Establishment of and Deposits to Custodial Account. (i) The Servicer shall segregate and hold all funds collected and received pursuant to the Mortgage Loans separate and apart from any of its own funds and general assets and shall initially establish and maintain one or more Custodial Accounts, in the form of time deposit or demand accounts, each of which accounts shall be titled “HomeBanc Corp. in trust for U.S. Bank National Association, as Indenture Trustee, for the HomeBanc Mortgage Trust 2005-1 Mortgage Backed Notes” and referred to herein as a “Custodial Account;” provided that so long as HomeBanc Mortgage Corporation is the subservicer under the Subservicing Agreement, each Custodial Account shall be titled “HomeBanc Mortgage Corporation in trust for U.S. Bank National Association, as Indenture Trustee, for the HomeBanc Mortgage Trust 2005-1 Mortgage Backed Notes.” Each Custodial Account shall be an Eligible Account. Any funds deposited in the Custodial Account shall at all times be insured by the FDIC up to the FDIC insurance limits, or must be invested in Eligible Investments subject to the provisions of Section 4.02(i) hereof. Funds deposited in the Custodial Account may be drawn on by the Servicer in accordance with Section 4.02(e) hereof. The creation of any Custodial Account shall be evidenced by a letter agreement in the form of Exhibit D hereto. A copy of such certification or letter agreement shall be furnished to the Indenture Trustee, the Master Servicer and, upon request, to any subsequent owner of the Mortgage Loans. The Servicer shall deposit or cause to be deposited into the Custodial Account, no later than 48 hours after receipt of funds, and retain therein the following payments and collections received or made by it subsequent to the Cut-off Date, or received by it prior to the Cut-off Date but allocable to a period subsequent thereto, other than in respect of principal and interest on the Mortgage Loans due on or before the Cut-off Date: (1) all payments on account of principal, including Principal Prepayments and related penalties, on the Mortgage Loans; (2) all payments on account of interest on the Mortgage Loans adjusted to the Net Mortgage Rate; (3) all Net Liquidation Proceeds; (4) any amounts required to be deposited by the Servicer in connection with any REO Property pursuant to Section 4.02(o) and in connection therewith, the Servicer shall provide the Master Servicer with written detail itemizing all of such amounts; (5) all Insurance Proceeds including amounts required to be deposited pursuant to Section 4.02(j), 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 Accepted Servicing Practices, the Mortgage Loan Documents or applicable law; (6) all Condemnation Proceeds affecting any Mortgaged Property which are not released to the Mortgagor in accordance with Accepted Servicing Practices, the loan documents or applicable law; (7) any Monthly Advances; (8) with respect to each full or partial Principal Prepayment, any Prepayment Interest Shortfalls, to the extent of the Servicer’s aggregate Servicing Fee received with respect to the related Prepayment Period; (9) any amounts required to be deposited by the Servicer pursuant to Section 4.02(j) in connection with the deductible clause in any blanket hazard insurance policy, such deposit shall be made from the Servicer’s own funds, without reimbursement therefor; and (10) any amounts required to be deposited in the Custodial Account pursuant this Agreement. The foregoing requirements for deposit in the Custodial Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, payments in the nature of the Servicing Fee and Ancillary Income, need not be deposited by the Servicer in the Custodial Account. Any interest paid on funds deposited in the Custodial Account by the depository institution and any income or appreciation on any investment of such funds shall accrue to the benefit of the Servicer and the Servicer shall be entitled to retain and withdraw such interest from the Custodial Account pursuant to Section 4.02(e). (ii) The Servicer agrees that it shall not create, incur or subject any Mortgage Loans, or any funds that are deposited in any Custodial Account or Escrow Account, or any funds that otherwise are or may become due or payable to or for the benefit of the Indenture Trustee, to any claim, lien, security interest, judgment, levy, writ of attachment or other encumbrance, nor assert by legal action or otherwise any claim or right of setoff against any Mortgage Loan or any funds collected on, or in connection with, a Mortgage Loan.
Appears in 1 contract
Establishment of and Deposits to Custodial Account. (i) The Servicer shall segregate and hold all funds collected and received pursuant to the Mortgage Loans separate and apart from any of its own funds and general assets and shall initially establish and maintain one or more Custodial Accounts, in the form of time deposit or demand accounts, each of which accounts shall be titled “HomeBanc Corp. in trust for U.S. Bank National Association, as Indenture Trustee, for the HomeBanc Mortgage Trust 2005-1 5 Mortgage Backed Notes” and referred to herein as a “Custodial Account;” provided that so long as HomeBanc Mortgage Corporation is the subservicer under the Subservicing Agreement, each Custodial Account shall be titled “HomeBanc Mortgage Corporation in trust for U.S. Bank National Association, as Indenture Trustee, for the HomeBanc Mortgage Trust 2005-1 5 Mortgage Backed Notes.” Each Custodial Account shall be an Eligible Account. Any funds deposited in the Custodial Account shall at all times be insured by the FDIC up to the FDIC insurance limits, or must be invested in Eligible Investments subject to the provisions of Section 4.02(i) hereof. Funds deposited in the Custodial Account may be drawn on by the Servicer in accordance with Section 4.02(e) hereof. The creation of any Custodial Account shall be evidenced by a letter agreement in the form of Exhibit D hereto. A copy of such certification or letter agreement shall be furnished to the Indenture Trustee, the Master Servicer and, upon request, to any subsequent owner of the Mortgage Loans. The Servicer shall deposit or cause to be deposited into the Custodial Account, no later than 48 hours after receipt of funds, and retain therein the following payments and collections received or made by it subsequent to the Cut-off Date, or received by it prior to the Cut-off Date but allocable to a period subsequent thereto, other than in respect of principal and interest on the Mortgage Loans due on or before the Cut-off Date:
(1) all payments on account of principal, including Principal Prepayments and related penalties, on the Mortgage Loans;
(2) all payments on account of interest on the Mortgage Loans adjusted to the Net Mortgage Rate;
(3) all Net Liquidation Proceeds;
(4) any amounts required to be deposited by the Servicer in connection with any REO Property pursuant to Section 4.02(o) and in connection therewith, the Servicer shall provide the Master Servicer with written detail itemizing all of such amounts;
(5) all Insurance Proceeds including amounts required to be deposited pursuant to Section 4.02(j), 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 Accepted Servicing Practices, the Mortgage Loan Documents or applicable law;
(6) all Condemnation Proceeds affecting any Mortgaged Property which are not released to the Mortgagor in accordance with Accepted Servicing Practices, the loan documents or applicable law;
(7) any Monthly Advances;
(8) with respect to each full or partial Principal Prepayment, any Prepayment Interest Shortfalls, to the extent of the Servicer’s aggregate Servicing Fee received with respect to the related Prepayment Period;
(9) any amounts required to be deposited by the Servicer pursuant to Section 4.02(j) in connection with the deductible clause in any blanket hazard insurance policy, such deposit shall be made from the Servicer’s own funds, without reimbursement therefor; and
(10) any amounts required to be deposited in the Custodial Account pursuant this Agreement. The foregoing requirements for deposit in the Custodial Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, payments in the nature of the Servicing Fee and Ancillary Income, need not be deposited by the Servicer in the Custodial Account. Any interest paid on funds deposited in the Custodial Account by the depository institution and any income or appreciation on any investment of such funds shall accrue to the benefit of the Servicer and the Servicer shall be entitled to retain and withdraw such interest from the Custodial Account pursuant to Section 4.02(e). The amount of any losses incurred in respect of any such investments shall be deposited in the Custodial Account by the Servicer out of its own funds, without any right of reimbursement therefor, immediately as realized.
(ii) The Servicer agrees that it shall not create, incur or subject any Mortgage Loans, or any funds that are deposited in any Custodial Account or Escrow Account, or any funds that otherwise are or may become due or payable to or for the benefit of the Indenture Trustee, to any claim, lien, security interest, judgment, levy, writ of attachment or other encumbrance, nor assert by legal action or otherwise any claim or right of setoff against any Mortgage Loan or any funds collected on, or in connection with, a Mortgage Loan.
Appears in 1 contract
Establishment of and Deposits to Custodial Account. (ia) The Servicer shall segregate and hold all funds collected and received pursuant to the Mortgage Loans separate and apart from any of its own funds and general assets and shall initially establish and maintain one or more Custodial Accounts, in the form of time deposit or demand accounts, each of which accounts shall be titled “HomeBanc Corp. Fieldstone Mortgage Company in trust for U.S. HSBC Bank National AssociationUSA, as Indenture Trustee, Trustee for the HomeBanc Fieldstone Mortgage Trust 2005Investment Corp. 2003-1 Mortgage Backed Notes1” and referred to herein as a “Custodial Account;.” provided that so long as HomeBanc The Subservicer shall segregate and hold all funds collected and received pursuant to the Mortgage Corporation is Loans separate and apart from any of its own funds and general assets and shall initially establish and maintain one or more Custodial Accounts, in the subservicer under the Subservicing Agreementform of time deposit or demand accounts, each Custodial Account of which accounts shall be titled “HomeBanc Chase Manhattan Mortgage Corporation in trust for U.S. HSBC Bank National AssociationUSA, as Indenture Trustee, Trustee for the HomeBanc Fieldstone Mortgage Trust 2005Investment Corp. 2003-1 Mortgage Backed Notes.1” Each and referred to herein as a “Custodial Account”. Any Custodial Account shall be an Eligible Accountestablished with a Qualified Depository. Any funds deposited in the Custodial Account shall at all times be insured by the FDIC up to the FDIC insurance limits, or must may be invested in Eligible Investments subject to the provisions of Section 4.02(i) 3.10 hereof. Funds deposited in the Custodial Account may be drawn on by the Servicer in accordance with Section 4.02(e3.04(a) hereof. The creation of any Custodial Account shall be evidenced by a letter agreement in the form of Exhibit D hereto. B. A copy of such certification or letter agreement shall be furnished to the Indenture Trustee, the Master Servicer Servicer, the NIMS Insurer and, upon request, to any subsequent owner of the Mortgage Loans. .
