Final Distribution on the Certificates. If on any Determination Date, the Trustee determines that there are no Outstanding Mortgage Loans and no other funds or assets in the Trust Fund other than the funds in the Collection Accounts and Certificate Account, the Trustee shall promptly send a final distribution notice to each Certificateholder. If the Optional Termination Holder above elects to terminate the Trust Fund pursuant to Section 9.01, at least 20 days prior to the date notice is to be mailed to the affected Certificateholders such Person shall notify the Servicers and the Trustee of the date the Depositor intends to terminate the Trust Fund and of the applicable repurchase price of the Mortgage Loans and REO Properties. Notice of any termination of the Trust Fund, specifying the Distribution Date on which Certificateholders shall surrender their Certificates for payment of the final distribution and cancellation, shall be given promptly by the Trustee by letter to Certificateholders mailed not earlier than the 10th day and not later than the 15th day of the month next preceding the month of such final distribution. Any such notice shall specify (a) the Distribution Date upon which final distribution on the Certificates will be made upon presentation and surrender of Certificates at the office therein designated, (b) the amount of such final distribution, (c) the location of the office or agency at which such presentation and surrender must be made, and (d) that the Record Date otherwise applicable to such Distribution Date is not applicable, distributions being made only upon presentation and surrender of the Certificates at the office therein specified. The Trustee shall give such notice to each Rating Agency at the time such notice is given to Certificateholders. Upon presentation and surrender of the Certificates, the Trustee shall cause to be distributed to the Certificateholders of each Class, in each case on the final Distribution Date and in the order set forth in Section 4.02, in the case of the Certificateholders, in proportion to their respective Percentage Interests, with respect to Certificateholders of the same Class, an amount equal to (i) as to each Class of Regular Certificates, the Certificate Balance thereof plus accrued interest thereon (or on their Notional Amount, if applicable) in the case of an interest-bearing Certificate and (ii) as to the Residual Certificates, the amount, if any, which remains on deposit in the Collection Accounts (other than the amounts retained to meet claims) after application pursuant to clause (i) above. In the event that any affected Certificateholders shall not surrender Certificates for cancellation within six months after the date specified in the above mentioned written notice, the Trustee shall give a second written notice to the remaining Certificateholders to surrender their Certificates for cancellation and receive the final distribution with respect thereto. If within six months after the second notice all the applicable Certificates shall not have been surrendered for cancellation, the Trustee may take appropriate steps, or may appoint an agent to take appropriate steps, to contact the remaining Certificateholders concerning surrender of their Certificates, and the cost thereof shall be paid out of the funds and other assets which remain a part of the Trust Fund. If within one year after the second notice all Certificates shall not have been surrendered for cancellation, the Class A-R Certificateholders shall be entitled to all unclaimed funds and other assets of the Trust Fund which remain subject hereto and the Trustee shall be discharged from all further liability with respect to the Certificates and this Agreement.
Appears in 10 contracts
Samples: Pooling and Servicing Agreement (Credit Suisse First Boston Mortgage Securities Corp), Pooling and Servicing Agreement (Home Equity Mortgage Pass-Through Certificates Series 2003-5), Pooling and Servicing Agreement (Home Equity Mortgage Pass Through Certificates Series 2002-2)
Final Distribution on the Certificates. If on any Determination Date, the Trustee determines receives notice that there are no Outstanding Mortgage Loans and no other funds or assets in the Underlying Trust Fund other than the funds in the Collection Accounts and Certificate Account, the Trustee shall promptly send a final distribution notice to each Certificateholder. If the Optional Termination Holder above elects to terminate the Trust Fund pursuant to Section 9.01, at least 20 days prior to the date notice is to be mailed to terminated in accordance with the affected Certificateholders such Person terms of the Underlying Agreement, notice shall notify the Servicers and be given by the Trustee of the date the Depositor intends to terminate the Trust Fund and of the applicable repurchase price of the Mortgage Loans and REO PropertiesCertificateholders as promptly as practicable thereafter. Notice of any termination of the Trust Fund, specifying the Distribution Date on which Certificateholders shall may surrender their Certificates for payment of the final distribution and cancellation, shall be given promptly by the Trustee by letter to Certificateholders mailed not earlier than the 10th day and not no later than the 15th day of the month next preceding the month of such final distributiondistribution and not later than as promptly practicable after the Trustee receives notice that the Underlying Trust is to be terminated in accordance with the terms of the Underlying Agreement. Any such notice shall specify (a) the Distribution Date upon which final distribution on the Certificates will be made upon presentation and surrender of Certificates at the office therein designated, (b) the amount of such final distribution, (c) the location of the office or agency at which such presentation and surrender must be made, and (d) that the Record Date otherwise applicable to such Distribution Date is not applicable, distributions being made only upon presentation and surrender of the Certificates at the office therein specified. The Trustee shall will also give such notice to each Rating Agency at the time such notice is given to Certificateholders. Upon the final distribution with respect to the Trust Fund, the Trustee shall promptly release to the Holder of the Class A-R Certificate the Deposited Underlying Certificates. Upon presentation and surrender of the Certificates, the Trustee shall cause to be distributed to the Certificateholders of each Class, in each case on the final Distribution Date and in the order set forth in Section 4.023.04. hereof, in on the case of the Certificateholders, final Distribution Date in proportion to their respective Percentage Interests, with respect to Certificateholders of the same Class, an amount equal to (i) as to each Class of Regular Certificates, the Certificate Balance thereof plus accrued interest thereon (or on their Notional Amount, if applicable) in the case of an interest-interest bearing Certificate and (ii) as to the Residual Certificates, the amount, if any, which remains on deposit in the Collection Accounts Distribution Account (other than the amounts retained to meet claims) after application pursuant to clause (i) above. Notwithstanding the reduction of the Class Certificate Balance of any Class of Certificates to zero, such Class will be outstanding hereunder (solely for the purpose of receiving distributions and not for any other purpose) until the termination of the respective obligations and responsibilities of the Depositor, the Underlying Certificate Seller, and the Trustee hereunder in accordance with Article VII. In the event that any affected Certificateholders shall not surrender Certificates for cancellation within six months after the date specified in the above mentioned written notice, the Trustee shall give a second written notice to the remaining Certificateholders to surrender their Certificates for cancellation and receive the final distribution with respect thereto. If within six months after the second notice all the applicable Certificates shall not have been surrendered for cancellation, the Trustee may take appropriate steps, or may appoint an agent to take appropriate steps, to contact the remaining Certificateholders concerning surrender of their Certificates, and the cost thereof shall be paid out of the funds and other assets which remain a part of the Trust Fund. If within one year after the second notice all Certificates shall not have been surrendered for cancellation, the Class A-R Certificateholders Certificateholder shall be entitled to all unclaimed funds and other assets of the Trust Fund which remain subject hereto and the Trustee shall be discharged from all further liability with respect to the Certificates and this Agreementhereto.
Appears in 7 contracts
Samples: Trust Agreement (Alternative Loan Trust Resecuritization 2007-26r), Trust Agreement (Cwalt Inc), Trust Agreement (CWMBS Inc)
Final Distribution on the Certificates. (i) If on any Determination Date, (i) the Trustee Master Servicer determines that there are no Outstanding related Mortgage Loans and no other funds or assets in the related Sub-Trust Fund other than the related funds in the Collection Accounts and Certificate Protected Account, the Master Servicer shall direct the Trustee shall promptly to send a final distribution notice promptly to each Certificateholderrelated Certificateholder or (ii) the Trustee determines that a Class of Certificates shall be retired after a final distribution on such Class, the Trustee shall notify the related Certificateholders within five (5) Business Days after such Determination Date that the final distribution in retirement of such Class of Certificates is scheduled to be made on the immediately following Distribution Date. Any final distribution made pursuant to the immediately preceding sentence will be made only upon presentation and surrender of the related Certificates at the Corporate Trust Office of the Trustee. If the Optional Termination Holder above related Majority Class CE Certificateholder or the Master Servicer, as applicable, elects to terminate the related Sub-Trust Fund pursuant to Section 9.0110.01, at least 20 days prior to the date notice is to be mailed to the affected Certificateholders such Person related Certificateholders, the related Majority Class CE Certificateholder or the Master Servicer, as applicable, shall notify the Servicers Depositor, each Swap Provider and the Trustee of the date the Depositor related Majority Class CE Certificateholder or the Master Servicer, as applicable, intends to terminate the Trust Fund and of related Sub-Trust. The related Majority Class CE Certificateholder or the applicable repurchase price of Master Servicer, as applicable, shall remit the Mortgage Loans and REO Properties. Notice of any termination of Loan Purchase Price to the Trust Fund, specifying Trustee two Business Days prior to the Distribution Date on which Certificateholders shall surrender their Certificates for payment of the final distribution and cancellation, shall be given promptly such related Optional Termination by the Trustee by letter to Certificateholders mailed not earlier than related Majority Class CE Certificateholder or the 10th day and not later than the 15th day of the month next preceding the month of such final distribution. Any such notice shall specify (a) the Distribution Date upon which final distribution on the Certificates will be made upon presentation and surrender of Certificates at the office therein designatedMaster Servicer, (b) the amount of such final distribution, (c) the location of the office or agency at which such presentation and surrender must be made, and (d) that the Record Date otherwise applicable to such Distribution Date is not as applicable, distributions being made only upon presentation and surrender of the Certificates at the office therein specified. The Trustee shall give such notice to each Rating Agency at the time such notice is given to Certificateholders. Upon presentation and surrender of the Certificates, the Trustee shall cause to be distributed to the Certificateholders of each Class, in each case on the final Distribution Date and in the order set forth in Section 4.02, in the case of the Certificateholders, in proportion to their respective Percentage Interests, with respect to Certificateholders of the same Class, an amount equal to (i) as to each Class of Regular Certificates, the Certificate Balance thereof plus accrued interest thereon (or on their Notional Amount, if applicable) in the case of an interest-bearing Certificate and (ii) as to the Residual Certificates, the amount, if any, which remains on deposit in the Collection Accounts (other than the amounts retained to meet claims) after application pursuant to clause (i) above. In the event that any affected Certificateholders shall not surrender Certificates for cancellation within six months after the date specified in the above mentioned written notice, the Trustee shall give a second written notice to the remaining Certificateholders to surrender their Certificates for cancellation and receive the final distribution with respect thereto. If within six months after the second notice all the applicable Certificates shall not have been surrendered for cancellation, the Trustee may take appropriate steps, or may appoint an agent to take appropriate steps, to contact the remaining Certificateholders concerning surrender of their Certificates, and the cost thereof shall be paid out of the funds and other assets which remain a part of the Trust Fund. If within one year after the second notice all Certificates shall not have been surrendered for cancellation, the Class A-R Certificateholders shall be entitled to all unclaimed funds and other assets of the Trust Fund which remain subject hereto and the Trustee shall be discharged from all further liability with respect to the Certificates and this Agreement.
Appears in 6 contracts
Samples: Pooling and Servicing Agreement (Bear Stearns Asset Backed Securities I Trust 2006-He10), Pooling and Servicing Agreement (Bear Stearns Asset Backed Securities I Trust 2007-He2), Pooling and Servicing Agreement (Bsabs 2006-He8)
Final Distribution on the Certificates. If on any Determination Date, the Trustee Master Servicer determines that there are no Outstanding Mortgage Loans and no other funds or assets in the Trust Fund other than the funds in the Collection Accounts and Certificate Account, the Trustee Master Servicer shall direct the Trust Administrator promptly to send a final distribution notice Notice of Final Distribution to each Certificateholder. If the Optional Termination Holder above Master Servicer elects to terminate the Trust Fund pursuant to clause (a) of Section 9.0110.01, at least 20 5 days prior to the date notice Notice of Final Distribution is to be mailed to the affected Certificateholders such Person Certificateholders, the Master Servicer shall notify the Servicers Depositor and the Trustee of the date the Depositor Master Servicer intends to terminate the Trust Fund and of the applicable repurchase price of the Mortgage Loans and REO PropertiesFund. Notice of any termination of the Trust Fund, specifying the Distribution Date on which Certificateholders shall may surrender their Certificates for payment of the final distribution and cancellation, shall be given promptly by the Trustee Trust Administrator by letter to Certificateholders mailed not earlier than the 10th 15th day of the month preceding the month of such final distribution and not later than the 15th 5th day of the month next preceding the month of such final distribution. Any such notice Notice of Final Distribution shall specify (a) the Distribution Date upon which final distribution on the Certificates will be made upon presentation and surrender of Certificates at the office therein designated, (b) the amount of such final distribution, (c) the location of the office or agency at which such presentation and surrender must be made, and (dc) that the Record Date otherwise applicable to such Distribution Date is not applicable, distributions being made only upon presentation and surrender of the Certificates at the office therein specified. The Trustee shall Trust Administrator will give such notice to each Rating Agency at the time such notice is given to Certificateholders. Upon presentation and surrender of the Certificates, the Trustee Trust Administrator shall cause to be distributed to the Certificateholders of each Class, in each case on the final Distribution Date and in the order set forth in Section 4.024.02 hereof, in on the case of the Certificateholdersfinal Distribution Date, in proportion to their respective Percentage Interests, with respect to Certificateholders of the same Class, an amount equal to (i) as to each Class of Regular Certificates, the Certificate Principal Balance thereof plus (a) accrued interest thereon (or on their Notional Amount, if applicable) in the case of an interest-bearing Certificate and (b) any applicable PO Deferred Amounts in the case of the Class PO Certificates, and (ii) as to the Residual Certificates, the amount, if any, which remains on deposit in the Collection Accounts Distribution Account (other than the amounts retained to meet claims) after application pursuant to clause (i) above. In the event that any affected Certificateholders shall not surrender Certificates for cancellation within six months after the date specified in the above above-mentioned written notice, the Trustee Trust Administrator shall give a second written notice to the remaining Certificateholders to surrender their Certificates for cancellation and receive the final distribution with respect thereto. If within six months after the second notice all the applicable Certificates shall not have been surrendered for cancellation, the Trustee Trust Administrator may take appropriate reasonable steps, or may appoint an agent to take appropriate reasonable steps, to contact the remaining Certificateholders concerning surrender of their Certificates, and the cost thereof shall be paid out of the funds and other assets which remain a part of the Trust Fund. If within one year after Upper-Tier REMIC that remain subject hereto and the second notice (i) the Class A-LR Certificateholders shall be entitled to all Certificates shall not have been surrendered for cancellation, unclaimed funds and other assets of the Lower-Tier REMIC and (ii) the Class A-R Certificateholders shall be entitled to all unclaimed funds and other assets of the Trust Fund which Upper-Tier REMIC, in each case, that remain subject hereto and the Trustee shall be discharged from all further liability with respect to the Certificates and this Agreementhereto.
Appears in 5 contracts
Samples: Pooling and Servicing Agreement (Mastr Alternative Loan Trust 2004-11), Pooling and Servicing Agreement (Mastr Alternative Loan Trust 2004-11), Pooling and Servicing Agreement (MASTR Alternative Loan Trust 2004-8)
Final Distribution on the Certificates. If on any Determination Date, the Trustee determines that there are no Outstanding Mortgage Loans and no other funds or assets in the Trust Fund other than the funds in the Collection Accounts and Certificate Account, the Trustee shall promptly send a final distribution notice to each Certificateholder. If the Optional Termination Holder above Terminating Entity elects to terminate the Trust Fund pursuant to Section 9.01, at least 20 10 days prior to the date notice is to be mailed to first day of the affected Certificateholders such Person Optional Termination Notice Period, the Terminating Entity shall notify any other Servicer, the Servicers Rating Agencies, the Swap Counterparty and the Trustee of the date the Depositor it intends to terminate the Trust Fund and of the applicable repurchase price of the Mortgage Loans and REO Properties. Notice of any termination of the Trust Fund, specifying the Distribution Date on which Certificateholders shall may surrender their Certificates for payment of the final distribution and cancellation, shall be given promptly by the Trustee by letter to Certificateholders mailed not earlier than the 10th 15th day and not later than the 15th 10th day of the month next preceding the month of such final distribution. Any such notice shall specify (a) the Distribution Date upon which final distribution on the Certificates will be made upon presentation and surrender of Certificates at the office therein designated, (b) the amount of such final distribution, (c) the location of the office or agency at which such presentation and surrender must be made, and (d) that the Record Date otherwise applicable to such Distribution Date is not applicable, distributions being made only upon presentation and surrender of the Certificates at the office therein specified. The Trustee shall give such notice to each Rating Agency at the time such notice is given to Certificateholders. Upon presentation and surrender of On the Certificatesfinal Distribution Date, the Trustee shall cause to be distributed to the Certificateholders of each Class, upon presentation and surrender of the Certificates, and to the Trustee and the Credit Risk Manager distributions and payments in each case on the final Distribution Date and in the order set forth in accordance with Section 4.02, in the case of the Certificateholders, in proportion to their respective Percentage Interests, with respect to Certificateholders of the same Class, an amount equal to (i) as to each Class of Regular Certificates, the Certificate Balance thereof plus accrued interest thereon (or on their Notional Amount, if applicable) in the case of an interest-bearing Certificate and (ii) as to the Residual Certificates, the amount, if any, which remains on deposit in the Collection Accounts (other than the amounts retained to meet claims) after application pursuant to clause (i) above. In the event that any affected Certificateholders shall not surrender Certificates for cancellation within six months after the date specified in the above mentioned written notice, the Trustee shall give a second written notice to the remaining Certificateholders to surrender their Certificates for cancellation and receive the final distribution with respect thereto. If within six months after the second notice all the applicable Certificates shall not have been surrendered for cancellation, the Trustee may take reasonable and appropriate steps, or may appoint an agent to take reasonable and appropriate steps, to contact the remaining Certificateholders concerning surrender of their Certificates, and the cost thereof shall be paid out of the funds and other assets which remain a part of the Trust Fund. If within one year after the second notice all Certificates shall not have been surrendered for cancellation, the Class A-R Certificateholders shall be entitled to all unclaimed funds and other assets of the Trust Fund which remain subject hereto and the Trustee shall be discharged from all further liability with respect to the Certificates and this Agreement.
Appears in 5 contracts
Samples: Pooling and Servicing Agreement (Home Equity Asset Trust 2006-6), Pooling and Servicing Agreement (Home Equity Asset Trust 2006-7), Pooling and Servicing Agreement (Home Equity Asset Trust 2006-8)
Final Distribution on the Certificates. If on any Determination Remittance Date, the Trustee Servicer determines that there are no Outstanding Mortgage Loans and no other funds or assets in the Trust Fund other than the funds in the Collection Accounts and Certificate Account, the Servicer shall direct the Trustee shall promptly to send a final distribution notice Notice of Final Distribution to each CertificateholderCertificateholder and the Swap Provider. If the Optional Termination Holder above Servicer elects to terminate exercise its option to purchase the Trust Fund Mortgage Loans pursuant to clause (a) of Section 9.01, at least 20 days prior to the date notice the Notice of Final Distribution is to be mailed to the affected Certificateholders such Person Certificateholders, the Servicer shall notify the Servicers Depositor and the Trustee of (a) the date on which the Depositor Servicer intends to terminate exercise such purchase option and (b) the Termination Price. In the event such Notice of Final Distribution is given, the Servicer shall cause all funds in the Collection Account to be remitted to the Trustee for deposit in the Distribution Account on the Business Day prior to the applicable Distribution Date in an amount equal to the final distribution in respect of the Certificates. Upon such final deposit with respect to the Trust Fund and of the applicable repurchase price of the Mortgage Loans and REO Properties. Notice of any termination of the Trust Fund, specifying the Distribution Date on which Certificateholders shall surrender their Certificates for payment of the final distribution and cancellation, shall be given promptly receipt by the Trustee by letter and the Custodian of a Request for Release therefor, the Custodian shall promptly release to Certificateholders mailed not earlier than the 10th day and not later than Servicer the 15th day of Custodial Files for the month next preceding the month of such final distribution. Any such notice shall specify (a) the Distribution Date upon which final distribution on the Certificates will be made upon presentation and surrender of Certificates at the office therein designated, (b) the amount of such final distribution, (c) the location of the office or agency at which such presentation and surrender must be made, and (d) that the Record Date otherwise applicable to such Distribution Date is not applicable, distributions being made only upon presentation and surrender of the Certificates at the office therein specified. The Trustee shall give such notice to each Rating Agency at the time such notice is given to CertificateholdersMortgage Loans. Upon presentation and surrender of the Certificates, the Trustee shall cause to be distributed to the Certificateholders of each ClassClass (after reimbursement of all amounts due to the Servicer, the Depositor and the Trustee hereunder), in each case on the final Distribution Date and in the order set forth in Section 4.02, in the case of the Certificateholders, in proportion to their respective Percentage Interests, with respect to Certificateholders of the same Class, up to an amount equal to (i) as to each Class of Regular Certificates (except the Class X Certificates), the Certificate Balance thereof plus for each such Class and the Class X Certificates accrued interest thereon (or on their Notional Amount, if applicable) in the case of an interest-bearing Certificate and all other amounts to which such Classes are entitled pursuant to Section 4.02 and (ii) as to the Residual Certificates, the amount, if any, which remains on deposit in the Collection Accounts Distribution Account (other than the amounts retained to meet claims) after application pursuant to clause (i) above. In the event that any affected Certificateholders shall not surrender Certificates for cancellation within six months after the date specified in the above mentioned written noticeNotice of Final Distribution, the Trustee shall give a second written notice to the remaining Certificateholders to surrender their Certificates for cancellation and receive the final distribution with respect thereto. If within six months after the such second notice all the applicable Certificates shall not have been surrendered for cancellation, the Trustee may take appropriate steps, or may appoint an agent to take appropriate steps, to contact the remaining Certificateholders concerning surrender of their Certificates, and the cost thereof shall be paid out of the funds and other assets which remain a part of the Trust Fund. If within one year after the second notice all Certificates shall not have been surrendered for cancellation, the Class A-R Residual Certificateholders shall be entitled to all unclaimed funds and other assets of the Trust Fund which remain subject hereto and the Trustee shall be discharged from all further liability with respect to the Certificates and this Agreementhereto.
Appears in 5 contracts
Samples: Pooling and Servicing Agreement (EquiFirst Loan Securitization Trust 2007-1), Pooling and Servicing Agreement (Securitized Asset Backed Receivables LLC Trust 2006-Wm3), Pooling and Servicing Agreement (Securitized Asset Backed Receivables LLC Trust 2006-Wm4)
Final Distribution on the Certificates. If on any Determination Date, the Trustee NIM Insurer or the Servicer determines that there are no Outstanding Mortgage Loans and no other funds or assets in the Trust Fund other than the funds in the Collection Accounts and Certificate Account, the NIM Insurer or the Servicer shall direct the Trustee shall promptly to send a final distribution notice to each Certificateholder. If the Optional Termination Holder above NIM Insurer or the Servicer elects to terminate the Trust Fund pursuant to clause (a) of Section 9.01, at least 20 twenty (20) days prior to before the date notice is to be mailed to the affected Certificateholders such Person Certificateholders, the Servicer shall notify the Servicers Depositor and the Trustee of the date the Depositor Servicer intends to terminate the Trust Fund and of the applicable repurchase price of the Mortgage Loans and REO Properties. Notice of any termination of the Trust Fund, specifying the Distribution Date on which Certificateholders shall may surrender their Certificates for payment of the final distribution and cancellation, shall be given promptly by the Trustee by letter to Certificateholders Certificateholders, mailed not earlier than the 10th day and not later than the 15th day of the month next preceding the month of such final distribution. Any such notice shall specify (a) the Distribution Date upon which final distribution on the Certificates will be made upon presentation and surrender of Certificates at the office therein designated, (b) the amount of such final distribution, (c) the location of the office or agency at which such presentation and surrender must be made, made and (d) that the Record Date otherwise applicable to such the Distribution Date is not applicable, distributions being made only upon presentation and surrender of the Certificates at the office therein specified. The Trustee shall Servicer will give such notice to each Rating Agency at the time such notice is given to Certificateholders. If the notice is given, the Servicer shall cause all funds in the Certificate Account to be remitted to the Trustee for deposit in the Distribution Account on the Business Day before the applicable Distribution Date in an amount equal to the final distribution in respect of the Certificates. Upon such final deposit with respect to the Trust Fund and the receipt by the Trustee of a Request for Release therefor, the Trustee shall promptly release to the Servicer the Mortgage Files for the Mortgage Loans. Upon presentation and surrender of the Certificates, the Trustee shall cause to be distributed to the Certificateholders of each Class, in each case on the final Distribution Date and in the order set forth stated in Section 4.02, in the case of the Certificateholders, in proportion to their respective Percentage Interests, with respect to Certificateholders of the same Class, an amount equal to (i) as to each Class of Regular CertificatesCertificates (except the Class C Certificate), the its Certificate Balance thereof plus for each such Class accrued interest thereon (or on their Notional Amount, if applicable) in the case of an interest-bearing Certificate and (ii) as to the Residual Certificates, the amount, if any, which remains any amount remaining on deposit in the Collection Accounts Distribution Account (other than the amounts retained to meet claims) after application pursuant to clause (i) above. In By acceptance of the event Residual Certificates, the holders of the Residual Certificates agree, in connection with any termination hereunder, that their rights to receive any amounts pursuant to clause (ii) in the immediately preceding sentence hereby are assigned and transferred and, to the extent received in respect of such termination, to pay any such amounts to the holders of the Class C Certificates. If any affected Certificateholders shall Certificateholder does not surrender its Certificates for cancellation within six (6) months after the date specified in the above mentioned written notice, the Trustee shall give a second written notice to the remaining Certificateholders to surrender their Certificates for cancellation and receive the final distribution with respect thereto. If within six (6) months after the second notice all the applicable Certificates shall not have been surrendered for cancellation, the Trustee may take appropriate steps, or may appoint an agent to take appropriate steps, to contact the remaining Certificateholders concerning surrender of their Certificates, and the cost thereof shall be paid out of the funds and other assets which that remain a part of the Trust Fund. If within one year after the second notice all Certificates shall not have been surrendered for cancellation, the Class A-R Residual Certificateholders shall be entitled to all unclaimed funds and other assets of the Trust Fund which that remain subject hereto and the Trustee shall be discharged from all further liability with respect to the Certificates and this Agreementhereto.
Appears in 4 contracts
Samples: Pooling and Servicing Agreement (IndyMac MBS Home Equity Mortgage Loan Asset Backed Trust, Series INABS 2006-D), Pooling and Servicing Agreement (Home Equity Mortgage Loan Asset-Backed Trust, Series INABS 2006-A), Pooling and Servicing Agreement (Indymac Abs Inc)
Final Distribution on the Certificates. If on any Determination Date, (i) the Trustee determines that there are no Outstanding Mortgage Loans and no other funds or assets in the Trust Fund other than the funds in the Collection Accounts and Certificate Account, the Trustee shall promptly send a final distribution notice promptly to each CertificateholderCertificateholder and the NIMs Insurer or (ii) the Trustee determines that a Class of Certificates shall be retired after a final distribution on such Class, the Trustee shall notify the Certificateholders within seven (7) Business Days after such Determination Date that the final distribution in retirement of such Class of Certificates is scheduled to be made on the immediately following Distribution Date. Any final distribution made pursuant to the immediately preceding sentence will be made only upon presentation and surrender of the Certificates at the office of the Trustee. If the Optional Termination Holder above Trustee elects to terminate the Trust Fund pursuant to clause (a) of Section 9.01, at least 20 10 days prior to the date notice is to be mailed to the affected Certificateholders such Person Certificateholders, the Trustee shall notify the Servicers Depositor and the Trustee Servicer of the date the Depositor such electing party intends to terminate the Trust Fund and of the applicable repurchase price of the Mortgage Loans and REO Properties. Notice of any termination of the Trust Fund, specifying the Distribution Date on which Certificateholders shall may surrender their Certificates for payment of the final distribution and cancellation, shall be given promptly by the Trustee by letter to Certificateholders mailed not earlier than the 10th day and not no later than the 15th day of the month next immediately preceding the month of such final distribution. Any such notice shall specify (a) the Distribution Date upon which final distribution on the Certificates will be made upon presentation and surrender of Certificates at the office therein designated, (b) the amount of such final distribution, (c) the location of the office or agency at which such presentation and surrender must be made, and (dc) that the Record Date otherwise applicable to such Distribution Date is not applicable, distributions being made only upon presentation and surrender of the Certificates at the office therein specified. The Trustee shall will give such notice to the NIMs Insurer and each Rating Agency at the time such notice is given to Certificateholders. In the event such notice is given, the Servicer shall cause all funds in the Collection Account to be deposited in the Certificate Account on the Business Day prior to the applicable Distribution Date in an amount equal to the final distribution in respect of the Certificates. Upon such final deposit with respect to the Trust Fund and the receipt by the Trustee of a Request for Release therefor, the Trustee shall promptly release to the Trustee or the NIMs Insurer, as applicable, the Mortgage Files for the Mortgage Loans. Upon presentation and surrender of the Certificates, the Trustee shall cause to be distributed to the Certificateholders of each Class, Class the amounts allocable to such Certificates held in each case the Certificate Account in the order and priority set forth in Section 4.04 hereof on the final Distribution Date and in the order set forth in Section 4.02, in the case of the Certificateholders, in proportion to their respective Percentage Interests, with respect to Certificateholders of the same Class, an amount equal to (i) as to each Class of Regular Certificates, the Certificate Balance thereof plus accrued interest thereon (or on their Notional Amount, if applicable) in the case of an interest-bearing Certificate and (ii) as to the Residual Certificates, the amount, if any, which remains on deposit in the Collection Accounts (other than the amounts retained to meet claims) after application pursuant to clause (i) above. In the event that any affected Certificateholders shall not surrender Certificates for cancellation within six months after the date specified in the above mentioned written notice, the Trustee shall give a second written notice to the remaining Certificateholders to surrender their Certificates for cancellation and receive the final distribution with respect thereto. If within six months after the second notice all the applicable Certificates shall not have been surrendered for cancellation, the Trustee may take appropriate steps, or may appoint an agent to take appropriate steps, to contact the remaining Certificateholders concerning surrender of their Certificates, and the cost thereof shall be paid out of the funds and other assets which that remain a part of the Trust Fund. If within one year after the second notice all Certificates shall not have been surrendered for cancellation, the Class A-R Certificateholders shall be entitled to all unclaimed funds and other assets of the Trust Fund which that remain subject hereto hereto. Upon payment to the Class R Certificateholders of such funds and assets, the Trustee shall be discharged from all have no further liability duties or obligations with respect to the Certificates and this Agreementthereto.
Appears in 4 contracts
Samples: Pooling and Servicing Agreement (Merrill Lynch Mortgage Investors Inc), Pooling and Servicing Agreement (Mortgage Loan Asset-Backed Certificates Series 2003 He1), Pooling and Servicing Agreement (Merrill Lynch Mortgage Investors Inc)
Final Distribution on the Certificates. If on any Determination Date, the Trustee Master Servicer determines that there are no Outstanding Mortgage Loans and no other funds or assets in the Trust Fund other than the funds in the Collection Accounts and Certificate Account, the Trustee Master Servicer shall direct the Trust Administrator promptly to send a final distribution notice to each Certificateholder. If the Optional Termination Holder above Master Servicer elects to terminate the Trust Fund exercise its termination rights pursuant to clause (a) of Section 9.0110.01, at least 20 5 days prior to the date notice is to be mailed to the affected Certificateholders such Person Certificateholders, the Master Servicer shall notify the Servicers Depositor and the Trustee Trust Administrator of the date the Depositor Master Servicer intends to terminate the Trust Fund and of the applicable repurchase price of the Mortgage Loans and REO Propertiesexercise its termination rights. Notice of any termination of the Trust Fund, or of the exercise of the Master Servicer’s termination rights, specifying the Distribution Date on which related Certificateholders shall may surrender their Certificates for payment of the final distribution and cancellation, shall be given promptly by the Trustee Trust Administrator by letter to related Certificateholders mailed not earlier than the 10th day and not later than the 15th day of the month next preceding the month of such final distribution and not later than the 5th day of the month of such final distribution. Any such notice shall specify (a) the Distribution Date upon which final distribution on the related Certificates will be made upon presentation and surrender of such Certificates at the office therein designated, (b) the amount of such final distribution, (c) the location of the office or agency at which such presentation and surrender must be made, and (dc) that the Record Date otherwise applicable to such Distribution Date is not applicable, distributions being made only upon presentation and surrender of the related Certificates at the office therein specified. The Trustee shall Trust Administrator will give such notice to each Rating Agency at the time such notice is given to related Certificateholders. Upon presentation and surrender of the related Certificates, the Trustee Trust Administrator shall cause to be distributed to the Certificateholders of each related Class, in each case on the final Distribution Date and in the order set forth in Section 4.024.02 hereof, all amounts required to be distributed to it pursuant to Section 4.02 and, in the case of the CertificateholdersCertificateholders of the same Class, in proportion to their respective Percentage Interests, with respect to Certificateholders of the same Class, an amount equal to (i) as to each Class of Regular Certificates, the Certificate Principal Balance thereof plus (a) accrued interest thereon (or on their Notional Amount, if applicable) in the case of an interest-interest bearing Certificate and (b) any Group 1 PO Deferred Amount and Group 3 PO Deferred Amount, as applicable, in the case of the Class PO Certificates, and (ii) as to the Residual Certificates, the amount, if any, which remains on deposit in the Collection Accounts Distribution Account (other than the amounts retained to meet claims) after application pursuant to clause (i) above. In the event that any affected Certificateholders shall not surrender Certificates for cancellation within six months after the date specified in the above above-mentioned written notice, the Trustee Trust Administrator shall give a second written notice to the remaining Certificateholders to surrender their Certificates for cancellation and receive the final distribution with respect thereto. If within six months after the second notice all the applicable Certificates shall not have been surrendered for cancellation, the Trustee Trust Administrator may take appropriate reasonable steps, or may appoint an agent to take appropriate reasonable steps, to contact the remaining Certificateholders concerning surrender of their Certificates, and the cost thereof shall be paid out of the funds and other assets of the Master REMIC which remain a part of the Trust Fund. If within one year after the second notice all Certificates shall not have been surrendered for cancellationsubject hereto, and then the Class A-R LR and Class A-UR Certificateholders as the beneficial owner of the residual interest issued by the REMICs created under this Agreement shall be entitled to all unclaimed funds and other assets of the Trust Fund each related REMIC created under this Agreement, which remain subject hereto hereto, and the Trustee Certificateholders who have not surrendered Certificates shall be discharged from all further liability look only to such Class A-LR and Class A-UR Certificateholders with respect to the Certificates any such unclaimed funds and this Agreementother assets.
Appears in 4 contracts
Samples: Pooling and Servicing Agreement (MASTR Asset Securitization Trust 2006-3), Pooling and Servicing Agreement (MASTR Alternative Loan Trust 2006-3), Pooling and Servicing Agreement (MASTR Alternative Loan Trust 2006-3)
Final Distribution on the Certificates. If on any Determination Date, the Trustee determines that there are no Outstanding Mortgage Loans and no other funds or assets in the Trust Fund other than the funds in the Collection Accounts and Certificate Account, the Trustee shall promptly send a final distribution notice to each Certificateholder. If the Optional Termination Holder above Terminating Entity elects to terminate the Trust Fund or the Auction Purchaser purchases the Mortgage Loans pursuant to Section 9.01, at least 20 days prior to the date notice is to be mailed to the affected Certificateholders such Person Certificateholders, the Terminating Entity or the Auction Purchaser, as applicable, shall notify any other Servicer, the Servicers Rating Agencies and the Trustee of the date the Depositor it intends to terminate the Trust Fund and of the applicable repurchase price of the Mortgage Loans and REO Properties. Notice of any termination of the Trust Fund, specifying the Distribution Date on which Certificateholders shall may surrender their Certificates for payment of the final distribution and cancellation, shall be given promptly by the Trustee by letter to Certificateholders mailed not earlier than the 10th 15th day and not later than the 15th 25th day of the month next preceding the month of such final distribution. Any such notice shall specify (a) the Distribution Date upon which final distribution on the Certificates will be made upon presentation and surrender of Certificates at the office therein designated, (b) the amount of such final distribution, (c) the location of the office or agency at which such presentation and surrender must be made, and (d) that the Record Date otherwise applicable to such Distribution Date is not applicable, distributions being made only upon presentation and surrender of the Certificates at the office therein specified. The Trustee shall give such notice to each Rating Agency at the time such notice is given to Certificateholders. Upon presentation and surrender of On the Certificatesfinal Distribution Date, the Trustee shall cause to be distributed to the Certificateholders of each Class, upon presentation and surrender of the Certificates, and to the Trustee and the Credit Risk Manager distributions and payments in each case on accordance with Section 4.02. Notwithstanding the foregoing, if the final Distribution Date and in the order set forth in Section 4.02, in the case has occurred as a result of a Terminating Entity’s purchase of the CertificateholdersTrust Fund pursuant to Section 9.01(A), in proportion to their respective Percentage Interests, with respect to Certificateholders of the same Class, an amount equal to (i) as to each Class of Regular Certificates, the Certificate Balance thereof plus accrued interest thereon (or on their Notional Amount, if applicable) in the case of an interest-bearing Certificate and (ii) as to the Residual Certificates, the amountall amounts, if any, which remains on deposit in excess of the Collection Accounts (other than Par Value shall be distributed by the amounts retained Trustee directly to meet claims) after application pursuant to clause (i) abovethe Class X Certificates. In the event that any affected Certificateholders shall not surrender Certificates for cancellation within six months after the date specified in the above mentioned written notice, the Trustee shall give a second written notice to the remaining Certificateholders to surrender their Certificates for cancellation and receive the final distribution with respect thereto. If within six months after the second notice all the applicable Certificates shall not have been surrendered for cancellation, the Trustee may take reasonable and appropriate steps, or may appoint an agent to take reasonable and appropriate steps, to contact the remaining Certificateholders concerning surrender of their Certificates, and the cost thereof shall be paid out of the funds and other assets which remain a part of the Trust Fund. If within one year after the second notice all Certificates shall not have been surrendered for cancellation, the Class AR and Class R-R II Certificateholders shall be entitled to all unclaimed funds and other assets of the Trust Fund which remain subject hereto and the Trustee shall be discharged from all further liability with respect to the Certificates and this Agreement.
Appears in 4 contracts
Samples: Pooling and Servicing Agreement (Home Equity Asset Trust 2004-7), Pooling and Servicing Agreement (Credit Suisse First Boston Mortgage Securities Corp. Home Equity Asset Trust 2004-5), Pooling and Servicing Agreement (Home Equity Asset Trust 2005-2)
Final Distribution on the Certificates. If on any Determination Date, (i) the Trustee Master Servicer determines that there are no Outstanding Mortgage Loans and no other funds or assets in the Trust Fund other than the funds in the Collection Accounts and Certificate Account, the Master Servicer shall direct the Trustee shall promptly to send a final distribution notice promptly to each CertificateholderCertificateholder or (ii) the Trustee determines that a Class of Certificates shall be retired after a final distribution on such Class, the Trustee shall notify the related Certificateholders within five (5) Business Days after such Determination Date that the final distribution in retirement of such Class of Certificates is scheduled to be made on the immediately following Distribution Date. Any final distribution made pursuant to the immediately preceding sentence will be made only upon presentation and surrender of the related Certificates at the Corporate Trust Office of the Trustee. If the Optional Termination Holder above Master Servicer elects to terminate the Trust Fund pursuant to clause (a) of Section 9.01, at least 20 days prior to the date notice is to be mailed to the affected Certificateholders Certificateholders, such Person electing party shall notify the Servicers Depositor and the Trustee of the date the Depositor such electing party intends to terminate the Trust Fund and of the applicable repurchase price of the related Mortgage Loans and REO Properties. Notice of any termination of the Trust Fund, specifying the Distribution Date on which related Certificateholders shall may surrender their Certificates for payment of the final distribution and cancellation, shall be given promptly by the Trustee by letter to related Certificateholders mailed not earlier than the 10th day and not no later than the 15th day of the month next immediately preceding the month of such final distribution. Any such notice shall specify (a) the Distribution Date upon which final distribution on the related Certificates will be made upon presentation and surrender of such Certificates at the office therein designated, (b) the amount of such final distribution, (c) the location of the office or agency at which such presentation and surrender must be made, and (d) that the Record Date otherwise applicable to such Distribution Date is not applicable, distributions being made only upon presentation and surrender of the such Certificates at the office therein specified. The Trustee shall Master Servicer will give such notice to each Rating Agency at the time such notice is given to the affected Certificateholders. In the event such notice is given, the Master Servicer shall cause all funds in the Certificate Account to be remitted to the Trustee for deposit in the Distribution Account on the Business Day prior to the applicable Distribution Date in an amount equal to the final distribution in respect of the related Certificates. Upon such final deposit and the receipt by the Trustee of a Request for Release therefor, the Co-Trustee shall promptly release to the Master Servicer the Mortgage Files for the related Mortgage Loans. Upon presentation and surrender of the related Certificates, the Trustee shall cause to be distributed to the Certificateholders of each Classaffected Class the amounts allocable to such Certificates held in the Distribution Account (and, if applicable, the Carryover Reserve Fund) in each case the order and priority set forth in Section 4.04 hereof on the final Distribution Date and in the order set forth in Section 4.02, in the case of the Certificateholders, in proportion to their respective Percentage Interests, with respect to Certificateholders of the same Class, an amount equal to (i) as to each Class of Regular Certificates, the Certificate Balance thereof plus accrued interest thereon (or on their Notional Amount, if applicable) in the case of an interest-bearing Certificate and (ii) as to the Residual Certificates, the amount, if any, which remains on deposit in the Collection Accounts (other than the amounts retained to meet claims) after application pursuant to clause (i) above. In the event that any affected Certificateholders shall not surrender related Certificates for cancellation within six months after the date specified in the above mentioned written notice, the Trustee shall give a second written notice to the remaining Certificateholders to surrender their related Certificates for cancellation and receive the final distribution with respect thereto. If within six months after the second notice all the applicable Certificates shall not have been surrendered for cancellation, the Trustee may take appropriate steps, or may appoint an agent to take appropriate steps, to contact the remaining Certificateholders concerning surrender of their Certificates, and the cost thereof shall be paid out of the funds and other assets which that remain a part of the Trust Fund. If within one year after the second notice all related Certificates shall not have been surrendered for cancellation, the Class A-R Certificateholders Certificates shall be entitled to all unclaimed funds and other assets of the Trust Fund which that remain subject hereto and the Trustee shall be discharged from all further liability with respect to the Certificates and this Agreementhereto.
