in the Escrow Account and applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with Section 4.14), Section 4.11, Section 4.14 4.11 and Section 4.15;
(v) all Condemnation Proceeds which are not applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with Section 4.14;
(vi) any amount required to be deposited in the Custodial Account pursuant to Section 4.01, 4.09, 5.03, 6.01 or 6.02;
(vii) any amounts payable in connection with the repurchase of any Mortgage Loan pursuant to Section 3.03 and all amounts required to be deposited by the Company in connection with a shortfall in principal amount of any Qualified Substitute Mortgage Loan pursuant to Section 3.03;
(viii) with respect to each Principal Prepayment in full or in part, an amount (to be paid by the Prepayment Interest Shortfall Amount, if any, for the month Company out of distribution. Such deposit shall be made from the Company's own its funds, without reimbursement therefore, ) which, when added to all amounts allocable to interest received in connection with the aggregatePrincipal Prepayment, for any equals one month, shall not exceed one twelfth ’s interest on the amount of 0.50% of the outstanding principal balance of so prepaid at the Mortgage LoansLoan Remittance Rate;
(ix) any amounts required to be deposited by the Company pursuant to Section 4.11 in connection with the deductible clause in any blanket hazard insurance policy; and;
(x) any amounts received with respect to or related to any REO Property and all REO Disposition Proceeds pursuant to Section 4.16;
(xi) with respect to each Buydown Mortgage Loan and Subsidy Loan, an amount from the Escrow Account that when added to the amount received from the Mortgagor for such month, will equal the full Monthly Payment due under the related Mortgage Note; and
(xii) with respect to Pledged Asset Mortgage Loans, any amounts required to be deposited pursuant to Section 4.27 of this Agreement in connection with a Letter of Credit. The foregoing requirements for deposit into the Custodial 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, prepayment penalties, charges and assumption fees, to the extent permitted by Section 6.01, and other ancillary fees any amounts received with respect to or related to Incremental Interest need not be deposited by the Company into the Custodial Account. Any interest paid on funds deposited in the Custodial Account by the depository institution shall accrue to the benefit of the Company and the Company shall be entitled to retain and withdraw such interest from the Custodial Account pursuant to Section 4.05.
Appears in 4 contracts
Samples: Master Seller’s Warranties and Servicing Agreement (Morgan Stanley Mortgage Loan Trust 2007-15ar), Master Seller’s Warranties and Servicing Agreement (Morgan Stanley Mortgage Loan Trust 2007-10xs), Master Seller’s Warranties and Servicing Agreement (Morgan Stanley Mortgage Loan Trust 2007-14ar)
Establishment of and Deposits to Custodial Account. The Company shall segregate and hold all funds collected and received pursuant to a Mortgage Loan separate and apart from any of its own funds and general assets and shall establish and maintain one or more Custodial Accounts, in the form of time deposit or demand accounts, titled "Countrywide Home Loans Inc. National City Mortgage Co., as Servicer, in trust for the Purchaser Banc of Conventional Residential Conventional Residential America Mortgage Capital Corporation and/or subsequent Purchasers of fixed and adjustable rate Mortgage Loans, and various Mortgagors". ." The Custodial Account shall be established with a Qualified DepositoryDepository acceptable to the Purchaser. Any funds deposited in the Custodial Account shall at all times be fully insured to the full extent permitted under applicable law. Funds deposited in the Custodial Account may be drawn on by the Company in accordance with Section 4.05. The creation of any Custodial Account shall be evidenced by a certification in the form of Exhibit D-1 C-1 hereto, in the case of an account established with the Company, or by a letter agreement in the form of Exhibit D-2 C-2 hereto, in the case of an account held by a depository other than the Company. A copy of such certification or letter agreement shall be furnished to the Purchaser and, upon request, to any subsequent Purchaser. The Company shall deposit in the Custodial Account within two Business Days of receipton a daily basis, and retain therein, the following collections received by the Company and payments made by the Company after the related Cut-off Date, (other than payments of principal and interest due on or before the related Cut-off Date, or received by the Company prior (these amounts remit to the related Cut-off Date but allocable to a period subsequent thereto Purchaser), or with respect to each LPMI Loan, in the amount of the LPMI Fee):
(i) all payments on account of principal on the Mortgage Loans, including all Principal Prepayments;
(ii) all payments on account of interest on the Mortgage Loans adjusted to the Mortgage Loan Remittance Rate;
(iii) all Liquidation Proceeds;
(iv) all Insurance Proceeds including amounts required to be deposited pursuant to Section 4.104.10 (other than proceeds to be held in the Escrow Account and applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with Section 4.14), Section 4.11, Section 4.14 4.11 and Section 4.15;
(v) all Condemnation Proceeds which are not applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with Section 4.14;
(vi) any amount required to be deposited in the Custodial Account pursuant to Section 4.01, 4.09, 5.03, 6.01 or 6.02;
(vii) any amounts payable in connection with the repurchase of any Mortgage Loan pursuant to Section 3.03 3.03, 3.04 or 3.05 and all amounts required to be deposited by the Company in connection with a shortfall in principal amount of any Qualified Substitute Mortgage Loan pursuant to Section 3.03;
(viii) with respect to each Principal Prepayment in full or in part, the Prepayment Interest Shortfall Amount, to be paid by the Company out of its own funds without reimbursement therefor, if any, for the month of distribution. Such deposit shall be made from the Company's own funds, without reimbursement therefore, which, in the aggregate, for any month, shall not exceed one twelfth of 0.50% of the outstanding principal balance of the Mortgage Loanstherefor;
(ix) any amounts required to be deposited by the Company pursuant to Section 4.11 in connection with the deductible clause in any blanket hazard insurance policy; and
(x) any amounts received with respect to or related to any REO Property and all REO Disposition Proceeds pursuant to Section 4.16. The foregoing requirements for deposit into the Custodial Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, payments in the nature of Ancillary Income, including late payment charges, prepayment penalties, charges and assumption fees, and other ancillary fees to the extent permitted by Section 6.01, need not be deposited by the Company into the Custodial Account. Any interest paid on funds deposited in the Custodial Account by the depository institution shall accrue to the benefit of the Company and the Company shall be entitled to retain and withdraw such interest from the Custodial Account pursuant to Section 4.05. Prior to changing the location of the Custodial Account, the Company shall give notice to the Purchaser of such change, which notice shall set forth the new location of the Custodial Account when established. The Company shall maintain adequate records with respect to all withdrawals made pursuant to this Section 4.04. All funds required to be deposited in the Custodial Account shall be held in trust for the Purchaser until withdrawn in accordance with Section 4.05.
Appears in 4 contracts
Samples: Master Seller's Warranties and Servicing Agreement (Banc of America Funding 2006-2 Trust), Master Seller's Warranties and Servicing Agreement (Banc of America Funding 2006-3 Trust), Warranties and Servicing Agreement (Banc of America Funding 2007-a Trust)
Establishment of and Deposits to Custodial Account. The Company shall segregate and hold all funds collected and received pursuant to a Mortgage Loan separate and apart from any of its own funds and general assets and shall establish and maintain one or more Custodial Accounts, in the form of time deposit or demand accounts, titled "Countrywide Home Loans Inc. National City Mortgage Co., as Servicer, in trust for the Purchaser of Conventional Residential Conventional Residential Fixed Rate and Adjustable Rate Mortgage Loans, and various Mortgagors". The Custodial Account shall be established with a Qualified DepositoryDepository acceptable to the Purchaser. Any funds deposited in the Custodial Account shall at all times be fully insured to the full extent permitted under applicable law. Funds deposited in the Custodial Account may be drawn on by the Company in accordance with Section 4.05. The creation of any Custodial Account shall be evidenced by a certification in the form of Exhibit D-1 hereto, in the case of an account established with the Company, or by a letter agreement in the form of Exhibit D-2 hereto, in the case of an account held by a depository other than the Company. A copy of such certification or letter agreement shall be furnished to the Purchaser and, upon request, to any subsequent Purchaser. The Company shall deposit in the Custodial Account within two Business Days of receipton a daily basis, and retain therein, the following collections received by the Company and payments made by the Company after the related Cut-off Date, (other than payments of principal and interest due on or before the related Cut-off Date, or received by the Company prior to the related Cut-off Date but allocable to a period subsequent thereto or with respect to each LPMI Loan, in the amount of the LPMI Fee):
(i) all payments on account of principal on the Mortgage Loans, including all Principal Prepayments;
(ii) all payments on account of interest on the Mortgage Loans adjusted to the Mortgage Loan Remittance Rate, including all Prepayment Charges;
(iii) all Liquidation Proceeds;
(iv) all Insurance Proceeds including amounts required to be deposited pursuant to Section 4.104.10 (other than proceeds to be held in the Escrow Account and applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with Section 4.14), Section 4.11, Section 4.14 4.11 and Section 4.15;
(v) all Condemnation Proceeds which are not applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with Section 4.14;
(vi) any amount required to be deposited in the Custodial Account pursuant to Section 4.01, 4.09, 5.03, 6.01 or 6.02;
(vii) any amounts payable in connection with the repurchase of any Mortgage Loan pursuant to Section 3.03 or 3.04 and all amounts required to be deposited by the Company in connection with a shortfall in principal amount of any Qualified Substitute Mortgage Loan pursuant to Section 3.03;
(viii) with respect to each Principal Prepayment in full or in part, the Prepayment Interest Shortfall Amount, to be paid by the Company out of its own funds without reimbursement therefor, if any, for the month of distribution. Such deposit shall be made from the Company's own funds, without reimbursement therefore, which, in the aggregate, for any month, shall not exceed one twelfth of 0.50% of the outstanding principal balance of the Mortgage Loans;
(ix) any amounts required to be deposited by the Company pursuant to Section 4.11 in connection with the deductible clause in any blanket hazard insurance policy; and
(x) any amounts received with respect to or related to any REO Property and all REO Disposition Proceeds pursuant to Section 4.16. The foregoing requirements for deposit into the Custodial Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, payments in the nature of Ancillary Income, including late payment charges, prepayment penalties, charges and assumption fees, and other ancillary fees to the extent permitted by Section 6.01, need not be deposited by the Company into the Custodial Account. Any interest paid on funds deposited in the Custodial Account by the depository institution shall accrue to the benefit of the Company and the Company shall be entitled to retain and withdraw such interest from the Custodial Account pursuant to Section 4.05. Prior to changing the location of the Custodial Account, the Company shall give notice to the Purchaser of such change, which notice shall set forth the new location of the Custodial Account when established.
Appears in 3 contracts
Samples: Master Seller's Warranties and Servicing Agreement (Merrill Lynch Mortgage Investors Trust Series 2006-A3), Master Seller's Warranties and Servicing Agreement (Merrill Lynch Mortgage Investors Trust Series 2006-A4), Master Seller's Warranties and Servicing Agreement (Merrill Lynch Alternative Note Asset Trust, Series 2007-A2)
Establishment of and Deposits to Custodial Account. The Company shall segregate and hold all funds collected and received pursuant to a Mortgage Loan separate and apart from any of its own funds and general assets and shall establish and maintain one or more Custodial Accounts, in the form of time deposit or demand accounts, titled "Countrywide Xxxxx Fargo Home Loans Inc. Mortgage, Inc., in trust for the Purchaser and/or subsequent purchasers of Conventional Residential Conventional Residential Mortgage Loans, and various Mortgagors". Mortgagors - P & I." The Custodial Account shall be established with a Qualified Depository. Any funds deposited in the Custodial Account shall at all times be fully insured to the full fullest extent permitted under allowed by applicable law. Funds deposited in the Custodial Account may be drawn on by the Company in accordance with Section 4.05. The creation of any Custodial Account shall be evidenced by a certification in the form of Exhibit D-1 hereto, in the case of an account established with the Company, or by a letter agreement in the form of Exhibit D-2 hereto, in the case of an account held by a depository other than the Company. Company each in the forms attached hereto as Exhibit E. A copy of such certification or letter agreement shall be furnished to the Purchaser andor any subsequent purchaser, upon request, to any subsequent Purchaser. The Company shall deposit in the Custodial Account within two one (1) Business Days Day of Company’s receipt, and retain therein, the following collections received by the Company and payments made by the Company after the related Cut-off Date, (other than payments of principal and interest due on or before the related Cut-off Date, or received by the Company prior to the related Cut-off Date but allocable to a period subsequent thereto or with respect to each LPMI Loan, in the amount of the LPMI Fee):thereto:
(i) all payments on account of principal on the Mortgage Loans, including all Principal Prepayments;
(ii) any Principal Prepayment charges received in connection with a Mortgage Loan;
(iii) all payments on account of interest on the Mortgage Loans adjusted to the Mortgage Loan Remittance Rate;
(iiiiv) all Liquidation Proceeds;
(ivv) all Insurance Proceeds including amounts required to be deposited pursuant to Section 4.104.10 (other than proceeds to be held in the Escrow Account and applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with Section 4.14), Section 4.11, Section 4.14 4.11 and Section 4.15;
(vvi) all Condemnation Proceeds which are not applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with Section 4.14;
(vivii) any amount required to be deposited in the Custodial Account pursuant to Section 4.01, 4.09, 5.03, 6.01 or 6.02;
(viiviii) any amounts payable in connection with the repurchase of any Mortgage Loan pursuant to Section 3.03 and all amounts required to be deposited by the Company in connection with a shortfall in principal amount of any Qualified Substitute Mortgage Loan pursuant to Section 3.03;
(viiiix) with respect to each Principal Prepayment in full or in part, an amount (to be paid by the Prepayment Interest Shortfall Amount, if any, for the month Company out of distribution. Such deposit shall be made from the Company's own its funds, without reimbursement therefore, ) which, when added to all amounts allocable to interest received in connection with the aggregatePrincipal Prepayment, for any equals one month, shall not exceed one twelfth 's interest on the amount of 0.50% of the outstanding principal balance of so prepaid at the Mortgage LoansLoan Remittance Rate;
(ixx) any amounts required to be deposited by the Company pursuant to Section 4.11 in connection with the deductible clause in any blanket hazard insurance policy; and
(xxi) any amounts received with respect to or related to any REO Property and all REO Disposition Proceeds pursuant to Section 4.16. The foregoing requirements for deposit into the Custodial 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, prepayment penalties, charges and assumption fees, and other ancillary fees to the extent permitted by Section 6.01, need not be deposited by the Company into the Custodial Account. Any interest paid on funds deposited in the Custodial Account by the depository institution shall accrue to the benefit of the Company and the Company shall be entitled to retain and withdraw such interest from the Custodial Account pursuant to Section 4.05.
Appears in 3 contracts
Samples: Servicing Agreement (Structured Asset Sec Corp Mort Pass THR Certs Ser 2002 Bc4), Servicing Agreement (Structured Asset Sec Corp Mort Pass THR Certs Series 2004-3), Servicing Agreement (Structured Asset Sec Corp Mort Passthr Certs Ser 2003-38)
Establishment of and Deposits to Custodial Account. The Company shall segregate and hold all funds collected and received pursuant to a Mortgage Loan separate and apart from any of its own funds and general assets and shall establish and maintain one or more Custodial Accounts, in the form of time deposit or demand accounts, titled "Countrywide Home Loans Inc. “SunTrust Mortgage, Inc., in trust for the Purchaser of Conventional Residential Conventional Residential Mortgage LoansLoans serviced under the Amended and Restated Flow Seller’s Warranties and Servicing Agreement, and various Mortgagors"dated as of December 1, 2005”, or as otherwise directed in writing by the Purchaser or its assigns after the Closing Date in connection with any Whole Loan Transfer or Securitization Transaction. The Custodial Account shall be established with a Qualified Depository. Upon request of the Purchaser and within ten (10) days thereof, the Company shall provide the Purchaser with written confirmation of the existence of such Custodial Account. Any funds deposited in the Custodial Account shall at all times be fully insured to the full fullest extent permitted under applicable lawallowed by Applicable Law. Funds deposited in the Custodial Account may be drawn on by the Company in accordance with Section 4.05. The creation of any Custodial Account shall be evidenced by a certification in the form of Exhibit D-1 hereto, in the case of an account established with the Company, or by a letter agreement in the form of Exhibit D-2 hereto, in the case of an account held by a depository other than the Company. A copy of such certification or letter agreement shall be furnished to the Purchaser and, upon request, to any subsequent Purchaser4.5. The Company shall deposit in the Custodial Account within one Business Day (or two Business Days in the case of the amounts described in clauses (3) through (5) below) of the Company’s receipt, and retain therein, the following collections received by the Company and payments made by the Company after the related each Cut-off Date, (other than payments of principal and interest due on or before the related such Cut-off Date, or received by the Company prior to the related Cut-off Date but allocable to a period subsequent thereto or with respect to each LPMI Loan, in the amount of the LPMI Fee):thereto:
(i1) all payments on account of principal on the Mortgage Loans, including all Principal Prepayments, but not including Payaheads;
(ii2) all payments on account of interest on the Mortgage Loans Loans, adjusted to the Mortgage Loan Remittance Rate;
(iii3) all Liquidation Proceeds;
(iv4) all Insurance Proceeds including amounts required to be deposited pursuant to Section 4.104.10 (other than proceeds to be held in the Escrow Account and applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with Section 4.14), Section 4.11, Section 4.14 4.11 and Section 4.15;
(v5) all Condemnation Proceeds which are not applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with Section 4.14;
(vi6) any amount required to be deposited in the Custodial Account pursuant to Section 4.014.1, 4.095.1, 5.035.3, 6.01 6.1 or 6.026.2;
(vii7) any amounts payable in connection with the repurchase of any Mortgage Loan pursuant to Section 3.03 and all amounts required to be deposited by the Company in connection with a shortfall in principal amount of any Qualified Substitute Mortgage Loan pursuant to Section 3.032.3, 3.3 or 6.2;
(viii) 8) with respect to each Principal Prepayment in full or in partincluding, for this purpose, the Prepayment Interest Shortfall Amountprincipal portion of Insurance Proceeds, if anyCondemnation Proceeds, for and Liquidation Proceeds an amount (to be paid by the month Company out of distribution. Such deposit shall be made from the Company's its own funds, without reimbursement therefore, ) which, when added to all amounts allocable to interest received in connection with the aggregatePrincipal Prepayment, for any equals one month, shall not exceed one twelfth ’s interest on the amount of 0.50% of the outstanding principal balance of so prepaid at the Mortgage LoansLoan Remittance Rate;
(ix9) any amounts required to be deposited by the Company pursuant to Section 4.11 in connection with the deductible clause in any blanket hazard insurance policy; and
(x10) any amounts received with respect to or related to any REO Property and all REO Disposition Proceeds pursuant to Section 4.16. The foregoing requirements for deposit into the Custodial 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, prepayment penalties, charges and assumption fees, and other ancillary fees to the extent permitted by Section 6.1, need not be deposited by the Company into the Custodial Account. Any interest paid on funds deposited in the Custodial Account by the depository institution shall accrue to the benefit of the Company and the Company shall be entitled to retain and withdraw such interest from the Custodial Account pursuant to Section 4.054.5. The Company shall reimburse the Custodial Account for any losses incurred as a result of the investment of amounts on deposit in the Custodial Account.
Appears in 3 contracts
Samples: Flow Seller’s Warranties and Servicing Agreement (GSR Mortgage Loan Trust 2007-4f), Flow Seller’s Warranties and Servicing Agreement (STARM Mortgage Loan Trust 2007-1), Flow Seller’s Warranties and Servicing Agreement (GSR Mortgage Loan Trust 2006-9f)
Establishment of and Deposits to Custodial Account. The Company Seller shall segregate and hold all funds collected and received pursuant to a the Mortgage Loan Loans separate and apart from any of its own funds and general assets and shall establish and maintain one or more Custodial Accounts, in the form of time deposit or demand accounts, titled "Countrywide Home Loans Inc. IndyMac Bank, F.S.B. in trust for the Purchaser of Conventional Xxxxxx Brothers Bank, FSB, Residential Conventional Residential Fixed Rate Mortgage Loans, Loans and various Mortgagors". The Custodial Account shall be established with a Qualified DepositoryDepository acceptable to the Purchaser. Any funds deposited in the Custodial Account shall at all times be fully insured to the full extent permitted under applicable law. Funds deposited in the Custodial Account may be drawn on by the Company Seller in accordance with Section 4.052.05. The creation of any Custodial Account shall be evidenced by a certification in the form of Exhibit D-1 2 hereto, in the case of an account established with the CompanySeller, or by a letter agreement in the form of Exhibit D-2 3 hereto, in the case of an account held by a depository other than the CompanySeller. A copy of such certification or letter agreement shall be furnished to the Purchaser and, upon request, to any subsequent Purchaser. The Company Seller shall deposit in the Custodial Account within two Business Days of receipton a daily basis, and retain therein, the following collections received by the Company and payments made by the Company Seller after the related Cut-off Date, (other than payments of principal and interest due on or before the related Cut-off Date, or received by the Company prior to the related Cut-off Date but allocable to a period subsequent thereto or with respect to each LPMI Loan, in the amount of the LPMI Fee)::
(i) all payments on account of principal on the Mortgage Loans, including all Principal Prepayments;
(ii) all payments on account of interest on the Mortgage Loans adjusted to the Mortgage Loan Remittance Rate;
(iii) all Liquidation Proceeds;
(iv) all Insurance Proceeds including amounts required to be deposited pursuant to Section 4.102.11 (other than proceeds to be held in the Escrow Account and applied to the restoration or repair of the Mortgaged Property or Cooperative Unit, as applicable, or released to the Mortgagor in accordance with Section 2.15), Section 4.11, Section 4.14 2.12 and Section 4.152.16;
(v) all Condemnation Proceeds which are not applied to the restoration or repair of the Mortgaged Property or Cooperative Unit, as applicable, or released to the Mortgagor in accordance with Section 4.142.15;
(vi) all prepayment penalties;
(vii) any amount required to be deposited in the Custodial Account pursuant to Section 4.012.01, 4.092.10, 5.032.17, 6.01 4.01 or 6.024.02;
(viiviii) any amounts payable in connection with the repurchase of any Mortgage Loan pursuant to Section 3.03 and all amounts required to be deposited by the Company in connection with a shortfall in principal amount of any Qualified Substitute Mortgage Loan pursuant to Section 3.03;
(viii) with respect to each Principal Prepayment in full or in part, the Prepayment Interest Shortfall Amount, if any, for the month of distribution. Such deposit shall be made from the Company's own funds, without reimbursement therefore, which, in the aggregate, for any month, shall not exceed one twelfth of 0.50% 8 of the outstanding principal balance of the Mortgage Loans;Purchase Agreement; and
(ix) any amounts required to be deposited by the Company Seller pursuant to Section 4.11 2.11 in connection with the deductible clause in any blanket hazard insurance policy; and
(x) any amounts received with respect to or related to any REO Property and all REO Disposition Proceeds pursuant to Section 4.16. The foregoing requirements for deposit into the Custodial 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, prepayment penalties, charges and assumption fees, and other ancillary fees to the extent permitted by Section 4.01, need not be deposited by the Company Seller into the Custodial Account. Any interest paid on funds deposited in the Custodial Account by the depository institution shall accrue to the benefit of the Company Seller and the Company Seller shall be entitled to retain and withdraw such interest from the Custodial Account pursuant to Section 4.052.05.
Appears in 3 contracts
Samples: Servicing Agreement (Structured Asset Securities Corp Mort Pas THR Cer Se 2002-2), Flow Interim Servicing Agreement (Structured Adjustable Rate Mortgage Loan Trust), Flow Interim Servicing Agreement (Sturctured Asset Securities Corp Mort Pass Thru Ser 2004-1)
Establishment of and Deposits to Custodial Account. The Company shall segregate and hold all funds collected and received pursuant to a Mortgage Loan separate and apart from any of its own funds and general assets and shall establish and maintain one or more Custodial Accounts, in the form of time deposit or demand accounts, titled "Countrywide Home Loans Inc. IndyMac Bank, FSB in trust for the Purchaser of Conventional Residential Conventional Residential Fixed and Adjustable Rate Mortgage Loans, Group No. 2005-1 and various Mortgagors". The Custodial Account shall be established with a Qualified DepositoryDepository acceptable to the Purchaser. Any funds deposited in the Custodial Account shall at all times be fully insured to the full extent permitted under applicable law. Funds deposited in the Custodial Account may be drawn on by the Company in accordance with Section 4.05. The creation of any Custodial Account shall be evidenced by a certification in the form of Exhibit D-1 hereto, in the case of an account established with the Company, or by a letter agreement in the form of Exhibit D-2 hereto, in the case of an account held by a depository other than the Company. A copy of such certification or letter agreement shall be furnished to the Purchaser and, upon request, to any subsequent Purchaser. The Company shall deposit in the Custodial Account within two Business Days of receipton a daily basis, and retain therein, the following collections received by the Company and payments made by the Company after the related Cut-off Date, (other than payments of principal and interest due on or before the related Cut-off Date, or received by the Company prior to the related Cut-off Date but allocable to a period subsequent thereto or with respect to each LPMI Loan, in the amount of the LPMI Fee):thereto:
(i) all payments on account of principal on the Mortgage Loans, including all Principal Prepayments;
(ii) all payments on account of interest on the Mortgage Loans adjusted to the Mortgage Loan Remittance Rate;
(iii) all Liquidation Proceeds;
(iv) all Insurance Proceeds including amounts required to be deposited pursuant to Section 4.104.10 (other than proceeds to be held in the Escrow Account and applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with Section 4.14), Section 4.11, Section 4.14 4.11 and Section 4.15;
(v) all Condemnation Proceeds which are not applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with Section 4.14;
(vi) any amount required to be deposited in the Custodial Account pursuant to Section 4.01, 4.09, 5.03, 6.01 or 6.02;
(vii) any amounts payable in connection with the repurchase of any Mortgage Loan pursuant to Section 3.03 3.03, 3.05 or 3.06 and all amounts required to be deposited by the Company in connection with a shortfall in principal amount of any Qualified Substitute Mortgage Loan pursuant to Section 3.03;
(viii) with respect to each Principal Prepayment in full or in part, the Prepayment Interest Shortfall Amount, if any, for the month of distribution. Such deposit shall be made from the Company's own funds, without reimbursement therefore, which, in the aggregate, for any month, shall not exceed one twelfth of 0.50% therefor up to a maximum amount per month of the outstanding principal balance of Servicing Fee actually received for such month for the Mortgage Loans;
(ix) any amounts required to be deposited by the Company pursuant to Section 4.11 in connection with the deductible clause in any blanket hazard insurance policy; and
(x) any amounts received with respect to or related to any REO Property and all REO Disposition Proceeds pursuant to Section 4.16. The foregoing requirements for deposit into the Custodial 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, prepayment penalties, charges and assumption fees, and other ancillary fees to the extent permitted by Section 6.01, need not be deposited by the Company into the Custodial Account. Any interest paid on funds deposited in the Custodial Account by the depository institution shall accrue to the benefit of the Company and the Company shall be entitled to retain and withdraw such interest from the Custodial Account pursuant to Section 4.05.
Appears in 3 contracts
Samples: Seller's Warranties and Servicing Agreement (Lehman Xs Trust Series 2006-2n), Seller's Warranties and Servicing Agreement (Lehman XS Trust Series 2005-5n), Seller's Warranties and Servicing Agreement (Structured Adjustable Rate Mortgage Loan Trust Series 2005-7n)
Establishment of and Deposits to Custodial Account. The Company shall segregate and hold all funds collected and received pursuant to a Mortgage Loan separate and apart from any of its own funds and general assets and shall establish and maintain one or more Custodial Accounts, in the form of time deposit or demand accounts, titled "Countrywide Home Loans Inc. “National City Mortgage Co., as Servicer, in trust for the Purchaser Xxxxxx Xxxxxxx Mortgage Capital Inc. and/or subsequent Purchasers of Conventional Residential Conventional Residential fixed and adjustable rate Mortgage Loans, and various Mortgagors". .” The Custodial Account shall be established with a Qualified DepositoryDepository acceptable to the Purchaser. Any funds deposited in the Custodial Account shall at all times be fully insured to the full extent permitted under applicable law. Funds deposited in the Custodial Account may be drawn on by the Company in accordance with Section 4.05. The creation of any Custodial Account shall be evidenced by a certification in the form of Exhibit D-1 hereto, in the case of an account established with the Company, or by a letter agreement in the form of Exhibit D-2 hereto, in the case of an account held by a depository other than the Company. A copy of such certification or letter agreement shall be furnished to the Purchaser and, upon request, to any subsequent Purchaser. The Company shall deposit in the Custodial Account within two Business Days of receipton a daily basis, and retain therein, the following collections received by the Company and payments made by the Company after the related Cut-off Date, Date (other than payments of principal and interest due on or before the related Cut-off Date, or received by the Company prior (which amounts shall be remitted to the related Cut-off Date but allocable to a period subsequent thereto Company), or with respect to each LPMI Loan, in the amount of the LPMI Fee):
(i) all payments on account of principal on the Mortgage Loans, including all Principal Prepayments;
(ii) all payments on account of interest on the Mortgage Loans adjusted to the Mortgage Loan Remittance Rate;
(iii) all Liquidation Proceeds;
(iv) all Insurance Proceeds including amounts required to be deposited pursuant to Section 4.104.10 (other than proceeds to be held in the Escrow Account and applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with Section 4.14), Section 4.11, Section 4.14 4.11 and Section 4.15;
(v) all Condemnation Proceeds which are not applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with Section 4.14;
(vi) any amount required to be deposited in the Custodial Account pursuant to Section 4.01, 4.09, 5.01, 5.03, 6.01 or 6.02;
(vii) any amounts payable in connection with the repurchase of any Mortgage Loan pursuant to Section 3.03 or 3.05 and all amounts required to be deposited by the Company in connection with a shortfall in principal amount of any Qualified Substitute Mortgage Loan pursuant to Section 3.03;
(viii) with respect to each Principal Prepayment in full or in part, the Prepayment Interest Shortfall Amount, to be paid by the Company out of its own funds without reimbursement therefor, if any, for the month of distribution. Such deposit shall be made from the Company's ’s own funds, without reimbursement thereforetherefor, which, in the aggregate, for any month, shall not exceed one twelfth of 0.50% up to a maximum amount per month of the outstanding principal balance of Servicing Fee actually received by the Company for such month for the Mortgage Loans;
(ix) any amounts required to be deposited by the Company pursuant to Section 4.11 in connection with the deductible clause in any blanket hazard insurance policy; and
(x) any amounts received with respect to or related to any REO Property and all REO Disposition Proceeds pursuant to Section 4.16. The foregoing requirements for deposit into the Custodial Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, payments in the nature of Ancillary Income, including late payment charges, prepayment penalties, charges and assumption fees, and other ancillary fees to the extent permitted by Section 6.01, need not be deposited by the Company into the Custodial Account. Any interest paid on funds deposited in the Custodial Account by the depository institution shall accrue to the benefit of the Company and the Company shall be entitled to retain and withdraw such interest from the Custodial Account pursuant to Section 4.05. Prior to changing the location of the Custodial Account, the Company shall give notice to the Purchaser of such change, which notice shall set forth the new location of the Custodial Account when established. The Company shall maintain adequate records with respect to all withdrawals made pursuant to this Section 4.04. All funds required to be deposited in the Custodial Account shall be held in trust for the Purchaser until withdrawn in accordance with Section 4.05.
Appears in 3 contracts
Samples: Master Seller’s Warranties and Servicing Agreement (Morgan Stanley Mortgage Loan Trust 2007-14ar), Master Seller’s Warranties and Servicing Agreement (Morgan Stanley Mortgage Loan Trust 2007-7ax), Master Seller’s Warranties and Servicing Agreement (Morgan Stanley Mortgage Loan Trust 2007-15ar)
Establishment of and Deposits to Custodial Account. The Company shall segregate and hold all funds collected and received pursuant to a Mortgage Loan separate and apart from any of its own funds and general assets and shall establish and maintain one or more Custodial Accounts, in the form of time deposit or demand accounts, titled "Countrywide Home Loans Inc. IndyMac Bank, FSB in trust for the Purchaser of Conventional Residential Conventional Residential Fixed Rate Mortgage Loans, Group No. 2001-3 and various Mortgagors". The Custodial Account shall be established with a Qualified DepositoryDepository acceptable to the Purchaser. Any funds deposited in the Custodial Account shall at all times be fully insured to the full extent permitted under applicable law. Funds deposited in the Custodial Account may be drawn on by the Company in accordance with Section 4.05. The creation of any Custodial Account shall be evidenced by a certification in the form of Exhibit D-1 hereto, in the case of an account established with the Company, or by a letter agreement in the form of Exhibit D-2 hereto, in the case of an account held by a depository other than the Company. A copy of such certification or letter agreement shall be furnished to the Purchaser and, upon request, to any subsequent Purchaser. The Company shall deposit in the Custodial Account within two Business Days of receipton a daily basis, and retain therein, the following collections received by the Company and payments made by the Company after the related Cut-off Date, (other than payments of principal and interest due on or before the related Cut-off Date, or received by the Company prior to the related Cut-off Date but allocable to a period subsequent thereto or with respect to each LPMI Loan, in the amount of the LPMI Fee):thereto:
(i) all payments on account of principal on the Mortgage Loans, including all Principal Prepayments;
(ii) all payments on account of interest on the Mortgage Loans adjusted to the Mortgage Loan Remittance Rate;
(iii) all Liquidation Proceeds;
(iv) all Insurance Proceeds including amounts required to be deposited pursuant to Section 4.104.10 (other than proceeds to be held in the Escrow Account and applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with Section 4.14), Section 4.11, Section 4.14 4.11 and Section 4.15;
(v) all Condemnation Proceeds which are not applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with Section 4.14;
(vi) any amount required to be deposited in the Custodial Account pursuant to Section 4.01, 4.09, 5.03, 6.01 or 6.02;
(vii) any amounts payable in connection with the repurchase of any Mortgage Loan pursuant to Section 3.03 3.03, 3.05 or 3.06 and all amounts required to be deposited by the Company in connection with a shortfall in principal amount of any Qualified Substitute Mortgage Loan pursuant to Section 3.03;
(viii) with respect to each Principal Prepayment in full or in part, the Prepayment Interest Shortfall Amount, if any, for the month of distribution. Such deposit shall be made from the Company's own funds, without reimbursement therefore, which, in the aggregate, for any month, shall not exceed one twelfth of 0.50% therefor up to a maximum amount per month of the outstanding principal balance of Servicing Fee actually received for such month for the Mortgage Loans;
(ix) any amounts required to be deposited by the Company pursuant to Section 4.11 in connection with the deductible clause in any blanket hazard insurance policy; and
(x) any amounts received with respect to or related to any REO Property and all REO Disposition Proceeds pursuant to Section 4.16. The foregoing requirements for deposit into the Custodial 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, prepayment penalties, charges and assumption fees, and other ancillary fees to the extent permitted by Section 6.01, need not be deposited by the Company into the Custodial Account. Any interest paid on funds deposited in the Custodial Account by the depository institution shall accrue to the benefit of the Company and the Company shall be entitled to retain and withdraw such interest from the Custodial Account pursuant to Section 4.05.
Appears in 3 contracts
Samples: Servicing Agreement (Structured Asset Securities Corp Mort Pas THR Cer Se 2002-2), Servicing Agreement (Structured Asset Sec Corp Mort Pass THR Cert Ser 2002-3), Servicing Agreement (Structured Asset Sec Corp Mort Pas THR Certs Ser 2001 19)
Establishment of and Deposits to Custodial Account. The Company shall segregate and hold all funds collected and received pursuant to a Mortgage Loan separate and apart from any of its own funds and general assets and shall establish and maintain one or more Custodial Accounts, in the form of time deposit or demand accounts, titled "Countrywide Home Loans Inc. “Lydian Private Bank, in trust for the Purchaser of Conventional Residential Conventional Residential Mortgage LoansLoans serviced under the Amended and Restated Flow Seller’s Warranties and Servicing Agreement, and various Mortgagors"dated as of November 1, 2005”, or as otherwise directed in writing by the Purchaser or its assigns after the Closing Date in connection with any Whole Loan Transfer or Securitization Transaction. The Custodial Account shall be established with a Qualified Depository. Upon request of the Purchaser and within ten (10) days thereof, the Company shall provide the Purchaser with written confirmation of the existence of such Custodial Account. Any funds deposited in the Custodial Account shall at all times be fully insured to the full fullest extent permitted under applicable lawallowed by Applicable Law. Funds deposited in the Custodial Account may be drawn on by the Company in accordance with Section 4.05. The creation of any Custodial Account shall be evidenced by a certification in the form of Exhibit D-1 hereto, in the case of an account established with the Company, or by a letter agreement in the form of Exhibit D-2 hereto, in the case of an account held by a depository other than the Company. A copy of such certification or letter agreement shall be furnished to the Purchaser and, upon request, to any subsequent Purchaser4.5. The Company shall deposit in the Custodial Account within one Business Day (or two Business Days in the case of the amounts described in clauses (3) through (5) below) of the Company’s receipt, and retain therein, the following collections received by the Company and payments made by the Company after the related each Cut-off Date, (other than payments of principal and interest due on or before the related such Cut-off Date, or received by the Company prior to the related Cut-off Date but allocable to a period subsequent thereto or with respect to each LPMI Loan, in the amount of the LPMI Fee):thereto:
(i1) all payments on account of principal on the Mortgage Loans, including all Principal Prepayments, but not including Payaheads;
(ii2) all payments on account of interest on the Mortgage Loans Loans, adjusted to the Mortgage Loan Remittance Rate;
(iii3) all Liquidation Proceeds;
(iv4) all Insurance Proceeds including amounts required to be deposited pursuant to Section 4.104.10 (other than proceeds to be held in the Escrow Account and applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with Section 4.14), Section 4.11, Section 4.14 4.11 and Section 4.15;
(v5) all Condemnation Proceeds which are not applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with Section 4.14;
(vi6) any amount required to be deposited in the Custodial Account pursuant to Section 4.014.1, 4.095.1, 5.035.3, 6.01 6.1 or 6.026.2;
(vii7) any amounts payable in connection with the repurchase of any Mortgage Loan pursuant to Section 3.03 and all amounts required to be deposited by the Company in connection with a shortfall in principal amount of any Qualified Substitute Mortgage Loan pursuant to Section 3.032.3, 3.3 or 6.2;
(viii) 8) with respect to each Principal Prepayment in full or in partincluding, for this purpose, the Prepayment Interest Shortfall Amountprincipal portion of Insurance Proceeds, if anyCondemnation Proceeds, for and Liquidation Proceeds an amount (to be paid by the Company out of its own funds) which, when added to all amounts allocable to interest received in connection with the Principal Prepayment, equals one month’s interest on the amount of principal so prepaid at the Mortgage Loan Remittance Rate, provided that the Company shall not be required to deposit interest in excess of the Servicing Fee earned in the month of distribution. Such in which the deposit shall be made from is required with respect to the Company's own funds, without reimbursement therefore, which, in Mortgage Loans that are the aggregate, for any month, shall not exceed one twelfth of 0.50% subject of the outstanding principal balance of the Mortgage LoansCustodial Account;
(ix9) any amounts required to be deposited by the Company pursuant to Section 4.11 in connection with the deductible clause in any blanket hazard insurance policy; and
(x10) any amounts received with respect to or related to any REO Property and all REO Disposition Proceeds pursuant to Section 4.16. The foregoing requirements for deposit into the Custodial 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, prepayment penalties, late payment charges and assumption fees, and other ancillary fees to the extent permitted by Section 6.1, need not be deposited by the Company into the Custodial AccountAccount unless otherwise set forth in the related Purchase Price and Terms Agreement. Any interest paid on funds deposited in the Custodial Account by the depository institution shall accrue to the benefit of the Company and the Company shall be entitled to retain and withdraw such interest from the Custodial Account pursuant to Section 4.054.5. The Company shall reimburse the Custodial Account for any losses incurred as a result of the investment of amounts on deposit in the Custodial Account.