(b) The Servicer shall deposit or cause to be deposited into in the Custodial AccountAccount on a daily basis, no later but not more than 48 hours two (2) Business Days after receipt of funds, by the Servicer and retain therein therein, the following payments and collections received or by the Servicer and payments made by it subsequent to the Cut-off Date, or received by it prior to Servicer after the Cut-off Date but allocable to a period subsequent thereto, (other than in respect scheduled payments of principal and interest on the Mortgage Loans due on or before the Cut-off Date) or the Servicing Transfer Date, as applicable:
(1i) all payments on account of principal, including Principal Prepayments and related penalties, principal on the Mortgage Loans, including all Principal Prepayments and all Prepayment Charges;
(2ii) all payments on account of interest on the Mortgage Loans adjusted to the Net Mortgage Loan Remittance Rate;
(3iii) all Net Prepayment Charges;
(iv) all Liquidation Proceeds;
(4) any amounts required to be deposited by the Servicer in connection with any REO Property pursuant to Section 4.02(o) and in connection therewith, the Servicer shall provide the Master Servicer with written detail itemizing all of such amounts;
(5v) all Insurance Proceeds including amounts required to be deposited pursuant to Section 4.02(j), 3.11 (other than proceeds to be held in the Escrow Account and applied to the restoration and repair of the Mortgaged Property or released to the Mortgagor in accordance with the related Mortgage Loan documents and Servicing Standards);
(vi) all Condemnation Proceeds that are not applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with Accepted Servicing Practices, the related Mortgage Loan Documents or applicable lawdocuments and Servicing Standards;
(6vii) all Condemnation Proceeds affecting any Mortgaged Property which are not released to the Mortgagor in accordance with Accepted Servicing Practices, the loan documents or applicable law;
(7) any Monthly Advances;
(8) with respect to each Principal Prepayment in full or partial Principal Prepaymentin part, any the Prepayment Interest ShortfallsShortfall Amount, to if any, for the extent month of distribution. Such deposit shall be made from the Servicer’s and the Subservicer’s own funds, without reimbursement therefor up to a maximum amount per month in the aggregate of the Servicing Fee actually received for such month for the Mortgage Loans;
(viii) all Monthly Advances made by the Servicer or Subservicer pursuant to Section 4.03;
(ix) any amounts received from the Seller, the originator or any other person giving representations and warranties with respect to the related Prepayment PeriodMortgage Loan, in connection with the repurchase of any Mortgage Loan;
(9x) any amounts required to be deposited by the Servicer pursuant to Section 4.02(j) 3.11 in connection with the deductible clause in any blanket hazard insurance policy, such deposit shall ;
(xi) any amounts received with respect to or related to any REO Property or REO Disposition Proceeds;
(xii) any amounts required to be made from deposited by the Servicer’s own funds, without reimbursement thereforServicer pursuant to Section 3.16 in connection with any unpaid claims that are a result of a breach by the Servicer or any subservicer of the obligations hereunder; and
(10xiii) any amounts other amount required to be deposited in the Custodial Account pursuant to this Agreement. The foregoing requirements for deposit in 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 the Servicing Fee and Ancillary Income, Income need not be deposited by the Servicer in into the Custodial Account. Any interest paid on funds deposited in the Custodial Account by the depository institution and any income or appreciation on any investment of such funds shall accrue to the benefit of the Servicer and the Servicer shall be entitled to retain and withdraw such interest from the Custodial Account pursuant to Section 4.02(e).
(ii) The Servicer agrees that it shall not create3.04. Additionally, incur or subject any Mortgage Loans, or any funds that are deposited in any other benefit derived from the Custodial Account or Escrow Accountassociated with the receipt, or any funds that otherwise are or may become due or payable to or for the benefit disbursement and accumulation of the Indenture Trusteeprincipal, to any claim, lien, security interest, judgmenttaxes, levyhazard insurance, writ of attachment or other encumbrancemortgage insurance, nor assert by legal action or otherwise any claim or right of setoff against any Mortgage Loan or any funds collected on, or in connection with, a Mortgage Loanetc. shall accrue to the Servicer.
Appears in 1 contract
Samples: Securitization Servicing Agreement (Structured Asset Sec Corp Mort Pass THR Certs Ser 2003-1)
Establishment of and Deposits to Custodial Account. (i) The Servicer shall segregate and hold all funds collected and received pursuant to the Mortgage Loans separate and apart from any of its own funds and general assets and shall initially establish and maintain one or more Custodial Accounts, in the form of time deposit or demand accounts, each of which accounts shall be titled “HomeBanc Corp. in trust for U.S. Bank National Association, as Indenture Trustee, for the HomeBanc Mortgage Trust 2005-1 4 Mortgage Backed Notes” and referred to herein as a “Custodial Account;” provided that so long as HomeBanc Mortgage Corporation is the subservicer under the Subservicing Agreement, each Custodial Account shall be titled “HomeBanc Mortgage Corporation in trust for U.S. Bank National Association, as Indenture Trustee, for the HomeBanc Mortgage Trust 2005-1 4 Mortgage Backed Notes.” Each Custodial Account shall be an Eligible Account. Any funds deposited in the Custodial Account shall at all times be insured by the FDIC up to the FDIC insurance limits, or must be invested in Eligible Investments subject to the provisions of Section 4.02(i) hereof. Funds deposited in the Custodial Account may be drawn on by the Servicer in accordance with Section 4.02(e) hereof. The creation of any Custodial Account shall be evidenced by a letter agreement in the form of Exhibit D hereto. A copy of such certification or letter agreement shall be furnished to the Indenture Trustee, the Master Servicer and, upon request, to any subsequent owner of the Mortgage Loans. The Servicer shall deposit or cause to be deposited into the Custodial Account, no later than 48 hours after receipt of funds, and retain therein the following payments and collections received or made by it subsequent to the Cut-off Date, or received by it prior to the Cut-off Date but allocable to a period subsequent thereto, other than in respect of principal and interest on the Mortgage Loans due on or before the Cut-off Date:
(1) all payments on account of principal, including Principal Prepayments and related penalties, on the Mortgage Loans;
(2) all payments on account of interest on the Mortgage Loans adjusted to the Net Mortgage Rate;
(3) all Net Liquidation Proceeds;
(4) any amounts required to be deposited by the Servicer in connection with any REO Property pursuant to Section 4.02(o) and in connection therewith, the Servicer shall provide the Master Servicer with written detail itemizing all of such amounts;
(5) all Insurance Proceeds including amounts required to be deposited pursuant to Section 4.02(j), 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 Accepted Servicing Practices, the Mortgage Loan Documents or applicable law;
(6) all Condemnation Proceeds affecting any Mortgaged Property which are not released to the Mortgagor in accordance with Accepted Servicing Practices, the loan documents or applicable law;
(7) any Monthly Advances;
(8) with respect to each full or partial Principal Prepayment, any Prepayment Interest Shortfalls, to the extent of the Servicer’s 's aggregate Servicing Fee received with respect to the related Prepayment Period;
(9) any amounts required to be deposited by the Servicer pursuant to Section 4.02(j) in connection with the deductible clause in any blanket hazard insurance policy, such deposit shall be made from the Servicer’s 's own funds, without reimbursement therefor; and
(10) any amounts required to be deposited in the Custodial Account pursuant this Agreement. The foregoing requirements for deposit in the Custodial Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, payments in the nature of the Servicing Fee and Ancillary Income, need not be deposited by the Servicer in the Custodial Account. Any interest paid on funds deposited in the Custodial Account by the depository institution and any income or appreciation on any investment of such funds shall accrue to the benefit of the Servicer and the Servicer shall be entitled to retain and withdraw such interest from the Custodial Account pursuant to Section 4.02(e). The amount of any losses incurred in respect of any such investments shall be deposited in the Custodial Account by the Servicer out of its own funds, without any right of reimbursement therefor, immediately as realized.
(ii) The Servicer agrees that it shall not create, incur or subject any Mortgage Loans, or any funds that are deposited in any Custodial Account or Escrow Account, or any funds that otherwise are or may become due or payable to or for the benefit of the Indenture Trustee, to any claim, lien, security interest, judgment, levy, writ of attachment or other encumbrance, nor assert by legal action or otherwise any claim or right of setoff against any Mortgage Loan or any funds collected on, or in connection with, a Mortgage Loan.
Appears in 1 contract
Samples: Transfer and Servicing Agreement (HomeBanc Mortgage Trust 2005-4)
Establishment of and Deposits to Custodial Account. (i) The Servicer shall segregate and hold all funds collected and received pursuant to the Mortgage Loans separate and apart from any of its own funds and general assets and shall initially establish and maintain one or more Custodial Accounts, in the form of time deposit or demand accounts, each of which accounts shall be titled “HomeBanc Corp. in trust for U.S. Bank National Association, as Indenture Trustee, for the HomeBanc Mortgage Trust 2005-1 5 Mortgage Backed Notes” and referred to herein as a “Custodial Account;” provided that so long as HomeBanc Mortgage Corporation is the subservicer under the Subservicing Agreement, each Custodial Account shall be titled “HomeBanc Mortgage Corporation in trust for U.S. Bank National Association, as Indenture Trustee, for the HomeBanc Mortgage Trust 2005-1 5 Mortgage Backed Notes.” Each Custodial Account shall be an Eligible Account. Any funds deposited in the Custodial Account shall at all times be insured by the FDIC up to the FDIC insurance limits, or must be invested in Eligible Investments subject to the provisions of Section 4.02(i) hereof. Funds deposited in the Custodial Account may be drawn on by the Servicer in accordance with Section 4.02(e) hereof. The creation of any Custodial Account shall be evidenced by a letter agreement in the form of Exhibit D hereto. A copy of such certification or letter agreement shall be furnished to the Indenture Trustee, the Master Servicer and, upon request, to any subsequent owner of the Mortgage Loans. The Servicer shall deposit or cause to be deposited into the Custodial Account, no later than 48 hours after receipt of funds, and retain therein the following payments and collections received or made by it subsequent to the Cut-off Date, or received by it prior to the Cut-off Date but allocable to a period subsequent thereto, other than in respect of principal and interest on the Mortgage Loans due on or before the Cut-off Date:
(1) all payments on account of principal, including Principal Prepayments and related penalties, on the Mortgage Loans;
(2) all payments on account of interest on the Mortgage Loans adjusted to the Net Mortgage Rate;
(3) all Net Liquidation Proceeds;
(4) any amounts required to be deposited by the Servicer in connection with any REO Property pursuant to Section 4.02(o) and in connection therewith, the Servicer shall provide the Master Servicer with written detail itemizing all of such amounts;
(5) all Insurance Proceeds including amounts required to be deposited pursuant to Section 4.02(j), 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 Accepted Servicing Practices, the Mortgage Loan Documents or applicable law;
(6) all Condemnation Proceeds affecting any Mortgaged Property which are not released to the Mortgagor in accordance with Accepted Servicing Practices, the loan documents or applicable law;
(7) any Monthly Advances;
(8) with respect to each full or partial Principal Prepayment, any Prepayment Interest Shortfalls, to the extent of the Servicer’s 's aggregate Servicing Fee received with respect to the related Prepayment Period;
(9) any amounts required to be deposited by the Servicer pursuant to Section 4.02(j) in connection with the deductible clause in any blanket hazard insurance policy, such deposit shall be made from the Servicer’s 's own funds, without reimbursement therefor; and
(10) any amounts required to be deposited in the Custodial Account pursuant this Agreement. The foregoing requirements for deposit in the Custodial Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, payments in the nature of the Servicing Fee and Ancillary Income, need not be deposited by the Servicer in the Custodial Account. Any interest paid on funds deposited in the Custodial Account by the depository institution and any income or appreciation on any investment of such funds shall accrue to the benefit of the Servicer and the Servicer shall be entitled to retain and withdraw such interest from the Custodial Account pursuant to Section 4.02(e). The amount of any losses incurred in respect of any such investments shall be deposited in the Custodial Account by the Servicer out of its own funds, without any right of reimbursement therefor, immediately as realized.
(ii) The Servicer agrees that it shall not create, incur or subject any Mortgage Loans, or any funds that are deposited in any Custodial Account or Escrow Account, or any funds that otherwise are or may become due or payable to or for the benefit of the Indenture Trustee, to any claim, lien, security interest, judgment, levy, writ of attachment or other encumbrance, nor assert by legal action or otherwise any claim or right of setoff against any Mortgage Loan or any funds collected on, or in connection with, a Mortgage Loan.