Appears in 4 contracts
Samples: Pooling and Servicing Agreement (Cwabs Inc Asset Backed Certificates Series 2003 Bc2), Pooling and Servicing Agreement (Cwabs Inc Asset Backed Certificatess Series 2002 Bc1), Pooling and Servicing Agreement (Cwabs Inc Asset Backed Certificates Series 2003-Bc1)
Final Distribution on the Certificates. If on any Determination Date, Date the Trustee Servicer determines that there are no Outstanding Mortgage Loans and no other funds or assets in the Trust Fund other than the funds in the Collection Accounts and Certificate Account, the Servicer shall direct the Trustee shall promptly to send a final distribution notice to each Certificateholder. If the Optional Termination Holder above Servicer elects to terminate the Trust Fund pursuant to clause (a) of Section 9.01, at least 20 days prior to no later than the date notice is to be mailed to 15th day of the affected Certificateholders such Person month preceding the month of the final Distribution Date the Servicer shall notify the Servicers Depositor and the Trustee of the date the Depositor Servicer intends to terminate the Trust Fund and of the applicable repurchase price of the Mortgage Loans and REO Properties. Notice of any termination of the Trust Fund, Fund specifying the Distribution Date on which Certificateholders shall may surrender their Certificates for payment of the final distribution and cancellation, cancellation shall be given promptly by the Trustee by letter to Certificateholders mailed not earlier than the 10th 15th day and not later than the 15th last day of the month next preceding the month of such final distribution. Any such notice shall specify (a) the Distribution Date upon which final distribution on the Certificates will be made upon presentation and surrender of Certificates at the office therein designated, (b) the amount of such final distribution, (c) the location of the office or agency at which such presentation and surrender must be made, and (d) that the Record Date otherwise applicable to such the Distribution Date is not applicable, distributions being made only upon presentation and surrender of the Certificates at the office therein specified. The Trustee shall Servicer will give such notice to each Rating Agency at the time such notice is given to Certificateholders. If this notice is given, the Servicer shall cause all funds in the Certificate Account to be remitted to the Trustee for deposit in the Distribution Account on the Business Day before the applicable Distribution Date in an amount equal to the final distribution in respect of the Certificates. Upon such final deposit with respect to the Trust Fund and the receipt by the Trustee of a Request for Release therefor, the Trustee shall promptly release to the Servicer the Mortgage Files for the Mortgage Loans. Upon presentation and surrender of the Certificates, the Trustee shall cause to be distributed to the Certificateholders of each Class, in each case Class on the final Distribution Date and in the order set forth in Section 4.02, in the case of the Certificateholders, in proportion to their respective Percentage Interests, with respect to Certificateholders of the same Class, an amount equal to (i) as to each Class of Regular Certificates (other than the Notional Amount Certificates), the its Certificate Balance thereof plus for each such Class accrued interest thereon (or on their Notional Amount, if applicable) in the case of an interest-bearing Certificate and (ii) as to the Residual Certificates, the amount, if any, which remains any amount remaining on deposit in the Collection Accounts Distribution Account (other than the amounts retained to meet claims) after application pursuant to clause (i) above. In Notwithstanding the event that reduction of the Certificate Balance of any Class of Certificates to zero, such Class will be outstanding hereunder solely for the purpose of receiving distributions and for no other purpose until the termination of the respective obligations and responsibilities of the Depositor, the Servicer and the Trustee hereunder in accordance with Article Nine. The foregoing provisions are intended to distribute to each Class of Regular Certificates any accrued and unpaid interest and principal to which they are entitled based on the Pass-Through Rates and actual Class Certificate Balances or Notional Amounts set forth in the Preliminary Statement upon liquidation of the Trust Fund. If any affected Certificateholders shall Certificateholder does not surrender its Certificates for cancellation within six months after the date specified in the above mentioned written notice, the Trustee shall give a second written notice to the remaining Certificateholders to surrender their Certificates for cancellation and receive the final distribution with respect thereto. If within six months after the second notice all the applicable Certificates shall not have been surrendered for cancellation, the Trustee may take appropriate steps, or may appoint an agent to take appropriate steps, to contact the remaining Certificateholders concerning surrender of their Certificates, and the cost thereof shall be paid out of the funds and other assets which remain a part of the Trust Fund. If within one year after the second notice all Certificates shall not have been surrendered for cancellation, then the Holders of the Class A-R Certificateholders Certificates shall be entitled to all unclaimed funds and other assets of the Trust Fund which remain subject hereto and the Trustee shall be discharged from all further liability with respect to the Certificates and this Agreementhereto.
Appears in 4 contracts
Samples: Pooling and Servicing Agreement (IndyMac INDX Mortgage Loan Trust 2006-Ar29), Pooling and Servicing Agreement (IndyMac INDX Mortgage Loan Trust 2007-Flx6), Pooling and Servicing Agreement (IndyMac INDX Mortgage Loan Trust 2006-Ar41)
Final Distribution on the Certificates. If If, on any Determination Remittance Date, the Trustee determines Servicer notifies the Securities Administrator that there are no Outstanding Mortgage Loans and no other funds or assets in the Trust Fund other than the funds in the Collection Accounts and Certificate Account, the Trustee Securities Administrator shall promptly send a final distribution notice Notice of Final Distribution to each Certificateholderthe applicable Certificateholders. If the Optional Termination Holder above Servicer elects to terminate the Trust Fund pursuant to clause (a) of Section 9.0110.01, at least 20 days prior by no later than the 10th day of the month of the final distribution, the Servicer, pursuant to the date notice is to be mailed to the affected Certificateholders such Person Depositor Assignment Agreement, shall notify the Servicers and the Trustee of the date the Depositor intends to terminate the Trust Fund final Distribution Date and of the applicable repurchase price of the Mortgage Loans and REO Properties. A Notice of any termination of the Trust FundFinal Distribution, specifying the Distribution Date on which Certificateholders shall may surrender their Certificates for payment of the final distribution and cancellation, shall be given promptly by the Trustee Securities Administrator by letter to Certificateholders mailed not earlier than the 10th day and not later than the 15th day of the month next preceding the month of such final distribution. Any such notice Notice of Final Distribution shall specify (a) the Distribution Date upon which final distribution on the Certificates will be made upon presentation and surrender of Certificates at the office therein designated, (b) the amount of such final distribution, (c) the location of the office or agency at which such presentation and surrender must be made, and (d) that the Record Date otherwise applicable to such Distribution Date is not applicable, distributions being made only upon presentation and surrender of the Certificates at the office therein specified. The Trustee shall Securities Administrator will give such notice Notice of Final Distribution to each Rating Agency at the time such notice Notice of Final Distribution is given to Certificateholders. In the event the Servicer purchases the Mortgage Loans (and REO Properties) pursuant to Section 10.01(a), pursuant to the Depositor Assignment Agreement, the Servicer is required thereunder to remit to the Securities Administrator the applicable Termination Price on the Remittance Date immediately preceding the applicable final Distribution Date. Upon such final deposit with respect to the Trust Fund and the receipt by the Securities Administrator and the Custodian of a Request for Release therefor, the Securities Administrator shall direct the Custodian to promptly release to the Servicer or its designee the Custodial Files for the Mortgage Loans. Upon presentation and surrender of the Certificates, the Trustee Securities Administrator shall cause to be distributed to the Certificateholders of each ClassClass (after reimbursement of all amounts due the Depositor and the Trustee hereunder), in each case on the final Distribution Date and in the order set forth in Section 4.02, in the case of the Certificateholders4.01, in proportion to their respective Percentage Interests, with respect to Certificateholders of the same Class, an amount up to an amount equal to (i) as to each Class of Regular CertificatesCertificates (except the Class X Certificate), the Certificate Balance thereof plus for each such Class and the Class X Certificate accrued interest thereon (or on their Notional Amount, if applicable) in the case of an interest-bearing Certificate and all other amounts to which such Classes are entitled pursuant to Section 4.01, (ii) as to the Residual Certificates, the amount, if any, which remains on deposit in the Collection Accounts Distribution Account (other than the amounts retained to meet claims) after application pursuant to clause (i) above. In the event that any affected Certificateholders shall not surrender Certificates for cancellation within six months after the date specified in the above mentioned written notice, the Trustee Securities Administrator shall give a second written notice to the remaining Certificateholders to surrender their Certificates for cancellation and receive the final distribution with respect thereto. If within six months after the second notice all the applicable Certificates shall not have been surrendered for cancellation, the Trustee Securities Administrator may take appropriate steps, or may appoint an agent to take appropriate steps, to contact the remaining Certificateholders concerning surrender of their Certificates, and the cost thereof shall be paid out of the funds and other assets which remain a part of the Trust Fund. If within one year after the second notice all Certificates shall not have been surrendered for cancellation, the Class A-R Certificateholders shall be entitled to all unclaimed funds and other assets of the Trust Fund which remain subject hereto and the Trustee shall be discharged from all further liability with respect to the Certificates and this Agreementhereto.
Appears in 3 contracts
Samples: Trust Agreement (GSAA Home Equity Trust 2005-3), Trust Agreement (GSAA Home Equity Trust 2005-3), Trust Agreement (GSAA Home Equity Trust 2005-3)
Final Distribution on the Certificates. If on any Determination Date, the Trustee Servicer determines that there are no Outstanding Mortgage Loans and no other funds or assets in the Trust Fund other than the funds in the Collection Accounts and Certificate Account, the Servicer shall direct the Trustee shall promptly to send a final distribution notice to each Certificateholder. If the Optional Termination Holder above Servicer elects to terminate the Trust Fund pursuant to clause (a) of Section 9.01, at least 20 days prior to the date notice is to be mailed to the affected Certificateholders such Person Certificateholders, the Servicer shall notify the Servicers Depositor, the Insurer and the Trustee of the date the Depositor Servicer intends to terminate the Trust Fund and of the applicable repurchase price of the Mortgage Loans and REO Properties. Notice of any termination of the Trust Fund, specifying the Distribution Date on which Certificateholders shall may surrender their Certificates for payment of the final distribution and cancellation, shall be given promptly by the Trustee by letter to Certificateholders mailed not earlier than the 10th day and not later than the 15th day of the month next preceding the month of such final distribution. Any such notice shall specify (a) the Distribution Date upon which final distribution on the Certificates will be made upon presentation and surrender of Certificates at the office therein designated, (b) the amount of such final distribution, (c) the location of the office or agency at which such presentation and surrender must be made, and (d) that the Record Date otherwise applicable to such Distribution Date is not applicable, distributions being made only upon presentation and surrender of the Certificates at the office therein specified. The Trustee shall Servicer will give such notice to each Rating Agency at the time such notice is given to Certificateholders. In the event such notice is given, the Servicer shall cause all funds in the Certificate Account to be remitted to the Trustee for deposit in the Distribution Account on the Business Day prior to the applicable Distribution Date in an amount equal to the final distribution in respect of the Certificates. Upon such final deposit with respect to the Trust Fund and the receipt by the Trustee of a Request for Release therefor, the Trustee shall promptly release to the Servicer the Mortgage Files for the Loans. Upon presentation and surrender of the Certificates, the Trustee shall cause to be distributed to the Certificateholders of each Class, in each case on the final Distribution Date and in the order set forth in Section 4.024.02 hereof, in on the case of the Certificateholders, final Distribution Date and in proportion to their respective Percentage Interests, with respect to Certificateholders of the same Class, an amount equal to (i) as to each Class of Regular Class A Certificates, the Certificate Balance thereof plus accrued interest thereon (or on their Notional Amountthereon, if applicable) in the case of an interest-bearing Certificate and (ii) as to the Residual Class R Certificates, the amount, if any, which remains on deposit in the Collection Accounts Distribution Account (other than the amounts retained to meet claims) after application pursuant to clause (i) above. In the event that any affected Certificateholders shall not surrender Certificates for cancellation within six months after the date specified in the above mentioned written notice, the Trustee shall give a second written notice to the remaining Certificateholders to surrender their Certificates for cancellation and receive the final distribution with respect thereto. If within six months after the second notice all the applicable Certificates shall not have been surrendered for cancellation, the Trustee may take appropriate steps, or may appoint an agent to take appropriate steps, to contact the remaining Certificateholders concerning surrender of their Certificates, and the cost thereof shall be paid out of the funds and other assets which remain a part of the Trust Fund. If within one year after the second notice all Certificates shall not have been surrendered for cancellation, the Class A-R Certificateholders shall be entitled to all unclaimed funds and other assets of the Trust Fund which remain subject hereto and the Trustee shall be discharged from all further liability with respect to the Certificates and this Agreementhereto.
Appears in 3 contracts
Samples: Pooling and Servicing Agreement (Equity One Abs Inc), Pooling and Servicing Agreement (Equity One Abs Inc), Pooling and Servicing Agreement (Equity One Abs Inc)
Final Distribution on the Certificates. If on any Determination Date, the Trustee determines receives notice that there are no Outstanding Mortgage Loans and no other funds or assets in the Underlying Trust Fund other than the funds in the Collection Accounts and Certificate Account, the Trustee shall promptly send a final distribution notice to each Certificateholder. If the Optional Termination Holder above elects to terminate the Trust Fund pursuant to Section 9.01, at least 20 days prior to the date notice is to be mailed to terminated in accordance with the affected Certificateholders such Person terms of the Underlying Agreement, notice shall notify the Servicers and be given by the Trustee of the date the Depositor intends to terminate the Trust Fund and of the applicable repurchase price of the Mortgage Loans and REO PropertiesCertificateholders as promptly as practicable thereafter. Notice of any termination of the Trust Fund, specifying the Distribution Date on which Certificateholders shall may surrender their Certificates for payment of the final distribution and cancellation, shall be given promptly by the Trustee by letter to Certificateholders mailed (x) not earlier than the 10th day and not later than the 15th day of the month next preceding the month of such final distributiondistribution and not later than as promptly as practicable after the Trustee receives notice that the Underlying Trust is to be terminated in accordance with the terms of the Underlying Agreement. Any such notice shall specify (a) the Distribution Date upon which final distribution on the Certificates will be made upon presentation and surrender of Certificates at the office therein designated, (b) the amount of such final distribution, (c) the location of the office or agency at which such presentation and surrender must be made, and (d) that the Record Date otherwise applicable to such Distribution Date is not applicable, distributions being made only upon presentation and surrender of the Certificates at the office therein specified. The Trustee shall will also give such notice to each Rating Agency at the time such notice is given to Certificateholders. Upon the final distribution with respect to the Trust Fund, the Trustee shall promptly release to the Holder of the Class A-R Certificate the Deposited Underlying Certificates. Upon presentation and surrender of the Certificates, the Trustee shall cause to be distributed to the Certificateholders of each Class, in each case on the final Distribution Date and in the order set forth in Section 4.023.04. hereof, in on the case of the Certificateholders, final Distribution Date in proportion to their respective Percentage Interests, with respect to Certificateholders of the same Class, an amount equal to (i) as to each Class of Regular Certificates, the Certificate Balance thereof plus accrued interest thereon (or on their Notional Amount, if applicable) in the case of an interest-interest bearing Certificate and (ii) as to the Residual Certificates, the amount, if any, which remains on deposit in the Collection Accounts Distribution Account (other than the amounts retained to meet claims) after application pursuant to clause (i) above. In the event that any affected Certificateholders shall not surrender Certificates for cancellation within six months after the date specified in the above mentioned written notice, the Trustee shall give a second written notice to the remaining Certificateholders to surrender their Certificates for cancellation and receive the final distribution with respect thereto. If within six months after the second notice all the applicable Certificates shall not have been surrendered for cancellation, the Trustee may take appropriate steps, or may appoint an agent to take appropriate steps, to contact the remaining Certificateholders concerning surrender of their Certificates, and the cost thereof shall be paid out of the funds and other assets which remain a part of the Trust Fund. If within one year after the second notice all Certificates shall not have been surrendered for cancellation, the Class A-R Certificateholders Certificateholder shall be entitled to all unclaimed funds and other assets of the Trust Fund which remain subject hereto and the Trustee shall be discharged from all further liability with respect to the Certificates and this Agreementhereto.
Appears in 3 contracts
Samples: Trust Agreement (Residential Asset Securitization Trust 2006-R1), Trust Agreement (Indymac MBS Inc Residential Asset Sec Trust 2004 R1), Trust Agreement (IndyMac RAST 2004-R2)
Final Distribution on the Certificates. If on any Determination Date, the Trustee Master Servicer determines that there are no Outstanding Mortgage Loans and no other funds or assets in the Trust Fund other than the funds in the Collection Accounts and Certificate Account, the Trustee Master Servicer shall direct the Trust Administrator promptly to send a final distribution notice Notice of Final Distribution to each Certificateholder. If the Optional Termination Holder above Master Servicer elects to terminate the Trust Fund pursuant to clause (a) of Section 9.0110.01, at least 20 5 days prior to the date notice Notice of Final Distribution is to be mailed to the affected Certificateholders such Person Certificateholders, the Master Servicer shall notify the Servicers Depositor and the Trustee Trust Administrator of the date the Depositor Master Servicer intends to terminate the Trust Fund and of the applicable repurchase price of the Mortgage Loans and REO PropertiesFund. Notice of any termination of the Trust Fund, specifying the Distribution Date on which Certificateholders shall may surrender their Certificates for payment of the final distribution and cancellation, shall be given promptly by the Trustee Trust Administrator by letter to Certificateholders mailed not earlier than the 10th 15th day of the month preceding the month of such final distribution and not later than the 15th 5th day of the month next preceding the month of such final distribution. Any such notice Notice of Final Distribution shall specify (a) the Distribution Date upon which final distribution on the Certificates will be made upon presentation and surrender of Certificates at the office therein designated, (b) the amount of such final distribution, (c) the location of the office or agency at which such presentation and surrender must be made, and (dc) that the Record Date otherwise applicable to such Distribution Date is not applicable, distributions being made only upon presentation and surrender of the Certificates at the office therein specified. The Trustee shall Trust Administrator will give such notice to each Rating Agency at the time such notice is given to Certificateholders. Upon presentation and surrender of the Certificates, the Trustee Trust Administrator shall cause to be distributed to the Certificateholders of each Class, in each case on the final Distribution Date and in the order set forth in Section 4.02, in 4.02 hereof on the case of the Certificateholdersfinal Distribution Date, in proportion to their respective Percentage Interests, with respect to Certificateholders of the same Class, an amount equal to (i) as to each Class of Regular Certificates, the Certificate Principal Balance thereof plus accrued interest thereon (or on their Notional Amount, if applicable) in the case of an interest-bearing Certificate and (ii) as to the Residual Certificates, the amount, if any, which that remains on deposit in the Collection Accounts Distribution Account (other than the amounts retained to meet claims) after application pursuant to clause (i) above. In the event that any affected Certificateholders shall not surrender Certificates for cancellation within six months after the date specified in the above mentioned written notice, the Trustee Trust Administrator shall give a second written notice to the remaining Certificateholders to surrender their Certificates for cancellation and receive the final distribution with respect thereto. If within six months after the second notice all the applicable Certificates shall not have been surrendered for cancellation, the Trustee Trust Administrator may take appropriate reasonable steps, or may appoint an agent to take appropriate reasonable steps, to contact the remaining Certificateholders concerning surrender of their Certificates, and the cost thereof shall be paid out of the funds and other assets which remain a part of the Trust Fund. If within one year after the second notice all Certificates shall not have been surrendered for cancellation, Upper-Tier REMIC that remain subject hereto and (i) the Class ALR Certificateholders shall be entitled to all unclaimed funds and other assets of the Lower-Tier REMIC and (ii) the Class R Certificateholders shall be entitled to all unclaimed funds and other assets of the Trust Fund which Upper-Tier REMIC, in each case, that remain subject hereto and the Trustee shall be discharged from all further liability with respect to the Certificates and this Agreementhereto.
Appears in 3 contracts
Samples: Pooling and Servicing Agreement (MASTR Adjustable Rate Mortgages Trust 2004-9), Pooling and Servicing Agreement (MASTR Adjustable Rate Mortgages Trust 2004-9), Pooling and Servicing Agreement (Mastr Adjustable Rate Mortgages Trust 2004-11)
Final Distribution on the Certificates. If on any Determination Date, the Trustee Servicer determines that there are no Outstanding Mortgage Loans and no other funds or assets in the Trust Fund other than the funds in the Collection Accounts and Certificate Account, the Servicer shall direct the Trustee shall in writing promptly to send a final distribution notice to each Certificateholder. If the Optional Termination Holder above Servicer elects to terminate the Trust Fund pursuant to clause (a) of Section 9.01, at least 20 days prior to the date notice is to be mailed to the affected Certificateholders such Person Certificateholders, the Servicer shall notify in writing the Servicers Depositor and the Trustee of the date the Depositor Servicer intends to terminate the Trust Fund and of the applicable repurchase price of the Mortgage Loans and REO Properties. Notice of any termination of the Trust Fund, specifying the Distribution Date on which Certificateholders shall may surrender their Certificates for payment of the final distribution and cancellation, shall be given promptly by the Trustee by letter to Certificateholders mailed not earlier than the 10th day 101 and not later than the 15th day of the month next preceding the month of such final distribution. Any such notice shall specify (a) the Distribution Date upon which final distribution on the Certificates will be made upon presentation and surrender of Certificates at the office therein designated, (b) the amount of principal to be included in such final distribution, (c) the location of the office or agency at which such presentation and surrender must be made, and (d) that the Record Date otherwise applicable to such Distribution Date is not applicable, distributions being made only upon presentation and surrender of the Certificates at the office therein specified. The Trustee shall Servicer will give such notice to each Rating Agency at the time such notice is given to Certificateholders. In the event such notice is given, the Servicer shall cause all funds in the Certificate Account to be remitted to the Trustee for deposit in the Distribution Account on the Business Day prior to the applicable Distribution Date in an amount equal to the final distribution in respect of the Certificates. Upon such final deposit with respect to the Trust Fund and the receipt by the Trustee of a Request for Release therefor, the Trustee shall promptly release to the Servicer the Mortgage Files for the Loans. Upon presentation and surrender of the Certificates, the Trustee shall cause to be distributed to the Certificateholders of each Class, in each case on the final Distribution Date and in the order set forth in Section 4.024.02 hereof, in on the case of the Certificateholders, final Distribution Date and in proportion to their respective Percentage Interests, with respect to Certificateholders of the same Class, an amount equal to (i) as to each Class of Regular the Offered Certificates, the Class Certificate Balance of each Class thereof plus accrued interest thereon (or on their Notional Amount, if applicable) in the case of an interest-bearing Certificate and (ii) as to the Residual Class R Certificates, the amount, if any, which remains on deposit in the Collection Accounts Distribution Account (other than the amounts retained to meet claims) after application pursuant to clause (i) above. In the event that any affected Certificateholders shall not surrender Certificates for cancellation within six months after the date specified in the above mentioned written notice, the Trustee shall give a second written notice to the remaining Certificateholders to surrender their Certificates for cancellation and receive the final distribution with respect thereto. If within six months after the second notice all the applicable Certificates shall not have been surrendered for cancellation, the Trustee may take appropriate steps, or may appoint an agent to take appropriate steps, to contact the remaining Certificateholders concerning surrender of their Certificates, and the cost thereof shall be paid out of the funds and other assets which remain a part of the Trust Fund, on a pro-rata basis among the remaining Certificateholders. If within one year after the second notice all Certificates shall not have been surrendered for cancellation, the Class A-R Certificateholders shall be entitled to all unclaimed funds and other assets of the Trust Fund which remain subject hereto and the Trustee shall be discharged from all further liability with respect to the Certificates and this Agreementhereto.
Appears in 3 contracts
Samples: Pooling and Servicing Agreement (Popular Abs, Inc.), Master Agreement (Popular ABS Mortgage Pass-Through Trust 2006-A), Pooling and Servicing Agreement (Popular Abs, Inc.)
Final Distribution on the Certificates. If on any Determination Date, (i) the Trustee Master Servicer determines that there are no Outstanding Mortgage Loans and no other funds or assets in the Trust Fund other than the funds in the Collection Accounts and Certificate Account, the Master Servicer shall direct the Trustee shall promptly to send a final distribution notice promptly to each Certificateholderrelated Certificateholder and the Certificate Insurer or (ii) the Trustee determines that a Class of Certificates shall be retired after a final distribution on such Class, the Trustee shall notify the related Certificateholders and the Certificate Insurer within five (5) Business Days after such Determination Date that the final distribution in retirement of such Class of Certificates is scheduled to be made on the immediately following Distribution Date. Any final distribution made pursuant to the immediately preceding sentence will be made only upon presentation and surrender of the related Certificates at the Corporate Trust Office of the Trustee. If the Optional Termination Holder above Terminator elects to terminate the Trust Fund pursuant to clause (a) of Section 9.01, at least 20 days prior to the date notice is to be mailed to the affected Certificateholders Certificateholders, such Person electing party shall notify the Servicers Depositor, the Certificate Insurer and the Trustee of the date the Depositor such electing party intends to terminate the Trust Fund and of the applicable repurchase price of the related Mortgage Loans and REO Properties. Notice of any termination of the Trust Fundtermination, specifying the Distribution Date on which related Certificateholders shall may surrender their Certificates for payment of the final distribution and cancellation, shall be given promptly by the Trustee by letter to related Certificateholders mailed not earlier than the 10th day and not no later than the 15th day of the month next immediately preceding the month of such final distribution. Any such notice shall specify (a) the Distribution Date upon which final distribution on the related Certificates will be made upon presentation and surrender of such Certificates at the office therein designated, (b) the amount of such final distribution, (c) the location of the office or agency at which such presentation and surrender must be made, and (d) that the Record Date otherwise applicable to such Distribution Date is not applicable, distributions being made only upon presentation and surrender of the such Certificates at the office therein specified. The Trustee shall Terminator will give such notice to each Rating Agency at the time such notice is given to the affected Certificateholders. In the event such notice is given, the Master Servicer shall cause all funds in the Certificate Account to be remitted to the Trustee for deposit in the Distribution Account on the Business Day prior to the applicable Distribution Date in an amount equal to the final distribution in respect of the Certificates. Upon such final deposit and the receipt by the Trustee of a Request for File Release therefor, the Trustee shall promptly release to the Master Servicer the Mortgage Files for the Mortgage Loans. Upon presentation and surrender of the Certificates, the Trustee shall cause to be distributed to the Certificateholders of each Classaffected Class and the Certificate Insurer the amounts allocable to such Certificates and the Certificate Insurer held in the Distribution Account (and, if applicable, the Carryover Reserve Fund) in each case the order and priority set forth in Section 4.04 hereof on the final Distribution Date and in the order set forth in Section 4.02, in the case of the Certificateholders, in proportion to their respective Percentage Interests, with respect to Certificateholders . Notwithstanding the reduction of the same Class, an amount equal to (i) as to each Certificate Principal Balance of any Class of Regular CertificatesCertificates to zero, such Class will be outstanding hereunder (solely for the purpose of receiving distributions (if any) to which it may be entitled pursuant to the terms of this Agreement and not for any other purpose) until the termination of the respective obligations and responsibilities of the Depositor, each Seller, the Certificate Balance thereof plus accrued interest thereon (or on their Notional Amount, if applicable) Master Servicer and the Trustee hereunder in the case of an interest-bearing Certificate and (ii) as to the Residual Certificates, the amount, if any, which remains on deposit in the Collection Accounts (other than the amounts retained to meet claims) after application pursuant to clause (i) aboveaccordance with Article IX. In the event that any affected Certificateholders shall not surrender related Certificates for cancellation within six months after the date specified in the above mentioned written notice, the Trustee shall give a second written notice to the remaining Certificateholders to surrender their related Certificates for cancellation and receive the final distribution with respect thereto. If within six months after the second notice all the applicable Certificates shall not have been surrendered for cancellation, the Trustee may take appropriate steps, or may appoint an agent to take appropriate steps, to contact the remaining Certificateholders concerning surrender of their Certificates, and the cost thereof shall be paid out of the funds and other assets which that remain a part of the Trust Fund. If within one year after the second notice all related Certificates shall not have been surrendered for cancellation, the Certificate Insurer, with respect to any unpaid Certificate Insurance Reimbursement Amounts, and then the Class A-R Certificateholders Certificates shall be entitled to all unclaimed funds and other assets of the Trust Fund which that remain subject hereto and the Trustee shall be discharged from all further liability with respect to the Certificates and this Agreementhereto.
Appears in 3 contracts
Samples: Pooling and Servicing Agreement (CWHEQ Home Equity Loan Trust, Series 2006-S2), Pooling and Servicing Agreement (CWHEQ Home Equity Loan Trust, Series 2006-S4), Pooling and Servicing Agreement (CWHEQ Home Equity Loan Trust, Series 2006-S1)
Final Distribution on the Certificates. If on any Determination Date, the Trustee Master Servicer determines that there are no Outstanding Mortgage Loans and no other funds or assets in the Trust Fund other than the funds in the Collection Accounts and Certificate Account, the Trustee Master Servicer shall direct the Trust Administrator promptly to send a final distribution notice Notice of Final Distribution to each Certificateholder. If the Optional Termination Holder above Master Servicer elects to terminate the Trust Fund pursuant to clause (a) of Section 9.0110.01, at least 20 5 days prior to the date notice Notice of Final Distribution is to be mailed to the affected Certificateholders such Person Certificateholders, the Master Servicer shall notify the Servicers Depositor and the Trustee Trust Administrator of the date the Depositor Master Servicer intends to terminate the Trust Fund and of the applicable repurchase price of the Mortgage Loans and REO PropertiesFund. Notice of any termination of the Trust Fund, specifying the Distribution Date on which Certificateholders shall may surrender their Certificates for payment of the final distribution and cancellation, shall be given promptly by the Trustee Trust Administrator by letter to Certificateholders mailed not earlier than the 10th 15th day of the month preceding the month of such final distribution and not later than the 15th 5th day of the month next preceding the month of such final distribution. Any such notice Notice of Final Distribution shall specify (a) the Distribution Date upon which final distribution on the Certificates will be made upon presentation and surrender of Certificates at the office therein designated, (b) the amount of such final distribution, (c) the location of the office or agency at which such presentation and surrender must be made, and (dc) that the Record Date otherwise applicable to such Distribution Date is not applicable, distributions being made only upon presentation and surrender of the Certificates at the office therein specified. The Trustee shall Trust Administrator will give such notice to each Rating Agency at the time such notice is given to Certificateholders. Upon presentation and surrender of the Certificates, the Trustee Trust Administrator shall cause to be distributed to the Certificateholders of each Class, in each case on the final Distribution Date and in the order set forth in Section 4.024.02 hereof, in on the case of the Certificateholdersfinal Distribution Date, in proportion to their respective Percentage Interests, with respect to Certificateholders of the same Class, an amount equal to (i) as to each related Class of Regular Certificates, the Certificate Principal Balance thereof plus accrued interest thereon (or on their Notional Amount, if applicable) in the case of an interest-bearing Certificate and (ii) as to the Residual Certificates, the amount, if any, which that remains on deposit in the Collection Accounts Distribution Account (other than the amounts retained to meet claims) after application pursuant to clause (i) above. In the event that any affected Certificateholders shall not surrender Certificates for cancellation within six months after the date specified in the above mentioned written notice, the Trustee Trust Administrator shall give a second written notice to the remaining Certificateholders to surrender their Certificates for cancellation and receive the final distribution with respect thereto. If within six months after the second notice all the applicable Certificates shall not have been surrendered for cancellation, the Trustee Trust Administrator may take appropriate reasonable steps, or may appoint an agent to take appropriate reasonable steps, to contact the remaining Certificateholders concerning surrender of their Certificates, and the cost thereof shall be paid out of the funds and other assets which remain a part of the Trust Fund. If within one year after Upper-Tier REMIC that remain subject hereto and (i) the second notice Class A-LR Certificateholders shall be entitled to all Certificates shall not have been surrendered for cancellation, unclaimed funds and other assets of the Lower-Tier REMIC and (ii) the Class A-R Certificateholders shall be entitled to all unclaimed funds and other assets of the Trust Fund which Upper-Tier REMIC that remain subject hereto and the Trustee shall be discharged from all further liability with respect to the Certificates and this Agreementhereto.
Appears in 3 contracts
Samples: Pooling and Servicing Agreement (MASTR Adjustable Rate Mortgages Trust 2004-10), Pooling and Servicing Agreement (MASTR Adjustable Rate Mortgages Trust 2004-12), Pooling and Servicing Agreement (MASTR Adjustable Rate Mortgages Trust 2004-10)
Final Distribution on the Certificates. If on any Determination Date, (i) the Trustee Master Servicer determines that there are no Outstanding Mortgage Loans and no other funds or assets in the Trust Fund a Loan Group other than the funds in the Collection Accounts and Certificate AccountAccount related to such Loan Group, the Master Servicer shall direct the Trustee shall promptly to send a final distribution notice promptly to each Certificateholderrelated Certificateholder or (ii) the Trustee determines that a Class of Certificates shall be retired after a final distribution on such Class, the Trustee shall notify the related Certificateholders within five (5) Business Days after such Determination Date that the final distribution in retirement of such Class of Certificates is scheduled to be made on the immediately following Distribution Date. Any final distribution made pursuant to the immediately preceding sentence will be made only upon presentation and surrender of the related Certificates at the Corporate Trust Office of the Trustee. If the Optional Termination Holder above Master Servicer elects to terminate the Trust Fund a Loan Group pursuant to clause (a) of Section 9.01, at least 20 days prior to the date notice is to be mailed to the affected Certificateholders Certificateholders, such Person electing party shall notify the Servicers Depositor and the Trustee of the date the Depositor such electing party intends to terminate the Trust Fund Loan Group and of the applicable repurchase price of the related Mortgage Loans and REO Properties. Notice of any termination of the Trust Funda Loan Group, specifying the Distribution Date on which related Certificateholders shall may surrender their Certificates for payment of the final distribution and cancellation, shall be given promptly by the Trustee by letter to related Certificateholders mailed not earlier than the 10th day and not no later than the 15th day of the month next immediately preceding the month of such final distribution. Any such notice shall specify (a) the Distribution Date upon which final distribution on the related Certificates will be made upon presentation and surrender of such Certificates at the office therein designated, (b) the amount of such final distribution, (c) the location of the office or agency at which such presentation and surrender must be made, and (d) that the Record Date otherwise applicable to such Distribution Date is not applicable, distributions being made only upon presentation and surrender of the such Certificates at the office therein specified. The Trustee shall Master Servicer will give such notice to each Rating Agency at the time such notice is given to the affected Certificateholders. In the event such notice is given, the Master Servicer shall cause all funds in the Certificate Account related to the Loan Group or Loan Groups to be terminated to be remitted to the Trustee for deposit in the Distribution Account on the Business Day prior to the applicable Distribution Date in an amount equal to the final distribution in respect of the related Certificates. Upon such final deposit with respect to the Loan Group and the receipt by the Trustee of a Request for Release therefor, the Trustee shall promptly release to the Master Servicer the Mortgage Files for the related Mortgage Loans. Upon presentation and surrender of the related Certificates, the Trustee shall cause to be distributed to the Certificateholders of each Classaffected Class the amounts allocable to such Certificates held in the Distribution Account (and, if applicable, the Group 1 Carryover Reserve Fund and the Group 2 Carryover Reserve Fund) in each case the order and priority set forth in Section 4.04 hereof on the final Distribution Date and in the order set forth in Section 4.02, in the case of the Certificateholders, in proportion to their respective Percentage Interests, with respect to Certificateholders of the same Class, an amount equal to (i) as to each Class of Regular Certificates, the Certificate Balance thereof plus accrued interest thereon (or on their Notional Amount, if applicable) in the case of an interest-bearing Certificate and (ii) as to the Residual Certificates, the amount, if any, which remains on deposit in the Collection Accounts (other than the amounts retained to meet claims) after application pursuant to clause (i) above. In the event that any affected Certificateholders shall not surrender related Certificates for cancellation within six months after the date specified in the above mentioned written notice, the Trustee shall give a second written notice to the remaining Certificateholders to surrender their related Certificates for cancellation and receive the final distribution with respect thereto. If within six months after the second notice all the applicable Certificates shall not have been surrendered for cancellation, the Trustee may take appropriate steps, or may appoint an agent to take appropriate steps, to contact the remaining Certificateholders concerning surrender of their Certificates, and the cost thereof shall be paid out of the funds and other assets which that remain a part of the Trust FundLoan Group. If within one year after the second notice all related Certificates shall not have been surrendered for cancellation, the Class A-R Certificateholders (in the case of Loan Group 1 and Loan Group 2) shall be entitled to all unclaimed funds and other assets of the Trust Fund which Loan Group that relate to such Class of Certificates and remain subject hereto and the Trustee shall be discharged from all further liability with respect to the Certificates and this Agreementhereto.
Appears in 3 contracts
Samples: Pooling and Servicing Agreement (Cwabs Inc Asset Backed Certificates Series 2001-1), Pooling and Servicing Agreement (Cwabs Inc), Pooling and Servicing Agreement (Cwabs Inc Asset Backed Certificates Series 2001-1)
Final Distribution on the Certificates. If on any Determination Date, the Trustee determines that there are no Outstanding Mortgage Loans and no other funds or assets in the Trust Fund other than the funds in the Collection Accounts and Certificate Account, the Trustee shall promptly send a final distribution notice to each Certificateholder. If the Optional Termination Holder above Terminating Entity elects to terminate the Trust Fund pursuant to Section 9.01, at least 20 days prior to the date notice is to be mailed to the affected Certificateholders such Person Certificateholders, the Terminating Entity shall notify the Servicers any other Servicer and the Trustee of the date the Depositor it intends to terminate the Trust Fund and of the applicable repurchase price of the Mortgage Loans and REO Properties. Notice of any termination of the Trust Fund, specifying the Distribution Date on which Certificateholders shall may surrender their Certificates for payment of the final distribution and cancellation, shall be given promptly by the Trustee by letter to Certificateholders mailed not earlier than the 10th 15th day and not later than the 15th 25th day of the month next preceding the month of such final distribution. Any such notice shall specify (a) the Distribution Date upon which final distribution on the Certificates will be made upon presentation and surrender of Certificates at the office therein designated, (b) the amount of such final distribution, (c) the location of the office or agency at which such presentation and surrender must be made, and (d) that the Record Date otherwise applicable to such Distribution Date is not applicable, distributions being made only upon presentation and surrender of the Certificates at the office therein specified. The Trustee shall give such notice to each Rating Agency at the time such notice is given to Certificateholders. Upon presentation and surrender of On the Certificatesfinal Distribution Date, the Trustee shall cause to be distributed to the Certificateholders of each Class, upon presentation and surrender of the Certificates, and to the Trustee and the Credit Risk Manager distributions and payments in each case on accordance with Section 4.02. Notwithstanding the foregoing, if the final Distribution Date and in the order set forth in Section 4.02, in the case has occurred as a result of a Terminating Entity’s purchase of the CertificateholdersTrust Fund pursuant to Section 9.01(A), in proportion to their respective Percentage Interests, with respect to Certificateholders of the same Class, an amount equal to (i) as to each Class of Regular Certificates, the Certificate Balance thereof plus accrued interest thereon (or on their Notional Amount, if applicable) in the case of an interest-bearing Certificate and (ii) as to the Residual Certificates, the amountall amounts, if any, which remains on deposit in excess of the Collection Accounts (other than Par Value shall be distributed by the amounts retained Trustee directly to meet claims) after application pursuant to clause (i) abovethe Class X Certificates. In the event that any affected Certificateholders shall not surrender Certificates for cancellation within six months after the date specified in the above mentioned written notice, the Trustee shall give a second written notice to the remaining Certificateholders to surrender their Certificates for cancellation and receive the final distribution with respect thereto. If within six months after the second notice all the applicable Certificates shall not have been surrendered for cancellation, the Trustee may take reasonable and appropriate steps, or may appoint an agent to take reasonable and appropriate steps, to contact the remaining Certificateholders concerning surrender of their Certificates, and the cost thereof shall be paid out of the funds and other assets which remain a part of the Trust Fund. If within one year after the second notice all Certificates shall not have been surrendered for cancellation, the Class A-R Certificateholders shall be entitled to all unclaimed funds and other assets of the Trust Fund which remain subject hereto and the Trustee shall be discharged from all further liability with respect to the Certificates and this Agreement.
Appears in 3 contracts
Samples: Pooling and Servicing Agreement, Pooling and Servicing Agreement (Credit Suisse First Boston Mort Sec Home Equity Asset 2004-2), Pooling and Servicing Agreement (CFSB Mor Sec Corp Home Equity Asset Trust 2004-1)
Final Distribution on the Certificates. If on any Determination Date, Date the Trustee determines that there are no Outstanding outstanding Mortgage Loans and no other funds or assets in the Trust Fund other than the funds in the Collection Accounts and Certificate Account, the Trustee shall promptly send a final distribution notice to each CertificateholderCertificateholder and the NIMS Insurer, if any. If the Optional Termination Holder above elects Majority Class X Certificateholders or the NIMS Insurer, if any, elect to terminate the Trust Fund pursuant to clause (a)(i) of Section 9.019.1, at least 20 days prior to the date notice is to be mailed to the affected Certificateholders, the Majority Class X Certificateholders such Person shall notify the Servicers Depositor and the Trustee of the date the Depositor intends Majority Class X Certificateholders intend to terminate the Trust Fund and of the applicable repurchase price of the Mortgage Loans and REO Properties. Notice of any termination of the Trust Fund, specifying the Distribution Date on which Certificateholders shall may surrender their Certificates for payment of the final distribution and cancellation, shall be given promptly by the Trustee by letter to Certificateholders and the NIMS Insurer, if any, mailed not earlier than the 10th day and not no later than the 15th day of the month next preceding the month of such final distribution. Any such notice shall specify (a) the Distribution Date upon which final distribution on the Certificates will be made upon presentation and surrender of Certificates at the office therein designated, (b) the amount of such final distribution, (c) the location of the office or agency at which such presentation and surrender must be made, and (d) that the Record Date otherwise applicable to such Distribution Date is not applicable, distributions being made only upon presentation and surrender of the Certificates at the office therein specified. The Trustee shall will give such notice to each Rating Agency at the time such notice is given to Certificateholders. In the event such notice is given, the Trustee shall cause all funds in the Collection Account to be remitted to the Trustee for deposit in the Distribution Account on the Business Day prior to the applicable Distribution Date in an amount equal to the final distribution in respect of the Certificates. Upon such final deposit with respect to the Trust Fund and the receipt by the Trustee of a Request for Release therefor, the Trustee shall promptly release to the Trustee the Mortgage Files for the Mortgage Loans. Upon presentation and surrender of the Certificates, the Trustee shall cause to be distributed to the Certificateholders of each Class, in each case on the final Distribution Date and in the order set forth in Section 4.024.2 hereof, on the final Distribution Date, in the case of the Certificateholders, in proportion to their respective Percentage Interests, with respect to Certificateholders of the same Class, an amount equal to (i) as to each Class of Regular Certificates, the Certificate Balance thereof plus accrued interest thereon (or on their Notional Amount, if applicable) in the case of an interest-interest bearing Certificate Certificate, and (ii) as to the Residual Certificates, the amount, if any, which remains on deposit in the Collection Accounts Distribution Account (other than the amounts retained to meet claims) after application pursuant to clause (i) above. In the event that any affected Certificateholders shall not surrender Certificates for cancellation within six months after the date specified in the above above-mentioned written notice, the Trustee shall give a second written notice to the remaining Certificateholders to surrender their Certificates for cancellation and receive the final distribution with respect thereto. If within six months after the second notice all the applicable Certificates shall not have been surrendered for cancellation, the Trustee may take appropriate steps, or may appoint an agent to take appropriate steps, to contact the remaining Certificateholders concerning surrender of their Certificates, and the cost thereof shall be paid out of the funds and other assets which remain a part of the Trust Fund. If within one year after the second notice all Certificates shall not have been surrendered for cancellation, the holder of each of the Class A-R Certificateholders Certificates shall be entitled to all unclaimed funds and other assets of the Trust Fund REMICs held for distribution to such Certificateholders, which remain subject hereto and the Trustee shall be discharged from all further liability with respect to the Certificates and this Agreementhereto.