Appears in 2 contracts
Samples: Flow Seller’s Warranties and Servicing Agreement (GSR 2006-Ar2), Flow Seller’s Warranties and Servicing Agreement (GSR Mortgage Loan Trust 2006-Ar1)
Establishment of and Deposits to Custodial Account. The Company Servicer shall segregate and hold all funds collected and received pursuant to a the Mortgage Loan Loans separate and apart from any of its own funds and general assets and shall establish and maintain one or more Custodial Accounts, in to be maintained under the form sole dominion and control of time deposit or demand accounts, the Purchaser and titled "Countrywide Home Loans Inc. IndyMac Bank, F.S.B. in trust for the Purchaser Morgan Stanley Mortgage Capital Inc., owner of Conventional Residential Conventional Residential Fixxx Xxxe Xxxxxxntial Mortgage Loans, and various Mortgagors". The Custodial Account shall be established with a Qualified DepositoryDepository acceptable to the Purchaser. Any funds deposited in the Custodial Account shall at all times be fully insured to the full extent permitted under applicable law. Funds deposited in the Custodial Account may be drawn on by the Company in accordance with Section 4.05. The creation of any Custodial Account shall be evidenced by a certification in the form of Exhibit D-1 2 hereto, in the case of an account established with the CompanyServicer, or by a letter agreement in the form of Exhibit D-2 3 hereto, in the case of an account held by a depository other than the CompanyServicer. A copy of such certification or letter agreement shall be furnished to the Purchaser and, upon request, to any subsequent Purchaser. The Company Servicer shall deposit in the Custodial Account within two on a daily basis on the Business Days of receipt, and retain thereinDay following receipt thereof, the following collections received by the Company Servicer and payments made by the Company Servicer after the related Cut-off Date, (other than payments of principal and interest due on or before the related Cut-off Date, or received by the Company Servicer prior to the related Cut-off Date but allocable to a period subsequent thereto or with respect to each LPMI Loan, in the amount of the LPMI Fee):thereto:
(i) all payments on account of principal on the Mortgage Loans, including all Principal Prepayments;
(ii) all payments on account of interest on the Mortgage Loans adjusted to the Mortgage Loan Remittance RateMortgage;
(iii) all Liquidation ProceedsProceeds and any amount received with respect to REO Property;
(iv) all Insurance Proceeds including amounts required to be deposited pursuant to Section 4.102.10 (other than proceeds to be held in the Escrow Account and applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with Section 2.14), Section 4.11, Section 4.14 2.11 and Section 4.152.15;
(v) all Condemnation Proceeds which are not applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with Section 4.142.14;
(vi) any amount required to be deposited in the Custodial Account pursuant to Section 4.012.01, 4.092.09, 5.032.16, 6.01 3.01, 4.01 or 6.024.02;
(vii) any amounts payable in connection with the repurchase of any Mortgage Loan pursuant to Section 3.03 and all amounts required to be deposited by 9 of the Company in connection with a shortfall in principal amount of any Qualified Substitute Mortgage Loan pursuant to Section 3.03Purchase Agreement;
(viii) any prepayment penalties received with respect to each Principal Prepayment in full any Mortgage Loan or in part, payable by the Prepayment Interest Shortfall Amount, if any, for Servicer pursuant to Section 2.01 (unless the month of distribution. Such deposit shall be made from the Company's own funds, without reimbursement therefore, which, in the aggregate, for any month, shall not exceed one twelfth of 0.50% of the outstanding principal balance of the Mortgage Loansrelated Purchase Price and Terms Agreement indicates otherwise);
(ix) any amounts required to be deposited by the Company Servicer pursuant to Section 4.11 2.11 in connection with the deductible clause in any blanket hazard insurance policy; and
(x) any amounts received with respect to or related each Principal Prepayment an amount (to any REO Property and be paid by the Servicer out of its funds) which, when added to all REO Disposition Proceeds pursuant amounts allocable to Section 4.16interest received in connection with the Principal Prepayment, equals one month's interest on the amount of principal so prepaid at the Mortgage Loan Remittance Rate. The foregoing requirements for deposit into the Custodial Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, payments in the nature of late payment chargesunless otherwise provided herein, prepayment penalties, assumption fees, and other ancillary fees Ancillary Income need not be deposited by the Company Servicer into the Custodial Account. Any interest paid on funds deposited in the Custodial Account by the depository institution shall accrue to the benefit of the Company Servicer and the Company Servicer shall be entitled to retain and withdraw such interest from the Custodial Account pursuant to Section 4.052.05.
Appears in 2 contracts
Samples: Servicing Agreement (Morgan Stanley Mortgage Loan Trust 2006-17xs), Servicing Agreement (Morgan Stanley Mortgage Loan Trust 2007-1xs)
Establishment of and Deposits to Custodial Account. The Company Seller shall segregate and hold all funds collected and received pursuant to a the Mortgage Loan Loans separate and apart from any of its own funds and general assets and shall establish and maintain one or more Custodial Accounts, in the form of time deposit or demand accounts, titled "Countrywide Home Loans Inc. First National Bank of Nevada in trust for the Purchaser Purchasers of Conventional Residential Conventional Residential Fixed and Adjustable Rate Mortgage Loans, Group No. 2004-1 and various Mortgagors". The Custodial Account shall be established with a Qualified DepositoryDepository acceptable to the Purchaser. Any funds deposited in the Custodial Account shall at all times be fully insured to the full extent permitted under applicable law. Funds deposited in the Custodial Account may be drawn on by the Company Seller in accordance with Section 4.052.05. The creation of any Custodial Account shall be evidenced by a certification in the form of Exhibit D-1 2 hereto, in the case of an account established with the CompanySeller, or by a letter agreement in the form of Exhibit D-2 3 hereto, in the case of an account held by a depository other than the CompanySeller. A copy of such certification or letter agreement shall be furnished to the Purchaser and, upon request, to any subsequent Purchaser. The Company Seller shall deposit in the Custodial Account within two Business Days of receipton a daily basis, and retain therein, the following collections received by the Company and payments made by the Company Seller after the related Cut-off Date, (other than payments of principal and interest due on or before the related Cut-off Date, or received by the Company prior to the related Cut-off Date but allocable to a period subsequent thereto or with respect to each LPMI Loan, in the amount of the LPMI Fee)::
(i) all payments on account of principal on the Mortgage Loans, including all Principal Prepayments;
(ii) all payments on account of interest on the Mortgage Loans adjusted to the Mortgage Loan Remittance Rate;
(iii) all Liquidation Proceeds;
(iv) all Insurance Proceeds including amounts required to be deposited pursuant to Section 4.102.11 (other than proceeds to be held in the Escrow Account and applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with Section 2.15), Section 4.11, Section 4.14 2.12 and Section 4.152.16;
(v) all Condemnation Proceeds which are not applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with Section 4.142.15;
(vi) any amount required to be deposited in the Custodial Account pursuant to Section 4.012.01, 4.092.10, 5.032.17, 6.01 4.01 or 6.024.02;
(vii) any amounts payable in connection with the repurchase of any Mortgage Loan pursuant to Section 3.03 and all amounts required to be deposited by 7 of the Company in connection with a shortfall in principal amount of any Qualified Substitute Mortgage Loan pursuant to Section 3.03;Purchase Agreement; and
(viii) with respect to each Principal Prepayment in full or in part, the Prepayment Interest Shortfall Amount, if any, for the month of distribution. Such deposit shall be made from the Company's own funds, without reimbursement therefore, which, in the aggregate, for any month, shall not exceed one twelfth of 0.50% of the outstanding principal balance of the Mortgage Loans;
(ix) any amounts required to be deposited by the Company Seller pursuant to Section 4.11 2.12 in connection with the deductible clause in any blanket hazard insurance policy; and
(x) any amounts received with respect to or related to any REO Property and all REO Disposition Proceeds pursuant to Section 4.16. The foregoing requirements for deposit into the Custodial 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, prepayment penalties, assumption fees, and other ancillary fees to the extent permitted by Section 4.01, need not be deposited by the Company Seller into the Custodial Account. Any interest paid on funds deposited in the Custodial Account by the depository institution shall accrue to the benefit of the Company Seller and the Company Seller shall be entitled to retain and withdraw such interest from the Custodial Account pursuant to Section 4.052.05.
Appears in 2 contracts
Samples: Master Interim Servicing Agreement (Structured Asset Securities Corp Mortgage Pass-Through Certificates, Series 2004-22), Master Interim Servicing Agreement (Structured Adjustable Rate Mortgage Loan Trust)
Establishment of and Deposits to Custodial Account. The Company Seller shall segregate and hold all funds collected and received pursuant to a the Mortgage Loan Loans separate and apart from any of its own funds and general assets and shall establish and maintain one or more Custodial Accounts, in the form of time deposit or demand accounts, titled "Countrywide Home Loans “GreenPoint Mortgage Funding Inc. in trust for the Purchaser Xxxxxx Capital, A Division of Conventional Xxxxxx Brothers Holdings Inc., Residential Conventional Residential Fixed and Adjustable Rate Mortgage Loans, Group No 2006-FLOW and various Mortgagors"”. The Custodial Account shall be established with a Qualified DepositoryDepository acceptable to the Purchaser. Any funds deposited in the Custodial Account shall at all times be fully insured to the full extent permitted under applicable law. Funds deposited in the Custodial Account may be drawn on by the Company Seller in accordance with Section 4.052.05. The creation of any Custodial Account shall be evidenced by a certification in the form of Exhibit D-1 2 hereto, in the case of an account established with the CompanySeller, or by a letter agreement in the form of Exhibit D-2 3 hereto, in the case of an account held by a depository other than the CompanySeller. A copy of such certification or letter agreement shall be furnished to the Purchaser and, upon request, to any subsequent Purchaser. The Company Seller shall deposit in the Custodial Account on a daily basis, within two (2) Business Days of receipt, and retain therein, the following collections received by the Company and payments made by the Company Seller after the related Cut-off Date, Date (other than payments of principal and interest due on or before the related Cut-off Date, or received by the Company prior to the related Cut-off Date but allocable to a period subsequent thereto or with respect to each LPMI Loan, in the amount of the LPMI Fee):
(i) all payments on account of principal on the Mortgage Loans, including all Principal Prepayments;
(ii) all payments on account of interest on the Mortgage Loans adjusted to the Mortgage Loan Remittance Rate;
(iii) all Liquidation Proceeds;
(iv) all Insurance Proceeds including amounts required to be deposited pursuant to Section 4.102.11 (other than proceeds to be held in the Escrow Account and applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with Section 2.15), Section 4.11, Section 4.14 2.12 and Section 4.152.16;
(v) all Condemnation Proceeds which are not applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with Section 4.142.15;
(vi) any amount required to be deposited in the Custodial Account pursuant to Section 4.012.01, 4.092.10, 5.032.17, 6.01 4.01 or 6.024.02;
(vii) any amounts payable in connection with the repurchase of any Mortgage Loan pursuant to Section 3.03 and all amounts required to be deposited by the Company in connection with a shortfall in principal amount terms of any Qualified Substitute Mortgage Loan pursuant to Section 3.03;the Purchase Agreement; and
(viii) with respect to each Principal Prepayment in full or in part, the Prepayment Interest Shortfall Amount, if any, for the month of distribution. Such deposit shall be made from the Company's own funds, without reimbursement therefore, which, in the aggregate, for any month, shall not exceed one twelfth of 0.50% of the outstanding principal balance of the Mortgage Loans;
(ix) any amounts required to be deposited by the Company Seller pursuant to Section 4.11 2.11 in connection with the deductible clause in any blanket hazard insurance policy; and.
(xix) any amounts prepayment penalties, late payment charges and assumption fees received in connection with respect to or related to any REO Property and all REO Disposition Proceeds pursuant to Section 4.16the Mortgage Loans. The foregoing requirements for deposit into the Custodial 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, prepayment penalties, assumption fees, and other ancillary fees to the extent permitted by Section 4.01, need not be deposited by the Company Seller into the Custodial Account. Any interest paid on funds deposited in the Custodial Account by the depository institution shall accrue to the benefit of the Company Seller and the Company Seller shall be entitled to retain and withdraw such interest from the Custodial Account pursuant to Section 4.052.05.
Appears in 2 contracts
Samples: Flow Interim Servicing Agreement (Lehman XS Trust Series 2006-Gp3), Flow Interim Servicing Agreement (Lehman XS Trust Series 2007-15n)
Establishment of and Deposits to Custodial Account. The Company shall segregate and hold all funds collected and received pursuant to a Mortgage Loan separate and apart from any of its own funds and general assets and shall establish and maintain one or more Custodial Accounts, in the form of time deposit or demand accounts, titled "Countrywide “Xxxxx Fargo Home Loans Inc. Mortgage, Inc., in trust for the Purchaser Bane of Conventional Residential Conventional Residential America Mortgage Capital Corporation and/or subsequent purchasers of Mortgage Loans, and various Mortgagors". Mortgagors - p & I.” The Custodial Account shall be established with a Qualified Depository. Upon request of the Purchaser and within ten (10) days thereof, the Company shall provide the Purchaser with written confirmation of the existence of such Custodial Account. Any funds deposited in the Custodial Account shall at all times be fully insured to the full fullest extent permitted under allowed by applicable law. Funds deposited in the Custodial Account may be drawn on by the Company in accordance with Section 4.05. The creation of any Custodial Account shall be evidenced by a certification in the form of Exhibit D-1 hereto, in the case of an account established with the Company, or by a letter agreement in the form of Exhibit D-2 hereto, in the case of an account held by a depository other than the Company. A copy of such certification or letter agreement shall be furnished to the Purchaser and, upon request, to any subsequent Purchaser. The Company shall deposit in the Custodial Account within two (2) Business Days of Company’s receipt, and retain therein, the following collections received by the Company and payments made by the Company after the related Cut-off Date, (other than payments of principal and interest due on or before the related Cut-off Date, or received by the Company prior to the related Cut-off Date but allocable to a period subsequent thereto thereto, other than payments of principal and interest due on or with respect to each LPMI Loan, in before the amount of the LPMI Fee):Cut-off Date:
(i) all payments on account of principal on the Mortgage Loans, including all Principal Prepayments;
(ii) all payments on account of interest on the Mortgage Loans adjusted to the Mortgage Loan Remittance Rate;
(iii) all Liquidation Proceeds;
(iv) all Insurance Proceeds including amounts required to be deposited pursuant to Section 4.104.10 (other than proceeds to be held in the Escrow Account and applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with Section 4.14), Section 4.11, Section 4.14 4.11 and Section 4.15;
(v) all Condemnation Proceeds which are not applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with Section 4.14;
(vi) any amount required to be deposited in the Custodial Account pursuant to Section 4.01, 4.09, 5.03, 6.01 or 6.02;
(vii) any amounts payable in connection with the repurchase of any Mortgage Loan pursuant to Section 3.03 and all amounts required to be deposited by the Company in connection with a shortfall in principal amount of any Qualified Substitute Mortgage Loan pursuant to Section 3.03;
(viii) with respect to each Principal Prepayment in full or in partPrepayment, the Prepayment Interest Shortfall Amount, if any, for (to be paid by the month Company out of distribution. Such deposit shall be made from the Company's its own funds, without reimbursement therefore, which, in the aggregate, for any month, shall not exceed one twelfth of 0.50% of the outstanding principal balance of the Mortgage Loans);
(ix) any amounts required to be deposited by the Company pursuant to Section 4.11 in connection with the deductible clause in any blanket hazard insurance policy; and
(x) any amounts received with respect to or related related, to any REO Property and all REO Disposition Proceeds pursuant to Section 4.16. The foregoing requirements for deposit into the Custodial Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, payments in the nature nature, of late payment charges, prepayment penalties, charges and assumption fees, and other ancillary fees to the extent permitted by Section 6.01, need not be deposited by the Company into the Custodial Account. Any interest paid on funds deposited in the Custodial Account by the depository institution shall accrue to the benefit of the Company and the Company shall be entitled to retain and withdraw such interest from the Custodial Account pursuant to Section 4.05. The Company shall maintain adequate records with respect to all withdrawals made pursuant to this Section 4.04. All funds required to be deposited in the Custodial Account shall be held in trust for the Purchaser until withdrawn in accordance with Section 4.05.
Appears in 2 contracts
Samples: Servicing Agreement (Structured Asset Securities Corp. 2005-14), Servicing Agreement (Structured Asset Securities Corp Mortgage Pass-Through Certificates, Series 2005-10)
Establishment of and Deposits to Custodial Account. The Company shall segregate and hold all funds collected and received pursuant to a Mortgage Loan separate and apart from any of its own funds and general assets and shall establish and maintain one or more Custodial Accounts, in the form of time deposit or demand accounts, titled "Countrywide Home Loans Inc. Xxxxx Fargo Bank, N.A., in trust for the Purchaser Bank of Conventional Residential Conventional Residential America, National Association, its successors or assigns, and/or subsequent purchasers of Mortgage Loans, and various Mortgagors". Mortgagors - P & I." The Custodial Account shall be established with a Qualified Depository. Any funds deposited in Upon request of the Purchaser and within ten (10) days thereof, the Company shall provide the Purchaser with written confirmation of the existence of such Custodial Account. The Custodial Account shall at all times be fully insured to the full fullest extent permitted under allowed by applicable law. Funds deposited in the Custodial Account may be drawn on by the Company in accordance with Section 4.05. The creation of any Custodial Account shall be evidenced by a certification in the form of Exhibit D-1 hereto, in the case of an account established with the Company, or by a letter agreement in the form of Exhibit D-2 hereto, in the case of an account held by a depository other than the Company. A copy of such certification or letter agreement shall be furnished to the Purchaser and, upon request, to any subsequent Purchaser. The Company shall deposit in the Custodial Account within two (2) Business Days of Company's receipt, and retain therein, the following collections received by the Company and payments made by the Company after the related Cut-off Date, (other than payments of principal and interest due on or before the related Cut-off Date, or received by the Company prior to the related Cut-off Date but allocable to a period subsequent thereto thereto, other than payments of principal and interest due on or with respect to each LPMI Loan, in before the amount of the LPMI Fee):Cut-off Date:
(i) all payments on account of principal on the Mortgage Loans, including all Principal PrepaymentsPrepayments (including Prepayment Penalties paid by the Mortgagor or other amounts paid by the Company pursuant to Section 4.21 of this Agreement);
(ii) all payments on account of interest on the Mortgage Loans adjusted to the Mortgage Loan Remittance Rate;
(iii) all Liquidation Proceeds;
(iv) all Insurance Proceeds including amounts required to be deposited pursuant to Section 4.104.10 (other than proceeds to be held in the Escrow Account and applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with Section 4.14), Section 4.11, Section 4.14 4.11 and Section 4.15;
(v) all Condemnation Proceeds which are not applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with Section 4.14;
(vi) any amount required to be deposited in the Custodial Account pursuant to Section 4.01, 4.09, 5.03, 6.01 or 6.02;
(vii) any amounts payable in connection with the repurchase of any Mortgage Loan pursuant to Section 3.03 and all amounts required to be deposited by the Company in connection with a shortfall in principal amount of any Qualified Substitute Mortgage Loan pursuant to Section 3.03;
(viii) with respect to each Principal Prepayment in full or in partPrepayment, the Prepayment Interest Shortfall Amount, if any, for (to be paid by the month Company out of distribution. Such deposit shall be made from the Company's its own funds, without reimbursement therefore, which, in the aggregate, for any month, shall not exceed one twelfth of 0.50% of the outstanding principal balance of the Mortgage Loans);
(ix) any amounts required to be deposited by the Company pursuant to Section 4.11 in connection with the deductible clause in any blanket hazard insurance policy; and;
(x) any amounts received with respect to or related to any REO Property and all REO Disposition Proceeds pursuant to Section 4.16; and
(xi) an amount from the Subsidy Account that when added to the Mortgagor's payment will equal the full monthly amount due under the related Mortgage Note. The foregoing requirements for deposit into the Custodial 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, prepayment penalties, charges and assumption fees, and other ancillary fees to the extent permitted by Section 6.01, need not be deposited by the Company into the Custodial Account. Any interest paid on funds deposited in the Custodial Account by the depository institution shall accrue to the benefit of the Company and the Company shall be entitled to retain and withdraw such interest from the Custodial Account pursuant to Section 4.05. The Company shall maintain adequate records with respect to all withdrawals made pursuant to this Section 4.04. All funds required to be deposited in the Custodial Account shall be held in trust for the Purchaser until withdrawn in accordance with Section 4.05.
Appears in 2 contracts
Samples: Master Seller's Warranties and Servicing Agreement (Banc of America Funding 2006-3 Trust), Master Seller's Warranties and Servicing Agreement (Banc of America Funding 2006-2 Trust)
Establishment of and Deposits to Custodial Account. The Company Seller shall segregate and hold all funds collected and received pursuant to a the Mortgage Loan Loans separate and apart from any of its own funds and general assets and shall establish and maintain one or more Custodial Accounts, in the form of time deposit or demand accounts, titled "Countrywide Home Loans Inc. First National Bank of Nevada in trust for the Purchaser Purchasers of Conventional Residential Conventional Residential Fixed Rate Mortgage Loans, Group No. 2000-1 and various Mortgagors". The Custodial Account shall be established with a Qualified DepositoryDepository acceptable to the Purchaser. Any funds deposited in the Custodial Account shall at all times be fully insured to the full extent permitted under applicable law. Funds deposited in the Custodial Account may be drawn on by the Company Seller in accordance with Section 4.052.05. The creation of any Custodial Account shall be evidenced by a certification in the form of Exhibit D-1 2 hereto, in the case of an account established with the CompanySeller, or by a letter agreement in the form of Exhibit D-2 3 hereto, in the case of an account held by a depository other than the CompanySeller. A copy of such certification or letter agreement shall be furnished to the Purchaser and, upon request, to any subsequent Purchaser. The Company Seller shall deposit in the Custodial Account within two Business Days of receipton a daily basis, and retain therein, the following collections received by the Company and payments made by the Company Seller after the related Cut-off Date, (other than payments of principal and interest due on or before the related Cut-off Date, or received by the Company prior to the related Cut-off Date but allocable to a period subsequent thereto or with respect to each LPMI Loan, in the amount of the LPMI Fee)::
(i) all payments on account of principal on the Mortgage Loans, including all Principal Prepayments;
(ii) all payments on account of interest on the Mortgage Loans adjusted to the Mortgage Loan Remittance Rate;
(iii) all Liquidation Proceeds;
(iv) all Insurance Proceeds including amounts required to be deposited pursuant to Section 4.102.11 (other than proceeds to be held in the Escrow Account and applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with Section 2.15), Section 4.11, Section 4.14 2.12 and Section 4.152.16;
(v) all Condemnation Proceeds which are not applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with Section 4.142.15;
(vi) any amount required to be deposited in the Custodial Account pursuant to Section 4.012.01, 4.092.10, 5.032.17, 6.01 4.01 or 6.024.02;
(vii) any amounts payable in connection with the repurchase of any Mortgage Loan pursuant to Section 3.03 and all amounts required to be deposited by 8 of the Company in connection with a shortfall in principal amount of any Qualified Substitute Mortgage Loan pursuant to Section 3.03;Purchase Agreement; and
(viii) with respect to each Principal Prepayment in full or in part, the Prepayment Interest Shortfall Amount, if any, for the month of distribution. Such deposit shall be made from the Company's own funds, without reimbursement therefore, which, in the aggregate, for any month, shall not exceed one twelfth of 0.50% of the outstanding principal balance of the Mortgage Loans;
(ix) any amounts required to be deposited by the Company Seller pursuant to Section 4.11 2.12 in connection with the deductible clause in any blanket hazard insurance policy; and
(x) any amounts received with respect to or related to any REO Property and all REO Disposition Proceeds pursuant to Section 4.16. The foregoing requirements for deposit into the Custodial 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, prepayment penalties, assumption fees, and other ancillary fees to the extent permitted by Section 4.01, need not be deposited by the Company Seller into the Custodial Account. Any interest paid on funds deposited in the Custodial Account by the depository institution shall accrue to the benefit of the Company Seller and the Company Seller shall be entitled to retain and withdraw such interest from the Custodial Account pursuant to Section 4.052.05.
Appears in 2 contracts
Samples: Master Interim Servicing Agreement (Structured Adjustable Rate Mortgage Loan Trust Mortgage Pass-Through Certificates, Series 2004-14), Master Interim Servicing Agreement (Structured Adjustable Rate Mortgage Loan Trust Mortgage Pass-Through Certificates, Series 2004-16)
Establishment of and Deposits to Custodial Account. The Company shall segregate and hold all funds collected and received pursuant to a Mortgage Loan separate and apart from any of its own funds and general assets and shall establish and maintain one or more Custodial Accounts, in the form of time deposit or demand accounts, titled "Countrywide Home Loans Inc. “National City Mortgage Co., as Servicer, in trust for the Purchaser of Conventional Residential Conventional Fixed and ARM Rate Conventional, FHA or VA Residential Mortgage Loans, Loans and various Mortgagors"”. It is the intent of the parties to this Agreement that the Custodial Accounts created herein be special deposit accounts. The Custodial Account shall be established with a Qualified DepositoryDepository acceptable to the Purchaser. Any funds deposited in the Custodial Account shall at all times be fully insured to the full extent permitted under applicable law. Funds deposited in the Custodial Account may be drawn on by the Company in accordance with Section 4.05. The creation of any Custodial Account shall be evidenced by a certification in the form of Exhibit D-1 hereto, in the case of an account established with the Company, or by a letter agreement in the form of Exhibit D-2 hereto, in the case of an account held by a depository other than the Company. A copy of such certification or letter agreement shall be furnished to the Purchaser and, upon request, to any subsequent Purchaser. The Company shall deposit in the Custodial Account within two Business Days of receipton a daily basis, and retain therein, the following collections received by the Company and payments made by the Company after the related Cut-off Date, (other than payments of principal and interest due on or before the related Cut-off Date, or received by the Company prior to the related Cut-off Date but allocable to a period subsequent thereto thereto, or with respect to each LPMI Loan, in the amount of the LPMI Fee):
(i) all payments on account of principal on the Mortgage Loans, including all Principal Prepayments;
(ii) all payments on account of interest on the Mortgage Loans adjusted to the Mortgage Loan Remittance Rate;
(iii) all Liquidation Proceeds;
(iv) all Insurance Proceeds including amounts required to be deposited pursuant to Section 4.104.10 (other than proceeds to be held in the Escrow Account and applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with Section 4.14), Section 4.11, Section 4.14 4.11 and Section 4.15;
(v) all Condemnation Proceeds which are not applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with Section 4.14;
(vi) any amount required to be deposited in the Custodial Account pursuant to Section 4.01, 4.09, 5.03, 6.01 or 6.02;
(vii) any amounts payable in connection with the repurchase of any Mortgage Loan pursuant to Section 3.03 or 3.04 and all amounts required to be deposited by the Company in connection with a shortfall in principal amount of any Qualified Substitute Mortgage Loan pursuant to Section 3.03;
(viii) with respect to each Principal Prepayment in full or in part, the Prepayment Interest Shortfall Amount, to be paid by the Company out of its own funds without reimbursement therefor, if any, for the month of distribution. Such deposit shall be made from the Company's ’s own funds, without reimbursement therefore, which, in the aggregate, for any month, shall not exceed one twelfth of 0.50% of the outstanding principal balance of the Mortgage Loanstherefor;
(ix) any amounts required to be deposited by the Company pursuant to Section 4.11 in connection with the deductible clause in any blanket hazard insurance policy; and
(x) any amounts received with respect to or related to any REO Property and all REO Disposition Proceeds pursuant to Section 4.16. The foregoing requirements for deposit into the Custodial Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, payments in the nature of Ancillary Income, including late payment charges, prepayment penalties, charges and assumption fees, and other ancillary fees to the extent permitted by Section 6.01, need not be deposited by the Company into the Custodial Account. Any interest paid on funds deposited in the Custodial Account by the depository institution shall accrue to the benefit of the Company and the Company shall be entitled to retain and withdraw such interest from the Custodial Account pursuant to Section 4.05. Prior to changing the location of the Custodial Account, the Company shall give notice to the Purchaser of such change, which notice shall set forth the new location of the Custodial Account when established.
Appears in 2 contracts
Samples: Flow Master Seller’s Warranties and Servicing Agreement (J.P. Morgan Mortgage Trust 2006-S1), Flow Master Seller’s Warranties and Servicing Agreement (JPMMT 2007-A6)
Establishment of and Deposits to Custodial Account. The Company Interim Servicer shall segregate and hold all funds collected and received pursuant to a the Mortgage Loan Loans separate and apart from any of its own funds and general assets and shall establish and maintain one or more Custodial Accounts, in the form of time deposit or demand accounts, titled "Countrywide Home Loans Greenpoint Mortgage Funding Inc. in trust for the Purchaser of Conventional Xxxxxx Brothers Bank, FSB, Residential Conventional Residential Fixed and Adjustable Rate Mortgage Loans, Group No. 2001- ___ and various Mortgagors". The Custodial Account shall be established with a Qualified DepositoryDepository acceptable to the Purchaser. Any funds deposited in the Custodial Account shall at all times be fully insured to the full extent permitted under applicable law. Funds deposited in the Custodial Account may be drawn on by the Company Interim Servicer in accordance with Section 4.052.05. The creation of any Custodial Account shall be evidenced by a certification in the form of Exhibit D-1 2 hereto, in the case of an account established with the CompanyInterim Servicer, or by a letter agreement in the form of Exhibit D-2 3 hereto, in the case of an account held by a depository other than the CompanyInterim Servicer. A copy of such certification or letter agreement shall be furnished to the Purchaser and, upon request, to any subsequent Purchaser. The Company Interim Servicer shall deposit in the Custodial Account within two Business Days of receipton a daily basis, and retain therein, the following collections received by the Company and payments made by the Company Interim Servicer after the related Cut-off Date, Date (other than payments of principal and interest due on or before the related Cut-off Date, or received by the Company prior to the related Cut-off Date but allocable to a period subsequent thereto or with respect to each LPMI Loan, in the amount of the LPMI Fee):
(i) all payments on account of principal on the Mortgage Loans, including all Principal Prepayments;
(ii) all payments on account of interest on the Mortgage Loans adjusted to the Mortgage Loan Remittance Rate;
(iii) all Liquidation Proceeds;
(iv) all Insurance Proceeds including amounts required to be deposited pursuant to Section 4.102.11 (other than proceeds to be held in the Escrow Account and applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with Section 2.15), Section 4.11, Section 4.14 2.12 and Section 4.152.16;
(v) all Condemnation Proceeds which are not applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with Section 4.142.15;
(vi) any amount required to be deposited in the Custodial Account pursuant to Section 4.012.01, 4.092.10, 5.032.17, 6.01 4.01 or 6.024.02;
(vii) any amounts payable in connection with the repurchase of any Mortgage Loan pursuant to Section 3.03 and all amounts required to be deposited by the Company in connection with a shortfall in principal amount terms of any Qualified Substitute Mortgage Loan pursuant to Section 3.03;the Purchase Agreement; and
(viii) with respect to each Principal Prepayment in full or in part, the Prepayment Interest Shortfall Amount, if any, for the month of distribution. Such deposit shall be made from the Company's own funds, without reimbursement therefore, which, in the aggregate, for any month, shall not exceed one twelfth of 0.50% of the outstanding principal balance of the Mortgage Loans;
(ix) any amounts required to be deposited by the Company Interim Servicer pursuant to Section 4.11 2.11 in connection with the deductible clause in any blanket hazard insurance policy; and.
(xix) any amounts prepayment penalties, late payment charges and assumption fees received in connection with respect to or related to any REO Property and all REO Disposition Proceeds pursuant to Section 4.16the Mortgage Loans. The foregoing requirements for deposit into the Custodial 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, prepayment penalties, assumption fees, and other ancillary fees to the extent permitted by Section 4.01, need not be deposited by the Company Interim Servicer into the Custodial Account. Any interest paid on funds deposited in the Custodial Account by the depository institution shall accrue to the benefit of the Company Interim Servicer and the Company Interim Servicer shall be entitled to retain and withdraw such interest from the Custodial Account pursuant to Section 4.052.05.
Appears in 2 contracts
Samples: Interim Servicing Agreement (Structured Asset Securities Corp Mort Pas-THR Cert Ser 2002-), Interim Servicing Agreement (Structured Asset Securities Corp Mor Pas THR Cer Ser 2002-8a)
Establishment of and Deposits to Custodial Account. The Company shall segregate and hold all funds collected and received pursuant to a Mortgage Loan separate and apart from any of its own funds and general assets and shall establish and maintain one or more Custodial Accounts, in the form of time deposit or demand accounts, titled "Countrywide Home Loans Inc. National City Mortgage Co., in trust for the Purchaser of Conventional Residential Conventional Residential Mortgage LoansLoans serviced under a Flow Seller's Warranties and Servicing Agreement, and various Mortgagorsdated as of May 1, 2003", or as otherwise directed in writing by the Purchaser or its assigns after the Closing Date in connection with any Whole Loan Transfer or Securitization Transaction. The Custodial Account shall be established with a Qualified Depository. Upon request of the Purchaser and within ten (10) days thereof, the Company shall provide the Purchaser with written confirmation of the existence of such Custodial Account. Any funds deposited in the Custodial Account shall at all times be fully insured to the full fullest extent permitted under applicable lawallowed by Applicable Law. Funds deposited in the Custodial Account may be drawn on by the Company in accordance with Section 4.05. The creation of any Custodial Account shall be evidenced by a certification in the form of Exhibit D-1 hereto, in the case of an account established with the Company, or by a letter agreement in the form of Exhibit D-2 hereto, in the case of an account held by a depository other than the Company. A copy of such certification or letter agreement shall be furnished to the Purchaser and, upon request, to any subsequent Purchaser4.5. The Company shall deposit in the Custodial Account within one Business Day (or two Business Days in the case of the amounts described in clauses (iii) through (v) below) of the Company's receipt, and retain therein, the following collections received by the Company and payments made by the Company after the related each Cut-off Date, (other than payments of principal and interest due on or before the related such Cut-off Date, or received by the Company prior to the related Cut-off Date but allocable to a period subsequent thereto or with respect to each LPMI Loan, in the amount of the LPMI Fee)::
(i1) all payments on account of principal on the Mortgage Loans, including all Principal Prepayments, but not including Payaheads;
(ii2) all payments on account of interest on the Mortgage Loans Loans, adjusted to the Mortgage Loan Remittance Rate;
(iii3) all Liquidation Proceeds;
(iv4) all Insurance Proceeds including amounts required to be deposited pursuant to Section 4.104.10 (other than proceeds to be held in the Escrow Account and applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with Section 4.14), Section 4.11, Section 4.14 4.11 and Section 4.15;
(v5) all Condemnation Proceeds which are not applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with Section 4.14;
(vi6) any amount required to be deposited in the Custodial Account pursuant to Section 4.014.1, 4.095.1, 5.035.3, 6.01 6.1 or 6.026.2;
(vii7) any amounts payable in connection with the repurchase of any Mortgage Loan pursuant to Section 3.03 and all amounts required to be deposited by the Company in connection with a shortfall in principal amount of any Qualified Substitute Mortgage Loan pursuant to Section 3.032.3, 3.3 or 6.2;
(viii) 8) with respect to each Principal Prepayment in full or in partincluding, for this purpose, the Prepayment Interest Shortfall Amountprincipal portion of Insurance Proceeds, if anyCondemnation Proceeds, for and Liquidation Proceeds an amount (to be paid by the month Company out of distribution. Such deposit shall be made from the Company's its own funds, without reimbursement therefore, but not in excess of its aggregate Servicing Fee for the related Due Period) which, when added to all amounts allocable to interest received in connection with the aggregatePrincipal Prepayment, for any equals one month, shall not exceed one twelfth 's interest on the amount of 0.50% of the outstanding principal balance of so prepaid at the Mortgage LoansLoan Remittance Rate;
(ix9) any amounts required to be deposited by the Company pursuant to Section 4.11 in connection with the deductible clause in any blanket hazard insurance policy; and
(x10) any amounts received with respect to or related to any REO Property and all REO Disposition Proceeds pursuant to Section 4.16. The foregoing requirements for deposit into the Custodial 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, prepayment penalties, charges and assumption fees, and other ancillary fees to the extent permitted by Section 6.1, need not be deposited by the Company into the Custodial Account. Any interest paid on funds deposited in the Custodial Account by the depository institution shall accrue to the benefit of the Company and the Company shall be entitled to retain and withdraw such interest from the Custodial Account pursuant to Section 4.054.5. The Company shall reimburse the Custodial Account for any losses incurred as a result of the investment of amounts on deposit in the Custodial Account.
Appears in 2 contracts
Samples: Assignment, Assumption and Recognition Agreement (GSAA Home Equity Trust 2006-3), Assignment, Assumption and Recognition Agreement (GSAA Home Equity Trust 2006-3)
Establishment of and Deposits to Custodial Account. The Company shall segregate establish and maintain the Custodial Account to hold all funds collected and received pursuant to a Mortgage Loan separate and apart from any of its own funds and general assets and shall establish and maintain one or more Custodial Accounts, in the form of time deposit or demand accounts, titled "Countrywide Home Loans Inc. in trust for the Purchaser of Conventional Residential Conventional Residential Mortgage Loans, and various Mortgagors". The Custodial Account shall be established with a Qualified Depository. Any funds deposited in the Custodial Account shall at all times be fully insured to the full extent permitted under applicable law. Funds deposited in the Custodial Account may be drawn on by the Company in accordance with Section 4.05. The creation of any Custodial Account shall be evidenced by a certification in the form of Exhibit D-1 hereto, in the case of an account established with the Company, or by a letter agreement in the form of Exhibit D-2 hereto, in the case of an account held by a depository other than the Company. A copy of such certification or letter agreement shall be furnished to the Purchaser and, upon request, to any subsequent Purchaser3.07. The Company shall deposit in the Custodial Account on a daily basis, within two one (1) Business Days Day of receipt, and retain therein, the following collections received by the Company and payments made by the Company after the related Cut-off Date, (other than payments of principal and interest due on or before the related Cut-off Date, or received by the Company prior to the related Cut-off Date but allocable to a period subsequent thereto or with respect to each LPMI Loan, in the amount of the LPMI Fee)::
(i) all payments on account of principal on the Mortgage Loans, including all Principal Prepayments;
(ii) all payments on account of interest on the Mortgage Loans adjusted to the Mortgage Loan Remittance Interest Rate;
(iii) all Liquidation Proceeds;
(iv) all Insurance Proceeds including amounts required other than proceeds to be deposited pursuant to Section 4.10, Section 4.11, Section 4.14 held in the applicable Escrow Account and Section 4.15;
(v) all Condemnation Proceeds which are not applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with Section 4.143.26;
(v) all Condemnation Proceeds other than proceeds to be held in the applicable Escrow Account and applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with Section 3.26;
(vi) any amount required to be deposited in the Custodial Account pursuant to Section 4.01, 4.09, 5.03, 6.01 or 6.023.10;
(vii) any amount required to be deposited in the Custodial Account pursuant to Section 3.12;
(viii) any amount required to be deposited in the Custodial Account pursuant to the second paragraph of Section 3.16;
(ix) any amounts payable in connection with the repurchase of any Mortgage Loan pursuant to Section 3.03 and all amounts required to be deposited by the Company in connection with a shortfall in principal amount of any Qualified Substitute Mortgage Loan pursuant to Section 3.03;2.02 or 2.04; and
(viii) with respect to each Principal Prepayment in full or in part, the Prepayment Interest Shortfall Amount, if any, for the month of distribution. Such deposit shall be made from the Company's own funds, without reimbursement therefore, which, in the aggregate, for any month, shall not exceed one twelfth of 0.50% of the outstanding principal balance of the Mortgage Loans;
(ixx) any amounts required to be deposited by the Company pursuant to Section 4.11 3.11 in connection with the deductible clause in any blanket hazard insurance policy; and;
(xxi) any prepayment charge received in connection with the Mortgage Loans, except to the extent that the related Purchase Confirmation provides that related prepayment premiums are to be retained by the Company;
(xii) with respect to Full and Partial Prepayments, the Compensating Interest, if any, for the month of distribution;
(xiii) any amounts received by the Company under a Primary Mortgage Insurance Policy;
(xiv) any amounts received with respect to or related to any REO Property and all REO Disposition Proceeds proceeds pursuant to Section 4.163.17;
(xv) any amounts required to be deposited by the Company pursuant to Section 3.23 in connection with any unpaid claims that are a result of a breach by the Company or any subservicer of the obligations hereunder or under the terms of a Primary Mortgage Insurance Policy; and
(xvi) any other amount required to be deposited into the Custodial Account pursuant to the terms of this Agreement. The foregoing requirements for deposit into the Custodial 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, prepayment penalties, charges and assumption fees, and other ancillary fees permitted to be retained by the Company need not be deposited by the Company into the Custodial Account. Any interest paid on funds deposited in the Custodial Account by the depository institution shall accrue to the benefit of the Company and the Company shall be entitled to retain and withdraw such interest from the Custodial Account pursuant to Section 4.053.07.