Appears in 1 contract
Samples: Transfer and Servicing Agreement (HomeBanc Mortgage Trust 2005-5)
Establishment of and Deposits to Custodial Account. (i) The [The/Each] Servicer shall segregate and hold all funds collected and received pursuant to the Mortgage Loans separate and apart from any of its own funds and general assets and shall initially establish and maintain one or more Custodial Accounts, in the form of time deposit or demand accounts, each of which accounts shall be titled “HomeBanc [Xxxxxx, Xxxx & Xxxxxxxx Mortgage Corp. in trust for U.S. Bank National Association[ ], as Indenture Trustee, for the HomeBanc TBW Mortgage Trust 2005Mortgage Pass-1 Mortgage Backed NotesThrough Certificates, Series [ ]” and referred to herein as a “Custodial Account;” [provided that so long as HomeBanc Mortgage Corporation [ ] is the subservicer Subservicer under the Subservicing Agreement, each Custodial Account shall be titled “HomeBanc Mortgage Corporation [ ] in trust for U.S. Bank National Association[ ], as Indenture Trustee, for the HomeBanc TBW Mortgage Trust 2005Mortgage Pass-1 Mortgage Backed NotesThrough Certificates, Series [ ].” ”] Each Custodial Account shall be an Eligible Account. Any funds deposited in the Custodial Account shall at all times be insured by the FDIC up to the FDIC insurance limits, or must be invested in Eligible Investments subject to the provisions of Section 4.02(i) hereof. Funds deposited in the Custodial Account may be drawn on by the [related] Servicer in accordance with Section 4.02(e) hereof. The creation of any Custodial Account shall be evidenced by a letter agreement in the form of Exhibit D hereto. A copy of such certification or letter agreement shall be furnished to the Indenture Trustee, the Master Servicer and, upon request, to any subsequent owner of the Mortgage Loans. The Servicer Servicer[s] shall deposit or cause to be deposited into the Custodial Account, no later than 48 hours after receipt of funds, and retain therein the following payments and collections received or made by it subsequent to the Cut-off Date, or received by it prior to the Cut-off Date but allocable to a period subsequent thereto, other than in respect of principal and interest on the Mortgage Loans due on or before the Cut-off Date:
(1) all payments on account of principal, including Principal Prepayments and related penalties, on the Mortgage Loans;
(2) all payments on account of interest on the Mortgage Loans adjusted to the Net Mortgage Rate;
(3) all Net Liquidation Proceeds;
(4) any amounts required to be deposited by the Servicer Servicer[s] in connection with any REO Property pursuant to Section 4.02(o) and in connection therewith, the Servicer Servicer[s] shall provide the Master Servicer with written detail itemizing all of such amounts;
(5) all Insurance Proceeds including amounts required to be deposited pursuant to Section 4.02(j), 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 Accepted Servicing Practices, the Mortgage Loan Documents or applicable law;
(6) all Condemnation Proceeds affecting any Mortgaged Property which are not released to the Mortgagor in accordance with Accepted Servicing Practices, the loan documents or applicable law;
(7) any Monthly Advances;
(8) with respect to each full or partial Principal Prepayment, any Prepayment Interest Shortfalls, to the extent of the Servicer’s [Servicer's/Servicers’] aggregate Servicing Fee received with respect to the related Prepayment Period;
(9) any amounts required to be deposited by the [the/a] Servicer pursuant to Section 4.02(j) in connection with the deductible clause in any blanket hazard insurance policy, such deposit shall be made from the [the/such] Servicer’s 's own funds, without reimbursement therefor; and
(10) any amounts required to be deposited in the Custodial Account pursuant this Agreement. The foregoing requirements for deposit in the Custodial Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, payments in the nature of the Servicing Fee and Ancillary Income, need not be deposited by the Servicer Servicer[s] in the Custodial Account. Any interest paid on funds deposited in the Custodial Account by the depository institution and any income or appreciation on any investment of such funds shall accrue to the benefit of the [related] Servicer and the [related] Servicer shall be entitled to retain and withdraw such interest from the Custodial Account pursuant to Section 4.02(e). The amount of any losses incurred in respect of any such investments shall be deposited in the Custodial Account by the [related] Servicer out of its own funds, without any right of reimbursement therefor, immediately as realized.
(ii) The [The/Each] Servicer agrees that it shall not create, incur or subject any Mortgage Loans, or any funds that are deposited in any Custodial Account or Escrow Account, or any funds that otherwise are or may become due or payable to or for the benefit of the Indenture Trustee, to any claim, lien, security interest, judgment, levy, writ of attachment or other encumbrance, nor assert by legal action or otherwise any claim or right of setoff against any Mortgage Loan or any funds collected on, or in connection with, a Mortgage Loan.
Appears in 1 contract
Establishment of and Deposits to Custodial Account. (i) The Servicer shall segregate and hold all funds collected and received pursuant to the Mortgage Loans separate and apart from any of its own funds and general assets and shall initially establish and maintain one or more Custodial Accounts, in the form of time deposit or demand accounts, each of which accounts shall be titled “HomeBanc Corp. Mortgage Corporation. in trust for U.S. Bank National Association, as Indenture Trustee, for the HomeBanc Mortgage Trust 20052006-1 Mortgage Backed NotesPass-Through Certificates” and referred to herein as a “Custodial Account;” provided that so long as HomeBanc Mortgage Corporation is the subservicer under the Subservicing Agreement, each Custodial Account shall be titled “HomeBanc Mortgage Corporation in trust for U.S. Bank National Association, as Indenture Trustee, for the HomeBanc Mortgage Trust 2005-1 Mortgage Backed Notes.” Each Custodial Account shall be an Eligible Account. Any funds deposited in the Custodial Account shall at all times be insured by the FDIC up to the FDIC insurance limits, or must be invested in Eligible Investments subject to the provisions of Section 4.02(i) hereof; provided, however that any such Eligible Investment shall not be sold or disposed of prior to its maturity. Funds deposited in the Custodial Account may be drawn on by the Servicer in accordance with Section 4.02(e) hereof. The creation of any Custodial Account shall be evidenced by a letter agreement in the form of Exhibit D C hereto. A copy of such certification or letter agreement shall be furnished to the Indenture Trustee, the Master Servicer and, upon request, to any subsequent owner of the Mortgage Loans. The Servicer shall deposit or cause to be deposited into the Custodial Account, no later than 48 hours after receipt of funds, and retain therein the following payments and collections received or made by it subsequent to the Cut-off Date, or received by it prior to the Cut-off Date but allocable to a period subsequent thereto, other than in respect of principal and interest on the Mortgage Loans due on or before the Cut-off Date:
(1) all payments on account of principal, including Principal Prepayments and related penalties, on the Mortgage Loans;
(2) all payments on account of interest on the Mortgage Loans adjusted to the Net Mortgage Rate;
(3) all Net Liquidation Proceeds;
(4) any amounts required to be deposited by the Servicer in connection with any REO Property pursuant to Section 4.02(o) and in connection therewith, the Servicer shall provide the Master Servicer with written detail itemizing all of such amounts;
(5) all Insurance Proceeds including amounts required to be deposited pursuant to Section 4.02(j), 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 Accepted Servicing Practices, the Mortgage Loan Documents or applicable law;
(6) all Condemnation Proceeds affecting any Mortgaged Property which are not released to the Mortgagor in accordance with Accepted Servicing Practices, the loan documents or applicable law;
(7) any Monthly Advances;
(8) with respect to each full or partial Principal Prepayment, any Prepayment Interest Shortfalls, to the extent of the Servicer’s aggregate Servicing Fee received with respect to the related Prepayment Period;
(9) any amounts required to be deposited by the Servicer pursuant to Section 4.02(j) in connection with the deductible clause in any blanket hazard insurance policy, such deposit shall be made from the Servicer’s own funds, without reimbursement therefor; and
(10) any other amounts required to be deposited in the Custodial Account pursuant this Agreement. The foregoing requirements for deposit in the Custodial Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, payments in the nature of the Servicing Fee and Ancillary Income, need not be deposited by the Servicer in the Custodial Account. Any interest paid on funds deposited in the Custodial Account by the depository institution and any income or appreciation on any investment of such funds shall accrue to the benefit of the Servicer and the Servicer shall be entitled to retain and withdraw such interest from the Custodial Account pursuant to Section 4.02(e). The amount of any losses incurred in respect of any such investments shall be deposited in the Custodial Account by the Servicer out of its own funds, without any right of reimbursement therefor, immediately as realized.
(ii) The Servicer agrees that it shall not create, incur or subject any Mortgage Loans, or any funds that are deposited in any Custodial Account or Escrow Account, or any funds that otherwise are or may become due or payable to or for the benefit of the Indenture Trustee, to any claim, lien, security interest, judgment, levy, writ of attachment or other encumbrance, nor assert by legal action or otherwise any claim or right of setoff against any Mortgage Loan or any funds collected on, or in connection with, a Mortgage Loan.
Appears in 1 contract
Establishment of and Deposits to Custodial Account. (ia) The Servicer shall segregate and hold all funds collected and received pursuant to the Mortgage 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 time deposit or demand accountsaccount, each of which accounts shall be titled “HomeBanc Corp. in trust for U.S. Bank National Association, as Indenture Trustee, for the HomeBanc Mortgage Trust 2005-1 Mortgage Backed Notes” and referred to herein as a “Custodial Account;” provided that so long as HomeBanc Mortgage Corporation is the subservicer under the Subservicing Agreement, each Custodial Account shall be titled “HomeBanc Option One Mortgage Corporation in trust for U.S. Bank National Association, as Indenture TrusteeTrustee for Structured Asset Investment Loan Trust, for the HomeBanc Mortgage Trust 2005-1 Mortgage Backed Notes3” and referred to herein as the “Trust Custodial Account.” Each The Trust Custodial Account shall be an Eligible AccountDeposit Account established with an Eligible Institution. Any funds deposited in the Trust Custodial Account shall at all times be insured by the FDIC up to the FDIC insurance limits, or must may be invested in Eligible Investments subject to the provisions of Section 4.02(i) 3.11 hereof. Funds deposited in the Trust Custodial Account may be drawn on by the Servicer in accordance with Section 4.02(e3.04(a) hereofhereof . The creation of any the Trust Custodial Account shall be evidenced by a letter agreement in the form of Exhibit D hereto. A B. Not later than 30 days after the Closing Date, a copy of such certification or letter agreement shall be furnished to the Indenture TrusteeMaster Servicer, the Master Servicer NIMS Insurer and, upon request, to any subsequent owner of the Mortgage Loans. .