Appears in 3 contracts
Samples: Pooling and Servicing Agreement (Aegis Asset Backed Sec Corp Mort Pas THR Certs Series 2003 3), Pooling and Servicing Agreement (Aegis Asset Backed Sec Corp Mort Pas THR Certs Series 2003 3), Pooling and Servicing Agreement (Aegis Asset Backed Sec Corp Mort Pass THR Certs Ser 2003-2)
Final Distribution on the Certificates. If on any Determination Remittance Date, the Trustee HomEq determines that there are no Outstanding Mortgage Loans and no other funds or assets in the Trust Fund other than the funds in the Collection Accounts and Certificate AccountAccounts, HomEq shall direct the Trustee shall promptly to send a final distribution notice Notice of Final Distribution to each CertificateholderCertificateholder and the Swap Provider. If the Optional Termination Holder above HomEq elects to terminate the Trust Fund pursuant to clause (a) of Section 9.01, at least 20 days prior to HomEq shall notify, by the date notice is to be mailed to 25th day of the affected Certificateholders such Person month preceding the month of the final distribution, HomEq shall notify the Servicers Depositor and the Trustee of the date the Depositor HomEq intends to terminate the Trust Fund and of the applicable repurchase price of the Mortgage Loans and REO Properties. In the event such Notice of any termination of Final Distribution is given, HomEq shall cause all funds in its Collection Account to be remitted to the Trust Fund, specifying Trustee for deposit in the Distribution Account on the Business Day prior to the applicable Distribution Date on which Certificateholders shall surrender their Certificates for payment of in an amount equal to the final distribution in respect of the Certificates. Upon such final deposit with respect to the Trust Fund and cancellation, shall be given promptly the receipt by the Trustee by letter to Certificateholders mailed not earlier than of a Request for Release therefor, the 10th day and not later than the 15th day of the month next preceding the month of such final distribution. Any such notice shall specify (a) the Distribution Date upon which final distribution on the Certificates will be made upon presentation and surrender of Certificates at the office therein designated, (b) the amount of such final distribution, (c) the location of the office or agency at which such presentation and surrender must be made, and (d) that the Record Date otherwise applicable to such Distribution Date is not applicable, distributions being made only upon presentation and surrender of the Certificates at the office therein specified. The Trustee shall give such notice promptly release to each Rating Agency at HomEq, the time such notice is given to CertificateholdersCustodial Files for the Mortgage Loans. Upon presentation and surrender of the Certificates, the Trustee shall cause to be distributed to the Certificateholders of each ClassClass (after reimbursement of all amounts due to HomEq, the Depositor and the Trustee hereunder), in each case on the final Distribution Date and in the order set forth in Section 4.02, in the case of the Certificateholders, in proportion to their respective Percentage Interests, with respect to Certificateholders of the same Class, up to an amount equal to (i) as to each Class of Regular Certificates (except the Class X Certificates), the Certificate Balance thereof plus for each such Class and the Class X Certificates accrued interest thereon (or on their Notional Amount, if applicable) in the case of an interest-bearing Certificate and all other amounts to which such Classes are entitled pursuant to Section 4.02 and (ii) as to the Residual Certificates, the amount, if any, which remains on deposit in the Collection Accounts Distribution Account (other than the amounts retained to meet claims) after application pursuant to clause (i) above. In the event that any affected Certificateholders shall not surrender Certificates for cancellation within six months after the date specified in the above mentioned written notice, the Trustee shall give a second written notice to the remaining Certificateholders to surrender their Certificates for cancellation and receive the final distribution with respect thereto. If within six months after the second notice all the applicable Certificates shall not have been surrendered for cancellation, the Trustee may take appropriate steps, or may appoint an agent to take appropriate steps, to contact the remaining Certificateholders concerning surrender of their Certificates, and the cost thereof shall be paid out of the funds and other assets which remain a part of the Trust Fund. If within one year after the second notice all Certificates shall not have been surrendered for cancellation, the Class A-R Certificateholders shall be entitled to all unclaimed funds and other assets of the Trust Fund which remain subject hereto and the Trustee shall be discharged from all further liability with respect to the Certificates and this Agreementhereto.
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (Msac 2006-Nc1), Pooling and Servicing Agreement (Msac 2006-Nc1)
Final Distribution on the Certificates. If If, on any Determination Remittance Date, the Servicer notifies the Trustee determines that there are no Outstanding Mortgage Loans and no other funds or assets in the Trust Fund other than the funds in the Collection Accounts and Certificate Account, the Trustee shall promptly send a final distribution notice Notice of Final Distribution to each Certificateholderthe applicable Certificateholders. If the Optional Termination Holder above Majority Class X Certificateholder elects to terminate the Trust Fund pursuant to clause (a) of Section 9.01, at least 20 days prior to the date notice the Notice of Final Distribution is to be mailed to the affected Certificateholders such Person Certificateholders, the Majority Class X Certificateholder shall notify the Servicers Servicer and the Trustee of the date the Depositor Majority Class X Certificateholder intends to terminate the Trust Fund and of the applicable repurchase price of the Mortgage Loans and REO Properties. A Notice of any termination of the Trust FundFinal Distribution, specifying the Distribution Date on which Certificateholders shall may surrender their Certificates for payment of the final distribution and cancellation, shall be given promptly by the Trustee by letter to Certificateholders mailed not earlier than the 10th day and not later than the 15th 20th day of the month next preceding the month of such final distribution. Any such notice Notice of Final Distribution shall specify (a) the Distribution Date upon which final distribution on the Certificates will be made upon presentation and surrender of Certificates at the office therein designated, (b) the amount of such final distribution, (c) the location of the office or agency at which such presentation and surrender must be made, and (d) that the Record Date otherwise applicable to such Distribution Date is not applicable, distributions being made only upon presentation and surrender of the Certificates at the office therein specified. The Trustee shall will give such notice Notice of Final Distribution to each Rating Agency at the time such notice Notice of Final Distribution is given to Certificateholders. In the event such Notice of Final Distribution is given, the Servicer shall cause all funds in the Collection Account to be remitted to the Trustee for deposit in the Distribution Account on the Business Day prior to the applicable Distribution Date in an amount equal to the final distribution in respect of the Certificates. Upon such final deposit with respect to the Trust Fund and the receipt by the Trustee of a Request for Release therefor, the Trustee shall promptly release to the Majority Class X Certificateholder or its designee the Custodial Files for the Mortgage Loans. Upon presentation and surrender of the Certificates, the Trustee shall cause to be distributed to the Certificateholders of each ClassClass (after reimbursement of all amounts due the Depositor and the Trustee hereunder), in each case on the final Distribution Date and in the order set forth in Section 4.02, in the case of the Certificateholders4.01, in proportion to their respective Percentage Interests, with respect to Certificateholders of the same Class, an amount up to an amount equal to (i) as to each Class of Regular CertificatesCertificates (except the Class X Certificate), the Certificate Balance thereof plus for each such Class and the Class X Certificate accrued interest thereon (or on their Notional Amount, if applicable) in the case of an interest-bearing Certificate and all other amounts to which such Classes are entitled pursuant to Section 4.01, (ii) as to the Residual Certificates, the amount, if any, which remains on deposit in the Collection Accounts Distribution Account (other than the amounts retained to meet claims) after application pursuant to clause (i) above. In the event that any affected Certificateholders shall not surrender Certificates for cancellation within six months after the date specified in the above mentioned written notice, the Trustee shall give a second written notice to the remaining Certificateholders to surrender their Certificates for cancellation and receive the final distribution with respect thereto. If within six months after the second notice all the applicable Certificates shall not have been surrendered for cancellation, the Trustee may take appropriate steps, or may appoint an agent to take appropriate steps, to contact the remaining Certificateholders concerning surrender of their Certificates, and the cost thereof shall be paid out of the funds and other assets which remain a part of the Trust Fund. If within one year after the second notice all Certificates shall not have been surrendered for cancellation, the Class A-R Certificateholders shall be entitled to all unclaimed funds and other assets of the Trust Fund which remain subject hereto and the Trustee shall be discharged from all further liability with respect to the Certificates and this Agreementhereto.
Appears in 2 contracts
Samples: Trust Agreement (Gsaa Home Equity Trust 2004-6), Trust Agreement (Gsaa Home Equity Trust 2004-6)
Final Distribution on the Certificates. If on any Determination Date, the Trustee Master Servicer determines that there are no Outstanding Mortgage Loans and no other funds or assets in the Trust Fund other than the funds in the Collection Accounts and Certificate Account, the Trustee Master Servicer shall direct the Trust Administrator promptly to send a final distribution notice Notice of Final Distribution to each Certificateholder. If the Optional Termination Holder above Master Servicer elects to terminate the Trust Fund pursuant to clause (a) of Section 9.0110.01, at least 20 5 days prior to the date notice Notice of Final Distribution is to be mailed to the affected Certificateholders such Person Certificateholders, the Master Servicer shall notify the Servicers Depositor and the Trustee of the date the Depositor Master Servicer intends to terminate the Trust Fund and of the applicable repurchase price of the Mortgage Loans and REO PropertiesFund. Notice of any termination of the Trust Fund, specifying the Distribution Date on which Certificateholders shall may surrender their Certificates for payment of the final distribution and cancellation, shall be given promptly by the Trustee Trust Administrator by letter to Certificateholders mailed not earlier than the 10th 15th day of the month preceding the month of such final distribution and not later than the 15th 5th day of the month next preceding the month of such final distribution. Any such notice Notice of Final Distribution shall specify (a) the Distribution Date upon which final distribution on the Certificates will be made upon presentation and surrender of Certificates at the office therein designated, (b) the amount of such final distribution, (c) the location of the office or agency at which such presentation and surrender must be made, and (dc) that the Record Date otherwise applicable to such Distribution Date is not applicable, distributions being made only upon presentation and surrender of the Certificates at the office therein specified. The Trustee shall Trust Administrator will give such notice to each Rating Agency at the time such notice is given to Certificateholders. Upon presentation and surrender of the Certificates, the Trustee Trust Administrator shall cause to be distributed to the Certificateholders of each Class, in each case on the final Distribution Date and in the order set forth in Section 4.024.02 hereof, in on the case of the Certificateholdersfinal Distribution Date, in proportion to their respective Percentage Interests, with respect to Certificateholders of the same Class, an amount equal to (i) as to each Class of Regular Certificates, the Certificate Principal Balance thereof plus (a) accrued interest thereon (or on their Notional Amount, if applicable) in the case of an interest-bearing Certificate and (b) any applicable PO Deferred Amounts in the case of the Class PO Certificates, and (ii) as to the Residual Certificates, the amount, if any, which remains on deposit in the Collection Accounts Distribution Account (other than the amounts retained to meet claims) after application pursuant to clause (i) above. In the event that any affected Certificateholders shall not surrender Certificates for cancellation within six months after the date specified in the above above-mentioned written notice, the Trustee Trust Administrator shall give a second written notice to the remaining Certificateholders to surrender their Certificates for cancellation and receive the final distribution with respect thereto. If within six months after the second notice all the applicable Certificates shall not have been surrendered for cancellation, the Trustee Trust Administrator may take appropriate reasonable steps, or may appoint an agent to take appropriate reasonable steps, to contact the remaining Certificateholders concerning surrender of their Certificates, and the cost thereof shall be paid out of the funds and other assets which remain a part of the Trust Fund. If within one year after Upper-Tier REMIC that remain subject hereto and the second notice all Certificates shall not have been surrendered for cancellation, (i) the Class A-R LR Certificateholders shall be entitled to all unclaimed funds and other assets of the Trust Fund which Lower-Tier REMIC and (ii) the Class A-UR Certificateholders shall be entitled to all unclaimed funds and other assets of the Upper-Tier REMIC, in each case, that remain subject hereto and the Trustee shall be discharged from all further liability with respect to the Certificates and this Agreementhereto.
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (MASTR Alternative Loan Trust 2004-5), Pooling and Servicing Agreement (MASTR Alternative Loan Trust 2004-4)
Final Distribution on the Certificates. If on any Determination Date, the Trustee determines that there are no Outstanding Mortgage Loans and no other funds or assets in the Trust Fund other than the funds in the Collection Accounts and Certificate Account, the Trustee shall promptly send a final distribution notice to each Certificateholder. If the Optional Termination Holder above Olympus elects to terminate the Trust Fund pursuant to Section 9.01, at least 20 days prior to the date notice is to be mailed to the affected Certificateholders such Person Certificateholders, Olympus shall notify the Servicers any other Servicer and the Trustee of the date the Depositor it intends to terminate the Trust Fund and of the applicable repurchase price of the Mortgage Loans and REO Properties. Notice of any termination of the Trust Fund, specifying the Distribution Date on which Certificateholders shall may surrender their Certificates for payment of the final distribution and cancellation, shall be given promptly by the Trustee by letter to Certificateholders mailed not earlier than the 10th 15th day and not later than the 15th 25th day of the month next preceding the month of such final distribution. Any such notice shall specify (a) the Distribution Date upon which final distribution on the Certificates will be made upon presentation and surrender of Certificates at the office therein designated, (b) the amount of such final distribution, (c) the location of the office or agency at which such presentation and surrender must be made, and (d) that the Record Date otherwise applicable to such Distribution Date is not applicable, distributions being made only upon presentation and surrender of the Certificates at the office therein specified. The Trustee shall give such notice to each Rating Agency at the time such notice is given to Certificateholders. Upon presentation and surrender of the Certificates, the Trustee shall cause to be distributed to the Certificateholders of each Class, in each case on the final Distribution Date and in the order set forth in Section 4.02, in the case of the Certificateholders, in proportion to their respective Percentage Interests, with respect to Certificateholders of the same Class, an amount equal to (i) as to each Class of Regular Offered Certificates, (A) an amount equal to the Certificate Class Principal Balance thereof plus accrued interest thereon Current Interest and any Carryforward Interest in accordance with the priority of distributions set forth in Section 4.02 and (or on their Notional AmountB) to the extent of available funds (other than funds described in clause (ii) below) after the distributions in clause (i)(A) above, if applicable) the amounts referred to and in the case of an interest-bearing Certificate order described in Section 4.02(e)(ii) through (xi) and (ii) as to the Residual Class X Certificates, the amountamount due to the Class X Certificate under this Agreement, if any, which remains on deposit not paid (but in no way exceeding the amount in the Collection Accounts (other than the amounts retained to meet claims) after application pursuant to clause (i) aboveAccount). In the event that any affected Certificateholders shall not surrender Certificates for cancellation within six months after the date specified in the above mentioned written notice, the Trustee shall give a second written notice to the remaining Certificateholders to surrender their Certificates for cancellation and receive the final distribution with respect thereto. If within six months after the second notice all the applicable Certificates shall not have been surrendered for cancellation, the Trustee may take reasonable and appropriate steps, or may appoint an agent to take reasonable and appropriate steps, to contact the remaining Certificateholders concerning surrender of their Certificates, and the cost thereof shall be paid out of the funds and other assets which remain a part of the Trust Fund. If within one year after the second notice all Certificates shall not have been surrendered for cancellation, the Class A-R Certificateholders shall be entitled to all unclaimed funds and other assets of the Trust Fund which remain subject hereto and the Trustee shall be discharged from all further liability with respect to the Certificates and this Agreement.
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (Credit Suisse First Boston Mortgage Securities Corp), Pooling and Servicing Agreement (Home Equity Asset Trust 2002-2)
Final Distribution on the Certificates. If on any Determination Date, the Trustee determines that there are no Outstanding Mortgage Loans and no other funds or assets in the Trust Fund other than the funds in the Collection Accounts and Certificate Account, the Trustee shall promptly send a final distribution notice to each Certificateholder. If the Optional Termination Holder above elects to terminate the Trust Fund pursuant to Section 9.01, at least 20 days prior to the date notice is to be mailed to the affected Certificateholders such Person shall notify the Servicers and the Trustee of the date the Depositor intends to terminate the Trust Fund and of the applicable repurchase price of the Mortgage Loans and REO Properties. Notice of any termination of the Trust Fund, specifying the Distribution Date on which Certificateholders shall surrender their Certificates for payment of the final distribution and cancellation, shall be given promptly by the Trustee by letter to Certificateholders mailed not earlier than the 10th day and not later than the 15th day of the month next preceding the month of such final distribution. Any such notice shall specify (a) the Distribution Date upon which final distribution on the Certificates will be made upon presentation and surrender of Certificates at the office therein designated, (b) the amount of such final distribution, (c) the location of the office or agency at which such presentation and surrender must be made, and (d) that the Record Date otherwise applicable to such Distribution Date is not applicable, distributions being made only upon presentation and 122 surrender of the Certificates at the office therein specified. The Trustee shall give such notice to each Rating Agency at the time such notice is given to Certificateholders. Upon presentation and surrender of the Certificates, the Trustee shall cause to be distributed to the Certificateholders of each Class, in each case on the final Distribution Date and in the order set forth in Section 4.02, in the case of the Certificateholders, in proportion to their respective Percentage Interests, with respect to Certificateholders of the same Class, an amount equal to (i) as to each Class of Regular Certificates, the Certificate Balance thereof plus accrued interest thereon (or on their Notional Amount, if applicable) in the case of an interest-bearing Certificate and (ii) as to the Residual Certificates, the amount, if any, which remains on deposit in the Collection Accounts (other than the amounts retained to meet claims) after application pursuant to clause (i) above. In the event that any affected Certificateholders shall not surrender Certificates for cancellation within six months after the date specified in the above mentioned written notice, the Trustee shall give a second written notice to the remaining Certificateholders to surrender their Certificates for cancellation and receive the final distribution with respect thereto. If within six months after the second notice all the applicable Certificates shall not have been surrendered for cancellation, the Trustee may take appropriate steps, or may appoint an agent to take appropriate steps, to contact the remaining Certificateholders concerning surrender of their Certificates, and the cost thereof shall be paid out of the funds and other assets which remain a part of the Trust Fund. If within one year after the second notice all Certificates shall not have been surrendered for cancellation, the Class A-R Certificateholders shall be entitled to all unclaimed funds and other assets of the Trust Fund which remain subject hereto and the Trustee shall be discharged from all further liability with respect to the Certificates and this Agreement.
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (CSFB Home Equity Mortgage Pass Through Cert Series 2002-4), Pooling and Servicing Agreement (Home Equity Mortgage Pass Through Certificates Series 2002-2)
Final Distribution on the Certificates. If on any Determination Remittance Date, the Trustee Servicer determines that there are no Outstanding Mortgage Loans and no other funds or assets in the Trust Fund other than the funds in the Collection Accounts and Certificate Account, the Servicer shall direct the Trustee shall promptly to send a final distribution notice Notice of Final Distribution to each CertificateholderCertificateholder and the Swap Provider. If the Optional Termination Holder above Servicer elects to terminate the Trust Fund pursuant to clause (a) of Section 9.01, at least 20 days prior to by the date notice is to be mailed to 25th day of the affected Certificateholders such Person month preceding the month of the final distribution, the Servicer shall notify the Servicers Depositor and the Trustee of the date the Depositor Servicer intends to terminate the Trust Fund and of the applicable repurchase price of the Mortgage Loans and REO Properties. In the event such Notice of any termination of Final Distribution is given, the Trust Fund, specifying Servicer shall cause all funds in the Collection Account to be remitted to the Trustee for deposit in the Distribution Account on the Business Day prior to the applicable Distribution Date on which Certificateholders shall surrender their Certificates for payment of in an amount equal to the final distribution in respect of the Certificates. Upon such final deposit with respect to the Trust Fund and cancellation, shall be given promptly the receipt by the Trustee by letter to Certificateholders mailed not earlier than of a Request for Release therefor, the 10th day and not later than the 15th day of the month next preceding the month of such final distribution. Any such notice shall specify (a) the Distribution Date upon which final distribution on the Certificates will be made upon presentation and surrender of Certificates at the office therein designated, (b) the amount of such final distribution, (c) the location of the office or agency at which such presentation and surrender must be made, and (d) that the Record Date otherwise applicable to such Distribution Date is not applicable, distributions being made only upon presentation and surrender of the Certificates at the office therein specified. The Trustee shall give such notice promptly release to each Rating Agency at the time such notice is given to CertificateholdersServicer the Custodial Files for the Mortgage Loans. Upon presentation and surrender of the Certificates, the Trustee shall cause to be distributed to the Certificateholders of each ClassClass (after reimbursement of all amounts due to the Servicer, the Depositor and the Trustee hereunder), in each case on the final Distribution Date and in the order set forth in Section 4.02, in the case of the Certificateholders, in proportion to their respective Percentage Interests, with respect to Certificateholders of the same Class, up to an amount equal to (i) as to each Class of Regular Certificates (except the Class X Certificates), the Certificate Balance thereof plus for each such Class and the Class X Certificates accrued interest thereon (or on their Notional Amount, if applicable) in the case of an interest-bearing Certificate and all other amounts to which such Classes are entitled pursuant to Section 4.02 and (ii) as to the Residual Certificates, the amount, if any, which remains on deposit in the Collection Accounts Distribution Account (other than the amounts retained to meet claims) after application pursuant to clause (i) above. In the event that any affected Certificateholders shall not surrender Certificates for cancellation within six months after the date specified in the above mentioned written notice, the Trustee shall give a second written notice to the remaining Certificateholders to surrender their Certificates for cancellation and receive the final distribution with respect thereto. If within six months after the second notice all the applicable Certificates shall not have been surrendered for cancellation, the Trustee may take appropriate steps, or may appoint an agent to take appropriate steps, to contact the remaining Certificateholders concerning surrender of their Certificates, and the cost thereof shall be paid out of the funds and other assets which remain a part of the Trust Fund. If within one year after the second notice all Certificates shall not have been surrendered for cancellation, the Class A-R Certificateholders shall be entitled to all unclaimed funds and other assets of the Trust Fund which remain subject hereto and the Trustee shall be discharged from all further liability with respect to the Certificates and this Agreementhereto.
Appears in 2 contracts
Samples: Mortgage Loan Purchase and Warranties Agreement (Morgan Stanley ABS Capital I Inc. Trust 2006-Wmc1), Mortgage Loan Purchase and Warranties Agreement (Morgan Stanley ABS Capital I Inc. Trust 2006-Wmc1)
Final Distribution on the Certificates. If on any Determination Remittance Date, the Trustee Servicer determines that there are no Outstanding Mortgage Loans and no other funds or assets in the Trust Fund other than the funds in the Collection Accounts and Certificate AccountAccounts, the Servicer shall direct the Trustee shall promptly to send a final distribution notice Notice of Final Distribution to each CertificateholderCertificateholder and the Swap Provider. If the Optional Termination Holder above Servicer elects to terminate the Trust Fund pursuant to clause (a) of Section 9.019.01 by the 25th day of the month preceding the month of the final distribution, at least 20 days prior to the date notice is to be mailed to the affected Certificateholders such Person Servicer shall notify the Servicers Depositor and the Trustee of the date the Depositor Servicer intends to terminate the Trust Fund and of the applicable repurchase price of the Mortgage Loans and REO Properties. In the event such Notice of any termination of Final Distribution is given, the Trust Fund, specifying Servicer shall cause all funds in the Collection Account to be remitted to the Trustee for deposit in the Distribution Account on the Business Day prior to the applicable Distribution Date on which Certificateholders shall surrender their Certificates for payment of in an amount equal to the final distribution in respect of the Certificates. Upon such final deposit with respect to the Trust Fund and cancellation, shall be given promptly the receipt by the Trustee by letter to Certificateholders mailed not earlier than or the 10th day and not later than the 15th day of the month next preceding the month of such final distribution. Any such notice shall specify (a) the Distribution Date upon which final distribution on the Certificates will be made upon presentation and surrender of Certificates at the office therein designatedapplicable Custodian, (b) the amount of such final distribution, (c) the location of the office or agency at which such presentation and surrender must be made, and (d) that the Record Date otherwise applicable to such Distribution Date is not as applicable, distributions being made only upon presentation and surrender of a Request for Release therefor, the Certificates at Trustee or the office therein specified. The Trustee applicable Custodian, as applicable, shall give such notice promptly release to each Rating Agency at the time such notice is given to CertificateholdersServicer the Custodial Files for the Mortgage Loans. Upon presentation and surrender of the Certificates, the Trustee shall cause to be distributed to the Certificateholders of each ClassClass (after reimbursement of all amounts due to the Servicer, the Countrywide Servicer, the Depositor and the Trustee hereunder), in each case on the final Distribution Date and in the order set forth in Section 4.02, in the case of the Certificateholders, in proportion to their respective Percentage Interests, with respect to Certificateholders of the same Class, up to an amount equal to (i) as to each Class of Regular Certificates (except the Class X Certificates), the Certificate Balance thereof plus for each such Class and the Class X Certificates accrued interest thereon (or on their Notional Amount, if applicable) in the case of an interest-bearing Certificate and all other amounts to which such Classes are entitled pursuant to Section 4.02 and (ii) as to the Residual Certificates, the amount, if any, which remains on deposit in the Collection Accounts Distribution Account (other than the amounts retained to meet claims) after application pursuant to clause (i) above. In the event that any affected Certificateholders shall not surrender Certificates for cancellation within six months after the date specified in the above mentioned written notice, the Trustee shall give a second written notice to the remaining Certificateholders to surrender their Certificates for cancellation and receive the final distribution with respect thereto. If within six months after the second notice all the applicable Certificates shall not have been surrendered for cancellation, the Trustee may take appropriate steps, or may appoint an agent to take appropriate steps, to contact the remaining Certificateholders concerning surrender of their Certificates, and the cost thereof shall be paid out of the funds and other assets which remain a part of the Trust Fund. If within one year after the second notice all Certificates shall not have been surrendered for cancellation, the Class A-R Certificateholders shall be entitled to all unclaimed funds and other assets of the Trust Fund which remain subject hereto and the Trustee shall be discharged from all further liability with respect to the Certificates and this Agreementhereto.
Appears in 2 contracts
Samples: Mortgage Loan Purchase and Warranties Agreement (Morgan Stanley ABS Capital I Inc. Trust 2006-He4), Mortgage Loan Purchase and Warranties Agreement (Morgan Stanley ABS Capital I Inc. Trust 2006-He4)
Final Distribution on the Certificates. If on any Determination Date, Date the Trustee determines that there are no Outstanding outstanding Mortgage Loans and no other funds or assets in the Trust Fund other than the funds in the Collection Accounts and Certificate Account, the Trustee shall promptly send a final distribution notice to each CertificateholderCertificateholder and the NIMS Insurer, if any. If the Optional Termination Holder above elects Majority Class X Certificateholders or the NIMS Insurer, if any, elect to terminate the Trust Fund pursuant to clause (a)(i) of Section 9.019.1, at least 20 days prior to the date notice is to be mailed to the affected Certificateholders, the Majority Class X Certificateholders such Person shall notify the Servicers Depositor and the Trustee of the date the Depositor intends Majority Class X Certificateholders intend to terminate the Trust Fund and of the applicable repurchase price of the Mortgage Loans and REO Properties. Notice of any termination of the Trust Fund, specifying the Distribution Date on which Certificateholders shall may surrender their Certificates for payment of the final distribution and cancellation, shall be given promptly by the Trustee by letter to Certificateholders and the NIMS Insurer, if any, mailed not earlier than the 10th day and not no later than the 15th day of the month next preceding the month of such final distribution. Any such notice shall specify (a) the Distribution Date upon which final distribution on the Certificates will be made upon presentation and surrender of Certificates at the office therein designated, (b) the amount of such final distribution, (c) the location of the office or agency at which such presentation and surrender must be made, and (d) that the Record Date otherwise applicable to such Distribution Date is not applicable, distributions being made only upon presentation and surrender of the Certificates at the office therein specified. The Trustee shall will give such notice to each Rating Agency at the time such notice is given to Certificateholders. In the event such notice is given, the Trustee shall cause all funds in the Collection Account to be remitted to the Trustee for deposit in the Distribution Account on the Business Day prior to the applicable Distribution Date in an amount equal to the sum of the final distribution in respect of the Certificates and any Swap Termination Payment owed to the Swap Counterparty (to the extent not paid on previous Distribution Dates). Upon such final deposit with respect to the Trust Fund and the receipt by the Trustee of a Request for Release therefor, the Trustee shall promptly release to the majority Class X Certificateholders, the NIMS Insurer, if any, or the Servicer, as applicable, the Mortgage Files for the Mortgage Loans. Upon presentation and surrender of the Certificates, the Trustee shall cause to be distributed to the Certificateholders of each Class, in each case on the final Distribution Date and in the order set forth in Section 4.024.2 hereof, on the final Distribution Date, in the case of the Certificateholders, in proportion to their respective Percentage Interests, with respect to Certificateholders of the same Class, an amount equal to (i) as to each Class of Regular Certificates, the Certificate Balance thereof plus accrued interest thereon (or on their Notional Amount, if applicable) in the case of an interest-interest bearing Certificate Certificate, and (ii) as to the Residual Certificates, the amount, if any, which remains on deposit in the Collection Accounts Distribution Account (other than the amounts retained to meet claims) after application pursuant to clause (i) above. In the event that any affected Certificateholders shall not surrender Certificates for cancellation within six months after the date specified in the above above-mentioned written notice, the Trustee shall give a second written notice to the remaining Certificateholders to surrender their Certificates for cancellation and receive the final distribution with respect thereto. If within six months after the second notice all the applicable Certificates shall not have been surrendered for cancellation, the Trustee may take appropriate steps, or may appoint an agent to take appropriate steps, to contact the remaining Certificateholders concerning surrender of their Certificates, and the cost thereof shall be paid out of the funds and other assets which remain a part of the Trust Fund. If within one year after the second notice all Certificates shall not have been surrendered for cancellation, the holder of each of the Class A-R Certificateholders Certificates shall be entitled to all unclaimed funds and other assets of the Trust Fund REMICs held for distribution to such Certificateholders, which remain subject hereto and the Trustee shall be discharged from all further liability with respect to the Certificates and this Agreementhereto.
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (AEGIS ASSET BACKED SECURITIES TRUST Mortgage Pass-Through Certificates, Series 2004-3), Pooling and Servicing Agreement (AEGIS ASSET BACKED SECURITIES TRUST Mortgage Pass-Through Certificates, Series 2004-4)
Final Distribution on the Certificates. If on any Determination Date, the Trustee Master Servicer determines that there are no Outstanding Mortgage Loans and no other funds or assets in the Trust Fund other than the funds in the Collection Accounts and Certificate Account, the Master Servicer shall direct the Trustee shall promptly to send a final distribution notice Notice of Final Distribution to each Certificateholder. If the Optional Termination Holder above Master Servicer elects to terminate the Trust Fund pursuant to clause (a) of Section 9.01, at least 20 25 days prior to the date notice Notice of Final Distribution is to be mailed to the affected Certificateholders such Person Certificateholders, the Master Servicer shall notify the Servicers Depositor and the Trustee of the date the Depositor Master Servicer intends to terminate the Trust Fund and of the applicable repurchase price of the Mortgage Loans and REO PropertiesFund. Notice of any termination of the Trust Fund, specifying the Distribution Date on which Certificateholders shall may surrender their Certificates for payment of the final distribution and cancellation, shall be given promptly by the Trustee by letter to Certificateholders mailed not earlier than the 10th 15th day of the month preceding the month of such final distribution and not later than the 15th 5th day of the month next preceding the month of such final distribution. Any such notice Notice of Final Distribution shall specify (a) the Distribution Date upon which final distribution on the Certificates will be made upon presentation and surrender of Certificates at the office therein designated, (b) the amount of such final distribution, (c) the location of the office or agency at which such presentation and surrender must be made, and (dc) that the Record Date otherwise applicable to such Distribution Date is not applicable, distributions being made only upon presentation and surrender of the Certificates at the office therein specified. The Trustee shall will give such notice to each Rating Agency at the time such notice is given to Certificateholders. Upon presentation and surrender of the Certificates, the Trustee shall cause to be distributed to the Certificateholders of each Class, in each case on the final Distribution Date and in the order set forth in Section 4.024.02 hereof, in on the case of the Certificateholdersfinal Distribution Date, in proportion to their respective Percentage Interests, with respect to Certificateholders of the same Class, an amount equal to (i) as to each related Class of Regular Certificates, the Certificate Principal Balance thereof plus accrued interest thereon (or on their Notional Amount, if applicable) in the case of an interest-bearing Certificate and (ii) as to the Residual Certificates, the amount, if any, which that remains on deposit in the Collection Accounts Distribution Account (other than the amounts retained to meet claims) after application pursuant to clause (i) above. In the event that any affected Certificateholders shall not surrender Certificates for cancellation within six months after the date specified in the above mentioned written notice, the Trustee shall give a second written notice to the remaining Certificateholders to surrender their Certificates for cancellation and receive the final distribution with respect thereto. If within six months after the second notice all the applicable Certificates shall not have been surrendered for cancellation, the Trustee may take appropriate reasonable steps, or may appoint an agent to take appropriate reasonable steps, to contact the remaining Certificateholders concerning surrender of their Certificates, and the cost thereof shall be paid out of the funds and other assets which remain a part of the Trust Fund. If within one year after the second notice all Certificates shall not have been surrendered for cancellation, Upper-Tier REMIC that remain subject hereto and (i) the Class ALR Certificateholders shall be entitled to all unclaimed funds and other assets of the Lower-Tier REMIC and (ii) the Class R Certificateholders shall be entitled to all unclaimed funds and other assets of the Trust Fund which Upper-Tier REMIC, in each case that remain subject hereto and the Trustee shall be discharged from all further liability with respect to the Certificates and this Agreementhereto.
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (Mastr Adjustable Rate Mortgages Trust 2004-2), Pooling and Servicing Agreement (Master Adjustable Rate Mortgages Trust 2004-2)
Final Distribution on the Certificates. If on any Determination Date, the Trustee determines that there are no Outstanding Mortgage Loans and no other funds or assets in the Trust Fund other than the funds in the Collection Accounts and Certificate Account, the Trustee shall promptly send a final distribution notice to each Certificateholder. If the Optional Termination Holder above Terminating Entity elects to terminate the Trust Fund or the Auction Purchaser purchases the Mortgage Loans pursuant to Section 9.01, at least 20 days prior to the date notice is to be mailed to the affected Certificateholders such Person Certificateholders, the Terminating Entity or the Auction Purchaser, as applicable, shall notify the Servicers Rating Agencies and the Trustee of the date the Depositor it intends to terminate the Trust Fund and of the applicable repurchase price of the Mortgage Loans and REO Properties. Notice of any termination of the Trust Fund, specifying the Distribution Date on which Certificateholders shall may surrender their Certificates for payment of the final distribution and cancellation, shall be given promptly by the Trustee by letter to Certificateholders mailed not earlier than the 10th 15th day and not later than the 15th 25th day of the month next preceding the month of such final distribution. Any such notice shall specify (a) the Distribution Date upon which final distribution on the Certificates will be made upon presentation and surrender of Certificates at the office therein designated, (b) the amount of such final distribution, (c) the location of the office or agency at which such presentation and surrender must be made, and (d) that the Record Date otherwise applicable to such Distribution Date is not applicable, distributions being made only upon presentation and surrender of the Certificates at the office therein specified. The Trustee shall give such notice to each Rating Agency at the time such notice is given to Certificateholders. Upon presentation and surrender of On the Certificatesfinal Distribution Date, the Trustee shall cause to be distributed to the Certificateholders of each Class, upon presentation and surrender of the Certificates, and to the Trustee and the Credit Risk Manager distributions and payments in each case on accordance with Section 4.02. Notwithstanding the foregoing, if the final Distribution Date and in the order set forth in Section 4.02, in the case has occurred as a result of a Terminating Entity’s purchase of the CertificateholdersTrust Fund pursuant to Section 9.01(A), in proportion to their respective Percentage Interests, with respect to Certificateholders of the same Class, an amount equal to (i) as to each Class of Regular Certificates, the Certificate Balance thereof plus accrued interest thereon (or on their Notional Amount, if applicable) in the case of an interest-bearing Certificate and (ii) as to the Residual Certificates, the amountall amounts, if any, which remains on deposit in excess of the Collection Accounts (other than Par Value shall be distributed by the amounts retained Trustee directly to meet claims) after application pursuant to clause (i) abovethe Class X Certificates. In the event that any affected Certificateholders shall not surrender Certificates for cancellation within six months after the date specified in the above mentioned written notice, the Trustee shall give a second written notice to the remaining Certificateholders to surrender their Certificates for cancellation and receive the final distribution with respect thereto. If within six months after the second notice all the applicable Certificates shall not have been surrendered for cancellation, the Trustee may take reasonable and appropriate steps, or may appoint an agent to take reasonable and appropriate steps, to contact the remaining Certificateholders concerning surrender of their Certificates, and the cost thereof shall be paid out of the funds and other assets which remain a part of the Trust Fund. If within one year after the second notice all Certificates shall not have been surrendered for cancellation, the Class AR and Class R-R II Certificateholders shall be entitled to all unclaimed funds and other assets of the Trust Fund which remain subject hereto and the Trustee shall be discharged from all further liability with respect to the Certificates and this Agreement.
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (CSFB Home Equity Pass-Through Certificates, Series 2005-Fix1), Pooling and Servicing Agreement (CSFB Home Equity Pass-Through Certificates, Series 2005-Fix1)
Final Distribution on the Certificates. If on any Determination Date, the Trustee Master Servicer determines that there are no Outstanding Mortgage Loans and no other funds or assets in the Trust Fund other than the funds in the Collection Accounts and Certificate Account, the Trustee Master Servicer shall direct the Trust Administrator promptly to send a final distribution notice to each Certificateholder. If the Optional Termination Holder above Master Servicer elects to terminate the Trust Fund exercise its termination rights pursuant to clause (a) of Section 9.0110.01, at least 20 5 days prior to the date notice is to be mailed to the affected Certificateholders such Person Certificateholders, the Master Servicer shall notify the Servicers Depositor and the Trustee Trust Administrator of the date the Depositor Master Servicer intends to terminate the Trust Fund and of the applicable repurchase price of the Mortgage Loans and REO Propertiesexercise its termination rights. Notice of any termination of the Trust Fund, or of the exercise of the Master Servicer’s termination rights, specifying the Distribution Date on which related Certificateholders shall may surrender their Certificates for payment of the final distribution and cancellation, shall be given promptly by the Trustee Trust Administrator by letter to related Certificateholders mailed not earlier than the 10th day and not later than the 15th day of the month next preceding the month of such final distribution and not later than the 5th day of the month of such final distribution. Any such notice shall specify (a) the Distribution Date upon which final distribution on the related Certificates will be made upon presentation and surrender of such Certificates at the office therein designated, (b) the amount of such final distribution, (c) the location of the office or agency at which such presentation and surrender must be made, and (dc) that the Record Date otherwise applicable to such Distribution Date is not applicable, distributions being made only upon presentation and surrender of the related Certificates at the office therein specified. The Trustee shall Trust Administrator will give such notice to each Rating Agency at the time such notice is given to related Certificateholders. Upon presentation and surrender of the related Certificates, the Trustee Trust Administrator shall cause to be distributed to the Certificateholders of each related Class, in each case on the final Distribution Date and in the order set forth in Section 4.024.02 hereof, in on the case of the Certificateholdersfinal Distribution Date, in proportion to their respective Percentage Interests, with respect to Certificateholders of the same Class, an amount equal to (i) as to each Class of Regular Certificates, the Certificate Principal Balance thereof plus accrued interest thereon (or on their Notional Amount, if applicable) in the case of an interest-interest bearing Certificate and (ii) as to the Residual Certificates, the amount, if any, which remains on deposit in the Collection Accounts Distribution Account (other than the amounts retained to meet claims) after application pursuant to clause (i) above. In the event that any affected Certificateholders shall not surrender Certificates for cancellation within six months after the date specified in the above above-mentioned written notice, the Trustee Trust Administrator shall give a second written notice to the remaining Certificateholders to surrender their Certificates for cancellation and receive the final distribution with respect thereto. If within six months after the second notice all the applicable Certificates shall not have been surrendered for cancellation, the Trustee Trust Administrator may take appropriate reasonable steps, or may appoint an agent to take appropriate reasonable steps, to contact the remaining Certificateholders concerning surrender of their Certificates, and the cost thereof shall be paid out of the funds and other assets of the Master REMIC which remain a part of the Trust Fund. If within one year after the second notice all Certificates shall not have been surrendered for cancellation, subject hereto and the Class A-R LR and Class A-UR Certificateholders as the beneficial owner of the residual interest issued by the REMICs created under this Agreement shall be entitled to all unclaimed funds and other assets of the Trust Fund each related REMIC created under this Agreement, which remain subject hereto hereto, and the Trustee Certificateholders who have not surrendered Certificates shall be discharged from all further liability look only to such Class A-LR and Class A-UR Certificateholders with respect to the Certificates any such unclaimed funds and this Agreementother assets.
Appears in 2 contracts
Samples: Pooling and Servicing Agreement, Pooling and Servicing Agreement (MASTR Seasoned Securitization Trust 2005-1)
Final Distribution on the Certificates. If on any Determination Date, the Trustee Master Servicer determines that there are no Outstanding Mortgage Loans and no other funds or assets in the Trust Fund other than the funds in the Collection Accounts and Certificate Account, the Trustee Master Servicer shall direct the Trust Administrator promptly to send a final distribution notice to each Certificateholder. If the Optional Termination Holder above Master Servicer elects to terminate the Trust Fund exercise its termination rights pursuant to clause (a) of Section 9.0110.01, at least 20 5 days prior to the date notice is to be mailed to the affected Certificateholders such Person Certificateholders, the Master Servicer shall notify the Servicers Depositor and the Trustee Trust Administrator of the date the Depositor Master Servicer intends to terminate the Trust Fund and of the applicable repurchase price of the Mortgage Loans and REO Propertiesexercise its termination rights. Notice of any termination of the Trust Fund, or of the exercise of the Master Servicer’s termination rights, specifying the Distribution Date on which related Certificateholders shall may surrender their Certificates for payment of the final distribution and cancellation, shall be given promptly by the Trustee Trust Administrator by letter to related Certificateholders mailed not earlier than the 10th day and not later than the 15th day of the month next preceding the month of such final distribution and not later than the 5th day of the month of such final distribution. Any such notice shall specify (a) the Distribution Date upon which final distribution on the related Certificates will be made upon presentation and surrender of such Certificates at the office therein designated, (b) the amount of such final distribution, (c) the location of the office or agency at which such presentation and surrender must be made, and (dc) that the Record Date otherwise applicable to such Distribution Date is not applicable, distributions being made only upon presentation and surrender of the related Certificates at the office therein specified. The Trustee shall Trust Administrator will give such notice to each Rating Agency at the time such notice is given to related Certificateholders. Upon presentation and surrender of the related Certificates, the Trustee Trust Administrator shall cause to be distributed to the Certificateholders of each related Class, in each case on the final Distribution Date and in the order set forth in Section 4.024.02 hereof, all amounts required to be distributed to it pursuant to Section 4.02 and, in the case of the CertificateholdersCertificateholders of the same Class, in proportion to their respective Percentage Interests, with respect to Certificateholders of the same Class, an amount equal to (i) as to each Class of Regular Certificates, the Certificate Principal Balance thereof plus (a) accrued interest thereon (or on their Notional Amount, if applicable) in the case of an interest-interest bearing Certificate and (b) any applicable Group 1 PO Deferred Amounts in the case of the Class PO Certificates, and (ii) as to the Residual Certificates, the amount, if any, which remains on deposit in the Collection Accounts Distribution Account (other than the amounts retained to meet claims) after application pursuant to clause (i) above. In the event that any affected Certificateholders shall not surrender Certificates for cancellation within six months after the date specified in the above above-mentioned written notice, the Trustee Trust Administrator shall give a second written notice to the remaining Certificateholders to surrender their Certificates for cancellation and receive the final distribution with respect thereto. If within six months after the second notice all the applicable Certificates shall not have been surrendered for cancellation, the Trustee Trust Administrator may take appropriate reasonable steps, or may appoint an agent to take appropriate reasonable steps, to contact the remaining Certificateholders concerning surrender of their Certificates, and the cost thereof shall be paid out of the funds and other assets of the Master REMIC which remain a part of the Trust Fund. If within one year after the second notice all Certificates shall not have been surrendered for cancellationsubject hereto, and then the Class A-R LR and Class A-UR Certificateholders as the beneficial owner of the residual interest issued by the REMICs created under this Agreement shall be entitled to all unclaimed funds and other assets of the Trust Fund each related REMIC created under this Agreement, which remain subject hereto hereto, and the Trustee Certificateholders who have not surrendered Certificates shall be discharged from all further liability look only to such Class A-LR and Class A-UR Certificateholders with respect to the Certificates any such unclaimed funds and this Agreementother assets.