Appears in 2 contracts
Samples: Sale and Servicing Agreement (Lehman XS Trust Series 2007-15n), Sale and Servicing Agreement (Lehman XS Trust Series 2007-2n)
Establishment of and Deposits to Custodial Account. The Company shall segregate and hold all funds collected and received pursuant to a Mortgage Loan separate and apart from any of its own funds and general assets and shall establish and maintain one or more Custodial Accounts, in the form of time deposit or demand accounts, titled "Countrywide Xxxxx Fargo Home Loans Inc. Mortgage, Inc., in trust for the Purchaser and/or subsequent purchasers of Conventional Residential Conventional Residential Mortgage Loans, and various Mortgagors". Mortgagors - P & L" The Custodial Account shall be established with a Qualified Depository. Any funds deposited in the Custodial Account shall at all times be fully insured to the full fullest extent permitted under allowed by applicable law. Funds deposited in the Custodial Account may be drawn on by the Company in accordance with Section 4.05. The creation of any Custodial Account shall be evidenced by a certification in the form of Exhibit D-1 hereto, in the case of an account established with the Company, or by a letter agreement in the form of Exhibit D-2 hereto, in the case of an account held by a depository other than the Company. Company each in the forms attached hereto as Exhibit E. A copy of such certification or letter agreement shall be furnished to the Purchaser andor any subsequent purchaser, upon request, to any subsequent Purchaser. The Company shall deposit in the Custodial Account within two one (1) Business Days Day of Company's receipt, and retain therein, the following collections received by the Company and payments made by the Company after the related Cut-off Date, (other than payments of principal and interest due on or before the related Cut-off Date, or received by the Company prior to the related Cut-off Date but allocable to a period subsequent thereto or with respect to each LPMI Loan, in the amount of the LPMI Fee):thereto:
(i) all payments on account of principal on the Mortgage Loans, including all Principal Prepayments;
(ii) any Principal Prepayment charges received in connection with a Mortgage Loan;
(iii) all payments on account of interest on the Mortgage Loans adjusted to the Mortgage Loan Remittance Rate;
(iiiiv) all Liquidation Proceeds;
(ivv) all Insurance Proceeds including amounts required to be deposited pursuant to Section 4.104.10 (other than proceeds to be held in the Escrow Account and applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with Section 4.14), Section 4.11, Section 4.14 4.11 and Section 4.15;
(vvi) all Condemnation Proceeds which are not applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with Section 4.14;
(vivii) any amount required to be deposited in the Custodial Account pursuant to Section 4.01, 4.09, 5.03, 6.01 or 6.02;
(viiviii) any amounts payable in connection with the repurchase of any Mortgage Loan pursuant to Section 3.03 and all amounts required to be deposited by the Company in connection with a shortfall in principal amount of any Qualified Substitute Mortgage Loan pursuant to Section 3.03;
(viiiix) with respect to each Principal Prepayment in full or in part, an amount (to be paid by the Prepayment Interest Shortfall Amount, if any, for the month Company out of distribution. Such deposit shall be made from the Company's own its funds, without reimbursement therefore, ) which, when added to all amounts allocable to interest received in connection with the aggregatePrincipal Prepayment, for any equals one month, shall not exceed one twelfth 's interest on the amount of 0.50% of the outstanding principal balance of so prepaid at the Mortgage LoansLoan Remittance Rate;
(ixx) any amounts required to be deposited by the Company pursuant to Section 4.11 in connection with the deductible clause in any blanket hazard insurance policy; and
(x) any amounts received with respect to or related to any REO Property and all REO Disposition Proceeds pursuant to Section 4.16. The foregoing requirements for deposit into the Custodial 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, prepayment penalties, charges and assumption fees, and other ancillary fees to the extent permitted by Section 6.01, need not be deposited by the Company into the Custodial Account. Any interest paid on funds deposited in the Custodial Account by the depository institution shall accrue to the benefit of the Company and the Company shall be entitled to retain and withdraw such interest from the Custodial Account pursuant to Section 4.05.
Appears in 2 contracts
Samples: Servicing Agreement (Structured Asset Sec Corp Pass THR Cert Ser 2002 Bc3), Seller's Warranties and Servicing Agreement (Structured Asset Sec Corp Mort Pass THR Cert Ser 2002-Bc1)
Establishment of and Deposits to Custodial Account. The Company shall segregate and hold all funds collected and received pursuant to a Mortgage Loan separate and apart from any of its own funds and general assets and shall establish and maintain one or more Custodial Accounts, in the form of time deposit or demand accounts, titled "Countrywide Home Loans Inc. National City Mortgage Corp in trust for the Purchaser of Conventional Residential Conventional Residential Fixed Rate Mortgage Loans, Group No. 2002-1 and various Mortgagors". The Custodial Account shall be established with a Qualified DepositoryDepository acceptable to the Purchaser. Any funds deposited in the Custodial Account shall at all times be fully insured to the full extent permitted under applicable law. Funds deposited in the Custodial Account may be drawn on by the Company in accordance with Section 4.05. The creation of any Custodial Account shall be evidenced by a certification in the form of Exhibit D-1 hereto, in the case of an account established with the Company, or by a letter agreement in the form of Exhibit D-2 hereto, in the case of an account held by a depository other than the Company. A copy of such certification or letter agreement shall be furnished to the Purchaser and, upon request, to any subsequent Purchaser. The Company shall deposit in the Custodial Account within two Business Days of receipton a daily basis, and retain therein, the following collections received by the Company and payments made by the Company after the related Cut-off Date, (other than payments of principal and interest due on or before the related Cut-off Date, or received by the Company prior to the related Cut-off Date but allocable to a period subsequent thereto thereto, or with respect to each LPMI Loan, in the amount of the LPMI Fee):
(i) all payments on account of principal on the Mortgage Loans, including all Principal Prepayments;
(ii) all payments on account of interest on the Mortgage Loans adjusted to the Mortgage Loan Remittance Rate;
(iii) all Liquidation Proceeds;
(iv) all Insurance Proceeds including amounts required to be deposited pursuant to Section 4.104.10 (other than proceeds to be held in the Escrow Account and applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with Section 4.14), Section 4.11, Section 4.14 4.11 and Section 4.15;
(v) all Condemnation Proceeds which are not applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with Section 4.14;
(vi) any amount required to be deposited in the Custodial Account pursuant to Section 4.01, 4.09, 5.03, 6.01 or 6.02;
(vii) any amounts payable in connection with the repurchase of any Mortgage Loan pursuant to Section 3.03 or 3.06 and all amounts required to be deposited by the Company in connection with a shortfall in principal amount of any Qualified Substitute Mortgage Loan pursuant to Section 3.03;
(viii) with respect to each Principal Prepayment in full or in part, the Prepayment Interest Shortfall Amount, if any, for the month of distribution. Such deposit shall be made from the Company's own funds, without reimbursement therefore, which, in the aggregate, for any month, shall not exceed one twelfth of 0.50% therefor up to a maximum amount per month of the outstanding principal balance of Servicing Fee actually received for such month for the Mortgage Loans;
(ix) any amounts required to be deposited by the Company pursuant to Section 4.11 in connection with the deductible clause in any blanket hazard insurance policy; and
(x) any amounts received with respect to or related to any REO Property and all REO Disposition Proceeds pursuant to Section 4.16. The foregoing requirements for deposit into the Custodial Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, payments in the nature of Ancillary Income, including late payment charges, prepayment penalties, charges and assumption fees, and other ancillary fees to the extent permitted by Section 6.01, need not be deposited by the Company into the Custodial Account. Any interest paid on funds deposited in the Custodial Account by the depository institution shall accrue to the benefit of the Company and the Company shall be entitled to retain and withdraw such interest from the Custodial Account pursuant to Section 4.05.
Appears in 2 contracts
Samples: Servicing Agreement (Structured Asset Sec Corp Mort Pass THR Cert Ser 2002-15), Seller's Warranties and Servicing Agreement (Structured Asset Sec Corp Mort Pas THR Cert Ser 2002 5a)
Establishment of and Deposits to Custodial Account. The Company Seller shall segregate and hold all funds collected and received pursuant to a the Mortgage Loan Loans separate and apart from any of its own funds and general assets and shall establish and maintain one or more Custodial Accounts, in the form of time deposit or demand accounts, titled "Countrywide Home Loans Inc. Pinnacle Financial Corporation in trust for the Purchaser of Conventional Xxxxxx Brothers Bank, FSB, Residential Conventional Residential Fixed Rate Mortgage Loans, Group No. 2004-1 and various Mortgagors". ." The Custodial Account shall be established with a Qualified DepositoryDepository acceptable to the Purchaser. Any funds deposited in the Custodial Account shall at all times be fully insured to the full extent permitted under applicable law. Funds deposited in the Custodial Account may be drawn on by the Company Seller in accordance with Section 4.052.05. The creation of any Custodial Account shall be evidenced by a certification in the form of Exhibit D-1 2 hereto, in the case of an account established with the CompanySeller, or by a letter agreement in the form of Exhibit D-2 3 hereto, in the case of an account held by a depository other than the CompanySeller. A copy of such certification or letter agreement shall be furnished to the Purchaser and, upon request, to any subsequent Purchaser. The Company Seller shall deposit in the Custodial Account within two Business Days of receipton a daily basis, and retain therein, the following collections received by the Company and payments made by the Company Seller after the related Cut-off Date, (other than payments of principal and interest due on or before the related Cut-off Date, or received by the Company prior to the related Cut-off Date but allocable to a period subsequent thereto or with respect to each LPMI Loan, in the amount of the LPMI Fee)::
(i) all payments on account of principal on the Mortgage Loans, including all Principal Prepayments;
(ii) all payments on account of interest on the Mortgage Loans adjusted to the Mortgage Loan Remittance Rate;
(iii) all Liquidation Proceeds;
(iv) all Insurance Proceeds including amounts required to be deposited pursuant to Section 4.102.11 (other than proceeds to be held in the Escrow Account and applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with Section 2.15), Section 4.11, Section 4.14 2.12 and Section 4.152.16;
(v) all Condemnation Proceeds which are not applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with Section 4.142.15;
(vi) any amount required to be deposited in the Custodial Account pursuant to Section 4.012.01, 4.092.10, 5.032.17, 6.01 4.01 or 6.024.02;
(vii) any amounts payable in connection with the repurchase of any Mortgage Loan pursuant to Section 3.03 and all amounts required to be deposited by the Company in connection with a shortfall in principal amount terms of any Qualified Substitute Mortgage Loan pursuant to Section 3.03;the Purchase Agreement; and
(viii) with respect to each Principal Prepayment in full or in part, the Prepayment Interest Shortfall Amount, if any, for the month of distribution. Such deposit shall be made from the Company's own funds, without reimbursement therefore, which, in the aggregate, for any month, shall not exceed one twelfth of 0.50% of the outstanding principal balance of the Mortgage Loans;
(ix) any amounts required to be deposited by the Company Seller pursuant to Section 4.11 2.11 in connection with the deductible clause in any blanket hazard insurance policy; and
(x) any amounts received with respect to or related to any REO Property and all REO Disposition Proceeds pursuant to Section 4.16. The foregoing requirements for deposit into the Custodial 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, prepayment penalties, charges and assumption fees, and other ancillary fees to the extent permitted by Section 4.01, need not be deposited by the Company Seller into the Custodial Account. Any interest paid on funds deposited in the Custodial Account by the depository institution shall accrue to the benefit of the Company Seller and the Company Seller shall be entitled to retain and withdraw such interest from the Custodial Account pursuant to Section 4.052.05.
Appears in 2 contracts
Samples: Interim Servicing Agreement (Structured Asset Securities Corp), Interim Servicing Agreement (Structured Adjustable Rate Mortgage Loan Trust)
Establishment of and Deposits to Custodial Account. The Company shall segregate and hold all funds collected and received pursuant to a Mortgage Loan separate and apart from any of its own funds and general assets and shall establish and maintain one or more Custodial Accounts, in the form of time deposit or demand accounts, titled "“Countrywide Home Loans Inc. Loans, Inc., in trust for the Purchaser Lxxxxx Brothers Bank, purchaser of Conventional Residential Conventional Residential Mortgage Loans, and various Mortgagors"Group No. 2006-Flow”. The Custodial Account shall be established with a Qualified Depository. Any funds deposited in the Custodial Account shall at all times be fully insured to the full extent permitted under applicable law. Funds deposited in the Custodial Account may be drawn on by the Company in accordance with Section 4.055.05. The creation of any Custodial Account shall be evidenced by a certification in the form of Exhibit D-1 hereto, in the case of an account established with the Company, or by a letter agreement in the form of Exhibit D-2 C hereto, in the case of an account held by a depository other than the Company. A copy of such certification or letter agreement shall be furnished to the Purchaser and, upon request, to any subsequent Purchaserpurchaser of the Mortgage Loans. The Company shall deposit in the Custodial Account within two Business Days of receipt, and retain therein, the following collections received by the Company and payments made by the Company after the related Cut-off Date, Date (other than payments of principal and interest due on or before the related Cut-off Date, or received by the Company prior to the related Cut-off Date but allocable to a period subsequent thereto or with respect to each LPMI Loan, in the amount of the LPMI Fee):
(i) all payments on account of principal on the Mortgage Loans, including all Principal Prepayments;
(ii) all payments on account of interest on the Mortgage Loans adjusted to the Mortgage Loan Remittance Rate;
(iii) any Prepayment Charge received in connection with the Mortgage Loans;
(iv) all Liquidation Proceeds;
(ivv) all Insurance Proceeds including amounts required to be deposited pursuant to Section 4.105.10 (other than proceeds to be held in the Escrow Account and applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with Section 5.14), Section 4.11, Section 4.14 5.11 and Section 4.155.15;
(vvi) all Condemnation Proceeds which are not applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with Section 4.14;
(vi) any amount required to be deposited in the Custodial Account pursuant to Section 4.01, 4.09, 5.03, 6.01 or 6.025.14;
(vii) any amounts payable in connection with the repurchase of any Mortgage Loan pursuant to Section 3.03 4.03 and all amounts required to be deposited by the Company in connection with a shortfall in principal amount of any Qualified Substitute Mortgage Loan pursuant to Section 3.034.03;
(viii) any amounts required to be deposited by the Company pursuant to Section 5.11 in connection with the deductible clause in any blanket hazard insurance policy;
(ix) any amounts required to be deposited by the Company pursuant to Section 5.15 in connection with any unpaid claims that are a result of a breach by the Company or any subservicer of the obligations hereunder or under the terms of an LPMI Policy;
(x) with respect to each Principal Prepayment in full or in part, the Prepayment Interest Shortfall Amount, if any, for the month of distribution. Such deposit shall be made from the Company's ’s own funds, without reimbursement therefore, which, in therefor up to a maximum amount per month of one-half the aggregate, Servicing Fee actually received for any month, shall not exceed one twelfth of 0.50% of the outstanding principal balance of such month for the Mortgage Loans;
(ix) any amounts required to be deposited by the Company pursuant to Section 4.11 in connection with the deductible clause in any blanket hazard insurance policy; and
(xxi) any amounts received with respect to or related to any REO Property and all REO Disposition Proceeds pursuant to Section 4.165.16; and
(xii) any other amount required to be deposited into the Custodial Account as set forth in this Agreement. The foregoing requirements for deposit into the Custodial 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, prepayment penalties, assumption fees, and other ancillary fees Ancillary Income need not be deposited by the Company into the Custodial Account. Any interest paid on funds deposited in the Custodial Account by the depository institution shall accrue to the benefit of the Company and the Company shall be entitled to retain and withdraw such interest from the Custodial Account pursuant to Section 4.055.05.
Appears in 2 contracts
Samples: Flow Mortgage Loan Purchase, Warranties and Servicing Agreement (Sasco 2006-Bc3), Mortgage Loan Purchase Agreement (Structured Asset Securities CORP Mortgage Loan Trust 2006-Bc5)
Establishment of and Deposits to Custodial Account. The Company shall segregate and hold all funds collected and received pursuant to a Mortgage Loan separate and apart from any of its own funds and general assets and shall establish and maintain one or more Custodial Accounts, in the form of time deposit or demand accounts, titled "Countrywide Home Loans Loans, Inc. in trust for the Purchaser of Conventional Residential Conventional Residential Fixed Rate Mortgage Loans, Group No. 2001-2 and various Mortgagors". The Custodial Account shall be established with a Qualified DepositoryDepository acceptable to the Purchaser. Any funds deposited in the Custodial Account shall at all times be fully insured to the full extent permitted under applicable law. Funds deposited in the Custodial Account may be drawn on by the Company in accordance with Section 4.05. The creation of any Custodial Account shall be evidenced by a certification in the form of Exhibit D-1 hereto, in the case of an account established with the Company, or by a letter agreement in the form of Exhibit D-2 hereto, in the case of an account held by a depository other than the Company. A copy of such certification or letter agreement shall be furnished to the Purchaser and, upon request, to any subsequent Purchaser. The Company shall deposit in the Custodial Account within two Business Days of receipt, and retain therein, the following collections received by the Company and payments made by the Company after the related Cut-off Date, (other than payments of principal and interest due on or before the related Cut-off Date, or received by the Company prior to the related Cut-off Date but allocable to a period subsequent thereto or with respect to each LPMI Loan, in the amount of the LPMI Fee):
(i) all payments on account of principal on the Mortgage Loans, including all Principal Prepayments;
(ii) all payments on account of interest on the Mortgage Loans adjusted to the Mortgage Loan Remittance Rate;
(iii) all Liquidation Proceeds;
(iv) all Insurance Proceeds including amounts required to be deposited pursuant to Section 4.10, Section 4.11, Section 4.14 and Section 4.15;
(v) all Condemnation Proceeds which are not applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with Section 4.14;
(vi) any amount required to be deposited in the Custodial Account pursuant to Section 4.01, 4.09, 5.03, 6.01 or 6.02;
; (vii) any amounts payable in connection with the repurchase of any Mortgage Loan pursuant to Section 3.03 or 3.06 and all amounts required to be deposited by the Company in connection with a shortfall in principal amount of any Qualified Substitute Mortgage Loan pursuant to Section 3.03;
(viii) with respect to each Principal Prepayment in full or in part, the Prepayment Interest Shortfall Amount, if any, for the month of distribution. Such deposit shall be made from the Company's own funds, without reimbursement therefore, which, in the aggregate, for any month, shall not exceed one twelfth of 0.50% of the outstanding principal balance of the Mortgage Loans;
(ix) any amounts required to be deposited by the Company pursuant to Section 4.11 in connection with the deductible clause in any blanket hazard insurance policy; and
(x) any amounts received with respect to or related to any REO Property and all REO Disposition Proceeds pursuant to Section 4.16. The foregoing requirements for deposit into the Custodial 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, prepayment penalties, assumption fees, and other ancillary fees need not be deposited by the Company into the Custodial Account. Any interest paid on funds deposited in the Custodial Account by the depository institution shall accrue to the benefit of the Company and the Company shall be entitled to retain and withdraw such interest from the Custodial Account pursuant to Section 4.05.
Appears in 2 contracts
Samples: Servicing Agreement (Structured Asset Sec Corp Mort Pas THR Cert Ser 01 16h), Servicing Agreement (Structured Asset Sec Corp Mort Pas THR Cert Ser 01 16h)
Establishment of and Deposits to Custodial Account. The Company Servicer shall segregate and hold all funds collected and received pursuant to a the Mortgage Loan Loans separate and apart from any of its own funds and general assets and shall establish and maintain one or more Custodial Accounts, in to be maintained under the form sole dominion and control of time deposit or demand accountsthe Purchaser and titled “IndyMac Bank, titled "Countrywide Home Loans Inc. F.S.B. in trust for the Purchaser Xxxxxx Xxxxxxx Mortgage Capital Inc., owner of Conventional Residential Conventional Fixed Rate Residential Mortgage Loans, and various Mortgagors"”. The Custodial Account shall be established with a Qualified DepositoryDepository acceptable to the Purchaser. Any funds deposited in the Custodial Account shall at all times be fully insured to the full extent permitted under applicable law. Funds deposited in the Custodial Account may be drawn on by the Company in accordance with Section 4.05. The creation of any Custodial Account shall be evidenced by a certification in the form of Exhibit D-1 2 hereto, in the case of an account established with the CompanyServicer, or by a letter agreement in the form of Exhibit D-2 3 hereto, in the case of an account held by a depository other than the CompanyServicer. A copy of such certification or letter agreement shall be furnished to the Purchaser and, upon request, to any subsequent Purchaser. The Company Servicer shall deposit in the Custodial Account within two on a daily basis on the Business Days of receipt, and retain thereinDay following receipt thereof, the following collections received by the Company Servicer and payments made by the Company Servicer after the related Cut-off Date, (other than payments of principal and interest due on or before the related Cut-off Date, or received by the Company Servicer prior to the related Cut-off Date but allocable to a period subsequent thereto or with respect to each LPMI Loan, in the amount of the LPMI Fee):thereto:
(i) all payments on account of principal on the Mortgage Loans, including all Principal Prepayments;
(ii) all payments on account of interest on the Mortgage Loans adjusted to the Mortgage Loan Remittance RateMortgage;
(iii) all Liquidation ProceedsProceeds and any amount received with respect to REO Property;
(iv) all Insurance Proceeds including amounts required to be deposited pursuant to Section 4.102.10 (other than proceeds to be held in the Escrow Account and applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with Section 2.14), Section 4.11, Section 4.14 2.11 and Section 4.152.15;
(v) all Condemnation Proceeds which are not applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with Section 4.142.14;
(vi) any amount required to be deposited in the Custodial Account pursuant to Section 4.012.01, 4.092.09, 5.032.16, 6.01 3.01, 4.01 or 6.024.02;
(vii) any amounts payable in connection with the repurchase of any Mortgage Loan pursuant to Section 3.03 and all amounts required to be deposited by 9 of the Company in connection with a shortfall in principal amount of any Qualified Substitute Mortgage Loan pursuant to Section 3.03Purchase Agreement;
(viii) any prepayment penalties received with respect to each Principal Prepayment in full any Mortgage Loan or in part, payable by the Prepayment Interest Shortfall Amount, if any, for Servicer pursuant to Section 2.01 (unless the month of distribution. Such deposit shall be made from the Company's own funds, without reimbursement therefore, which, in the aggregate, for any month, shall not exceed one twelfth of 0.50% of the outstanding principal balance of the Mortgage Loansrelated Purchase Price and Terms Agreement indicates otherwise);
(ix) any amounts required to be deposited by the Company Servicer pursuant to Section 4.11 2.11 in connection with the deductible clause in any blanket hazard insurance policy; and
(x) any amounts received with respect to or related each Principal Prepayment an amount (to any REO Property and be paid by the Servicer out of its funds) which, when added to all REO Disposition Proceeds pursuant amounts allocable to Section 4.16interest received in connection with the Principal Prepayment, equals one month’s interest on the amount of principal so prepaid at the Mortgage Loan Remittance Rate. The foregoing requirements for deposit into the Custodial Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, payments in the nature of late payment chargesunless otherwise provided herein, prepayment penalties, assumption fees, and other ancillary fees Ancillary Income need not be deposited by the Company Servicer into the Custodial Account. Any interest paid on funds deposited in the Custodial Account by the depository institution shall accrue to the benefit of the Company Servicer and the Company Servicer shall be entitled to retain and withdraw such interest from the Custodial Account pursuant to Section 4.052.05.
Appears in 2 contracts
Samples: Servicing Agreement (Morgan Stanley Mortgage Loan Trust 2007-14ar), Servicing Agreement (Morgan Stanley Mortgage Loan Trust 2007-15ar)
Establishment of and Deposits to Custodial Account. The Company shall segregate and hold all funds collected and received pursuant to a Mortgage Loan separate and apart from any of its own funds and general assets and shall establish and maintain one or more Custodial Accounts, in the form of time deposit or demand accounts, titled "Countrywide Xxxxx Fargo Home Loans Inc. Mortgage, Inc., in trust for the Purchaser Banc of Conventional Residential Conventional Residential America Mortgage Capital Corporation and/or subsequent purchasers of Mortgage Loans, and various Mortgagors". Mortgagors - P & I." The Custodial Account shall be established with a Qualified Depository. Upon request of the Purchaser and within ten (10) days thereof, the Company shall provide the Purchaser with written confirmation of the existence of such Custodial Account. Any funds deposited in the Custodial Account shall at all times be fully insured to the full fullest extent permitted under allowed by applicable law. Funds deposited in the Custodial Account may be drawn on by the Company in accordance with Section 4.05. The creation of any Custodial Account shall be evidenced by a certification in the form of Exhibit D-1 hereto, in the case of an account established with the Company, or by a letter agreement in the form of Exhibit D-2 hereto, in the case of an account held by a depository other than the Company. A copy of such certification or letter agreement shall be furnished to the Purchaser and, upon request, to any subsequent Purchaser. The Company shall deposit in the Custodial Account within two (2) Business Days of Company's receipt, and retain therein, the following collections received by the Company and payments made by the Company after the related Cut-off Date, (other than payments of principal and interest due on or before the related Cut-off Date, or received by the Company prior to the related Cut-off Date but allocable to a period subsequent thereto thereto, other than payments of principal and interest due on or with respect to each LPMI Loan, in before the amount of the LPMI Fee):Cut-off Date:
(i) all payments on account of principal on the Mortgage Loans, including all Principal Prepayments;
(ii) all payments on account of interest on the Mortgage Loans adjusted to the Mortgage Loan Remittance Rate;
(iii) all Liquidation Proceeds;
(iv) all Insurance Proceeds including amounts required to be deposited pursuant to Section 4.104.10 (other than proceeds to be held in the Escrow Account and applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with Section 4.14), Section 4.11, Section 4.14 4.11 and Section 4.15;
(v) all Condemnation Proceeds which are not applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with Section 4.14;
(vi) any amount required to be deposited in the Custodial Account pursuant to Section 4.01, 4.09, 5.03, 6.01 or 6.02;
(vii) any amounts payable in connection with the repurchase of any Mortgage Loan pursuant to Section 3.03 and all amounts required to be deposited by the Company in connection with a shortfall in principal amount of any Qualified Substitute Mortgage Loan pursuant to Section 3.03;
(viii) with respect to each Principal Prepayment in full or in partPrepayment, the Prepayment Interest Shortfall Amount, if any, for (to be paid by the month Company out of distribution. Such deposit shall be made from the Company's its own funds, without reimbursement therefore, which, in the aggregate, for any month, shall not exceed one twelfth of 0.50% of the outstanding principal balance of the Mortgage Loans);
(ix) any amounts required to be deposited by the Company pursuant to Section 4.11 in connection with the deductible clause in any blanket hazard insurance policy; and
(x) any amounts received with respect to or related to any REO Property and all REO Disposition Proceeds pursuant to Section 4.16. The foregoing requirements for deposit into the Custodial 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, prepayment penalties, charges and assumption fees, and other ancillary fees to the extent permitted by Section 6.01, need not be deposited by the Company into the Custodial Account. Any interest paid on funds deposited in the Custodial Account by the depository institution shall accrue to the benefit of the Company and the Company shall be entitled to retain and withdraw such interest from the Custodial Account pursuant to Section 4.05. The Company shall maintain adequate records with respect to all withdrawals made pursuant to this Section 4.04. All funds required to be deposited in the Custodial Account shall be held in trust for the Purchaser until withdrawn in accordance with Section 4.05.
Appears in 2 contracts
Samples: Master Seller's Warranties and Servicing Agreement (Banc of America Funding 2006-3 Trust), Master Seller's Warranties and Servicing Agreement (Banc of America Funding 2006-2 Trust)
Establishment of and Deposits to Custodial Account. The Company shall segregate and hold all funds collected and received pursuant to a Mortgage Loan separate and apart from any of its own funds and general assets and shall establish and maintain one or more Custodial Accounts, in the form of time deposit or demand accounts, titled "Countrywide “Xxxxx Fargo Home Loans Inc. Mortgage, Inc., in trust for the Purchaser and/or subsequent purchasers of Conventional Residential Conventional Residential Mortgage Loans, and various Mortgagors". Mortgagors - P & I.” The Custodial Account shall be established with a Qualified Depository. Any funds deposited in the Custodial Account shall at all times be fully insured to the full fullest extent permitted under allowed by applicable law. Funds deposited in the Custodial Account may be drawn on by the Company in accordance with Section 4.05. The creation of any Custodial Account shall be evidenced by a certification in the form of Exhibit D-1 hereto, in the case of an account established with the Company, or by a letter agreement in the form of Exhibit D-2 hereto, in the case of an account held by a depository other than the Company. Company each in the forms attached hereto as Exhibit E. A copy of such certification or letter agreement shall be furnished to the Purchaser andor any subsequent purchaser, upon request, to any subsequent Purchaser. The Company shall deposit in the Custodial Account within two one (1) Business Days Day of Company’s receipt, and retain therein, the following collections received by the Company and payments made by the Company after the related Cut-off Date, (other than payments of principal and interest due on or before the related Cut-off Date, or received by the Company prior to the related Cut-off Date but allocable to a period subsequent thereto or with respect to each LPMI Loan, in the amount of the LPMI Fee):thereto:
(i) all payments on account of principal on the Mortgage Loans, including all Principal Prepayments;
(ii) any Principal Prepayment charges received in connection with a Mortgage Loan;
(iii) all payments on account of interest on the Mortgage Loans adjusted to the Mortgage Loan Remittance Rate;
(iiiiv) all Liquidation Proceeds;
(ivv) all Insurance Proceeds including amounts required to be deposited pursuant to Section 4.104.10 (other than proceeds to be held in the Escrow Account and applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with Section 4.14), Section 4.11, Section 4.14 4.11 and Section 4.15;
(vvi) all Condemnation Proceeds which are not applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with Section 4.14;
(vivii) any amount required to be deposited in the Custodial Account pursuant to Section 4.01, 4.09, 5.03, 6.01 or 6.02;
(viiviii) any amounts payable in connection with the repurchase of any Mortgage Loan pursuant to Section 3.03 and all amounts required to be deposited by the Company in connection with a shortfall in principal amount of any Qualified Substitute Mortgage Loan pursuant to Section 3.03;
(viiiix) with respect to each Principal Prepayment in full or in part, an amount (to be paid by the Prepayment Interest Shortfall Amount, if any, for the month Company out of distribution. Such deposit shall be made from the Company's own its funds, without reimbursement therefore, ) which, when added to all amounts allocable to interest received in connection with the aggregatePrincipal Prepayment, for any equals one month, shall not exceed one twelfth ’s interest on the amount of 0.50% of the outstanding principal balance of so prepaid at the Mortgage LoansLoan Remittance Rate;
(ixx) any amounts required to be deposited by the Company pursuant to Section 4.11 in connection with the deductible clause in any blanket hazard insurance policy; and
(xxi) any amounts received with respect to or related to any REO Property and all REO Disposition Proceeds pursuant to Section 4.16. The foregoing requirements for deposit into the Custodial 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, prepayment penalties, charges and assumption fees, and other ancillary fees to the extent permitted by Section 6.01, need not be deposited by the Company into the Custodial Account. Any interest paid on funds deposited in the Custodial Account by the depository institution shall accrue to the benefit of the Company and the Company shall be entitled to retain and withdraw such interest from the Custodial Account pursuant to Section 4.05.
Appears in 1 contract
Samples: Servicing Agreement (Structured Asset Sec Corp Mort Pass THR Certs Ser 2003-Bc11)
Establishment of and Deposits to Custodial Account. The Company shall segregate and hold all funds collected and received pursuant to a Mortgage Loan separate and apart from any of its own funds and general assets and shall establish and maintain one or more Custodial Accounts, in the form of time deposit or demand accounts, titled "Countrywide Home Loans Inc. SunTrust Mortgage, Inc., in trust for the Purchaser of Conventional Residential Conventional Residential Mortgage LoansLoans serviced under the Amended and Restated Flow Seller's Warranties and Servicing Agreement, and various Mortgagorsdated as of December 1, 2005", or as otherwise directed in writing by the Purchaser or its assigns after the Closing Date in connection with any Whole Loan Transfer or Securitization Transaction. The Custodial Account shall be established with a Qualified Depository. Upon request of the Purchaser and within ten (10) days thereof, the Company shall provide the Purchaser with written confirmation of the existence of such Custodial Account. Any funds deposited in the Custodial Account shall at all times be fully insured to the full fullest extent permitted under applicable lawallowed by Applicable Law. Funds deposited in the Custodial Account may be drawn on by the Company in accordance with Section 4.05. The creation of any Custodial Account shall be evidenced by a certification in the form of Exhibit D-1 hereto, in the case of an account established with the Company, or by a letter agreement in the form of Exhibit D-2 hereto, in the case of an account held by a depository other than the Company. A copy of such certification or letter agreement shall be furnished to the Purchaser and, upon request, to any subsequent Purchaser4.5. The Company shall deposit in the Custodial Account within one Business Day (or two Business Days in the case of the amounts described in clauses (3) through (5) below) of the Company's receipt, and retain therein, the following collections received by the Company and payments made by the Company after the related each Cut-off Date, (other than payments of principal and interest due on or before the related such Cut-off Date, or received by the Company prior to the related Cut-off Date but allocable to a period subsequent thereto or with respect to each LPMI Loan, in the amount of the LPMI Fee):thereto:
(i1) all payments on account of principal on the Mortgage Loans, including all Principal Prepayments, but not including Payaheads;
(ii2) all payments on account of interest on the Mortgage Loans Loans, adjusted to the Mortgage Loan Remittance Rate;
(iii3) all Liquidation Proceeds;
(iv4) all Insurance Proceeds including amounts required to be deposited pursuant to Section 4.104.10 (other than proceeds to be held in the Escrow Account and applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with Section 4.14), Section 4.11, Section 4.14 4.11 and Section 4.15;
(v5) all Condemnation Proceeds which are not applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with Section 4.14;
(vi6) any amount required to be deposited in the Custodial Account pursuant to Section 4.014.1, 4.095.1, 5.035.3, 6.01 6.1 or 6.026.2;
(vii7) any amounts payable in connection with the repurchase of any Mortgage Loan pursuant to Section 3.03 and all amounts required to be deposited by the Company in connection with a shortfall in principal amount of any Qualified Substitute Mortgage Loan pursuant to Section 3.032.3, 3.3 or 6.2;
(viii) 8) with respect to each Principal Prepayment in full or in partincluding, for this purpose, the Prepayment Interest Shortfall Amountprincipal portion of Insurance Proceeds, if anyCondemnation Proceeds, for and Liquidation Proceeds an amount (to be paid by the month Company out of distribution. Such deposit shall be made from the Company's its own funds, without reimbursement therefore, ) which, when added to all amounts allocable to interest received in connection with the aggregatePrincipal Prepayment, for any equals one month, shall not exceed one twelfth 's interest on the amount of 0.50% of the outstanding principal balance of so prepaid at the Mortgage LoansLoan Remittance Rate;
(ix9) any amounts required to be deposited by the Company pursuant to Section 4.11 in connection with the deductible clause in any blanket hazard insurance policy; and
(x10) any amounts received with respect to or related to any REO Property and all REO Disposition Proceeds pursuant to Section 4.16. The foregoing requirements for deposit into the Custodial 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, prepayment penalties, charges and assumption fees, and other ancillary fees to the extent permitted by Section 6.1, need not be deposited by the Company into the Custodial Account. Any interest paid on funds deposited in the Custodial Account by the depository institution shall accrue to the benefit of the Company and the Company shall be entitled to retain and withdraw such interest from the Custodial Account pursuant to Section 4.054.5. The Company shall reimburse the Custodial Account for any losses incurred as a result of the investment of amounts on deposit in the Custodial Account.
Appears in 1 contract
Samples: Assignment, Assumption and Recognition Agreement (GSAA Home Equity Trust 2006-1)
Establishment of and Deposits to Custodial Account. The Company shall segregate and hold all funds collected and received pursuant to a Mortgage Loan separate and apart from any of its own funds and general assets and shall establish and maintain one or more Custodial Accounts, in the form of time deposit or demand accounts, titled "Countrywide Home Loans Inc. “National City Mortgage Co., as Servicer, in trust for the Purchaser of Conventional Residential Conventional Residential Fixed Rate and Adjustable Rate Mortgage Loans, and various Mortgagors"”. The Custodial Account shall be established with a Qualified DepositoryDepository acceptable to the Purchaser. Any funds deposited in the Custodial Account shall at all times be fully insured to the full extent permitted under applicable law. Funds deposited in the Custodial Account may be drawn on by the Company in accordance with Section 4.05. The creation of any Custodial Account shall be evidenced by a certification in the form of Exhibit D-1 hereto, in the case of an account established with the Company, or by a letter agreement in the form of Exhibit D-2 hereto, in the case of an account held by a depository other than the Company. A copy of such certification or letter agreement shall be furnished to the Purchaser and, upon request, to any subsequent Purchaser. The Company shall deposit in the Custodial Account within two Business Days of receipton a daily basis, and retain therein, the following collections received by the Company and payments made by the Company after the related Cut-off Date, (other than payments of principal and interest due on or before the related Cut-off Date, or received by the Company prior to the related Cut-off Date but allocable to a period subsequent thereto or with respect to each LPMI Loan, in the amount of the LPMI Fee):
(i) all payments on account of principal on the Mortgage Loans, including all Principal Prepayments;
(ii) all payments on account of interest on the Mortgage Loans adjusted to the Mortgage Loan Remittance Rate, including all Prepayment Charges;
(iii) all Liquidation Proceeds;
(iv) all Insurance Proceeds including amounts required to be deposited pursuant to Section 4.104.10 (other than proceeds to be held in the Escrow Account and applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with Section 4.14), Section 4.11, Section 4.14 4.11 and Section 4.15;
(v) all Condemnation Proceeds which are not applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with Section 4.14;
(vi) any amount required to be deposited in the Custodial Account pursuant to Section 4.01, 4.09, 5.03, 6.01 or 6.02;
(vii) any amounts payable in connection with the repurchase of any Mortgage Loan pursuant to Section 3.03 or 3.04 and all amounts required to be deposited by the Company in connection with a shortfall in principal amount of any Qualified Substitute Mortgage Loan pursuant to Section 3.03;
(viii) with respect to each Principal Prepayment in full or in part, the Prepayment Interest Shortfall Amount, to be paid by the Company out of its own funds without reimbursement therefor, if any, for the month of distribution. Such deposit shall be made from the Company's own funds, without reimbursement therefore, which, in the aggregate, for any month, shall not exceed one twelfth of 0.50% of the outstanding principal balance of the Mortgage Loans;
(ix) any amounts required to be deposited by the Company pursuant to Section 4.11 in connection with the deductible clause in any blanket hazard insurance policy; and
(x) any amounts received with respect to or related to any REO Property and all REO Disposition Proceeds pursuant to Section 4.16. The foregoing requirements for deposit into the Custodial Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, payments in the nature of Ancillary Income, including late payment charges, prepayment penalties, charges and assumption fees, and other ancillary fees to the extent permitted by Section 6.01, need not be deposited by the Company into the Custodial Account. Any interest paid on funds deposited in the Custodial Account by the depository institution shall accrue to the benefit of the Company and the Company shall be entitled to retain and withdraw such interest from the Custodial Account pursuant to Section 4.05. Prior to changing the location of the Custodial Account, the Company shall give notice to the Purchaser of such change, which notice shall set forth the new location of the Custodial Account when established.
Appears in 1 contract
Establishment of and Deposits to Custodial Account. The Company shall segregate and hold all funds collected and received pursuant to a Mortgage Loan separate and apart from any of its own funds and general assets and shall establish and maintain one or more Custodial Accounts, in the form of time deposit or demand accounts, titled "Countrywide Home Loans Inc. Commercial Federal Mortgage Corporation in trust for the Purchaser of Conventional Residential Conventional Residential Fixed Rate Mortgage Loans, Group No. 2001-1 and various Mortgagors". The Custodial Account shall be established with a Qualified DepositoryDepository acceptable to the Purchaser. Any funds deposited in the Custodial Account shall at all times be fully insured to the full extent permitted under applicable law. Funds deposited in the Custodial Account may be drawn on by the Company in accordance with Section 4.05. The creation of any Custodial Account shall be evidenced by a certification in the form of Exhibit D-1 hereto, in the case of an account established with the Company, or by a letter agreement in the form of Exhibit D-2 hereto, in the case of an account held by a depository other than the Company. A copy of such certification or letter agreement shall be furnished to the Purchaser and, upon request, to any subsequent Purchaser. The Company shall deposit in the Custodial Account within two Business Days 48 hours of receipt, and retain therein, the following collections received by the Company and payments made by the Company after the related Cut-off Date, (other than payments of principal and interest due on or before the related Cut-off Date, or received by the Company prior to the related Cut-off Date but allocable to a period subsequent thereto or with respect to each LPMI Loan, in the amount of the LPMI Feethereto):
(i) all payments on account of principal on the Mortgage Loans, including all Principal Prepayments;
(ii) all payments on account of interest on the Mortgage Loans adjusted to the Mortgage Loan Remittance Rate;
(iii) all Liquidation Proceeds;
(iv) all Insurance Proceeds including amounts required to be deposited pursuant to Section 4.104.10 (other than proceeds to be held in the Escrow Account and applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with Section 4.14), Section 4.11, Section 4.14 4.11 and Section 4.15;
(v) all Condemnation Proceeds which are not applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with Section 4.14;
(vi) any amount required to be deposited in the Custodial Account pursuant to Section 4.01, 4.09, 5.03, 6.01 or 6.02;
(vii) any amounts payable in connection with the repurchase of any Mortgage Loan pursuant to Section 3.03 or 3.06 and all amounts required to be deposited by the Company in connection with a shortfall in principal amount of any Qualified Substitute Mortgage Loan pursuant to Section 3.03;
(viii) with respect to each Principal Prepayment in full or in part, the Prepayment Interest Shortfall Amount, if any, for the month of distribution. Such deposit shall be made from the Company's own funds, without reimbursement therefore, which, in the aggregate, for any month, shall not exceed one twelfth of 0.50% therefor up to a maximum amount per month of the outstanding principal balance of Servicing Fee actually received for such month for the Mortgage Loans;
(ix) any amounts required to be deposited by the Company pursuant to Section 4.11 in connection with the deductible clause in any blanket hazard insurance policy; and
(x) any amounts received with respect to or related to any REO Property and all REO Disposition Proceeds pursuant to Section 4.16. The foregoing requirements for deposit into the Custodial 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(a) Servicing Fees which are payable solely from the interest portion of Monthly Payments, prepayment penaltiesInsurance Proceeds, assumption feesCondemnation Proceeds, and other ancillary fees Liquidation Proceeds, or (b) Ancillary Income, need not be deposited by the Company into the Custodial Account. Any interest paid on funds deposited in the Custodial Account by the depository institution shall accrue to the benefit of the Company and the Company shall be entitled to retain and withdraw such interest from the Custodial Account pursuant to Section 4.05. Additionally, any other benefit derived from the Custodial Account associated with the receipt, disbursement and accumulation of principal, interest, taxes, hazard insurance, mortgage blanket insurance, etc. shall accrue to the Company.