(b) The Servicer shall deposit in the Trust Custodial Account on a daily basis, on or cause prior to be deposited into the Custodial Account, no later than 48 hours after second Business Day following receipt of fundsthereof, and retain therein therein, the following payments and collections received or by the Servicer and payments made by it subsequent to the Servicer after the Cut-off Date (other than scheduled payments of principal and interest due on or before the Cut-off Date, ) or received by it the Servicer prior to the Cut-off Date but allocable to a the period subsequent thereto, other than in respect of principal and interest on the Mortgage Loans due on or before the Cut-off Date:
(1i) all payments on account of principal, including Principal Prepayments and related penalties, principal on the Mortgage Loans, including all Principal Prepayments;
(2ii) all payments on account of interest on the Mortgage Loans adjusted to the Net Mortgage Loan Remittance Rate;
(3iii) all Net Prepayment Charges or any Servicer Prepayment Charge Payment Amounts to the Trust Fund;
(iv) all Liquidation Proceeds;
(4) any amounts required to be deposited by the Servicer in connection with any REO Property pursuant to Section 4.02(o) and in connection therewith, the Servicer shall provide the Master Servicer with written detail itemizing all of such amounts;
(5v) all Insurance Proceeds including amounts required to be deposited pursuant to Section 4.02(j), (other than proceeds any amounts immediately applied to be held in the Escrow Account and restoration or repair of the Mortgaged Property or immediately released to the Mortgagor);
(vi) all Condemnation Proceeds that are not applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with Accepted Servicing Practices, the Mortgage Loan Documents or applicable lawMortgagor;
(6vii) all Condemnation Proceeds affecting any Mortgaged Property which are not released to the Mortgagor in accordance with Accepted Servicing Practices, the loan documents or applicable law;
(7) any Monthly Advances;
(8) with respect to each Principal Prepayment in full or partial Principal Prepaymentin part, any the Prepayment Interest ShortfallsShortfall Amount, to if any, for the extent month of distribution, made from the Servicer’s aggregate Servicing Fee own funds, without reimbursement up to a maximum amount equal to the Compensating Interest Maximum Amount;
(viii) all Monthly Advances made by the Servicer or an Advancing Person pursuant to Section 4.03;
(ix) any amounts required to be deposited by the Servicer in connection with the deductible clause in any blanket hazard insurance policy;
(x) any amounts received with respect to the or related Prepayment Periodto any REO Property or REO Disposition Proceeds;
(9xi) any amounts required to be deposited pursuant to Section 3.11 in connection with any losses realized on Eligible Investments with respect to funds held in the Trust Custodial Account;
(xii) any amounts required to be deposited by the Servicer pursuant to Section 4.02(j3.16(a) in connection with any unpaid claims that are a result of a breach by the deductible clause in Servicer or any blanket hazard insurance policy, such deposit shall be made from the Servicer’s own funds, without reimbursement thereforsubservicer of its obligations hereunder or under a PMI Policy;
(xiii) any amounts received by it under any PMI Policy; and
(10xiv) any amounts other amount required hereunder to be deposited by the Servicer in the Trust Custodial Account pursuant this AgreementAccount. The foregoing requirements for deposit in into the Trust Custodial Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, foregoing payments in the nature of (i) late payment charges and insufficient fund charges, (ii) assumption fees, (iii) other Ancillary Income and (iv) the Servicing Fee and Ancillary Income, need not be deposited by the Servicer in into the Trust Custodial Account. Any interest paid on funds deposited in the Trust Custodial Account by the depository institution and any income or appreciation on any investment of such funds shall accrue to the benefit of the Servicer as additional servicing compensation and the Servicer shall be entitled to retain and withdraw such interest from the Trust Custodial Account pursuant to Section 4.02(e).
3.04 (iiiv) The Servicer agrees that it shall not createof this Agreement. Additionally, incur or subject any Mortgage Loans, or any funds that are deposited in any other benefit derived from the Trust Custodial Account or Escrow Accountassociated with the receipt, or any funds that otherwise are or may become due or payable to or disbursement and accumulation of principal, interest, taxes, hazard insurance, mortgage insurance, etc. shall accrue for the benefit of the Indenture Trustee, to any claim, lien, security interest, judgment, levy, writ of attachment or other encumbrance, nor assert by legal action or otherwise any claim or right of setoff against any Mortgage Loan or any funds collected on, or in connection with, a Mortgage LoanServicer.
Appears in 1 contract
Samples: Servicing Agreement (Structured Asset Investment Loan Trust 2005-3)
Establishment of and Deposits to Custodial Account. (i) The Servicer shall segregate and hold all funds collected and received pursuant to the Mortgage Loans separate and apart from any of its own funds and general assets and shall initially establish and maintain one or more Custodial Accounts, in the form of time deposit or demand accounts, each of which accounts shall be titled “HomeBanc Corp. in trust for U.S. Bank National Association, as Indenture Trustee, for the HomeBanc Mortgage Trust 2005-1 2 Mortgage Backed Notes” and referred to herein as a “Custodial Account;” provided that so long as HomeBanc Mortgage Corporation is the subservicer under the Subservicing Agreement, each Custodial Account shall be titled “HomeBanc Mortgage Corporation in trust for U.S. Bank National Association, as Indenture Trustee, for the HomeBanc Mortgage Trust 2005-1 2 Mortgage Backed Notes.” Each Custodial Account shall be an Eligible Account. Any funds deposited in the Custodial Account shall at all times be insured by the FDIC up to the FDIC insurance limits, or must be invested in Eligible Investments subject to the provisions of Section 4.02(i) hereof. Funds deposited in the Custodial Account may be drawn on by the Servicer in accordance with Section 4.02(e) hereof. The creation of any Custodial Account shall be evidenced by a letter agreement in the form of Exhibit D hereto. A copy of such certification or letter agreement shall be furnished to the Indenture Trustee, the Master Servicer and, upon request, to any subsequent owner of the Mortgage Loans. The Servicer shall deposit or cause to be deposited into the Custodial Account, no later than 48 hours after receipt of funds, and retain therein the following payments and collections received or made by it subsequent to the Cut-off Date, or received by it prior 145322 HomeBanc 2005-2 Transfer and Servicing Agreement 51 to the Cut-off Date but allocable to a period subsequent thereto, other than in respect of principal and interest on the Mortgage Loans due on or before the Cut-off Date:
(1) all payments on account of principal, including Principal Prepayments and related penalties, on the Mortgage Loans;
(2) all payments on account of interest on the Mortgage Loans adjusted to the Net Mortgage Rate;
(3) all Net Liquidation Proceeds;
(4) any amounts required to be deposited by the Servicer in connection with any REO Property pursuant to Section 4.02(o) and in connection therewith, the Servicer shall provide the Master Servicer with written detail itemizing all of such amounts;
(5) all Insurance Proceeds including amounts required to be deposited pursuant to Section 4.02(j), 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 Accepted Servicing Practices, the Mortgage Loan Documents or applicable law;
(6) all Condemnation Proceeds affecting any Mortgaged Property which are not released to the Mortgagor in accordance with Accepted Servicing Practices, the loan documents or applicable law;
(7) any Monthly Advances;
(8) with respect to each full or partial Principal Prepayment, any Prepayment Interest Shortfalls, to the extent of the Servicer’s aggregate Servicing Fee received with respect to the related Prepayment Period;
(9) any amounts required to be deposited by the Servicer pursuant to Section 4.02(j) in connection with the deductible clause in any blanket hazard insurance policy, such deposit shall be made from the Servicer’s own funds, without reimbursement therefor; and
(10) any amounts required to be deposited in the Custodial Account pursuant this Agreement. The foregoing requirements for deposit in the Custodial Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, payments in the nature of the Servicing Fee and Ancillary Income, need not be deposited by the Servicer in the Custodial Account. Any interest paid on funds deposited in the Custodial Account by the depository institution and any income or appreciation on 145322 HomeBanc 2005-2 Transfer and Servicing Agreement 52 any investment of such funds shall accrue to the benefit of the Servicer and the Servicer shall be entitled to retain and withdraw such interest from the Custodial Account pursuant to Section 4.02(e).
(ii) The Servicer agrees that it shall not create, incur or subject any Mortgage Loans, or any funds that are deposited in any Custodial Account or Escrow Account, or any funds that otherwise are or may become due or payable to or for the benefit of the Indenture Trustee, to any claim, lien, security interest, judgment, levy, writ of attachment or other encumbrance, nor assert by legal action or otherwise any claim or right of setoff against any Mortgage Loan or any funds collected on, or in connection with, a Mortgage Loan.
Appears in 1 contract
Establishment of and Deposits to Custodial Account. (i) The Servicer shall segregate and hold all funds collected and received pursuant to the Mortgage Loans separate and apart from any of its own funds and general assets and shall initially establish and maintain one or more Custodial Accounts, in the form of time deposit or demand accounts, each of which accounts shall be titled “HomeBanc Corp. in trust for U.S. Bank National Association, as Indenture Trustee, for the HomeBanc Mortgage Trust 20052006-1 2 Mortgage Backed Notes” and referred to herein as a “Custodial Account;” provided that so long as HomeBanc Mortgage Corporation is the subservicer under the Subservicing Agreement, each Custodial Account shall be titled “HomeBanc Mortgage Corporation in trust for U.S. Bank National Association, as Indenture Trustee, for the HomeBanc Mortgage Trust 20052006-1 2 Mortgage Backed Notes.” Each Custodial Account shall be an Eligible Account. Any funds deposited in the Custodial Account shall at all times be insured by the FDIC up to the FDIC insurance limits, or must be invested in Eligible Investments subject to the provisions of Section 4.02(i) hereof. Funds deposited in the Custodial Account may be drawn on by the Servicer in accordance with Section 4.02(e) hereof. The creation of any Custodial Account shall be evidenced by a letter agreement in the form of Exhibit D hereto. A copy of such certification or letter agreement shall be furnished to the Indenture Trustee, the Master Servicer and, upon request, to any subsequent owner of the Mortgage Loans. The Servicer shall deposit or cause to be deposited into the Custodial Account, no later than 48 hours after receipt of funds, and retain therein the following payments and collections received or made by it subsequent to the Cut-off Date, or received by it prior to the Cut-off Date but allocable to a period subsequent thereto, other than in respect of principal and interest on the Mortgage Loans due on or before the Cut-off Date:
(1) all payments on account of principal, including Principal Prepayments and related penalties, on the Mortgage Loans;
(2) all payments on account of interest on the Mortgage Loans adjusted to the Net Mortgage Rate;
(3) all Net Liquidation Proceeds;
(4) any amounts required to be deposited by the Servicer in connection with any REO Property pursuant to Section 4.02(o) and in connection therewith, the Servicer shall provide the Master Servicer with written detail itemizing all of such amounts;
(5) all Insurance Proceeds including amounts required to be deposited pursuant to Section 4.02(j), 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 Accepted Servicing Practices, the Mortgage Loan Documents or applicable law;
(6) all Condemnation Proceeds affecting any Mortgaged Property which are not released to the Mortgagor in accordance with Accepted Servicing Practices, the loan documents or applicable law;
(7) any Monthly Advances;
(8) with respect to each full or partial Principal Prepayment, any Prepayment Interest Shortfalls, to the extent of the Servicer’s 's aggregate Servicing Fee received with respect to the related Prepayment Period;
(9) any amounts required to be deposited by the Servicer pursuant to Section 4.02(j) in connection with the deductible clause in any blanket hazard insurance policy, such deposit shall be made from the Servicer’s 's own funds, without reimbursement therefor; and
(10) any amounts required to be deposited in the Custodial Account pursuant this Agreement. The foregoing requirements for deposit in the Custodial Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, payments in the nature of the Servicing Fee and Ancillary Income, need not be deposited by the Servicer in the Custodial Account. Any interest paid on funds deposited in the Custodial Account by the depository institution and any income or appreciation on any investment of such funds shall accrue to the benefit of the Servicer and the Servicer shall be entitled to retain and withdraw such interest from the Custodial Account pursuant to Section 4.02(e). The amount of any losses incurred in respect of any such investments shall be deposited in the Custodial Account by the Servicer out of its own funds, without any right of reimbursement therefor, immediately as realized.