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (MASTR Asset Securitization Trust 2006-2), Pooling and Servicing Agreement (MASTR Asset Securitization Trust 2006-2)
Final Distribution on the Certificates. If on any Determination Remittance Date, the Trustee Servicer determines that there are no Outstanding Mortgage Loans and no other funds or assets in the Trust Fund other than the funds in the Collection Accounts and Certificate Account, the Servicer shall direct the Trustee shall promptly to send a final distribution notice Notice of Final Distribution to each Certificateholder. If the Optional Termination Holder above Majority Class X Certificateholder or the Servicer elects to terminate the Trust Fund pursuant to clause (a) of Section 9.01, at least 20 days prior to the date notice the Notice of Final Distribution is to be mailed to the affected Certificateholders such Person Certificateholders, the Depositor shall notify the Servicers Servicer, the Trustee and the Trustee Class A Certificate Insurer of the date the Depositor intends to terminate the Trust Fund and of the applicable repurchase price of the Mortgage Loans and REO Properties. A Notice of any termination of the Trust FundFinal Distribution, specifying the Distribution Date on which Certificateholders shall may surrender their Certificates for payment of the final distribution and cancellation, shall be given promptly by the Trustee by letter to Certificateholders mailed not earlier than the 10th day and not later than the 15th day of the month next preceding the month of such final distribution. Any such notice Notice of Final Distribution shall specify (a) the Distribution Date upon which final distribution on the Certificates will be made upon presentation and surrender of Certificates at the office therein designated, (b) the amount of such final distribution, (c) the location of the office or agency at which such presentation and surrender must be made, and (d) that the Record Date otherwise applicable to such Distribution Date is not applicable, distributions being made only upon presentation and surrender of the Certificates at the office therein specified. The Trustee shall will give such notice Notice of Final Distribution to each Rating Agency at the time such notice Notice of Final Distribution is given to Certificateholders. In the event such Notice of Final Distribution is given, the Servicer shall cause all funds in the Collection Account to be remitted to the Trustee for deposit in the Distribution Account on the Business Day prior to the applicable Distribution Date in an amount equal to the final distribution in respect of the Certificates. Upon such final deposit with respect to the Trust Fund and the receipt by the Trustee of a Request for Release therefor, the Trustee shall promptly release to the Depositor or its designee the Custodial Files for the Mortgage Loans. Upon presentation and surrender of the Certificates, the Trustee shall cause to be distributed to the Certificateholders of each ClassClass (after reimbursement of all amounts due the Servicer, the Depositor and the Trustee hereunder), in each case on the final Distribution Date and in the order set forth in Section 4.02, in the case of the Certificateholders, in proportion to their respective Percentage Interests, with respect to Certificateholders of the same Class, an amount up to an amount equal to (i) as to each Class of Regular CertificatesCertificates (except the Class X Certificate), the Certificate Balance thereof plus for each such Class and the Class X Certificate accrued interest thereon (or on their Notional Amount, if applicable) in the case of an interest-bearing Certificate and all other amounts to which such Classes are entitled pursuant to Section 4.02, (ii) as to the Residual Certificates, the amount, if any, which remains on deposit in the Collection Accounts Distribution Account (other than the amounts retained to meet claims) after application pursuant to clause (i) above. In the event that any affected Certificateholders shall not surrender Certificates for cancellation within six months after the date specified in the above mentioned written notice, the Trustee shall give a second written notice to the remaining Certificateholders to surrender their Certificates for cancellation and receive the final distribution with respect thereto. If within six months after the second notice all the applicable Certificates shall not have been surrendered for cancellation, the Trustee may take appropriate steps, or may appoint an agent to take appropriate steps, to contact the remaining Certificateholders concerning surrender of their Certificates, and the cost thereof shall be paid out of the funds and other assets which remain a part of the Trust Fund. If within one year after the second notice all Certificates shall not have been surrendered for cancellation, the Class A-R Certificateholders shall be entitled to all unclaimed funds and other assets of the Trust Fund which remain subject hereto and the Trustee shall be discharged from all further liability with respect to the Certificates and this Agreementhereto.
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (Gs Mortgage Sec Corp Mort Pass THR Cert Ser 2002-He2), Pooling and Servicing Agreement (Gs Mortgage Sec Corp Mort Pass THR Cert Ser 2002-He2)
Final Distribution on the Certificates. If on any Determination Remittance Date, the Trustee Servicer determines that there are no Outstanding Mortgage Loans and no other funds or assets in the Trust Fund other than the funds in the Collection Accounts and Certificate Account, the Servicer shall direct the Trustee shall promptly to send a final distribution notice Notice of Final Distribution to each Certificateholder. If the Optional Termination Holder above Servicer elects to terminate the Trust Fund pursuant to clause (a) of Section 9.01, at least 20 days prior to the date notice the Notice of Final Distribution is to be mailed to the affected Certificateholders such Person Certificateholders, the Servicer shall notify the Servicers Depositor and the Trustee of the date the Depositor Servicer intends to terminate the Trust Fund and of the applicable repurchase price of the Mortgage Loans and REO Properties. In the event such Notice of any termination of Final Distribution is given, the Trust Fund, specifying Servicer shall cause all funds in the Collection Account to be remitted to the Trustee for deposit in the Distribution Account on the Business Day prior to the applicable Distribution Date on which Certificateholders shall surrender their Certificates for payment of in an amount equal to the final distribution in respect of the Certificates. Upon such final deposit with respect to the Trust Fund and cancellation, shall be given promptly the receipt by the Trustee by letter to Certificateholders mailed not earlier than of a Request for Release therefor, the 10th day and not later than the 15th day of the month next preceding the month of such final distribution. Any such notice shall specify (a) the Distribution Date upon which final distribution on the Certificates will be made upon presentation and surrender of Certificates at the office therein designated, (b) the amount of such final distribution, (c) the location of the office or agency at which such presentation and surrender must be made, and (d) that the Record Date otherwise applicable to such Distribution Date is not applicable, distributions being made only upon presentation and surrender of the Certificates at the office therein specified. The Trustee shall give such notice promptly release to each Rating Agency at the time such notice is given to CertificateholdersServicer the Custodial Files for the Mortgage Loans. Upon presentation and surrender of the Certificates, the Trustee shall cause to be distributed to the Certificateholders of each ClassClass (after reimbursement of all amounts due to the Servicer, the Depositor, the Class A-3b Certificate Insurer and the Trustee hereunder), in each case on the final Distribution Date or Class A-3b Distribution Date, as applicable, and in the order set forth in Section 4.02, in the case of the Certificateholders, in proportion to their respective Percentage Interests, with respect to Certificateholders of the same Class, up to an amount equal to (i) as to each Class of Regular Certificates (except the Class X Certificates), the Certificate Balance thereof plus for each such Class and the Class X Certificates accrued interest thereon (or on their Notional Amount, if applicable) in the case of an interest-bearing Certificate and all other amounts to which such Classes are entitled pursuant to Section 4.02 and (ii) as to the Residual Certificates, the amount, if any, which remains on deposit in the Collection Accounts Distribution Account (other than the amounts retained to meet claims) after application pursuant to clause (i) above. In the event that any affected Certificateholders shall not surrender Certificates for cancellation within six months after the date specified in the above mentioned written notice, the Trustee shall give a second written notice to the remaining Certificateholders to surrender their Certificates for cancellation and receive the final distribution with respect thereto. If within six months after the second notice all the applicable Certificates shall not have been surrendered for cancellation, the Trustee may take appropriate steps, or may appoint an agent to take appropriate steps, to contact the remaining Certificateholders concerning surrender of their Certificates, and the cost thereof shall be paid out of the funds and other assets which remain a part of the Trust Fund. If within one year after the second notice all Certificates shall not have been surrendered for cancellation, the Class A-R Certificateholders shall be entitled to all unclaimed funds and other assets of the Trust Fund which remain subject hereto and the Trustee shall be discharged from all further liability with respect to the Certificates and this Agreementhereto.
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (Morgan Stanley ABS Capital I Inc. Trust 2004-He9), Pooling and Servicing Agreement (Morgan Stanley ABS Capital I Inc. Trust 2004-He9)
Final Distribution on the Certificates. If on any Determination Date, the Servicer notifies the Trustee determines that there are no Outstanding Mortgage Loans and no other funds or assets in the Trust Fund other than the funds in the Collection Accounts and Certificate Account, the Trustee shall promptly send a final distribution notice Notice of Final Distribution to each Certificateholder. If the Optional Termination Holder above elects to terminate the Trust Fund pursuant to Section 9.01, at least 20 days prior to the date notice is to be mailed to the affected Certificateholders such Person shall notify the Servicers and the Trustee of the date the Depositor intends to terminate the Trust Fund and of the applicable repurchase price of the Mortgage Loans and REO Properties. A Notice of any termination of the Trust FundFinal Distribution, specifying the Distribution Date on which Certificateholders shall may surrender their Certificates for payment of the final distribution and cancellation, shall be given promptly by the Trustee by letter to Certificateholders mailed not earlier than the 10th day and not later than the 15th day of the month next preceding the month of such final distribution. Any such notice Notice of Final Distribution shall specify (a) the Distribution Date upon which final distribution on the Certificates will be made upon presentation and surrender of Certificates at the office therein designated, (b) the amount of such final distribution, (c) the location of the office or agency at which such presentation and surrender must be made, and (d) that the Record Date otherwise applicable to such Distribution Date is not applicable, distributions being made only upon presentation and surrender of the Certificates at the office therein specified. The Trustee shall will give such notice Notice of Final Distribution to each Rating Agency at the time such notice Notice of Final Distribution is given to Certificateholders. Upon such final deposit in the Distribution Account of an amount equal to the final distribution in respect of the Certificates and upon the receipt by the Trustee of a request for release therefor, the Trustee shall promptly release the Custodial Files for the Mortgage Loans to the person entitled thereto as directed by such request for release. Upon presentation and surrender of the Certificates, the Trustee shall cause to be distributed to the Certificateholders of each Class, in each case on the final Distribution Date and in the order set forth in Section 4.02, in the case of the Certificateholders4.01, in proportion to their respective Percentage Interests, with respect to Certificateholders of the same Class, an amount up to an amount equal to (i) as to each Class of Regular CertificatesCertificates (except the Class X Certificate), the Certificate Balance thereof plus for each such Class and the Class X Certificate accrued interest thereon (or on their Notional Amount, if applicable) in the case of an interest-bearing Certificate and all other amounts to which such Classes are entitled pursuant to Section 4.01, (ii) as to the Residual Certificates, the amount, if any, which remains on deposit in the Collection Accounts Distribution Account (other than the amounts retained to meet claims) after application pursuant to clause (i) above. In the event that any affected Certificateholders shall not surrender Certificates for cancellation within six months after the date specified in the above mentioned written notice, the Trustee shall give a second written notice to the remaining Certificateholders to surrender their Certificates for cancellation and receive the final distribution with respect thereto. If within six months after the second notice all the applicable Certificates shall not have been surrendered for cancellation, the Trustee may take appropriate steps, or may appoint an agent to take appropriate steps, to contact the remaining Certificateholders concerning surrender of their Certificates, and the cost thereof shall be paid out of the funds and other assets which remain a part of the Trust Fund. If within one year after the second notice all Certificates shall not have been surrendered for cancellation, the Class A-R Certificateholders shall be entitled to all unclaimed funds and other assets of the Trust Fund which remain subject hereto and the Trustee shall be discharged from all further liability with respect to the Certificates and this Agreementhereto.
Appears in 2 contracts
Samples: Custodial Agreement (Gs Mortgage Securities Corp Mort Pas THR Cert Se 2002 Wf), Custodial Agreement (Gs Mortgage Securities Corp Mort Pas THR Cert Se 2002 Wf)
Final Distribution on the Certificates. If on any Determination Remittance Date, the Trustee Servicer determines that there are no Outstanding Mortgage Loans and no other funds or assets in the Trust Fund other than the funds in the Collection Accounts and Certificate Account, the Servicer shall direct the Trustee shall promptly to send a final distribution notice Notice of Final Distribution to each CertificateholderCertificateholder and the Swap Provider. If the Optional Termination Holder above Servicer elects to terminate the Trust Fund pursuant to clause (a) of Section 9.01, at least 20 days prior to by the date notice is to be mailed to 25th day of the affected Certificateholders such Person month preceding the month of the final distribution, the Servicer shall notify the Servicers Depositor and the Trustee of the date the Depositor Servicer intends to terminate the Trust Fund and of the applicable repurchase price of the Mortgage Loans and REO Properties. In the event such Notice of any termination of Final Distribution is given, the Trust Fund, specifying Servicer shall cause all funds in the Collection Account to be remitted to the Trustee for deposit in the Distribution Account on the Business Day prior to the applicable Distribution Date on which Certificateholders shall surrender their Certificates for payment of in an amount equal to the final distribution in respect of the Certificates. Upon such final deposit with respect to the Trust Fund and cancellation, shall be given promptly the receipt by the Trustee by letter to Certificateholders mailed not earlier than or the 10th day and not later than the 15th day of the month next preceding the month of such final distribution. Any such notice shall specify (a) the Distribution Date upon which final distribution on the Certificates will be made upon presentation and surrender of Certificates at the office therein designatedCustodian, (b) the amount of such final distribution, (c) the location of the office or agency at which such presentation and surrender must be made, and (d) that the Record Date otherwise applicable to such Distribution Date is not as applicable, distributions being made only upon presentation and surrender of a Request for Release therefor, the Certificates at Trustee or the office therein specified. The Trustee Custodian, as applicable, shall give such notice promptly release to each Rating Agency at the time such notice is given to CertificateholdersServicer the Custodial Files for the Mortgage Loans. Upon presentation and surrender of the Certificates, the Trustee shall cause to be distributed to the Certificateholders of each ClassClass (after reimbursement of all amounts due to the Servicer, the Depositor and the Trustee hereunder), in each case on the final Distribution Date and in the order set forth in Section 4.02, in the case of the Certificateholders, in proportion to their respective Percentage Interests, with respect to Certificateholders of the same Class, up to an amount equal to (i) as to each Class of Regular Certificates (except the Class X Certificates), the Certificate Balance thereof plus for each such Class and the Class X Certificates accrued interest thereon (or on their Notional Amount, if applicable) in the case of an interest-bearing Certificate and all other amounts to which such Classes are entitled pursuant to Section 4.02 and (ii) as to the Residual Certificates, the amount, if any, which remains on deposit in the Collection Accounts Distribution Account (other than the amounts retained to meet claims) after application pursuant to clause (i) above. In the event that any affected Certificateholders shall not surrender Certificates for cancellation within six months after the date specified in the above mentioned written notice, the Trustee shall give a second written notice to the remaining Certificateholders to surrender their Certificates for cancellation and receive the final distribution with respect thereto. If within six months after the second notice all the applicable Certificates shall not have been surrendered for cancellation, the Trustee may take appropriate steps, or may appoint an agent to take appropriate steps, to contact the remaining Certificateholders concerning surrender of their Certificates, and the cost thereof shall be paid out of the funds and other assets which remain a part of the Trust Fund. If within one year after the second notice all Certificates shall not have been surrendered for cancellation, the Class A-R Certificateholders shall be entitled to all unclaimed funds and other assets of the Trust Fund which remain subject hereto and the Trustee shall be discharged from all further liability with respect to the Certificates and this Agreementhereto.
Appears in 2 contracts
Samples: Mortgage Loan Purchase and Warranties Agreement (Morgan Stanley Capital I Inc. Trust 2006-He1), Mortgage Loan Purchase and Warranties Agreement (Morgan Stanley Capital I Inc. Trust 2006-He1)
Final Distribution on the Certificates. If on any Determination Date, Date the Trustee Servicer determines that there are no Outstanding Mortgage Loans and no other funds or assets in the Trust Fund other than the funds in the Collection Accounts and Certificate Account, the Servicer shall direct the Trustee shall promptly to send a final distribution notice to each Certificateholder. If the Optional Termination Holder above Servicer elects to terminate the Trust Fund pursuant to clause (a) of Section 9.01, at least 20 days prior to no later than the date notice is to be mailed to 15th day of the affected Certificateholders such Person month preceding the month of the final Distribution Date the Servicer shall notify the Servicers Depositor and the Trustee of the date the Depositor Servicer intends to terminate the Trust Fund and of the applicable repurchase price of the Mortgage Loans and REO Properties. Notice of any termination of the Trust Fund, Fund specifying the Distribution Date on which Certificateholders shall may surrender their Certificates for payment of the final distribution and cancellation, cancellation shall be given promptly by the Trustee by letter to Certificateholders mailed not earlier than the 10th 15th day and not later than the 15th last day of the month next preceding the month of such final distribution. Any such notice shall specify (a) the Distribution Date upon which final distribution on the Certificates will be made upon presentation and surrender of Certificates at the office therein designated, (b) the amount of such final distribution, (c) the location of the office or agency at which such presentation and surrender must be made, and (d) that the Record Date otherwise applicable to such the Distribution Date is not applicable, distributions being made only upon presentation and surrender of the Certificates at the office therein specified. The Trustee shall Servicer will give such notice to each Rating Agency at the time such notice is given to Certificateholders. If this notice is given, the Servicer shall cause all funds in the Certificate Account to be remitted to the Trustee for deposit in the Distribution Account on the Business Day before the applicable Distribution Date in an amount equal to the final distribution in respect of the Certificates. Upon such final deposit with respect to the Trust Fund and the receipt by the Trustee of a Request for Release therefor, the Trustee shall promptly release to the Servicer the Mortgage Files for the Mortgage Loans. Upon presentation and surrender of the Certificates, the Trustee shall cause to be distributed to the Certificateholders of each Class, in each case Class on the final Distribution Date and in the order set forth in Section 4.02, in the case of the Certificateholders, in proportion to their respective Percentage Interests, with respect to Certificateholders of the same Class, an amount equal to (i) as to each Class of Regular Certificates (other than the Notional Amount Certificates), the its Certificate Balance thereof plus for each such Class accrued interest thereon (or on their Notional Amount, if applicable) in the case of an interest-bearing Certificate and (ii) as to the Residual Certificates, the amount, if any, which remains any amount remaining on deposit in the Collection Accounts Distribution Account (other than the amounts retained to meet claims) after application pursuant to clause (i) above. In Notwithstanding the event that reduction of the Certificate Balance of any Class of Certificates to zero, such Class will be outstanding hereunder solely for the purpose of receiving distributions and for no other purpose until the termination of the respective obligations and responsibilities of the Depositor, the Servicer and the Trustee hereunder in accordance with Article Nine. The foregoing provisions are intended to distribute to each Class of Regular Certificates any accrued and unpaid interest and principal to which they are entitled based on the Pass-Through Rates and actual Class Certificate Balances or Notional Amounts set forth in the Preliminary Statement upon liquidation of the Trust Fund. If any affected Certificateholders shall Certificateholder does not surrender its Certificates for cancellation within six months after the date specified in the above mentioned written notice, the Trustee shall give a second written notice to the remaining Certificateholders to surrender their Certificates for cancellation and receive the final distribution with respect thereto. If within six months after the second notice all the applicable Certificates shall not have been surrendered for cancellation, the Trustee may take appropriate steps, or may appoint an agent to take appropriate steps, to contact the remaining Certificateholders concerning surrender of their Certificates, and the cost thereof shall be paid out of the funds and other assets which remain a part of the Trust Fund. If within one year after the second notice all Certificates shall not have been surrendered for cancellation, then the Holders of the Class A-R Certificateholders Certificates shall be entitled to all unclaimed funds and other assets of the Trust Fund which remain subject hereto and the Trustee shall be discharged from all further liability with respect to the Certificates and this Agreementhereto.
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (IndyMac INDX Mortgage Loan Trust 2006-Ar4), Pooling and Servicing Agreement (IndyMac INDX Mortgage Loan Trust 2006-Ar12)
Final Distribution on the Certificates. If on any Determination Date, the Trustee Master Servicer determines that there are no Outstanding Mortgage Loans and no other funds or assets in the Trust Fund other than the funds in the Collection Accounts and Certificate Account, the Trustee Master Servicer shall direct the Trust Administrator promptly to send a final distribution notice Notice of Final Distribution to each Certificateholder. If the Optional Termination Holder above Master Servicer elects to terminate the Trust Fund pursuant to clause (a) of Section 9.0110.01, at least 20 5 days prior to the date notice Notice of Final Distribution is to be mailed to the affected Certificateholders such Person Certificateholders, the Master Servicer shall notify the Servicers Depositor and the Trustee Trust Administrator of the date the Depositor Master Servicer intends to terminate the Trust Fund and of the applicable repurchase price of the Mortgage Loans and REO PropertiesFund. Notice of any termination of the Trust Fund, specifying the Distribution Date on which Certificateholders shall may surrender their Certificates for payment of the final distribution and cancellation, shall be given promptly by the Trustee Trust Administrator by letter to Certificateholders mailed not earlier than the 10th 15th day of the month preceding the month of such final distribution and not later than the 15th 5th day of the month next preceding the month of such final distribution. Any such notice Notice of Final Distribution shall specify (a) the Distribution Date upon which final distribution on the Certificates will be made upon presentation and surrender of Certificates at the office therein designated, (b) the amount of such final distribution, (c) the location of the office or agency at which such presentation and surrender must be made, and (dc) that the Record Date otherwise applicable to such Distribution Date is not applicable, distributions being made only upon presentation and surrender of the Certificates at the office therein specified. The Trustee shall Trust Administrator will give such notice to each Rating Agency at the time such notice is given to Certificateholders. Upon presentation and surrender of the Certificates, the Trustee Trust Administrator shall cause to be distributed to the Certificateholders of each Class, in each case on the final Distribution Date and in the order set forth in Section 4.024.02 hereof, in on the case of the Certificateholdersfinal Distribution Date, in proportion to their respective Percentage Interests, with respect to Certificateholders of the same Class, an amount equal to (i) as to each related Class of Regular Certificates, the Certificate Principal Balance thereof plus accrued interest thereon (or on their Notional Amount, if applicable) in the case of an interestthe Interest-bearing Certificate Only Certificates) and (ii) as to the Residual Certificates, the amount, if any, which that remains on deposit in the Collection Accounts Distribution Account (other than the amounts retained to meet claims) after application pursuant to clause (i) above. In the event that any affected Certificateholders shall not surrender Certificates for cancellation within six months after the date specified in the above mentioned written notice, the Trustee Trust Administrator shall give a second written notice to the remaining Certificateholders to surrender their Certificates for cancellation and receive the final distribution with respect thereto. If within six months after the second notice all the applicable Certificates shall not have been surrendered for cancellation, the Trustee Trust Administrator may take appropriate reasonable steps, or may appoint an agent to take appropriate reasonable steps, to contact the remaining Certificateholders concerning surrender of their Certificates, and the cost thereof shall be paid out of the funds and other assets which remain a part of the Trust Fund. If within one year after Upper-Tier REMIC that remain subject hereto and (i) the second notice Class A-LR Certificateholders shall be entitled to all Certificates shall not have been surrendered for cancellation, unclaimed funds and other assets of the Lower-Tier REMIC and (ii) the Class A-R Certificateholders shall be entitled to all unclaimed funds and other assets of the Trust Fund which Middle-Tier REMIC and the Upper-Tier REMIC, in each case, that remain subject hereto and the Trustee shall be discharged from all further liability with respect to the Certificates and this Agreementhereto.
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (MASTR Adjustable Rate Mortgage Trust 2004-8), Pooling and Servicing Agreement (MASTR Adjustable Rate Mortgage Trust 2004-8)
Final Distribution on the Certificates. If on any Determination Date, Date the Trustee Securities Administrator determines that there are no Outstanding outstanding Mortgage Loans and no other funds or assets in the Trust Fund other than the funds in the Collection Accounts and Certificate Account, the Trustee Securities Administrator shall promptly send a final distribution notice to each CertificateholderCertificateholder and the NIMS Insurer, if any. If the Optional Termination Holder above elects Majority Class X Certificateholders or the NIMS Insurer, if any, elect to terminate the Trust Fund pursuant to clause (a)(i) of Section 9.019.1, at least 20 days prior to the date notice is to be mailed to the affected Certificateholders, the Majority Class X Certificateholders such Person shall notify the Servicers Depositor, the Trustee and the Trustee Securities Administrator of the date the Depositor intends Majority Class X Certificateholders intend to terminate the Trust Fund and of the applicable repurchase price of the Mortgage Loans and REO Properties. Notice of any termination of the Trust Fund, specifying the Distribution Date on which Certificateholders shall may surrender their Certificates for payment of the final distribution and cancellation, shall be given promptly by the Trustee Securities Administrator by letter to Certificateholders Certificateholders, the NIMS Insurer, if any, and the Swap Counterparty, mailed not earlier than the 10th day and not no later than the 15th day of the month next preceding the month of such final distribution. Any such notice shall specify (a) the Distribution Date upon which final distribution on the Certificates will be made upon presentation and surrender of Certificates at the office therein designated, (b) the amount of such final distribution, (c) the location of the office or agency at which such presentation and surrender must be made, and (d) that the Record Date otherwise applicable to such Distribution Date is not applicable, distributions being made only upon presentation and surrender of the Certificates at the office therein specified. The Trustee shall Securities Administrator will give such notice to each Rating Agency at the time such notice is given to Certificateholders. In the event such notice is given, the Securities Administrator shall cause all funds in the Collection Account to be remitted to the Securities Administrator for deposit in the Distribution Account on the Business Day prior to the applicable Distribution Date in an amount equal to the sum of (i) an amount sufficient to reimburse the Master Servicer, the Trustee and the Servicer (or subservicer) for any amounts to be reimbursed to such Persons pursuant to this Agreement and (ii) the final distribution in respect of the Certificates and any Swap Termination Payment owed to the Swap Counterparty (to the extent not paid on previous Distribution Dates). Upon such final deposit with respect to the Trust Fund and the receipt by the Custodian of a Request for Release therefor, the Custodian shall promptly release to the Majority Class X Certificateholders, the NIMS Insurer, if any, or the Servicer, as applicable, the Mortgage Files for the Mortgage Loans. Upon presentation and surrender of the Certificates, the Trustee Securities Administrator shall cause to be distributed to the Certificateholders of each Class, in each case on the final Distribution Date and in the order set forth in Section 4.024.2 hereof, on the final Distribution Date, in the case of the Certificateholders, in proportion to their respective Percentage Interests, with respect to Certificateholders of the same Class, an amount equal to (i) as to each Class of Regular Certificates, the Certificate Class Principal Balance thereof plus accrued interest thereon (or on their Class Notional Amount, if applicable) in the case of an interest-interest bearing Certificate Certificate, and (ii) as to the Residual Certificates, the amount, if any, which remains on deposit in the Collection Accounts Distribution Account (other than the amounts retained to meet claims) after application pursuant to clause (i) above. In the event that any affected Certificateholders shall not surrender Certificates for cancellation within six months after the date specified in the above above-mentioned written notice, the Trustee Securities Administrator shall give a second written notice to the remaining Certificateholders to surrender their Certificates for cancellation and receive the final distribution with respect thereto. If within six months after the second notice all the applicable Certificates shall not have been surrendered for cancellation, the Trustee Securities Administrator may take appropriate steps, or may appoint an agent to take appropriate steps, to contact the remaining Certificateholders concerning surrender of their Certificates, and the cost thereof shall be paid out of the funds and other assets which remain a part of the Trust Fund. If within one year after the second notice all Certificates shall not have been surrendered for cancellation, the holder of each of the Class A-R Certificateholders Certificates shall be entitled to all unclaimed funds and other assets of the Trust Fund REMICs held for distribution to such Certificateholders, which remain subject hereto and the Trustee shall be discharged from all further liability with respect to the Certificates and this Agreementhereto.
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (Aegis Asset Backed Securities Trust Mortgage Pass-Through Certificates, Series 2005-5), Pooling and Servicing Agreement (Aegis Asset Backed Securities Trust Mortgage Pass-Through Certificates, Series 2005-4)
Final Distribution on the Certificates. If on any Determination Date, Date the Trustee Servicer determines that there are no Outstanding Mortgage Loans and no other funds or assets in the Trust Fund other than the funds in the Collection Accounts and Certificate Account, the Servicer shall direct the Trustee shall promptly to send a final distribution notice to each Certificateholder. If the Optional Termination Holder above Servicer elects to terminate the Trust Fund pursuant to clause (a) of Section 9.01, at least 20 days prior to no later than the date notice is to be mailed to 15th day of the affected Certificateholders such Person month preceding the month of the final Distribution Date the Servicer shall notify the Servicers Depositor and the Trustee of the date the Depositor Servicer intends to terminate the Trust Fund and of the applicable repurchase price of the Mortgage Loans and REO Properties. 101 Notice of any termination of the Trust Fund, Fund specifying the Distribution Date on which Certificateholders shall may surrender their Certificates for payment of the final distribution and cancellation, cancellation shall be given promptly by the Trustee by letter to Certificateholders mailed not earlier than the 10th 15th day and not later than the 15th last day of the month next preceding the month of such final distribution. Any such notice shall specify (a) the Distribution Date upon which final distribution on the Certificates will be made upon presentation and surrender of Certificates at the office therein designated, (b) the amount of such final distribution, (c) the location of the office or agency at which such presentation and surrender must be made, and (d) that the Record Date otherwise applicable to such the Distribution Date is not applicable, distributions being made only upon presentation and surrender of the Certificates at the office therein specified. The Trustee shall Servicer will give such notice to each Rating Agency at the time such notice is given to Certificateholders. If this notice is given, the Servicer shall cause all funds in the Certificate Account to be remitted to the Trustee for deposit in the Distribution Account on the Business Day before the applicable Distribution Date in an amount equal to the final distribution in respect of the Certificates. Upon such final deposit with respect to the Trust Fund and the receipt by the Trustee of a Request for Release therefor, the Trustee shall promptly release to the Servicer the Mortgage Files for the Mortgage Loans. Upon presentation and surrender of the Certificates, the Trustee shall cause to be distributed to the Certificateholders of each Class, in each case on the final Distribution Date and in the order set forth in Section 4.02, in the case of the Certificateholders, in proportion to their respective Percentage Interests, with respect to Certificateholders of the same Class, an amount equal to (i) as to each Class of Regular Certificates, the its Certificate Balance thereof plus for each such Class accrued interest thereon (or on their Notional Amount, if applicable) in the case of an interest-bearing Certificate and (ii) as to the Residual Certificates, the amount, if any, which remains any amount remaining on deposit in the Collection Accounts Distribution Account (other than the amounts retained to meet claims) after application pursuant to clause (i) above. In Notwithstanding the event that reduction of the Certificate Balance of any Class of Certificates to zero, such Class will be outstanding hereunder solely for the purpose of receiving distributions and for no other purpose until the termination of the respective obligations and responsibilities of the Depositor, the Servicer and the Trustee hereunder in accordance with Article Nine. The foregoing provisions are intended to distribute to each Class of Regular Certificates any accrued and unpaid interest and principal to which they are entitled based on the Pass-Through Rates and actual Class Certificate Balances or Notional Amounts set forth in the Preliminary Statement upon liquidation of the Trust Fund. If any affected Certificateholders shall Certificateholder does not surrender its Certificates for cancellation within six months after the date specified in the above mentioned written notice, the Trustee shall give a second written notice to the remaining Certificateholders to surrender their Certificates for cancellation and receive the final distribution with respect thereto. If within six months after the second notice all the applicable Certificates shall not have been surrendered for cancellation, the Trustee may take appropriate steps, or may appoint an agent to take appropriate steps, to contact the remaining Certificateholders concerning surrender of their Certificates, and the cost thereof shall be paid out of the funds and other assets which remain a part of the Trust Fund. If within one year after the second notice all Certificates shall not have been surrendered for cancellation, then the Class A-R Certificateholders shall be entitled to all unclaimed funds and other assets of the Trust Fund which remain subject hereto and the Trustee shall be discharged from all further liability with respect to the Certificates and this Agreementhereto.
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (IndyMac IMSC Mortgage Loan Trust 2007-F1), Pooling and Servicing Agreement (IndyMac IMSC Mortgage Loan Trust 2007-F2)
Final Distribution on the Certificates. If on any Determination Date, the Trustee Servicer determines that there are no Outstanding Mortgage Loans and no other funds or assets in the Trust Fund other than the funds in the Collection Accounts and Certificate Account, the Servicer shall direct the Trustee shall promptly to send a final distribution notice to each Certificateholder. If the Optional Termination Holder above Servicer elects to terminate the Trust Fund pursuant to clause (a) of Section 9.01, at least 20 days prior to the date notice is to be mailed to the affected Certificateholders such Person Certificateholders, the Servicer shall notify the Servicers Depositor, the Insurer and the Trustee of the date the Depositor Servicer intends to terminate the Trust Fund and of the applicable repurchase price of the Mortgage Loans and REO Properties. Notice of any termination of the Trust Fund, specifying the Distribution Date on which Certificateholders shall may surrender their Certificates for payment of the final distribution and cancellation, shall be given promptly by the Trustee by letter to Certificateholders mailed not earlier than the 10th day and not later than the 15th day of the month next preceding the month of such final distribution. Any such notice shall specify (a) the Distribution Date upon which final distribution on the Certificates will be made upon presentation and surrender of Certificates at the office therein designated, (b) the amount of such final distribution, (c) the location of the office or agency at which such presentation and surrender must be made, and (d) that the Record Date otherwise applicable to such Distribution Date is not applicable, distributions being made only upon presentation and surrender of the Certificates at the office therein specified. The Trustee shall Servicer will give such notice to each Rating Agency at the time such notice is given to Certificateholders. In the event such notice is given, the Servicer shall cause all funds in the Certificate Account to be remitted to the Trustee for deposit in the Distribution Account on the Business Day prior to the applicable Distribution Date in an amount equal to the final distribution in respect of the Certificates. Upon such final deposit with respect to the Trust Fund and the receipt by the Trustee of a Request for Release therefor, the Trustee shall promptly release to the Servicer the Mortgage Files for the Loans. Upon presentation and surrender of the Certificates, the Trustee shall cause to be distributed to the Certificateholders of each Class, in each case on the final Distribution Date and in the order set forth in Section 4.024.02 hereof, in on the case of the Certificateholders, final Distribution Date and in proportion to their respective Percentage Interests, with respect to Certificateholders of the same Class, an amount equal to (i) as to each Class of Regular the Offered Certificates, the Class Certificate Balance of each Class thereof plus accrued interest thereon (or on their Notional Amount, if applicable) in the case of an interest-bearing Certificate and (ii) as to the Residual Class R Certificates, the amount, if any, which remains on deposit in the Collection Accounts Distribution Account (other than the amounts retained to meet claims) after application pursuant to clause (i) above. In the event that any affected Certificateholders shall not surrender Certificates for cancellation within six months after the date specified in the above mentioned written notice, the Trustee shall give a second written notice to the remaining Certificateholders to surrender their Certificates for cancellation and receive the final distribution with respect thereto. If within six months after the second notice all the applicable Certificates shall not have been surrendered for cancellation, the Trustee may take appropriate steps, or may appoint an agent to take appropriate steps, to contact the remaining Certificateholders concerning surrender of their Certificates, and the cost thereof shall be paid out of the funds and other assets which remain a part of the Trust Fund. If within one year after the second notice all Certificates shall not have been surrendered for cancellation, the Class A-R Certificateholders shall be entitled to all unclaimed funds and other assets of the Trust Fund which remain subject hereto and the Trustee shall be discharged from all further liability with respect to the Certificates and this Agreementhereto.
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (Equity One Abs Inc), Pooling and Servicing Agreement (Equity One Abs Inc Mortgage Pas Th Cert Series 2002-4)
Final Distribution on the Certificates. If on any Determination Date, the Trustee Master Servicer determines that there are no Outstanding Mortgage Loans and no other funds or assets in the Trust Fund other than the funds in the Collection Accounts and Certificate Account, the Trustee Master Servicer shall direct the Trust Administrator promptly to send a final distribution notice Notice of Final Distribution to each Certificateholder. If the Optional Termination Holder above Master Servicer elects to terminate the Trust Fund pursuant to clause (a) of Section 9.0110.01, at least 20 5 days prior to the date notice Notice of Final Distribution is to be mailed to the affected Certificateholders such Person Certificateholders, the Master Servicer shall notify the Servicers Depositor and the Trustee Trust Administrator of the date the Depositor Master Servicer intends to terminate the Trust Fund and of the applicable repurchase price of the Mortgage Loans and REO PropertiesFund. Notice of any termination of the Trust Fund, specifying the Distribution Date on which Certificateholders shall may surrender their Certificates for payment of the final distribution and cancellation, shall be given promptly by the Trustee Trust Administrator by letter to Certificateholders mailed not earlier than the 10th 15th day of the month preceding the month of such final distribution and not later than the 15th 5th day of the month next preceding the month of such final distribution. Any such notice Notice of Final Distribution shall specify (a) the Distribution Date upon which final distribution on the Certificates will be made upon presentation and surrender of Certificates at the office therein designated, (b) the amount of such final distribution, (c) the location of the office or agency at which such presentation and surrender must be made, and (dc) that the Record Date otherwise applicable to such Distribution Date is not applicable, distributions being made only upon presentation and surrender of the Certificates at the office therein specified. The Trustee shall Trust Administrator will give such notice to each Rating Agency at the time such notice is given to Certificateholders. Upon presentation and surrender of the Certificates, the Trustee Trust Administrator shall cause to be distributed to the Certificateholders of each Class, in each case on the final Distribution Date and in the order set forth in Section 4.024.02 hereof, in on the case of the Certificateholdersfinal Distribution Date, in proportion to their respective Percentage Interests, with respect to Certificateholders of the same Class, an amount equal to (i) as to each related Class of Regular Certificates, the Certificate Principal Balance thereof plus accrued interest thereon (or on their Notional Amount, if applicable) in the case of an interestthe Interest-bearing Certificate Only Certificates) and (ii) as to the Residual Certificates, the amount, if any, which that remains on deposit in the Collection Accounts Distribution Account and Group 6 Basis Risk Account (other than the amounts retained to meet claims) after application pursuant to clause (i) above. In the event that any affected Certificateholders shall not surrender Certificates for cancellation within six months after the date specified in the above mentioned written notice, the Trustee Trust Administrator shall give a second written notice to the remaining Certificateholders to surrender their Certificates for cancellation and receive the final distribution with respect thereto. If within six months after the second notice all the applicable Certificates shall not have been surrendered for cancellation, the Trustee Trust Administrator may take appropriate reasonable steps, or may appoint an agent to take appropriate reasonable steps, to contact the remaining Certificateholders concerning surrender of their Certificates, and the cost thereof shall be paid out of the funds and other assets which remain a part of the Trust Fund. If within one year after Upper-Tier REMIC that remain subject hereto and (i) the second notice Class A-LR Certificateholders shall be entitled to all Certificates shall not have been surrendered for cancellation, unclaimed funds and other assets of the Lower-Tier REMIC and (ii) the Class A-R Certificateholders shall be entitled to all unclaimed funds and other assets of the Trust Fund which Middle-Tier REMIC and the Upper-Tier REMIC, in each case, that remain subject hereto and the Trustee shall be discharged from all further liability with respect to the Certificates and this Agreementhereto.
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (MASTR Adjustable Rate Mortgages Trust 2004-15), Pooling and Servicing Agreement (MASTR Adjustable Rate Mortgages Trust 2004-15)
Final Distribution on the Certificates. If on any Determination Date, the Trustee determines that there are no Outstanding Mortgage Loans and no other funds or assets in the Trust Fund other than the funds in the Collection Accounts and Certificate Account, the Trustee shall promptly send a final distribution notice to each Certificateholder. If the Optional Termination Holder above Servicer elects to terminate the Trust Fund pursuant to Section 9.01, at least 20 days prior to the date notice is to be mailed to the affected Certificateholders such Person Certificateholders, the Servicer shall notify the Servicers and the Trustee of the date the Depositor it intends to terminate the Trust Fund and of the applicable repurchase price of the Mortgage Loans and REO Properties. Notice of any termination of the Trust Fund, specifying the Distribution Date on which Certificateholders shall may surrender their Certificates for payment of the final distribution and cancellation, shall be given promptly by the Trustee by letter to Certificateholders mailed not earlier than the 10th 15th day and not later than the 15th 25th day of the month next preceding the month of such final distribution. Any such notice shall specify (a) the Distribution Date upon which final distribution on the Certificates will be made upon presentation and surrender of Certificates at the office therein designated, (b) the amount of such final distribution, (c) the location of the office or agency at which such presentation and surrender must be made, and (d) that the Record Date otherwise applicable to such Distribution Date is not applicable, distributions being made only upon presentation and surrender of the Certificates at the office therein specified. The Trustee shall give such notice to each Rating Agency at the time such notice is given to Certificateholders. Upon presentation and surrender of the Certificates, the Trustee shall cause to be distributed to the Certificateholders of each Class, in each case on the final Distribution Date and in the order set forth in Section 4.02, in the case of the Certificateholders, in proportion to their respective Percentage Interests, with respect to Certificateholders of the same Class, an amount equal to (i) as to each Class of Regular Offered Certificates, (A) an amount equal to the Certificate Class Principal Balance thereof plus accrued interest thereon Current Interest and any Carryforward Interest in accordance with the priority of distributions set forth in Section 4.02 and (or on their Notional AmountB) to the extent of available funds (other than funds described in clause (ii) below) after the distributions in clause (i)(A) above, if applicable) the amounts referred to and in the case of an interest-bearing Certificate order described in Section 4.02(e)(ii) through (xii) and (ii) as to the Residual Class X Certificates, the amountamount due to the Class X Certificate under this Agreement, if any, which remains on deposit not paid (but in no way exceeding the amount in the Collection Accounts (other than the amounts retained to meet claims) after application pursuant to clause (i) aboveAccount). In the event that any affected Certificateholders shall not surrender Certificates for cancellation within six months after the date specified in the above mentioned written notice, the Trustee shall give a second written notice to the remaining Certificateholders to surrender their Certificates for cancellation and receive the final distribution with respect thereto. If within six months after the second notice all the applicable Certificates shall not have been surrendered for cancellation, the Trustee may take reasonable and appropriate steps, or may appoint an agent to take reasonable and appropriate steps, to contact the remaining Certificateholders concerning surrender of their Certificates, and the cost thereof shall be paid out of the funds and other assets which remain a part of the Trust Fund. If within one year after the second notice all Certificates shall not have been surrendered for cancellation, the Class A-R Certificateholders shall be entitled to all unclaimed funds and other assets of the Trust Fund which remain subject hereto and the Trustee shall be discharged from all further liability with respect to the Certificates and this Agreement.
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (Home Equity Pass Through Certificates Series 2002-4), Pooling and Servicing Agreement (Credit Suisse First Boston Mor Acc Cor Ho Eq Asset Tr 2002-5)
Final Distribution on the Certificates. If on any Determination Date, the Trustee determines that there are no Outstanding Mortgage Loans and no other funds or assets in the Trust Fund other than the funds in the Collection Accounts and Certificate Account, the Trustee shall promptly send a final distribution notice to each Certificateholder. If the Optional Termination Holder above Servicer elects to terminate the Trust Fund pursuant to Section 9.01, at least 20 days prior to the date notice is to be mailed to the affected Certificateholders such Person Certificateholders, the Servicer shall notify the Servicers and the Trustee of the date the Depositor it intends to terminate the Trust Fund and of the applicable repurchase price of the Mortgage Loans and REO Properties. Notice of any termination of the Trust Fund, specifying the Distribution Date on which Certificateholders shall may surrender their Certificates for payment of the final distribution and cancellation, shall be given promptly by the Trustee by letter to Certificateholders mailed not earlier than the 10th 15th day and not later than the 15th 25th day of the month next preceding the month of such final distribution. Any such notice shall specify (a) the Distribution Date upon which final distribution on the Certificates will be made upon presentation and surrender of Certificates at the office therein designated, (b) the amount of such final distribution, (c) the location of the office or agency at which such presentation and surrender must be made, and (d) that the Record Date otherwise applicable to such Distribution Date is not applicable, distributions being made only upon presentation and surrender of the Certificates at the office therein specified. The Trustee shall give such notice to each Rating Agency at the time such notice is given to Certificateholders. Upon presentation and surrender of the Certificates, the Trustee shall cause to be distributed to the Certificateholders of each Class, in each case on the final Distribution Date and in the order set forth in Section 4.02, in the case of the Certificateholders, in proportion to their respective Percentage Interests, with respect to Certificateholders of the same Class, an amount equal to (i) as to each Class of Regular Offered Certificates, (A) an amount equal to the Certificate Class Principal Balance thereof plus accrued interest thereon Current Interest and any Carryforward Interest in accordance with the priority of distributions set forth in Section 4.02 and (or on their Notional AmountB) to the extent of available funds (other than funds described in clause (ii) below) after the distributions in clause (i)(A) above, if applicable) the amounts referred to and in the case of an interest-bearing Certificate order described in Section 4.02(e)(ii) through (viii) and (ii) as to the Residual Class X Certificates, the amountamount due to the Class X Certificate under this Agreement, if any, which remains on deposit not paid (but in no way exceeding the amount in the Collection Accounts (other than the amounts retained to meet claims) after application pursuant to clause (i) aboveAccount). In the event that any affected Certificateholders shall not surrender Certificates for cancellation within six months after the date specified in the above mentioned written notice, the Trustee shall give a second written notice to the remaining Certificateholders to surrender their Certificates for cancellation and receive the final distribution with respect thereto. If within six months after the second notice all the applicable Certificates shall not have been surrendered for cancellation, the Trustee may take reasonable and appropriate steps, or may appoint an agent to take reasonable and appropriate steps, to contact the remaining Certificateholders concerning surrender of their Certificates, and the cost thereof shall be paid out of the funds and other assets which remain a part of the Trust Fund. If within one year after the second notice all Certificates shall not have been surrendered for cancellation, the Class A-R Certificateholders shall be entitled to all unclaimed funds and other assets of the Trust Fund which remain subject hereto and the Trustee shall be discharged from all further liability with respect to the Certificates and this Agreement.