Appears in 1 contract
Establishment of and Deposits to Custodial Account. The Company shall segregate and hold all funds collected and received pursuant to a Mortgage Loan separate and apart from any of its own funds and general assets and shall establish and maintain one or more Custodial Accounts, in the form of time deposit or demand accounts, titled "Countrywide Home Loans ABN AMRO Mortgage Group, Inc. in trust for the Purchaser of Conventional Residential Conventional Residential Adjustable Rate Mortgage Loans, Group No. 2002-1 and various Mortgagors". The Custodial Account shall be established with a Qualified DepositoryDepository acceptable to the Purchaser. Any funds deposited in the Custodial Account shall at all times be fully insured to the full extent permitted under applicable law. Funds deposited in the Custodial Account may be drawn on by the Company in accordance with Section 4.05. The creation of any Custodial Account shall be evidenced by a certification in the form of Exhibit D-1 hereto, in the case of an account established with the Company, or by a letter agreement in the form of Exhibit D-2 hereto, in the case of an account held by a depository other than the Company. A copy of such certification or letter agreement shall be furnished to the Purchaser and, upon request, to any subsequent Purchaser. The Company shall deposit in the Custodial Account within two Business Days of receipton a daily basis, and retain therein, the following collections received by the Company and payments made by the Company after the related Cut-off Date, (other than payments of principal and interest due on or before the related Cut-off Date, or received by the Company prior to the related Cut-off Date but allocable to a period subsequent thereto or with respect to each LPMI Loan, in the amount of the LPMI Fee):thereto:
(i) all payments on account of principal on the Mortgage Loans, including all Principal Prepayments;
(ii) all payments on account of interest on the Mortgage Loans adjusted to the Mortgage Loan Remittance Rate;
(iii) all Liquidation Proceeds;
(iv) all Insurance Proceeds including amounts required to be deposited pursuant to Section 4.104.10 (other than proceeds to be held in the Escrow Account and applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with Section 4.14), Section 4.11, Section 4.14 4.11 and Section 4.15;
(v) all Condemnation Proceeds which are not applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with Section 4.14;
(vi) any amount required to be deposited in the Custodial Account pursuant to Section 4.01, 4.09, 5.03, 6.01 or 6.02;
(vii) any amounts payable in connection with the repurchase of any Mortgage Loan pursuant to Section 3.03 3.03, 3.05 or 3.06 and all amounts required to be deposited by the Company in connection with a shortfall in principal amount of any Qualified Substitute Mortgage Loan pursuant to Section 3.03;
(viii) with respect to each Principal Prepayment in full or in part, the Prepayment Interest Shortfall Amount, if any, for the month of distribution. Such deposit shall be made from the Company's own funds, without reimbursement therefore, which, in the aggregate, for any month, shall not exceed one twelfth of 0.50% of the outstanding principal balance of the Mortgage Loanstherefor;
(ix) any amounts required to be deposited by the Company pursuant to Section 4.11 in connection with the deductible clause in any blanket hazard insurance policy; and
(x) any amounts received with respect to or related to any REO Property and all REO Disposition Proceeds pursuant to Section 4.16. The foregoing requirements for deposit into the Custodial 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, prepayment penalties, charges and assumption fees, and other ancillary fees to the extent permitted by Section 6.01, need not be deposited by the Company into the Custodial Account. Any interest paid on funds deposited in the Custodial Account by the depository institution shall accrue to the benefit of the Company and the Company shall be entitled to retain and withdraw such interest from the Custodial Account pursuant to Section 4.05.
Appears in 1 contract
Establishment of and Deposits to Custodial Account. The Company shall segregate and hold all funds collected and received pursuant to a Mortgage Loan separate and apart from any of its own funds and general assets and shall establish and maintain one or more Custodial Accounts, in the form of time deposit or demand accounts, titled "Countrywide Home Loans Inc. National City Mortgage Co., as Servicer, in trust for the Purchaser of Conventional Residential Conventional Fixed and ARM Rate Conventional, FHA or VA Residential Mortgage Loans, Loans and various Mortgagors". It is the intent of the parties to this Agreement that the Custodial Accounts created herein be special deposit accounts. The Custodial Account shall be established with a Qualified DepositoryDepository acceptable to the Purchaser. Any funds deposited in the Custodial Account shall at all times be fully insured to the full extent permitted under applicable law. Funds deposited in the Custodial Account may be drawn on by the Company in accordance with Section 4.05. The creation of any Custodial Account shall be evidenced by a certification in the form of Exhibit D-1 D-l hereto, in the case of an account established with the Company, or by a letter agreement in the form of Exhibit D-2 hereto, in the case of an account held by a depository other than the Company. A copy of such certification or letter agreement shall be furnished to the Purchaser and, upon request, to any subsequent Purchaser. The Company shall deposit in the Custodial Account within two Business Days of receipton a daily basis, and retain therein, the following collections received by the Company and payments made by the Company after the related Cut-off Date, (other than payments of principal and interest due on or before the related Cut-off Date, or received by the Company prior to the related Cut-off Date but allocable to a period subsequent thereto thereto, or with respect to each LPMI Loan, in the amount of the LPMI Fee):
(i) all payments on account of principal on the Mortgage Loans, including all Principal Prepayments;
(ii) all payments on account of interest on the Mortgage Loans adjusted to the Mortgage Loan Remittance Rate;
(iii) all Liquidation Proceeds;
(iv) all Insurance Proceeds including amounts required to be deposited pursuant to Section 4.104.10 (other than proceeds to be held in the Escrow Account and applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with Section 4.14), Section 4.11, Section 4.14 4.11 and Section 4.15;
(v) all Condemnation Proceeds which are not applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with Section 4.14;
(vi) any amount required to be deposited in the Custodial Account pursuant to Section 4.014.0l, 4.09, 5.03, 6.01 4.09,5.03,6.01 or 6.02;
(vii) any amounts payable in connection with the repurchase of any Mortgage Loan pursuant to Section 3.03 or 3.04 and all amounts required to be deposited by the Company in connection with a shortfall in principal amount of any Qualified Substitute Mortgage Loan pursuant to Section 3.03;
(viii) with respect to each Principal Prepayment in full or in part, the Prepayment Interest Shortfall Amount, to be paid by the Company out of its own funds without reimbursement therefor, if any, for the month of distribution. Such deposit shall be made from the Company's own funds, without reimbursement therefore, which, in the aggregate, for any month, shall not exceed one twelfth of 0.50% of the outstanding principal balance of the Mortgage Loanstherefor;
(ix) any amounts required to be deposited by the Company pursuant to Section 4.11 in connection with the deductible clause in any blanket hazard insurance policy; and
(x) any amounts received with respect to or related to any REO Property and all REO Disposition Proceeds pursuant to Section 4.164.l6. The foregoing requirements for deposit into the Custodial Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, payments in the nature of Ancillary Income, including late payment charges, prepayment penalties, charges and assumption fees, and other ancillary fees to the extent permitted by Section 6.0l, need not be deposited by the Company into the Custodial Account. Any interest paid on funds deposited in the Custodial Account by the depository institution shall accrue to the benefit of the Company and the Company shall be entitled to retain and withdraw such interest from the Custodial Account pursuant to Section 4.05. Prior to changing the location of the Custodial Account, the Company shall give notice to the Purchaser of such change, which notice shall set forth the new location of the Custodial Account when established.
Appears in 1 contract
Samples: Servicing Agreement (Luminent Mortgage Trust 2007-2)
Establishment of and Deposits to Custodial Account. The Company shall segregate and hold all funds collected and received pursuant to a Mortgage Loan separate and apart from any of its own funds and general assets and shall establish and maintain one or more Custodial Accounts, in the form of time deposit or demand accounts, titled "Countrywide Home Loans Inc. Fifth Third Mortgage Company, in trust for the Purchaser Lehman Brothers Bank, purchaser of Conventional Residential Conventional Residential Adjustable axx Xxxed Rate Mortgage Loans, and various MortgagorsGroup No. 2005-FLOW". The Custodial Account shall be established with a Qualified DepositoryDepository acceptable to the Purchaser. Any funds deposited in the Custodial Account shall at all times be fully insured to the full extent permitted under applicable law. Funds deposited in the Custodial Account may be drawn on by the Company in accordance with Section 4.055.05. The creation of any Custodial Account shall be evidenced by a certification in the form of Exhibit D-1 hereto, in the case of an account established with the Company, or by a letter agreement in the form of Exhibit D-2 hereto, in the case of an account held by a depository other than the Company. A copy of such certification or letter agreement shall be furnished to the Purchaser and, upon request, to any subsequent Purchaserpurchaser of the Mortgage Loans. The Company shall deposit in the Custodial Account within two Business Days of receipton a daily basis, and retain therein, the following collections received by the Company and payments made by the Company after the related Cut-off Date, (other than payments of principal and interest due on or before the related Cut-off Date, or received by the Company prior to the related Cut-off Date but allocable to a period subsequent thereto or with respect to each LPMI Loan, in the amount of the LPMI Fee)::
(i) all payments on account of principal on the Mortgage Loans, including all Principal Prepayments;
(ii) all payments on account of interest on the Mortgage Loans adjusted to the Mortgage Loan Remittance Rate;
(iii) any Prepayment Charge received in connection with the Mortgage Loans;
(iv) all Liquidation Proceeds;
(ivv) all Insurance Proceeds including amounts required to be deposited pursuant to Section 4.105.10 (other than proceeds to be held in the Escrow Account and applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with Section 5.14), Section 4.11, Section 4.14 5.11 and Section 4.155.15;
(vvi) all Condemnation Proceeds which are not applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with Section 4.14;
(vi) any amount required to be deposited in the Custodial Account pursuant to Section 4.01, 4.09, 5.03, 6.01 or 6.025.14;
(vii) any amounts payable in connection with the repurchase of any Mortgage Loan pursuant to Section 3.03 and all 4.03;
(viii) any amounts required to be deposited by the Company pursuant to Section 5.11 in connection with a shortfall the deductible clause in principal amount of any Qualified Substitute Mortgage Loan blanket hazard insurance policy;
(ix) any amounts required to be deposited by the Company pursuant to Section 3.035.15 in connection with any unpaid claims that are a result of a breach by the Company or any subservicer of the obligations hereunder or under the terms of a PMI Policy;
(viiix) any amounts received by the Company under a PMI or LPMI Policy;
(xi) with respect to each Principal Prepayment in full or in part, the Prepayment Interest Shortfall Amount, if any, for the month of distribution. Such deposit shall be made from the Company's own funds, without reimbursement therefore, which, in the aggregate, for any month, shall not exceed one twelfth of 0.50% therefor up to a maximum amount per month of the outstanding principal balance of Servicing Fee actually received for such month for the Mortgage Loans;
(ix) any amounts required to be deposited by the Company pursuant to Section 4.11 in connection with the deductible clause in any blanket hazard insurance policy; and
(xxii) any amounts received with respect to or related to any REO Property and all REO Disposition Proceeds pursuant to Section 4.165.16; and
(xiii) any other amount required to be deposited into the Custodial Account pursuant to the terms hereof. The foregoing requirements for deposit into the Custodial 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, prepayment penalties, assumption fees, and other ancillary fees Ancillary Income need not be deposited by the Company into the Custodial Account. Any interest paid on funds deposited in the Custodial Account by the depository institution shall accrue to the benefit of the Company and the Company shall be entitled to retain and withdraw such interest from the Custodial Account pursuant to Section 4.055.05.
Appears in 1 contract
Establishment of and Deposits to Custodial Account. The Company shall segregate and hold all funds collected and received pursuant to a Mortgage Loan separate and apart from any of its own funds and general assets and shall establish and maintain one or more Custodial Accounts, in the form of time deposit or demand accounts, titled "Countrywide Wells Fargo Home Loans Mortgage, Inc. in trust for the Purchaser and/or sxxxxxuent purchasers of Conventional Residential Conventional Residential Mortgage Loans, and various Mortgagors". Mortgagors - P & I." The Custodial Account shall be established with a Qualified Depository. Any funds deposited in the Custodial Account shall at all times be fully insured to the full fullest extent permitted under allowed by applicable law. Funds deposited in the Custodial Account may be drawn on by the Company in accordance with Section 4.05. The creation of any Custodial Account shall be evidenced by a certification in the form of Exhibit D-1 hereto, in the case of an account established with the Company, or by a letter agreement in the form of Exhibit D-2 hereto, in the case of an account held by a depository other than the Company. Company each in the forms attached hereto as Exhibit D. A copy of such certification or letter agreement shall be furnished to the Purchaser and, or any subsequent purchaser upon request, to any subsequent Purchaser. The Company shall deposit in the Custodial Account within two one (1) Business Days Day of the Company's receipt, and retain therein, the following collections received by the Company and payments made by the Company after the related Cut-off Date, (other than payments of principal and interest due on or before the related Cut-off Date, or received by the Company prior to the related Cut-off Date but allocable to a period subsequent thereto or with respect to each LPMI Loan, in the amount of the LPMI Fee):thereto:
(i) all payments on account of principal on the Mortgage Loans, including all Principal Prepayments;
(ii) all payments on account of interest on the Mortgage Loans adjusted to the Mortgage Loan Remittance Rate;
(iii) all Liquidation Proceeds;
(iv) all Insurance Proceeds including amounts required to be deposited pursuant to Section 4.104.10 (other than proceeds to be held in the Escrow Account and applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with Section 4.14), Section 4.11, Section 4.14 4.11 and Section 4.15;
(v) all Condemnation Proceeds which are not applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with Section 4.14;
(vi) any amount required to be deposited in the Custodial Account pursuant to Section 4.01, 4.09, 5.03, 6.01 or 6.02;
(vii) any amounts payable in connection with the repurchase of any Mortgage Loan pursuant to Section 3.03 and all amounts required to be deposited by the Company in connection with a shortfall in principal amount of any Qualified Substitute Mortgage Loan pursuant to Section 3.03;
(viii) with respect to each Principal Prepayment in full or in part, an amount (to be paid by the Prepayment Interest Shortfall Amount, if any, for the month Company out of distribution. Such deposit shall be made from the Company's own its funds, without reimbursement therefore, ) which, when added to all amounts allocable to interest received in connection with the aggregatePrincipal Prepayment, for any equals one month, shall not exceed one twelfth 's interest on the amount of 0.50% of the outstanding principal balance of so prepaid at the Mortgage LoansLoan Remittance Rate;
(ix) any amounts required to be deposited by the Company pursuant to Section 4.11 in connection with the deductible clause in any blanket hazard insurance policy; and
(x) any amounts received with respect to or related to any REO Property and all REO Disposition Proceeds pursuant to Section 4.16. The foregoing requirements for deposit into the Custodial 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, prepayment penalties, charges and assumption fees, and other ancillary fees to the extent permitted by Section 6.01, need not be deposited by the Company into the Custodial Account. Any interest paid on funds deposited in the Custodial Account by the depository institution shall accrue to the benefit of the Company and the Company shall be entitled to retain and withdraw such interest from the Custodial Account pursuant to Section 4.05.
Appears in 1 contract
Establishment of and Deposits to Custodial Account. The Company shall segregate and hold all funds collected and received pursuant to a Mortgage Loan separate and apart from any of its own funds and general assets and shall establish and maintain one or more Custodial Accounts, in the form of time deposit or demand accounts, titled "Countrywide Home Loans Inc. Option One Mortgage Corporation, in trust for the Purchaser Bank of Conventional Residential Conventional Residential America, National Association and/or subsequent purchasers of Mortgage Loans, and various Mortgagors". Mortgagors - P & I." The Custodial Account shall be established with a Qualified Depository. Upon request of the Purchaser and within ten (10) days thereof, the Company shall provide the Purchaser with written confirmation of the existence of such Custodial Account. Any funds deposited in the Custodial Account shall at all times be fully insured to the full fullest extent permitted under applicable lawavailable from the FDIC. Funds deposited in the Custodial Account may be drawn on by the Company in accordance with Section 4.05. The creation of any Custodial Account shall be evidenced by a certification in the form of Exhibit D-1 hereto, in the case of an account established with the Company, or by a letter agreement in the form of Exhibit D-2 hereto, in the case of an account held by a depository other than the Company. A copy of such certification or letter agreement shall be furnished to the Purchaser and, upon request, to any subsequent Purchaser4.06. The Company shall deposit in a clearing account (which must be established with a Qualified Depository) in which it customarily deposits payments and collections on mortgage loans in connection with its mortgage loan servicing activities on a daily basis and in no event later than one (1) Business Day following receipt thereof and shall thereafter, in no event more than one (1) Business Day after the deposit of such funds in the clearing account, deposit in the Custodial Account within two Business Days of receiptAccount, and retain therein, the following collections received by the Company and payments made by the Company after the related Cut-off Date, (other than payments of principal and interest due on or before the related Cut-off Date, or received by the Company prior to the related Cut-off Date but allocable to a period subsequent thereto or with respect to each LPMI Loan, in the amount of the LPMI Fee)::
(i) all payments on account of principal on the Mortgage Loans, including all Principal PrepaymentsPrepayments (including Prepayment Premiums paid by the Mortgagor or the Company pursuant to Section 4.22 of this Agreement);
(ii) all payments on account of interest on the Mortgage Loans adjusted to the Mortgage Loan Remittance Rate;
(iii) all Liquidation Proceeds;
(iv) all Insurance Proceeds including amounts required to be deposited pursuant to Section 4.104.11 (other than proceeds to be held in the Escrow Account and applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with Section 4.15), Section 4.11, Section 4.14 4.12 and Section 4.154.16;
(v) all Condemnation Proceeds which are not applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with Section 4.144.15;
(vi) any amount required to be deposited in the Custodial Account pursuant to Section 4.01, 4.09, 5.03, 6.01 or 6.02;
(vii) any amounts payable in connection with the repurchase of any Mortgage Loan pursuant to Section 3.03 3.04 and all amounts required to be deposited by the Company in connection with a shortfall in principal amount of any Qualified Substitute Mortgage Loan pursuant to Section 3.033.04;
(viii) with respect to each Principal Prepayment in full or in part, the Prepayment Interest Shortfall Amount, if any, for the month of distribution. Such deposit shall be made from the Company's own funds, without reimbursement therefore, which, in the aggregate, for any month, shall not exceed one twelfth of 0.50% of the outstanding principal balance of the Mortgage Loans;
(ix) any amounts required to be deposited by the Company pursuant to Section 4.11 4.12 in connection with the deductible clause in any blanket hazard insurance policy; and
(xix) any amounts received with respect to or related to any REO Property and all REO Disposition Proceeds pursuant to Section 4.164.17. The foregoing requirements for deposit into the Custodial 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, prepayment penalties, assumption fees, fees and other ancillary fees income (other than Prepayment Premiums), to the extent permitted by Section 6.01, need not be deposited by the Company into the Custodial Account. Any interest paid on funds deposited in the Custodial Account by the depository institution shall accrue to the benefit of the Company and the Company shall be entitled to retain and withdraw such interest from the Custodial Account pursuant to Section 4.054.06. The Company shall maintain adequate records with respect to all withdrawals made pursuant to this Section 4.04. All funds required to be deposited in the Custodial Account shall be held in trust for the Purchaser until withdrawn in accordance with Section 4.06.
Appears in 1 contract
Samples: Flow Sale and Servicing Agreement (ABFC 2006-Opt3 Trust)
Establishment of and Deposits to Custodial Account. The Company Seller shall segregate and hold all funds collected and received pursuant to a the Mortgage Loan Loans separate and apart from any of its own funds and general assets and shall establish and maintain one or more Custodial Accounts, in the form of time deposit or demand accounts, titled "Countrywide Home Loans Inc. RBC Mortgage Company in trust for the Purchaser of Conventional Lxxxxx Brothers Bank, FSB, Residential Conventional Residential Fixed and Adjustable Rate Mortgage Loans, and various Mortgagors"Group No. 2003-2." The Custodial Account shall be established with a Qualified DepositoryDepository acceptable to the Purchaser. Any funds deposited in the Custodial Account shall at all times be fully insured to the full extent permitted under applicable law. Funds deposited in the Custodial Account may be drawn on by the Company Seller in accordance with Section 4.052.05. The creation of any Custodial Account shall be evidenced by a certification in the form of Exhibit D-1 2 hereto, in the case of an account established with the CompanySeller, or by a letter agreement in the form of Exhibit D-2 3 hereto, in the case of an account held by a depository other than the CompanySeller. A copy of such certification or letter agreement shall be furnished to the Purchaser and, upon request, to any subsequent Purchaser. The Company Seller shall deposit in the Custodial Account within two Business Days of receipton a daily basis, and retain therein, the following collections received by the Company and payments made by the Company Seller after the related Cut-off Date, (other than payments of principal and interest due on or before the related Cut-off Date, or received by the Company prior to the related Cut-off Date but allocable to a period subsequent thereto or with respect to each LPMI Loan, in the amount of the LPMI Fee)::
(i) all payments on account of principal on the Mortgage Loans, including all Principal Prepayments;
(ii) all payments on account of interest on the Mortgage Loans adjusted to the Mortgage Loan Remittance Rate;
(iii) all Liquidation Proceeds;
(iv) all Insurance Proceeds including amounts required to be deposited pursuant to Section 4.102.11 (other than proceeds to be held in the Escrow Account and applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with Section 2.15), Section 4.11, Section 4.14 2.12 and Section 4.152.16;
(v) all Condemnation Proceeds which are not applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with Section 4.142.15;
(vi) any amount required to be deposited in the Custodial Account pursuant to Section 4.012.01, 4.092.10, 5.032.17, 6.01 4.01 or 6.024.02;
(vii) any amounts payable in connection with the repurchase of any Mortgage Loan pursuant to Section 3.03 and all amounts required to be deposited by 8 of the Company in connection with a shortfall in principal amount of any Qualified Substitute Mortgage Loan pursuant to Section 3.03;Purchase Agreement; and
(viii) with respect to each Principal Prepayment in full or in part, the Prepayment Interest Shortfall Amount, if any, for the month of distribution. Such deposit shall be made from the Company's own funds, without reimbursement therefore, which, in the aggregate, for any month, shall not exceed one twelfth of 0.50% of the outstanding principal balance of the Mortgage Loans;
(ix) any amounts required to be deposited by the Company Seller pursuant to Section 4.11 2.11 in connection with the deductible clause in any blanket hazard insurance policy; and
(x) any amounts received with respect to or related to any REO Property and all REO Disposition Proceeds pursuant to Section 4.16. The foregoing requirements for deposit into the Custodial 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, prepayment penalties, charges and assumption fees, and other ancillary fees to the extent permitted by Section 4.01, need not be deposited by the Company Seller into the Custodial Account. Any interest paid on funds deposited in the Custodial Account by the depository institution shall accrue to the benefit of the Company Seller and the Company Seller shall be entitled to retain and withdraw such interest from the Custodial Account pursuant to Section 4.052.05.
Appears in 1 contract
Establishment of and Deposits to Custodial Account. The Company shall segregate and hold all funds collected and received pursuant to a Mortgage Loan separate and apart from any of its own funds and general assets and shall establish and maintain one or more Custodial Accounts, in the form of time deposit or demand accounts, titled "Countrywide Home Loans Inc. “Xxxxx Fargo Bank, N.A., in trust for the Purchaser and/or subsequent purchasers of Conventional Residential Conventional Residential Mortgage Loans, and various Mortgagors". Mortgagors - P & I.” The Custodial Account shall be established with a Qualified Depositoryan Eligible Institution. Any funds deposited in the The Custodial Account shall at all times be fully insured to the full fullest extent permitted under allowed by applicable law. Funds deposited in the Custodial Account may be drawn on by the Company in accordance with Section 4.05. The creation of any Custodial Account shall be evidenced by a certification in the form of Exhibit D-1 hereto, in the case of an account established with the Company, or by a letter agreement in the form of Exhibit D-2 hereto, in the case of an account held by a depository other than the Company. Company each in the forms attached hereto as Exhibit E. A copy of such certification or letter agreement shall be furnished to the Purchaser andor any subsequent purchaser, upon request, to any subsequent Purchaser. The Company shall deposit in the Custodial Account within two one (1) Business Days Day of Company’s receipt, and retain therein, the following collections received by the Company and payments made by the Company after the related Cut-off Date, (other than payments of principal and interest due on or before the related Cut-off Date, or received by the Company prior to the related Cut-off Date but allocable to a period subsequent thereto or with respect to each LPMI Loan, in the amount of the LPMI Fee):thereto:
(i) all payments on account of principal on the Mortgage Loans, including all Principal Prepayments;
(ii) all payments on account of interest on the Mortgage Loans adjusted to the Mortgage Loan Remittance Rate;
(iii) all Liquidation Proceeds;
(iv) all Insurance Proceeds including amounts required to be deposited pursuant to Section 4.10, Section 4.11, Section 4.14 and Section 4.15;
(v) all Condemnation Proceeds which are not applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with Section 4.14;
(vi) any amount required to be deposited in the Custodial Account pursuant to Section 4.01, 4.09, 5.03, 6.01 or 6.02;
(vii) any amounts payable in connection with the repurchase of any Mortgage Loan pursuant to Section 3.03 and all amounts required to be deposited by the Company Principal Prepayment charges received in connection with a shortfall in principal amount of any Qualified Substitute Mortgage Loan pursuant to Section 3.03Loan;
(viii) with respect to each Principal Prepayment in full or in part, the Prepayment Interest Shortfall Amount, if any, for the month of distribution. Such deposit shall be made from the Company's own funds, without reimbursement therefore, which, in the aggregate, for any month, shall not exceed one twelfth of 0.50% of the outstanding principal balance of the Mortgage Loans;
(ix) any amounts required to be deposited by the Company pursuant to Section 4.11 in connection with the deductible clause in any blanket hazard insurance policy; and
(x) any amounts received with respect to or related to any REO Property and all REO Disposition Proceeds pursuant to Section 4.16. The foregoing requirements for deposit into the Custodial 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, prepayment penalties, assumption fees, and other ancillary fees need not be deposited by the Company into the Custodial Account. Any interest paid on funds deposited in the Custodial Account by the depository institution shall accrue to the benefit of the Company and the Company shall be entitled to retain and withdraw such interest from the Custodial Account pursuant to Section 4.05.
Appears in 1 contract
Establishment of and Deposits to Custodial Account. The Company shall segregate and hold all funds collected and received pursuant to a Mortgage Loan separate and apart from any of its own funds and general assets and shall establish and maintain one or more Custodial Accounts, in the form of time deposit or demand accounts, titled "Countrywide Home Loans Inc. Xxxxx Fargo Bank, N.A., in trust for the Purchaser and/or subsequent purchasers of Conventional Residential Conventional Residential Mortgage Loans, and various Mortgagors". Loans - P & I." The Custodial Account shall be established with a Qualified Depositoryan Eligible Institution. Any funds deposited in the The Custodial Account shall at all times be fully insured to the full fullest extent permitted under allowed by applicable law. Funds deposited in the Custodial Account may be drawn on by the Company in accordance with Section 4.05. The creation of any Custodial Account shall be evidenced by a certification in the form of Exhibit D-1 hereto, in the case of an account established with the Company, or by a letter agreement in the form of Exhibit D-2 hereto, in the case of an account held by a depository other than the Company. Company each in the forms attached hereto as Exhibit E. A copy of such certification or letter agreement shall be furnished to the Purchaser andor any subsequent purchaser, upon request, to any subsequent Purchaser. The Company shall deposit in the Custodial Account within two one (1) Business Days Day of Company’s receipt, and retain therein, the following collections received by the Company and payments made by the Company after the related Cut-off Date, (other than payments of principal and interest due on or before the related Cut-off Date, or received by the Company prior to the related Cut-off Date but allocable to a period subsequent thereto or with respect to each LPMI Loan, in the amount of the LPMI Fee):thereto:
(i) all payments on account of principal on the Mortgage Loans, including all Principal Prepayments;
(ii) all payments on account of interest on the Mortgage Loans adjusted to the Mortgage Loan Remittance Rate;
(iii) all Liquidation Proceeds;
(iv) all Insurance Proceeds including amounts required to be deposited pursuant to Section 4.10, Section 4.11, Section 4.14 and Section 4.15;
(v) all Condemnation Proceeds which are not applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with Section 4.14;
(vi) any amount required to be deposited in the Custodial Account pursuant to Section 4.01, 4.09, 5.03, 6.01 or 6.02;
(vii) any amounts payable in connection with the repurchase of any Mortgage Loan pursuant to Section 3.03 and all amounts required to be deposited by the Company Principal Prepayment charges received in connection with a shortfall in principal amount of any Qualified Substitute Mortgage Loan pursuant to Section 3.03Loan;
(viii) with respect to each Principal Prepayment in full or in part, the Prepayment Interest Shortfall Amount, if any, for the month of distribution. Such deposit shall be made from the Company's own funds, without reimbursement therefore, which, in the aggregate, for any month, shall not exceed one twelfth of 0.50% of the outstanding principal balance of the Mortgage Loans;
(ix) any amounts required to be deposited by the Company pursuant to Section 4.11 in connection with the deductible clause in any blanket hazard insurance policy; and
(x) any amounts received with respect to or related to any REO Property and all REO Disposition Proceeds pursuant to Section 4.16. The foregoing requirements for deposit into the Custodial 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, prepayment penalties, assumption fees, and other ancillary fees need not be deposited by the Company into the Custodial Account. Any interest paid on funds deposited in the Custodial Account by the depository institution shall accrue to the benefit of the Company and the Company shall be entitled to retain and withdraw such interest from the Custodial Account pursuant to Section 4.05.
Appears in 1 contract
Samples: Servicing Agreement (Structured Asset Securities Corp 2005-Wf4)
Establishment of and Deposits to Custodial Account. The Company shall segregate and hold all funds collected and received pursuant to a Mortgage Loan separate and apart from any of its own funds and general assets and shall establish and maintain one or more Custodial Accounts, in the form of time deposit or demand accounts, titled "Countrywide Home Loans Loans, Inc. in trust for the Purchaser of Conventional Residential Conventional Residential Adjustable Rate Mortgage Loans, Group No. 2002-1 and various Mortgagors". The Custodial Account shall be established with a Qualified DepositoryDepository acceptable to the Purchaser. Any funds deposited in the Custodial Account shall at all times be fully insured to the full extent permitted under applicable law. Funds deposited in the Custodial Account may be drawn on by the Company in accordance with Section 4.05. The creation of any Custodial Account shall be evidenced by a certification in the form of Exhibit D-1 hereto, in the case of an account established with the Company, or by a letter agreement in the form of Exhibit D-2 hereto, in the case of an account held by a depository other than the Company. A copy of such certification or letter agreement shall be furnished to the Purchaser and, upon request, to any subsequent Purchaser. The Company shall deposit in the Custodial Account within two Business Days of receipt, and retain therein, the following collections received by the Company and payments made by the Company after the related Cut-off Date, (other than payments of principal and interest due on or before the related Cut-off Date, or received by the Company prior to the related Cut-off Date but allocable to a period subsequent thereto or with respect to each LPMI Loan, in the amount of the LPMI Fee):
(i) all payments on account of principal on the Mortgage Loans, including all Principal Prepayments;
(ii) all payments on account of interest on the Mortgage Loans adjusted to the Mortgage Loan Remittance Rate;
(iii) all Liquidation Proceeds;
(iv) all Insurance Proceeds including amounts required to be deposited pursuant to Section 4.10, Section 4.11, Section 4.14 and Section 4.15;
(v) all Condemnation Proceeds which are not applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with Section 4.14;
(vi) any amount required to be deposited in the Custodial Account pursuant to Section 4.01, 4.09, 5.03, 6.01 or 6.02;
; (vii) any amounts payable in connection with the repurchase of any Mortgage Loan pursuant to Section 3.03 or 3.06 and all amounts required to be deposited by the Company in connection with a shortfall in principal amount of any Qualified Substitute Mortgage Loan pursuant to Section 3.03;
(viii) with respect to each Principal Prepayment in full or in part, the Prepayment Interest Shortfall Amount, if any, for the month of distribution. Such deposit shall be made from the Company's own funds, without reimbursement therefore, which, in the aggregate, for any month, shall not exceed one twelfth of 0.50% of the outstanding principal balance of the Mortgage Loans;
(ix) any amounts required to be deposited by the Company pursuant to Section 4.11 in connection with the deductible clause in any blanket hazard insurance policy; and
(x) any amounts received with respect to or related to any REO Property and all REO Disposition Proceeds pursuant to Section 4.16. The foregoing requirements for deposit into the Custodial 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, prepayment penalties, assumption fees, and other ancillary fees need not be deposited by the Company into the Custodial Account. Any interest paid on funds deposited in the Custodial Account by the depository institution shall accrue to the benefit of the Company and the Company shall be entitled to retain and withdraw such interest from the Custodial Account pursuant to Section 4.05.
Appears in 1 contract
Establishment of and Deposits to Custodial Account. The Company shall segregate and hold all funds collected and received pursuant to a Mortgage Loan separate and apart from any of its own funds and general assets and shall establish and maintain one or more Custodial Accounts, in the form of time deposit or demand accounts, titled "Countrywide Home Loans Inc. “SunTrust Mortgage, Inc., in trust for the Purchaser Banc of Conventional Residential Conventional Residential America Mortgage Capital Corporation and/or subsequent purchasers of Mortgage Loans, and various Mortgagors". Mortgagors - P & I.” The Custodial Account shall be established with a Qualified Depository. Upon request of the Purchaser and within ten (10) days thereof, the Company shall provide the Purchaser with written confirmation of the existence of such Custodial Account. Any funds deposited in the Custodial Account shall at all times be fully insured to the full fullest extent permitted under allowed by applicable law. Funds deposited in the Custodial Account may be drawn on by the Company in accordance with Section 4.05. The creation of any Custodial Account shall be evidenced by a certification in the form of Exhibit D-1 hereto, in the case of an account established with the Company, or by a letter agreement in the form of Exhibit D-2 hereto, in the case of an account held by a depository other than the Company. A copy of such certification or letter agreement shall be furnished to the Purchaser and, upon request, to any subsequent Purchaser. The Company shall deposit in the Custodial Account within two one Business Days Day of Company’s receipt, and retain therein, the following collections received by the Company and payments made by the Company after the related Cut-off Date, (other than payments of principal and interest due on or before the related Cut-off Date, or received by the Company prior to the related Cut-off Date but allocable to a period subsequent thereto or with respect to each LPMI Loan, in the amount of the LPMI Fee):thereto:
(i) all payments on account of principal on the Mortgage Loans, including all Principal Prepayments;
(ii) all payments on account of interest on the Mortgage Loans adjusted to the Mortgage Loan Remittance Rate;
(iii) all Liquidation Proceeds;
(iv) all Insurance Proceeds including amounts required to be deposited pursuant to Section 4.104.10 (other than proceeds to be held in the Escrow Account and applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with Section 4.14), Section 4.11, Section 4.14 4.11 and Section 4.15;
(v) all Condemnation Proceeds which are not applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with Section 4.14;
(vi) any amount required to be deposited in the Custodial Account pursuant to Section 3.05, 4.01, 4.094,10, 5.03, 6.01 or 6.02;
(vii) any amounts payable in connection with the repurchase of or substitution for any Mortgage Loan pursuant to Section 3.03 and all amounts required to be deposited by the Company in connection with a shortfall in principal amount of any Qualified Substitute Mortgage Loan pursuant to Section 3.03or 3.04;
(viii) with respect to each Principal Prepayment an amount (to be paid by the Company out of its funds) which, when added to all amounts allocable to interest received in full or connection with the Principal Prepayment, equals one month’s interest on the amount of principal so prepaid at the Mortgage Loan Remittance Rate; provided, however, that in part, no event shall the Prepayment Interest Shortfall Amount, if any, aggregate of deposits made by the Company pursuant to this clause (viii) exceed the aggregate amount of the Servicing Fee for the month of distribution. Such deposit shall be made related calendar month, whether or not received from the Company's own funds, without reimbursement therefore, which, in the aggregate, for any month, shall not exceed one twelfth of 0.50% of the outstanding principal balance of the Mortgage LoansMortgagor;
(ix) any amounts required to be deposited by the Company pursuant to Section 4.11 in connection with the deductible clause in any blanket hazard insurance policy; and
(x) any amounts received with respect to or related to any REO Property and all REO Disposition Proceeds pursuant to Section 4.16. The foregoing requirements for deposit into the Custodial 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, prepayment penalties, charges and assumption fees, and other ancillary fees to the extent permitted by Section 6.01, need not be deposited by the Company into the Custodial Account. Any interest paid on funds deposited in the Custodial Account by the depository institution shall accrue to the benefit of the Company and the Company shall be entitled to retain and withdraw such interest from the Custodial Account pursuant to Section 4.05. The Company shall maintain adequate records with respect to all deposits and withdrawals made pursuant to this Section 4.04 and Section 4.05. All funds required to be deposited in the Custodial Account shall be held in trust for the Purchaser until withdrawn in accordance with Section 4.05.
Appears in 1 contract
Samples: Flow Sale and Servicing Agreement (GSR Mortgage Loan Trust 2007-4f)
Establishment of and Deposits to Custodial Account. The Company shall segregate and hold all funds collected and received pursuant to a Mortgage Loan separate and apart from any of its own funds and general assets and shall establish and maintain one or more Custodial Accounts, in the form of time deposit or demand accounts, titled "Countrywide Home Loans Inc. in trust for the Purchaser of Conventional Residential Conventional Residential Mortgage Loans, and various Mortgagors". The Custodial Account shall be established with a Qualified Depository. Any funds deposited in the Custodial Account shall at all times be fully insured to the full extent permitted under applicable law. Funds deposited in the Custodial Account may be drawn on by the Company in accordance with Section 4.05. The creation of any Custodial Account shall be evidenced by a certification in the form of Exhibit D-1 hereto, in the case of an account established with the Company, or by a letter agreement in the form of Exhibit D-2 hereto, in the case of an account held by a depository other than the Company. A copy of such certification or letter agreement shall be furnished to the Purchaser and, upon request, to any subsequent Purchaser. The Company shall deposit in the Custodial Account within two Business Days of receipt, and retain therein, the following collections received by the Company and payments made by the Company after the related Cut-off Date, (other than payments of principal and interest due on or before the related Cut-off Date, or received by the Company prior to the related Cut-off Date but allocable to a period subsequent thereto or with respect to each LPMI Loan, in the amount of the LPMI Fee):) :
(i) all payments on account of principal on the Mortgage Loans, including all Principal Prepayments;
(ii) all payments on account of interest on the Mortgage Loans adjusted to the Mortgage Loan Remittance Rate;
(iii) all Liquidation Proceeds;
(iv) all Insurance Proceeds including amounts required to be deposited pursuant to Section 4.10, Section 4.11, Section 4.14 and Section 4.15;
(v) all Condemnation Proceeds which are not applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with Section 4.14;
(vi) any amount required to be deposited in the Custodial Account pursuant to Section 4.01, 4.09, 5.03, 6.01 or 6.02;
(vii) any amounts payable in connection with the repurchase of any Mortgage Loan pursuant to Section 3.03 and all amounts required to be deposited by the Company in connection with a shortfall in principal amount of any Qualified Substitute Mortgage Loan pursuant to Section 3.03;
(viii) with respect to each Principal Prepayment in full or in part, the Prepayment Interest Shortfall Amount, if any, for the month of distribution. Such deposit shall be made from the Company's own funds, without reimbursement therefore, which, in the aggregate, for any month, shall not exceed one twelfth of 0.50% of the outstanding principal balance of the Mortgage Loans;
(ix) any amounts required to be deposited by the Company pursuant to Section 4.11 in connection with the deductible clause in any blanket hazard insurance policy; and
(x) any amounts received with respect to or related to any REO Property and all REO Disposition Proceeds pursuant to Section 4.16. The foregoing requirements for deposit into the Custodial 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, prepayment penalties, assumption fees, and other ancillary fees need not be deposited by the Company into the Custodial Account. Any interest paid on funds deposited in the Custodial Account by the depository institution shall accrue to the benefit of the Company and the Company shall be entitled to retain and withdraw such interest from the Custodial Account pursuant to Section 4.05.