(ii) The Servicer agrees that it shall not create, incur or subject any Mortgage Loans, or any funds that are deposited in any Custodial Account or Escrow Account, or any funds that otherwise are or may become due or payable to or for the benefit of the Indenture Trustee, to any claim, lien, security interest, judgment, levy, writ of attachment or other encumbrance, nor assert by legal action or otherwise any claim or right of setoff against any Mortgage Loan or any funds collected on, or in connection with, a Mortgage Loan.
Appears in 1 contract
Samples: Transfer and Servicing Agreement (HomeBanc Mortgage Trust 2006-2)
Establishment of and Deposits to Custodial Account. (i) The Servicer shall segregate and hold all funds collected and received pursuant to the Mortgage Loans separate and apart from any of its own funds and general assets and shall initially establish and maintain one or more Custodial Accounts, in the form of time deposit or demand accounts, each of which accounts shall be titled “HomeBanc Corp. Mortgage Corporation. in trust for U.S. Bank National Association, as Indenture 217412 HomeBanc 2007-1 Pooling and Servicing Agreement Trustee, for the HomeBanc Mortgage Trust 20052007-1 Mortgage Backed NotesPass-Through Certificates” and referred to herein as a “Custodial Account;” provided that so long as HomeBanc Mortgage Corporation is the subservicer under the Subservicing Agreement, each Custodial Account shall be titled “HomeBanc Mortgage Corporation in trust for U.S. Bank National Association, as Indenture Trustee, for the HomeBanc Mortgage Trust 2005-1 Mortgage Backed Notes.” Each Custodial Account shall be an Eligible Account. Any funds deposited in the Custodial Account shall at all times be insured by the FDIC up to the FDIC insurance limits, or must be invested in Eligible Investments subject to the provisions of Section 4.02(i) hereof; provided, however that any such Eligible Investment shall not be sold or disposed of prior to its maturity. Funds deposited in the Custodial Account may be drawn on by the Servicer in accordance with Section 4.02(e) hereof. The creation of any Custodial Account shall be evidenced by a letter agreement in the form of Exhibit D C hereto. A copy of such certification or letter agreement shall be furnished to the Indenture Trustee, the Master Servicer and, upon request, to any subsequent owner of the Mortgage Loans. The Servicer shall deposit or cause to be deposited into the Custodial Account, no later than 48 hours after receipt of funds, and retain therein the following payments and collections received or made by it subsequent to the Cut-off Date, or received by it prior to the Cut-off Date but allocable to a period subsequent thereto, other than in respect of principal and interest on the Mortgage Loans due on or before the Cut-off Date:
(1) all payments on account of principal, including Principal Prepayments and related penalties, on the Mortgage Loans;
(2) all payments on account of interest on the Mortgage Loans adjusted to the Net Mortgage Rate;
(3) all Net Liquidation Proceeds;
(4) any amounts required to be deposited by the Servicer in connection with any REO Property pursuant to Section 4.02(o) and in connection therewith, the Servicer shall provide the Master Servicer with written detail itemizing all of such amounts;
(5) all Insurance Proceeds including amounts required to be deposited pursuant to Section 4.02(j), 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 Accepted Servicing Practices, the Mortgage Loan Documents or applicable law;
(6) all Condemnation Proceeds affecting any Mortgaged Property which are not released to the Mortgagor in accordance with Accepted Servicing Practices, the loan documents or applicable law;
(7) any Monthly Advances;
(8) with respect to each full or partial Principal Prepayment, any Prepayment Interest Shortfalls, to the extent of the Servicer’s aggregate Servicing Fee received with respect to the related Prepayment Period;; 217412 HomeBanc 2007-1 Pooling and Servicing Agreement
(9) any amounts required to be deposited by the Servicer pursuant to Section 4.02(j) in connection with the deductible clause in any blanket hazard insurance policy, such deposit shall be made from the Servicer’s own funds, without reimbursement therefor; and
(10) any other amounts required to be deposited in the Custodial Account pursuant this Agreement. The foregoing requirements for deposit in the Custodial Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, payments in the nature of the Servicing Fee and Ancillary Income, need not be deposited by the Servicer in the Custodial Account. Any interest paid on funds deposited in the Custodial Account by the depository institution and any income or appreciation on any investment of such funds shall accrue to the benefit of the Servicer and the Servicer shall be entitled to retain and withdraw such interest from the Custodial Account pursuant to Section 4.02(e). The amount of any losses incurred in respect of any such investments shall be deposited in the Custodial Account by the Servicer out of its own funds, without any right of reimbursement therefor, immediately as realized.
(ii) The Servicer agrees that it shall not create, incur or subject any Mortgage Loans, or any funds that are deposited in any Custodial Account or Escrow Account, or any funds that otherwise are or may become due or payable to or for the benefit of the Indenture Trustee, to any claim, lien, security interest, judgment, levy, writ of attachment or other encumbrance, nor assert by legal action or otherwise any claim or right of setoff against any Mortgage Loan or any funds collected on, or in connection with, a Mortgage Loan.
Appears in 1 contract
Establishment of and Deposits to Custodial Account. (i) The Servicer shall segregate and hold all funds collected and received pursuant to the Mortgage Loans separate and apart from any of its own funds and general assets and shall initially establish and maintain one or more Custodial Accounts, in the form of time deposit or demand accounts, each of which accounts shall be titled “HomeBanc Corp. in trust for U.S. Bank National Association, as Indenture Trustee, for the HomeBanc Mortgage Trust 20052006-1 2 Mortgage Backed Notes” and referred to herein as a “Custodial Account;” provided that so long as HomeBanc Mortgage Corporation is the subservicer under the Subservicing Agreement, each Custodial Account shall be titled “HomeBanc Mortgage Corporation in trust for U.S. Bank National Association, as Indenture Trustee, for the HomeBanc Mortgage Trust 20052006-1 2 Mortgage Backed Notes.” Each Custodial Account shall be an Eligible Account. Any funds deposited in the Custodial Account shall at all times be insured by the FDIC up to the FDIC insurance limits, or must be invested in Eligible Investments subject to the provisions of Section 4.02(i) hereof. Funds deposited in the Custodial Account may be drawn on by the Servicer in accordance with Section 4.02(e) hereof. The creation of any Custodial Account shall be evidenced by a letter agreement in the form of Exhibit D hereto. A copy of such certification or letter agreement shall be furnished to the Indenture Trustee, the Master Servicer and, upon request, to any subsequent owner of the Mortgage Loans. The Servicer shall deposit or cause to be deposited into the Custodial Account, no later than 48 hours after receipt of funds, and retain therein the following payments and collections received or made by it subsequent to the Cut-off Date, or received by it prior to the Cut-off Date but allocable to a period subsequent thereto, other than in respect of principal and interest on the Mortgage Loans due on or before the Cut-off Date:
(1) all payments on account of principal, including Principal Prepayments and related penalties, on the Mortgage Loans;
(2) all payments on account of interest on the Mortgage Loans adjusted to the Net Mortgage Rate;
(3) all Net Liquidation Proceeds;
(4) any amounts required to be deposited by the Servicer in connection with any REO Property pursuant to Section 4.02(o) and in connection therewith, the Servicer shall provide the Master Servicer with written detail itemizing all of such amounts;
(5) all Insurance Proceeds including amounts required to be deposited pursuant to Section 4.02(j), 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 Accepted Servicing Practices, the Mortgage Loan Documents or applicable law;; 201359 HomeBanc 2006-2 Transfer and Servicing Agreement
(6) all Condemnation Proceeds affecting any Mortgaged Property which are not released to the Mortgagor in accordance with Accepted Servicing Practices, the loan documents or applicable law;
(7) any Monthly Advances;
(8) with respect to each full or partial Principal Prepayment, any Prepayment Interest Shortfalls, to the extent of the Servicer’s 's aggregate Servicing Fee received with respect to the related Prepayment Period;
(9) any amounts required to be deposited by the Servicer pursuant to Section 4.02(j) in connection with the deductible clause in any blanket hazard insurance policy, such deposit shall be made from the Servicer’s 's own funds, without reimbursement therefor; and
(10) any amounts required to be deposited in the Custodial Account pursuant this Agreement. The foregoing requirements for deposit in the Custodial Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, payments in the nature of the Servicing Fee and Ancillary Income, need not be deposited by the Servicer in the Custodial Account. Any interest paid on funds deposited in the Custodial Account by the depository institution and any income or appreciation on any investment of such funds shall accrue to the benefit of the Servicer and the Servicer shall be entitled to retain and withdraw such interest from the Custodial Account pursuant to Section 4.02(e). The amount of any losses incurred in respect of any such investments shall be deposited in the Custodial Account by the Servicer out of its own funds, without any right of reimbursement therefor, immediately as realized.
(ii) The Servicer agrees that it shall not create, incur or subject any Mortgage Loans, or any funds that are deposited in any Custodial Account or Escrow Account, or any funds that otherwise are or may become due or payable to or for the benefit of the Indenture Trustee, to any claim, lien, security interest, judgment, levy, writ of attachment or other encumbrance, nor assert by legal action or otherwise any claim or right of setoff against any Mortgage Loan or any funds collected on, or in connection with, a Mortgage Loan.