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (CSFB Mortgage Sec Corp Home Eq Pass THR Certs Ser 2003-1), Pooling and Servicing Agreement (Home Equity Pass Through Certificates Series 2003-3)
Final Distribution on the Certificates. If on any Determination Date, the Trustee determines that there are no Outstanding Mortgage Loans and no other funds or assets in the Trust Fund other than the funds in the Collection Accounts and Certificate Account, the Trustee shall promptly send a final distribution notice to each Certificateholder. If the Optional Termination Holder above Terminating Entity elects to terminate the Trust Fund pursuant to Section 9.01, at least 20 days prior to the date notice is to be mailed to the affected Certificateholders such Person Certificateholders, the Terminating Entity shall notify the Servicers any other Servicer and the Trustee of the date the Depositor it intends to terminate the Trust Fund and of the applicable repurchase price of the Mortgage Loans and REO Properties. Notice of any termination of the Trust Fund, specifying the Distribution Date on which Certificateholders shall may surrender their Certificates for payment of the final distribution and cancellation, shall be given promptly by the Trustee by letter to Certificateholders mailed not earlier than the 10th 15th day and not later than the 15th 25th day of the month next preceding the month of such final distribution. Any such notice shall specify (a) the Distribution Date upon which final distribution on the Certificates will be made upon presentation and surrender of Certificates at the office therein designated, (b) the amount of such final distribution, (c) the location of the office or agency at which such presentation and surrender must be made, and (d) that the Record Date otherwise applicable to such Distribution Date is not applicable, distributions being made only upon presentation and surrender of the Certificates at the office therein specified. The Trustee shall give such notice to each Rating Agency at the time such notice is given to Certificateholders. Upon presentation and surrender of On the Certificatesfinal Distribution Date, the Trustee shall cause to be distributed to the Certificateholders of each Class, upon presentation and surrender of the Certificates, and to FSA, the Trustee and the Credit Risk Manager distributions and payments in each case on accordance with Section 4.02. Notwithstanding the foregoing, if the final Distribution Date and in the order set forth in Section 4.02, in the case has occurred as a result of a Terminating Entity’s purchase of the CertificateholdersTrust Fund pursuant to Section 9.01(A), in proportion to their respective Percentage Interests, with respect to Certificateholders of the same Class, an amount equal to (i) as to each Class of Regular Certificates, the Certificate Balance thereof plus accrued interest thereon (or on their Notional Amount, if applicable) in the case of an interest-bearing Certificate and (ii) as to the Residual Certificates, the amountall amounts, if any, which remains on deposit in excess of the Collection Accounts (other than Par Value shall be distributed by the amounts retained Trustee directly to meet claims) after application pursuant to clause (i) abovethe Class X Certificates. In the event that any affected Certificateholders shall not surrender Certificates for cancellation within six months after the date specified in the above mentioned written notice, the Trustee shall give a second written notice to the remaining Certificateholders to surrender their Certificates for cancellation and receive the final distribution with respect thereto. If within six months after the second notice all the applicable Certificates shall not have been surrendered for cancellation, the Trustee may take reasonable and appropriate steps, or may appoint an agent to take reasonable and appropriate steps, to contact the remaining Certificateholders concerning surrender of their Certificates, and the cost thereof shall be paid out of the funds and other assets which remain a part of the Trust Fund. If within one year after the second notice all Certificates shall not have been surrendered for cancellation, the Class A-R Certificateholders shall be entitled to all unclaimed funds and other assets of the Trust Fund which remain subject hereto and the Trustee shall be discharged from all further liability with respect to the Certificates and this Agreement.
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (CSFB Mortgage Sec Corp Home Eq Asset Trust 2003-6), Pooling and Servicing Agreement (Credit Suisse First Boston Mort Sec Corp Home Eq as Tr 03-5)
Final Distribution on the Certificates. If on any Determination Date, the Trustee Servicer determines that there are no Outstanding Mortgage Loans and no other funds or assets in the Trust Fund other than the funds in the Collection Accounts and Certificate Account, the Servicer shall direct the Trustee shall promptly to send a final distribution notice to each Certificateholder. If the Optional Termination Holder above Servicer elects to terminate the Trust Fund pursuant to clause (a) of Section 9.01, at least 20 days prior to the date notice is to be mailed to the affected Certificateholders such Person Certificateholders, the Servicer shall notify the Servicers Depositor, the Insurer and the Trustee of the date the Depositor Servicer intends to terminate the Trust Fund and of the applicable repurchase price of the Mortgage Loans and REO Properties. Notice of any termination of the Trust Fund, specifying the Distribution Date on which Certificateholders shall may surrender their Certificates for payment of the final distribution and cancellation, shall be given promptly by the Trustee by letter to Certificateholders mailed not earlier than the 10th day and not later than the 15th day of the month next preceding the month of such final distribution. Any such notice shall specify (a) the Distribution Date upon which final distribution on the Certificates will be made upon presentation and surrender of Certificates at the office therein designated, (b) the amount of such final distribution, (c) the location of the office or agency at which such presentation and surrender must be made, and (d) that the Record Date otherwise applicable to such Distribution Date is not applicable, distributions being made only upon presentation and surrender of the Certificates at the office therein specified. The Trustee shall Servicer will give such notice to each Rating Agency at the time such notice is given to Certificateholders. In the event such notice is given, the Servicer shall cause all funds in the Certificate Account to be remitted to the Trustee for deposit in the Distribution Account on the Business Day prior to the applicable Distribution Date in an amount equal to the final distribution in respect of the Certificates. Upon such final deposit with respect to the Trust Fund and the receipt by the Trustee of a Request for Release therefor, the Trustee shall promptly release to the Servicer the Mortgage Files for the Loans. Upon presentation and surrender of the Certificates, the Trustee shall cause to be distributed to the Certificateholders of each Class, in each case on the final Distribution Date and in the order set forth in Section 4.024.02 hereof, in on the case of the Certificateholders, final Distribution Date and in proportion to their respective Percentage Interests, with respect to Certificateholders of the same Class, an amount equal to (i) as to each the Class of Regular A Certificates, the Class Certificate Balance of each Class thereof plus accrued interest thereon (or on their Notional Amountthereon, if applicable) in the case of an interest-bearing Certificate and (ii) as to the Residual Class A-IO Certificates, accrued interest thereon, and (iii) as to the Class R Certificates, the amount, if any, which remains on deposit in the Collection Accounts Distribution Account (other than the amounts retained to meet claims) after application pursuant to clause (i) above. In the event that any affected Certificateholders shall not surrender Certificates for cancellation within six months after the date specified in the above mentioned written notice, the Trustee shall give a second written notice to the remaining Certificateholders to surrender their Certificates for cancellation and receive the final distribution with respect thereto. If within six months after the second notice all the applicable Certificates shall not have been surrendered for cancellation, the Trustee may take appropriate steps, or may appoint an agent to take appropriate steps, to contact the remaining Certificateholders concerning surrender of their Certificates, and the cost thereof shall be paid out of the funds and other assets which remain a part of the Trust Fund. If within one year after the second notice all Certificates shall not have been surrendered for cancellation, the Class A-R Certificateholders shall be entitled to all unclaimed funds and other assets of the Trust Fund which remain subject hereto and the Trustee shall be discharged from all further liability with respect to the Certificates and this Agreementhereto.
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (Equity One Abs Inc), Pooling and Servicing Agreement (Equity One Abs Inc Mortgage Pass Thru Cert Series 2002-2)
Final Distribution on the Certificates. If on any Determination Date, Date the Trustee Securities Administrator determines that there are no Outstanding outstanding Mortgage Loans and no other funds or assets in the Trust Fund other than the funds in the Collection Accounts and Certificate Account, the Trustee Securities Administrator shall promptly send a final distribution notice to each CertificateholderCertificateholder and the NIMS Insurer, if any. If the Optional Termination Holder above elects Majority Class X Certificateholders or the NIMS Insurer, if any, elect to terminate the Trust Fund pursuant to clause (a)(i) of Section 9.019.1, at least 20 days prior to the date notice is to be mailed to the affected Certificateholders, the Majority Class X Certificateholders such Person shall notify the Servicers Depositor, the Trustee and the Trustee Securities Administrator of the date the Depositor intends Majority Class X Certificateholders intend to terminate the Trust Fund and of the applicable repurchase price of the Mortgage Loans and REO Properties. Notice of any termination of the Trust Fund, specifying the Distribution Date on which Certificateholders shall may surrender their Certificates for payment of the final distribution and cancellation, shall be given promptly by the Trustee Securities Administrator by letter to Certificateholders Certificateholders, the NIMS Insurer, if any, and [the Swap Counterparty], mailed not earlier than the 10th day and not no later than the 15th day of the month next preceding the month of such final distribution. Any such notice shall specify (a) the Distribution Date upon which final distribution on the Certificates will be made upon presentation and surrender of Certificates at the office therein designated, (b) the amount of such final distribution, (c) the location of the office or agency at which such presentation and surrender must be made, and (d) that the Record Date otherwise applicable to such Distribution Date is not applicable, distributions being made only upon presentation and surrender of the Certificates at the office therein specified. The Trustee shall Securities Administrator will give such notice to each Rating Agency at the time such notice is given to Certificateholders. In the event such notice is given, the Securities Administrator shall cause all funds in the Collection Account to be remitted to the Securities Administrator for deposit in the Distribution Account on the Business Day prior to the applicable Distribution Date in an amount equal to the sum of (i) an amount sufficient to reimburse the Master Servicer, the Trustee and the Servicer (or subservicer) for any amounts to be reimbursed to such Persons pursuant to this Agreement and (ii) the final distribution in respect of the Certificates and [any Swap Termination Payment owed to the Swap Counterparty] (to the extent not paid on previous Distribution Dates). Upon such final deposit with respect to the Trust Fund and the receipt by the Custodian of a Request for Release therefor, the Custodian shall promptly release to the Majority Class X Certificateholders, the NIMS Insurer, if any, or the Servicer, as applicable, the Mortgage Files for the Mortgage Loans. Upon presentation and surrender of the Certificates, the Trustee Securities Administrator shall cause to be distributed to the Certificateholders of each Class, in each case on the final Distribution Date and in the order set forth in Section 4.024.2 hereof, on the final Distribution Date, in the case of the Certificateholders, in proportion to their respective Percentage Interests, with respect to Certificateholders of the same Class, an amount equal to (i) as to each Class of Regular Certificates, the Certificate Class Principal Balance thereof plus accrued interest thereon (or on their Class Notional Amount, if applicable) in the case of an interest-interest bearing Certificate Certificate, and (ii) as to the Residual Certificates, the amount, if any, which remains on deposit in the Collection Accounts Distribution Account (other than the amounts retained to meet claims) after application pursuant to clause (i) above. In the event that any affected Certificateholders shall not surrender Certificates for cancellation within six months after the date specified in the above above-mentioned written notice, the Trustee Securities Administrator shall give a second written notice to the remaining Certificateholders to surrender their Certificates for cancellation and receive the final distribution with respect thereto. If within six months after the second notice all the applicable Certificates shall not have been surrendered for cancellation, the Trustee Securities Administrator may take appropriate steps, or may appoint an agent to take appropriate steps, to contact the remaining Certificateholders concerning surrender of their Certificates, and the cost thereof shall be paid out of the funds and other assets which remain a part of the Trust Fund. If within one year after the second notice all Certificates shall not have been surrendered for cancellation, the holder of each of the Class A-R Certificateholders Certificates shall be entitled to all unclaimed funds and other assets of the Trust Fund REMICs held for distribution to such Certificateholders, which remain subject hereto and the Trustee shall be discharged from all further liability with respect to the Certificates and this Agreementhereto.
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (Aegis Asset Backed Securities Corp), Pooling and Servicing Agreement (Aegis Asset Backed Securities Corp)
Final Distribution on the Certificates. If on any Determination Date, Date the Trustee Servicer determines that there are no Outstanding Mortgage Loans and no other funds or assets in the Trust Fund other than the funds in the Collection Accounts and Certificate Account, the Servicer shall direct the Trustee shall promptly to send a final distribution notice to each Certificateholder. If the Optional Termination Holder above Servicer elects to terminate the Trust Fund pursuant to clause (a) of Section 9.01, at least 20 days prior to no later than the date notice is to be mailed to 15th day of the affected Certificateholders such Person month preceding the month of the final Distribution Date the Servicer shall notify the Servicers 105 Depositor and the Trustee of the date the Depositor Servicer intends to terminate the Trust Fund and of the applicable repurchase price of the Mortgage Loans and REO Properties. Notice of any termination of the Trust Fund, Fund specifying the Distribution Date on which Certificateholders shall may surrender their Certificates for payment of the final distribution and cancellation, cancellation shall be given promptly by the Trustee by letter to Certificateholders mailed not earlier than the 10th 15th day and not later than the 15th last day of the month next preceding the month of such final distribution. Any such notice shall specify (a) the Distribution Date upon which final distribution on the Certificates will be made upon presentation and surrender of Certificates at the office therein designated, (b) the amount of such final distribution, (c) the location of the office or agency at which such presentation and surrender must be made, and (d) that the Record Date otherwise applicable to such the Distribution Date is not applicable, distributions being made only upon presentation and surrender of the Certificates at the office therein specified. The Trustee shall Servicer will give such notice to each Rating Agency at the time such notice is given to Certificateholders. If this notice is given, the Servicer shall cause all funds in the Certificate Account to be remitted to the Trustee for deposit in the Distribution Account on the Business Day before the applicable Distribution Date in an amount equal to the final distribution in respect of the Certificates. Upon such final deposit with respect to the Trust Fund and the receipt by the Trustee of a Request for Release therefor, the Trustee shall promptly release to the Servicer the Mortgage Files for the Mortgage Loans. Upon presentation and surrender of the Certificates, the Trustee shall cause to be distributed to the Certificateholders of each Class, in each case on the final Distribution Date and in the order set forth in Section 4.02, in the case of the Certificateholders, in proportion to their respective Percentage Interests, with respect to Certificateholders of the same Class, an amount equal to (i) as to each Class of Regular Certificates, the its Certificate Balance thereof plus for each such Class accrued interest thereon (or on their Notional Amount, if applicable) in the case of an interest-bearing Certificate and (ii) as to the Residual Certificates, the amount, if any, which remains any amount remaining on deposit in the Collection Accounts Distribution Account (other than the amounts retained to meet claims) after application pursuant to clause (i) above. In Notwithstanding the event that reduction of the Certificate Balance of any Class of Certificates to zero, such Class will be outstanding hereunder solely for the purpose of receiving distributions and for no other purpose until the termination of the respective obligations and responsibilities of the Depositor, the Servicer and the Trustee hereunder in accordance with Article Nine. The foregoing provisions are intended to distribute to each Class of Regular Certificates any accrued and unpaid interest and principal to which they are entitled based on the Pass-Through Rates and actual Class Certificate Balances or Notional Amounts set forth in the Preliminary Statement upon liquidation of the Trust Fund. If any affected Certificateholders shall Certificateholder does not surrender its Certificates for cancellation within six months after the date specified in the above mentioned written notice, the Trustee shall give a second written notice to the remaining Certificateholders to surrender their Certificates for cancellation and receive the final distribution with respect thereto. If within six months after the second notice all the applicable Certificates shall not have been surrendered for cancellation, the Trustee may take appropriate steps, or may appoint an agent to take appropriate steps, to contact the remaining Certificateholders concerning surrender of their Certificates, and the cost thereof shall be paid out of the funds and other assets which remain a part of the Trust Fund. If within one year after the second notice all Certificates shall not have been surrendered for cancellation, then the Class A-R Certificateholders shall be entitled to all unclaimed funds and other assets of the Trust Fund which remain subject hereto hereto. The Supplemental Interest Trust shall terminate on the earlier of (i) the Corridor Contract Termination Date and (ii) the Trustee shall be discharged from all further liability with respect date on which the Class Certificate Balance of the Class 2-A-1 Certificates is reduced to the Certificates and this Agreement.zero. 106
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (Residential Asset Securitization Trust 2006-A14cb), Pooling and Servicing Agreement (Residential Asset Securitization Trust 2006-A14cb)
Final Distribution on the Certificates. If on any Determination Date, the Trustee Master Servicer determines that there are no Outstanding Mortgage Loans and no other funds or assets in the Trust Fund other than the funds in the Collection Accounts and Certificate Account, the Master Servicer shall direct the Trustee shall promptly to send a final distribution notice to each Certificateholder. If the Optional Termination Holder above Master Servicer elects to terminate the related portion of the Trust Fund pursuant to Section 9.019.01(1) or Section 9.01(2), as applicable, at least 20 days prior to the date notice is to be mailed to the affected Certificateholders such Person Certificateholders, the Master Servicer shall notify the Servicers Depositor and the Trustee of the date the Depositor Master Servicer intends to terminate cause termination pursuant to Section 9.01(1) or Section 9.01(2), as applicable, the Trust Fund and of the applicable repurchase price of the Mortgage Loans and REO Properties. Notice of any termination of the Trust FundFund relating to either Loan Group 1 or Loan Group 2, specifying the Distribution Date on which related Certificateholders shall may surrender their Certificates for payment of the final distribution and cancellation, shall be given promptly by the Trustee by letter to such Certificateholders mailed not earlier than the 10th day and not no later than the 15th day of the month next preceding the month of such final distribution. Any such notice shall specify (a) the Distribution Date upon which final distribution on the Certificates will be made upon presentation and surrender of such Certificates at the office therein designated, (b) the amount of such final distribution, (c) the location of the office or agency at which such presentation and surrender must be made, and (d) that the Record Date otherwise applicable to such Distribution Date is not applicable, distributions being made only upon presentation and surrender of the such Certificates at the office therein specified. The Trustee Master Servicer shall give such notice to each Rating Agency at the time such notice is given to the related Certificateholders. In the event such notice is given, the Master Servicer shall cause all related funds in the Certificate Account to be remitted to the Trustee for deposit in the Distribution Account on or before the Business Day prior to the applicable Distribution Date in an amount equal to the final distribution in respect of the related Classes of Certificates. Upon such final deposit with respect to the related Mortage Loans and REO Properties and the receipt by the Trustee of a Request for Release therefor, the Trustee shall promptly release to the Master Servicer the Mortgage Files for the related Mortgage Loans. Upon presentation and surrender of the related Certificates, the Trustee shall cause to be distributed to the Certificateholders of each related Class, in each case on the final Distribution Date and in the order set forth in Section 4.02, in the case of the Certificateholders, in proportion to their respective Percentage Interests, with respect to Certificateholders of the same Class, an amount equal to (i) as to each Class of Regular Certificates, the Certificate Balance thereof plus accrued interest thereon (or on their Notional Amount, if applicable) in the case of an interest-interest bearing Certificate and (ii) as to the Residual Certificates, the amount, if any, which remains on deposit in the Collection Accounts Distribution Account (other than the amounts retained to meet claims) after application pursuant to clause (i) above. In the event that any affected Certificateholders shall not surrender Certificates for cancellation within six months after the date specified in the above mentioned written notice, the Trustee shall give a second written notice to the remaining Certificateholders to surrender their Certificates for cancellation and receive the final distribution with respect thereto. If within six months after the second notice all the applicable Certificates shall not have been surrendered for cancellation, the Trustee may take appropriate steps, or may appoint an agent to take appropriate steps, to contact the remaining Certificateholders concerning surrender of their Certificates, and the cost thereof shall be paid out of the funds and other assets which remain a part of the Trust Fund. If within one year after the second notice all Certificates shall not have been surrendered for cancellation, the Class A-R Certificateholders shall be entitled to all unclaimed funds and other assets of the Trust Fund which remain subject hereto and the Trustee shall be discharged from all further liability with respect to the Certificates and this Agreement.)
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (Alternative Loan Trust 2005-17), Pooling and Servicing Agreement (Alternative Loan Trust 2005-17)
Final Distribution on the Certificates. If on any Determination Date, (i) the Trustee Master Servicer determines that there are no Outstanding Mortgage Loans and no other funds or assets in the Trust Fund other than the funds in the Collection Accounts and Certificate AccountAccount related to such Loan Group, the Master Servicer shall direct the Trustee shall promptly to send a final distribution notice promptly to each Certificateholderrelated Certificateholder and the Guarantor or (ii) the Trustee determines that a Class of Certificates shall be retired after a final distribution on such Class, the Trustee shall notify the related Certificateholders and the Guarantor within five (5) Business Days after such Determination Date that the final distribution in retirement of such Class of Certificates is scheduled to be made on the immediately following Distribution Date. Any final distribution made pursuant to the immediately preceding sentence will be made only upon presentation and surrender of the related Certificates at the Corporate Trust Office of the Trustee. If the Optional Termination Holder above Master Servicer elects to terminate the Trust Fund pursuant to clause (a) of Section 9.01, at least 20 days prior to the date notice is to be mailed to the affected Certificateholders Certificateholders, such Person electing party shall notify the Servicers Depositor and the Trustee of the date the Depositor such electing party intends to terminate the Trust Fund and of the applicable repurchase price of the related Mortgage Loans and REO Properties. Notice of any termination of the Trust Fundtermination, specifying the Distribution Date on which related Certificateholders shall may surrender their Certificates for payment of the final distribution and cancellation, shall be given promptly by the Trustee by letter to related Certificateholders mailed not earlier than the 10th day and not no later than the 15th day of the month next immediately preceding the month of such final distribution. Any such notice shall specify (a) the Distribution Date upon which final distribution on the related Certificates will be made upon presentation and surrender of such Certificates at the office therein designated, (b) the amount of such final distribution, (c) the location of the office or agency at which such presentation and surrender must be made, and (d) that the Record Date otherwise applicable to such Distribution Date is not applicable, distributions being made only upon presentation and surrender of the such Certificates at the office therein specified. The Trustee shall Master Servicer will give such notice to each Rating Agency at the time such notice is given to the affected Certificateholders. In the event such notice is given, the Master Servicer shall cause all funds in the Certificate Account to be remitted to the Trustee for deposit in the Distribution Account on the Business Day prior to the applicable Distribution Date in an amount equal to the final distribution in respect of the Certificates. Upon such final deposit and the receipt by the Trustee of a Request for Release therefor, the Co-Trustee shall promptly release to the Master Servicer the Mortgage Files for the Mortgage Loans. Upon presentation and surrender of the Certificates, the Trustee shall cause to be distributed to the Certificateholders of each Classaffected Class the amounts allocable to such Certificates held in the Distribution Account (and, if applicable, the Carryover Reserve Fund) in each case the order and priority set forth in Section 4.04 hereof on the final Distribution Date and in the order set forth in Section 4.02, in the case of the Certificateholders, in proportion to their respective Percentage Interests, with respect to Certificateholders of the same Class, an amount equal to (i) as to each Class of Regular Certificates, the Certificate Balance thereof plus accrued interest thereon (or on their Notional Amount, if applicable) in the case of an interest-bearing Certificate and (ii) as to the Residual Certificates, the amount, if any, which remains on deposit in the Collection Accounts (other than the amounts retained to meet claims) after application pursuant to clause (i) above. In the event that any affected Certificateholders shall not surrender related Certificates for cancellation within six months after the date specified in the above mentioned written notice, the Trustee shall give a second written notice to the remaining Certificateholders to surrender their related Certificates for cancellation and receive the final distribution with respect thereto. If within six months after the second notice all the applicable Certificates shall not have been surrendered for cancellation, the Trustee may take appropriate steps, or may appoint an agent to take appropriate steps, to contact the remaining Certificateholders concerning surrender of their Certificates, and the cost thereof shall be paid out of the funds and other assets which that remain a part of the Trust Fund. If within one year after the second notice all related Certificates shall not have been surrendered for cancellation, the Class A-R Certificateholders Certificates shall be entitled to all unclaimed funds and other assets of the Trust Fund which that remain subject hereto and the Trustee shall be discharged from all further liability with respect to the Certificates and this Agreementhereto.
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (Asset-Backed Certificate Series 2003-2), Pooling and Servicing Agreement (Cwabs Inc Asset Backed Certs Series 2003-1)
Final Distribution on the Certificates. If on any Determination Date, the Trustee Servicer determines that there are no Outstanding Mortgage Loans and no other funds or assets in the Trust Fund other than the funds in the Collection Accounts and Certificate Account, the Servicer shall direct the Trustee shall promptly to send a final distribution notice to each Certificateholder. If the Optional Termination Holder above Servicer elects to terminate the Trust Fund pursuant to clause (a) of Section 9.01, at least 20 days prior to the date notice is to be mailed to the affected Certificateholders such Person Certificateholders, the Servicer shall notify the Servicers Depositor and the Trustee of the date the Depositor Servicer intends to terminate the Trust Fund and of the applicable repurchase price of the Mortgage Loans and REO Properties. Notice of any termination of the Trust Fund, specifying the Distribution Date on which Certificateholders shall may surrender their Certificates for payment of the final distribution and cancellation, shall be given promptly by the Trustee by letter to Certificateholders mailed not earlier than the 10th day and not later than the 15th day of the month next preceding the month of such final distribution. Any such notice shall specify (a) the Distribution Date upon which final distribution on the Certificates will be made upon presentation and surrender of Certificates at the office therein designated, (b) the amount of principal to be included in such final distribution, (c) the location of the office or agency at which such presentation and surrender must be made, and (d) that the Record Date otherwise applicable to such Distribution Date is not applicable, distributions being made only upon presentation and surrender of the Certificates at the office therein specified. The Trustee shall Servicer will give such notice to each Rating Agency at the time such notice is given to Certificateholders. In the event such notice is given, the Servicer shall cause all funds in the Certificate Account to be remitted to the Trustee for deposit in the Distribution Account on the Business Day prior to the applicable Distribution Date in an amount equal to the final distribution in respect of the Certificates. Upon such final deposit with respect to the Trust Fund and the receipt by the Trustee of a Request for Release therefor, the Trustee shall promptly release to the Servicer the Mortgage Files for the Loans. Upon presentation and surrender of the Certificates, the Trustee shall cause to be distributed to the Certificateholders of each Class, in each case on the final Distribution Date and in the order set forth in Section 4.024.02 hereof, in on the case of the Certificateholders, final Distribution Date and in proportion to their respective Percentage Interests, with respect to Certificateholders of the same Class, an amount equal to (i) as to each Class of Regular the Offered Certificates, the Class Certificate Balance of each Class thereof plus accrued interest thereon (or on their Notional Amount, if applicable) in the case of an interest-bearing Certificate and (ii) as to the Residual Class R Certificates, the amount, if any, which remains on deposit in the Collection Accounts Distribution Account (other than the amounts retained to meet claims) after application pursuant to clause (i) above. In the event that any affected Certificateholders shall not surrender Certificates for cancellation within six months after the date specified in the above mentioned written notice, the Trustee shall give a second written notice to the remaining Certificateholders to surrender their Certificates for cancellation and receive the final distribution with respect thereto. If within six months after the second notice all the applicable Certificates shall not have been surrendered for cancellation, the Trustee may take appropriate steps, or may appoint an agent to take appropriate steps, to contact the remaining Certificateholders concerning surrender of their Certificates, and the cost thereof shall be paid out of the funds and other assets which remain a part of the Trust Fund, on a pro-rata basis among the remaining Certificateholders. If within one year after the second notice all Certificates shall not have been surrendered for cancellation, the Class A-R Certificateholders shall be entitled to all unclaimed funds and other assets of the Trust Fund which remain subject hereto and the Trustee shall be discharged from all further liability with respect to the Certificates and this Agreementhereto.
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (Equity One Abs Inc Equity One Mort Pass THR Trust 2003-1), Pooling and Servicing Agreement (Equity One Mortgage Pass-Through Trust 2003-2)
Final Distribution on the Certificates. If on any Determination Date, the Trustee determines that there are no Outstanding Mortgage Loans and no other funds or assets in the Trust Fund other than the funds in the Collection Accounts and Certificate Account, the Trustee shall promptly send a final distribution notice to each Certificateholder. If the Optional Termination Holder above elects to terminate the Trust Fund pursuant to Section 9.01, at least 20 days prior to the date notice is to be mailed to the affected Certificateholders such Person shall notify the Servicers and the Trustee of the date the Depositor intends to terminate the Trust Fund and of the applicable repurchase price of the Mortgage Loans and REO Properties. Notice of any termination of the Trust Fund, specifying the Distribution Date on which Certificateholders shall surrender their Certificates for payment of the final distribution and cancellation, shall be given promptly by the Trustee by letter to Certificateholders mailed not earlier than the 10th day and not later than the 15th day of the month next preceding the month of such final distribution. Any such notice shall specify (a) the Distribution Date upon which final distribution on the Certificates will be made upon presentation and surrender of Certificates at the office therein designated, (b) the amount of such final distribution, (c) the location of the office or agency at which such presentation and surrender must be made, and (d) that the Record Date otherwise applicable to such Distribution Date is not applicable, distributions being made only upon presentation and surrender of the Certificates at the office therein specified. The Trustee shall give such notice to each Rating Agency at the time such notice is given to Certificateholders. Upon presentation and surrender of the Certificates, the Trustee shall cause to be distributed to the Certificateholders of each Class, in each case on the final Distribution Date and in the order set forth in Section 4.02, in the case of the Certificateholders, in proportion to their respective Percentage Interests, with respect to Certificateholders of the same Class, an amount equal to (i) as to each Class of Regular Certificates, the Certificate Balance thereof plus accrued interest thereon (or on their Notional Amount, if applicable) in the case of an interest-bearing Certificate and (ii) as to the Residual Certificates, the amount, if any, which remains on deposit in the Collection Accounts (other than the amounts retained to meet claims) after application pursuant to clause (i) above. In the event that any affected Certificateholders shall not surrender Certificates for cancellation within six months after the date specified in the above mentioned written notice, the Trustee shall give a second written notice to the remaining Certificateholders to surrender their Certificates for cancellation and receive the final distribution with respect thereto. If within six months after the second notice all the applicable Certificates shall not have been surrendered for cancellation, the Trustee may take appropriate steps, or may appoint an agent to take appropriate steps, to contact the remaining Certificateholders concerning surrender of their Certificates, and the cost thereof shall be paid out of the funds and other assets which remain a part of the Trust Fund. If within one year after the second notice all Certificates shall not have been surrendered for cancellation, the Class A-R Certificateholders shall be entitled to all unclaimed funds and other assets of the Trust Fund which remain subject hereto and the Trustee shall be discharged from all further liability with respect to the Certificates and this Agreement.
Appears in 1 contract
Samples: Custodial Agreement (CSFB Mortgage Pass Through Certificates Series 2001-S23)
Final Distribution on the Certificates. If If, on any Determination Remittance Date, the Trustee determines Servicers notify the Securities Administrator that there are no Outstanding Mortgage Loans and no other funds or assets in the Trust Fund other than the funds in the Collection Accounts and Certificate Account, the Trustee Securities Administrator shall promptly send a final distribution notice Notice of Final Distribution to each Certificateholderthe applicable Certificateholders. If the Optional Termination Holder above elects Depositor requests the Master Servicer to exercise its option to terminate the Trust Fund pursuant to clause (a) of Section 9.0111.01, at least 20 days prior by no later than the 10th day of the month of the final distribution, the Master Servicer, pursuant to the date notice is to be mailed to the affected Certificateholders such Person applicable Step 2 Assignment Agreements, shall notify the Servicers Trustee and the Trustee Securities Administrator of the date the Depositor intends to terminate the Trust Fund final Distribution Date and of the applicable repurchase sale price of the Mortgage Loans and REO Properties. Notice of any termination of In the event the Mortgage Loans (and REO Properties) are sold pursuant to Section 11.01 and pursuant to the applicable Step 2 Assignment Agreement, the Trustee is required thereunder to remit to the Securities Administrator the applicable Termination Price on the Remittance Date immediately preceding the applicable final Distribution Date. Upon such final deposit with respect to the Trust Fund, specifying Fund and the Distribution Date on which Certificateholders shall surrender their Certificates for payment of the final distribution and cancellation, shall be given promptly receipt by the Trustee by letter Securities Administrator and the Custodians of a Request for Release therefor, the Master Servicer shall direct the Custodians to Certificateholders mailed not earlier than release and the 10th day and not later than relevant Custodians shall promptly release to the 15th day of Master Servicer or its designee the month next preceding Custodial Files for the month of such final distribution. Any such notice shall specify (a) the Distribution Date upon which final distribution on the Certificates will be made upon presentation and surrender of Certificates at the office therein designated, (b) the amount of such final distribution, (c) the location of the office or agency at which such presentation and surrender must be made, and (d) that the Record Date otherwise applicable to such Distribution Date is not applicable, distributions being made only upon presentation and surrender of the Certificates at the office therein specified. The Trustee shall give such notice to each Rating Agency at the time such notice is given to CertificateholdersMortgage Loans. Upon presentation and surrender of the Certificates, the Trustee Securities Administrator shall cause to be distributed to the Certificateholders of each ClassClass (after reimbursement of all amounts due the Depositor and the Trustee hereunder), in each case on the final Distribution Date and in the order set forth in Section 4.02, in the case of the Certificateholders4.01, in proportion to their respective Percentage 105 Interests, with respect to Certificateholders of the same Class, an amount up to an amount equal to (i) as to each Class of Regular Certificates (except the Class X Certificates), the Certificate Balance thereof plus for each such Class and the Class X Certificates accrued interest thereon (or on their Notional Amount, if applicable) in the case of an interest-bearing Certificate and all other amounts to which such Classes are entitled pursuant to Section 4.01, and (ii) as to the Residual Certificates, the amount, if any, which remains on deposit in the Collection Accounts Distribution Account after application pursuant to clause (i) above (other than the amounts retained to meet claims) after application pursuant ). The foregoing provisions are intended to clause (i) abovedistribute to each Class of Regular Certificates any accrued and unpaid interest and principal to which they are entitled based on the Pass-Through Rates and actual Class Certificate Balances or notional principal balances set forth in the Preliminary Statement upon liquidation of the Trust Fund. In the event that any affected Certificateholders Certificateholder shall not surrender Certificates for cancellation within six months after the date specified in the above mentioned written notice, the Trustee Securities Administrator shall give a second written notice to the remaining Certificateholders to surrender their Certificates for cancellation and receive the final distribution with respect thereto. If within six months after the second notice all the applicable Certificates shall not have been surrendered for cancellation, the Trustee Securities Administrator may take appropriate steps, or may appoint an agent to take appropriate steps, to contact the remaining Certificateholders concerning surrender of their Certificates, and the cost thereof shall be paid out of the funds and other assets which remain a part of the Trust Fund. If within one year after the second notice all Certificates shall not have been surrendered for cancellation, the Class A-R Certificateholders shall be entitled to all unclaimed funds and other assets of the Trust Fund which remain subject hereto and the Trustee shall be discharged from all further liability with respect to the Certificates and this Agreementhereto.
Appears in 1 contract
Samples: Master Servicing and Trust Agreement (GSAA Home Equity Trust 2006-1)
Final Distribution on the Certificates. If on any Determination Date, Date the Trustee Servicer determines that there are no Outstanding Mortgage Loans and no other funds or assets in the Trust Fund other than the funds in the Collection Accounts and Certificate Account, the Servicer shall direct the Trustee shall promptly to send a final distribution notice to each Certificateholder. If the Optional Termination Holder above Servicer elects to terminate the Trust Fund pursuant to clause (a) of Section 9.01, at least 20 days prior to no later than the date notice is to be mailed to 15th day of the affected Certificateholders such Person month preceding the month of the final Distribution Date the Servicer shall notify the Servicers 104 Depositor and the Trustee of the date the Depositor Servicer intends to terminate the Trust Fund and of the applicable repurchase price of the Mortgage Loans and REO Properties. Notice of any termination of the Trust Fund, Fund specifying the Distribution Date on which Certificateholders shall may surrender their Certificates for payment of the final distribution and cancellation, cancellation shall be given promptly by the Trustee by letter to Certificateholders mailed not earlier than the 10th 15th day and not later than the 15th last day of the month next preceding the month of such final distribution. Any such notice shall specify (a) the Distribution Date upon which final distribution on the Certificates will be made upon presentation and surrender of Certificates at the office therein designated, (b) the amount of such final distribution, (c) the location of the office or agency at which such presentation and surrender must be made, and (d) that the Record Date otherwise applicable to such the Distribution Date is not applicable, distributions being made only upon presentation and surrender of the Certificates at the office therein specified. The Trustee shall Servicer will give such notice to each Rating Agency at the time such notice is given to Certificateholders. If this notice is given, the Servicer shall cause all funds in the Certificate Account to be remitted to the Trustee for deposit in the Distribution Account on the Business Day before the applicable Distribution Date in an amount equal to the final distribution in respect of the Certificates. Upon such final deposit with respect to the Trust Fund and the receipt by the Trustee of a Request for Release therefor, the Trustee shall promptly release to the Servicer the Mortgage Files for the Mortgage Loans. Upon presentation and surrender of the Certificates, the Trustee shall cause to be distributed to the Certificateholders of each Class, in each case on the final Distribution Date and in the order set forth in Section 4.02, in the case of the Certificateholders, in proportion to their respective Percentage Interests, with respect to Certificateholders of the same Class, an amount equal to (i) as to each Class of Regular Certificates, the its Certificate Balance thereof plus for each such Class accrued interest thereon (or on their Notional Amount, if applicable) in the case of an interest-bearing Certificate and (ii) as to the Residual Certificates, the amount, if any, which remains any amount remaining on deposit in the Collection Accounts Distribution Account (other than the amounts retained to meet claims) after application pursuant to clause (i) above. In Notwithstanding the event that reduction of the Certificate Balance of any Class of Certificates to zero, such Class will be outstanding hereunder solely for the purpose of receiving distributions and for no other purpose until the termination of the respective obligations and responsibilities of the Depositor, the Servicer and the Trustee hereunder in accordance with Article Nine. The foregoing provisions are intended to distribute to each Class of Regular Certificates any accrued and unpaid interest and principal to which they are entitled based on the Pass-Through Rates and actual Class Certificate Balances or Notional Amounts set forth in the Preliminary Statement upon liquidation of the Trust Fund. If any affected Certificateholders shall Certificateholder does not surrender its Certificates for cancellation within six months after the date specified in the above mentioned written notice, the Trustee shall give a second written notice to the remaining Certificateholders to surrender their Certificates for cancellation and receive the final distribution with respect thereto. If within six months after the second notice all the applicable Certificates shall not have been surrendered for cancellation, the Trustee may take appropriate steps, or may appoint an agent to take appropriate steps, to contact the remaining Certificateholders concerning surrender of their Certificates, and the cost thereof shall be paid out of the funds and other assets which remain a part of the Trust Fund. If within one year after the second notice all Certificates shall not have been surrendered for cancellation, then the Class A-R Certificateholders shall be entitled to all unclaimed funds and other assets of the Trust Fund which remain subject hereto hereto. The Supplemental Interest Trust shall terminate on the earlier of (i) the Corridor Contract Termination Date and (ii) the Trustee shall be discharged from all further liability with respect date on which the Class Certificate Balance of the Class 1-A-2 Certificates is reduced to the Certificates and this Agreement.zero. 105
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Residential Asset Securitization Trust 2006-A11)
Final Distribution on the Certificates. If on any Determination Date, the Trustee Servicer determines that there are no Outstanding Mortgage Loans and no other funds or assets in the Trust Fund other than the funds in the Collection Accounts and Certificate Account, the Servicer shall direct the Trustee shall promptly to send a final distribution notice to each Certificateholder. If the Optional Termination Holder above Servicer elects to terminate the Trust Fund pursuant to clause (a) of Section 9.01, at least 20 days prior to the date notice is to be mailed to the affected Certificateholders such Person Certificateholders, the Servicer shall notify the Servicers Depositor and the Trustee of the date the Depositor Servicer intends to terminate the Trust Fund and of the applicable repurchase price of the Mortgage Loans and REO Properties. Notice of any termination of the Trust Fund, specifying the Distribution Date on which Certificateholders shall may surrender their Certificates for payment of the final distribution and cancellation, shall be given promptly by the Trustee by letter to Certificateholders mailed not earlier than the 10th 15th day and not no later than the 15th 10th day of the month next preceding the month of such final distribution. Any such notice shall specify (a) the Distribution Date upon which final distribution on the Certificates will be made upon presentation and surrender of Certificates at the office therein designated, (b) the amount of such final distribution, (c) the location of the office or agency at which such presentation and surrender must be made, and (d) that the Record Date otherwise applicable to such Distribution Date is not applicable, distributions being made only upon presentation and surrender of the Certificates at the office therein specified. The Trustee shall Servicer will give such notice to each Rating Agency at the time such notice is given to Certificateholders. Upon presentation and surrender of the Certificates, the Trustee shall cause to be distributed to the Certificateholders of each Class, in each case on the final Distribution Date and in the order set forth in Section 4.024.02 hereof, in on the case of the Certificateholdersfinal Distribution Date, in proportion to their respective Percentage Interests, with respect to Certificateholders of the same Class, an amount equal to (i) as to each Class of Regular Certificates, the Certificate Principal Balance thereof plus (a) accrued interest thereon (or on their Notional AmountPrincipal Balance, if applicable) in the case of an interest-interest bearing Certificate and (b) any Class PO Deferred Amounts in the case of the Class PO Certificates, and (ii) as to the Residual Certificates, the amount, if any, which remains on deposit in the Collection Accounts Distribution Account (other than the amounts retained to meet claims) after application pursuant to clause (i) above. In the event that any affected Certificateholders shall not surrender Certificates for cancellation within six months after the date specified in the above mentioned written notice, the Trustee shall give a second written notice to the remaining Certificateholders to surrender their Certificates for cancellation and receive the final distribution with respect thereto. If within six months after the second notice all the applicable Certificates shall not have been surrendered for cancellation, the Trustee may take appropriate reasonable steps, or may appoint an agent to take appropriate reasonable steps, to contact the remaining Certificateholders concerning surrender of their Certificates, and the cost thereof shall be paid out of the funds and other assets which remain a part of the Trust Fund. If within one year after the second notice all Certificates shall not have been surrendered for cancellation, the Class A-R Certificateholders shall be entitled to all unclaimed funds and other assets of the Trust Fund which remain subject hereto and the Trustee shall be discharged from all further liability with respect to the Certificates and this Agreementhereto.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Painewebber Mortgage Acceptance Corp Iv Series 2000-1)
Final Distribution on the Certificates. If on any Determination Date, (a) the Trustee determines that there are no Outstanding Mortgage Loans and no other funds or assets in the Trust Fund other than the funds in the Collection Accounts and Certificate Account, the Trustee shall promptly send a final distribution notice to each Certificateholder. If the Optional Termination Holder above Depositor elects to terminate the Trust Fund pursuant to clause (a) of Section 9.017.01, at least 20 days prior to the date notice is to be mailed to the affected Certificateholders such Person Certificateholders, the Depositor shall notify the Servicers and the Trustee of the date the Depositor such Certificateholder intends to terminate the Trust Fund and of the applicable repurchase price of the Mortgage Loans and REO PropertiesDeposited Underlying Certificate or (b) the Trustee receives notice that the Underlying Trust is to be terminated in accordance with the terms of the Underlying Agreement, notice shall be given by the Trustee to Certificateholders as promptly as practicable thereafter. Notice of any termination of the Trust Fund, specifying the Distribution Date on which Certificateholders shall may surrender their Certificates for payment of the final distribution and cancellation, shall be given promptly by the Trustee by letter to Certificateholders mailed (x), in the case of a termination specified in clause (a) of the preceding paragraph, not earlier than the 15th day and no later than the 10th day and of the month next preceding the month of such final distribution or (y), in the case of a termination specified in clause (b) of the preceding paragraph, not later earlier than the 15th day of the month next preceding the month of such final distributiondistribution and not later than as promptly practicable after the Trustee receives notice that the Underlying Trust is to be terminated in accordance with the terms of the Underlying Agreement. Any such notice shall specify (a) the Distribution Date upon which final distribution on the Certificates will be made upon presentation and surrender of Certificates at the office therein designated, (b) the amount of such final distribution, (c) the location of the office or agency at which such presentation and surrender must be made, and (d) that the Record Date otherwise applicable to such Distribution Date is not applicable, distributions being made only upon presentation and surrender of the Certificates at the office therein specified. The Trustee shall will also give such notice to each Rating Agency at the time such notice is given to Certificateholders. If the Depositor elects to terminate the Trust Fund pursuant to clause (a) of Section 7.01, then, upon the final distribution with respect to the Trust Fund, the Trustee shall promptly release to the Depositor the Deposited Underlying Certificate. Upon presentation and surrender of the Certificates, the Trustee shall cause to be distributed to the Certificateholders of each Class, in each case on the final Distribution Date and in the order set forth in Section 4.023.04. hereof, in on the case of the Certificateholdersfinal Distribution Date, in proportion to their respective Percentage Interests, with respect to Certificateholders of the same Class, an amount equal to (i) as to each Class of Regular Certificates, the Certificate Balance thereof plus accrued interest thereon (or on their Notional Amount, if applicable) in the case of an interest-interest bearing Certificate and (ii) as to the Residual Certificates, the amount, if any, which remains on deposit in the Collection Accounts Distribution Account (other than the amounts retained to meet claims) after application pursuant to clause (i) above. In the event that any affected Certificateholders shall not surrender Certificates for cancellation within six months after the date specified in the above mentioned written notice, the Trustee shall give a second written notice to the remaining Certificateholders to surrender their Certificates for cancellation and receive the final distribution with respect thereto. If within six months after the second notice all the applicable Certificates shall not have been surrendered for cancellation, the Trustee may take appropriate steps, or may appoint an agent to take appropriate steps, to contact the remaining Certificateholders concerning surrender of their Certificates, and the cost thereof shall be paid out of the funds and other assets which remain a part of the Trust Fund. If within one year after the second notice all Certificates shall not have been surrendered for cancellation, the Holder of the Class A-R Certificateholders Certificate shall be entitled to all unclaimed funds and other assets of the Trust Fund which remain subject hereto and the Trustee shall be discharged from all further liability with respect to the Certificates and this Agreementhereto.