Appears in 1 contract
Samples: Flow Seller's Warranties and Servicing Agreement (Lehman XS Trust Series 2005-5n)
Establishment of and Deposits to Custodial Account. The Company Servicer shall segregate and hold all funds collected and received pursuant to a the Mortgage Loan Loans separate and apart from any of its own funds and general assets and shall establish and maintain one or more Custodial Accounts, at the direction of the Owner in the form of time deposit or demand accounts, titled "Countrywide Home Loans Inc. “Aurora Loan Services Inc., in trust for the Purchaser Lxxxxx Brothers Bank, FSB, owner of Conventional Residential Conventional Residential Mortgage Loans, Group No. _____________, and various Mortgagors"”. The Custodial Account shall be established with a Qualified Depository. Any funds deposited in the Custodial Account shall be invested at all times be fully insured the direction of the Owner or if no direction is given at the discretion of the Servicer in Eligible Investments subject to the full extent permitted under applicable lawprovisions of Section 3.10 hereof. Funds deposited in the Custodial Account may be drawn on by the Company Servicer in accordance with Section 4.053.04. The creation of any Custodial Account shall be evidenced by a certification letter agreement substantially in the form of Exhibit D-1 hereto, in the case of an account established with the Company, or by a letter agreement in the form of Exhibit D-2 hereto, in the case of an account held by a depository other than the Company. C. A copy of such certification or letter agreement shall be furnished to the Purchaser Owner and, upon request, to any subsequent Purchaserowner of the Mortgage Loans. The Company Servicer shall deposit in the Custodial Account within two Business Days of receipton a daily basis, and retain therein, the following collections received by the Company Servicer and payments made by the Company Servicer after the related Cut-off Transfer Date, (other than payments of principal and interest due on or before the related Cut-off Date, or received by the Company prior to the related Cut-off Date but allocable to a period subsequent thereto or with respect to each LPMI Loan, in the amount of the LPMI Fee)::
(i) all payments on account of principal on the Mortgage Loans, including all Principal Prepayments;
(ii) all payments on account of interest on the Mortgage Loans adjusted to the Mortgage Loan Remittance Rate;
(iii) all Liquidation Proceeds;
(iv) all Insurance Proceeds including amounts required to be deposited pursuant to Section 4.10, Section 4.11, Section 4.14 and Section 4.15Proceeds;
(v) all Ancillary Income;
(vi) all Condemnation Proceeds which that are not applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with Section 4.14Mortgagor;
(vivii) any amount required to be deposited in the Custodial Account pursuant to Section 4.01, 4.09, 5.03, 6.01 or 6.02;
(vii) any amounts payable in connection with the repurchase of any Mortgage Loan pursuant to Section 3.03 and all amounts required to be deposited by the Company in connection with a shortfall in principal amount of any Qualified Substitute Mortgage Loan pursuant to Section 3.03Account;
(viii) with respect to each Principal Prepayment in full or in part, the Prepayment Interest Shortfall Amount, if any, for the month of distribution. Such deposit shall be made from the Company's own funds, without reimbursement therefore, which, in the aggregate, for any month, shall not exceed one twelfth of 0.50% of the outstanding principal balance of the Mortgage Loans;
(ix) any amounts required to be deposited by the Company pursuant to Section 4.11 Servicer in connection with the deductible clause in any blanket hazard insurance policy; and
(xix) any amounts received with respect to or related to any REO Property and all or REO Disposition Proceeds pursuant to Section 4.16. The foregoing requirements for deposit into the Custodial 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, prepayment penalties, assumption fees, and other ancillary fees need not be deposited by the Company into the Custodial AccountProceeds. Any interest paid on funds deposited in the Custodial Account by the depository institution shall accrue to the benefit of the Company Owner and the Company Servicer shall be entitled to retain and withdraw such interest from the Custodial Account and remit such interest to the Owner pursuant to Section 4.053.04. Additionally, any other benefit derived from the Custodial Account associated with the receipt, disbursement and accumulation of principal, interest, taxes, hazard insurance, mortgage insurance, etc. shall accrue to the Servicer.
Appears in 1 contract
Establishment of and Deposits to Custodial Account. The Company shall segregate and hold all funds collected and received pursuant to a Mortgage Loan separate and apart from any of its own funds and general assets and shall establish and maintain one or more Custodial Accounts, in the form of time deposit or demand accounts, titled "Countrywide Home Loans Inc. “National City Mortgage Co., in trust for the Purchaser of Conventional Residential Conventional Residential Mortgage LoansLoans serviced under a Flow Seller’s Warranties and Servicing Agreement, and various Mortgagors"dated as of May 1, 2003”, or as otherwise directed in writing by the Purchaser or its assigns after the Closing Date in connection with any Whole Loan Transfer or Securitization Transaction. The Custodial Account shall be established with a Qualified Depository. Upon request of the Purchaser and within ten (10) days thereof, the Company shall provide the Purchaser with written confirmation of the existence of such Custodial Account. Any funds deposited in the Custodial Account shall at all times be fully insured to the full fullest extent permitted under applicable lawallowed by Applicable Law. Funds deposited in the Custodial Account may be drawn on by the Company in accordance with Section 4.05. The creation of any Custodial Account shall be evidenced by a certification in the form of Exhibit D-1 hereto, in the case of an account established with the Company, or by a letter agreement in the form of Exhibit D-2 hereto, in the case of an account held by a depository other than the Company. A copy of such certification or letter agreement shall be furnished to the Purchaser and, upon request, to any subsequent Purchaser4.5. The Company shall deposit in the Custodial Account within one Business Day (or two Business Days in the case of the amounts described in clauses (iii) through (v) below) of the Company’s receipt, and retain therein, the following collections received by the Company and payments made by the Company after the related each Cut-off Date, (other than payments of principal and interest due on or before the related such Cut-off Date, or received by the Company prior to the related Cut-off Date but allocable to a period subsequent thereto or with respect to each LPMI Loan, in the amount of the LPMI Fee)::
(i1) all payments on account of principal on the Mortgage Loans, including all Principal Prepayments, but not including Payaheads;
(ii2) all payments on account of interest on the Mortgage Loans Loans, adjusted to the Mortgage Loan Remittance Rate;
(iii3) all Liquidation Proceeds;
(iv4) all Insurance Proceeds including amounts required to be deposited pursuant to Section 4.104.10 (other than proceeds to be held in the Escrow Account and applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with Section 4.14), Section 4.11, Section 4.14 4.11 and Section 4.15;
(v5) all Condemnation Proceeds which are not applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with Section 4.14;
(vi6) any amount required to be deposited in the Custodial Account pursuant to Section 4.014.1, 4.095.1, 5.035.3, 6.01 6.1 or 6.026.2;
(vii7) any amounts payable in connection with the repurchase of any Mortgage Loan pursuant to Section 3.03 and all amounts required to be deposited by the Company in connection with a shortfall in principal amount of any Qualified Substitute Mortgage Loan pursuant to Section 3.032.3, 3.3 or 6.2;
(viii) 8) with respect to each Principal Prepayment in full or in partincluding, for this purpose, the Prepayment Interest Shortfall Amountprincipal portion of Insurance Proceeds, if anyCondemnation Proceeds, for and Liquidation Proceeds an amount (to be paid by the month Company out of distribution. Such deposit shall be made from the Company's its own funds, without reimbursement therefore, but not in excess of its aggregate Servicing Fee for the related Due Period) which, when added to all amounts allocable to interest received in connection with the aggregatePrincipal Prepayment, for any equals one month, shall not exceed one twelfth ’s interest on the amount of 0.50% of the outstanding principal balance of so prepaid at the Mortgage LoansLoan Remittance Rate;
(ix9) any amounts required to be deposited by the Company pursuant to Section 4.11 in connection with the deductible clause in any blanket hazard insurance policy; and
(x10) any amounts received with respect to or related to any REO Property and all REO Disposition Proceeds pursuant to Section 4.16. The foregoing requirements for deposit into the Custodial 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, prepayment penalties, charges and assumption fees, and other ancillary fees to the extent permitted by Section 6.1, need not be deposited by the Company into the Custodial Account. Any interest paid on funds deposited in the Custodial Account by the depository institution shall accrue to the benefit of the Company and the Company shall be entitled to retain and withdraw such interest from the Custodial Account pursuant to Section 4.054.5. The Company shall reimburse the Custodial Account for any losses incurred as a result of the investment of amounts on deposit in the Custodial Account. The Company may invest the funds in the Custodial Account in Eligible Investments designated in the name of the Company for the benefit of the Purchaser, which shall mature not later than the Business Day next preceding the Remittance Date next following the date of such investment (except that (A) any investment in the institution with which the Custodial Account is maintained may mature on such Remittance Date and (B) any other investment may mature on such Remittance Date if the Company shall advance funds on such Remittance Date, pending receipt thereof to the extent necessary to make distributions to the [Owner]) and shall not be sold or disposed of prior to maturity. Notwithstanding anything to the contrary herein and above, all income and gain realized from any such investment shall be for the benefit of the Company and shall be subject to withdrawal by the Company. The amount of any losses incurred in respect of any such investments shall be deposited in the Custodial Account by the Company out of its own funds immediately as realized.
Appears in 1 contract
Samples: Flow Seller’s Warranties and Servicing Agreement (GSR Mortgage Loan Trust 2007-5f)
Establishment of and Deposits to Custodial Account. The Company shall segregate and hold all funds collected and received pursuant to a Mortgage Loan separate and apart from any of its own funds and general assets and shall establish and maintain one or more Custodial Accounts, in the form of time deposit or demand accounts, titled "Countrywide Home Loans Inc. National City Mortgage Corp in trust for the Purchaser of Conventional Residential Conventional Residential Fixed Rate Mortgage Loans, Group No. 2001-1 and various Mortgagors". The Custodial Account shall be established with a Qualified DepositoryDepository acceptable to the Purchaser. Any funds deposited in the Custodial Account shall at all times be fully insured to the full extent permitted under applicable law. Funds deposited in the Custodial Account may be drawn on by the Company in accordance with Section 4.05. The creation of any Custodial Account shall be evidenced by a certification in the form of Exhibit D-1 hereto, in the case of an account established with the Company, or by a letter agreement in the form of Exhibit D-2 hereto, in the case of an account held by a depository other than the Company. A copy of such certification or letter agreement shall be furnished to the Purchaser and, upon request, to any subsequent Purchaser. The Company shall deposit in the Custodial Account within two Business Days of receipton a daily basis, and retain therein, the following collections received by the Company and payments made by the Company after the related Cut-off Date, (other than payments of principal and interest due on or before the related Cut-off Date, or received by the Company prior to the related Cut-off Date but allocable to a period subsequent thereto thereto, or with respect to each LPMI Loan, in the amount of the LPMI Fee):
(i) all payments on account of principal on the Mortgage Loans, including all Principal Prepayments;
; (ii) all payments on account of interest on the Mortgage Loans adjusted to the Mortgage Loan Remittance Rate;
(iii) all Liquidation Proceeds;
(iv) all Insurance Proceeds including amounts required to be deposited pursuant to Section 4.10, Section 4.11, Section 4.14 and Section 4.15;
(v) all Condemnation Proceeds which are not applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with Section 4.14;
(vi) any amount required to be deposited in the Custodial Account pursuant to Section 4.01, 4.09, 5.03, 6.01 or 6.02;
(vii) any amounts payable in connection with the repurchase of any Mortgage Loan pursuant to Section 3.03 and all amounts required to be deposited by the Company in connection with a shortfall in principal amount of any Qualified Substitute Mortgage Loan pursuant to Section 3.03;
(viii) with respect to each Principal Prepayment in full or in part, the Prepayment Interest Shortfall Amount, if any, for the month of distribution. Such deposit shall be made from the Company's own funds, without reimbursement therefore, which, in the aggregate, for any month, shall not exceed one twelfth of 0.50% of the outstanding principal balance of the Mortgage Loans;
(ix) any amounts required to be deposited by the Company pursuant to Section 4.11 in connection with the deductible clause in any blanket hazard insurance policy; and
(x) any amounts received with respect to or related to any REO Property and all REO Disposition Proceeds pursuant to Section 4.16. The foregoing requirements for deposit into the Custodial 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, prepayment penalties, assumption fees, and other ancillary fees need not be deposited by the Company into the Custodial Account. Any interest paid on funds deposited in the Custodial Account by the depository institution shall accrue to the benefit of the Company and the Company shall be entitled to retain and withdraw such interest from the Custodial Account pursuant to Section 4.05.
Appears in 1 contract
Establishment of and Deposits to Custodial Account. The Company Interim Servicer shall segregate and hold all funds collected and received pursuant to a the Mortgage Loan Loans separate and apart from any of its own funds and general assets and shall establish and maintain one or more Custodial Accounts, in the form of time deposit or demand accounts, titled "Countrywide Home Loans Inc. Fremont Investment & Loan, in trust for the Purchaser of Conventional Goldman Sachs Mortgage Company, Residential Conventional Residential Mortgage LoansFixed and Adjustable Rate Mxxxxxxx Xxxxx, Group No. 2004-2 and various Mortgagors". ." The Custodial Account shall be established with a Qualified DepositoryDepository acceptable to the Purchaser. Any funds deposited in the Custodial Account shall at all times be fully insured to the full extent permitted under applicable law. Funds deposited in the Custodial Account may be drawn on by the Company Interim Servicer in accordance with Section 4.052.05. The creation of any Custodial Account shall be evidenced by a certification in the form of Exhibit D-1 2 hereto, in the case of an account established with the CompanyInterim Servicer, or by a letter agreement in the form of Exhibit D-2 3 hereto, in the case of an account held by a depository other than the CompanyInterim Servicer. A copy of such certification or letter agreement shall be furnished to the Purchaser and, upon request, to any subsequent Purchaser. The Company Interim Servicer shall identify and segregate collections on behalf of the Purchaser on a daily basis and deposit in the Custodial Account within no later than the date which is two Business Days of days after receipt, and retain therein, the following collections received by the Company and payments made by the Company Interim Servicer after the related Cut-off Date, (Date other than payments of principal and interest due on or before the related Cut-off Date, or received by the Company Servicer prior to the related Cut-off Date but allocable to a period subsequent thereto or with respect to each LPMI Loan, in the amount of the LPMI Fee):
(i) all payments on account of principal on the Mortgage Loans, including all Principal Prepayments;
(ii) all payments on account of interest on the Mortgage Loans adjusted to the Mortgage Loan Remittance Rate;
(iii) all Liquidation Proceeds;
(iv) all Insurance Proceeds including amounts required to be deposited pursuant to Section 4.10, Section 4.11, Section 4.14 and Section 4.15;
(v) all Condemnation Proceeds which are not applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with Section 4.14;
(vi) any amount required to be deposited in the Custodial Account pursuant to Section 4.01, 4.09, 5.03, 6.01 or 6.02;
(vii) any amounts payable in connection with the repurchase of any Mortgage Loan pursuant to Section 3.03 and all amounts required to be deposited by the Company in connection with a shortfall in principal amount of any Qualified Substitute Mortgage Loan pursuant to Section 3.03;
(viii) with respect to each Principal Prepayment in full or in part, the Prepayment Interest Shortfall Amount, if any, for the month of distribution. Such deposit shall be made from the Company's own funds, without reimbursement therefore, which, in the aggregate, for any month, shall not exceed one twelfth of 0.50% of the outstanding principal balance of the Mortgage Loans;
(ix) any amounts required to be deposited by the Company pursuant to Section 4.11 in connection with the deductible clause in any blanket hazard insurance policy; and
(x) any amounts received with respect to or related to any REO Property and all REO Disposition Proceeds pursuant to Section 4.16. The foregoing requirements for deposit into the Custodial 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, prepayment penalties, assumption fees, and other ancillary fees need not be deposited by the Company into the Custodial Account. Any interest paid on funds deposited in the Custodial Account by the depository institution shall accrue to the benefit of the Company and the Company shall be entitled to retain and withdraw such interest from the Custodial Account pursuant to Section 4.05.thereto:
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Gsaa Home Equity Trust 2004-5)
Establishment of and Deposits to Custodial Account. The Company Servicer shall segregate and hold all funds collected and received pursuant to a the Mortgage Loan Loans separate and apart from any of its own funds and general assets and shall establish and maintain one or more Custodial Accounts, in the form of time deposit or demand accounts, titled "Countrywide Home Loans Inc. titled, as directed by the Master Servicer, “Aurora Loan Services LLC in trust for LaSalle Bank National Association, as Trustee for the Purchaser of Conventional Residential Conventional Residential Structured Adjustable Rate Mortgage LoansLoan Trust, and various Mortgagors". 2005-8XS.” The Custodial Account shall be an Eligible Deposit Account established with a Qualified Depositoryan Eligible Institution. Any funds deposited in the Custodial Account shall at all times may be fully insured invested in Eligible Investments subject to the full extent permitted under applicable lawprovisions of Section 3.11 hereof. Funds deposited in the Custodial Account may be drawn on by the Company Servicer in accordance with Section 4.053.04. The creation of any Custodial Account shall be evidenced by a certification notice in the form of Exhibit D-1 hereto, in the case of an account established with the Company, or by a letter agreement in the form of Exhibit D-2 hereto, in the case of an account held by a depository other than the Company. B. A copy of such certification or letter agreement notice shall be furnished to the Purchaser Master Servicer within 30 days of the Closing Date, to the NIMS Insurer and, upon request, to any subsequent Purchaserowner of the Mortgage Loans. The Company Servicer shall deposit in the Custodial Account within two Business Days of receipton a daily basis, and retain therein, the following collections received by the Company Servicer and payments made by the Company Servicer after the related Cut-off Date, Date (other than scheduled payments of principal and interest due on or before the related Cut-off Date, ) or received by the Company Servicer prior to the related Cut-off Date but allocable to a the period subsequent thereto thereto) or with respect to each LPMI LoanServicing Transfer Date, in the amount of the LPMI Fee):as applicable:
(i) all payments on account of principal on the Mortgage Loans, including all Principal Prepayments;
(ii) all payments on account of interest on the Mortgage Loans adjusted to the Mortgage Loan Remittance Rate;
(iii) all Liquidation ProceedsPrepayment Charges or any Servicer Prepayment Charge Payment Amounts to be paid by the Servicer to the Trust Fund;
(iv) all Insurance Proceeds including amounts required to be deposited pursuant to Section 4.10, Section 4.11, Section 4.14 and Section 4.15Liquidation Proceeds;
(v) all Insurance Proceeds (other than amounts applied to the restoration or repair of the Mortgaged Property to be immediately released to the Mortgagor in accordance with Accepted Servicing Practices);
(vi) all Condemnation Proceeds which that are not applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with Section 4.14;
(vi) any amount required to be deposited in the Custodial Account pursuant to Section 4.01, 4.09, 5.03, 6.01 or 6.02Mortgagor;
(vii) any amounts payable in connection with the repurchase of any Mortgage Loan pursuant to Section 3.03 and all amounts required to be deposited by the Company in connection with a shortfall in principal amount of any Qualified Substitute Mortgage Loan pursuant to Section 3.03;
(viii) with respect to each Principal Prepayment in full or in part, the Prepayment Interest Shortfall Amount, if any, for the month of distribution. Such deposit shall be , made from the Company's Servicer’s own funds, without reimbursement therefore, which, in the aggregate, for any month, shall not exceed one twelfth of 0.50% therefor up to a maximum amount per month of the outstanding principal balance of Servicing Fee actually received for the Mortgage Loans;
(viii) all Monthly Advances made by the Servicer pursuant to Section 4.03;
(ix) any amounts required to be deposited by the Company pursuant to Section 4.11 Servicer in connection with the deductible clause in any blanket hazard insurance policy; and;
(x) any amounts received with respect to or related to any REO Property and all or REO Disposition Proceeds Proceeds;
(xi) any amounts required to be deposited by the Servicer pursuant to Section 4.163.07 in connection with any unpaid claims that are a result of a breach by the Servicer or any subservicer of the obligations hereunder or under the terms of a PMI Policy;
(xii) any amounts received by the Servicer under a PMI or LPMI Policy pursuant to Section 3.07; and
(xiii) any other amount required hereunder to be deposited by the Servicer in the Custodial Account. The Servicer shall also deposit from its own funds into the Custodial Account, without the right to reimbursement, except from Net Simple Interest Excess, an amount equal to any Net Simple Interest Shortfall (to the extent not offset by Net Simple Interest Excess) for the related Due Period and remit such funds to the Master Servicer pursuant to Section 4.01. The foregoing requirements for deposit into the Custodial 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, prepayment penalties, assumption fees, the Servicing Fee and other ancillary fees Ancillary Income need not be deposited by the Company Servicer into the Custodial Account. Any interest paid on funds deposited in the Custodial Account by the depository institution shall accrue to the benefit of the Company Servicer and the Company Servicer shall be entitled to retain and withdraw such interest from the Custodial Account pursuant to Section 4.053.04. Additionally, any other benefit derived from the Custodial Account associated with the receipt, disbursement and accumulation of principal, interest, taxes, hazard insurance, mortgage insurance, etc. shall accrue to the Servicer.
Appears in 1 contract
Samples: Servicing Agreement (Structured Adjustable Rate Mortgage Loan Trust 2005-8xs)
Establishment of and Deposits to Custodial Account. The Company shall segregate and hold all funds collected and received pursuant to a Mortgage Loan separate and apart from any of its own funds and general assets and shall establish and maintain one or more Custodial Accounts, in the form of time deposit or demand accounts, titled "Countrywide Home Loans Inc. National City Mortgage Corp, as Servicer, in trust for the Purchaser of Conventional Residential Conventional Residential Fixed Rate Mortgage Loans, Loans and various Mortgagors". The Custodial Account shall be established with a Qualified DepositoryDepository acceptable to the Purchaser. Any funds deposited in the Custodial Account shall at all times be fully insured to the full extent permitted under applicable law. Funds deposited in the Custodial Account may be drawn on by the Company in accordance with Section 4.05. The creation of any Custodial Account shall be evidenced by a certification in the form of Exhibit EXHIBIT D-1 hereto, in the case of an account established with the Company, or by a letter agreement in the form of Exhibit EXHIBIT D-2 hereto, in the case of an account held by a depository other than the Company. A copy of such certification or letter agreement shall be furnished to the Purchaser and, upon request, to any subsequent Purchaser. The Company shall deposit in the Custodial Account within two Business Days of receipton a daily basis, and retain therein, the following collections received by the Company and payments made by the Company after the related Cut-off Date, (other than payments of principal and interest due on or before the related Cut-off Date, or received by the Company prior to the related Cut-off Date but allocable to a period subsequent thereto or with respect to each LPMI Loan, in the amount of the LPMI Fee):
(i) all payments on account of principal on the Mortgage Loans, including all Principal Prepayments;
(iii) all payments on account of interest on the Mortgage Loans adjusted to the Mortgage Loan Remittance Rate;
(iiiii) all Liquidation Proceeds;
(iviii) all Insurance Proceeds including amounts required to be deposited pursuant to Section 4.104.10 (other than proceeds to be held in the Escrow Account and applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with Section 4.14), Section 4.11, Section 4.14 4.11 and Section 4.15;
(viv) all Condemnation Proceeds which are not applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with Section 4.14;
(viv) any amount required to be deposited in the Custodial Account pursuant to Section 4.01, 4.09, 5.03, 6.01 or 6.02;
(viivi) any amounts payable in connection with the repurchase of any Mortgage Loan pursuant to Section 3.03 or 3.06 and all amounts required to be deposited by the Company in connection with a shortfall in principal amount of any Qualified Substitute Mortgage Loan pursuant to Section 3.03;
(viiivii) with respect to each Principal Prepayment in full or in part, the Prepayment Interest Shortfall Amount, to be paid by the Company out of its own funds without reimbursement therefor, if any, for the month of distribution. Such deposit shall be made from the Company's own funds, without reimbursement therefore, which, in the aggregate, for any month, shall not exceed one twelfth of 0.50% of the outstanding principal balance of the Mortgage Loans;therefor.
(ixviii) any amounts required to be deposited by the Company pursuant to Section 4.11 in connection with the deductible clause in any blanket hazard insurance policy; and
(xix) any amounts received with respect to or related to any REO Property and all REO Disposition Proceeds pursuant to Section 4.16. The foregoing requirements for deposit into the Custodial Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, payments in the nature of Ancillary Income, including late payment charges, prepayment penalties, charges and assumption fees, and other ancillary fees to the extent permitted by Section 6.01, need not be deposited by the Company into the Custodial Account. Any interest paid on funds deposited in the Custodial Account by the depository institution shall accrue to the benefit of the Company and the Company shall be entitled to retain and withdraw such interest from the Custodial Account pursuant to Section 4.05. Prior to changing the location of the Custodial Account, the Company shall give notice to the Purchaser of such change, which notice shall set forth the new location of the Custodial Account when established.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Salomon Brots Mort Sec Vii Inc Citigroup Mort Ln Tr 03 Hyb1)
Establishment of and Deposits to Custodial Account. The Company Servicer shall segregate and hold all funds collected and received pursuant to a the Mortgage Loan Loans separate and apart from any of its own funds and general assets and shall establish and maintain one or more Custodial Accounts, in to be maintained under the form sole dominion and control of time deposit or demand accounts, the Purchaser and titled "Countrywide Home Loans Inc. IndyMac Bank, F.S.B. in trust for the Purchaser Morgan Stanley Mortgage Capital Inc., owner of Conventional Residential Conventional Residential Fixxx Xxtx Xxxxxential Mortgage Loans, and various Mortgagors". The Custodial Account shall be established with a Qualified DepositoryDepository acceptable to the Purchaser. Any funds deposited in the Custodial Account shall at all times be fully insured to the full extent permitted under applicable law. Funds deposited in the Custodial Account may be drawn on by the Company in accordance with Section 4.05. The creation of any Custodial Account shall be evidenced by a certification in the form of Exhibit D-1 2 hereto, in the case of an account established with the CompanyServicer, or by a letter agreement in the form of Exhibit D-2 3 hereto, in the case of an account held by a depository other than the CompanyServicer. A copy of such certification or letter agreement shall be furnished to the Purchaser and, upon request, to any subsequent Purchaser. The Company Servicer shall deposit in the Custodial Account within two on a daily basis on the Business Days of receipt, and retain thereinDay following receipt thereof, the following collections received by the Company Servicer and payments made by the Company Servicer after the related Cut-off Date, (other than payments of principal and interest due on or before the related Cut-off Date, or received by the Company Servicer prior to the related Cut-off Date but allocable to a period subsequent thereto or with respect to each LPMI Loan, in the amount of the LPMI Fee):thereto:
(i) all payments on account of principal on the Mortgage Loans, including all Principal Prepayments;
(ii) all payments on account of interest on the Mortgage Loans adjusted to the Mortgage Loan Remittance RateMortgage;
(iii) all Liquidation ProceedsProceeds and any amount received with respect to REO Property;
(iv) all Insurance Proceeds including amounts required to be deposited pursuant to Section 4.102.10 (other than proceeds to be held in the Escrow Account and applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with Section 2.14), Section 4.11, Section 4.14 2.11 and Section 4.152.15;
(v) all Condemnation Proceeds which are not applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with Section 4.142.14;
(vi) any amount required to be deposited in the Custodial Account pursuant to Section 4.012.01, 4.092.09, 5.032.16, 6.01 3.01, 4.01 or 6.024.02;
(vii) any amounts payable in connection with the repurchase of any Mortgage Loan pursuant to Section 3.03 and all amounts required to be deposited by 9 of the Company in connection with a shortfall in principal amount of any Qualified Substitute Mortgage Loan pursuant to Section 3.03Purchase Agreement;
(viii) any prepayment penalties received with respect to each Principal Prepayment in full any Mortgage Loan or in part, payable by the Prepayment Interest Shortfall Amount, if any, for Servicer pursuant to Section 2.01 (unless the month of distribution. Such deposit shall be made from the Company's own funds, without reimbursement therefore, which, in the aggregate, for any month, shall not exceed one twelfth of 0.50% of the outstanding principal balance of the Mortgage Loansrelated Purchase Price and Terms Agreement indicates otherwise);
(ix) any amounts required to be deposited by the Company Servicer pursuant to Section 4.11 2.11 in connection with the deductible clause in any blanket hazard insurance policy; and
(x) any amounts received with respect to or related each Principal Prepayment an amount (to any REO Property and be paid by the Servicer out of its funds) which, when added to all REO Disposition Proceeds pursuant amounts allocable to Section 4.16interest received in connection with the Principal Prepayment, equals one month's interest on the amount of principal so prepaid at the Mortgage Loan Remittance Rate. The foregoing requirements for deposit into the Custodial Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, payments in the nature of late payment chargesunless otherwise provided herein, prepayment penalties, assumption fees, and other ancillary fees Ancillary Income need not be deposited by the Company Servicer into the Custodial Account. Any interest paid on funds deposited in the Custodial Account by the depository institution shall accrue to the benefit of the Company Servicer and the Company Servicer shall be entitled to retain and withdraw such interest from the Custodial Account pursuant to Section 4.052.05.
Appears in 1 contract
Samples: Servicing Agreement (Morgan Stanley Mortgage Loan Trust 2007-2ax)
Establishment of and Deposits to Custodial Account. The Company Servicer shall segregate and hold all funds collected and received pursuant to a the Mortgage Loan Loans separate and apart from any of its own funds and general assets and shall establish and maintain one or more Custodial Accounts, in the form of time deposit or demand accounts, titled "Countrywide Home Loans Inc. Aurora Loan Services Inc., in trust for the Purchaser Xxxxxx Capital, A Division of Conventional Residential Conventional Xxxxxx Brothers Holdings Inc., owner of Residential Mortgage Loans, Group No. 1997-ALSI, and various Mortgagors". The Custodial Account shall be established with a Qualified Depository. Any funds deposited in the Custodial Account shall at all times may be fully insured invested in Eligible Investments subject to the full extent permitted under applicable lawprovisions of Section 3.10 hereof. Funds deposited in the Custodial Account may be drawn on by the Company Servicer in accordance with Section 4.053.04. The creation of any Custodial Account shall be evidenced by a certification in the form of Exhibit D-1 hereto, in the case of an account established with the Company, or by a letter agreement in the form of Exhibit D-2 hereto, in the case of an account held by a depository other than the Company. C. A copy of such certification or letter agreement shall be furnished to the Purchaser Owner and, upon request, to any subsequent Purchaserowner of the Mortgage Loans. The Company Servicer shall deposit in the Custodial Account within two Business Days of receipton a daily basis, and retain therein, the following collections received by the Company Servicer and payments made by the Company Servicer after the related Cut-off Transfer Date, (other than payments of principal and interest due on or before the related Cut-off Date, or received by the Company prior to the related Cut-off Date but allocable to a period subsequent thereto or with respect to each LPMI Loan, in the amount of the LPMI Fee)::
(i) all payments on account of principal on the Mortgage Loans, including all Principal Prepayments;
(ii) all payments on account of interest on the Mortgage Loans adjusted to the Mortgage Loan Remittance Rate;
(iii) all Liquidation Proceeds;
(iv) all Insurance Proceeds including amounts required to be deposited pursuant to Section 4.10, Section 4.11, Section 4.14 and Section 4.15;
(v) all Condemnation Proceeds which are not applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with Section 4.14Proceeds;
(vi) any amount required to be deposited in the Custodial Account pursuant to Section 4.01, 4.09, 5.03, 6.01 or 6.02;
(vii) any amounts payable in connection with the repurchase of any Mortgage Loan pursuant to Section 3.03 and (i) all amounts required to be deposited by the Company in connection with a shortfall in principal amount of any Qualified Substitute Mortgage Loan pursuant to Section 3.03Ancillary Income;
(viii) with respect to each Principal Prepayment in full or in part, the Prepayment Interest Shortfall Amount, if any, for the month of distribution. Such deposit shall be made from the Company's own funds, without reimbursement therefore, which, in the aggregate, for any month, shall not exceed one twelfth of 0.50% of the outstanding principal balance of the Mortgage Loans;
(ix) any amounts required to be deposited by the Company pursuant to Section 4.11 in connection with the deductible clause in any blanket hazard insurance policy; and
(x) any amounts received with respect to or related to any REO Property and all REO Disposition Proceeds pursuant to Section 4.16. The foregoing requirements for deposit into the Custodial 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, prepayment penalties, assumption fees, and other ancillary fees need not be deposited by the Company into the Custodial Account. Any interest paid on funds deposited in the Custodial Account by the depository institution shall accrue to the benefit of the Company and the Company shall be entitled to retain and withdraw such interest from the Custodial Account pursuant to Section 4.05.
Appears in 1 contract
Samples: Servicing Agreement (Structured Asset Securities Corp)
Establishment of and Deposits to Custodial Account. (a) The Company Servicer shall segregate and hold all funds collected and received pursuant to a the Mortgage Loan Loans separate and apart from any of its own funds and general assets and shall initially establish and maintain one or more a Custodial AccountsAccount, in the form of a time deposit or demand accounts, account titled "Countrywide Home Loans Inc. “Chase Manhattan Mortgage Corporation in trust for LaSalle Bank National Association, as Trustee for Structured Asset Investment Loan Trust, Series 2003-BC11” and referred to herein as the Purchaser of Conventional Residential Conventional Residential Mortgage Loans, and various Mortgagors". “Custodial Account.” The Custodial Account shall be established with a Qualified Depository. Any funds deposited in the Custodial Account shall at all times may be fully insured invested in Eligible Investments subject to the full extent permitted under applicable lawprovisions of Section 3.10 hereof. Funds deposited in the Custodial Account may be drawn on by the Company Servicer in accordance with Section 4.053.04(a) hereof. The creation of any the Custodial Account shall be evidenced by a certification in the form of Exhibit D-1 hereto, in the case of an account established with the Company, or by a letter agreement in the form of Exhibit D-2 hereto, in the case of an account held by a depository other than the Company. B. A copy of such certification or letter agreement shall be furnished to the Purchaser Trustee, the Master Servicer, if required, the NIMS Insurer and, upon request, to any subsequent Purchaser. owner of the Mortgage Loans.
(b) The Company Servicer shall deposit in the Custodial Account within on a daily basis, but not more than two (2) Business Days of receipt, after receipt by the Servicer and retain therein, the following collections received by the Company Servicer and payments made by the Company Servicer after the related Cut-off Date, Date (other than scheduled payments of principal and interest due on or before the related Cut-off Date) or the Servicing Transfer Date, or received by the Company prior to the related Cut-off Date but allocable to a period subsequent thereto or with respect to each LPMI Loan, in the amount of the LPMI Fee):as applicable:
(i) all payments on account of principal on the Mortgage Loans, including all Principal PrepaymentsPrepayments and all Prepayment Charges;
(ii) all payments on account of interest on the Mortgage Loans adjusted to the Mortgage Loan Remittance Rate;
(iii) all Prepayment Charges;
(iv) all Liquidation Proceeds;
(ivv) all Insurance Proceeds including amounts required to be deposited pursuant to Section 4.10, Section 4.11, Section 4.14 3.11 (other than proceeds to be held in the Escrow Account and Section 4.15applied to the restoration and repair of the Mortgaged Property or released to the Mortgagor in accordance with the related Mortgage Loan documents and the Servicing Standard);
(vvi) all Condemnation Proceeds which that are not applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with Section 4.14;
(vi) any amount required to be deposited in the Custodial Account pursuant to Section 4.01, 4.09, 5.03, 6.01 or 6.02related Mortgage Loan documents and the Servicing Standard;
(vii) any amounts payable in connection with the repurchase of any Mortgage Loan pursuant to Section 3.03 and all amounts required to be deposited by the Company in connection with a shortfall in principal amount of any Qualified Substitute Mortgage Loan pursuant to Section 3.03;
(viii) with respect to each Principal Prepayment in full or in part, the Prepayment Interest Shortfall Amount, if any, for the month of distribution. Such deposit shall be made from the Company's Servicer’s own funds, without reimbursement therefore, which, in the aggregate, for any month, shall not exceed one twelfth of 0.50% therefor up to a maximum amount per month of the outstanding principal balance of Servicing Fee actually received for such month for the Mortgage Loans;
(viii) all Monthly Advances made by the Servicer pursuant to Section 4.03;
(ix) any amounts received from the seller of a Mortgage Loan or any other person giving representations and warranties with respect to the Mortgage Loan, in connection with the repurchase of any Mortgage Loan;
(x) any amounts required to be deposited by the Company Servicer pursuant to Section 4.11 3.11 in connection with the deductible clause in any blanket hazard insurance policy; and;
(xxi) any amounts received with respect to or related to any REO Property and all or REO Disposition Proceeds Proceeds;
(xii) any amounts required to be deposited by the Servicer pursuant to Section 4.163.16 in connection with any unpaid claims that are a result of a breach by the Servicer or any subservicer of the obligations hereunder or under the terms of a PMI Policy;
(xiii) any amounts received by the Servicer under a PMI or LPMI Policy; and
(xiv) any other amount required to be deposited in the Custodial Account pursuant to this Agreement. The foregoing requirements for deposit into the Custodial 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, prepayment penalties, assumption fees, the Servicing Fee and other ancillary fees Ancillary Income need not be deposited by the Company Servicer into the Custodial Account. Any interest paid on funds deposited in the Custodial Account by the depository institution shall accrue to the benefit of the Company Servicer and the Company Servicer shall be entitled to retain and withdraw such interest from the Custodial Account pursuant to Section 4.053.04. Additionally, any other benefit derived from the Custodial Account associated with the receipt, disbursement and accumulation of principal, interest, taxes, hazard insurance, mortgage insurance, etc. shall accrue to the Servicer.
Appears in 1 contract
Samples: Securitization Servicing Agreement (Structured Asset Sec Corp Mort Pass THR Certs Ser 2003-Bc11)
Establishment of and Deposits to Custodial Account. The Company Servicer shall segregate and hold all funds collected and received pursuant to a the Mortgage Loan Loans separate and apart from any of its own funds and general assets and shall establish and maintain one or more Custodial Accounts, in the form of time deposit or demand accounts, titled "Countrywide Home Loans Inc. GMAC Mortgage Corporation, in trust for the Purchaser of Conventional Residential Conventional [Company Name] re: Fixed and Adjustable Rate Sub-Prime Residential Mortgage Loans, and various Mortgagors". The Custodial Account shall be established with a Qualified DepositoryDepository acceptable to the Owner, it being acknowledged that any Qualified Depository that is an Affiliate of Servicer is hereby deemed acceptable to the Owner. Any funds deposited in the Custodial Account shall at all times be fully insured to the full extent permitted under applicable law. Funds deposited in the Custodial Account law and any amounts therein may be drawn on by the Company invested in accordance with Section 4.05Eligible Investments. The creation of any Custodial Account shall be evidenced by a certification in the form of Exhibit D-1 2 hereto, in the case of an account established with the CompanyServicer, or by a letter agreement in the form of Exhibit D-2 3 hereto, in the case of an account held by a depository other than the CompanyServicer. A copy of such certification or letter agreement shall be furnished to the Purchaser Owner and, upon request, to any subsequent PurchaserOwner. The Company Servicer shall deposit in the Custodial Account within no more than two (2) Business Days of receiptDay following receipt thereof, and retain therein, the following collections received by the Company Servicer and payments made by the Company Servicer after the related Cut-off Date, (other than payments of principal and interest due on or before the related Cut-off Date, or received by the Company Servicer prior to the related Cut-off Date but allocable to a period subsequent thereto or with respect to each LPMI Loan, in the amount of the LPMI Fee):thereto:
(i) all payments on account of principal on the Mortgage Loans, including all Principal Prepayments;
(ii) all payments on account of interest on the Mortgage Loans adjusted to the Mortgage Loan Remittance RateMortgage;
(iii) all Liquidation ProceedsProceeds and any amount received with respect to REO Property;
(iv) all Insurance Proceeds including amounts required to be deposited pursuant to Section 4.10, 2.10 (other than proceeds to be held in a suspense account and applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with Section 4.11, Section 4.14 and Section 4.152.14);
(v) all Condemnation Proceeds which are not applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with Section 4.142.14;
(vi) any amount required to be deposited in the Custodial Account pursuant to Section 4.012.09, 4.092.14, 5.03, 6.01 or 6.023.01;
(vii) any amounts payable in connection prepayment penalties received with the repurchase of respect to any Mortgage Loan pursuant to Section 3.03 and all amounts required to be deposited by the Company in connection with a shortfall in principal amount of any Qualified Substitute Mortgage Loan pursuant to Section 3.03;Loan; and
(viii) with respect to each Principal Prepayment in full or in part, the Prepayment Interest Shortfall Amount, if any, for the month of distribution. Such deposit shall be made from the Company's own funds, without reimbursement therefore, which, in the aggregate, for any month, shall not exceed one twelfth of 0.50% of the outstanding principal balance of the Mortgage Loans;
(ix) any amounts required to be deposited by the Company Servicer pursuant to Section 4.11 2.11 in connection with the deductible clause in any blanket hazard insurance policy; and
(x) any amounts received with respect to or related to any REO Property and all REO Disposition Proceeds pursuant to Section 4.16. The foregoing requirements for deposit into the Custodial Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, unless otherwise provided herein, payments in the nature of late payment charges, prepayment penalties, assumption fees, the Servicing Fee and other ancillary fees Ancillary Income need not be deposited by the Company Servicer into the Custodial Account. Any interest paid on funds deposited in the Custodial Account by the depository institution or any other non-interest benefits shall accrue to the benefit of the Company Servicer and the Company Servicer shall be entitled to retain and withdraw such interest from the Custodial Account pursuant to Section 4.052.05 or retain such other benefits, as the case may be. The Servicer shall not make P & I Advances.