Appears in 1 contract
Establishment of and Deposits to Custodial Account. (i) The Servicer shall segregate and hold all funds collected and received pursuant to the Mortgage Loans separate and apart from any of its own funds and general assets and shall initially establish and maintain one or more Custodial Accounts, in the form of time deposit or demand accounts, each of which accounts shall be titled “HomeBanc Corp. in trust for U.S. Bank National Association, as Indenture Trustee, for the HomeBanc Mortgage Trust 2005-1 3 Mortgage Backed Notes” and referred to herein as a “Custodial Account;” provided that so long as HomeBanc Mortgage Corporation is the subservicer under the Subservicing Agreement, each Custodial Account shall be titled “HomeBanc Mortgage Corporation in trust for U.S. Bank National Association, as Indenture Trustee, for the HomeBanc Mortgage Trust 2005-1 3 Mortgage Backed Notes.” Each Custodial Account shall be an Eligible Account. Any funds deposited in the Custodial Account shall at all times be insured by the FDIC up to the FDIC insurance limits, or must be invested in Eligible Investments subject to the provisions of Section 4.02(i) hereof. Funds deposited in the Custodial Account may be drawn on by the Servicer in accordance with Section 4.02(e) hereof. The creation of any Custodial Account shall be evidenced by a letter agreement in the form of Exhibit D hereto. A copy of such certification or letter agreement shall be furnished to the Indenture Trustee, the Master Servicer and, upon request, to any subsequent owner of the Mortgage Loans. The Servicer shall deposit or cause to be deposited into the Custodial Account, no later than 48 hours after receipt of funds, and retain therein the following payments and collections received or made by it subsequent to the Cut-off Date, or received by it prior to the Cut-off Date but allocable to a period subsequent thereto, other than in respect of principal and interest on the Mortgage Loans due on or before the Cut-off Date:
(1) all payments on account of principal, including Principal Prepayments and related penalties, on the Mortgage Loans;
(2) all payments on account of interest on the Mortgage Loans adjusted to the Net Mortgage Rate;
(3) all Net Liquidation Proceeds;
(4) any amounts required to be deposited by the Servicer in connection with any REO Property pursuant to Section 4.02(o) and in connection therewith, the Servicer shall provide the Master Servicer with written detail itemizing all of such amounts;
(5) all Insurance Proceeds including amounts required to be deposited pursuant to Section 4.02(j), 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 Accepted Servicing Practices, the Mortgage Loan Documents or applicable law;
(6) all Condemnation Proceeds affecting any Mortgaged Property which are not released to the Mortgagor in accordance with Accepted Servicing Practices, the loan documents or applicable law;
(7) any Monthly Advances;
(8) with respect to each full or partial Principal Prepayment, any Prepayment Interest Shortfalls, to the extent of the Servicer’s 's aggregate Servicing Fee received with respect to the related Prepayment Period;
(9) any amounts required to be deposited by the Servicer pursuant to Section 4.02(j) in connection with the deductible clause in any blanket hazard insurance policy, such deposit shall be made from the Servicer’s 's own funds, without reimbursement therefor; and
(10) any amounts required to be deposited in the Custodial Account pursuant this Agreement. The foregoing requirements for deposit in the Custodial Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, payments in the nature of the Servicing Fee and Ancillary Income, need not be deposited by the Servicer in the Custodial Account. Any interest paid on funds deposited in the Custodial Account by the depository institution and any income or appreciation on any investment of such funds shall accrue to the benefit of the Servicer and the Servicer shall be entitled to retain and withdraw such interest from the Custodial Account pursuant to Section 4.02(e). The amount of any losses incurred in respect of any such investments shall be deposited in the Custodial Account by the Servicer out of its own funds, without any right of reimbursement therefor, immediately as realized.
(ii) The Servicer agrees that it shall not create, incur or subject any Mortgage Loans, or any funds that are deposited in any Custodial Account or Escrow Account, or any funds that otherwise are or may become due or payable to or for the benefit of the Indenture Trustee, to any claim, lien, security interest, judgment, levy, writ of attachment or other encumbrance, nor assert by legal action or otherwise any claim or right of setoff against any Mortgage Loan or any funds collected on, or in connection with, a Mortgage Loan.
Appears in 1 contract
Samples: Transfer and Servicing Agreement (HomeBanc Mortgage Trust 2005-3)
Establishment of and Deposits to Custodial Account. (i) The Servicer shall segregate and hold all funds collected and received pursuant to the Mortgage Loans separate and apart from any of its own funds and general assets and shall initially establish and maintain one or more Custodial Accounts, in the form of time deposit or demand accounts, each of which accounts shall be titled “HomeBanc Corp. in trust for U.S. Bank National Association, as Indenture Trustee, for the HomeBanc Mortgage Trust 2005-1 4 Mortgage Backed Notes” and referred to herein as a “Custodial Account;” provided that so long as HomeBanc Mortgage Corporation is the subservicer under the Subservicing Agreement, each Custodial Account shall be titled “HomeBanc Mortgage Corporation in trust for U.S. Bank National Association, as Indenture Trustee, for the HomeBanc Mortgage Trust 2005-1 4 Mortgage Backed Notes.” Each Custodial Account shall be an Eligible Account. Any funds deposited in the Custodial Account shall at all times be insured by the FDIC up to the FDIC insurance limits, or must be invested in Eligible Investments subject to the provisions of Section 4.02(i) hereof. Funds deposited in the Custodial Account may be drawn on by the Servicer in accordance with Section 4.02(e) hereof. The creation of any Custodial Account shall be evidenced by a letter agreement in the form of Exhibit D hereto. A copy of such certification or letter agreement shall be furnished to the Indenture Trustee, the Master Servicer and, upon request, to any subsequent owner of the Mortgage Loans. The Servicer shall deposit or cause to be deposited into the Custodial Account, no later than 48 hours after receipt of funds, and retain therein the following payments and collections received or made by it subsequent to the Cut-off Date, or received by it prior to the Cut-off Date but allocable to a period subsequent thereto, other than in respect of principal and interest on the Mortgage Loans due on or before the Cut-off Date:
(1) all payments on account of principal, including Principal Prepayments and related penalties, on the Mortgage Loans;
(2) all payments on account of interest on the Mortgage Loans adjusted to the Net Mortgage Rate;
(3) all Net Liquidation Proceeds;
(4) any amounts required to be deposited by the Servicer in connection with any REO Property pursuant to Section 4.02(o) and in connection therewith, the Servicer shall provide the Master Servicer with written detail itemizing all of such amounts;
(5) all Insurance Proceeds including amounts required to be deposited pursuant to Section 4.02(j), other than proceeds to be held in the Escrow Account Transfer and Servicing Agreement and applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with Accepted Servicing Practices, the Mortgage Loan Documents or applicable law;
(6) all Condemnation Proceeds affecting any Mortgaged Property which are not released to the Mortgagor in accordance with Accepted Servicing Practices, the loan documents or applicable law;
(7) any Monthly Advances;
(8) with respect to each full or partial Principal Prepayment, any Prepayment Interest Shortfalls, to the extent of the Servicer’s aggregate Servicing Fee received with respect to the related Prepayment Period;
(9) any amounts required to be deposited by the Servicer pursuant to Section 4.02(j) in connection with the deductible clause in any blanket hazard insurance policy, such deposit shall be made from the Servicer’s own funds, without reimbursement therefor; and
(10) any amounts required to be deposited in the Custodial Account pursuant this Agreement. The foregoing requirements for deposit in the Custodial Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, payments in the nature of the Servicing Fee and Ancillary Income, need not be deposited by the Servicer in the Custodial Account. Any interest paid on funds deposited in the Custodial Account by the depository institution and any income or appreciation on any investment of such funds shall accrue to the benefit of the Servicer and the Servicer shall be entitled to retain and withdraw such interest from the Custodial Account pursuant to Section 4.02(e). The amount of any losses incurred in respect of any such investments shall be deposited in the Custodial Account by the Servicer out of its own funds, without any right of reimbursement therefor, immediately as realized.
(ii) The Servicer agrees that it shall not create, incur or subject any Mortgage Loans, or any funds that are deposited in any Custodial Account or Escrow Account, or any funds that otherwise are or may become due or payable to or for the benefit of the Indenture Trustee, to any claim, lien, security interest, judgment, levy, writ of attachment or other encumbrance, nor assert by legal action or otherwise any claim or right of setoff against any Mortgage Loan or any funds collected on, or in connection with, a Mortgage Loan.
Appears in 1 contract
Establishment of and Deposits to Custodial Account. (i) The Servicer shall segregate and hold all funds collected and received pursuant to the Mortgage Loans separate and apart from any of its own funds and general assets and shall initially establish and maintain one or more Custodial Accounts, in the form of time deposit or demand accounts, each of which accounts shall be titled “HomeBanc Corp. in trust for U.S. Bank National Association, as Indenture Trustee, for the HomeBanc Mortgage Trust 2005-1 Mortgage Backed Notes” and referred to herein as a “Custodial Account;” provided that so long as HomeBanc Mortgage Corporation is the subservicer under the Subservicing Agreement, each Custodial Account shall be titled “HomeBanc Mortgage Corporation in trust for U.S. Bank National Association, as Indenture Trustee, for the HomeBanc Mortgage Trust 2005-1 Mortgage Backed Notes.” Each Custodial Account shall be an Eligible Account. Any funds deposited in the Custodial Account shall at all times be insured by the FDIC up to the FDIC insurance limits, or must be invested in Eligible Investments subject to the provisions of Section 4.02(i) hereof. Funds deposited in the Custodial Account may be drawn on by the Servicer in accordance with Section 4.02(e) hereof. The creation of any Custodial Account shall be evidenced by a letter agreement in the form of Exhibit D hereto. A copy of such certification or letter agreement shall be furnished to the Indenture Trustee, the Master Servicer and, upon request, to any subsequent owner of the Mortgage Loans. The Servicer shall deposit or cause to be deposited into the Custodial Account, no later than 48 hours after receipt of funds, and retain therein the following payments and collections received or made by it subsequent to the Cut-off Date, or received by it prior to the Cut-off Date but allocable to a period subsequent thereto, other than in respect of principal and interest on the Mortgage Loans due on or before the Cut-off Date:
(1) all payments on account of principal, including Principal Prepayments and related penalties, on the Mortgage Loans;
(2) all payments on account of interest on the Mortgage Loans adjusted to the Net Mortgage Rate;
(3) all Net Liquidation Proceeds;
(4) any amounts required to be deposited by the Servicer in connection with any REO Property pursuant to Section 4.02(o) and in connection therewith, the Servicer shall provide the Master Servicer with written detail itemizing all of such amounts;
(5) all Insurance Proceeds including amounts required to be deposited pursuant to Section 4.02(j), 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 Accepted Servicing Practices, the Mortgage Loan Documents or applicable law;
(6) all Condemnation Proceeds affecting any Mortgaged Property which are not released to the Mortgagor in accordance with Accepted Servicing Practices, the loan documents or applicable law;
(7) any Monthly Advances;
(8) with respect to each full or partial Principal Prepayment, any Prepayment Interest Shortfalls, to the extent of the Servicer’s 's aggregate Servicing Fee received with respect to the related Prepayment Period;
(9) any amounts required to be deposited by the Servicer pursuant to Section 4.02(j) in connection with the deductible clause in any blanket hazard insurance policy, such deposit shall be made from the Servicer’s 's own funds, without reimbursement therefor; and
(10) any amounts required to be deposited in the Custodial Account pursuant this Agreement. The foregoing requirements for deposit in the Custodial Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, payments in the nature of the Servicing Fee and Ancillary Income, need not be deposited by the Servicer in the Custodial Account. Any interest paid on funds deposited in the Custodial Account by the depository institution and any income or appreciation on any investment of such funds shall accrue to the benefit of the Servicer and the Servicer shall be entitled to retain and withdraw such interest from the Custodial Account pursuant to Section 4.02(e).
(ii) The Servicer agrees that it shall not create, incur or subject any Mortgage Loans, or any funds that are deposited in any Custodial Account or Escrow Account, or any funds that otherwise are or may become due or payable to or for the benefit of the Indenture Trustee, to any claim, lien, security interest, judgment, levy, writ of attachment or other encumbrance, nor assert by legal action or otherwise any claim or right of setoff against any Mortgage Loan or any funds collected on, or in connection with, a Mortgage Loan.
Appears in 1 contract
Samples: Transfer and Servicing Agreement (HMB Acceptance Corp.)