Appears in 1 contract
Samples: Trust Agreement (CWMBS Inc)
Final Distribution on the Certificates. If on any Determination Date, the Trustee determines that there are no Outstanding Mortgage Loans and no other funds or assets in the Trust Fund other than the funds in the Collection Accounts Account and Certificate Account, the Trustee shall promptly send a final distribution notice to each Certificateholder. If the Optional Termination Holder above Servicer elects to terminate the Trust Fund or the Auction Purchaser purchases the Mortgage Loans pursuant to Section 9.01, at least 20 days prior to the date notice is to be mailed to the affected Certificateholders such Person Certificateholders, the Servicer or the Auction Purchaser, as applicable, shall notify the Servicers Rating Agencies, the Back-Up Servicer and the Trustee of the date the Depositor it intends to terminate the Trust Fund and of the applicable repurchase price of the Mortgage Loans and REO Properties. Notice of any termination of the Trust Fund, specifying the Distribution Date on which Certificateholders shall may surrender their Certificates for payment of the final distribution and cancellation, shall be given promptly by the Trustee by letter to Certificateholders mailed not earlier than the 10th 15th day and not later than the 15th 25th day of the month next preceding the month of such final distribution. Any such notice shall specify (a) the Distribution Date upon which final distribution on the Certificates will be made upon presentation and surrender of Certificates at the office therein designated, (b) the amount of such final distribution, (c) the location of the office or agency at which such presentation and surrender must be made, and (d) that the Record Date otherwise applicable to such Distribution Date is not applicable, distributions being made only upon presentation and surrender of the Certificates at the office therein specified. The Trustee shall give such notice to each Rating Agency at the time such notice is given to Certificateholders. Upon presentation and surrender of On the Certificatesfinal Distribution Date, the Trustee shall cause to be distributed to the Certificateholders of each Class, upon presentation and surrender of the Certificates, and to the Trustee and the Credit Risk Manager distributions and payments in each case on accordance with Section 4.02. Notwithstanding the foregoing, if the final Distribution Date and in the order set forth in Section 4.02, in the case has occurred as a result of a Servicer's purchase of the CertificateholdersTrust Fund pursuant to Section 9.01(A), in proportion to their respective Percentage Interests, with respect to Certificateholders of the same Class, an amount equal to (i) as to each Class of Regular Certificates, the Certificate Balance thereof plus accrued interest thereon (or on their Notional Amount, if applicable) in the case of an interest-bearing Certificate and (ii) as to the Residual Certificates, the amountall amounts, if any, which remains on deposit in excess of the Collection Accounts (other than Par Value shall be distributed by the amounts retained Trustee directly to meet claims) after application pursuant to clause (i) abovethe Class X Certificates. In the event that any affected Certificateholders shall not surrender Certificates for cancellation within six months after the date specified in the above mentioned written notice, the Trustee shall give a second written notice to the remaining Certificateholders to surrender their Certificates for cancellation and receive the final distribution with respect thereto. If within six months after the second notice all the applicable Certificates shall not have been surrendered for cancellation, the Trustee may take reasonable and appropriate steps, or may appoint an agent to take reasonable and appropriate steps, to contact the remaining Certificateholders concerning surrender of their Certificates, and the cost thereof shall be paid out of the funds and other assets which remain a part of the Trust Fund. If within one year after the second notice all Certificates shall not have been surrendered for cancellation, the Class AR and Class R-R II Certificateholders shall be entitled to all unclaimed funds and other assets of the Trust Fund which remain subject hereto and the Trustee shall be discharged from all further liability with respect to the Certificates and this Agreement.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (CSFB Home Equity Pass-Through Certificates, Series 2004-Fre1)
Final Distribution on the Certificates. If on any Determination Date, the Trustee determines that there are no Outstanding Mortgage Loans and no other funds or assets in the Trust Fund other than the funds in the Collection Accounts and Certificate Account, the Trustee shall promptly send a final distribution notice to each Certificateholder. If the Optional Termination Holder above Calmco elects to terminate the Trust Fund pursuant to Section 9.01, at least 20 days prior to the date notice is to be mailed to the affected Certificateholders such Person Certificateholders, Calmco shall notify the Servicers Servicer and the Trustee of the date the Depositor it intends to terminate the Trust Fund and of the applicable repurchase price of the Mortgage Loans and REO Properties. 106 Notice of any termination of the Trust Fund, specifying the Distribution Date on which Certificateholders shall may surrender their Certificates for payment of the final distribution and cancellation, shall be given promptly by the Trustee by letter to Certificateholders mailed not earlier than the 10th 15th day and not later than the 15th 25th day of the month next preceding the month of such final distribution. Any such notice shall specify (a) the Distribution Date upon which final distribution on the Certificates will be made upon presentation and surrender of Certificates at the office therein designated, (b) the amount of such final distribution, (c) the location of the office or agency at which such presentation and surrender must be made, and (d) that the Record Date otherwise applicable to such Distribution Date is not applicable, distributions being made only upon presentation and surrender of the Certificates at the office therein specified. The Trustee shall give such notice to each Rating Agency at the time such notice is given to Certificateholders. Upon presentation and surrender of the Certificates, the Trustee shall cause to be distributed to the Certificateholders of each Class, in each case on the final Distribution Date and in the order set forth in Section 4.02, in the case of the Certificateholders, in proportion to their respective Percentage Interests, with respect to Certificateholders of the same Class, an amount equal to (i) as to each Class of Regular Offered Certificates, (A) first to the Certificate Senior Certificates, and then to the Class M-1, Class M-2 and Class B Certificates sequentially, in that order, an amount equal to the Class Principal Balance thereof plus accrued interest thereon Current Interest and any Carryforward Interest and (or on their Notional AmountB) to the extent of available funds (other than funds described in clause (ii) below) after the distributions in clause (i)(A) above, if applicable) the amounts referred to and in the case of an interestorder described in Section 4.02(d)B-bearing Certificate and H, (ii) as to the Residual Class P Certificates, the aggregate amount, if any, of all Prepayment Premiums which remains on deposit in the Collection Accounts and the Certificate Account and (iii) as to the Class X Certificates, the amount, if any, which remains remain on deposit in the Collection Accounts (other than the amounts retained to meet claims) after application pursuant to clause (i) and clause (ii) above. In the event that any affected Certificateholders shall not surrender Certificates for cancellation within six months after the date specified in the above mentioned written notice, the Trustee shall give a second written notice to the remaining Certificateholders to surrender their Certificates for cancellation and receive the final distribution with respect thereto. If within six months after the second notice all the applicable Certificates shall not have been surrendered for cancellation, the Trustee may take reasonable and appropriate steps, or may appoint an agent to take reasonable and appropriate steps, to contact the remaining Certificateholders concerning surrender of their Certificates, and the cost thereof shall be paid out of the funds and other assets which remain a part of the Trust Fund. If within one year after the second notice all Certificates shall not have been surrendered for cancellation, the Class A-R AR Certificateholders shall be entitled to all unclaimed funds and other assets of the Trust Fund which remain subject hereto and the Trustee shall be discharged from all further liability with respect to the Certificates and this Agreement.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (CSFB Abs Trust Series 2001 He12)
Final Distribution on the Certificates. If on any Determination Date, the Trustee determines receives notice that there are no Outstanding Mortgage Loans and no other funds or assets in the an Underlying Trust Fund other than the funds in the Collection Accounts and Certificate Account, the Trustee shall promptly send a final distribution notice to each Certificateholder. If the Optional Termination Holder above elects to terminate the Trust Fund pursuant to Section 9.01, at least 20 days prior to the date notice is to be mailed terminated in accordance with the terms of the related Underlying Agreement, notice shall be given by the Trustee to the affected related Certificateholders such Person shall notify the Servicers and the Trustee of the date the Depositor intends to terminate the Trust Fund and of the applicable repurchase price of the Mortgage Loans and REO Propertiesas promptly as practicable thereafter. Notice of any termination of the Trust Fundan Underlying Trust, specifying the Distribution Date on which the related Certificateholders shall may surrender their Certificates for payment of the final distribution and cancellation, shall be given promptly by the Trustee by letter to such Certificateholders mailed not earlier than the 10th day and not no later than the 15th day of the month next preceding the month of such final distributiondistribution and not later than as promptly practicable after the Trustee receives notice that the Underlying Trust is to be terminated in accordance with the terms of the related Underlying Agreement. Any such notice shall specify (a) the Distribution Date upon which final distribution on the related Certificates will be made upon presentation and surrender of such Certificates at the office therein designated, (b) the amount of such final distribution, (c) the location of the office or agency at which such presentation and surrender must be made, and (d) that the Record Date otherwise applicable to such Distribution Date is not applicable, distributions being made only upon presentation and surrender of the such Certificates at the office therein specified. The Trustee shall will also give such notice to each Rating Agency at the time such notice is given to Certificateholders. Upon the final distribution with respect to the Trust Fund, the Trustee shall promptly release to the Holder of the Class A-R Certificate the remaining Deposited Underlying Certificates. Upon presentation and surrender of Certificates in a Certificate Group for payment of the Certificatesfinal distribution and cancellation, the Trustee shall cause to be distributed to the Certificateholders of each ClassClass in that Certificate Group, in each case on the final Distribution Date and in the order set forth in Section 4.023.04 hereof, in on the case of the Certificateholders, final Distribution Date in proportion to their respective Percentage Interests, with respect to Certificateholders of the same Class, an amount equal to (i) as to each Class of Regular Certificates, the Certificate Balance thereof plus accrued interest thereon (or on their Notional Amount, if applicable) in the case of an interest-interest bearing Certificate and (ii) as to the Residual Certificates, the amount, if any, which remains on deposit in the Collection Accounts Distribution Account with respect to the related Deposited Underlying Certificates (other than the amounts retained to meet claims) after application pursuant to clause (i) above. Notwithstanding the reduction of the Class Certificate Balance of any Class of Certificates to zero, such Class will be outstanding hereunder (solely for the purpose of receiving distributions and not for any other purpose) until the termination of the respective obligations and responsibilities of the Depositor, the Underlying Certificate Seller, and the Trustee hereunder in accordance with Article VII. In the event that any affected Certificateholders shall not surrender Certificates for cancellation within six months after the date specified in the above mentioned written notice, the Trustee shall give a second written notice to the remaining Certificateholders to surrender their Certificates for cancellation and receive the final distribution with respect thereto. If within six months after the second notice all the applicable Certificates shall not have been surrendered for cancellation, the Trustee may take appropriate steps, or may appoint an agent to take appropriate steps, to contact the remaining Certificateholders concerning surrender of their Certificates, and the cost thereof shall be paid out of the funds and other assets which remain a part of the Trust Fund. If within one year after the second notice all such Certificates shall not have been surrendered for cancellation, the Class A-R Certificateholders Certificateholder shall be entitled to all unclaimed funds and other assets of the Trust Fund in respect thereof which remain subject hereto and the Trustee shall be discharged from all further liability with respect to the Certificates and this Agreementhereto.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Alternative Loan Trust Resecuritization 2008-2r)
Final Distribution on the Certificates. If on any Determination Datedate, the Trustee determines that there are no Outstanding Mortgage Loans Trust Assets still outstanding and no other funds or assets in the Trust Fund other than the funds in the Collection Accounts and Certificate Distribution Account, the Trustee shall promptly send a final distribution notice to each Certificateholder. If the Optional Termination Holder above elects to terminate the Trust Fund pursuant to Section 9.01, at least 20 days prior to the date notice is to be mailed to the affected Certificateholders such Person shall notify the Servicers and the Trustee of the date the Depositor intends to terminate the Trust Fund and of the applicable repurchase price of the Mortgage Loans and REO Properties. Notice of any termination of the Trust Fund, specifying the Distribution Date on which related Certificateholders shall may surrender their Certificates for payment of the final distribution and cancellation, shall be given promptly by the Trustee by letter to related Certificateholders mailed not earlier than the 10th day and not later than the 15th day of the month next preceding the month of such final distribution and not later than the 5th day of the month of such final distribution. Any such notice shall specify (a) the Distribution Date upon which final distribution on the related Certificates will be made upon presentation and surrender of such Certificates at the office therein designated, (b) the amount of such final distribution, (c) the location of the office or agency at which such presentation and surrender must be made, and (dc) that the Record Date otherwise applicable to such Distribution Date is not applicable, distributions being made only upon presentation and surrender of the related Certificates at the office therein specified. The Trustee shall will give such notice to each Rating Agency at the time such notice is given to related Certificateholders. Upon presentation and surrender of the related Certificates, the Trustee shall cause to be distributed to the Certificateholders of each related Class, in each case on the final Distribution Date and in the order set forth in Section 4.024.01 hereof, in on the case of the Certificateholdersfinal Distribution Date, in proportion to their respective Percentage Interests, with respect to Certificateholders of the same Class, an amount equal to (i) as to each Class of Regular Certificates, the Certificate Principal Balance thereof plus PLUS accrued interest thereon (or on their Notional Amountthereon, if applicable) in the case of an interest-bearing Certificate and (ii) as to the Residual Certificates, the amount, if any, which remains on deposit in the Collection Accounts Distribution Account (other than the amounts retained to meet claims) after application pursuant to clause (i) above. In the event that any affected Certificateholders shall not surrender Certificates for cancellation within six months after the date specified in the above mentioned written notice, the Trustee shall give a second written notice to the remaining Certificateholders to surrender their Certificates for cancellation and receive the final distribution with respect thereto. If within six months after the second notice all the applicable Certificates shall not have been surrendered for cancellation, the Trustee may take appropriate reasonable steps, or may appoint an agent to take appropriate reasonable steps, to contact the remaining Certificateholders concerning surrender of their Certificates, and the cost thereof shall be paid out of the funds and other assets of the Master REMIC which remain a part of the Trust Fund. If within one year after the second notice all Certificates shall not have been surrendered for cancellation, subject hereto and the Class A-R Certificateholders as the beneficial owner of the residual interest issued by the REMIC created under this Agreement shall be entitled to all unclaimed funds and other assets of the Trust Fund REMIC created under this Agreement, which remain subject hereto hereto, and the Trustee Certificateholders who have not surrendered Certificates shall be discharged from all further liability look only to such Class A-R Certificateholders with respect to the Certificates any such unclaimed funds and this Agreementother assets.
Appears in 1 contract
Samples: Trust Agreement (MASTR Seasoned Securitization Trust 2004-2)
Final Distribution on the Certificates. If on any Determination Date, the Trustee Servicer determines that there are no Outstanding outstanding Mortgage Loans and no other funds or assets in the Trust Fund other than the funds in the Collection Accounts and Certificate Payment Account, the Trustee Servicer shall notify the Trustee, which shall promptly send a final distribution notice to each Certificateholder. If the Optional Termination Holder above elects to terminate the Trust Fund pursuant to Section 9.01, at least 20 days prior to the date notice is to be mailed to the affected Certificateholders such Person shall notify the Servicers and the Trustee of the date the Depositor intends to terminate the Trust Fund and of the applicable repurchase price of the Mortgage Loans and REO Properties. Notice of any termination of the Trust Fund, specifying the Distribution Date on which Certificateholders shall may surrender their Certificates for payment of the final distribution and cancellation, shall be given promptly by the Trustee by letter to Certificateholders mailed not earlier than the 10th day and not later than the 15th day of the month next immediately preceding the month of such final distribution and no later than the tenth day of the month of such final distribution. Any such notice shall specify (a) the Distribution Date upon which final distribution on the Certificates will shall be made upon presentation and surrender of Certificates at the office therein designated, (b) the amount of such final distribution, (c) the location of the office or agency at which such presentation and surrender must be made, and (d) that the Record Date otherwise applicable to such Distribution Date is not applicable, distributions being made only upon presentation and surrender of the Certificates at the office therein specified. The Trustee shall give such notice to each Rating Agency at the time such notice is given to Certificateholders. The Servicer shall, no later than the Business Day prior to the Distribution Date on which the final distribution is to be made, remit the Termination Price to the Trustee for deposit in the Payment Account. Upon presentation and surrender of the Certificates, the Trustee shall cause to be distributed to the Certificateholders of each Class, in each case on the final Distribution Date and in the order set forth in Section 4.02, in the case of the Certificateholders8.1, in proportion to their respective Percentage Interests, with respect to Certificateholders of the same Class, an amount equal to (i) as to each Class of Regular Certificates, the Certificate Principal Balance thereof plus accrued interest thereon (or on their Notional Amount, if applicable) in the case of an interest-bearing Certificate and (ii) as to the Residual Certificates, the amount, if any, which remains on deposit in the Collection Accounts (other than the amounts retained to meet claims) after application pursuant to clause (i) abovethereon. In the event that any affected Certificateholders shall not surrender Certificates for cancellation within six months after the date specified in the above mentioned written notice, the Trustee shall give a second written notice to the remaining Certificateholders to surrender their Certificates for cancellation and receive the final distribution with respect thereto. If within six months after the second notice all the applicable Certificates shall not have been surrendered for cancellation, the Trustee may take appropriate steps, or may appoint an agent to take appropriate steps, to contact the remaining Certificateholders concerning surrender of their Certificates, and the cost thereof shall be paid out of the funds and other assets which remain a part of the Trust Fund. If within one year after the second notice all Certificates shall not have been surrendered for cancellation, the Class A-C, P, R Certificateholders and RX Certificateholders, upon written request to the Trustee at the applicable Corporate Trust Office, shall be entitled to all unclaimed funds and other assets of the Trust Fund which remain subject hereto and the Trustee shall be discharged from all further liability with respect to the Certificates and this Agreementhereto.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (First NLC Trust 2005-2)
Final Distribution on the Certificates. If on any Determination Remittance Date, the Trustee Servicer determines that there are no Outstanding Mortgage Loans and no other funds or assets in the Trust Fund other than the funds in the Collection Accounts and Certificate Account, the Servicer shall direct the Trustee shall promptly to send a final distribution notice Notice of Final Distribution to each Certificateholder. If the Optional Termination Holder above Servicer elects to terminate the Trust Fund pursuant to clause (a) of Section 9.01, at least 20 days prior to the date notice the Notice of Final Distribution is to be mailed to the affected Certificateholders such Person Certificateholders, the Servicer shall notify the Servicers Depositor and the Trustee of the date the Depositor Servicer intends to terminate the Trust Fund and of the applicable repurchase price of the Mortgage Loans and REO Properties. In the event such Notice of any termination of Final Distribution is given, the Trust Fund, specifying Servicer shall cause all funds in the Collection Account to be remitted to the Trustee for deposit in the Distribution Account on the Business Day prior to the applicable Distribution Date on which Certificateholders shall surrender their Certificates for payment of in an amount equal to the final distribution in respect of the Certificates. Upon such final deposit with respect to the Trust Fund and cancellation, shall be given promptly the receipt by the Trustee by letter of a Request for Release therefor, the Trustee shall promptly release to Certificateholders mailed not earlier than the 10th day and not later than Servicer the 15th day of Custodial Files for the month next preceding the month of such final distribution. Any such notice shall specify (a) the Distribution Date upon which final distribution on the Certificates will be made upon presentation and surrender of Certificates Mortgage Loans at the office therein designated, (b) the amount of such final distribution, (c) the location of the office or agency at which such presentation and surrender must be made, and (d) that the Record Date otherwise applicable to such Distribution Date is not applicable, distributions being made only upon presentation and surrender of the Certificates at the office therein specified. The Trustee shall give such notice to each Rating Agency at the time such notice is given to CertificateholdersServicer's expense. Upon presentation and surrender of the Certificates, the Trustee shall cause to be distributed to the Certificateholders of each ClassClass (after reimbursement of all amounts due to the Servicer, the Depositor and the Trustee hereunder), in each case on the final Distribution Date and in the order set forth in Section 4.02, in the case of the Certificateholders, in proportion to their respective Percentage Interests, with respect to Certificateholders of the same Class, up to an amount equal to (i) as to each Class of Regular Certificates (except the Class X Certificates), the Certificate Balance thereof plus for each such Class and the Class X Certificates accrued interest thereon (or on their Notional Amount, if applicable) in the case of an interest-bearing Certificate and all other amounts to which such Classes are entitled pursuant to Section 4.02 and (ii) as to the Residual Certificates, the amount, if any, which remains on deposit in the Collection Accounts Distribution Account (other than the amounts retained to meet claims) after application pursuant to clause (i) above. In the event that any affected Certificateholders shall not surrender Certificates for cancellation within six months after the date specified in the above mentioned written notice, the Trustee shall give a second written notice to the remaining Certificateholders to surrender their Certificates for cancellation and receive the final distribution with respect thereto. If within six months after the second notice all the applicable Certificates shall not have been surrendered for cancellation, the Trustee may take appropriate steps, or may appoint an agent to take appropriate steps, to contact the remaining Certificateholders concerning surrender of their Certificates, and the cost thereof shall be paid out of the funds and other assets which remain a part of the Trust Fund. If within one year after the second notice all Certificates shall not have been surrendered for cancellation, the Class A-R Certificateholders shall be entitled to all unclaimed funds and other assets of the Trust Fund which remain subject hereto and the Trustee shall be discharged from all further liability with respect to the Certificates and this Agreementhereto.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Morgan Stanley ABS Capital I Inc. Trust 2005-Wmc5)
Final Distribution on the Certificates. If on any Determination Date, the Trustee determines that there are no Outstanding Mortgage Loans and no other funds or assets in the Trust Fund other than the funds in the Collection Accounts and Certificate Account, the Trustee shall promptly send a final distribution notice to each Certificateholder. If the Optional Termination Holder above Olympus elects to terminate the Trust Fund pursuant to Section 9.01, at least 20 days prior to the date notice is to be mailed to the affected Certificateholders such Person Certificateholders, Olympus shall notify the Servicers any other Servicer and the Trustee of the date the Depositor it intends to terminate the Trust Fund and of the applicable repurchase price of the Mortgage Loans and REO Properties. Notice of any termination of the Trust Fund, specifying the Distribution Date on which Certificateholders shall may surrender their Certificates for payment of the final distribution and cancellation, shall be given promptly by the Trustee by letter to Certificateholders mailed not earlier than the 10th 15th day and not later than the 15th 25th day of the month next preceding the month of such final distribution. Any such notice shall specify (a) the Distribution Date upon which final distribution on the Certificates will be made upon presentation and surrender of Certificates 123 at the office therein designated, (b) the amount of such final distribution, (c) the location of the office or agency at which such presentation and surrender must be made, and (d) that the Record Date otherwise applicable to such Distribution Date is not applicable, distributions being made only upon presentation and surrender of the Certificates at the office therein specified. The Trustee shall give such notice to each Rating Agency at the time such notice is given to Certificateholders. Upon presentation and surrender of the Certificates, the Trustee shall cause to be distributed to the Certificateholders of each Class, in each case on the final Distribution Date and in the order set forth in Section 4.02, in the case of the Certificateholders, in proportion to their respective Percentage Interests, with respect to Certificateholders of the same Class, an amount equal to (i) as to each Class of Regular Offered Certificates, (A) an amount equal to the Certificate Class Principal Balance thereof plus accrued interest thereon Current Interest and any Carryforward Interest in accordance with the priority of distributions set forth in Section 4.02 and (or on their Notional AmountB) to the extent of available funds (other than funds described in clause (ii) below) after the distributions in clause (i)(A) above, if applicable) the amounts referred to and in the case of an interest-bearing Certificate order described in Section 4.02(e)(ii). through (xiii) and (ii) as to the Residual Class X Certificates, the amountamount due to the Class X Certificate under this Agreement, if any, which remains on deposit not paid (but in no way exceeding the amount in the Collection Accounts (other than the amounts retained to meet claims) after application pursuant to clause (i) aboveAccount). In the event that any affected Certificateholders shall not surrender Certificates for cancellation within six months after the date specified in the above mentioned written notice, the Trustee shall give a second written notice to the remaining Certificateholders to surrender their Certificates for cancellation and receive the final distribution with respect thereto. If within six months after the second notice all the applicable Certificates shall not have been surrendered for cancellation, the Trustee may take reasonable and appropriate steps, or may appoint an agent to take reasonable and appropriate steps, to contact the remaining Certificateholders concerning surrender of their Certificates, and the cost thereof shall be paid out of the funds and other assets which remain a part of the Trust Fund. If within one year after the second notice all Certificates shall not have been surrendered for cancellation, the Class A-R Certificateholders shall be entitled to all unclaimed funds and other assets of the Trust Fund which remain subject hereto and the Trustee shall be discharged from all further liability with respect to the Certificates and this Agreement.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (CSFB Mortgage Pass Through Certificates Series 2002 He16)
Final Distribution on the Certificates. If on any Determination Date, the Trustee determines that there are no Outstanding Mortgage Loans and no other funds or assets in the Trust Fund other than the funds in the Collection Accounts and Certificate Account, the Trustee shall promptly send a final distribution notice to each Certificateholder. If the Optional Termination Holder above elects to terminate the Trust Fund pursuant to Section 9.01, at least 20 days prior to the date notice is to be mailed to the affected Certificateholders such Person shall notify the Servicers and the Trustee of the date the Depositor intends to terminate the Trust Fund and of the applicable repurchase price of the Mortgage Loans and REO Properties. Notice of any termination of the Trust Fund, specifying the Distribution Date on which Certificateholders shall surrender their Certificates for payment of the final distribution and cancellation, shall be given promptly by the Trustee by letter to Certificateholders mailed not earlier than the 10th day and not later than the 15th day of the month next preceding the month of such final distribution. Any such notice shall specify (a) the Distribution Date upon which final distribution on the Certificates will be made upon presentation and surrender of Certificates at the office therein designated, (b) the amount of such final distribution, (c) the location of the office or agency at which such presentation and surrender must be made, and (d) that the Record Date otherwise applicable 127 to such Distribution Date is not applicable, distributions being made only upon presentation and surrender of the Certificates at the office therein specified. The Trustee shall give such notice to each Rating Agency at the time such notice is given to Certificateholders. Upon presentation and surrender of the Certificates, the Trustee shall cause to be distributed to the Certificateholders of each Class, in each case on the final Distribution Date and in the order set forth in Section 4.02, in the case of the Certificateholders, in proportion to their respective Percentage Interests, with respect to Certificateholders of the same Class, an amount equal to (i) as to each Class of Regular Certificates, the Certificate Balance thereof plus accrued interest thereon (or on their Notional Amount, if applicable) in the case of an interest-bearing Certificate and (ii) as to the Residual Certificates, the amount, if any, which remains on deposit in the Collection Accounts (other than the amounts retained to meet claims) after application pursuant to clause (i) above. In the event that any affected Certificateholders shall not surrender Certificates for cancellation within six months after the date specified in the above mentioned written notice, the Trustee shall give a second written notice to the remaining Certificateholders to surrender their Certificates for cancellation and receive the final distribution with respect thereto. If within six months after the second notice all the applicable Certificates shall not have been surrendered for cancellation, the Trustee may take appropriate steps, or may appoint an agent to take appropriate steps, to contact the remaining Certificateholders concerning surrender of their Certificates, and the cost thereof shall be paid out of the funds and other assets which remain a part of the Trust Fund. If within one year after the second notice all Certificates shall not have been surrendered for cancellation, the Class A-R Certificateholders shall be entitled to all unclaimed funds and other assets of the Trust Fund which remain subject hereto and the Trustee shall be discharged from all further liability with respect to the Certificates and this Agreement.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Credit Suisse First Boston Mortgage Sec Corp Series 2004-1)
Final Distribution on the Certificates. If on any Determination Date, Date the Trustee Servicer determines that there are no Outstanding Mortgage Loans and no other funds or assets in the Trust Fund other than the funds in the Collection Accounts and Certificate Account, the Servicer shall direct the Trustee shall promptly to send a final distribution notice to each Certificateholder. If the Optional Termination Holder above Servicer elects to terminate the Trust Fund pursuant to clause (a) of Section 9.01, at least 20 days prior to no later than the date notice is to be mailed to 15th day of the affected Certificateholders such Person month preceding the month of the final Distribution Date the Servicer shall notify the Servicers Depositor and the Trustee of the date the Depositor Servicer intends to terminate the Trust Fund and of the applicable repurchase price of the Mortgage Loans and REO Properties. Notice of any termination of the Trust Fund, Fund specifying the Distribution Date on which Certificateholders shall may surrender their Certificates for payment of the final distribution and cancellation, cancellation shall be given promptly by the Trustee by letter to Certificateholders mailed not earlier than the 10th 15th day and not later than the 15th last day of the month next preceding the month of such final distribution. Any such notice shall specify (a) the Distribution Date upon which final distribution on the Certificates will be made upon presentation and surrender of Certificates at the office therein designated, (b) the amount of such final distribution, (c) the location of the office or agency at which such presentation and surrender must be made, and (d) that the Record Date otherwise applicable to such the Distribution Date is not applicable, distributions being made only upon presentation and surrender of the Certificates at the office therein specified. The Trustee shall Servicer will give such notice to each Rating Agency at the time such notice is given to Certificateholders. If this notice is given, the Servicer shall cause all funds in the Certificate Account to be remitted to the Trustee for deposit in the Distribution Account on the Business Day before the applicable Distribution Date in an amount equal to the final distribution in respect of the Certificates. Upon such final deposit with respect to the Trust Fund and the receipt by the Trustee of a Request for Release therefor, the Trustee shall promptly release to the Servicer the Mortgage Files for the Mortgage Loans. Upon presentation and surrender of the Certificates, the Trustee shall cause to be distributed to the Certificateholders of each Class, in each case on the final Distribution Date and in the order set forth in Section 4.02, in the case of the Certificateholders, in proportion to their respective Percentage Interests, with respect to Certificateholders of the same Class, an amount equal to (i) as to each Class of Regular Certificates, the its Certificate Balance thereof plus for each such Class accrued interest thereon (or on their Notional Amount, if applicable) in the case of an interest-bearing Certificate and (ii) as to the Residual Certificates, the amount, if any, which remains any amount remaining on deposit in the Collection Accounts Distribution Account (other than the amounts retained to meet claims) after application pursuant to clause (i) above. In Notwithstanding the event that reduction of the Certificate Balance of any Class of Certificates to zero, such Class will be outstanding hereunder solely for the purpose of receiving distributions and for no other purpose until the termination of the respective obligations and responsibilities of the Depositor, the Servicer and the Trustee hereunder in accordance with Article Nine. The foregoing provisions are intended to distribute to each Class of Regular Certificates any accrued and unpaid interest and principal to which they are entitled based on the Pass-Through Rates and actual Class Certificate Balances set forth in the Preliminary Statement upon liquidation of the Trust Fund. If any affected Certificateholders shall Certificateholder does not surrender its Certificates for cancellation within six months after the date specified in the above mentioned written notice, the Trustee shall give a second written notice to the remaining Certificateholders to surrender their Certificates for cancellation and receive the final distribution with respect thereto. If within six months after the second notice all the applicable Certificates shall not have been surrendered for cancellation, the Trustee may take appropriate 106 steps, or may appoint an agent to take appropriate steps, to contact the remaining Certificateholders concerning surrender of their Certificates, and the cost thereof shall be paid out of the funds and other assets which remain a part of the Trust Fund. If within one year after the second notice all Certificates shall not have been surrendered for cancellation, then the Class A-R Certificateholders shall be entitled to all unclaimed funds and other assets of the Trust Fund which remain subject hereto and the Trustee shall be discharged from all further liability with respect to the Certificates and this Agreementhereto.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (IndyMac INDA Mortgage Loan Trust 2007-Ar8)
Final Distribution on the Certificates. If on any Determination Date, the Trustee Servicer determines that there are no Outstanding Mortgage Loans and no other funds or assets in the Trust Fund other than the funds in the Collection Accounts and Certificate Account, the Servicer shall direct the Trustee shall promptly to send a final distribution notice to each Certificateholder. If the Optional Termination Holder above Servicer elects to terminate the Trust Fund pursuant to clause (a) of Section 9.01, at least 20 days prior to the date notice is to be mailed to the affected Certificateholders such Person Certificateholders, the Servicer shall notify the Servicers Depositor and the Trustee of the date the Depositor Servicer intends to terminate the Trust Fund and of the applicable repurchase price of the Mortgage Loans and REO Properties. Notice of any termination of the Trust Fund, specifying the Distribution Date on which Certificateholders shall may surrender their Certificates for payment of the final distribution and cancellation, shall be given promptly by the Trustee by letter to Certificateholders mailed not earlier than the 10th 15th day and not no later than the 15th 10th day of the month next preceding the month of such final distribution. Any such notice shall specify (a) the Distribution Date upon which final distribution on the Certificates will be made upon presentation and surrender of Certificates at the office therein designated, (b) the amount of such final distribution, (c) the location of the office or agency at which such presentation and surrender must be made, and (d) that the Record Date otherwise applicable to such Distribution Date is not applicable, distributions being made only upon presentation and surrender of the Certificates at the office therein specified. The Trustee shall Servicer will give such notice to each Rating Agency at the time such notice is given to Certificateholders. In the event such notice is given, the Servicer shall cause all funds in the Certificate Account to be remitted to the Trustee for deposit in the Distribution Account on the Business Day prior to the applicable Distribution Date in an amount equal to the final distribution in respect of the Certificates. Upon such final deposit with respect to the Trust Fund and the receipt by the Trustee of a Request for Release therefor, the Trustee shall promptly release to the Servicer the Mortgage Files for the Loans. Upon presentation and surrender of the Certificates, the Trustee shall cause to be distributed to the Certificateholders of each Class, in each case on the final Distribution Date and in the order set forth in Section 4.024.02 hereof, in on the case of the Certificateholders, final Distribution Date and in proportion to their respective Percentage Interests, with respect to Certificateholders of the same Class, an amount equal to (i) as to each Class of Regular Certificates, the Certificate Balance thereof plus (a) accrued interest thereon (or on their Notional Amount, if applicable) in the case of an interest-interest bearing Certificate and (b) any Class PO Deferred Amounts in the case of the Class PO Certificates, and (ii) as to the Residual Certificates, the amount, if any, which remains on deposit in the Collection Accounts Distribution Account (other than the amounts retained to meet claims) after application pursuant to clause (i) above. In the event that any affected Certificateholders shall not surrender Certificates for cancellation within six months after the date specified in the above mentioned written notice, the Trustee shall give a second written notice to the remaining Certificateholders to surrender their Certificates for cancellation and receive the final distribution with respect thereto. If within six months after the second notice all the applicable Certificates shall not have been surrendered for cancellation, the Trustee may take appropriate steps, or may appoint an agent 102 to take appropriate steps, to contact the remaining Certificateholders concerning surrender of their Certificates, and the cost thereof shall be paid out of the funds and other assets which remain a part of the Trust Fund. If within one year after the second notice all Certificates shall not have been surrendered for cancellation, the Class A-R Certificateholders shall be entitled to all unclaimed funds and other assets of the Trust Fund which remain subject hereto and the Trustee shall be discharged from all further liability with respect to the Certificates and this Agreementhereto.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Equity One Abs Inc)
Final Distribution on the Certificates. If on any Determination Date, Date the Trustee Servicer determines that there are no Outstanding Mortgage Loans and no other funds or assets in the Trust Fund other than the funds in the Collection Accounts and Certificate Account, the \ Servicer shall direct the Trustee shall promptly to send a final distribution notice to each Certificateholder. If the Optional Termination Holder above Servicer elects to terminate the Trust Fund pursuant to clause (a) of Section 9.01, at least 20 days prior to no later than the date notice is to be mailed to 15th day of the affected Certificateholders such Person month preceding the month of the final Distribution Date the Servicer shall notify the Servicers Depositor and the Trustee of the date the Depositor Servicer intends to terminate the Trust Fund and of the applicable repurchase price of the Mortgage Loans and REO Properties. Notice of any termination of the Trust Fund, Fund specifying the Distribution Date on which Certificateholders shall may surrender their Certificates for payment of the final distribution and cancellation, cancellation shall be given promptly by the Trustee by letter to Certificateholders mailed not earlier than the 10th 15th day and not later than the 15th last day of the month next preceding the month of such final distribution. Any such notice shall specify (a) the Distribution Date upon which final distribution on the Certificates will be made upon presentation and surrender of Certificates at the office therein designated, (b) the amount of such final distribution, (c) the location of the office or agency at which such presentation and surrender must be made, and (d) that the Record Date otherwise applicable to such the Distribution Date is not applicable, distributions being made only upon presentation and surrender of the Certificates at the office therein specified. The Trustee shall Servicer will give such notice to each Rating Agency at the time such notice is given to Certificateholders. If this notice is given, the Servicer shall cause all funds in the Certificate Account to be remitted to the Trustee for deposit in the Distribution Account on the Business Day before the applicable Distribution Date in an amount equal to the final distribution in respect of the Certificates. Upon such final deposit with respect to the Trust Fund and the receipt by the Trustee of a Request for Release therefor, the Trustee shall promptly release to the Servicer the Mortgage Files for the Mortgage Loans. Upon presentation and surrender of the Certificates, the Trustee shall cause to be distributed to the Certificateholders of each Class, in each case on the final Distribution Date and in the order set forth in Section 4.02, in the case of the Certificateholders, in proportion to their respective Percentage Interests, with respect to Certificateholders of the same Class, an amount equal to (i) as to each Class of Regular Certificates, the its Certificate Balance thereof plus for each such Class accrued interest thereon (or on their Notional Amount, if applicable) in the case of an interest-bearing Certificate and (ii) as to the Residual Certificates, the amount, if any, which remains any amount remaining on deposit in the Collection Accounts Distribution Account (other than the amounts retained to meet claims) after application pursuant to clause (i) above. In Notwithstanding the event that reduction of the Certificate Balance of any Class of Certificates to zero, such Class will be outstanding hereunder solely for the purpose of receiving distributions and for no other purpose until the termination of the respective obligations and responsibilities of the Depositor, the Servicer and the Trustee hereunder in accordance with Article Nine. The foregoing provisions are intended to distribute to each Class of Regular Certificates any accrued and unpaid interest and principal to which they are entitled based on the Pass-Through Rates and actual Class Certificate Balances or Notional Amounts set forth in the Preliminary Statement upon liquidation of the Trust Fund. If any affected Certificateholders shall Certificateholder does not surrender its Certificates for cancellation within six months after the date specified in the above mentioned written notice, the Trustee shall give a second written notice to the remaining Certificateholders to surrender their Certificates for cancellation and receive the final distribution with respect thereto. If within six months after the second notice all the applicable Certificates shall not have been surrendered for cancellation, the Trustee may take appropriate steps, or may appoint an agent to take appropriate steps, to contact the remaining Certificateholders concerning surrender of their Certificates, and the cost thereof shall be paid out of the funds and other assets which remain a part of the Trust Fund. If within one year after the second notice all Certificates shall not have been surrendered for cancellation, then the Class A-R Certificateholders shall be entitled to all unclaimed funds and other assets of the Trust Fund which remain subject hereto and the Trustee shall be discharged from all further liability with respect to the Certificates and this Agreementhereto.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Residential Asset Securitization Trust 2007-A9)
Final Distribution on the Certificates. If on any Determination Date, the Trustee determines receives notice that there are no Outstanding Mortgage Loans and no other funds or assets in the Underlying Trust Fund other than the funds in the Collection Accounts and Certificate Account, the Trustee shall promptly send a final distribution notice to each Certificateholder. If the Optional Termination Holder above elects to terminate the Trust Fund pursuant to Section 9.01, at least 20 days prior to the date notice is to be mailed to terminated in accordance with the affected Certificateholders such Person terms of the Underlying Agreement, notice shall notify the Servicers and be given by the Trustee of the date the Depositor intends to terminate the Trust Fund and of the applicable repurchase price of the Mortgage Loans and REO PropertiesCertificateholders as promptly as practicable thereafter. Notice of any termination of the Trust Fund, specifying the Distribution Date on which Certificateholders shall may surrender their Certificates for payment of the final distribution and cancellation, shall be given promptly by the Trustee by letter to Certificateholders mailed not earlier than the 10th day and not no later than the 15th day of the month next preceding the month of such final distributiondistribution and not later than as promptly practicable after the Trustee receives notice that the Underlying Trust is to be terminated in accordance with the terms of the Underlying Agreement. Any such notice shall specify (a) the Distribution Date upon which final distribution on the Certificates will be made upon presentation and surrender of Certificates at the office therein designated, (b) the amount of such final distribution, (c) the location of the office or agency at which such presentation and surrender must be made, and (d) that the Record Date otherwise applicable to such Distribution Date is not applicable, distributions being made only upon presentation and surrender of the Certificates at the office therein specified. The Trustee shall will also give such notice to each Rating Agency at the time such notice is given to Certificateholders. Upon the final distribution with respect to the Trust Fund, the Trustee shall promptly release to the Holder of the Class A-R Certificate the Deposited Underlying Certificates. Upon presentation and surrender of the CertificatesCertificates for payment of the final distribution and cancellation, the Trustee shall cause to be distributed to the Certificateholders of each Class, in each case on the final Distribution Date and in the order set forth in Section 4.023.04. hereof, in on the case of the Certificateholders, final Distribution Date in proportion to their respective Percentage Interests, with respect to Certificateholders of the same Class, an amount equal to (i) as to each Class of Regular Certificates, the Certificate Balance thereof plus accrued interest thereon (or on their Notional Amount, if applicable) in the case of an interest-interest bearing 52 Certificate and (ii) as to the Residual Certificates, the amount, if any, which remains on deposit in the Collection Accounts Distribution Account (other than the amounts retained to meet claims) after application pursuant to clause (i) above. Notwithstanding the reduction of the Class Certificate Balance of any Class of Certificates to zero, such Class will be outstanding hereunder (solely for the purpose of receiving distributions and not for any other purpose) until the termination of the respective obligations and responsibilities of the Depositor, the Underlying Certificate Seller, and the Trustee hereunder in accordance with Article VII. In the event that any affected Certificateholders shall not surrender Certificates for cancellation within six months after the date specified in the above mentioned written notice, the Trustee shall give a second written notice to the remaining Certificateholders to surrender their Certificates for cancellation and receive the final distribution with respect thereto. If within six months after the second notice all the applicable Certificates shall not have been surrendered for cancellation, the Trustee may take appropriate steps, or may appoint an agent to take appropriate steps, to contact the remaining Certificateholders concerning surrender of their Certificates, and the cost thereof shall be paid out of the funds and other assets which remain a part of the Trust Fund. If within one year after the second notice all Certificates shall not have been surrendered for cancellation, the Class A-R Certificateholders shall be entitled to all unclaimed funds and other assets of the Trust Fund which that remain subject hereto and the Trustee shall be discharged from all further liability with respect to the Certificates and this Agreementhereto.