Appears in 1 contract
Samples: Servicing Agreement (Oak Street Financial Services Inc)
Establishment of and Deposits to Custodial Account. (a) The Company Servicer shall segregate and hold all funds collected and received pursuant to a the Mortgage Loan Loans separate and apart from any of its own funds and general assets and shall initially establish and maintain one or more a Custodial AccountsAccount, in the form of a time deposit or demand accounts, account titled "Countrywide Home Loans Inc. “Chase Manhattan Mortgage Corporation in trust for LaSalle Bank National Association, as Trustee for Structured Asset Investment Loan Trust, Series 2003-BC13” and referred to herein as the Purchaser of Conventional Residential Conventional Residential Mortgage Loans, and various Mortgagors". “Custodial Account.” The Custodial Account shall be established with a Qualified Depository. Any funds deposited in the Custodial Account shall at all times may be fully insured invested in Eligible Investments subject to the full extent permitted under applicable lawprovisions of Section 3.10 hereof. Funds deposited in the Custodial Account may be drawn on by the Company Servicer in accordance with Section 4.053.04(a) hereof. The creation of any the Custodial Account shall be evidenced by a certification in the form of Exhibit D-1 hereto, in the case of an account established with the Company, or by a letter agreement in the form of Exhibit D-2 hereto, in the case of an account held by a depository other than the Company. B. A copy of such certification or letter agreement shall be furnished to the Purchaser Trustee, the Master Servicer, if required, the NIMS Insurer and, upon request, to any subsequent Purchaser. owner of the Mortgage Loans.
(b) The Company Servicer shall deposit in the Custodial Account within on a daily basis, but not more than two (2) Business Days of receipt, after receipt by the Servicer and retain therein, the following collections received by the Company Servicer and payments made by the Company Servicer after the related Cut-off Date, Date (other than scheduled payments of principal and interest due on or before the related Cut-off Date) or the Servicing Transfer Date, or received by the Company prior to the related Cut-off Date but allocable to a period subsequent thereto or with respect to each LPMI Loan, in the amount of the LPMI Fee):as applicable:
(i) all payments on account of principal on the Mortgage Loans, including all Principal PrepaymentsPrepayments and all Prepayment Charges;
(ii) all payments on account of interest on the Mortgage Loans adjusted to the Mortgage Loan Remittance Rate;
(iii) all Prepayment Charges;
(iv) all Liquidation Proceeds;
(ivv) all Insurance Proceeds including amounts required to be deposited pursuant to Section 4.10, Section 4.11, Section 4.14 3.11 (other than proceeds to be held in the Escrow Account and Section 4.15applied to the restoration and repair of the Mortgaged Property or released to the Mortgagor in accordance with the related Mortgage Loan documents and the Servicing Standard);
(vvi) all Condemnation Proceeds which that are not applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with Section 4.14;
(vi) any amount required to be deposited in the Custodial Account pursuant to Section 4.01, 4.09, 5.03, 6.01 or 6.02related Mortgage Loan documents and the Servicing Standard;
(vii) any amounts payable in connection with the repurchase of any Mortgage Loan pursuant to Section 3.03 and all amounts required to be deposited by the Company in connection with a shortfall in principal amount of any Qualified Substitute Mortgage Loan pursuant to Section 3.03;
(viii) with respect to each Principal Prepayment in full or in part, the Prepayment Interest Shortfall Amount, if any, for the month of distribution. Such deposit shall be made from the Company's Servicer’s own funds, without reimbursement therefore, which, in the aggregate, for any month, shall not exceed one twelfth of 0.50% therefor up to a maximum amount per month of the outstanding principal balance of Servicing Fee actually received for such month for the Mortgage Loans;
(viii) all Monthly Advances made by the Servicer pursuant to Section 4.03;
(ix) any amounts received from the seller of a Mortgage Loan or any other person giving representations and warranties with respect to the Mortgage Loan, in connection with the repurchase of any Mortgage Loan;
(x) any amounts required to be deposited by the Company Servicer pursuant to Section 4.11 3.11 in connection with the deductible clause in any blanket hazard insurance policy; and;
(xxi) any amounts received with respect to or related to any REO Property and all or REO Disposition Proceeds Proceeds;
(xii) any amounts required to be deposited by the Servicer pursuant to Section 4.163.16 in connection with any unpaid claims that are a result of a breach by the Servicer or any subservicer of the obligations hereunder or under the terms of a PMI Policy;
(xiii) any amounts received by the Servicer under a PMI or LPMI Policy; and
(xiv) any other amount required to be deposited in the Custodial Account pursuant to this Agreement. The foregoing requirements for deposit into the Custodial 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, prepayment penalties, assumption fees, the Servicing Fee and other ancillary fees Ancillary Income need not be deposited by the Company Servicer into the Custodial Account. Any interest paid on funds deposited in the Custodial Account by the depository institution shall accrue to the benefit of the Company Servicer and the Company Servicer shall be entitled to retain and withdraw such interest from the Custodial Account pursuant to Section 4.053.04. Additionally, any other benefit derived from the Custodial Account associated with the receipt, disbursement and accumulation of principal, interest, taxes, hazard insurance, mortgage insurance, etc. shall accrue to the Servicer.
Appears in 1 contract
Samples: Securitization Servicing Agreement (Structured Asset Sec Corp Mort Pass THR Cert Ser 2003-Bc13)
Establishment of and Deposits to Custodial Account. The Company shall segregate and hold all funds collected and received pursuant to a Mortgage Loan separate and apart from any of its own funds and general assets and shall establish and maintain one or more Custodial Accounts, in the form of time deposit or demand accounts, titled "Countrywide “Xxxxx Fargo Home Loans Inc. Mortgage, Inc., in trust for the Purchaser and/or subsequent purchasers of Conventional Residential Conventional Residential Mortgage Loans, and various Mortgagors". Mortgagors - P & I.” The Custodial Account shall be established with a Qualified Depository. Any funds deposited in the Custodial Account shall at all times be fully insured to the full fullest extent permitted under allowed by applicable law. Funds deposited in the Custodial Account may be drawn on by the Company in accordance with Section 4.05. The creation of any Custodial Account shall be evidenced by a certification in the form of Exhibit D-1 hereto, in the case of an account established with the Company, or by a letter agreement in the form of Exhibit D-2 hereto, in the case of an account held by a depository other than the Company. Company each in the forms attached hereto as Exhibit E. A copy of such certification or letter agreement shall be furnished to the Purchaser andor any subsequent purchaser, upon request, to any subsequent Purchaser. The Company shall deposit in the Custodial Account within two one (1) Business Days Day of Company's receipt, and retain therein, the following collections received by the Company and payments made by the Company after the related Cut-off Date, (other than payments of principal and interest due on or before the related Cut-off Date, or received by the Company prior to the related Cut-off Date but allocable to a period subsequent thereto or with respect to each LPMI Loan, in the amount of the LPMI Fee):thereto:
(i) all payments on account of principal on the Mortgage Loans, including all Principal Prepayments;
(ii) any Principal Prepayment charges received in connection with a Mortgage Loan;
(iii) all payments on account of interest on the Mortgage Loans adjusted to the Mortgage Loan Remittance Rate;
(iiiiv) all Liquidation Proceeds;
(ivv) all Insurance Proceeds including amounts required to be deposited pursuant to Section 4.104.10 (other than proceeds to be held in the Escrow Account and applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with Section 4.14), Section 4.11, Section 4.14 4.11 and Section 4.15;
(vvi) all Condemnation Proceeds which are not applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with Section 4.14;
(vivii) any amount required to be deposited in the Custodial Account pursuant to Section 4.01, 4.09, 5.03, 6.01 or 6.02;
(viiviii) any amounts payable in connection with the repurchase of any Mortgage Loan pursuant to Section 3.03 and all amounts required to be deposited by the Company in connection with a shortfall in principal amount of any Qualified Substitute Mortgage Loan pursuant to Section 3.03;
(viiiix) with respect to each Principal Prepayment in full or in part, an amount (to be paid by the Prepayment Interest Shortfall Amount, if any, for the month Company out of distribution. Such deposit shall be made from the Company's own its funds, without reimbursement therefore, ) which, when added to all amounts allocable to interest received in connection with the aggregatePrincipal Prepayment, for any equals one month, shall not exceed one twelfth 's interest on the amount of 0.50% of the outstanding principal balance of so prepaid at the Mortgage LoansLoan Remittance Rate;
(ixx) any amounts required to be deposited by the Company pursuant to Section 4.11 in connection with the deductible clause in any blanket hazard insurance policy; and
(xxi) any amounts received with respect to or related to any REO Property and all REO Disposition Proceeds pursuant to Section 4.16. The foregoing requirements for deposit into the Custodial 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, prepayment penalties, charges and assumption fees, and other ancillary fees to the extent permitted by Section 6.01, need not be deposited by the Company into the Custodial Account. Any interest paid on funds deposited in the Custodial Account by the depository institution shall accrue to the benefit of the Company and the Company shall be entitled to retain and withdraw such interest from the Custodial Account pursuant to Section 4.05.
Appears in 1 contract
Establishment of and Deposits to Custodial Account. The Company Seller shall segregate and hold all funds collected and received pursuant to a the Mortgage Loan Loans separate and apart from any of its own funds and general assets and shall establish and maintain one or more Custodial Accounts, in the form of time deposit or demand accounts, titled "Countrywide Home Loans Inc. RBC Mortgage Company in trust for the Purchaser of Conventional Xxxxxx Brothers Bank, FSB, Residential Conventional Residential Fixed and Adjustable Rate Mortgage Loans, and various Mortgagors"Group No. 2003-2." The Custodial Account shall be established with a Qualified DepositoryDepository acceptable to the Purchaser. Any funds deposited in the Custodial Account shall at all times be fully insured to the full extent permitted under applicable law. Funds deposited in the Custodial Account may be drawn on by the Company Seller in accordance with Section 4.052.05. The creation of any Custodial Account shall be evidenced by a certification in the form of Exhibit D-1 2 hereto, in the case of an account established with the CompanySeller, or by a letter agreement in the form of Exhibit D-2 3 hereto, in the case of an account held by a depository other than the CompanySeller. A copy of such certification or letter agreement shall be furnished to the Purchaser and, upon request, to any subsequent Purchaser. The Company Seller shall deposit in the Custodial Account within two Business Days of receipton a daily basis, and retain therein, the following collections received by the Company and payments made by the Company Seller after the related Cut-off Date, (other than payments of principal and interest due on or before the related Cut-off Date, or received by the Company prior to the related Cut-off Date but allocable to a period subsequent thereto or with respect to each LPMI Loan, in the amount of the LPMI Fee)::
(i) all payments on account of principal on the Mortgage Loans, including all Principal Prepayments;
(ii) all payments on account of interest on the Mortgage Loans adjusted to the Mortgage Loan Remittance Rate;
; (iii) all Liquidation Proceeds;
(iv) all Insurance Proceeds including amounts required to be deposited pursuant to Section 4.10, Section 4.11, Section 4.14 and Section 4.15;
(v) all Condemnation Proceeds which are not applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with Section 4.14;
(vi) any amount required to be deposited in the Custodial Account pursuant to Section 4.01, 4.09, 5.03, 6.01 or 6.02;
(vii) any amounts payable in connection with the repurchase of any Mortgage Loan pursuant to Section 3.03 and all amounts required to be deposited by the Company in connection with a shortfall in principal amount of any Qualified Substitute Mortgage Loan pursuant to Section 3.03;
(viii) with respect to each Principal Prepayment in full or in part, the Prepayment Interest Shortfall Amount, if any, for the month of distribution. Such deposit shall be made from the Company's own funds, without reimbursement therefore, which, in the aggregate, for any month, shall not exceed one twelfth of 0.50% of the outstanding principal balance of the Mortgage Loans;
(ix) any amounts required to be deposited by the Company pursuant to Section 4.11 in connection with the deductible clause in any blanket hazard insurance policy; and
(x) any amounts received with respect to or related to any REO Property and all REO Disposition Proceeds pursuant to Section 4.16. The foregoing requirements for deposit into the Custodial 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, prepayment penalties, assumption fees, and other ancillary fees need not be deposited by the Company into the Custodial Account. Any interest paid on funds deposited in the Custodial Account by the depository institution shall accrue to the benefit of the Company and the Company shall be entitled to retain and withdraw such interest from the Custodial Account pursuant to Section 4.05.
Appears in 1 contract
Samples: Interim Servicing Agreement (Structured Asset Securities Corp)
Establishment of and Deposits to Custodial Account. The Company shall segregate and hold all funds collected and received pursuant to a Mortgage Loan separate and apart from any of its own funds and general assets and shall establish and maintain one or more Custodial Accounts, in the form of time deposit or demand accounts, titled "Countrywide Wells Fargo Home Loans Mortgage, Inc. in trust for the Purchaser and/or xxxxxquent purchasers of Conventional Residential Conventional Residential Mortgage Loans, and various Mortgagors". Mortgagors - P & I." The Custodial Account shall be established with a Qualified Depository. Any funds deposited in the Custodial Account shall at all times be fully insured to the full fullest extent permitted under allowed by applicable law. Funds deposited in the Custodial Account may be drawn on by the Company in accordance with Section 4.05. The creation of any Custodial Account shall be evidenced by a certification in the form of Exhibit D-1 hereto, in the case of an account established with the Company, or by a letter agreement in the form of Exhibit D-2 hereto, in the case of an account held by a depository other than the Company. Company each in the forms attached hereto as Exhibit D. A copy of such certification or letter agreement shall be furnished to the Purchaser and, or any subsequent purchaser upon request, to any subsequent Purchaser. The Company shall deposit in the Custodial Account within two one (1) Business Days Day of the Company's receipt, and retain therein, the following collections received by the Company and payments made by the Company after the related Cut-off Date, (other than payments of principal and interest due on or before the related Cut-off Date, or received by the Company prior to the related Cut-off Date but allocable to a period subsequent thereto or with respect to each LPMI Loan, in the amount of the LPMI Fee):thereto:
(i) all payments on account of principal on the Mortgage Loans, including all Principal Prepayments;
(ii) all payments on account of interest on the Mortgage Loans adjusted to the Mortgage Loan Remittance Rate;
(iii) all Liquidation Proceeds;
(iv) all Insurance Proceeds including amounts required to be deposited pursuant to Section 4.104.10 (other than proceeds to be held in the Escrow Account and applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with Section 4.14), Section 4.11, Section 4.14 4.11 and Section 4.15;
(v) all Condemnation Proceeds which are not applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with Section 4.14;
(vi) any amount required to be deposited in the Custodial Account pursuant to Section 4.01, 4.09, 5.03, 6.01 or 6.02;
(vii) any amounts payable in connection with the repurchase of any Mortgage Loan pursuant to Section 3.03 and all amounts required to be deposited by the Company in connection with a shortfall in principal amount of any Qualified Substitute Mortgage Loan pursuant to Section 3.03;
(viii) with respect to each Principal Prepayment in full or in part, an amount (to be paid by the Prepayment Interest Shortfall Amount, if any, for the month Company out of distribution. Such deposit shall be made from the Company's own its funds, without reimbursement therefore, ) which, when added to all amounts allocable to interest received in connection with the aggregatePrincipal Prepayment, for any equals one month, shall not exceed one twelfth 's interest on the amount of 0.50% of the outstanding principal balance of so prepaid at the Mortgage LoansLoan Remittance Rate;
(ix) any amounts required to be deposited by the Company pursuant to Section 4.11 in connection with the deductible clause in any blanket hazard insurance policy; and
(x) any amounts received with respect to or related to any REO Property and all REO Disposition Proceeds pursuant to Section 4.16. The foregoing requirements for deposit into the Custodial 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, prepayment penalties, charges and assumption fees, and other ancillary fees to the extent permitted by Section 6.01, need not be deposited by the Company into the Custodial Account. Any interest paid on funds deposited in the Custodial Account by the depository institution shall accrue to the benefit of the Company and the Company shall be entitled to retain and withdraw such interest from the Custodial Account pursuant to Section 4.05.
Appears in 1 contract
Establishment of and Deposits to Custodial Account. The Company shall segregate and hold all funds collected and received pursuant to a Mortgage Loan separate and apart from any of its own funds and general assets and shall establish and maintain one or more Custodial Accounts, in the form of time deposit or demand accounts, titled "Countrywide Wells Fargo Home Loans Mortgage, Inc. in trust for the Purchaser and/or suxxxxxent purchasers of Conventional Residential Conventional Residential Mortgage Loans, and various Mortgagors". Mortgagors - P & I." The Custodial Account shall be established with a Qualified Depository. Any funds deposited in the Custodial Account shall at all times be fully insured to the full fullest extent permitted under allowed by applicable law. Funds deposited in the Custodial Account may be drawn on by the Company in accordance with Section 4.05. The creation of any Custodial Account shall be evidenced by a certification in the form of Exhibit D-1 hereto, in the case of an account established with the Company, or by a letter agreement in the form of Exhibit D-2 hereto, in the case of an account held by a depository other than the Company. Company each in the forms attached hereto as Exhibit D. A copy of such certification or letter agreement shall be furnished to the Purchaser and, or any subsequent purchaser upon request, to any subsequent Purchaser. The Company shall deposit in the Custodial Account within two one (1) Business Days Day of the Company's receipt, and retain therein, the following collections received by the Company and payments made by the Company after the related Cut-off Date, (other than payments of principal and interest due on or before the related Cut-off Date, or received by the Company prior to the related Cut-off Date but allocable to a period subsequent thereto or with respect to each LPMI Loan, in the amount of the LPMI Fee):thereto:
(i) all payments on account of principal on the Mortgage Loans, including all Principal Prepayments;
(ii) all payments on account of interest on the Mortgage Loans adjusted to the Mortgage Loan Remittance Rate;
(iii) all Liquidation Proceeds;
(iv) all Insurance Proceeds including amounts required to be deposited pursuant to Section 4.104.10 (other than proceeds to be held in the Escrow Account and applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with Section 4.14), Section 4.11, Section 4.14 4.11 and Section 4.15;
(v) all Condemnation Proceeds which are not applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with Section 4.14;
(vi) any amount required to be deposited in the Custodial Account pursuant to Section 4.01, 4.09, 5.03, 6.01 or 6.02;
(vii) any amounts payable in connection with the repurchase of any Mortgage Loan pursuant to Section 3.03 and all amounts required to be deposited by the Company in connection with a shortfall in principal amount of any Qualified Substitute Mortgage Loan pursuant to Section 3.03;
(viii) with respect to each Principal Prepayment in full or in part, an amount (to be paid by the Prepayment Interest Shortfall Amount, if any, for the month Company out of distribution. Such deposit shall be made from the Company's own its funds, without reimbursement therefore, ) which, when added to all amounts allocable to interest received in connection with the aggregatePrincipal Prepayment, for any equals one month, shall not exceed one twelfth 's interest on the amount of 0.50% of the outstanding principal balance of so prepaid at the Mortgage LoansLoan Remittance Rate;
(ix) any amounts required to be deposited by the Company pursuant to Section 4.11 in connection with the deductible clause in any blanket hazard insurance policy; and
(x) any amounts received with respect to or related to any REO Property and all REO Disposition Proceeds pursuant to Section 4.16. The foregoing requirements for deposit into the Custodial 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, prepayment penalties, charges and assumption fees, and other ancillary fees to the extent permitted by Section 6.01, need not be deposited by the Company into the Custodial Account. Any interest paid on funds deposited in the Custodial Account by the depository institution shall accrue to the benefit of the Company and the Company shall be entitled to retain and withdraw such interest from the Custodial Account pursuant to Section 4.05.
Appears in 1 contract
Samples: Seller's Warranties and Servicing Agreement (Mortgage Pass-Through Certificates Series 2003-37a)
Establishment of and Deposits to Custodial Account. The Company shall segregate and hold all funds collected and received pursuant to a Mortgage Loan separate and apart from any of its own funds and general assets and shall establish and maintain one or more Custodial Accounts, in the form of time deposit or demand accounts, titled "Countrywide Home Loans Inc. Bank of America, N.A., in trust for the Purchaser of Conventional Residential Conventional Residential Mortgage LoansLoans serviced under a Seller's Warranties and Servicing Agreement, dated as of December 1, 2001, and various MortgagorsMortgagors - P & I", or as otherwise directed in writing by the Purchaser or its assigns after the Closing Date in connection with any Whole Loan Transfer or Pass-Through Transfer. The Custodial Account shall be established with a Qualified Depository. Upon request of the Purchaser and within ten (10) days thereof, the Company shall provide the Purchaser with written confirmation of the existence of such Custodial Account. Any funds deposited in the Custodial Account shall at all times be fully insured to the full fullest extent permitted under allowed by applicable law. Funds deposited in the Custodial Account may be drawn on by the Company in accordance with Section 4.05. The creation of any Custodial Account shall be evidenced by a certification in the form of Exhibit D-1 hereto, in the case of an account established with the Company, or by a letter agreement in the form of Exhibit D-2 hereto, in the case of an account held by a depository other than the Company. A copy of such certification or letter agreement shall be furnished to the Purchaser and, upon request, to any subsequent Purchaser. The Company shall deposit in the Custodial Account within one Business Day (or two Business Days in the case of the amounts described in clauses (iii) through (v) below) of the Company's receipt, and retain therein, the following collections received by the Company and payments made by the Company after the related Cut-off Date, (other than payments of principal and interest due on or before the related Cut-off Date, or received by the Company prior to the related Cut-off Date but allocable to a period subsequent thereto or with respect to each LPMI Loan, in the amount of the LPMI Fee)::
(i) all payments on account of principal on the Mortgage Loans, including all Principal Prepayments;
(ii) all payments on account of interest on the Mortgage Loans adjusted to the Mortgage Loan Remittance Rate;
(iii) all Liquidation Proceeds;
(iv) all Insurance Proceeds including amounts required to be deposited pursuant to Section 4.104.10 (other than proceeds to be held in the Escrow Account and applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with Section 4.14), Section 4.11, Section 4.14 4.11 and Section 4.15;
(v) all Condemnation Proceeds which are not applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with Section 4.14;
(vi) any amount required to be deposited in the Custodial Account pursuant to Section 4.01, 4.095.01, 5.03, 6.01 or 6.02;
(vii) any amounts payable in connection with the repurchase of any Mortgage Loan pursuant to Section 2.03, 3.03 and all amounts required to be deposited by the Company in connection with a shortfall in principal amount of any Qualified Substitute Mortgage Loan pursuant to Section 3.03or 6.02;
(viii) with respect to each Principal Prepayment in full or in part, an amount (to be paid by the Prepayment Interest Shortfall Amount, if any, for the month Company out of distribution. Such deposit shall be made from the Company's its own funds, without reimbursement therefore, but not in excess of its Servicing Fee for the related Due Period) which, when added to all amounts allocable to interest received in connection with the aggregatePrincipal Prepayment, for any equals one month, shall not exceed one twelfth 's interest on the amount of 0.50% of the outstanding principal balance of so prepaid at the Mortgage LoansLoan Remittance Rate;
(ix) any amounts required to be deposited by the Company pursuant to Section 4.11 in connection with the deductible clause in any blanket hazard insurance policy; and
(x) any amounts received with respect to or related to any REO Property and all REO Disposition Proceeds pursuant to Section 4.16. The foregoing requirements for deposit into the Custodial 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, prepayment penalties, charges and assumption fees, and other ancillary fees to the extent permitted by Section 6.01, need not be deposited by the Company into the Custodial Account. Any interest paid on funds deposited in the Custodial Account by the depository institution shall accrue to the benefit of the Company and the Company shall be entitled to retain and withdraw such interest from the Custodial Account pursuant to Section 4.05.
Appears in 1 contract
Samples: Seller's Warranties and Servicing Agreement (Gs Mortgage Securities Corp)
Establishment of and Deposits to Custodial Account. The Company shall segregate and hold all funds collected and received pursuant to a Mortgage Loan separate and apart from any of its own funds and general assets and shall establish and maintain one or more Custodial Accounts, in the form of time deposit or demand accounts, titled "Countrywide Home Loans Inc. “National City Mortgage Co., in trust for the Purchaser Xxxxxx Brothers Bank, purchaser of Conventional Residential Conventional Residential Adjustable and Fixed Rate Mortgage Loans, and various Mortgagors"Group No. 2007-FLOW”. The Custodial Account shall be established with a Qualified DepositoryDepository acceptable to the Purchaser. Any funds deposited in the Custodial Account shall at all times be fully insured to the full extent permitted under applicable law. Funds deposited in the Custodial Account may be drawn on by the Company in accordance with Section 4.055.05. The creation of any Custodial Account shall be evidenced by a certification in the form of Exhibit D-1 C-1 hereto, in the case of an account established with the Company, or by a letter agreement in the form of Exhibit D-2 C-2 hereto, in the case of an account held by a depository other than the Company. A copy of such certification or letter agreement shall be furnished to the Purchaser and, upon request, to any subsequent Purchaserpurchaser of the Mortgage Loans. The Company shall deposit in the Custodial Account on a daily basis within two one Business Days Day of receipt, and retain therein, the following collections received by the Company and payments made by the Company after the related Cut-off Date, (other than payments of principal and interest due on or before the related Cut-off Date, or received by the Company prior to the related Cut-off Date but allocable to a period subsequent thereto or with respect to each LPMI Loan, in the amount of the LPMI Fee)::
(i) all payments on account of principal on the Mortgage Loans, including all Principal Prepayments;
(ii) all payments on account of interest on the Mortgage Loans adjusted to the Mortgage Loan Remittance Rate;
(iii) any Prepayment Charge received in connection with the Mortgage Loans, except to the extent set forth in the Purchase Price and Terms Letter;
(iv) all Liquidation Proceeds;
(ivv) all Insurance Proceeds including amounts required to be deposited pursuant to Section 4.105.10 (other than proceeds to be held in the Escrow Account and applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with Section 5.14), Section 4.11, Section 4.14 5.11 and Section 4.155.15;
(vvi) all Condemnation Proceeds which are not applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with Section 4.14;
(vi) any amount required to be deposited in the Custodial Account pursuant to Section 4.01, 4.09, 5.03, 6.01 or 6.025.14;
(vii) any amounts payable in connection with the repurchase of any Mortgage Loan pursuant to Section 3.03 and all 4.03;
(viii) any amounts required to be deposited by the Company pursuant to Section 5.11 in connection with a shortfall the deductible clause in principal amount of any Qualified Substitute Mortgage Loan blanket hazard insurance policy;
(ix) any amounts required to be deposited by the Company pursuant to Section 3.035.15 in connection with any unpaid claims that are a result of a breach by the Company or any subservicer of the obligations hereunder or under the terms of a PMI Policy;
(viiix) any amounts received by the Company under a PMI or LPMI Policy;
(xi) with respect to each Principal Prepayment in full or in part, the Prepayment Interest Shortfall Amount, if any, for the month of distribution. Such deposit shall be made from the Company's ’s own funds, without reimbursement therefore, which, in the aggregate, for any month, shall not exceed one twelfth of 0.50% therefor up to a maximum amount per month of the outstanding principal balance of Servicing Fee actually received for such month for the Mortgage Loans;
(ix) any amounts required to be deposited by the Company pursuant to Section 4.11 in connection with the deductible clause in any blanket hazard insurance policy; and
(xxii) any amounts received with respect to or related to any REO Property and all REO Disposition Proceeds pursuant to Section 4.165.16; and
(xiii) any other amount required to be deposited into the Custodial Account pursuant to the terms hereof. The foregoing requirements for deposit into the Custodial 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, prepayment penalties, assumption fees, and other ancillary fees Ancillary Income need not be deposited by the Company into the Custodial Account. Any interest paid on funds deposited in the Custodial Account by the depository institution shall accrue to the benefit of the Company and the Company shall be entitled to retain and withdraw such interest from the Custodial Account pursuant to Section 4.055.05.
Appears in 1 contract
Establishment of and Deposits to Custodial Account. The Company Servicer shall segregate and hold all funds collected and received pursuant to a the Mortgage Loan Loans separate and apart from any of its own funds and general assets and shall establish and maintain one or more Custodial Accounts, in the form of time deposit or demand accounts, titled "Countrywide Home Loans Inc. titled, as directed by the Master Servicer, “Aurora Loan Services LLC in trust for LaSalle Bank National Association, as Trustee for the Purchaser of Conventional Residential Conventional Residential Structured Adjustable Rate Mortgage LoansLoan Trust, and various Mortgagors". 2005-6XS.” The Custodial Account shall be an Eligible Deposit Account established with a Qualified Depositoryan Eligible Institution. Any funds deposited in the Custodial Account shall at all times may be fully insured invested in Eligible Investments subject to the full extent permitted under applicable lawprovisions of Section 3.11 hereof. Funds deposited in the Custodial Account may be drawn on by the Company Servicer in accordance with Section 4.053.04. The creation of any Custodial Account shall be evidenced by a certification notice in the form of Exhibit D-1 hereto, in the case of an account established with the Company, or by a letter agreement in the form of Exhibit D-2 hereto, in the case of an account held by a depository other than the Company. B. A copy of such certification or letter agreement notice shall be furnished to the Purchaser Master Servicer within 30 days of the Closing Date, to the NIMS Insurer and, upon request, to any subsequent Purchaserowner of the Mortgage Loans. The Company Servicer shall deposit in the Custodial Account within two Business Days of receipton a daily basis, and retain therein, the following collections received by the Company Servicer and payments made by the Company Servicer after the related Cut-off Date, Date (other than scheduled payments of principal and interest due on or before the related Cut-off Date, ) or received by the Company Servicer prior to the related Cut-off Date but allocable to a the period subsequent thereto thereto) or with respect to each LPMI LoanServicing Transfer Date, in the amount of the LPMI Fee):as applicable:
(i) all payments on account of principal on the Mortgage Loans, including all Principal Prepayments;
(ii) all payments on account of interest on the Mortgage Loans adjusted to the Mortgage Loan Remittance Rate;
(iii) all Liquidation ProceedsPrepayment Charges or any Servicer Prepayment Charge Payment Amounts to be paid by the Servicer to the Trust Fund;
(iv) all Insurance Proceeds including amounts required to be deposited pursuant to Section 4.10, Section 4.11, Section 4.14 and Section 4.15Liquidation Proceeds;
(v) all Insurance Proceeds (other than amounts applied to the restoration or repair of the Mortgaged Property to be immediately released to the Mortgagor in accordance with Accepted Servicing Practices);
(vi) all Condemnation Proceeds which that are not applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with Section 4.14;
(vi) any amount required to be deposited in the Custodial Account pursuant to Section 4.01, 4.09, 5.03, 6.01 or 6.02Mortgagor;
(vii) any amounts payable in connection with the repurchase of any Mortgage Loan pursuant to Section 3.03 and all amounts required to be deposited by the Company in connection with a shortfall in principal amount of any Qualified Substitute Mortgage Loan pursuant to Section 3.03;
(viii) with respect to each Principal Prepayment in full or in part, the Prepayment Interest Shortfall Amount, if any, for the month of distribution. Such deposit shall be , made from the Company's Servicer’s own funds, without reimbursement therefore, which, in the aggregate, for any month, shall not exceed one twelfth of 0.50% therefor up to a maximum amount per month of the outstanding principal balance of Servicing Fee actually received for the Mortgage Loans;
(viii) all Monthly Advances made by the Servicer pursuant to Section 4.03;
(ix) any amounts required to be deposited by the Company pursuant to Section 4.11 Servicer in connection with the deductible clause in any blanket hazard insurance policy; and;
(x) any amounts received with respect to or related to any REO Property and all or REO Disposition Proceeds Proceeds;
(xi) any amounts required to be deposited by the Servicer pursuant to Section 4.163.07 in connection with any unpaid claims that are a result of a breach by the Servicer or any subservicer of the obligations hereunder or under the terms of a PMI Policy;
(xii) any amounts received by the Servicer under a PMI or LPMI Policy pursuant to Section 3.07; and
(xiii) any other amount required hereunder to be deposited by the Servicer in the Custodial Account. The Servicer shall also deposit from its own funds into the Custodial Account, without the right to reimbursement, except from Net Simple Interest Excess, an amount equal to any Net Simple Interest Shortfall (to the extent not offset by Net Simple Interest Excess) for the related Due Period and remit such funds to the Master Servicer pursuant to Section 4.01. The foregoing requirements for deposit into the Custodial 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, prepayment penalties, assumption fees, the Servicing Fee and other ancillary fees Ancillary Income need not be deposited by the Company Servicer into the Custodial Account. Any interest paid on funds deposited in the Custodial Account by the depository institution shall accrue to the benefit of the Company Servicer and the Company Servicer shall be entitled to retain and withdraw such interest from the Custodial Account pursuant to Section 4.053.04. Additionally, any other benefit derived from the Custodial Account associated with the receipt, disbursement and accumulation of principal, interest, taxes, hazard insurance, mortgage insurance, etc. shall accrue to the Servicer.
Appears in 1 contract
Samples: Servicing Agreement (Structured Adjustable Rate Mortgage Loan Trust 2005-6xs)
Establishment of and Deposits to Custodial Account. The Company shall segregate and hold all funds collected and received pursuant to a Mortgage Loan separate and apart from any of its own funds and general assets and shall establish and maintain one or more Custodial Accounts, in the form of time deposit or demand accounts, titled "Countrywide Home Loans Inc. IndyMac Bank, FSB in trust for the Purchaser of Conventional Residential Conventional Residential Fixed and Adjustable Rate Mortgage Loans, Group No. 2003-1 and various Mortgagors". The Custodial Account shall be established with a Qualified DepositoryDepository acceptable to the Purchaser. Any funds deposited in the Custodial Account shall at all times be fully insured to the full extent permitted under applicable law. Funds deposited in the Custodial Account may be drawn on by the Company in accordance with Section 4.05. The creation of any Custodial Account shall be evidenced by a certification in the form of Exhibit D-1 hereto, in the case of an account established with the Company, or by a letter agreement in the form of Exhibit D-2 hereto, in the case of an account held by a depository other than the Company. A copy of such certification or letter agreement shall be furnished to the Purchaser and, upon request, to any subsequent Purchaser. The Company shall deposit in the Custodial Account within two Business Days of receipton a daily basis, and retain therein, the following collections received by the Company and payments made by the Company after the related Cut-off Date, (other than payments of principal and interest due on or before the related Cut-off Date, or received by the Company prior to the related Cut-off Date but allocable to a period subsequent thereto or with respect to each LPMI Loan, in the amount of the LPMI Fee):thereto:
(i) all payments on account of principal on the Mortgage Loans, including all Principal Prepayments;
(ii) all payments on account of interest on the Mortgage Loans adjusted to the Mortgage Loan Remittance Rate;
(iii) all Liquidation Proceeds;
(iv) all Insurance Proceeds including amounts required to be deposited pursuant to Section 4.104.10 (other than proceeds to be held in the Escrow Account and applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with Section 4.14), Section 4.11, Section 4.14 4.11 and Section 4.15;
(v) all Condemnation Proceeds which are not applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with Section 4.14;
(vi) any amount required to be deposited in the Custodial Account pursuant to Section 4.01, 4.09, 5.03, 6.01 or 6.02;
; (vii) any amounts payable in connection with the repurchase of any Mortgage Loan pursuant to Section 3.03 3.03, 3.05 or 3.06 and all amounts required to be deposited by the Company in connection with a shortfall in principal amount of any Qualified Substitute Mortgage Loan pursuant to Section 3.03;
(viii) with respect to each Principal Prepayment in full or in part, the Prepayment Interest Shortfall Amount, if any, for the month of distribution. Such deposit shall be made from the Company's own funds, without reimbursement therefore, which, in the aggregate, for any month, shall not exceed one twelfth of 0.50% of the outstanding principal balance of the Mortgage Loans;
(ix) any amounts required to be deposited by the Company pursuant to Section 4.11 in connection with the deductible clause in any blanket hazard insurance policy; and
(x) any amounts received with respect to or related to any REO Property and all REO Disposition Proceeds pursuant to Section 4.16. The foregoing requirements for deposit into the Custodial 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, prepayment penalties, assumption fees, and other ancillary fees need not be deposited by the Company into the Custodial Account. Any interest paid on funds deposited in the Custodial Account by the depository institution shall accrue to the benefit of the Company and the Company shall be entitled to retain and withdraw such interest from the Custodial Account pursuant to Section 4.05.
Appears in 1 contract
Samples: Seller's Warranties and Servicing Agreement (Structured Adjustable Rate Mortgage Loan Trust)
Establishment of and Deposits to Custodial Account. The Company Seller shall segregate and hold all funds collected and received pursuant to a the Mortgage Loan Loans separate and apart from any of its own funds and general assets and shall establish and maintain one or more Custodial Accounts, in the form of time deposit or demand accounts, titled "Countrywide Home Loans Inc. [Seller] in trust for the Purchaser of Conventional Lxxxxx Brothers Bank, FSB, Residential Conventional Residential Adjustable Rate Mortgage Loans, Group No. 2003-3 and various Mortgagors". ." The Custodial Account shall be established with a Qualified DepositoryDepository acceptable to the Purchaser. Any funds deposited in the Custodial Account shall at all times be fully insured to the full extent permitted under applicable law. Funds deposited in the Custodial Account may be drawn on by the Company Seller in accordance with Section 4.052.05. The creation of any Custodial Account shall be evidenced by a certification in the form of Exhibit D-1 2 hereto, in the case of an account established with the CompanySeller, or by a letter agreement in the form of Exhibit D-2 3 hereto, in the case of an account held by a depository other than the CompanySeller. A copy of such certification or letter agreement shall be furnished to the Purchaser and, upon request, to any subsequent Purchaser. The Company Seller shall deposit in the Custodial Account within two Business Days of receipton a daily basis, and retain therein, the following collections received by the Company and payments made by the Company Seller after the related Cut-off Date, (other than payments of principal and interest due on or before the related Cut-off Date, or received by the Company prior to the related Cut-off Date but allocable to a period subsequent thereto or with respect to each LPMI Loan, in the amount of the LPMI Fee)::
(i) all payments on account of principal on the Mortgage Loans, including all Principal Prepayments;
(ii) all payments on account of interest on the Mortgage Loans adjusted to the Mortgage Loan Remittance Rate;
(iii) all Liquidation Proceeds;
(iv) all Insurance Proceeds including amounts required to be deposited pursuant to Section 4.102.11 (other than proceeds to be held in the Escrow Account and applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with Section 2.15), Section 4.11, Section 4.14 2.12 and Section 4.152.16;
(v) all Condemnation Proceeds which are not applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with Section 4.142.15;
(vi) any amount required to be deposited in the Custodial Account pursuant to Section 4.012.01, 4.092.10, 5.032.17, 6.01 4.01 or 6.024.02;
(vii) any amounts payable in connection with the repurchase of any Mortgage Loan pursuant to Section 3.03 and all amounts required to be deposited by 8 of the Company in connection with a shortfall in principal amount of any Qualified Substitute Mortgage Loan pursuant to Section 3.03;Purchase Agreement; and
(viii) with respect to each Principal Prepayment in full or in part, the Prepayment Interest Shortfall Amount, if any, for the month of distribution. Such deposit shall be made from the Company's own funds, without reimbursement therefore, which, in the aggregate, for any month, shall not exceed one twelfth of 0.50% of the outstanding principal balance of the Mortgage Loans;
(ix) any amounts required to be deposited by the Company Seller pursuant to Section 4.11 2.11 in connection with the deductible clause in any blanket hazard insurance policy; and
(x) any amounts received with respect to or related to any REO Property and all REO Disposition Proceeds pursuant to Section 4.16. The foregoing requirements for deposit into the Custodial 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, prepayment penalties, charges and assumption fees, and other ancillary fees to the extent permitted by Section 4.01, need not be deposited by the Company Seller into the Custodial Account. Any interest paid on funds deposited in the Custodial Account by the depository institution shall accrue to the benefit of the Company Seller and the Company Seller shall be entitled to retain and withdraw such interest from the Custodial Account pursuant to Section 4.052.05.