Establishment of and Deposits to Custodial Account. (i) The Servicer NYMT Servicing shall segregate and hold all funds collected and received pursuant to the NYMC Mortgage Loans separate and apart from any of its own funds and general assets and shall initially establish and maintain one or more Custodial Accounts, in the form of time deposit or demand accounts, each of which accounts shall be titled “HomeBanc Corp. NYMT Servicing Corporation (or Cenlar FSB as subservicer for NYMT Servicing Corporation) in trust for U.S. Bank National Association, as Indenture Trustee, Trustee for the HomeBanc New York Mortgage Trust 20052006-1 Mortgage Mortgage-Backed NotesPass-Through Certificates” and referred to herein as a “Custodial Account;” provided that so long as HomeBanc Mortgage Corporation is the subservicer under the Subservicing Agreement, each Custodial Account shall be titled “HomeBanc Mortgage Corporation in trust for U.S. Bank National Association, as Indenture Trustee, for the HomeBanc Mortgage Trust 2005-1 Mortgage Backed Notes.” Each Custodial Account shall be an Eligible Account. Any funds deposited in the Custodial Account shall at all times be insured by the FDIC up to the FDIC insurance limits, or must may be invested in Eligible Investments subject to the provisions of Section 4.02(i4.02(j) hereof. Funds deposited in the Custodial Account may be drawn on by the Servicer NYMT Servicing in accordance with Section 4.02(e) hereof. The creation of any Custodial Account shall be evidenced by a letter agreement in the form of Exhibit D E hereto. A copy of such certification or letter agreement shall be furnished to the Indenture Trustee, the Master Servicer and, upon request, to any subsequent owner of the NYMC Mortgage Loans. The Servicer .
(ii) NYMT Servicing shall deposit or cause to be deposited into in the Custodial AccountAccount on a daily basis, no later but not more than 48 hours two (2) Business Days after receipt of funds, by NYMT Servicing and retain therein therein, the following payments and collections received or by NYMT Servicing and payments made by it subsequent to NYMT Servicing after the Cut-off Date, or received by it prior to the related Cut-off Date but allocable to a period subsequent thereto, (other than in respect scheduled payments of principal and interest on the Mortgage Loans due on or before the related Cut-off Date), as applicable:
(1A) all payments on account of principalprincipal on the NYMC Mortgage Loans, including all Principal Prepayments and related penalties, on the Mortgage LoansPrepayments;
(2B) all payments on account of interest on the NYMC Mortgage Loans adjusted to the Net Mortgage Loan Remittance Rate;
(3C) all Net Liquidation ProceedsProceeds (net of Liquidation Expenses);
(4) any amounts required to be deposited by the Servicer in connection with any REO Property pursuant to Section 4.02(o) and in connection therewith, the Servicer shall provide the Master Servicer with written detail itemizing all of such amounts;
(5D) all Insurance Proceeds including amounts required to be deposited pursuant to Section 4.02(j), 4.02(k) (other than proceeds to be held in the Escrow Account and applied to the restoration and repair of the Mortgaged Property or released to the Mortgagor in accordance with the related Mortgage Loan documents and Servicing Standards);
(E) all Condemnation Proceeds that are not applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with Accepted Servicing Practices, the related Mortgage Loan Documents or applicable lawdocuments and Servicing Standards;
(6F) all Condemnation Proceeds affecting any Mortgaged Property which are not released to the Mortgagor in accordance with Accepted Servicing Practices, the loan documents or applicable law;
(7) any Monthly Advances;
(8) with respect to each Principal Prepayment in full or partial Principal Prepaymentin part, any the Prepayment Interest ShortfallsShortfall Amount, if any, for the month of payment. Such deposit shall be made from NYMT Servicing’s own funds, without reimbursement therefore, up to a maximum amount per month in the extent aggregate of the Servicer’s aggregate Servicing Fee Fee, actually received for such month for the NYMC Mortgage Loans;
(G) all Advances made by NYMT Servicing pursuant to Section 4.03(c);
(H) any amounts received from the Seller, the Depositor or any other person giving representations and warranties with respect to the related Prepayment PeriodNYMC Mortgage Loans, in connection with the repurchase of any Mortgage Loan;
(9I) any amounts required to be deposited by the Servicer NYMT Servicing pursuant to Section 4.02(j4.03(k) in connection with the deductible clause in any blanket hazard insurance policy, such deposit shall be made from the Servicer’s own funds, without reimbursement therefor;
(J) any amounts received with respect to or related to any REO Property or REO Disposition Proceeds pursuant to Section 4.02(p); and
(10K) any other amounts required to be deposited in the Custodial Account pursuant to this Agreement. The foregoing requirements for deposit in 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 the Servicing Fee Fee, Prepayment Interest Excess Amounts and Ancillary Income, Income need not be deposited by the Servicer in NYMT Servicing into the Custodial Account. Any interest paid on funds deposited in the Custodial Account by the depository institution and any income or appreciation on any investment of maintaining such funds account shall accrue to the benefit of the Servicer NYMT Servicing and the Servicer NYMT Servicing shall be entitled to retain and withdraw such interest from the Custodial Account pursuant to Section 4.02(e).
(ii) The Servicer agrees that it shall not create3.04. Additionally, incur or subject any Mortgage Loans, or any funds that are deposited in any other benefit derived from the Custodial Account or Escrow Accountassociated with the receipt, or any funds that otherwise are or may become due or payable to or for the benefit disbursement and accumulation of the Indenture Trusteeprincipal, to any claim, lien, security interest, judgmenttaxes, levyhazard insurance, writ of attachment or other encumbrancemortgage insurance, nor assert by legal action or otherwise any claim or right of setoff against any Mortgage Loan or any funds collected on, or in connection with, a Mortgage Loanetc. shall accrue to NYMT Servicing.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (NYMT Securities CORP)
Establishment of and Deposits to Custodial Account. (i) The Servicer Servicer[s] shall segregate and hold all funds collected and received pursuant to the Mortgage Loans separate and apart from any of its own funds and general assets and shall initially establish and maintain one or more Custodial Accounts, in the form of time deposit or demand accounts, each of which accounts shall be titled “HomeBanc [Xxxxxx, Bean & Xxxxxxxx Mortgage Corp. in trust for U.S. Bank National Association[ ], as Indenture Trustee, for the HomeBanc TBW Mortgage Trust 2005-1 [ ] Mortgage Backed Notes” and referred to herein as a “Custodial Account;” provided that so long as HomeBanc Mortgage Corporation is the subservicer under the Subservicing Agreement, each Custodial Account shall be titled “HomeBanc Mortgage Corporation in trust for U.S. Bank National Association, as Indenture Trustee, for the HomeBanc Mortgage Trust 2005-1 Mortgage Backed Notes.” Each Custodial Account shall be an Eligible Account. Any funds deposited in the Custodial Account shall at all times be insured by the FDIC up to the FDIC insurance limits, or must be invested in Eligible Investments subject to the provisions of Section 4.02(i) hereof. Funds deposited in the Custodial Account may be drawn on by the Servicer in accordance with Section 4.02(e) hereof. The creation of any Custodial Account shall be evidenced by a letter agreement in the form of Exhibit D hereto. A copy of such certification or letter agreement shall be furnished to the Indenture Trustee, the Master Servicer and, upon request, to any subsequent owner of the Mortgage Loans. The Servicer shall deposit or cause to be deposited into the Custodial Account, no later than 48 hours after receipt of funds, and retain therein the following payments and collections received or made by it subsequent to the Cut-off Date, or received by it prior to the Cut-off Date but allocable to a period subsequent thereto, other than in respect of principal and interest on the Mortgage Loans due on or before the Cut-off Date:
(1) all payments on account of principal, including Principal Prepayments and related penalties, on the Mortgage Loans;
(2) all payments on account of interest on the Mortgage Loans adjusted to the Net Mortgage Rate;
(3) all Net Liquidation Proceeds;
(4) any amounts required to be deposited by the Servicer Servicer[s] in connection with any REO Property pursuant to Section 4.02(o) and in connection therewith, the [related] Servicer shall provide the Master Servicer with written detail itemizing all of such amounts;
(5) all Insurance Proceeds including amounts required to be deposited pursuant to Section 4.02(j), 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 Accepted Servicing Practices, the Mortgage Loan Documents or applicable law;
(6) all Condemnation Proceeds affecting any Mortgaged Property which are not released to the Mortgagor in accordance with Accepted Servicing Practices, the loan documents or applicable law;
(7) any Monthly Advances;
(8) with respect to each full or partial Principal Prepayment, any Prepayment Interest Shortfalls, to the extent of the [related] Servicer’s 's aggregate Servicing Fee received with respect to the related Prepayment Period;
(9) any amounts required to be deposited by the Servicer Servicer[s] pursuant to Section 4.02(j) in connection with the deductible clause in any blanket hazard insurance policy, such deposit shall be made from the [related] Servicer’s 's own funds, without reimbursement therefor; and
(10) any amounts required to be deposited in the Custodial Account pursuant this Agreement. The foregoing requirements for deposit in the Custodial Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, payments in the nature of the Servicing Fee and Ancillary Income, need not be deposited by the [related] Servicer in the Custodial Account. Any interest paid on funds deposited in the Custodial Account by the depository institution and any income or appreciation on any investment of such funds shall accrue to the benefit of the [related] Servicer and the [the/such] Servicer shall be entitled to retain and withdraw such interest from the Custodial Account pursuant to Section 4.02(e). The amount of any losses incurred in respect of any such investments shall be deposited in the Custodial Account by the [related] Servicer out of its own funds, without any right of reimbursement therefor, immediately as realized.
(ii) The [The/Each] Servicer agrees that it shall not create, incur or subject any Mortgage Loans, or any funds that are deposited in any Custodial Account or Escrow Account, or any funds that otherwise are or may become due or payable to or for the benefit of the Indenture Trustee, to any claim, lien, security interest, judgment, levy, writ of attachment or other encumbrance, nor assert by legal action or otherwise any claim or right of setoff against any Mortgage Loan or any funds collected on, or in connection with, a Mortgage Loan.