Appears in 1 contract
Samples: Trust Agreement (CHL Mortgage Pass-Through Trust Resecuritization 2008-2r)
Final Distribution on the Certificates. If on any Determination Remittance Date, a Servicer notifies the Trustee determines Securities Administrator in writing that there are no Outstanding Mortgage Loans and no other funds or assets in the Trust Fund other than the funds in the Collection Accounts and Certificate Account, such Servicer shall direct the Trustee shall Securities Administrator promptly to send a final distribution notice Notice of Final Distribution to each Certificateholder, the Swap Provider and the Cap Provider. If the Optional Termination Holder above Avelo elects to terminate the Trust Fund pursuant to clause (a) of Section 9.0111.01, at least 20 days prior to by the date notice is to be mailed to 25th day of the affected Certificateholders such Person month preceding the month of the final distribution, Avelo shall notify the Servicers Depositor, the Master Servicer, the Securities Administrator and the Trustee in writing of the date the Depositor Avelo intends to terminate the Trust Fund and of the applicable repurchase price Termination Price of the Mortgage Loans and REO Properties. A Notice of any termination of the Trust FundFinal Distribution, specifying the Distribution Date on which Certificateholders shall may surrender their Certificates for payment of the final distribution and cancellation, shall be given promptly by the Trustee Securities Administrator by letter to Certificateholders mailed not earlier than the 10th day and not later than the 15th day of the month next preceding the month of such final distribution. Any such notice Notice of Final Distribution shall specify (a) the Distribution Date upon which final distribution on the Certificates will be made upon presentation and surrender of Certificates at the office therein designated, (b) the amount of such final distribution, (c) the location of the office or agency at which such presentation and surrender must be made, and (d) that the Record Date otherwise applicable to such Distribution Date is not applicable, distributions being made only upon presentation and surrender of the Certificates at the office therein specified. The Trustee shall Securities Administrator will give such notice Notice of Final Distribution to each Rating Agency at the time such notice Notice of Final Distribution is given to Certificateholders. In the event such Notice of Final Distribution is given, Avelo shall promptly deposit such funds in the applicable Collection Account. During the time such funds are held in such Collection Account, such funds shall be invested, at the direction of Avelo in Permitted Investments, and Avelo shall be entitled to all income from such investments, and shall be responsible for all losses from such investments. In connection with any such termination of the Trust Fund, Avelo shall cause all funds in the Collection Account, including the applicable Termination Price for the Mortgage Loans and REO Properties to be remitted to the Master Servicer for deposit in the Distribution Account on the Business Day prior to the applicable Distribution Date. Upon such final deposit with respect to the Trust Fund and the receipt by the Custodian of a Request for Release therefor, the Custodian shall promptly release to Avelo, or its designee, the Custodial Files for the Mortgage Loans. Upon presentation and surrender of the Certificates, the Trustee Securities Administrator shall cause to be distributed to the Certificateholders of each ClassClass (after reimbursement of all amounts due to the applicable Servicer (including all unreimbursed Advances and any Servicing Fees accrued and unpaid as of the date the Termination Price is paid), the Depositor, the Master Servicer, the Securities Administrator and the Trustee hereunder), in each case on the final Distribution Date and in the order set forth in Section 4.02, in the case of the Certificateholders, in proportion to their respective Percentage Interestspercentage interests, with respect to Certificateholders of the same Class, an amount up to an amount equal to (i) as to each Class of Regular Certificates (except the Class X Certificates), the Certificate Balance thereof plus for each such Class and the Class X Certificates accrued interest thereon (or on their Notional Amount, if applicable) in the case of an interest-interest bearing Certificate and all other amounts to which such Classes are entitled pursuant to Section 4.02, and (ii) as to the Residual Certificates, the amount, if any, which remains on deposit in the Collection Accounts Distribution Account (other than the amounts retained to meet claims) after application pursuant to clause (i) above. In the event that any affected Certificateholders shall not surrender Certificates for cancellation within six months after the date specified in the above mentioned written notice, the Trustee Securities Administrator shall give a second written notice to the remaining Certificateholders to surrender their Certificates for cancellation and receive the final distribution with respect thereto. If within six months after the second notice all the applicable Certificates shall not have been surrendered for cancellation, the Trustee Securities Administrator may take appropriate steps, or may appoint an agent to take appropriate steps, to contact the remaining Certificateholders concerning surrender of their Certificates, and the cost thereof shall be paid out of the funds and other assets which remain a part of the Trust Fund. If within one year after the second notice all Certificates shall not have been surrendered for cancellation, the Class A-R Residual Certificateholders shall be entitled to all unclaimed funds and other assets of the Trust Fund which remain subject hereto and the Trustee shall be discharged from all further liability with respect to the Certificates and this Agreementhereto.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (GSAMP Trust 2007-Nc1)
Final Distribution on the Certificates. If on any Determination Date, (i) the Trustee determines that there are no Outstanding Mortgage Loans and no other funds or assets in the Trust Fund other than the funds in the Collection Accounts and Certificate Account, the Trustee shall promptly send a final distribution notice promptly to each Certificateholder. If the Optional Termination Holder above elects to terminate the Trust Fund pursuant to Section 9.01, at least 20 days prior Certificateholder and to the date notice is to Class A-1B Certificate Insurer or (ii) the Trustee determines that a Class of Certificates shall be mailed to retired after a final distribution on such Class, the affected Certificateholders such Person Trustee shall notify the Servicers Certificateholders within seven (7) Business Days after such Determination Date that the final distribution in retirement of such Class of Certificates is scheduled to be made on the immediately following Distribution Date. Any final distribution made pursuant to the immediately preceding sentence will be made only upon presentation and surrender of the Certificates at the office of the Trustee of the date the Depositor intends to terminate the Trust Fund and of the applicable repurchase price of the Mortgage Loans and REO Propertiesspecified in such notice. Notice of any termination of the Trust Fund, specifying the Distribution Date on which Certificateholders shall may surrender their Certificates for payment of the final distribution and cancellation, shall be given promptly by the Trustee by letter to Certificateholders and to the Class A-1B Certificate Insurer mailed not earlier than the 10th day and not no later than the 15th last calendar day of the month next immediately preceding the month of such final distributiondistribution (or with respect to an Auction, mailed no later than one Business Day following completion of such Auction). Any such notice shall specify (a) the Distribution Date upon which final distribution on the Certificates will be made upon presentation and surrender of Certificates at the office therein designated, (b) the amount of such final distribution, (c) the location of the office or agency at which such presentation and surrender must be made, and (dc) that the Record Date otherwise applicable to such Distribution Date is not applicable, distributions being made only upon presentation and surrender of the Certificates at the office therein specified. The Trustee shall will give such notice to each Rating Agency at the time such notice is given to Certificateholders. In the event such notice is given, the Servicer shall cause all funds in the Collection Account to be deposited in the Certificate Account on the Business Day prior to the applicable Distribution Date in an amount equal to the final distribution in respect of the Certificates and any Reimbursement Amounts due to the Class A-1B Certificate Insurer. Upon such final deposit with respect to the Trust Fund, certification to the Trustee that such required amount has been deposited in the Trust Fund and the receipt by the Trustee of a Request for Release therefor, the Trustee (or its custodian) shall promptly release the Mortgage Files for the Mortgage Loans. Upon presentation and surrender of the Certificates, the Trustee shall cause to be distributed to the Certificateholders of each Class, Class and to the Class A-1B Certificate Insurer the amounts allocable to such Certificates and to the Class A-1B Certificate Insurer held in each case the Certificate Account in the order and priority set forth in Section 4.04 hereof on the final Distribution Date and in the order set forth in Section 4.02, in the case of the Certificateholders, in proportion to their respective Percentage Interests, with respect to Certificateholders of the same Class, an amount equal to (i) as to each Class of Regular Certificates, the Certificate Balance thereof plus accrued interest thereon (or on their Notional Amount, if applicable) in the case of an interest-bearing Certificate and (ii) as to the Residual Certificates, the amount, if any, which remains on deposit in the Collection Accounts (other than the amounts retained to meet claims) after application pursuant to clause (i) above. In the event that any affected Certificateholders shall not surrender Certificates for cancellation within six months after the date specified in the above mentioned written notice, the Trustee shall give a second written notice to the remaining Certificateholders to surrender their Certificates for cancellation and receive the final distribution with respect thereto. If within six months after the second notice all the applicable Certificates shall not have been surrendered for cancellation, the Trustee may take appropriate steps, or may appoint an agent to take appropriate steps, to contact the remaining Certificateholders concerning surrender of their Certificates, and the cost thereof shall be paid out of the funds and other assets which that remain a part of the Trust Fund. If within one year after the second notice all Certificates shall 130 not have been surrendered for cancellation, the Class A-R Certificateholders shall be entitled to all unclaimed funds and other assets of the Trust Fund which that remain subject hereto hereto. Upon payment to the Class R Certificateholders of such funds and assets, the Trustee shall be discharged from all have no further liability duties or obligations with respect to the Certificates and this Agreementthereto.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Merrill Lynch Mortgage Investors Inc)
Final Distribution on the Certificates. If on any Determination Date, Date the Trustee Servicer determines that there are no Outstanding Mortgage Loans and no other funds or assets in the Trust Fund other than the funds in the Collection Accounts and Certificate Account, the Servicer shall direct the Trustee shall promptly to send a final distribution notice to each Certificateholder. If the Optional Termination Holder above Servicer elects to terminate the Trust Fund pursuant to clause (a) of Section 9.01, at least 20 days prior to no later than the date notice is to be mailed to 15th day of the affected Certificateholders such Person month preceding the month of the final Distribution Date the Servicer shall notify the Servicers Depositor and the Trustee of the date the Depositor Servicer intends to terminate the Trust Fund and of the applicable repurchase price of the Mortgage Loans and REO Properties. Notice of any termination of the Trust Fund, Fund specifying the Distribution Date on which Certificateholders shall may surrender their Certificates for payment of the final distribution and cancellation, cancellation shall be given promptly by the Trustee by letter to Certificateholders mailed not earlier than the 10th 15th day and not later than the 15th last day of the month next preceding the month of such final distribution. Any such notice shall specify (a) the Distribution Date upon which final distribution on the Certificates will be made upon presentation and surrender of Certificates at the office therein designated, (b) the amount of such final distribution, (c) the location of the office or agency at which such presentation and surrender must be made, and (d) that the Record Date otherwise applicable to such the Distribution Date is not applicable, distributions being made only upon presentation and surrender of the Certificates at the office therein specified. The Trustee shall Servicer will give such notice to each Rating Agency at the time such notice is given to Certificateholders. If this notice is given, the Servicer shall cause all funds in the Certificate Account to be remitted to the Trustee for deposit in the Distribution Account on the Business Day before the applicable Distribution Date in an amount equal to the final distribution in respect of the Certificates. Upon such final deposit with respect to the Trust Fund and the receipt by the Trustee of a Request for Release therefor, the Trustee shall promptly release to the Servicer the Mortgage Files for the Mortgage Loans. Upon presentation and surrender of the Certificates, the Trustee shall cause to be distributed to the Certificateholders of each Class, in each case Class on the final Distribution Date and in the order set forth in Section 4.02, in the case of the Certificateholders, in proportion to their respective Percentage Interests, with respect to Certificateholders of the same Class, an amount equal to (i) as to each Class of Regular Certificates (other than the Notional Amount Certificates), the its Certificate Balance thereof plus for each such Class accrued interest thereon (or on their Notional Amount, if applicable) in the case of an interest-bearing Certificate and (ii) as to the Residual Certificates, the amount, if any, which remains any amount remaining on deposit in the Collection Accounts Distribution Account (other than the amounts retained to meet claims) after application pursuant to clause (i) above. In Notwithstanding the event that reduction of the Certificate Balance of any Class of Certificates to zero, such Class will be outstanding hereunder solely for the purpose of receiving distributions and for no other purpose until the termination of the respective obligations and responsibilities of the Depositor, the Servicer and the Trustee hereunder in accordance with Article Nine. The foregoing provisions are intended to distribute to each Class of Regular Certificates any accrued and unpaid interest and principal to which they are entitled based on the Pass-Through Rates and actual Class Certificate Balances or Notional Amounts set forth in the Preliminary Statement upon liquidation of the Trust Fund. If any affected Certificateholders shall Certificateholder does not surrender its Certificates for cancellation within six months after the date specified in the above mentioned written notice, the Trustee shall give a second written notice to the remaining Certificateholders to surrender their Certificates for cancellation and receive the final distribution with respect thereto. If within six months after the second notice all the 108 applicable Certificates shall not have been surrendered for cancellation, the Trustee may take appropriate steps, or may appoint an agent to take appropriate steps, to contact the remaining Certificateholders concerning surrender of their Certificates, and the cost thereof shall be paid out of the funds and other assets which remain a part of the Trust Fund. If within one year after the second notice all Certificates shall not have been surrendered for cancellation, then the Holders of the Class A-R Certificateholders Certificates shall be entitled to all unclaimed funds and other assets of the Trust Fund which remain subject hereto and the Trustee shall be discharged from all further liability with respect to the Certificates and this Agreementhereto.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (IndyMac INDX Mortgage Loan Trust 2006-Ar27)
Final Distribution on the Certificates. If on any Determination Date, the Trustee determines that there are no Outstanding Mortgage Loans and no other funds or assets in the Trust Fund other than the funds in the Collection Accounts and Certificate Account, the Trustee shall promptly send a final distribution notice to each Certificateholder. If the Optional Termination Holder above elects to terminate the Trust Fund pursuant to Section 9.01, at least 20 days prior to the date notice is to be mailed to the affected Certificateholders such Person shall notify the Servicers and the Trustee of the date the Depositor intends to terminate the Trust Fund and of the applicable repurchase price of the Mortgage Loans and REO Properties. Notice of any termination of the Trust Fund, specifying the Distribution Date on which Certificateholders shall surrender their Certificates for payment of the final distribution and cancellation, shall be given promptly by the Trustee by letter to Certificateholders mailed not earlier than the 10th day and not later than the 15th day of the month next preceding the month of such final distribution. Any such notice shall specify (a) the Distribution Date upon which final distribution on the Certificates will be made upon presentation and surrender of Certificates at the office therein designated, (b) the amount of such final distribution, (c) the location of the office or agency at which 124 such presentation and surrender must be made, and (d) that the Record Date otherwise applicable to such Distribution Date is not applicable, distributions being made only upon presentation and surrender of the Certificates at the office therein specified. The Trustee shall give such notice to each Rating Agency at the time such notice is given to Certificateholders. Upon presentation and surrender of the Certificates, the Trustee shall cause to be distributed to the Certificateholders of each Class, in each case on the final Distribution Date and in the order set forth in Section 4.02, in the case of the Certificateholders, in proportion to their respective Percentage Interests, with respect to Certificateholders of the same Class, an amount equal to (i) as to each Class of Regular Certificates, the Certificate Balance thereof plus accrued interest thereon (or on their Notional Amount, if applicable) in the case of an interest-bearing Certificate and (ii) as to the Residual Certificates, the amount, if any, which remains on deposit in the Collection Accounts (other than the amounts retained to meet claims) after application pursuant to clause (i) above. In the event that any affected Certificateholders shall not surrender Certificates for cancellation within six months after the date specified in the above mentioned written notice, the Trustee shall give a second written notice to the remaining Certificateholders to surrender their Certificates for cancellation and receive the final distribution with respect thereto. If within six months after the second notice all the applicable Certificates shall not have been surrendered for cancellation, the Trustee may take appropriate steps, or may appoint an agent to take appropriate steps, to contact the remaining Certificateholders concerning surrender of their Certificates, and the cost thereof shall be paid out of the funds and other assets which remain a part of the Trust Fund. If within one year after the second notice all Certificates shall not have been surrendered for cancellation, the Class A-R Certificateholders shall be entitled to all unclaimed funds and other assets of the Trust Fund which remain subject hereto and the Trustee shall be discharged from all further liability with respect to the Certificates and this Agreement.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Credit Suisse First Boston Mortgage Securities Corp)
Final Distribution on the Certificates. If on any Determination Date, the Trustee determines receives notice that there are no Outstanding Mortgage Loans and no other funds or assets in the Underlying Trust Fund other than the funds in the Collection Accounts and Certificate Account, the Trustee shall promptly send a final distribution notice to each Certificateholder. If the Optional Termination Holder above elects to terminate the Trust Fund pursuant to Section 9.01, at least 20 days prior to the date notice is to be mailed to terminated in accordance with the affected Certificateholders such Person terms of the Underlying Agreement, notice shall notify the Servicers and be given by the Trustee of the date the Depositor intends to terminate the Trust Fund and of the applicable repurchase price of the Mortgage Loans and REO PropertiesCertificateholders as promptly as practicable thereafter. Notice of any termination of the Trust Fund, specifying the Distribution Date on which Certificateholders shall may surrender their Certificates for payment of the final distribution and cancellation, shall be given promptly by the Trustee by letter to Certificateholders mailed (x) not earlier than the 10th day and not later than the 15th day of the month next preceding the month of such final distributiondistribution and not later than as promptly practicable after the Trustee receives notice that the Underlying Trust is to be terminated in accordance with the terms of the Underlying Agreement. Any such notice shall specify (a) the Distribution Date upon which final distribution on the Certificates will be made upon presentation and surrender of Certificates at the office therein designated, (b) the amount of such final distribution, (c) the location of the office or agency at which such presentation and surrender must be made, and (d) that the Record Date otherwise applicable to such Distribution Date is not applicable, distributions being made only upon presentation and surrender of the Certificates at the office therein specified. The Trustee shall will also give such notice to each Rating Agency at the time such notice is given to Certificateholders. Upon the final distribution with respect to the Trust Fund, the Trustee shall promptly release to the Holder of the Class A-R Certificate the Deposited Underlying Certificates. Upon presentation and surrender of the Certificates, the Trustee shall cause to be distributed to the Certificateholders of each Class, in each case on the final Distribution Date and in the order set forth in Section 4.023.04. hereof, in on the case of the Certificateholders, final Distribution Date in proportion to their respective Percentage Interests, with respect to Certificateholders of the same Class, an amount equal to (i) as to each Class of Regular Certificates, the Certificate Balance thereof plus accrued interest thereon (or on their Notional Amount, if applicable) in the case of an interest-interest bearing Certificate and (ii) as to the Residual 49 Certificates, the amount, if any, which remains on deposit in the Collection Accounts Distribution Account (other than the amounts retained to meet claims) after application pursuant to clause (i) above. In the event that any affected Certificateholders shall not surrender Certificates for cancellation within six months after the date specified in the above mentioned written notice, the Trustee shall give a second written notice to the remaining Certificateholders to surrender their Certificates for cancellation and receive the final distribution with respect thereto. If within six months after the second notice all the applicable Certificates shall not have been surrendered for cancellation, the Trustee may take appropriate steps, or may appoint an agent to take appropriate steps, to contact the remaining Certificateholders concerning surrender of their Certificates, and the cost thereof shall be paid out of the funds and other assets which remain a part of the Trust Fund. If within one year after the second notice all Certificates shall not have been surrendered for cancellation, the Class A-R Certificateholders Certificateholder shall be entitled to all unclaimed funds and other assets of the Trust Fund which remain subject hereto and the Trustee shall be discharged from all further liability with respect to the Certificates and this Agreementhereto.
Appears in 1 contract
Samples: Trust Agreement (CWMBS Inc)
Final Distribution on the Certificates. If on any Determination Date, Date the Trustee Servicer determines that there are no Outstanding Mortgage Loans and no other funds or assets in the Trust Fund other than the funds in the Collection Accounts and Certificate Account, the Servicer shall direct the Trustee shall promptly to send a final distribution notice to each Certificateholder. If the Optional Termination Holder above Servicer elects to terminate the Trust Fund pursuant to clause (a) of Section 9.01, at least 20 days prior to no later than the date notice is to be mailed to 15th day of the affected Certificateholders such Person month preceding the month of the final Distribution Date the Servicer shall notify the Servicers Depositor and the Trustee of the date the Depositor Servicer intends to terminate the Trust Fund and of the applicable repurchase price of the Mortgage Loans and REO Properties. Notice of any termination of the Trust Fund, Fund specifying the Distribution Date on which Certificateholders shall may surrender their Certificates for payment of the final distribution and cancellation, cancellation shall be given promptly by the Trustee by letter to Certificateholders mailed not earlier than the 10th 15th day and not later than the 15th last day of the month next preceding the month of such final distribution. Any such notice shall specify (a) the Distribution Date upon which final distribution on the Certificates will be made upon presentation and surrender of Certificates at the office therein designated, (b) the amount of such final distribution, (c) the location of the office or agency at which such presentation and surrender must be made, and (d) that the Record Date otherwise applicable to such the Distribution Date is not applicable, distributions being made only upon presentation and surrender of the Certificates at the office therein specified. The Trustee shall Servicer will give such notice to each Rating Agency at the time such notice is given to Certificateholders. If this notice is given, the Servicer shall cause all funds in the Certificate Account to be remitted to the Trustee for deposit in the Distribution Account on the Business Day before the applicable Distribution Date in an amount equal to the final distribution in respect of the Certificates. Upon such final deposit with respect to the Trust Fund and the receipt by the Trustee of a Request for Release therefor, the Trustee shall promptly release to the Servicer the Mortgage Files for the Mortgage Loans. Upon presentation and surrender of the Certificates, the Trustee shall cause to be distributed to the Certificateholders of each Class, in each case on the final Distribution Date and in the order set forth in Section 4.02, in the case of the Certificateholders, in proportion to their respective Percentage Interests, with respect to Certificateholders of the same Class, an amount equal to (i) as to each Class of Regular Certificates, the its Certificate Balance thereof plus for each such Class accrued interest thereon (or on their Notional Amount, if applicable) in the case of an interest-bearing Certificate and (ii) as to the Residual Certificates, the amount, if any, which remains any amount remaining on deposit in the Collection Accounts Distribution Account (other than the amounts retained to meet claims) after application pursuant to clause (i) above. In Notwithstanding the event that reduction of the Certificate Balance of any Class of Certificates to zero, such Class will be outstanding hereunder solely for the purpose of receiving distributions and for no other purpose until the termination of the respective obligations and responsibilities of the Depositor, the Servicer and the Trustee hereunder in accordance with Article Nine. The foregoing provisions are intended to distribute to each Class of Regular Certificates any accrued and unpaid interest and principal to which they are entitled based on the Pass-Through Rates and actual Class Certificate Balances or Notional Amounts set forth in the Preliminary Statement upon liquidation of the Trust Fund. If any affected Certificateholders shall Certificateholder does not surrender its Certificates for cancellation within six months after the date specified in the above mentioned written notice, the Trustee shall give a second written notice to the remaining Certificateholders to surrender their Certificates for cancellation and receive the final distribution with respect thereto. If within six months after the second notice all the applicable Certificates shall not have been surrendered for cancellation, the Trustee may take appropriate steps, or may appoint an agent to take appropriate steps, to contact the remaining Certificateholders concerning surrender of their Certificates, and the cost thereof shall be paid out of the funds and other assets which remain a part of the Trust Fund. If within one year after the second notice all Certificates shall not have been surrendered for cancellation, then the Class A-R Certificateholders shall be entitled to all unclaimed funds and other assets of the Trust Fund which remain subject hereto hereto. The Supplemental Interest Trust shall terminate on the earlier of (i) the Termination Date and (ii) the Trustee shall be discharged from all further liability with respect date on which the Class Certificate Balance of the Class A-10 Certificates is reduced to the Certificates and this Agreementzero.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Residential Asset Securitization Trust 2006-A15)
Final Distribution on the Certificates. If on any Determination Date, the Trustee Master Servicer determines that there are no Outstanding outstanding Mortgage Loans and no other funds or assets in the Trust Fund other than the funds in the Collection Accounts and Certificate Distribution Account, the Trustee Master Servicer shall notify the Securities Administrator, which shall promptly send a final distribution notice to each Certificateholder. If the Optional Termination Holder above elects to terminate the Trust Fund pursuant to Section 9.01, at least 20 days prior to the date notice is to be mailed to the affected Certificateholders such Person shall notify the Servicers and the Trustee of the date the Depositor intends to terminate the Trust Fund and of the applicable repurchase price of the Mortgage Loans and REO Properties. Notice of any termination of the Trust Fund, specifying the Distribution Date on which Certificateholders shall may surrender their Certificates for payment of the final distribution and cancellation, shall be given promptly by the Trustee Securities Administrator by letter to Certificateholders mailed not earlier than the 10th day and not later than the 15th day of the month next immediately preceding the month of such final distribution and no later than the tenth day of the month of such final distribution. Any such notice shall specify (a) the Distribution Date upon which final distribution on the Certificates will shall be made upon presentation and surrender of Certificates at the office therein designated, (b) the amount of such final distribution, (c) the location of the office or agency at which such presentation and surrender must be made, and (d) that the Record Date otherwise applicable to such Distribution Date is not applicable, distributions being made only upon presentation and surrender of the Certificates at the office therein specified. The Trustee Securities Administrator shall give such notice to each Rating Agency at the time such notice is given to Certificateholders. The Majority In Interest of the Class I-C-1 or Class II Certificates, as applicable, that are exercising the right to purchase the Mortgage Loans under Section 11.01 shall, 178 no later than the Business Day prior to the Distribution Date on which the final distribution is to be made, remit the Termination Price to the Securities Administrator for deposit in the Distribution Account. Upon presentation and surrender of the Certificates, the Trustee Securities Administrator shall cause to be distributed to the Certificateholders of each Class, in each case on the final Distribution Date and in the order set forth in Section 4.02, in the case of the Certificateholders8.05, in proportion to their respective Percentage Interests, with respect to Certificateholders of the same Class, an amount amount, from Available Funds, equal to (i) as to each Class of Regular Certificates, the Certificate Principal Balance thereof plus accrued interest thereon (or on their Notional Amount, if applicable) in the case of an interest-bearing Certificate and (ii) as to the Residual Certificates, the amount, if any, which remains on deposit in the Collection Accounts (other than the amounts retained to meet claims) after application pursuant to clause (i) abovethereon. In the event that any affected Certificateholders shall not surrender Certificates for cancellation within six months after the date specified in the above mentioned written notice, the Trustee Securities Administrator shall give a second written notice to the remaining Certificateholders to surrender their Certificates for cancellation and receive the final distribution with respect thereto. If within six months after the second notice all the applicable Certificates shall not have been surrendered for cancellation, the Trustee Securities Administrator may take appropriate steps, or may appoint an agent to take appropriate steps, to contact the remaining Certificateholders concerning surrender of their Certificates, and the cost thereof shall be paid out of the funds and other assets which remain a part of the Trust Fund. If within one year after the second notice all Certificates shall not have been surrendered for cancellation, upon written request of the Class A-R Certificateholders Holders of the Residual Certificates to the Securities Administrator at the applicable Corporate Trust Office, the Holders of the Residual Certificates shall be entitled to all unclaimed funds and other assets of the Trust Fund which remain subject hereto and the Trustee shall be discharged from all further liability with respect to the Certificates and this Agreementhereto.
Appears in 1 contract
Final Distribution on the Certificates. If on any Determination Date, the Trustee determines that there are no Outstanding Mortgage Loans and no other funds or assets in the Trust Fund other than the funds in the Collection Accounts and Certificate Account, the Trustee shall promptly send a final distribution notice to each Certificateholder. If the Optional Termination Holder above Calmco elects to terminate the Trust Fund pursuant to Section 9.01, at least 20 days prior to the date notice is to be mailed to the affected Certificateholders such Person Certificateholders, Calmco shall notify the Servicers and the Trustee of the date the Depositor it intends to terminate the Trust Fund and of the applicable repurchase price of the Mortgage Loans and REO Properties. Notice of any termination of the Trust Fund, specifying the Distribution Date on which Certificateholders shall may surrender their Certificates for payment of the final distribution and cancellation, shall be given promptly by the Trustee by letter to Certificateholders mailed not earlier than the 10th 15th day and not later than the 15th 25th day of the month next preceding the month of such final distribution. Any such notice shall specify (a) the Distribution Date upon which final distribution on the Certificates will be made upon presentation and surrender of Certificates at the office therein designated, (b) the amount of such final distribution, (c) the location of the office or agency at which such presentation and surrender must be made, and (d) that the Record Date otherwise applicable to such Distribution Date is not applicable, distributions being made only upon presentation and surrender of the Certificates at the office therein specified. The Trustee shall give such notice to each Rating Agency at the time such notice is given to Certificateholders. Upon presentation and surrender of the Certificates, the Trustee shall cause to be distributed to the Certificateholders of each Class, in each case on the final Distribution Date and in the order set forth in Section 4.02, in the case of the Certificateholders, in proportion to their respective Percentage Interests, with respect to Certificateholders of the same Class, an amount equal to (i) as to each Class of Regular Offered Certificates, (A) first to the Certificate Senior Certificates, and then to the Class S-M-1, Class S-M-2 and Class S-B Certificates sequentially, in that order, an amount equal to the Class Principal Balance thereof plus accrued interest thereon Current Interest and any Carryforward Interest and (or on their Notional AmountB) to the extent of available funds (other than funds described in clause (ii) below) after the distributions in clause (i)(A) above, if applicable) the amounts referred to and in the case of an interestorder described in Section 4.02(d)B-bearing Certificate and H, (ii) as to the Residual Class P Certificates, the aggregate amount, if any, of all Prepayment Premiums which remains on deposit in the Collection Accounts and the Certificate Account and (iii) as to the Class S-X Certificates, the amount, if any, which remains remain on deposit in the Collection Accounts (other than the amounts retained to meet claims) after application pursuant to clause (i) and clause (ii) above. In the event that any affected Certificateholders shall not surrender Certificates for cancellation within six months after the date specified in the above mentioned written notice, the Trustee shall give a second written notice to the remaining Certificateholders to surrender their Certificates for cancellation and receive the final distribution with respect thereto. If within six months after the second notice all the applicable Certificates shall not have been surrendered for cancellation, the Trustee may take reasonable and appropriate steps, or may appoint an agent to take reasonable and appropriate steps, to contact the remaining Certificateholders concerning surrender of their Certificates, and the cost thereof shall be paid out of the funds and other assets which remain a part of the Trust Fund. If within one year after the second notice all Certificates shall not have been surrendered for cancellation, the Class A-R AR Certificateholders shall be entitled to all unclaimed funds and other assets of the Trust Fund which remain subject hereto and the Trustee shall be discharged from all further liability with respect to the Certificates and this Agreement.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Credit Suisse First Boston Mortgage Securities Corp)
Final Distribution on the Certificates. If on any Determination Date, Date the Trustee Servicer determines that there are no Outstanding Mortgage Loans and no other funds or assets in the Trust Fund other than the funds in the Collection Accounts and Certificate Account, the Servicer shall direct the Trustee shall promptly to send a final distribution notice to each Certificateholder. If the Optional Termination Holder above Servicer elects to terminate the Trust Fund pursuant to clause (a) of Section 9.01, at least 20 days prior to no later than the date notice is to be mailed to 15th day of the affected Certificateholders such Person month preceding the month of the final Distribution Date the Servicer shall notify the Servicers Depositor and the Trustee of the date the Depositor Servicer intends to terminate the Trust Fund and of the applicable repurchase price of the Mortgage Loans and REO Properties. Notice of any termination of the Trust Fund, Fund specifying the Distribution Date on which Certificateholders shall may surrender their Certificates for payment of the final distribution and cancellation, cancellation shall be given promptly by the Trustee by letter to Certificateholders mailed not earlier than the 10th 15th day and not later than the 15th last day of the month next preceding the month of such final distribution. Any such notice shall specify (a) the Distribution Date upon which final distribution on the Certificates will be made upon presentation and surrender of Certificates at the office therein designated, (b) the amount of such final distribution, (c) the location of the office or agency at which such presentation and surrender must be made, and (d) that the Record Date otherwise applicable to such the Distribution Date is not applicable, distributions being made only upon presentation and surrender of the Certificates at the office therein specified. The Trustee shall Servicer will give such notice to each Rating Agency at the time such notice is given to Certificateholders. If this notice is given, the Servicer shall cause all funds in the Certificate Account to be remitted to the Trustee for deposit in the Distribution Account on the Business Day before the applicable Distribution Date in an amount equal to the final distribution in respect of the Certificates. Upon such final deposit with respect to the Trust Fund and the receipt by the Trustee of a Request for Release therefor, the Trustee shall promptly release to the Servicer the Mortgage Files for the Mortgage Loans. Upon presentation and surrender of the Certificates, the Trustee shall cause to be distributed to the Certificateholders of each Class, in each case on the final Distribution Date and in the order set forth in Section 4.02, in the case of the Certificateholders, in proportion to their respective Percentage Interests, with respect to Certificateholders of the same Class, an amount equal to (i) as to each Class of Regular Certificates, the its Certificate Balance thereof plus for each such Class accrued interest thereon (or on their Notional Amount, if applicable) in the case of an interest-bearing Certificate and (ii) as to the Residual Certificates, the amount, if any, which remains any amount remaining on deposit in the Collection Accounts Distribution Account (other than the amounts retained to meet claims) after application pursuant to clause (i) above. In Notwithstanding the event that reduction of the Certificate Balance of any Class of Certificates to zero, such Class will be outstanding hereunder solely for the purpose of receiving distributions and for no other purpose until the termination of the respective obligations and responsibilities of the Depositor, the Servicer and the Trustee hereunder in accordance with Article Nine. The foregoing provisions are intended to distribute to each Class of Regular Certificates any accrued and unpaid interest and principal to which they are entitled based on the Pass-Through Rates and actual Class Certificate Balances set forth in the Preliminary Statement upon liquidation of the Trust Fund. If any affected Certificateholders shall Certificateholder does not surrender its Certificates for cancellation within six months after the date specified in the above mentioned written notice, the Trustee shall give a second written notice to the remaining Certificateholders to surrender their Certificates for cancellation and receive the final distribution with respect thereto. If within six months after the second notice all the applicable Certificates shall not have been surrendered for cancellation, the Trustee may take appropriate 100 steps, or may appoint an agent to take appropriate steps, to contact the remaining Certificateholders concerning surrender of their Certificates, and the cost thereof shall be paid out of the funds and other assets which remain a part of the Trust Fund. If within one year after the second notice all Certificates shall not have been surrendered for cancellation, then the Class A-R Certificateholders shall be entitled to all unclaimed funds and other assets of the Trust Fund which remain subject hereto and the Trustee shall be discharged from all further liability with respect to the Certificates and this Agreementhereto.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (IndyMac INDX Mortgage Loan Trust 2007-Ar19)
Final Distribution on the Certificates. If on any Determination Servicer Remittance Date, the Trustee Master Servicer determines that there are no Outstanding Mortgage Loans in either (i) Loan Group 1, Loan Group 2 and Loan Group 3 or (ii) Loan Group 4 and no other funds or assets in the Trust Fund related to such Loan Group or Loan Groups other than the funds in the Collection Accounts and Certificate Account, the Master Servicer shall direct the Trustee shall promptly to send a final distribution notice to each CertificateholderCertificateholder related to such Loan Group or Loan Groups. If the Optional Termination Holder above Master Servicer elects to terminate all or a portion of the Trust Fund pursuant to clause (a) of Section 9.01, at least 20 days prior to the date notice is to be mailed to the affected Certificateholders such Person Certificateholders, the Master Servicer shall notify the Servicers Depositor and the Trustee of the date the Depositor Master Servicer intends to terminate all or such portion of the Trust Fund and of the applicable repurchase price of the related Mortgage Loans and REO Properties. Notice of any termination of all or such portion of the Trust Fund, specifying the Distribution Date on which the related Certificateholders shall may surrender their Certificates for payment of the final distribution and cancellation, shall be given promptly by the Trustee by letter to Certificateholders mailed not earlier than the 10th 15th day and not no later than the 15th 10th day of the month next preceding the month of such final distribution. Any such notice shall specify (a) the Distribution Date upon which final distribution on the such Certificates will be made upon presentation and surrender of Certificates at the office therein designated, (b) the amount of such final distribution, (c) the location of the office or agency at which such presentation and surrender must be made, and (d) that the Record Date otherwise applicable to such Distribution Date is not applicable, distributions being made only upon presentation and surrender of the such Certificates at the office therein specified. The Trustee shall Master Servicer will give such notice to each Rating Agency at the time such notice is given to such Certificateholders. Upon presentation and surrender of the Certificates, the Trustee shall cause to be distributed to the Certificateholders of each ClassClass subject to the termination, in each case on the final Distribution Date and in the order set forth in Section 4.02Sections 4.02 and 4.03 hereof, in on the case of the Certificateholdersfinal Distribution Date, in proportion to their respective Percentage Interests, with respect to Certificateholders of the same Class, an amount equal to (i) as to each Class of Regular Certificates, the Certificate Principal Balance thereof plus (a) accrued interest thereon (or on their Notional Amount, if applicable) in the case of an interest-bearing Certificate and (ii) as to the Residual Class A-R Certificates, the amount, if any, which remains on deposit in the Collection Accounts Distribution Account (other than the amounts retained to meet claims) with respect to the affected Trust REMICs, respectively, after application pursuant to clause (i) above. In the event that any affected Certificateholders shall not surrender Certificates for cancellation within six months after the date specified in the above mentioned written notice, the Trustee shall give a second written notice to the remaining Certificateholders to surrender their Certificates for cancellation and receive the final distribution with respect thereto. If within six months after the second notice all the applicable Certificates shall not have been surrendered for cancellation, the Trustee may take appropriate reasonable steps, or may appoint an agent to take appropriate reasonable steps, to contact the remaining Certificateholders concerning surrender of their Certificates, and the cost thereof shall be paid out of the funds and other assets of the Upper-Tier REMIC which remain a part of the Trust Fund. If within one year after the second notice all Certificates shall not have been surrendered for cancellation, subject hereto and the Class A-R Certificateholders shall be entitled to all unclaimed funds and other assets of the affected Trust Fund REMICs, respectively which remain subject hereto and the Trustee shall be discharged from all further liability with respect to the Certificates and this Agreementhereto.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Master Adjustable Rate Mortgages Trust 2003-1)
Final Distribution on the Certificates. If on any Determination Date, Date the Trustee Servicer determines that there are no Outstanding Mortgage Loans and no other funds or assets in the Trust Fund other than the funds in the Collection Accounts and Certificate Account, the Servicer shall direct the Trustee shall promptly to send a final distribution notice to each Certificateholder. If the Optional Termination Holder above Servicer elects to terminate the Trust Fund pursuant to clause (a) of Section 9.01, at least 20 days prior to no later than the date notice is to be mailed to 15th day of the affected Certificateholders such Person month preceding the month of the final Distribution Date the Servicer shall notify the Servicers Depositor and the Trustee of the date the Depositor Servicer intends to terminate the Trust Fund and of the applicable repurchase price of the Mortgage Loans and REO Properties. Notice of any termination of the Trust Fund, Fund specifying the Distribution Date on which Certificateholders shall may surrender their Certificates for payment of the final distribution and cancellation, cancellation shall be given promptly by the Trustee by letter to Certificateholders mailed not earlier than the 10th 15th day and not later than the 15th last day of the month next preceding the month of such final distribution. Any such notice shall specify (a) the Distribution Date upon which final distribution on the Certificates will be made upon presentation and surrender of Certificates at the office therein designated, (b) the amount of such final distribution, (c) the location of the office or agency at which such presentation and surrender must be made, and (d) that the Record Date otherwise applicable to such the Distribution Date is not applicable, distributions being made only upon presentation and surrender of the Certificates at the office therein specified. The Trustee shall Servicer will give such notice to each Rating Agency at the time such notice is given to Certificateholders. If this notice is given, the Servicer shall cause all funds in the Certificate Account to be remitted to the Trustee for deposit in the Distribution Account on the Business Day before the applicable Distribution Date in an amount equal to the final distribution in respect of the Certificates. Upon such final deposit with respect to the Trust Fund and the receipt by the Trustee of a Request for Release therefor, the Trustee shall promptly release to the Servicer the Mortgage Files for the Mortgage Loans. Upon presentation and surrender of the Certificates, the Trustee shall cause to be distributed to the Certificateholders of each Class, in each case Class on the final Distribution Date and in the order set forth in Section 4.02, in the case of the Certificateholders, in proportion to their respective Percentage Interests, with respect to Certificateholders of the same Class, an amount equal to (i) as to each Class of Regular Certificates (other than the Notional Amount Certificates), the its Certificate Balance thereof plus for each such Class accrued interest thereon (or on their Notional Amount, if applicable) in the case of an interest-bearing Certificate and (ii) as to the Residual Certificates, the amount, if any, which remains any amount remaining on deposit in the Collection Accounts Distribution Account (other than the amounts retained to meet claims) after application pursuant to clause (i) above. In Notwithstanding the event that reduction of the Certificate Balance of any Class of Certificates to zero, such Class will be outstanding hereunder solely for the purpose of receiving distributions and for no other purpose until the termination of the respective obligations and responsibilities of the Depositor, the Servicer and the Trustee hereunder in accordance with Article Nine. The foregoing provisions are intended to distribute to each Class of Regular Certificates any accrued and unpaid interest and principal to which they are entitled based on the Pass-Through Rates and actual Class Certificate Balances or Notional Amounts set forth in the Preliminary Statement upon liquidation of the Trust Fund. If any affected Certificateholders shall Certificateholder does not surrender its Certificates for cancellation within six months after the date specified in the above mentioned written notice, the Trustee shall give a second written notice to the remaining Certificateholders to surrender their Certificates for cancellation and receive the final distribution with respect thereto. If within six months after the second notice all the applicable Certificates shall not have been surrendered for cancellation, the Trustee may take appropriate steps, or may appoint an agent to take appropriate steps, to contact the remaining Certificateholders concerning surrender of their Certificates, and the cost thereof shall be paid out of the funds and other assets which remain a part of the Trust Fund. If within one year after the second notice all Certificates 103 shall not have been surrendered for cancellation, then the Holders of the Class A-R Certificateholders Certificates shall be entitled to all unclaimed funds and other assets of the Trust Fund which remain subject hereto and the Trustee shall be discharged from all further liability with respect to the Certificates and this Agreementhereto.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (IndyMac INDX Mortgage Loan Trust 2007-Flx2)
Final Distribution on the Certificates. If on any Determination Date, the Trustee Master Servicer determines that there are no Outstanding outstanding Mortgage Loans and no other funds or assets in the Trust Fund other than the funds in the Collection Accounts and Certificate Distribution Account, the Trustee Master Servicer shall notify the Securities Administrator, which shall promptly send a final distribution notice to each Certificateholder. If the Optional Termination Holder above elects to terminate the Trust Fund pursuant to Section 9.01, at least 20 days prior to the date notice is to be mailed to the affected Certificateholders such Person shall notify the Servicers and the Trustee of the date the Depositor intends to terminate the Trust Fund and of the applicable repurchase price of the Mortgage Loans and REO Properties. Notice of any termination of the Trust Fund, specifying the Distribution Date on which Certificateholders shall may surrender their Certificates for payment of the final distribution and cancellation, shall be given promptly by the Trustee Securities Administrator by letter to Certificateholders mailed not earlier than the 10th day and not later than the 15th day of the month next immediately preceding the month of such final distribution and no later than the tenth day of the month of such final distribution. Any such notice shall specify (a) the Distribution Date upon which final distribution on the Certificates will shall be made upon presentation and surrender of Certificates at the office therein designated, (b) the amount of such final distribution, (c) the location of the office or agency at which such presentation and surrender must be made, and (d) that the Record Date otherwise applicable to such Distribution Date is not applicable, distributions being made only upon presentation and surrender of the Certificates at the office therein specified. The Trustee Securities Administrator shall give such notice to each Rating Agency at the time such notice is given to Certificateholders. The Majority In Interest of the Class I-C-1 or Class II Certificates, as applicable, that are exercising the right to purchase the Mortgage Loans under Section 11.01 shall, no later than the Business Day prior to the Distribution Date on which the final distribution is to be made, remit the Termination Price to the Securities Administrator for deposit in the Distribution Account. Upon presentation and surrender of the Certificates, the Trustee Securities Administrator shall cause to be distributed to the Certificateholders of each Class, in each case on the final Distribution Date and in the order set forth in Section 4.02, in the case of the Certificateholders8.05, in proportion to their respective Percentage Interests, with respect to Certificateholders of the same Class, an amount amount, from Available Funds, equal to (i) as to each Class of Regular Certificates, the Certificate Principal Balance thereof plus accrued interest thereon (or on their Notional Amount, if applicable) in the case of an interest-bearing Certificate and (ii) as to the Residual Certificates, the amount, if any, which remains on deposit in the Collection Accounts (other than the amounts retained to meet claims) after application pursuant to clause (i) abovethereon. In the event that any affected Certificateholders shall not surrender Certificates for cancellation within six months after the date specified in the above mentioned written notice, the Trustee Securities Administrator shall give a second written notice to the remaining Certificateholders to surrender their Certificates for cancellation and receive the final distribution with respect 200 thereto. If within six months after the second notice all the applicable Certificates shall not have been surrendered for cancellation, the Trustee Securities Administrator may take appropriate steps, or may appoint an agent to take appropriate steps, to contact the remaining Certificateholders concerning surrender of their Certificates, and the cost thereof shall be paid out of the funds and other assets which remain a part of the Trust Fund. If within one year after the second notice all Certificates shall not have been surrendered for cancellation, upon written request of the Class A-R Certificateholders Holders of the Residual Certificates to the Securities Administrator at the applicable Corporate Trust Office, the Holders of the Residual Certificates shall be entitled to all unclaimed funds and other assets of the Trust Fund which remain subject hereto and the Trustee shall be discharged from all further liability with respect to the Certificates and this Agreementhereto.