Appears in 1 contract
Samples: Interim Servicing Agreement (Structured Adjustable Rate Mortgage Loan Trust)
Establishment of and Deposits to Custodial Account. The Company shall segregate and hold all funds collected and received pursuant to a Mortgage Loan separate and apart from any of its own funds and general assets and shall establish and maintain one or more Custodial Accounts, in the form of time deposit or demand accounts, titled "Countrywide Home Loans Inc. National City Mortgage Corp in trust for the Purchaser of Conventional Residential Conventional Residential Fixed Rate Mortgage Loans, Group No. 2001-1 and various Mortgagors". The Custodial Account shall be established with a Qualified DepositoryDepository acceptable to the Purchaser. Any funds deposited in the Custodial Account shall at all times be fully insured to the full extent permitted under applicable law. Funds deposited in the Custodial Account may be drawn on by the Company in accordance with Section 4.05. The creation of any Custodial Account shall be evidenced by a certification in the form of Exhibit D-1 hereto, in the case of an account established with the Company, or by a letter agreement in the form of Exhibit D-2 hereto, in the case of an account held by a depository other than the Company. A copy of such certification or letter agreement shall be furnished to the Purchaser and, upon request, to any subsequent Purchaser. The Company shall deposit in the Custodial Account within two Business Days of receipton a daily basis, and retain therein, the following collections received by the Company and payments made by the Company after the related Cut-off Date, (other than payments of principal and interest due on or before the related Cut-off Date, or received by the Company prior to the related Cut-off Date but allocable to a period subsequent thereto thereto, or with respect to each LPMI Loan, in the amount of the LPMI Fee):
(i) all payments on account of principal on the Mortgage Loans, including all Principal Prepayments;
(ii) all payments on account of interest on the Mortgage Loans adjusted to the Mortgage Loan Remittance Rate;
(iii) all Liquidation Proceeds;
(iv) all Insurance Proceeds including amounts required to be deposited pursuant to Section 4.104.10 (other than proceeds to be held in the Escrow Account and applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with Section 4.14), Section 4.11, Section 4.14 4.11 and Section 4.15;
(v) all Condemnation Proceeds which are not applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with Section 4.14;
(vi) any amount required to be deposited in the Custodial Account pursuant to Section 4.01, 4.09, 5.03, 6.01 or 6.02;
(vii) any amounts payable in connection with the repurchase of any Mortgage Loan pursuant to Section 3.03 or 3.06 and all amounts required to be deposited by the Company in connection with a shortfall in principal amount of any Qualified Substitute Mortgage Loan pursuant to Section 3.03;
(viii) with respect to each Principal Prepayment in full or in part, the Prepayment Interest Shortfall Amount, if any, for the month of distribution. Such deposit shall be made from the Company's own funds, without reimbursement therefore, which, in the aggregate, for any month, shall not exceed one twelfth of 0.50% therefor up to a maximum amount per month of the outstanding principal balance of Servicing Fee actually received for such month for the Mortgage Loans;
(ix) any amounts required to be deposited by the Company pursuant to Section 4.11 in connection with the deductible clause in any blanket hazard insurance policy; and
(x) any amounts received with respect to or related to any REO Property and all REO Disposition Proceeds pursuant to Section 4.16. The foregoing requirements for deposit into the Custodial Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, payments in the nature of Ancillary Income, including late payment charges, prepayment penalties, charges and assumption fees, and other ancillary fees to the extent permitted by Section 6.01, need not be deposited by the Company into the Custodial Account. Any interest paid on funds deposited in the Custodial Account by the depository institution shall accrue to the benefit of the Company and the Company shall be entitled to retain and withdraw such interest from the Custodial Account pursuant to Section 4.05.the
Appears in 1 contract
Establishment of and Deposits to Custodial Account. The Company Servicer shall segregate and hold all the hereinafter mentioned funds collected and received pursuant to a the Mortgage Loan Loans separate and apart from any of its own funds and general assets and shall establish and maintain one or more Custodial Accounts, in the form of time term deposit or demand accounts, titled "Countrywide Home Loans Inc. National Bank of Canada in trust for the Purchaser of Conventional Residential Conventional Residential Mortgage Loans, and various Mortgagors"NB Capital Corporation" (or similar designation with respect to any subsequent Company). The Custodial Account shall be established with a Qualified Depositorydepository acceptable to the Company. Any If the Custodial Account is held at a depository the deposit accounts of which are insured by CDIC, any funds deposited in the Custodial Account shall at all times be fully insured to the full extent permitted under applicable law. Funds deposited in the Custodial Account may be drawn on by the Company Servicer in accordance with Section 4.052.5. The creation of any Custodial Account shall be evidenced by a certification certificate in the form of Exhibit D-1 2 hereto, in the case of an account established with the Company, or by a letter agreement in the form of Exhibit D-2 hereto, in the case of an account held by a depository other than the Company. A copy of such certification or letter agreement certificate shall be furnished to the Purchaser Company and, upon request, to any subsequent Purchasercompany. The Company Servicer shall deposit in the Custodial Account within two Business Days of receipt, and retain therein, therein the following collections received by the Company Servicer and payments made by the Company Servicer after the related Cut-off Date, (other than payments of principal and interest due on or before the related Cut-off Date, or received by the Company Servicer prior to the related Cut-off Date but allocable to a period subsequent thereto or with respect to each LPMI Loan, in the amount of the LPMI Fee):thereto:
(i) 2.4.1 all payments on account of principal on the Mortgage Loans, including all Principal Prepayments;
(ii) 2.4.2 all payments on account of interest on the Mortgage Loans adjusted to the Mortgage Loan Remittance RateLoans;
(iii) 2.4.3 all Liquidation ProceedsProceeds and any amount received with respect to REO Property;
(iv) 2.4.4 all Insurance Proceeds including amounts required to be deposited pursuant to Section 4.10, 2.10 (other than proceeds to be held in the Escrow Account and applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with Section 4.11, Section 4.14 and Section 4.152.14);
(v) 2.4.5 all Condemnation Proceeds which are not applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with Section 4.14;2.14; and
(vi) 2.4.6 any amount required to be deposited in the Custodial Account pursuant to Section 4.01, 4.09, 5.03, 6.01 2.15 or 6.02;
(vii) any amounts payable 3.1. The collections mentioned in connection with the repurchase of any Mortgage Loan pursuant to Section 3.03 Sections 2.4.1 and all amounts required to be deposited by the Company in connection with a shortfall in principal amount of any Qualified Substitute Mortgage Loan pursuant to Section 3.03;
(viii) with respect to each Principal Prepayment in full or in part, the Prepayment Interest Shortfall Amount, if any, for the month of distribution. Such deposit 2.4.2 shall be made from the Company's own funds, without reimbursement therefore, which, in the aggregate, for any month, shall not exceed one twelfth of 0.50% of the outstanding principal balance of the Mortgage Loans;
(ix) any amounts required to be deposited by the Company pursuant to Section 4.11 in connection with the deductible clause in any blanket hazard insurance policy; and
(x) any amounts received with respect to or related to any REO Property and all REO Disposition Proceeds pursuant to Section 4.16. The foregoing requirements for deposit into the Custodial 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, prepayment penalties, assumption fees, and other ancillary fees need not be deposited by the Company into the Custodial Account. Any interest paid on funds deposited in the Custodial Account within one (1) Business Day of receipt by the depository institution shall accrue Servicer. The collections mentioned in Sections 2.4.3 to the benefit of the Company and the Company 2.4.6 inclusive shall be entitled to retain and withdraw such interest from the Custodial Account pursuant to Section 4.05deposited within thirty (30) Business Days of receipt.
Appears in 1 contract
Samples: Servicing Agreement (Nb Finance LTD)
Establishment of and Deposits to Custodial Account. The Company Servicer shall segregate and hold all funds collected and received pursuant to a the Mortgage Loan Loans separate and apart from any of its own funds and general assets and shall establish and maintain one or more Custodial Accounts, in the form of time deposit or demand accounts, titled "Countrywide Home Loans Inc. in trust First Nationwide Mortgage Corporation, as trustee and custodian for the Purchaser of Conventional Residential Conventional Residential Resi- dential Mortgage Loans, and various Mortgagors". The Custodial Account shall be established with a Qualified DepositoryDepository acceptable to the Purchaser. Any funds deposited in the Custodial Account shall at all times be fully insured to the full extent permitted under applicable law. Funds deposited in the Custodial Account may be drawn on by the Company Servicer in accordance with Section 4.052.5. The creation of any Custodial Account shall be evidenced by a certification in the form of Exhibit D-1 2 hereto, in the case of an account established with the CompanyServicer, or by a letter agreement in the form of Exhibit D-2 3 hereto, in the case of an account held by a depository other than the CompanyServicer. A copy of such certification or letter agreement shall be furnished to the Purchaser and, upon request, to any subsequent Purchaser. The Company Servicer shall deposit in the Custodial Account within two one Business Days Day of receipt, and retain therein, the following collections received by the Company Servicer and payments made by the Company Servicer after the related Cut-off any Cutoff Date, (other than payments of principal and interest due on or before the related such Cut-off Date, or received by the Company Servicer prior to the related such Cut-off Date but allocable to a period subsequent thereto or with respect to each LPMI Loan, in the amount of the LPMI Fee):thereto:
(i) all payments on account of principal on the Mortgage Loans, including all Principal Prepayments;
(ii) all payments on account of interest on the Mortgage Loans adjusted to the Mortgage Loan Remittance RateMortgage;
(iii) all Liquidation ProceedsProceeds and any amount received with respect to REO Property;
(iv) all Insurance Proceeds including amounts required to be deposited pursuant to Section 4.10, 2.10 (other than proceeds to be held in the Escrow Account and applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with Section 4.11, Section 4.14 2.14) and Section 4.152.11;
(v) all Condemnation Proceeds which are not applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with Section 4.142.14;
(vi) any amount required to be deposited in the Custodial Account pursuant to Section 4.012.1, 4.092.9, 5.032.15, 6.01 2.17, 3.1, 3.3 or 6.024.2;
(vii) any amounts payable in connection with the repurchase of any Mortgage Loan pursuant to Section 3.03 and all amounts required to be deposited by 8.3 of the Company in connection with a shortfall in principal amount of any Qualified Substitute Mortgage Loan pursuant to Section 3.03;Purchase Agreement; and
(viii) with respect to each Principal Prepayment in full or in part, the Prepayment Interest Shortfall Amount, if any, for the month of distribution. Such deposit shall be made from the Company's own funds, without reimbursement therefore, which, in the aggregate, for any month, shall not exceed one twelfth of 0.50% of the outstanding principal balance of the Mortgage Loans;
(ix) any amounts required to be deposited by the Company Servicer pursuant to Section 4.11 2.11 in connection with the deductible clause in any blanket hazard insurance policy; and
(x) any amounts received with respect to or related to any REO Property and all REO Disposition Proceeds pursuant to Section 4.16. The foregoing requirements for deposit into the Custodial 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, prepayment penalties, assumption fees, and other ancillary fees Ancillary Income need not be deposited by the Company Servicer into the Custodial Account. Any interest paid on funds deposited in the Custodial Account by the depository institution shall accrue to the benefit of the Company Servicer and the Company Servicer shall be entitled to retain and withdraw such interest from the Custodial Account pursuant to Section 4.052.5.
Appears in 1 contract
Samples: Servicing Agreement (California Federal Preferred Capital Corpation)
Establishment of and Deposits to Custodial Account. The Company shall segregate and hold all funds collected and received pursuant to a Mortgage Loan separate and apart from any of its own funds and general assets and shall establish and maintain one or more Custodial Accounts, in the form of time deposit or demand accounts, titled "Countrywide Xxxxx Fargo Home Loans Inc. Mortgage, Inc., in trust for the Purchaser of Conventional Residential Conventional Residential Mortgage LoansLoans serviced under a Seller's Warranties and Servicing Agreement, dated as of October 1, 2001, and various MortgagorsMortgagors - P & I", or as otherwise directed in writing by the Purchaser or its assigns after the Closing Date in connection with any Whole Loan Transfer or Pass-Through Transfer. The Custodial Account shall be established with a Qualified Depository. Upon request of the Purchaser and within ten (10) days thereof, the Company shall provide the Purchaser with written confirmation of the existence of such Custodial Account. Any funds deposited in the Custodial Account shall at all times be fully insured to the full fullest extent permitted under allowed by applicable law. Funds deposited in the Custodial Account may be drawn on by the Company in accordance with Section 4.05. The creation of any Custodial Account shall be evidenced by a certification in the form of Exhibit D-1 hereto, in the case of an account established with the Company, or by a letter agreement in the form of Exhibit D-2 hereto, in the case of an account held by a depository other than the Company. A copy of such certification or letter agreement shall be furnished to the Purchaser and, upon request, to any subsequent Purchaser. The Company shall deposit in the Custodial Account within one Business Day (or two Business Days in the case of the amounts described in clauses (iii) through (v) below) of the Company's receipt, and retain therein, the following collections received by the Company and payments made by the Company after the related Cut-off Date, (other than payments of principal and interest due on or before the related Cut-off Date, or received by the Company prior to the related Cut-off Date but allocable to a period subsequent thereto or with respect to each LPMI Loan, in the amount of the LPMI Fee)::
(i1) all payments on account of principal on the Mortgage Loans, including all Principal Prepayments;
(ii2) all payments on account of interest on the Mortgage Loans Loans, adjusted to the Mortgage Loan Remittance Rate;
(iii3) all Liquidation Proceeds;
(iv4) all Insurance Proceeds including amounts required to be deposited pursuant to Section 4.104.10 (other than proceeds to be held in the Escrow Account and applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with Section 4.14), Section 4.11, Section 4.14 4.11 and Section 4.15;
(v5) all Condemnation Proceeds which are not applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with Section 4.14;
(vi6) any amount required to be deposited in the Custodial Account pursuant to Section 4.01, 4.095.01, 5.03, 6.01 or 6.02;
(vii7) any amounts payable in connection with the repurchase of any Mortgage Loan pursuant to Section 2.03, 3.03 and all amounts required to be deposited by the Company in connection with a shortfall in principal amount of any Qualified Substitute Mortgage Loan pursuant to Section 3.03or 6.02;
(viii) 8) with respect to each Principal Prepayment in full or in part, an amount (to be paid by the Prepayment Interest Shortfall Amount, if any, for the month Company out of distribution. Such deposit shall be made from the Company's own its funds, without reimbursement therefore, ) which, when added to all amounts allocable to interest received in connection with the aggregatePrincipal Prepayment, for any equals one month, shall not exceed one twelfth 's interest on the amount of 0.50% of the outstanding principal balance of so prepaid at the Mortgage LoansLoan Remittance Rate;
(ix9) any amounts required to be deposited by the Company pursuant to Section 4.11 in connection with the deductible clause in any blanket hazard insurance policy; and
(x10) any amounts received with respect to or related to any REO Property and all REO Disposition Proceeds pursuant to Section 4.16. The foregoing requirements for deposit into the Custodial 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, prepayment penalties, charges and assumption fees, and other ancillary fees to the extent permitted by Section 6.01, need not be deposited by the Company into the Custodial Account. Any interest paid on funds deposited in the Custodial Account by the depository institution shall accrue to the benefit of the Company and the Company shall be entitled to retain and withdraw such interest from the Custodial Account pursuant to Section 4.05.
Appears in 1 contract
Samples: Seller's Warranties and Servicing Agreement (Gs Mortgage Securities Corp)
Establishment of and Deposits to Custodial Account. The Company shall segregate and hold all funds collected and received pursuant to a Mortgage Loan separate and apart from any of its own funds and general assets and shall establish and maintain one or more Custodial Accounts, in the form of time deposit or demand accounts, titled "Countrywide Xxxxx Fargo Home Loans Inc. Mortgage, Inc., in trust for the Purchaser and/or subsequent purchasers of Conventional Residential Conventional Residential Mortgage Loans, and various Mortgagors". Mortgagors - P & I." The Custodial Account shall be established with a Qualified Depository. Any funds deposited in the Custodial Account shall at all times be fully insured to the full fullest extent permitted under allowed by applicable law. Funds deposited in the Custodial Account may be drawn on by the Company in accordance with Section 4.05. The creation of any Custodial Account shall be evidenced by a certification in the form of Exhibit D-1 hereto, in the case of an account established with the Company, or by a letter agreement in the form of Exhibit D-2 hereto, in the case of an account held by a depository other than the Company. Company each in the forms attached hereto as Exhibit E. A copy of such certification or letter agreement shall be furnished to the Purchaser andor any subsequent purchaser, upon request, to any subsequent Purchaser. The Company shall deposit in the Custodial Account within two one (1) Business Days Day of Company's receipt, and retain therein, the following collections received by the Company and payments made by the Company after the related Cut-off Date, (other than payments of principal and interest due on or before the related Cut-off Date, or received by the Company prior to the related Cut-off Date but allocable to a period subsequent thereto or with respect to each LPMI Loan, in the amount of the LPMI Fee):thereto:
(i) all payments on account of principal on the Mortgage Loans, including all Principal Prepayments;
(ii) any Principal Prepayment charges received in connection with a Mortgage Loan;
(iii) all payments on account of interest on the Mortgage Loans adjusted to the Mortgage Loan Remittance Rate;
(iiiiv) all Liquidation Proceeds;
(ivv) all Insurance Proceeds including amounts required to be deposited pursuant to Section 4.104.10 (other than proceeds to be held in the Escrow Account and applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with Section 4.14), Section 4.11, Section 4.14 4.11 and Section 4.15;
(vvi) all Condemnation Proceeds which are not applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with Section 4.14;
(vivii) any amount required to be deposited in the Custodial Account pursuant to Section 4.01, 4.09, 5.03, 6.01 or 6.02;
(viiviii) any amounts payable in connection with the repurchase of any Mortgage Loan pursuant to Section 3.03 and all amounts required to be deposited by the Company in connection with a shortfall in principal amount of any Qualified Substitute Mortgage Loan pursuant to Section 3.03;
(viiiix) with respect to each Principal Prepayment in full or in part, an amount (to be paid by the Prepayment Interest Shortfall Amount, if any, for the month Company out of distribution. Such deposit shall be made from the Company's own its funds, without reimbursement therefore, ) which, when added to all amounts allocable to interest received in connection with the aggregatePrincipal Prepayment, for any equals one month, shall not exceed one twelfth 's interest on the amount of 0.50% of the outstanding principal balance of so prepaid at the Mortgage LoansLoan Remittance Rate;
(ixx) any amounts required to be deposited by the Company pursuant to Section 4.11 in connection with the deductible clause in any blanket hazard insurance policy; and
(xxi) any amounts received with respect to or related to any REO Property and all REO Disposition Proceeds pursuant to Section 4.16. The foregoing requirements for deposit into the Custodial 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, prepayment penalties, charges and assumption fees, and other ancillary fees to the extent permitted by Section 6.01, need not be deposited by the Company into the Custodial Account. Any interest paid on funds deposited in the Custodial Account by the depository institution shall accrue to the benefit of the Company and the Company shall be entitled to retain and withdraw such interest from the Custodial Account pursuant to Section 4.05.
Appears in 1 contract
Samples: Servicing Agreement (Structured Asset Sec Corp Pass THR Cert Ser 2002 Bc3)
Establishment of and Deposits to Custodial Account. The Company shall segregate and hold all funds collected and received pursuant to a Mortgage Loan separate and apart from any of its own funds and general assets and shall establish and maintain one or more Custodial Accounts, in the form of time deposit or demand accounts, titled "Countrywide Home Loans Inc. “National City Mortgage Corp in trust for the Purchaser of Conventional Residential Conventional Residential Fixed Rate Mortgage Loans, Group No. 2001-1 and various Mortgagors"”. The Custodial Account shall be established with a Qualified DepositoryDepository acceptable to the Purchaser. Any funds deposited in the Custodial Account shall at all times be fully insured to the full extent permitted under applicable law. Funds deposited in the Custodial Account may be drawn on by the Company in accordance with Section 4.05. The creation of any Custodial Account shall be evidenced by a certification in the form of Exhibit D-1 hereto, in the case of an account established with the Company, or by a letter agreement in the form of Exhibit D-2 hereto, in the case of an account held by a depository other than the Company. A copy of such certification or letter agreement shall be furnished to the Purchaser and, upon request, to any subsequent Purchaser. The Company shall deposit in the Custodial Account within two Business Days of receipton a daily basis, and retain therein, the following collections received by the Company and payments made by the Company after the related Cut-off Date, (other than payments of principal and interest due on or before the related Cut-off Date, or received by the Company prior to the related Cut-off Date but allocable to a period subsequent thereto thereto, or with respect to each LPMI Loan, in the amount of the LPMI Fee):
(i) all payments on account of principal on the Mortgage Loans, including all Principal Prepayments;
(ii) all payments on account of interest on the Mortgage Loans adjusted to the Mortgage Loan Remittance Rate;
(iii) all Liquidation Proceeds;
(iv) all Insurance Proceeds including amounts required to be deposited pursuant to Section 4.10, Section 4.11, Section 4.14 and Section 4.15;
(v) all Condemnation Proceeds which are not applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with Section 4.14;
(vi) any amount required to be deposited in the Custodial Account pursuant to Section 4.01, 4.09, 5.03, 6.01 or 6.02;
(vii) any amounts payable in connection with the repurchase of any Mortgage Loan pursuant to Section 3.03 and all amounts required to be deposited by the Company in connection with a shortfall in principal amount of any Qualified Substitute Mortgage Loan pursuant to Section 3.03;
(viii) with respect to each Principal Prepayment in full or in part, the Prepayment Interest Shortfall Amount, if any, for the month of distribution. Such deposit shall be made from the Company's own funds, without reimbursement therefore, which, in the aggregate, for any month, shall not exceed one twelfth of 0.50% of the outstanding principal balance of the Mortgage Loans;
(ix) any amounts required to be deposited by the Company pursuant to Section 4.11 in connection with the deductible clause in any blanket hazard insurance policy; and
(x) any amounts received with respect to or related to any REO Property and all REO Disposition Proceeds pursuant to Section 4.16. The foregoing requirements for deposit into the Custodial 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, prepayment penalties, assumption fees, and other ancillary fees need not be deposited by the Company into the Custodial Account. Any interest paid on funds deposited in the Custodial Account by the depository institution shall accrue to the benefit of the Company and the Company shall be entitled to retain and withdraw such interest from the Custodial Account pursuant to Section 4.05.
Appears in 1 contract
Samples: Servicing Agreement (Structured Asset Sec Corp Mort Pass THR Cert Ser 2002-26)
Establishment of and Deposits to Custodial Account. The Company shall segregate and hold all funds collected and received pursuant to in connection with a Mortgage Loan separate and apart from any of its own funds and general assets and shall establish and maintain one or more Custodial Accounts, in the form of time deposit or demand accounts, titled "Countrywide Home Loans Inc. Wells Fargo Bank, N.A., in trust for the Sutton Funding LLC as Purchaser anx/xx subsequent purchasers of Conventional Residential Conventional Residential Mortgage Loans, and various Mortgagors". Mortgagx Xxxxs - P & I." The Custodial Account shall be established with a Qualified Depository. Any funds deposited in The Company and the Purchaser intend that the Custodial Account be a special deposit account. Upon request of the Purchaser and within ten (10) days thereof, the Company shall provide the Purchaser with written confirmation of the existence of such Custodial Account. The Custodial Account shall at all times be fully insured to the full fullest extent permitted under allowed by applicable law. Funds deposited in the Custodial Account may be drawn on by the Company in accordance with Section 4.05. The creation of any Custodial Account shall be evidenced by a certification in the form of Exhibit D-1 hereto, in the case of an account established with the Company, or by a letter agreement in the form of Exhibit D-2 hereto, in the case of an account held by a depository other than the Company. A copy of such certification or letter agreement shall be furnished to the Purchaser and, upon request, to any subsequent Purchaser. The Company shall deposit in the Custodial Account within two (2) Business Days of Company's receipt, and retain therein, the following collections received by the Company and payments made by the Company after the related Cut-off Date, (other than payments of principal and interest due on or before the related Cut-off Date, or received by the Company prior to the related Cut-off Date but allocable to a period subsequent thereto or with respect to each LPMI Loan, in the amount of the LPMI Fee):thereto:
(i) all payments on account of principal on the Mortgage Loans, including all Principal Prepayments;
(ii) all payments on account of interest on the Mortgage Loans adjusted to the Mortgage Loan Remittance Rate;
(iii) all Liquidation Proceeds;
(iv) all Insurance Proceeds including amounts required to be deposited pursuant to Section 4.104.10 (other than proceeds to be held in the Escrow Account and applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with Section 4.14), Section 4.11, Section 4.14 4.11 and Section 4.15;
(v) all Condemnation Proceeds which are not applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with Section 4.14;
(vi) any amount required to be deposited in the Custodial Account pursuant to Section 4.01, 4.09, 5.03, 6.01 or 6.02;
(vii) any amounts payable in connection with the repurchase of any Mortgage Loan pursuant to Section 3.03 and all amounts required to be deposited by the Company in connection with a shortfall in principal amount of any Qualified Substitute Mortgage Loan pursuant to Section 3.03;
(viii) with respect to each Principal Prepayment in full or in part, an amount (to be paid by the Prepayment Interest Shortfall Amount, if any, for the month Company out of distribution. Such deposit shall be made from the Company's own its funds, without reimbursement therefore, ) which, when added to all amounts allocable to interest received in connection with the aggregatePrincipal Prepayment, for any equals one month, shall not exceed one twelfth 's interest on the amount of 0.50% of the outstanding principal balance of so prepaid at the Mortgage LoansLoan Remittance Rate;
(ix) any amounts required to be deposited by the Company pursuant to Section 4.11 in connection with the deductible clause in any blanket hazard insurance policy; and;
(x) any amounts received with respect to or related to any REO Property and all REO Disposition Proceeds pursuant to Section 4.16;
(xi) with respect to Buydown Mortgage Loans and Subsidy Loans, an amount from the Escrow Account that when added to the amount received from the Mortgagor for such month, equal the full Monthly Payment due under the related Mortgage Note;
(xii) with respect to Pledged Asset Mortgage Loans, any amount required to be deposited pursuant to Section 4.26 of this Agreement; and
(xiii) any Prepayment Penalties received with respect to any Mortgage Loan. The foregoing requirements for deposit into the Custodial 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, prepayment penalties, charges and assumption fees, and other ancillary fees to the extent permitted by Section 6.01, need not be deposited by the Company into the Custodial Account. Any interest paid on funds deposited in the Custodial Account by the depository institution shall accrue to the benefit of the Company and the Company shall be entitled to retain and withdraw such interest from the Custodial Account pursuant to Section 4.05.
Appears in 1 contract
Establishment of and Deposits to Custodial Account. (a) The Company shall segregate and hold all funds collected and received pursuant to a Mortgage Loan separate and apart from any of its own funds and general assets and shall establish and maintain one or more Custodial Accounts, in the form of time deposit or demand accounts, titled "Countrywide Home Loans Inc. “[ ], in trust for the Purchaser [FBR Acquisition Company], and/or subsequent purchasers of Conventional Residential Conventional Residential Mortgage Loans, and various Mortgagors". Mortgagors - Custodial Account.” The Custodial Account shall be established as an Eligible Account. Upon request of the Purchaser and within 10 days thereof, the Company shall provide the Purchaser with a Qualified Depositorywritten confirmation of the existence of such Custodial Account. Any funds deposited in the Custodial Account shall at all times be fully insured to the full fullest extent permitted under allowed by applicable law. Funds deposited in the Custodial Account may be drawn on by the Company in accordance with Section 4.05. The creation of any Custodial Account shall be evidenced by a certification in the form of Exhibit D-1 hereto, in the case of an account established with the Company, or by a letter agreement in the form of Exhibit D-2 hereto, in the case of an account held by a depository other than the Company. A copy of such certification or letter agreement shall be furnished to the Purchaser and, upon request, to any subsequent Purchaser. 4.6.
(b) The Company shall deposit in the Custodial Account within two Business Days of Company’s receipt, and retain therein, the following collections received by the Company and payments made by the Company after the related Cut-off Date, (other than payments of principal and interest due on or before the related Cut-off Date, or received by the Company prior to the related Cut-off Date but allocable to a period subsequent thereto or with respect to each LPMI Loan, in the amount of the LPMI Fee):thereto:
(i) all payments on account of principal on the Mortgage Loans, including all Principal PrepaymentsPrepayments (including Prepayment Premiums paid by the Mortgagor or the Company pursuant to Section 4.22 of this Agreement);
(ii) all payments on account of interest on the Mortgage Loans adjusted to the Mortgage Loan Remittance Rate;
(iii) all Liquidation Proceeds;
(iv) all Insurance Proceeds Proceeds, including amounts required to be deposited pursuant to Section 4.104.11 (other than proceeds to be held in the Escrow Account and applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with Section 4.15), Section 4.11, Section 4.14 4.12 and Section 4.154.16;
(v) all Condemnation Proceeds which are not applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with Section 4.144.15;
(vi) any amount amounts required to be deposited in the Custodial Account pursuant to Section 4.014.1, 4.095.3, 5.03, 6.01 6.1 or 6.026.2;
(vii) any amounts payable in connection with the repurchase of any Mortgage Loan pursuant to Section 3.03 3.4 and all amounts required to be deposited by the Company in connection with a shortfall in principal amount of any Qualified Substitute Mortgage Loan pursuant to Section 3.033.4;
(viii) with respect to each Principal Prepayment in full or in part, and the Prepayment Interest Shortfall AmountShortfall, if anythe Compensating Interest Payment (to be paid by the Company out of its own funds); provided, however, that in no event shall the aggregate of deposits made by the Company pursuant to this clause (viii) exceed the aggregate amount of the Servicing Fee for the month of distribution. Such deposit shall be made from the Company's own funds, without reimbursement therefore, which, in the aggregate, for any related calendar month, shall not exceed one twelfth of 0.50% of the outstanding principal balance of the Mortgage Loans;
(ix) any amounts required to be deposited by the Company pursuant to Section 4.11 4.12 in connection with the deductible clause in any blanket hazard insurance policy; and
(x) any amounts received with respect to or related to any REO Property and all REO Disposition Proceeds pursuant to Section 4.164.17. The foregoing requirements for deposit into the Custodial 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, prepayment penalties, assumption fees, insufficient funds charges and other ancillary fees income (other than Prepayment Premiums), to the extent permitted by Section 6.1, need not be deposited by the Company into the Custodial Account. Any Unless otherwise stated in the Trade Confirmation, any interest paid on funds deposited in the Custodial Account by the depository institution shall accrue to the benefit of the Company and the Company shall be entitled to retain and withdraw such interest from the Custodial Account pursuant to Section 4.054.6. The Company shall maintain adequate records with respect to all withdrawals made pursuant to this Section 4.4. All funds required to be deposited in the Custodial Account shall be held in trust for the Purchaser until withdrawn in accordance with Section 4.6.
Appears in 1 contract
Samples: Sale and Servicing Agreement (FBR Securitization, Inc.)
Establishment of and Deposits to Custodial Account. The Company shall segregate and hold all funds collected and received pursuant to a Mortgage Loan separate and apart from any of its own funds and general assets and shall establish and maintain one or more Custodial Accounts, in the form of time deposit or demand accounts, titled "Countrywide Home Loans Inc. IndyMac Bank, FSB in trust for the Purchaser of Conventional Residential Conventional Residential Fixed and Adjustable Rate Mortgage Loans, Group No. 2005-1 and various Mortgagors". The Custodial Account shall be established with a Qualified DepositoryDepository acceptable to the Purchaser. Any funds deposited in the Custodial Account shall at all times be fully insured to the full extent permitted under applicable law. Funds deposited in the Custodial Account may be drawn on by the Company in accordance with Section 4.05. The creation of any Custodial Account shall be evidenced by a certification in the form of Exhibit D-1 hereto, in the case of an account established with the Company, or by a letter agreement in the form of Exhibit D-2 hereto, in the case of an account held by a depository other than the Company. A copy of such certification or letter agreement shall be furnished to the Purchaser and, upon request, to any subsequent Purchaser. The Company shall deposit in the Custodial Account within two Business Days of receipton a daily basis, and retain therein, the following collections received by the Company and payments made by the Company after the related Cut-off Date, (other than payments of principal and interest due on or before the related Cut-off Date, or received by the Company prior to the related Cut-off Date but allocable to a period subsequent thereto or with respect to each LPMI Loan, in the amount of the LPMI Fee):thereto:
(i) all payments on account of principal on the Mortgage Loans, including all Principal Prepayments;
(ii) all payments on account of interest on the Mortgage Loans adjusted to the Mortgage Loan Remittance Rate;
(iii) all Liquidation Proceeds;
(iv) all Insurance Proceeds including amounts required to be deposited pursuant to Section 4.104.10 (other than proceeds to be held in the Escrow Account and applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with Section 4.14), Section 4.11, Section 4.14 4.11 and Section 4.15;
(v) all Condemnation Proceeds which are not applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with Section 4.14;
(vi) any amount required to be deposited in the Custodial Account pursuant to Section 4.01, 4.09, 5.03, 6.01 or 6.02;
(vii) any amounts payable in connection with the repurchase of any Mortgage Loan pursuant to Section 3.03 3.03, 3.05 or 3.06 and all amounts required to be deposited by the Company in connection with a shortfall in principal amount of any Qualified Substitute Mortgage Loan pursuant to Section 3.03;
(viii) with respect to each Principal Prepayment in full or in part, the Prepayment Interest Shortfall Amount, if any, for the month of distribution. Such deposit shall be made from the Company's own funds, without reimbursement therefore, which, in the aggregate, for any month, shall not exceed one twelfth of 0.50% therefor up to a maximum amount per month of the outstanding principal balance of Servicing Fee actually received for such month for the Mortgage Loans;
(ix) any amounts required to be deposited by the Company pursuant to Section 4.11 in connection with the deductible clause in any blanket hazard insurance policy; and
(x) any amounts received with respect to or related to any REO Property and all REO Disposition Proceeds pursuant to Section 4.16. The foregoing requirements for deposit into the Custodial 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, prepayment penalties, charges and assumption fees, and other ancillary fees to the extent permitted by Section 6.01, need not be deposited by the Company into the Custodial Account. Any interest paid on funds deposited in the Custodial Account by the depository institution shall accrue to the benefit of the Company and the Company shall be entitled to retain and withdraw such interest from the Custodial Account pursuant to Section 4.05.. -43-
Appears in 1 contract
Samples: Seller's Warranties and Servicing Agreement (Lehman XS Trust Series 2006-10n)
Establishment of and Deposits to Custodial Account. The Company shall segregate and hold all funds collected and received pursuant to a Mortgage Loan separate and apart from any of its own funds and general assets and shall establish and maintain one or more Custodial Accounts, in the form of time deposit or demand accounts, titled "Countrywide Home Loans Inc. “National City Mortgage Corp, as Servicer, in trust for the Purchaser of Conventional Residential Conventional Residential Fixed and Adjustable Rate Mortgage Loans, Loans and various Mortgagors"”. The Custodial Account shall be established with a Qualified DepositoryDepository acceptable to the Purchaser. Any funds deposited in the Custodial Account shall at all times be fully insured to the full extent permitted under applicable law. Funds deposited in the Custodial Account may be drawn on by the Company in accordance with Section 4.05. The creation of any Custodial Account shall be evidenced by a certification in the form of Exhibit D-1 hereto, in the case of an account established with the Company, or by a letter agreement in the form of Exhibit D-2 hereto, in the case of an account held by a depository other than the Company. A copy of such certification or letter agreement shall be furnished to the Purchaser and, upon request, to any subsequent Purchaser. The Company shall deposit in the Custodial Account within two Business Days of receipton a daily basis, and retain therein, the following collections received by the Company and payments made by the Company after the related Cut-off Date, (other than payments of principal and interest due on or before the related Cut-off Date, or received by the Company prior to the related Cut-off Date but allocable to a period subsequent thereto thereto, or with respect to each LPMI Loan, in the amount of the LPMI Fee):
(i) all payments on account of principal on the Mortgage Loans, including all Principal Prepayments;
(ii) all payments on account of interest on the Mortgage Loans adjusted to the Mortgage Loan Remittance Rate;
(iii) all Liquidation Proceeds;
(iv) all Insurance Proceeds including amounts required to be deposited pursuant to Section 4.104.10 (other than proceeds to be held in the Escrow Account and applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with Section 4.14), Section 4.11, Section 4.14 4.11 and Section 4.15;
(v) all Condemnation Proceeds which are not applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with Section 4.14;
(vi) any amount required to be deposited in the Custodial Account pursuant to Section 4.01, 4.09, 5.03, 6.01 or 6.02;
(vii) any amounts payable in connection with the repurchase of any Mortgage Loan pursuant to Section 3.03 or 3.06 and all amounts required to be deposited by the Company in connection with a shortfall in principal amount of any Qualified Substitute Mortgage Loan pursuant to Section 3.03;
(viii) with respect to each Principal Prepayment in full or in part, the Prepayment Interest Shortfall Amount, if any, for the month of distribution. Such deposit shall be made from the Company's ’s own funds, without reimbursement therefore, which, in the aggregate, for any month, shall not exceed one twelfth of 0.50% of the outstanding principal balance of the Mortgage Loanstherefor;
(ix) any amounts required to be deposited by the Company pursuant to Section 4.11 in connection with the deductible clause in any blanket hazard insurance policy; and
(x) any amounts received with respect to or related to any REO Property and all REO Disposition Proceeds pursuant to Section 4.16. The foregoing requirements for deposit into the Custodial Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, payments in the nature of Ancillary Income, including late payment charges, prepayment penalties, charges and assumption fees, and other ancillary fees to the extent permitted by Section 6.01, need not be deposited by the Company into the Custodial Account. Any interest paid on funds deposited in the Custodial Account by the depository institution shall accrue to the benefit of the Company and the Company shall be entitled to retain and withdraw such interest from the Custodial Account pursuant to Section 4.05. Prior to changing the location of the Custodial Account, the Company shall give notice to the Purchaser of such change, which notice shall set forth the new location of the Custodial Account when established.
Appears in 1 contract
Samples: Master Seller’s Warranties and Servicing Agreement (MASTR Asset Securitization Trust 2007-1)
Establishment of and Deposits to Custodial Account. The Company shall segregate and hold all funds collected and received pursuant to a Mortgage Loan separate and apart from any of its own funds and general assets and shall establish and maintain one or more Custodial Accounts, in the form of time deposit or demand accounts, titled "Countrywide Xxxxx Fargo Home Loans Inc. Mortgage, Inc., in trust for the Purchaser Banc of Conventional Residential Conventional Residential America Mortgage Capital Corporation and/or subsequent purchasers of Mortgage Loans, and various Mortgagors". Mortgagors - P & I." The Custodial Account shall be established with a Qualified Depository. Upon request of the Purchaser and within ten (10) days thereof, the Company shall provide the Purchaser with written confirmation of the existence of such Custodial Account. Any funds deposited in the Custodial Account shall at all times be fully insured to the full fullest extent permitted under allowed by applicable law. Funds deposited in the Custodial Account may be drawn on by the Company in accordance with Section 4.05. The creation of any Custodial Account shall be evidenced by a certification in the form of Exhibit D-1 hereto, in the case of an account established with the Company, or by a letter agreement in the form of Exhibit D-2 hereto, in the case of an account held by a depository other than the Company. A copy of such certification or letter agreement shall be furnished to the Purchaser and, upon request, to any subsequent Purchaser. The Company shall deposit in the Custodial Account within two (2) Business Days of Company’s receipt, and retain therein, the following collections received by the Company and payments made by the Company after the related Cut-off Date, (other than payments of principal and interest due on or before the related Cut-off Date, or received by the Company prior to the related Cut-off Date but allocable to a period subsequent thereto thereto, other than payments of principal and interest due on or with respect to each LPMI Loan, in before the amount of the LPMI Fee):Cut-off Date:
(i) all payments on account of principal on the Mortgage Loans, including all Principal Prepayments;
(ii) all payments on account of interest on the Mortgage Loans adjusted to the Mortgage Loan Remittance Rate;
(iii) all Liquidation Proceeds;
(iv) all Insurance Proceeds including amounts required to be deposited pursuant to Section 4.104.10 (other than proceeds to be held in the Escrow Account and applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with Section 4.14), Section 4.11, Section 4.14 4.11 and Section 4.15;
(v) all Condemnation Proceeds which are not applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with Section 4.14;
(vi) any amount required to be deposited in the Custodial Account pursuant to Section 4.01, 4.09, 5.03, 6.01 or 6.02;
(vii) any amounts payable in connection with the repurchase of any Mortgage Loan pursuant to Section 3.03 and all amounts required to be deposited by the Company in connection with a shortfall in principal amount of any Qualified Substitute Mortgage Loan pursuant to Section 3.03;
(viii) with respect to each Principal Prepayment in full or in partPrepayment, the Prepayment Interest Shortfall Amount, if any, for (to be paid by the month Company out of distribution. Such deposit shall be made from the Company's its own funds, without reimbursement therefore, which, in the aggregate, for any month, shall not exceed one twelfth of 0.50% of the outstanding principal balance of the Mortgage Loans);
(ix) any amounts required to be deposited by the Company pursuant to Section 4.11 in connection with the deductible clause in any blanket hazard insurance policy; and
(x) any amounts received with respect to or related to any REO Property and all REO Disposition Proceeds pursuant to Section 4.16. The foregoing requirements for deposit into the Custodial 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, prepayment penalties, charges and assumption fees, and other ancillary fees to the extent permitted by Section 6.01, need not be deposited by the Company into the Custodial Account. Any interest paid on funds deposited in the Custodial Account by the depository institution shall accrue to the benefit of the Company and the Company shall be entitled to retain and withdraw such interest from the Custodial Account pursuant to Section 4.05. The Company shall maintain adequate records with respect to all withdrawals made pursuant to this Section 4.04. All funds required to be deposited in the Custodial Account shall be held in trust for the Purchaser until withdrawn in accordance with Section 4.05.