Appears in 1 contract
Establishment of and Deposits to Custodial Account. (i) The Servicer shall segregate and hold all funds collected and received pursuant to the Mortgage Loans separate and apart from any of its own funds and general assets and shall initially establish and maintain one or more Custodial Accounts, in the form of time deposit or demand accounts, each of which accounts shall be titled “[HomeBanc Corp. in trust for U.S. Bank National Association[ ], as Indenture Trustee, for the HomeBanc Mortgage Trust 2005-1 [ ] Mortgage Backed Notes” and referred to herein as a “Custodial Account;” provided that so long as [HomeBanc Mortgage Corporation Corporation] is the subservicer Subservicer under the Subservicing Agreement, each Custodial Account shall be titled “[HomeBanc Mortgage Corporation Corporation] in trust for U.S. Bank National Association[ ], as Indenture Trustee, for the HomeBanc Mortgage Trust 2005-1 [ ] Mortgage Backed Notes.” Each Custodial Account shall be an Eligible Account. Any funds deposited in the Custodial Account shall at all times be insured by the FDIC up to the FDIC insurance limits, or must be invested in Eligible Investments subject to the provisions of Section 4.02(i) hereof. Funds deposited in the Custodial Account may be drawn on by the Servicer in accordance with Section 4.02(e) hereof. The creation of any Custodial Account shall be evidenced by a letter agreement in the form of Exhibit D hereto. A copy of such certification or letter agreement shall be furnished to the Indenture Trustee, the Master Servicer and, upon request, to any subsequent owner of the Mortgage Loans. The Servicer shall deposit or cause to be deposited into the Custodial Account, no later than 48 hours after receipt of funds, and retain therein the following payments and collections received or made by it subsequent to the Cut-off Date, or received by it prior to the Cut-off Date but allocable to a period subsequent thereto, other than in respect of principal and interest on the Mortgage Loans due on or before the Cut-off Date:
(1) all payments on account of principal, including Principal Prepayments and related penalties, on the Mortgage Loans;
(2) all payments on account of interest on the Mortgage Loans adjusted to the Net Mortgage Rate;
(3) all Net Liquidation Proceeds;
(4) any amounts required to be deposited by the Servicer in connection with any REO Property pursuant to Section 4.02(o) and in connection therewith, the Servicer shall provide the Master Servicer with written detail itemizing all of such amounts;
(5) all Insurance Proceeds including amounts required to be deposited pursuant to Section 4.02(j), 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 Accepted Servicing Practices, the Mortgage Loan Documents or applicable law;
(6) all Condemnation Proceeds affecting any Mortgaged Property which are not released to the Mortgagor in accordance with Accepted Servicing Practices, the loan documents or applicable law;
(7) any Monthly Advances;
(8) with respect to each full or partial Principal Prepayment, any Prepayment Interest Shortfalls, to the extent of the Servicer’s 's aggregate Servicing Fee received with respect to the related Prepayment Period;
(9) any amounts required to be deposited by the Servicer pursuant to Section 4.02(j) in connection with the deductible clause in any blanket hazard insurance policy, such deposit shall be made from the Servicer’s 's own funds, without reimbursement therefor; and
(10) any amounts required to be deposited in the Custodial Account pursuant this Agreement. The foregoing requirements for deposit in the Custodial Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, payments in the nature of the Servicing Fee and Ancillary Income, need not be deposited by the Servicer in the Custodial Account. Any interest paid on funds deposited in the Custodial Account by the depository institution and any income or appreciation on any investment of such funds shall accrue to the benefit of the Servicer and the Servicer shall be entitled to retain and withdraw such interest from the Custodial Account pursuant to Section 4.02(e). The amount of any losses incurred in respect of any such investments shall be deposited in the Custodial Account by the Servicer out of its own funds, without any right of reimbursement therefor, immediately as realized.
(ii) The Servicer agrees that it shall not create, incur or subject any Mortgage Loans, or any funds that are deposited in any Custodial Account or Escrow Account, or any funds that otherwise are or may become due or payable to or for the benefit of the Indenture Trustee, to any claim, lien, security interest, judgment, levy, writ of attachment or other encumbrance, nor assert by legal action or otherwise any claim or right of setoff against any Mortgage Loan or any funds collected on, or in connection with, a Mortgage Loan.
Appears in 1 contract
Samples: Transfer and Servicing Agreement (HMB Acceptance Corp.)
Establishment of and Deposits to Custodial Account. (i) The Servicer shall segregate and hold all funds collected and received pursuant to the Mortgage Loans separate and apart from any of its own funds and general assets and shall initially establish and maintain one or more Custodial Accounts, in the form of time deposit or demand accounts, each of which accounts shall be titled “[HomeBanc Corp. in trust for U.S. Bank National Association[ ], as Indenture Trustee, for the HomeBanc Mortgage Trust 2005Mortgage Pass-1 Mortgage Backed NotesThrough Certificates, Series [ ]” and referred to herein as a “Custodial Account;” provided that so long as [HomeBanc Mortgage Corporation Corporation] is the subservicer Subservicer under the Subservicing Agreement, each Custodial Account shall be titled “[HomeBanc Mortgage Corporation Corporation] in trust for U.S. Bank National Association[ ], as Indenture Trustee, for the HomeBanc Mortgage Trust 2005Mortgage Pass-1 Mortgage Backed NotesThrough Certificates, Series [ ].” Each Custodial Account shall be an Eligible Account. Any funds deposited in the Custodial Account shall at all times be insured by the FDIC up to the FDIC insurance limits, or must be invested in Eligible Investments subject to the provisions of Section 4.02(i) hereof. Funds deposited in the Custodial Account may be drawn on by the Servicer in accordance with Section 4.02(e) hereof. The creation of any Custodial Account shall be evidenced by a letter agreement in the form of Exhibit D hereto. A copy of such certification or letter agreement shall be furnished to the Indenture Trustee, the Master Servicer and, upon request, to any subsequent owner of the Mortgage Loans. The Servicer shall deposit or cause to be deposited into the Custodial Account, no later than 48 hours after receipt of funds, and retain therein the following payments and collections received or made by it subsequent to the Cut-off Date, or received by it prior to the Cut-off Date but allocable to a period subsequent thereto, other than in respect of principal and interest on the Mortgage Loans due on or before the Cut-off Date:
(1) all payments on account of principal, including Principal Prepayments and related penalties, on the Mortgage Loans;
(2) all payments on account of interest on the Mortgage Loans adjusted to the Net Mortgage Rate;
(3) all Net Liquidation Proceeds;
(4) any amounts required to be deposited by the Servicer in connection with any REO Property pursuant to Section 4.02(o) and in connection therewith, the Servicer shall provide the Master Servicer with written detail itemizing all of such amounts;
(5) all Insurance Proceeds including amounts required to be deposited pursuant to Section 4.02(j), 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 Accepted Servicing Practices, the Mortgage Loan Documents or applicable law;
(6) all Condemnation Proceeds affecting any Mortgaged Property which are not released to the Mortgagor in accordance with Accepted Servicing Practices, the loan documents or applicable law;
(7) any Monthly Advances;
(8) with respect to each full or partial Principal Prepayment, any Prepayment Interest Shortfalls, to the extent of the Servicer’s 's aggregate Servicing Fee received with respect to the related Prepayment Period;
(9) any amounts required to be deposited by the Servicer pursuant to Section 4.02(j) in connection with the deductible clause in any blanket hazard insurance policy, such deposit shall be made from the Servicer’s 's own funds, without reimbursement therefor; and
(10) any amounts required to be deposited in the Custodial Account pursuant this Agreement. The foregoing requirements for deposit in the Custodial Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, payments in the nature of the Servicing Fee and Ancillary Income, need not be deposited by the Servicer in the Custodial Account. Any interest paid on funds deposited in the Custodial Account by the depository institution and any income or appreciation on any investment of such funds shall accrue to the benefit of the Servicer and the Servicer shall be entitled to retain and withdraw such interest from the Custodial Account pursuant to Section 4.02(e). The amount of any losses incurred in respect of any such investments shall be deposited in the Custodial Account by the Servicer out of its own funds, without any right of reimbursement therefor, immediately as realized.
(ii) The Servicer agrees that it shall not create, incur or subject any Mortgage Loans, or any funds that are deposited in any Custodial Account or Escrow Account, or any funds that otherwise are or may become due or payable to or for the benefit of the Indenture Trustee, to any claim, lien, security interest, judgment, levy, writ of attachment or other encumbrance, nor assert by legal action or otherwise any claim or right of setoff against any Mortgage Loan or any funds collected on, or in connection with, a Mortgage Loan.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (HMB Acceptance Corp.)
Establishment of and Deposits to Custodial Account. (i) The Servicer shall segregate and hold all funds collected and received pursuant to the Mortgage Loans separate and apart from any of its own funds and general assets and shall initially establish and maintain one or more Custodial Accounts, in the form of time deposit or demand accounts, each of which accounts shall be titled “HomeBanc Corp. Mortgage Corporation. in trust for U.S. Bank National Association, as Indenture Trustee, for the HomeBanc Mortgage Trust 20052006-1 Mortgage Backed NotesPass-Through Certificates” and referred to herein as a “Custodial Account;” provided that so long as HomeBanc Mortgage Corporation is the subservicer under the Subservicing Agreement, each Custodial Account shall be titled “HomeBanc Mortgage Corporation in trust for U.S. Bank National Association, as Indenture Trustee, for the HomeBanc Mortgage Trust 2005-1 Mortgage Backed Notes.” Each Custodial Account shall be an Eligible Account. Any funds deposited in the Custodial Account shall at all times be insured by the FDIC up to the FDIC insurance limits, or must be invested in Eligible Investments subject to the provisions of Section 4.02(i) hereof; provided, however that any such Eligible Investment shall not be sold or disposed of prior to its maturity. Funds deposited in the Custodial Account may be drawn on by the Servicer in accordance with Section 4.02(e) hereof. The creation of any Custodial Account shall be evidenced by a letter agreement in the form of Exhibit D C hereto. A copy of such certification or letter agreement shall be furnished to the Indenture Trustee, the Master Servicer and, upon request, to any subsequent owner of the Mortgage Loans. The Servicer shall deposit or cause to be deposited into the Custodial Account, no later than 48 hours after receipt of funds, and retain therein the following payments and collections received or made by it subsequent to the Cut-off Date, or received by it prior to the Cut-off Date but allocable to a period subsequent thereto, other than in respect of principal and interest on the Mortgage Loans due on or before the Cut-off Date:
(1) all payments on account of principal, including Principal Prepayments and related penalties, on the Mortgage Loans;
(2) all payments on account of interest on the Mortgage Loans adjusted to the Net Mortgage Rate;
(3) all Net Liquidation Proceeds;
(4) any amounts required to be deposited by the Servicer in connection with any REO Property pursuant to Section 4.02(o) and in connection therewith, the Servicer shall provide the Master Servicer with written detail itemizing all of such amounts;
(5) all Insurance Proceeds including amounts required to be deposited pursuant to Section 4.02(j), 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 Accepted Servicing Practices, the Mortgage Loan Documents or applicable law;
(6) all Condemnation Proceeds affecting any Mortgaged Property which are not released to the Mortgagor in accordance with Accepted Servicing Practices, the loan documents or applicable law;
(7) any Monthly Advances;
(8) with respect to each full or partial Principal Prepayment, any Prepayment Interest Shortfalls, to the extent of the Servicer’s 's aggregate Servicing Fee received with respect to the related Prepayment Period;
(9) any amounts required to be deposited by the Servicer pursuant to Section 4.02(j) in connection with the deductible clause in any blanket hazard insurance policy, such deposit shall be made from the Servicer’s 's own funds, without reimbursement therefor; and
(10) any other amounts required to be deposited in the Custodial Account pursuant this Agreement. The foregoing requirements for deposit in the Custodial Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, payments in the nature of the Servicing Fee and Ancillary Income, need not be deposited by the Servicer in the Custodial Account. Any interest paid on funds deposited in the Custodial Account by the depository institution and any income or appreciation on any investment of such funds shall accrue to the benefit of the Servicer and the Servicer shall be entitled to retain and withdraw such interest from the Custodial Account pursuant to Section 4.02(e). The amount of any losses incurred in respect of any such investments shall be deposited in the Custodial Account by the Servicer out of its own funds, without any right of reimbursement therefor, immediately as realized.
(ii) The Servicer agrees that it shall not create, incur or subject any Mortgage Loans, or any funds that are deposited in any Custodial Account or Escrow Account, or any funds that otherwise are or may become due or payable to or for the benefit of the Indenture Trustee, to any claim, lien, security interest, judgment, levy, writ of attachment or other encumbrance, nor assert by legal action or otherwise any claim or right of setoff against any Mortgage Loan or any funds collected on, or in connection with, a Mortgage Loan.
Appears in 1 contract