Appears in 1 contract
Samples: Servicing Agreement (Structured Asset Sec Corp Mort Pass THR Cert Ser 2002-26)
Establishment of and Deposits to Custodial Account. The Company shall segregate and hold all funds collected and received pursuant to a Mortgage Loan separate and apart from any of its own funds and general assets and shall establish and maintain one or more Custodial Accounts, in the form of time deposit or demand accounts, titled "Countrywide Xxxxx Fargo Home Loans Inc. Mortgage, Inc., in trust for the Purchaser and/or subsequent purchasers of Conventional Residential Conventional Residential Mortgage Loans, and various Mortgagors". Mortgagors - P & I." The Custodial Account shall be established with a Qualified Depositoryan Eligible Institution. Any funds deposited in the Custodial Account shall at all times be fully insured to the full fullest extent permitted under allowed by applicable law. Funds deposited in the Custodial Account may be drawn on by the Company in accordance with Section 4.05. The creation of any Custodial Account shall be evidenced by a certification in the form of Exhibit D-1 hereto, in the case of an account established with the Company, or by a letter agreement in the form of Exhibit D-2 hereto, in the case of an account held by a depository other than the Company. Company each in the forms attached hereto as Exhibit E. A copy of such certification or letter agreement shall be furnished to the Purchaser andor any subsequent purchaser, upon request, to any subsequent Purchaser. The Company shall deposit in the Custodial Account within two one (1) Business Days Day of Company’s receipt, and retain therein, the following collections received by the Company and payments made by the Company after the related Cut-off Date, (other than payments of principal and interest due on or before the related Cut-off Date, or received by the Company prior to the related Cut-off Date but allocable to a period subsequent thereto or with respect to each LPMI Loan, in the amount of the LPMI Fee):thereto:
(i) all payments on account of principal on the Mortgage Loans, including all Principal Prepayments;
(ii) any Principal Prepayment charges received in connection with a Mortgage Loan;
(iii) all payments on account of interest on the Mortgage Loans adjusted to the Mortgage Loan Remittance Rate;
(iiiiv) all Liquidation Proceeds;
(ivv) all Insurance Proceeds including amounts required to be deposited pursuant to Section 4.104.10 (other than proceeds to be held in the Escrow Account and applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with Section 4.14), Section 4.11, Section 4.14 4.11 and Section 4.15;
(vvi) all Condemnation Proceeds which are not applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with Section 4.14;
(vivii) any amount required to be deposited in the Custodial Account pursuant to Section 4.01, 4.09, 5.03, 6.01 or 6.02;
(viiviii) any amounts payable in connection with the repurchase of any Mortgage Loan pursuant to Section 3.03 and all amounts required to be deposited by the Company in connection with a shortfall in principal amount of any Qualified Substitute Mortgage Loan pursuant to Section 3.03;
(viiiix) with respect to each Principal Prepayment in full or in part, an amount (to be paid by the Prepayment Interest Shortfall Amount, if any, for the month Company out of distribution. Such deposit shall be made from the Company's own its funds, without reimbursement therefore, ) which, when added to all amounts allocable to interest received in connection with the aggregatePrincipal Prepayment, for any equals one month, shall not exceed one twelfth 's interest on the amount of 0.50% of the outstanding principal balance of so prepaid at the Mortgage LoansLoan Remittance Rate;
(ixx) any amounts required to be deposited by the Company pursuant to Section 4.11 in connection with the deductible clause in any blanket hazard insurance policy; and
(xxi) any amounts received with respect to or related to any REO Property and all REO Disposition Proceeds pursuant to Section 4.16. The foregoing requirements for deposit into the Custodial 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, prepayment penalties, charges and assumption fees, and other ancillary fees to the extent permitted by Section 6.01, need not be deposited by the Company into the Custodial Account. Any interest paid on funds deposited in the Custodial Account by the depository institution shall accrue to the benefit of the Company and the Company shall be entitled to retain and withdraw such interest from the Custodial Account pursuant to Section 4.05.
Appears in 1 contract
Samples: Servicing Agreement (Structured Asset Sec Corp Mort Pass THR Certs Series 2004-3)
Establishment of and Deposits to Custodial Account. The Company shall segregate and hold all funds collected and received pursuant to a Mortgage Loan separate and apart from any of its own funds and general assets and shall establish and maintain one or more Custodial Accounts, in the form of time deposit or demand accounts, titled "Countrywide Home Loans Inc. “Third Federal Savings and Loan Association of Cleveland in trust for the Purchaser of Conventional Residential Conventional Residential Fixed Rate Mortgage Loans, Group No. 2002-1 and various Mortgagors"”. The Custodial Account shall be established with a Qualified DepositoryDepository acceptable to the Purchaser. Any funds deposited in the The Custodial Account shall at all times be fully insured to the full extent permitted under applicable law. Funds deposited in the Custodial Account may be drawn on by the Company in accordance with Section 4.05. The creation of any Custodial Account shall be evidenced by a certification in the form of Exhibit D-1 hereto, in the case of an account established with the Company, or by a letter agreement in the form of Exhibit D-2 hereto, in the case of an account held by a depository other than the Company. A copy of such certification or letter agreement shall be furnished to the Purchaser and, upon request, to any subsequent Purchaser. The Company shall deposit in the Custodial Account within two Business Days of receipton a daily basis, and retain therein, the following collections received by the Company and payments made by the Company after the related Cut-off Date, (other than payments of principal and interest due on or before the related Cut-off Date, or received by the Company prior to the related Cut-off Date but allocable to a period subsequent thereto or with respect to each LPMI Loan, in the amount of the LPMI Fee):thereto:
(i) all payments on account of principal on the Mortgage Loans, including all Principal Prepayments;
(ii) all payments on account of interest on the Mortgage Loans adjusted to the Mortgage Loan Remittance Rate;
(iii) all Liquidation Proceeds;
(iv) all Insurance Proceeds including amounts required to be deposited pursuant to Section 4.104.10 (other than proceeds to be held in the Escrow Account and applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with Section 4.14), Section 4.11, Section 4.14 4.11 and Section 4.15;
(v) all Condemnation Proceeds which are not applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with Section 4.14;
(vi) any amount required to be deposited in the Custodial Account pursuant to Section 4.01, 4.09, 5.03, 6.01 or 6.02;
(vii) any amounts payable in connection with the repurchase of any Mortgage Loan pursuant to Section 3.03 3.03, 3.05 or 3.06 and all amounts required to be deposited by the Company in connection with a shortfall in principal amount of any Qualified Substitute Mortgage Loan pursuant to Section 3.03;
(viii) with respect to each Principal Prepayment in full or in part, the Prepayment Interest Shortfall Amount, if any, for the month of distribution. Such deposit shall be made from the Company's ’s own funds, without reimbursement therefore, which, in the aggregate, for any month, shall not exceed one twelfth of 0.50% therefor up to a maximum amount per month of the outstanding principal balance of Servicing Fee actually received for such month for the Mortgage Loans;
(ix) any amounts required to be deposited by the Company pursuant to Section 4.11 in connection with the deductible clause in any blanket hazard insurance policy; and
(x) any amounts received with respect to or related to any REO Property and all REO Disposition Proceeds pursuant to Section 4.164.15. The foregoing requirements for deposit into the Custodial 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, prepayment penalties, charges and assumption fees, and other ancillary fees to the extent permitted by Section 6.01, need not be deposited by the Company into the Custodial Account. Any interest paid on funds deposited in the Custodial Account by the depository institution shall accrue to the benefit of the Company and the Company shall be entitled to retain and withdraw such interest from the Custodial Account pursuant to Section 4.05.
Appears in 1 contract
Samples: Servicing Agreement (Structured Asset Sec Corp Mort Pass THR Certs Ser 03 4)
Establishment of and Deposits to Custodial Account. The Company Servicer shall segregate and hold all funds collected and received pursuant to a the Mortgage Loan Loans separate and apart from any of its own funds and general assets and shall establish and maintain one or more Custodial Accounts, in to be maintained under the form sole dominion and control of time deposit or demand accountsthe Purchaser and titled “IndyMac Bank, titled "Countrywide Home Loans Inc. F.S.B. in trust for the Purchaser Morgan Stanley Mortgage Capital Inc., owner of Conventional Fixed Rate Residential Conventional Residential Mortgage LoansMortgxxx Xxaxx, and xxx various Mortgagors"”. The Custodial Account shall be established with a Qualified DepositoryDepository acceptable to the Purchaser. Any funds deposited in the Custodial Account shall at all times be fully insured to the full extent permitted under applicable law. Funds deposited in the Custodial Account may be drawn on by the Company in accordance with Section 4.05. The creation of any Custodial Account shall be evidenced by a certification in the form of Exhibit D-1 2 hereto, in the case of an account established with the CompanyServicer, or by a letter agreement in the form of Exhibit D-2 3 hereto, in the case of an account held by a depository other than the CompanyServicer. A copy of such certification or letter agreement shall be furnished to the Purchaser and, upon request, to any subsequent Purchaser. The Company Servicer shall deposit in the Custodial Account within two on a daily basis on the Business Days of receipt, and retain thereinDay following receipt thereof, the following collections received by the Company Servicer and payments made by the Company Servicer after the related Cut-off Date, (other than payments of principal and interest due on or before the related Cut-off Date, or received by the Company Servicer prior to the related Cut-off Date but allocable to a period subsequent thereto or with respect to each LPMI Loan, in the amount of the LPMI Fee):thereto:
(i) all payments on account of principal on the Mortgage Loans, including all Principal Prepayments;
(ii) all payments on account of interest on the Mortgage Loans adjusted to the Mortgage Loan Remittance RateMortgage;
(iii) all Liquidation ProceedsProceeds and any amount received with respect to REO Property;
(iv) all Insurance Proceeds including amounts required to be deposited pursuant to Section 4.102.10 (other than proceeds to be held in the Escrow Account and applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with Section 2.14), Section 4.11, Section 4.14 2.11 and Section 4.152.15;
(v) all Condemnation Proceeds which are not applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with Section 4.142.14;
(vi) any amount required to be deposited in the Custodial Account pursuant to Section 4.012.01, 4.092.09, 5.032.16, 6.01 3.01, 4.01 or 6.024.02;
(vii) any amounts payable in connection with the repurchase of any Mortgage Loan pursuant to Section 3.03 and all amounts required to be deposited by 9 of the Company in connection with a shortfall in principal amount of any Qualified Substitute Mortgage Loan pursuant to Section 3.03Purchase Agreement;
(viii) any prepayment penalties received with respect to each Principal Prepayment in full any Mortgage Loan or in part, payable by the Prepayment Interest Shortfall Amount, if any, for Servicer pursuant to Section 2.01 (unless the month of distribution. Such deposit shall be made from the Company's own funds, without reimbursement therefore, which, in the aggregate, for any month, shall not exceed one twelfth of 0.50% of the outstanding principal balance of the Mortgage Loansrelated Purchase Price and Terms Agreement indicates otherwise);
(ix) any amounts required to be deposited by the Company Servicer pursuant to Section 4.11 2.11 in connection with the deductible clause in any blanket hazard insurance policy; and
(x) any amounts received with respect to or related each Principal Prepayment an amount (to any REO Property and be paid by the Servicer out of its funds) which, when added to all REO Disposition Proceeds pursuant amounts allocable to Section 4.16interest received in connection with the Principal Prepayment, equals one month’s interest on the amount of principal so prepaid at the Mortgage Loan Remittance Rate. The foregoing requirements for deposit into the Custodial Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, payments in the nature of late payment chargesunless otherwise provided herein, prepayment penalties, assumption fees, and other ancillary fees Ancillary Income need not be deposited by the Company Servicer into the Custodial Account. Any interest paid on funds deposited in the Custodial Account by the depository institution shall accrue to the benefit of the Company Servicer and the Company Servicer shall be entitled to retain and withdraw such interest from the Custodial Account pursuant to Section 4.052.05.
Appears in 1 contract
Samples: Servicing Agreement (Morgan Stanley Mortgage Loan Trust 2007-5ax)
Establishment of and Deposits to Custodial Account. The Company shall segregate and hold all funds collected and received pursuant to a Mortgage Loan separate and apart from any of its own funds and general assets and shall establish and maintain one or more Custodial Accounts, in the form of time deposit or demand accounts, titled "Countrywide Home Loans Inc. in trust for the Purchaser of Conventional Residential Conventional Residential Mortgage Loans, and various Mortgagors". The Custodial Account shall be established with a Qualified Depository. Any funds deposited in the Custodial Account shall at all times be fully insured to the full extent permitted under applicable law. Funds deposited in the Custodial Account may be drawn on by the Company in accordance with Section 4.05. The creation of any Custodial Account shall be evidenced by a certification in the form of Exhibit D-1 D_1 hereto, in the case of an account established with the Company, or by a letter agreement in the form of Exhibit D-2 D_2 hereto, in the case of an account held by a depository other than the Company. A copy of such certification or letter agreement shall be furnished to the Purchaser and, upon request, to any subsequent Purchaser. The Company shall deposit in the Custodial Account within two Business Days of receipt, and retain therein, the following collections received by the Company and payments _ 34 _ made by the Company after the related Cut-off Cut_off Date, (other than payments of principal and interest due on or before the related Cut-off Cut_off Date, or received by the Company prior to the related Cut-off Cut_off Date but allocable to a period subsequent thereto or with respect to each LPMI Loan, in the amount of the LPMI Fee):
(i) all payments on account of principal on the Mortgage Loans, including all Principal Prepayments;
(ii) all payments on account of interest on the Mortgage Loans adjusted to the Mortgage Loan Remittance Rate;
(iii) all Liquidation Proceeds;
(iv) all Insurance Proceeds including amounts required to be deposited pursuant to Section 4.10, Section 4.11, Section 4.14 and Section 4.15;
(v) all Condemnation Proceeds which are not applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with Section 4.14;
(vi) any amount required to be deposited in the Custodial Account pursuant to Section 4.01, 4.09, 5.03, 6.01 or 6.02;
(vii) any amounts payable in connection with the repurchase of any Mortgage Loan pursuant to Section 3.03 and all amounts required to be deposited by the Company in connection with a shortfall in principal amount of any Qualified Substitute Mortgage Loan pursuant to Section 3.03;
(viii) with respect to each Principal Prepayment in full or in part, the Prepayment Interest Shortfall Amount, if any, for the month of distribution. Such deposit shall be made from the Company's own funds, without reimbursement therefore, which, in the aggregate, for any month, shall not exceed one twelfth of 0.50% of the outstanding principal balance of the Mortgage Loans;
(ix) any amounts required to be deposited by the Company pursuant to Section 4.11 in connection with the deductible clause in any blanket hazard insurance policy; and
(x) any amounts received with respect to or related to any REO Property and all REO Disposition Proceeds pursuant to Section 4.16. The foregoing requirements for deposit into the Custodial 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, prepayment penalties, assumption fees, and other ancillary fees need not be deposited by the Company into the Custodial Account. Any interest paid on funds deposited in the Custodial Account by the depository institution shall accrue to the benefit of the Company and the Company shall be entitled to retain and withdraw such interest from the Custodial Account pursuant to Section 4.05.. _ 35 _
Appears in 1 contract
Establishment of and Deposits to Custodial Account. The Company shall segregate and hold all funds collected and received pursuant to a Mortgage Loan separate and apart from any of its own funds and general assets and shall establish and maintain one or more Custodial Accounts, in the form of time deposit or demand accounts, titled "Countrywide Wells Fargo Home Loans Inc. Mortgaxx, Xnc. in trust for the Purchaser and/or subsequent purchasers of Conventional Residential Conventional Residential Mortgage Loans, and various Mortgagors". Mortgagors - P & I." The Custodial Account shall be established with a Qualified Depository. Upon request of the Purchaser and within ten (10) days thereof, the Company shall provide the Purchaser with written confirmation of the existence of such Custodial Account. Any funds deposited in the Custodial Account shall at all times be fully insured to the full fullest extent permitted under allowed by applicable law. Funds deposited in the Custodial Account may be drawn on by the Company in accordance with Section 4.05. The creation of any Custodial Account shall be evidenced by a certification in the form of Exhibit D-1 hereto, in the case of an account established with the Company, or by a letter agreement in the form of Exhibit D-2 hereto, in the case of an account held by a depository other than the Company. A copy of such certification or letter agreement shall be furnished to the Purchaser and, upon request, to any subsequent Purchaser. The Company shall deposit in the Custodial Account within two (2) Business Days of the Company's receipt, and retain therein, the following collections received by the Company and payments made by the Company after the related Cut-off Date, (other than payments of principal and interest due on or before the related Cut-off Date, or received by the Company prior to the related Cut-off Date but allocable to a period subsequent thereto or with respect to each LPMI Loan, in the amount of the LPMI Fee):thereto:
(i) all payments on account of principal on the Mortgage Loans, including all Principal Prepayments;
(ii) all payments on account of interest on the Mortgage Loans adjusted to the Mortgage Loan Remittance Rate;
(iii) all Liquidation Proceeds;
(iv) all Insurance Proceeds including amounts required to be deposited pursuant to Section 4.104.10 (other than proceeds to be held in the Escrow Account and applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with Section 4.14), Section 4.11, Section 4.14 4.11 and Section 4.15;
(v) all Condemnation Proceeds which are not applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with Section 4.14;
(vi) any amount required to be deposited in the Custodial Account pursuant to Section 4.01, 4.09, 5.03, 6.01 or 6.02;
(vii) any amounts payable in connection with the repurchase of any Mortgage Loan pursuant to Section 3.03 and all amounts required to be deposited by the Company in connection with a shortfall in principal amount of any Qualified Substitute Mortgage Loan pursuant to Section 3.03;
(viii) with respect to each Principal Prepayment in full or in part, an amount (to be paid by the Prepayment Interest Shortfall Amount, if any, for the month Company out of distribution. Such deposit shall be made from the Company's own its funds, without reimbursement therefore, ) which, when added to all amounts allocable to interest received in connection with the aggregatePrincipal Prepayment, for any equals one month, shall not exceed one twelfth 's interest on the amount of 0.50% of the outstanding principal balance of so prepaid at the Mortgage LoansLoan Remittance Rate;
(ix) any amounts required to be deposited by the Company pursuant to Section 4.11 in connection with the deductible clause in any blanket hazard insurance policy; and
(x) any amounts received with respect to or related to any REO Property and all REO Disposition Proceeds pursuant to Section 4.16. The foregoing requirements for deposit into the Custodial 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, prepayment penalties, charges and assumption fees, and other ancillary fees to the extent permitted by Section 6.01, need not be deposited by the Company into the Custodial Account. Any interest paid on funds deposited in the Custodial Account by the depository institution shall accrue to the benefit of the Company and the Company shall be entitled to retain and withdraw such interest from the Custodial Account pursuant to Section 4.05.
Appears in 1 contract
Samples: Assignment and Assumption Agreement (Bear Stearns Asset Backed Securities Trust 2003-Sd1)
Establishment of and Deposits to Custodial Account. The Company Servicer shall segregate and hold all funds collected and received pursuant to a in respect of any Mortgage Loan Loans separate and apart from any of its own funds and general assets and shall establish and maintain one or more Custodial Accounts, in the form of time deposit or demand accounts, titled "Countrywide Home Loans Inc. M&T Mortgage Corporation, in trust for the Purchaser of Conventional Residential Conventional Goldman Sachs Mortgage Company re: Fixxx xxx Xxxxxtable Rate Residential Mortgage Loans, and various Mortgagors". The Custodial Account shall be established with a Qualified DepositoryDepository acceptable to the Owner as a Special Deposit Account. Any funds deposited in the Custodial Account shall at all times be fully insured to the full extent permitted under applicable law. Funds deposited in the Custodial Account law and any amounts therein may be drawn on by the Company invested in accordance with Section 4.05Eligible Investments. The creation of any Custodial Account shall be evidenced by a certification in the form of Exhibit D-1 2 hereto, in the case of an account established with the CompanyServicer, or by a letter agreement in the form of Exhibit D-2 3 hereto, in the case of an account held by a depository other than the CompanyServicer. A copy of such certification or letter agreement shall be furnished to the Purchaser Owner and, upon request, to any subsequent PurchaserOwner. The Company Servicer shall deposit in the Custodial Account within two no more than one (1) Business Days of receiptDay following receipt thereof, and retain therein, the following collections received by the Company Servicer and payments made by the Company Servicer after the related Cut-off Sale Date, (other than payments of principal and interest due on or before the related Cut-off Sale Date, or received by the Company Servicer prior to the related Cut-off Sale Date but allocable to a period subsequent thereto or with respect to each LPMI Loan, in the amount of the LPMI Fee):thereto:
(i) all payments on account of principal on the Mortgage Loans, including all Principal Prepayments;
(ii) all payments on account of interest on the Mortgage Loans adjusted to the Mortgage Loan Remittance RateMortgage;
(iii) all Liquidation ProceedsProceeds and any amount received with respect to REO Property;
(iv) all Insurance Proceeds including amounts required to be deposited pursuant to Section 4.10, 2.12 (other than proceeds to be held in a suspense account and applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with Section 4.11, Section 4.14 and Section 4.152.16);
(v) all Condemnation Proceeds which are not applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with Section 4.142.16;
(vi) any amount required to be deposited in the Custodial Account pursuant to Section 4.012.11, 4.092.14, 5.032.17, 6.01 3.01, 3.04 or 6.024.02;
(vii) any amounts payable in connection prepayment penalties received with the repurchase of respect to any Mortgage Loan pursuant to Section 3.03 and all amounts required to be deposited by the Company in connection with a shortfall in principal amount of any Qualified Substitute Mortgage Loan pursuant to Section 3.03Loan;
(viii) the amount of any Prepayment Interest Shortfall with respect to each Principal Prepayment in full or in part, the Prepayment Interest Shortfall Amount, if any, for the month of distribution. Such deposit shall be made from the Company's own funds, without reimbursement therefore, which, in the aggregate, for any month, shall not exceed one twelfth of 0.50% of the outstanding principal balance of the Mortgage Loans;
(ix) any amounts required to be deposited by the Company Servicer pursuant to Section 4.11 3.04; and
(x) any amounts required to be deposited by the Servicer pursuant to Section 2.13 in connection with the deductible clause in any blanket hazard insurance policy; and
(x) any amounts received with respect to or related to any REO Property and all REO Disposition Proceeds pursuant to Section 4.16. The foregoing requirements for deposit into the Custodial Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, unless otherwise provided herein, payments in the nature of late payment charges, prepayment penalties, assumption fees, the Servicing Fee and other ancillary fees Ancillary Income need not be deposited by the Company Servicer into the Custodial Account. Any interest paid on funds deposited in the Custodial Account by the depository institution or any other non-interest benefits shall accrue to the benefit of the Company Servicer and the Company Servicer shall be entitled to retain and withdraw such interest from the Custodial Account pursuant to Section 4.052.07 or retain such other benefits, as the case may be.
Appears in 1 contract
Establishment of and Deposits to Custodial Account. The Company shall segregate and hold all funds collected and received pursuant to a Mortgage Loan separate and apart from any of its own funds and general assets and shall establish and maintain one or more Custodial Accounts, in the form of time deposit or demand accounts, titled "Countrywide Home Loans Inc. “IndyMac Bank, FSB in trust for the Purchaser of Conventional Residential Conventional Residential Fixed Rate Mortgage Loans, Group No. 2001-3 and various Mortgagors"”. The Custodial Account shall be established with a Qualified DepositoryDepository acceptable to the Purchaser. Any funds deposited in the Custodial Account shall at all times be fully insured to the full extent permitted under applicable law. Funds deposited in the Custodial Account may be drawn on by the Company in accordance with Section 4.05. The creation of any Custodial Account shall be evidenced by a certification in the form of Exhibit D-1 hereto, in the case of an account established with the Company, or by a letter agreement in the form of Exhibit D-2 hereto, in the case of an account held by a depository other than the Company. A copy of such certification or letter agreement shall be furnished to the Purchaser and, upon request, to any subsequent Purchaser. The Company shall deposit in the Custodial Account within two Business Days of receipton a daily basis, and retain therein, the following collections received by the Company and payments made by the Company after the related Cut-off Date, (other than payments of principal and interest due on or before the related Cut-off Date, or received by the Company prior to the related Cut-off Date but allocable to a period subsequent thereto or with respect to each LPMI Loan, in the amount of the LPMI Fee):thereto:
(i) all payments on account of principal on the Mortgage Loans, including all Principal Prepayments;
(ii) all payments on account of interest on the Mortgage Loans adjusted to the Mortgage Loan Remittance Rate;
(iii) all Liquidation Proceeds;
(iv) all Insurance Proceeds including amounts required to be deposited pursuant to Section 4.104.10 (other than proceeds to be held in the Escrow Account and applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with Section 4.14), Section 4.11, Section 4.14 4.11 and Section 4.15;
(v) all Condemnation Proceeds which are not applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with Section 4.14;
(vi) any amount required to be deposited in the Custodial Account pursuant to Section 4.01, 4.09, 5.03, 6.01 or 6.02;
(vii) any amounts payable in connection with the repurchase of any Mortgage Loan pursuant to Section 3.03 3.03, 3.05 or 3.06 and all amounts required to be deposited by the Company in connection with a shortfall in principal amount of any Qualified Substitute Mortgage Loan pursuant to Section 3.03;
(viii) with respect to each Principal Prepayment in full or in part, the Prepayment Interest Shortfall Amount, if any, for the month of distribution. Such deposit shall be made from the Company's ’s own funds, without reimbursement therefore, which, in the aggregate, for any month, shall not exceed one twelfth of 0.50% therefor up to a maximum amount per month of the outstanding principal balance of Servicing Fee actually received for such month for the Mortgage Loans;
(ix) any amounts required to be deposited by the Company pursuant to Section 4.11 in connection with the deductible clause in any blanket hazard insurance policy; and
(x) any amounts received with respect to or related to any REO Property and all REO Disposition Proceeds pursuant to Section 4.16. The foregoing requirements for deposit into the Custodial 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, prepayment penalties, charges and assumption fees, and other ancillary fees to the extent permitted by Section 6.01, need not be deposited by the Company into the Custodial Account. Any interest paid on funds deposited in the Custodial Account by the depository institution shall accrue to the benefit of the Company and the Company shall be entitled to retain and withdraw such interest from the Custodial Account pursuant to Section 4.05.
Appears in 1 contract
Samples: Servicing Agreement (Structured Asset Securities Corp Mor Pas THR Ce Se 2003-12xs)
Establishment of and Deposits to Custodial Account. The Company shall segregate and hold all funds collected and received pursuant to a Mortgage Loan separate and apart from any of its own funds and general assets and shall establish and maintain one or more Custodial Accounts, in the form of time deposit or demand accounts, titled "Countrywide Home Loans Inc. National City Mortgage Co., as Servicer, in trust for the Purchaser of Conventional Residential Conventional Fixed and ARM Rate Conventional, FHA or VA Residential Mortgage Loans, Loans and various Mortgagors". It is the intent of the parties to this Agreement that the Custodial Accounts created herein be special deposit accounts. The Custodial Account shall be established with a Qualified DepositoryDepository acceptable to the Purchaser. Any funds deposited in the Custodial Account shall at all times be fully insured to the full extent permitted under applicable law. Funds deposited in the Custodial Account may be drawn on by the Company in accordance with Section 4.05. The creation of any Custodial Account shall be evidenced by a certification in the form of Exhibit D-1 hereto, in the case of an account established with the Company, or by a letter agreement in the form of Exhibit D-2 hereto, in the case of an account held by a depository other than the Company. A copy of such certification or letter agreement shall be furnished to the Purchaser and, upon request, to any subsequent Purchaser. The Company shall deposit in the Custodial Account within two Business Days of receipton a daily basis, and retain therein, the following collections received by the Company and payments made by the Company after the related Cut-off Date, (other than payments of principal and interest due on or before the related Cut-off Date, or received by the Company prior to the related Cut-off Date but allocable to a period subsequent thereto thereto, or with respect to each LPMI Loan, in the amount of the LPMI Fee):
(i) all payments on account of principal on the Mortgage Loans, including all Principal Prepayments;
(ii) all payments on account of interest on the Mortgage Loans adjusted to the Mortgage Loan Remittance Rate;
(iii) all Liquidation Proceeds;
(iv) all Insurance Proceeds including amounts required to be deposited pursuant to Section 4.104.10 (other than proceeds to be held in the Escrow Account and applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with Section 4.14), Section 4.11, Section 4.14 4.11 and Section 4.15;
(v) all Condemnation Proceeds which are not applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with Section 4.14;
(vi) any amount required to be deposited in the Custodial Account pursuant to Section 4.01, 4.09, 5.03, 6.01 or 6.02;
(vii) any amounts payable in connection with the repurchase of any Mortgage Loan pursuant to Section 3.03 or 3.04 and all amounts required to be deposited by the Company in connection with a shortfall in principal amount of any Qualified Substitute Mortgage Loan pursuant to Section 3.03;
(viii) with respect to each Principal Prepayment in full or in part, the Prepayment Interest Shortfall Amount, to be paid by the Company out of its own funds without reimbursement therefor, if any, for the month of distribution. Such deposit shall be made from the Company's own funds, without reimbursement therefore, which, in the aggregate, for any month, shall not exceed one twelfth of 0.50% of the outstanding principal balance of the Mortgage Loanstherefor;
(ix) any amounts required to be deposited by the Company pursuant to Section 4.11 in connection with the deductible clause in any blanket hazard insurance policy; and
(x) any amounts received with respect to or related to any REO Property and all REO Disposition Proceeds pursuant to Section 4.16. The foregoing requirements for deposit into the Custodial Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, payments in the nature of Ancillary Income, including late payment charges, prepayment penalties, charges and assumption fees, and other ancillary fees to the extent permitted by Section 6.01, need not be deposited by the Company into the Custodial Account. Any interest paid on funds deposited in the Custodial Account by the depository institution shall accrue to the benefit of the Company and the Company shall be entitled to retain and withdraw such interest from the Custodial Account pursuant to Section 4.05. Prior to changing the location of the Custodial Account, the Company shall give notice to the Purchaser of such change, which notice shall set forth the new location of the Custodial Account when established.
Appears in 1 contract
Samples: Flow Master Seller's Warranties and Servicing Agreement (Sunset Financial Resources Inc)
Establishment of and Deposits to Custodial Account. The Company shall segregate establish and maintain the Custodial Account to hold all funds collected and received pursuant to a Mortgage Loan separate and apart from any of its own funds and general assets and shall establish and maintain one or more Custodial Accounts, in the form of time deposit or demand accounts, titled "Countrywide Home Loans Inc. in trust for the Purchaser of Conventional Residential Conventional Residential Mortgage Loans, and various Mortgagors". The Custodial Account shall be established with a Qualified Depository. Any funds deposited in the Custodial Account shall at all times be fully insured to the full extent permitted under applicable law. Funds deposited in the Custodial Account may be drawn on by the Company in accordance with Section 4.05. The creation of any Custodial Account shall be evidenced by a certification in the form of Exhibit D-1 hereto, in the case of an account established with the Company, or by a letter agreement in the form of Exhibit D-2 hereto, in the case of an account held by a depository other than the Company. A copy of such certification or letter agreement shall be furnished to the Purchaser and, upon request, to any subsequent Purchaser4.07. The Company shall deposit in the Custodial Account on a daily basis, within two one Business Days Day of receipt, and retain therein, the following collections received by the Company and payments made by the Company after the related Cut-off Date, (other than payments of principal and interest due on or before the related Cut-off Date, or received by the Company prior to the related Cut-off Date but allocable to a period subsequent thereto or with respect to each LPMI Loan, in the amount of the LPMI Fee)::
(i) all payments on account of principal on the Mortgage Loans, including all Principal Prepayments;
(ii) all payments on account of interest on the Mortgage Loans adjusted to the Mortgage Loan Remittance Interest Rate;
(iii) all Liquidation Proceeds;
(iv) all Insurance Proceeds including amounts required to be deposited pursuant to Section 4.10, Section 4.11, Section 4.14 and Section 4.15Proceeds;
(v) all Condemnation Proceeds which are not applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with Section 4.14;
(vi) any amount required to be deposited in the Custodial Account pursuant to Section 4.01, 4.09, 5.03, 6.01 or 6.023.07;
(viivi) any amounts payable in connection with the repurchase of any Mortgage Loan pursuant to Section 3.03 and all amounts required to be deposited by the Company in connection with a shortfall in principal amount of any Qualified Substitute Mortgage Loan pursuant to Section 3.03;2.04; and
(viii) with respect to each Principal Prepayment in full or in part, the Prepayment Interest Shortfall Amount, if any, for the month of distribution. Such deposit shall be made from the Company's own funds, without reimbursement therefore, which, in the aggregate, for any month, shall not exceed one twelfth of 0.50% of the outstanding principal balance of the Mortgage Loans;
(ixvii) any amounts required to be deposited by the Company pursuant to Section 4.11 4.10 in connection with the deductible clause in any blanket hazard insurance policy; and
(x) any amounts received with respect to or related to any REO Property and all REO Disposition Proceeds pursuant to Section 4.16. The foregoing requirements for deposit into the Custodial 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, prepayment penalties, charges and assumption fees, and other ancillary fees permitted to be retained by the Company need not be deposited by the Company into the Custodial Account. Any interest paid on funds deposited in the Custodial Account by the depository institution shall accrue to the benefit of the Company and the Company shall be entitled to retain and withdraw such interest from the Custodial Account pursuant to Section 4.054.07.
Appears in 1 contract
Samples: Sale and Interim Servicing Agreement (Lehman XS Trust Series 2006-12n)
Establishment of and Deposits to Custodial Account. The Company shall segregate and hold all funds collected and received pursuant to a Mortgage Loan separate and apart from any of its own funds and general assets and shall establish and maintain one or more Custodial Accounts, in the form of time deposit or demand accounts, titled "Countrywide Home Loans Inc. IndyMac Bank, FSB in trust for the Purchaser of Conventional Residential Conventional Residential Fixed and Adjustable Rate Mortgage Loans, Group No. 2003-1 and various Mortgagors". The Custodial Account shall be established with a Qualified DepositoryDepository acceptable to the Purchaser. Any funds deposited in the Custodial Account shall at all times be fully insured to the full extent permitted under applicable law. Funds deposited in the Custodial Account may be drawn on by the - 36 - Company in accordance with Section 4.05. The creation of any Custodial Account shall be evidenced by a certification in the form of Exhibit D-1 hereto, in the case of an account established with the Company, or by a letter agreement in the form of Exhibit D-2 hereto, in the case of an account held by a depository other than the Company. A copy of such certification or letter agreement shall be furnished to the Purchaser and, upon request, to any subsequent Purchaser. The Company shall deposit in the Custodial Account within two Business Days of receipton a daily basis, and retain therein, the following collections received by the Company and payments made by the Company after the related Cut-off Date, (other than payments of principal and interest due on or before the related Cut-off Date, or received by the Company prior to the related Cut-off Date but allocable to a period subsequent thereto or with respect to each LPMI Loan, in the amount of the LPMI Fee):thereto:
(i) all payments on account of principal on the Mortgage Loans, including all Principal Prepayments;
(ii) all payments on account of interest on the Mortgage Loans adjusted to the Mortgage Loan Remittance Rate;
(iii) all Liquidation Proceeds;
(iv) all Insurance Proceeds including amounts required to be deposited pursuant to Section 4.104.10 (other than proceeds to be held in the Escrow Account and applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with Section 4.14), Section 4.11, Section 4.14 4.11 and Section 4.15;
(v) all Condemnation Proceeds which are not applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with Section 4.14;
(vi) any amount required to be deposited in the Custodial Account pursuant to Section 4.01, 4.09, 5.03, 6.01 or 6.02;
(vii) any amounts payable in connection with the repurchase of any Mortgage Loan pursuant to Section 3.03 3.03, 3.05 or 3.06 and all amounts required to be deposited by the Company in connection with a shortfall in principal amount of any Qualified Substitute Mortgage Loan pursuant to Section 3.03;
(viii) with respect to each Principal Prepayment in full or in part, the Prepayment Interest Shortfall Amount, if any, for the month of distribution. Such deposit shall be made from the Company's own funds, without reimbursement therefore, which, in the aggregate, for any month, shall not exceed one twelfth of 0.50% therefor up to a maximum amount per month of the outstanding principal balance of Servicing Fee actually received for such month for the Mortgage Loans;
(ix) any amounts required to be deposited by the Company pursuant to Section 4.11 in connection with the deductible clause in any blanket hazard insurance policy; and
(x) any amounts received with respect to or related to any REO Property and all REO Disposition Proceeds pursuant to Section 4.16. The foregoing requirements for deposit into the Custodial 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, prepayment penalties, charges and assumption fees, and other ancillary fees to the extent permitted by Section 6.01, need not be deposited by the Company into the Custodial Account. Any interest paid on funds deposited in the Custodial Account by the depository institution shall accrue to the benefit of the Company and the Company shall be entitled to retain and withdraw such interest from the Custodial Account pursuant to Section 4.05.
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Establishment of and Deposits to Custodial Account. The Company shall segregate and hold all funds collected and received pursuant to a Mortgage Loan separate and apart from any of its own funds and general assets and shall establish and maintain one or more Custodial Accounts, in the form of time deposit or demand accounts, titled "Countrywide “Xxxxx Fargo Home Loans Mortgage, Inc. in trust for the Purchaser and/or subsequent purchasers of Conventional Residential Conventional Residential Mortgage Loans, and various Mortgagors". Mortgagors — P & l.” The Custodial Account shall be established with a Qualified Depository. The Company shall provide the Purchaser with written confirmation of the existence of such Custodial Account in the form of Exhibit F, attached hereto, which shall be furnished to the Purchaser upon request. Any funds deposited in the Custodial Account shall at all times be fully insured to the full fullest extent permitted under allowed by applicable law. Funds deposited in the Custodial Account may be drawn on by the Company in accordance with Section 4.05. The creation of any Custodial Account shall be evidenced by a certification in the form of Exhibit D-1 hereto, in the case of an account established with the Company, or by a letter agreement in the form of Exhibit D-2 hereto, in the case of an account held by a depository other than the Company. A copy of such certification or letter agreement shall be furnished to the Purchaser and, upon request, to any subsequent Purchaser. The Company shall deposit in the Custodial Account within two (2) Business Days of Company’s receipt, and retain therein, the following collections received by the Company and payments made by the Company after the related Cut-off Date, (other than payments of principal and interest due on or before the related Cut-off Date, or received by the Company prior to the related Cut-off Date but allocable allocable, to a period subsequent thereto or with respect to each LPMI Loan, in the amount of the LPMI Fee):thereto:
(i) all payments on account of principal on the Mortgage Loans, including all Principal Prepayments;
(ii) all payments on account of interest on the Mortgage Loans adjusted to the Mortgage Loan Remittance Rate;
(iii) all Liquidation Proceeds;
(iv) all Insurance Proceeds including amounts required to be deposited pursuant to Section 4.104.10 (other than proceeds to be held in the Escrow Account and applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with Section 4.14), Section 4.11, Section 4.14 4.11 and Section 4.15;
(v) all Condemnation Proceeds which are not applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with Section 4.14;
(vi) any amount required to be deposited in the Custodial Account pursuant to Section 4.01, 4.09, 5.03, 6.01 6.01, 6.02 or 6.02as otherwise required by this Agreement;
(vii) any amounts payable in connection with the repurchase of any Mortgage Loan pursuant to Section 3.03 and 3.04 and all amounts required to be deposited by the Company in connection with a shortfall in principal amount of any Qualified Substitute Mortgage Loan pursuant to Section 3.03;
(viii) with respect to each Principal Prepayment in full or in part, an amount (to be paid by the Prepayment Interest Shortfall Amount, if any, for the month Company out of distribution. Such deposit shall be made from the Company's own its funds, without reimbursement therefore, ) which, when added to all amounts allocable to interest received in connection with the aggregatePrincipal Prepayment, for any equals one month, shall not exceed one twelfth ’s interest on the amount of 0.50% of the outstanding principal balance of so prepaid at the Mortgage LoansLoan Remittance Rate;
(ix) any amounts required to be deposited by the Company pursuant to Section 4.11 in connection with the deductible clause in any blanket hazard insurance policy; and
(x) any amounts received with respect to or related to any REO Property and all REO Disposition Proceeds pursuant to Section 4.16. The foregoing requirements for deposit into the Custodial 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, prepayment penalties, charges and assumption fees, and other ancillary fees to the extent permitted by Section 6.01., need not be deposited by the Company into the Custodial Account. Any interest paid on funds deposited in the Custodial Account by the depository institution shall accrue to the benefit of the Company and the Company shall be entitled to retain and withdraw such interest from the Custodial Account pursuant to Section 4.05.
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Samples: Servicing Agreement (Thornburg Mortgage Securities Trust 2005-4)