Appears in 1 contract
Final Distribution on the Certificates. If on any Determination Date, the Trustee Servicer determines that there are no Outstanding Mortgage Loans and no other funds or assets in the Trust Fund other than the funds in the Collection Accounts and Certificate Account, the Servicer shall direct the Trustee shall promptly to send a final distribution notice to each Certificateholder. If the Optional Termination Holder above Servicer elects to terminate the Trust Fund pursuant to clause (a) of Section 9.01, at least 20 days prior to the date notice is to be mailed to the affected Certificateholders such Person Certificateholders, the Servicer shall notify the Servicers Depositor and the Trustee of the date the Depositor Servicer intends to terminate the Trust Fund and of the applicable repurchase price of the Mortgage Loans and REO Properties. Notice of any termination of the Trust Fund, specifying the Distribution Date on which Certificateholders shall may surrender their Certificates for payment of the final distribution and cancellation, shall be given promptly by the Trustee by letter to Certificateholders mailed not earlier than the 10th day and not later than the 15th day of the month next preceding the month of such final distribution. Any such notice shall specify (a) the Distribution Date upon which final distribution on the Certificates will be made upon presentation and surrender of Certificates at the office therein designated, (b) the amount of such final distribution, (c) the location of the office or agency at which such presentation and surrender must be made, and (d) that the Record Date otherwise applicable to such Distribution Date is not applicable, distributions being made only upon presentation and surrender of the Certificates at the office therein specified. The Trustee shall Servicer will give such notice to each Rating Agency at the time such notice is given to Certificateholders. In the event such notice is given, the Servicer shall cause all funds in the Certificate Account to be remitted to the Trustee for deposit in the Distribution Account on the Business Day prior to the applicable Distribution Date in an amount equal to the final distribution in respect of the Certificates. Upon such final deposit with respect to the Trust Fund and the receipt by the Trustee of a Request for Release therefor, the Trustee shall promptly release to the Servicer the Mortgage Files for the Loans. Upon presentation and surrender of the Certificates, the Trustee shall cause to be distributed to the Certificateholders of each Class, in each case on the final Distribution Date and in the order set forth in Section 4.024.02 hereof, in on the case of the Certificateholders, final Distribution Date and in proportion to their respective Percentage Interests, with respect to Certificateholders of the same Class, an amount equal to (i) as to each Class of Regular the Offered Certificates, the Class Certificate Balance of each Class thereof plus accrued interest thereon (or on their Notional Amount, if applicable) in the case of an interest-bearing Certificate and (ii) as to the Residual Class R Certificates, the amount, if any, which remains on deposit in the Collection Accounts Distribution Account (other than the amounts retained to meet claims) after application pursuant to clause (i) above. In the event that any affected Certificateholders shall not surrender Certificates for cancellation within six months after the date specified in the above mentioned written notice, the Trustee shall give a second written notice to the remaining Certificateholders to surrender their Certificates for cancellation and receive the final distribution with respect thereto. If within six months after the second notice all the applicable Certificates shall not have been surrendered for cancellation, the Trustee may take appropriate steps, or may appoint an agent to take appropriate steps, to contact the remaining Certificateholders concerning surrender of their Certificates, and the cost thereof shall be paid out of the funds and other assets which remain a part of the Trust Fund. If within one year after the second notice all Certificates shall not have been surrendered for cancellation, the Class A-R Certificateholders shall be entitled to all unclaimed funds and other assets of the Trust Fund which remain subject hereto and the Trustee shall be discharged from all further liability with respect to the Certificates and this Agreementhereto.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Equity One Abs Inc Mortgage Pass Thru Cert Series 2002-3)
Final Distribution on the Certificates. If on any Determination Date, the Trustee determines that there are no Outstanding Mortgage Loans and no other funds or assets in the Trust Fund other than the funds in the Collection Accounts and Certificate Account, the Trustee shall promptly send a final distribution notice to each Certificateholder. If the Optional Termination Holder above Olympus elects to terminate the Trust Fund pursuant to Section 9.01, at least 20 days prior to the date notice is to be mailed to the affected Certificateholders such Person Certificateholders, Olympus shall notify the Servicers any other Servicer and the Trustee of the date the Depositor it intends to terminate the Trust Fund and of the applicable repurchase price of the Mortgage Loans and REO Properties. Notice of any termination of the Trust Fund, specifying the Distribution Date on which Certificateholders shall may surrender their Certificates for payment of the final distribution and cancellation, shall be given promptly by the Trustee by letter to Certificateholders mailed not earlier than the 10th 15th day and not later than the 15th 25th day of the month next preceding the month of such final distribution. Any such notice shall specify (a) the Distribution Date upon which final distribution on the Certificates will be made upon presentation and surrender of Certificates at the office therein designated, (b) the amount of such final distribution, (c) the location of the office or agency at which such presentation and surrender must be made, and (d) that the Record Date otherwise applicable to such Distribution Date is not applicable, distributions being made only upon presentation and surrender of the Certificates at the office therein specified. The Trustee shall give such notice to each Rating Agency at the time such notice is given to Certificateholders. Upon presentation and surrender of the Certificates, the Trustee shall cause to be distributed to the Certificateholders of each Class, in each case on the final Distribution Date and in the order set forth in Section 4.02, in the case of the Certificateholders, in proportion to their respective Percentage Interests, with respect to Certificateholders of the same Class, an amount equal to (i) as to each Class of Regular Offered Certificates, (A) an amount equal to the Certificate Class Principal Balance thereof plus accrued interest thereon Current Interest and any Carryforward Interest in accordance with the priority of distributions set forth in Section 4.02 and (or on their Notional AmountB) to the extent of available funds (other than funds described in clause (ii) below) after the distributions in clause (i)(A) above, if applicable) the amounts referred to and in the case of an interest-bearing Certificate order described in Section 4.02(e)(ii) through (xii) and (ii) as to the Residual Class X Certificates, the amountamount due to the Class X Certificate under this Agreement, if any, which remains on deposit not paid (but in no way exceeding the amount in the Collection Accounts (other than the amounts retained to meet claims) after application pursuant to clause (i) aboveAccount). In the event that any affected Certificateholders shall not surrender Certificates for cancellation within six months after the date specified in the above mentioned written notice, the Trustee shall give a second written notice to the remaining Certificateholders to surrender their Certificates for cancellation and receive the final distribution with respect thereto. If within six months after the second notice all the applicable Certificates shall not have been surrendered for cancellation, the Trustee may take reasonable and appropriate steps, or may appoint an agent to take reasonable and appropriate steps, to contact the remaining Certificateholders concerning surrender of their Certificates, and the cost thereof shall be paid out of the funds and other assets which remain a part of the Trust Fund. If within one year after the second notice all Certificates shall not have been surrendered for cancellation, the Class A-R Certificateholders shall be entitled to all unclaimed funds and other assets of the Trust Fund which remain subject hereto and the Trustee shall be discharged from all further liability with respect to the Certificates and this Agreement.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Credit Suisse First Boston Mortgage Securities Corp)
Final Distribution on the Certificates. If on any Determination Date, the Trustee Master Servicer determines that there are no Outstanding outstanding Mortgage Loans and no other funds or assets in the Trust Fund other than the funds in the Collection Accounts and Certificate Distribution Account, the Trustee Master Servicer shall notify the Securities Administrator, which shall promptly send a final distribution notice to each Certificateholder. If the Optional Termination Holder above elects to terminate the Trust Fund pursuant to Section 9.01, at least 20 days prior to the date notice is to be mailed to the affected Certificateholders such Person shall notify the Servicers and the Trustee of the date the Depositor intends to terminate the Trust Fund and of the applicable repurchase price of the Mortgage Loans and REO Properties. Notice of any termination of the Trust Fund, specifying the Distribution Date on which Certificateholders shall may surrender their Certificates for payment of the final distribution and cancellation, shall be given promptly by the Trustee Securities Administrator by letter to Certificateholders mailed not earlier than the 10th day and not later than the 15th day of the month next immediately preceding the month of such final distribution and no later than the tenth day of the month of such final distribution. Any such notice shall specify (a) the Distribution Date upon which final distribution on the Certificates will shall be made upon presentation and surrender of Certificates at the office therein designated, (b) the amount of such final distribution, (c) the location of the office or agency at which such presentation and surrender must be made, and (d) that the Record Date otherwise applicable to such Distribution Date is not applicable, distributions being made only upon presentation and surrender of the Certificates at the office therein specified. The Trustee Securities Administrator shall give such notice to each Rating Agency at the time such notice is given to Certificateholders. The Majority In Interest of the Class C Certificates that are exercising the right to purchase the Mortgage Loans under Section 11.01 shall, no later than the Business Day prior to the Distribution Date on which the final distribution is to be made, remit the Termination Price to the Securities Administrator for deposit in the Distribution Account. Upon presentation and surrender of the Certificates, the Trustee Securities Administrator shall cause to be distributed to the Certificateholders of each Class, in each case on the final Distribution Date and in the order set forth in Section 4.02, in the case of the Certificateholders8.05, in proportion to their respective Percentage Interests, with respect to Certificateholders of the same Class, an amount amount, from Available Funds, equal to (i) as to each Class of Regular Certificates, the Certificate Principal Balance thereof plus accrued interest thereon (or on their Notional Amount, if applicable) in the case of an interest-bearing Certificate and (ii) as to the Residual Certificates, the amount, if any, which remains on deposit in the Collection Accounts (other than the amounts retained to meet claims) after application pursuant to clause (i) abovethereon. In the event that any affected Certificateholders shall not surrender Certificates for cancellation within six months after the date specified in the above mentioned written notice, the Trustee Securities Administrator shall give a second written notice to the remaining Certificateholders to surrender their Certificates for cancellation and receive the final distribution with respect thereto. If within six months after the second notice all the applicable Certificates shall not have been surrendered for cancellation, the Trustee Securities Administrator may take appropriate steps, or may appoint an agent to take appropriate steps, to contact the remaining Certificateholders concerning surrender of their Certificates, and the cost thereof shall be paid out of the funds and other assets which remain a part of the Trust Fund. If within one year after the second notice all Certificates shall not have been 131 surrendered for cancellation, upon written request of the Class A-R Certificateholders Holders of the Residual Certificates to the Securities Administrator at the applicable Corporate Trust Office, the Holders of the Residual Certificates shall be entitled to all unclaimed funds and other assets of the Trust Fund which remain subject hereto and the Trustee shall be discharged from all further liability with respect to the Certificates and this Agreementhereto.
Appears in 1 contract
Final Distribution on the Certificates. If on any Determination Date, Date the Trustee Servicer determines that there are no Outstanding Mortgage Loans and no other funds or assets in the Trust Fund other than the funds in the Collection Accounts and Certificate Account, the Servicer shall direct the Trustee shall promptly to send a final distribution notice to each Certificateholder. If the Optional Termination Holder above Servicer elects to terminate the Trust Fund pursuant to clause (a) of Section 9.01, at least 20 days prior to no later than the date notice is to be mailed to 15th day of the affected Certificateholders such Person month preceding the month of the final Distribution Date the Servicer shall notify the Servicers Depositor and the Trustee of the date the Depositor Servicer intends to terminate the Trust Fund and of the applicable repurchase price of the Mortgage Loans and REO Properties. Notice of any termination of the Trust Fund, Fund specifying the Distribution Date on which Certificateholders shall may surrender their Certificates for payment of the final distribution and cancellation, cancellation shall be given promptly by the Trustee by letter to Certificateholders mailed not earlier than the 10th 15th day and not later than the 15th last day of the month next preceding the month of such final distribution. Any such notice shall specify (a) the Distribution Date upon which final distribution on the Certificates will be made upon presentation and surrender of Certificates at the office therein designated, (b) the amount of such final distribution, (c) the location of the office or agency at which such presentation and surrender must be made, and (d) that the Record Date otherwise applicable to such the Distribution Date is not applicable, distributions being made only upon presentation and surrender of the Certificates at the office therein specified. The Trustee shall Servicer will give such notice to each Rating Agency at the time such notice is given to Certificateholders. If this notice is given, the Servicer shall cause all funds in the Certificate Account to be remitted to the Trustee for deposit in the Distribution Account on the Business Day before the applicable Distribution Date in an amount equal to the final distribution in respect of the Certificates. Upon such final deposit with respect to the Trust Fund and the receipt by the Trustee of a Request for Release therefor, the Trustee shall promptly release to the Servicer the Mortgage Files for the Mortgage Loans. Upon presentation and surrender of the Certificates, the Trustee shall cause to be distributed to the Certificateholders of each Class, in each case on the final Distribution Date and in the order set forth in Section 4.02, in the case of the Certificateholders, in proportion to their respective Percentage Interests, with respect to Certificateholders of the same Class, an amount equal to (i) as to each Class of Regular Certificates, the its Certificate Balance thereof plus for each such Class accrued interest thereon (or on their Notional Amount, if applicable) in the case of an interest-bearing Certificate and (ii) as to the Residual Certificates, the amount, if any, which remains any amount remaining on deposit in the Collection Accounts Distribution Account (other than the amounts retained to meet claims) after application pursuant to clause (i) above. In Notwithstanding the event that reduction of the Certificate Balance of any Class of Certificates to zero, such Class will be outstanding hereunder solely for the purpose of receiving distributions and for no other purpose until the termination of the respective obligations and responsibilities of the Depositor, the Servicer and the Trustee hereunder in accordance with Article Nine. The foregoing provisions are intended to distribute to each Class of Regular Certificates any accrued and unpaid interest and principal to which they are entitled based on the Pass-Through Rates and actual Class Certificate Balances or Notional Amounts set forth in the Preliminary Statement upon liquidation of the Trust Fund. If any affected Certificateholders shall Certificateholder does not surrender its Certificates for cancellation within six months after the date specified in the above mentioned written notice, the Trustee shall give a second written notice to the remaining Certificateholders to surrender their Certificates for cancellation and receive the final distribution with respect thereto. If within six months after the second notice all the applicable Certificates shall not have been surrendered for cancellation, the Trustee may take appropriate steps, or may appoint an agent to take appropriate steps, to contact the remaining Certificateholders concerning surrender of their Certificates, and the cost thereof shall be paid out of the funds and other assets which remain a part of the Trust Fund. If within one year after the second notice all Certificates shall not have been surrendered for cancellation, then the Class A-R Certificateholders shall be entitled to all unclaimed funds and other assets of the Trust Fund which remain subject hereto hereto. The Supplemental Interest Trust shall terminate on the earlier of (i) the Termination Date and (ii) the Trustee shall be discharged from all further liability with respect date on which the Class Certificate Balances of the Class A-3 Certificates are reduced to the Certificates and this Agreementzero.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Residential Asset Securitization Trust 2007-A1)
Final Distribution on the Certificates. If on any Determination Remittance Date, the Trustee Servicer determines that there are no Outstanding Mortgage Loans and no other funds or assets in the Trust Fund other than the funds in the Collection Accounts and Certificate Account, the Trustee Servicer shall direct the Trust Administrator promptly to send a final distribution notice Notice of Final Distribution to each Certificateholder. If the Optional Termination Holder above Servicer elects to terminate the Trust Fund pursuant to clause (a) of Section 9.01, at least 20 days prior to the date notice the Notice of Final Distribution is to be mailed to the affected Certificateholders such Person Certificateholders, the Depositor shall notify the Servicers Fremont 2006-C Pooling & Servicing Agreement 191 Servicer, the Master Servicer, the Trustee and the Trustee Trust Administrator of the date the Depositor intends to terminate the Trust Fund and of the applicable repurchase price of the Mortgage Loans and REO Properties. A Notice of any termination of the Trust FundFinal Distribution, specifying the Distribution Date on which Certificateholders shall may surrender their Certificates for payment of the final distribution and cancellation, shall be given promptly by the Trustee Trust Administrator by letter to Certificateholders mailed not earlier than the 10th day and not later than the 15th day of the month next preceding the month of such final distribution. Any such notice Notice of Final Distribution shall specify (a) the Distribution Date upon which final distribution on the Certificates will be made upon presentation and surrender of Certificates at the office therein designated, (b) the amount of such final distribution, (c) the location of the office or agency at which such presentation and surrender must be made, and (d) that the Record Date otherwise applicable to such Distribution Date is not applicable, distributions being made only upon presentation and surrender of the Certificates at the office therein specified. The Trustee shall Trust Administrator will give such notice Notice of Final Distribution to each Rating Agency at the time such notice Notice of Final Distribution is given to Certificateholders. In the event such Notice of Final Distribution is given, the Servicer shall cause all funds in the Collection Account to be remitted to the Trust Administrator for deposit in the Distribution Account on the Business Day prior to the applicable Distribution Date in an amount equal to the final distribution in respect of the Certificates. Upon such final deposit with respect to the Trust Fund and the receipt by the Trustee or the Trust Administrator of a Request for Release therefor, the Trustee or the Trust Administrator shall promptly release to the Depositor or its designee the Custodial Files for the Mortgage Loans. Upon presentation and surrender of the Certificates, the Trustee Trust Administrator shall cause to be distributed to the Certificateholders of each ClassClass (after reimbursement of all amounts due to the Servicer, the Depositor, the Master Servicer, the Swap Administrator, the Trust Administrator and the Trustee hereunder), in each case on the final Distribution Date and in the order set forth in Section 4.02, in the case of the Certificateholders, in proportion to their respective Percentage Interests, with respect to Certificateholders of the same Class, an amount up to an amount equal to (i) as to each Class of Regular Certificates (except the Class C Certificates), the Certificate Principal Balance thereof plus for each such Class and the Class C Certificates, accrued interest thereon (or on their Notional Amount, if applicable) in the case of an interest-bearing Certificate and all other amounts to which such Classes are entitled pursuant to Section 4.02, (ii) as to the Residual Certificates, the amount, if any, which remains on deposit in the Collection Accounts Distribution Account with respect to the related REMIC (other than the amounts retained to meet claims) after application pursuant to clause (i) above. In the event that any affected Certificateholders shall not surrender Certificates for cancellation within six months after the date specified in the above above-mentioned written notice, the Trustee Trust Administrator shall give a second written notice to the remaining Certificateholders to surrender their Certificates for cancellation and receive the final distribution with respect thereto. If within six months after the second notice all the applicable Certificates shall not have been surrendered for cancellation, the Trustee Trust Administrator may take appropriate steps, or may appoint an agent to take appropriate steps, to contact the remaining Certificateholders concerning surrender of their Certificates, and the cost thereof shall be paid out of the funds and other assets which remain a part of the Trust Fund. If within one year after the second notice all Certificates Fremont 2006-C Pooling & Servicing Agreement 192 shall not have been surrendered for cancellation, the Class A-R Certificateholders Holders of the Residual Certificates with respect to their related REMIC shall be entitled to all unclaimed funds and other assets of the Trust Fund which remain subject hereto and the Trustee shall be discharged from all further liability with respect to the Certificates and this Agreementhereto.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Fremont Home Loan Trust 2006-C)
Final Distribution on the Certificates. If on any Determination Date, Date the Trustee Servicer determines that there are no Outstanding Mortgage Loans and no other funds or assets in the Trust Fund other than the funds in the Collection Accounts and Certificate Account, the Servicer shall direct the Trustee shall promptly to send a final distribution notice to each Certificateholder. If the Optional Termination Holder above Servicer elects to terminate the Trust Fund pursuant to clause (a) of Section 9.01, at least 20 days prior to no later than the date notice is to be mailed to 15th day of the affected Certificateholders such Person month preceding the month of the final Distribution Date the Servicer shall notify the Servicers Depositor and the Trustee of the date the Depositor Servicer intends to terminate the Trust Fund and of the applicable repurchase price of the Mortgage Loans and REO Properties. Notice of any termination of the Trust Fund, Fund specifying the Distribution Date on which Certificateholders shall may surrender their Certificates for payment of the final distribution and cancellation, cancellation shall be given promptly by the Trustee by letter to Certificateholders mailed not earlier than the 10th 15th day and not later than the 15th last day of the month next preceding the month of such final distribution. Any such notice shall specify (a) the Distribution Date upon which final distribution on the Certificates will be made upon presentation and surrender of Certificates at the office therein designated, (b) the amount of such final distribution, (c) the location of the office or agency at which such presentation and surrender must be made, and (d) that the Record Date otherwise applicable to such the Distribution Date is not applicable, distributions being made only upon presentation and surrender of the Certificates at the office therein specified. The Trustee shall Servicer will give such notice to each Rating Agency at the time such notice is given to Certificateholders. If this notice is given, the Servicer shall cause all funds in the Certificate Account to be remitted to the Trustee for deposit in the Distribution Account on the Business Day before the applicable Distribution Date in an amount equal to the final distribution in respect of the Certificates. Upon such final deposit with respect to the Trust Fund and the receipt by the Trustee of a Request for Release therefor, the Trustee shall promptly release to the Servicer the Mortgage Files for the Mortgage Loans. Upon presentation and surrender of the Certificates, the Trustee shall cause to be distributed to the Certificateholders of each Class, in each case on the final Distribution Date and in the order set forth in Section 4.02, in the case of the Certificateholders, in proportion to their respective Percentage Interests, with respect to Certificateholders of the same Class, an amount equal to (i) as to each Class of Regular Certificates, the its Certificate Balance thereof plus for each such Class accrued interest thereon (or on their Notional Amount, if applicable) in the case of an interest-bearing Certificate and (ii) as to the Residual Certificates, the amount, if any, which remains any amount remaining on deposit in the Collection Accounts Distribution Account (other than the amounts retained to meet claims) after application pursuant to clause (i) above. In Notwithstanding the event that reduction of the Certificate Balance of any Class of Certificates to zero, such Class will be outstanding hereunder solely for the purpose of receiving distributions and for no other purpose until the termination of the respective obligations and responsibilities of the Depositor, the Servicer and the Trustee hereunder in accordance with Article Nine. The foregoing provisions are intended to distribute to each Class of Regular Certificates any accrued and unpaid interest and principal to which they are entitled based on the Pass-Through Rates and actual Class Certificate Balances or Notional Amounts set forth in the Preliminary Statement upon liquidation of the Trust Fund. If any affected Certificateholders shall Certificateholder does not surrender its Certificates for cancellation within six months after the date specified in the above mentioned written notice, the Trustee shall give a second written notice to the remaining Certificateholders to surrender their Certificates for cancellation and receive the final distribution with respect thereto. If within six months after the second notice all the applicable Certificates shall not have been surrendered for cancellation, the Trustee may take appropriate steps, or may appoint an agent to take appropriate steps, to contact the remaining Certificateholders concerning surrender of their Certificates, and the cost thereof shall be paid out of the funds and other assets which remain a part of the Trust Fund. If within one year after the second notice all Certificates 97 shall not have been surrendered for cancellation, then the Class A-R Certificateholders shall be entitled to all unclaimed funds and other assets of the Trust Fund which remain subject hereto and the Trustee shall be discharged from all further liability with respect to the Certificates and this Agreementhereto.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (IndyMac INDX Mortgage Loan Trust 2006-Ar13)
Final Distribution on the Certificates. If on any Determination Date, the Trustee determines that there are no Outstanding Mortgage Loans and no other funds or assets in the Trust Fund other than the funds in the Collection Accounts and Certificate Account, the Trustee shall promptly send a final distribution notice to each Certificateholder. If the Optional Termination Holder above elects to terminate the Trust Fund pursuant to Section 9.01, at least 20 days prior to the date notice is to be mailed to the affected Certificateholders such Person shall notify the Servicers and the Trustee of the date the Depositor intends to terminate the Trust Fund and of the applicable repurchase price of the Mortgage Loans and REO Properties. Notice of any termination of the Trust Fund, specifying the Distribution Date on which Certificateholders shall surrender their Certificates for payment of the final distribution and cancellation, shall be given promptly by the Trustee by letter to Certificateholders mailed not earlier than the 10th day and not later than the 15th day of the month next preceding the month of such final distribution. Any such notice shall specify (a) the Distribution Date upon which final distribution on the Certificates will be made upon presentation and surrender of Certificates at the office therein designated, (b) the amount of such final distribution, (c) the location of the office or agency at which such presentation and surrender must be made, and (d) that the Record Date otherwise applicable 126 to such Distribution Date is not applicable, distributions being made only upon presentation and surrender of the Certificates at the office therein specified. The Trustee shall give such notice to each Rating Agency at the time such notice is given to Certificateholders. Upon presentation and surrender of the Certificates, the Trustee shall cause to be distributed to the Certificateholders of each Class, in each case on the final Distribution Date and in the order set forth in Section 4.02, in the case of the Certificateholders, in proportion to their respective Percentage Interests, with respect to Certificateholders of the same Class, an amount equal to (i) as to each Class of Regular Certificates, the Certificate Balance thereof plus accrued interest thereon (or on their Notional Amount, if applicable) in the case of an interest-bearing Certificate and (ii) as to the Residual Certificates, the amount, if any, which remains on deposit in the Collection Accounts (other than the amounts retained to meet claims) after application pursuant to clause (i) above. In the event that any affected Certificateholders shall not surrender Certificates for cancellation within six months after the date specified in the above mentioned written notice, the Trustee shall give a second written notice to the remaining Certificateholders to surrender their Certificates for cancellation and receive the final distribution with respect thereto. If within six months after the second notice all the applicable Certificates shall not have been surrendered for cancellation, the Trustee may take appropriate steps, or may appoint an agent to take appropriate steps, to contact the remaining Certificateholders concerning surrender of their Certificates, and the cost thereof shall be paid out of the funds and other assets which remain a part of the Trust Fund. If within one year after the second notice all Certificates shall not have been surrendered for cancellation, the Class A-R Certificateholders shall be entitled to all unclaimed funds and other assets of the Trust Fund which remain subject hereto and the Trustee shall be discharged from all further liability with respect to the Certificates and this Agreement.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Credit Suisse First Boston Mort Sec Corp Home Eq Mo Tr 03 7)
Final Distribution on the Certificates. If on any Determination Date, Date the Trustee Servicer determines that there are no Outstanding Mortgage Loans and no other funds or assets in the Trust Fund other than the funds in the Collection Accounts and Certificate Account, the Servicer shall direct the Trustee shall promptly to send a final distribution notice to each Certificateholder. If the Optional Termination Holder above Servicer elects to terminate the Trust Fund pursuant to clause (a) of Section 9.01, at least 20 days prior to no later than the date notice is to be mailed to 15th day of the affected Certificateholders such Person month preceding the month of the final Distribution Date the Servicer shall notify the Servicers Depositor and the Trustee of the date the Depositor Servicer intends to terminate the Trust Fund and of the applicable repurchase price of the Mortgage Loans and REO Properties. Notice of any termination of the Trust Fund, Fund specifying the Distribution Date on which Certificateholders shall may surrender their Certificates for payment of the final distribution and cancellation, cancellation shall be given promptly by the Trustee by letter to Certificateholders mailed not earlier than the 10th 15th day and not later than the 15th last day of the month next preceding the month of such final distribution. Any such notice shall specify (a) the Distribution Date upon which final distribution on the Certificates will be made upon presentation and surrender of Certificates at the office therein designated, (b) the amount of such final distribution, (c) the location of the office or agency at which such presentation and surrender must be made, and (d) that the Record Date otherwise applicable to such the Distribution Date is not applicable, distributions being made only upon presentation and surrender of the Certificates at the office therein specified. The Trustee shall Servicer will give such notice to each Rating Agency at the time such notice is given to Certificateholders. If this notice is given, the Servicer shall cause all funds in the Certificate Account to be remitted to the Trustee for deposit in the Distribution Account on the Business Day before the applicable Distribution Date in an amount equal to the final distribution in respect of the Certificates. Upon such final deposit with respect to the Trust Fund and the receipt by the Trustee of a Request for Release therefor, the Trustee shall promptly release to the Servicer the Mortgage Files for the Mortgage Loans. Upon presentation and surrender of the Certificates, the Trustee shall cause to be distributed to the Certificateholders of each Class, in each case Class on the final Distribution Date and in the order set forth in Section 4.02, in the case of the Certificateholders, in proportion to their respective Percentage Interests, with respect to Certificateholders of the same Class, an amount equal to (i) as to each Class of Regular Certificates (other than the Notional Amount Certificates), the its Certificate Balance thereof plus for each such Class accrued interest thereon (or on their Notional Amount, if applicable) in the case of an interest-bearing Certificate and (ii) as to the Residual Certificates, the amount, if any, which remains any amount remaining on deposit in the Collection Accounts Distribution Account (other than the amounts retained to meet claims) after application pursuant to clause (i) above. In Notwithstanding the event that reduction of the Certificate Balance of any Class of Certificates to zero, such Class will be outstanding hereunder solely for the purpose of receiving distributions and for no other purpose until the termination of the respective obligations and responsibilities of the Depositor, the Servicer and the Trustee hereunder in accordance with Article Nine. The foregoing provisions are intended to distribute to each Class of Regular Certificates any accrued and unpaid interest and principal to which they are entitled based on the Pass-Through Rates and actual Class Certificate Balances or Notional Amounts set forth in the Preliminary Statement upon liquidation of the Trust Fund. If any affected Certificateholders shall Certificateholder does not surrender its Certificates for cancellation within six months after the date specified in the above mentioned written notice, the Trustee shall give a second written notice to the remaining Certificateholders to surrender their Certificates for cancellation and receive the final distribution with respect thereto. If within six months after the second notice all the applicable Certificates shall not have been surrendered for cancellation, the Trustee may take appropriate steps, or may appoint an agent to take appropriate steps, to contact the remaining Certificateholders concerning surrender of their Certificates, and the cost thereof shall be paid out of the funds and other assets which remain a part of the Trust Fund. If within one year after the second notice all Certificates shall not have been surrendered for cancellation, then the Holders of the Class A-R Certificateholders Certificates shall be entitled to all unclaimed funds and other assets of the Trust Fund which remain subject hereto and the Trustee shall be discharged from all further liability with respect to the Certificates and this Agreement.hereto. 113
Appears in 1 contract
Samples: Pooling and Servicing Agreement (IndyMac INDX Mortgage Loan Trust 2007-Flx4)
Final Distribution on the Certificates. If on any Determination Date, Date the Trustee Servicer determines that there are no Outstanding Mortgage Loans and no other funds or assets in the Trust Fund other than the funds in the Collection Accounts and Certificate Account, the Servicer shall direct the Trustee shall promptly to send a final distribution notice to each Certificateholder. If the Optional Termination Holder above Servicer elects to terminate the Trust Fund pursuant to clause (a) of Section 9.01, at least 20 days prior to no later than the date notice is to be mailed to 15th day of the affected Certificateholders such Person month preceding the month of the final Distribution Date the Servicer shall notify the Servicers Depositor and the Trustee of the date the Depositor Servicer intends to terminate the Trust Fund and of the applicable repurchase price of the Mortgage Loans and REO Properties. Notice of any termination of the Trust Fund, Fund specifying the Distribution Date on which Certificateholders shall may surrender their Certificates for payment of the final distribution and cancellation, cancellation shall be given promptly by the Trustee by letter to Certificateholders mailed not earlier than the 10th 15th day and not later than the 15th last day of the month next preceding the month of such final distribution. Any such notice shall specify (a) the Distribution Date upon which final distribution on the Certificates will be made upon presentation and surrender of Certificates at the office therein designated, (b) the amount of such final distribution, (c) the location of the office or agency at which such presentation and surrender must be made, and (d) that the Record Date otherwise applicable to such the Distribution Date is not applicable, distributions being made only upon presentation and surrender of the Certificates at the office therein specified. The Trustee shall Servicer will give such notice to each Rating Agency at the time such notice is given to Certificateholders. If this notice is given, the Servicer shall cause all funds in the Certificate Account to be remitted to the Trustee for deposit in the Distribution Account on the Business Day before the applicable Distribution Date in an amount equal to the final distribution in respect of the Certificates. Upon such final deposit with respect to the Trust Fund and the receipt by the Trustee of a Request for Release therefor, the Trustee shall promptly release to the Servicer the Mortgage Files for the Mortgage Loans. Upon presentation and surrender of the Certificates, the Trustee shall cause to be distributed to the Certificateholders of each Class, in each case on the final Distribution Date and in the order set forth in Section 4.02, in the case of the Certificateholders, in proportion to their respective Percentage Interests, with respect to Certificateholders of the same Class, an amount equal to (i) as to each Class of Regular Certificates, the its Certificate Balance thereof plus for each such Class accrued interest thereon (or on their Notional Amount, if applicable) in the case of an interest-bearing Certificate and (ii) as to the Residual Certificates, the amount, if any, which remains any amount remaining on deposit in the Collection Accounts Distribution Account (other than the amounts retained to meet claims) after application pursuant to clause (i) above. In Notwithstanding the event that reduction of the Certificate Balance of any Class of Certificates to zero, such Class will be outstanding hereunder solely for the purpose of receiving distributions and for no other purpose until the termination of the respective obligations and responsibilities of the Depositor, the Servicer and the Trustee hereunder in accordance with Article Nine. The foregoing provisions are intended to distribute to each Class of Regular Certificates any accrued and unpaid interest and principal to which they are entitled based on the Pass-Through Rates and actual Class Certificate Balances or Notional Amounts set forth in the Preliminary Statement upon liquidation of the Trust Fund. If any affected Certificateholders shall Certificateholder does not surrender its Certificates for cancellation within six months after the date specified in the above mentioned written notice, the Trustee shall give a second written notice to the remaining Certificateholders to surrender their Certificates for cancellation and receive the final distribution with respect thereto. If within six months after the second notice all the applicable Certificates shall not have been surrendered for cancellation, the Trustee may take appropriate steps, or may appoint an agent to take appropriate steps, to contact the remaining Certificateholders concerning surrender of their Certificates, and the cost thereof shall be paid out of the funds and other assets which remain a part of the Trust Fund. If within one year after the second notice all Certificates 100 shall not have been surrendered for cancellation, then the Class A-R Certificateholders shall be entitled to all unclaimed funds and other assets of the Trust Fund which remain subject hereto and the Trustee shall be discharged from all further liability with respect to the Certificates and this Agreementhereto.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (IndyMac INDX Mortgage Loan Trust 2006-Ar11)
Final Distribution on the Certificates. If on any Determination Remittance Date, the Trustee Servicer determines that there are no Outstanding Mortgage Loans and no other funds or assets in the Trust Fund other than the funds in the Collection Accounts and Certificate Account, the Servicer shall direct the Trustee shall and the Trust Administrator promptly to send a final distribution notice Notice of Final Distribution to each Certificateholder. If the Optional Termination Holder above Servicer elects to terminate the Trust Fund pursuant to clause (a) of Section 9.01, at least 20 days prior to the date notice the Notice of Final Distribution is to be mailed to the affected Certificateholders such Person Certificateholders, the Depositor shall notify Fremont [200___-___] Pooling & Servicing Agreement 165 the Servicers Servicer, the Trustee and the Trustee Trust Administrator of the date the Depositor intends to terminate the Trust Fund and of the applicable repurchase price of the Mortgage Loans and REO Properties. A Notice of any termination of the Trust FundFinal Distribution, specifying the Distribution Date on which Certificateholders shall may surrender their Certificates for payment of the final distribution and cancellation, shall be given promptly by the Trustee Trust Administrator by letter to Certificateholders mailed not earlier than the 10th day and not later than the 15th day of the month next preceding the month of such final distribution. Any such notice Notice of Final Distribution shall specify (a) the Distribution Date upon which final distribution on the Certificates will be made upon presentation and surrender of Certificates at the office therein designated, (b) the amount of such final distribution, (c) the location of the office or agency at which such presentation and surrender must be made, and (d) that the Record Date otherwise applicable to such Distribution Date is not applicable, distributions being made only upon presentation and surrender of the Certificates at the office therein specified. The Trustee shall will give such notice Notice of Final Distribution to each Rating Agency at the time such notice Notice of Final Distribution is given to Certificateholders. In the event such Notice of Final Distribution is given, the Servicer shall cause all funds in the Collection Account to be remitted to the Trust Administrator for deposit in the Distribution Account on the Business Day prior to the applicable Distribution Date in an amount equal to the final distribution in respect of the Certificates. Upon such final deposit with respect to the Trust Fund and the receipt by the Trustee or the Trust Administrator of a Request for Release therefor, the Trustee or the Trust Administrator shall promptly release to the Depositor or its designee the Custodial Files for the Mortgage Loans. Upon presentation and surrender of the Certificates, the Trustee Trust Administrator shall cause to be distributed to the Certificateholders of each ClassClass (after reimbursement of all amounts due to the Servicer, the Depositor, the Master Servicer, the Trust Administrator and the Trustee hereunder), in each case on the final Distribution Date and in the order set forth in Section 4.02, in the case of the Certificateholders, in proportion to their respective Percentage Interests, with respect to Certificateholders of the same Class, an amount up to an amount equal to (i) as to each Class of Regular Certificates (except the Class C Certificates), the Certificate Balance thereof plus for each such Class and the Class C Certificates accrued interest thereon (or on their Notional Amount, if applicable) in the case of an interest-bearing Certificate and all other amounts to which such Classes are entitled pursuant to Section 4.02, (ii) as to the Residual Certificates, the amount, if any, which remains on deposit in the Collection Accounts Distribution Account with respect to the related REMIC (other than the amounts retained to meet claims) after application pursuant to clause (i) above. In the event that any affected Certificateholders shall not surrender Certificates for cancellation within six months after the date specified in the above above-mentioned written notice, the Trustee Trust Administrator shall give a second written notice to the remaining Certificateholders to surrender their Certificates for cancellation and receive the final distribution with respect thereto. If within six months after the second notice all the applicable Certificates shall not have been surrendered for cancellation, the Trustee may take appropriate steps, or may appoint an agent to take appropriate steps, to contact the remaining Certificateholders concerning surrender of their Certificates, and the cost thereof shall be paid out of the funds and other assets which remain a part of the Trust Fund. If within one year after the second notice all Certificates shall not have Fremont [200___-___] Pooling & Servicing Agreement 166 been surrendered for cancellation, the Class A-R Certificateholders Holders of the Residual Certificates with respect to their related REMIC shall be entitled to all unclaimed funds and other assets of the Trust Fund which remain subject hereto and the Trustee shall be discharged from all further liability with respect to the Certificates and this Agreementhereto.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Fremont Mortgage Securities Corp)
Final Distribution on the Certificates. If on any Determination Remittance Date, the Trustee Servicer determines that there are no Outstanding Mortgage Loans and no other funds or assets in the Trust Fund other than the funds in the Collection Accounts and Certificate Account, the Servicer shall direct the Trustee shall and the Trust Administrator promptly to send a final distribution notice Notice of Final Distribution to each Certificateholder. If the Optional Termination Holder above Servicer elects to terminate the Trust Fund pursuant to clause (a) of Section 9.01, at least 20 days prior to the date notice the Notice of Final Distribution is to be mailed to the affected Certificateholders such Person Certificateholders, the Depositor shall notify the Servicers Servicer, the Trustee and the Trustee Trust Administrator of the date the Depositor intends to terminate the Trust Fund and of the applicable repurchase price of the Mortgage Loans and REO Properties. In the event such Notice of any termination of Final Distribution is given, the Servicer shall cause all funds in the Collection Account to be remitted to the Trust Fund, specifying Administrator for deposit in the Distribution Account on the Business Day prior to the applicable Distribution Date on which Certificateholders shall surrender their Certificates for payment of in an amount equal to the final distribution in respect of the Certificates. Upon such final deposit with respect to the Trust Fund and cancellation, shall be given promptly the receipt by the Trustee by letter or the Trust Administrator of a Request for Release therefor, the Trustee or the Trust Administrator shall promptly release to Certificateholders mailed not earlier than the 10th day and not later than Depositor or its designee the 15th day of Custodial Files for the month next preceding the month of such final distributionMortgage Loans. Any such notice shall specify (a) the Distribution Date upon which final distribution on the Certificates will be made upon presentation and surrender of Certificates at the office therein designated, (b) the amount of such final distribution, (c) the location of the office or agency at which such presentation and surrender must be made, and (d) that the Record Date otherwise applicable to such Distribution Date is not applicable, distributions being made only upon presentation and surrender of the Certificates at the office therein specified. The Trustee shall give such notice to each Rating Agency at the time such notice is given to Certificateholders. Fremont 2005-B Pooling & Servicing Agreement 148 Upon presentation and surrender of the Certificates, the Trustee Trust Administrator shall cause to be distributed to the Certificateholders of each ClassClass (after reimbursement of all amounts due to the Servicer, the Depositor, the Master Servicer, the Trust Administrator and the Trustee hereunder), in each case on the final Distribution Date and in the order set forth in Section 4.02, in the case of the Certificateholders, in proportion to their respective Percentage Interests, with respect to Certificateholders of the same Class, an amount up to an amount equal to (i) as to each Class of Regular Certificates (except the Class C Certificates), the Certificate Balance thereof plus for each such Class and the Class C Certificates accrued interest thereon (or on their Notional Amount, if applicable) in the case of an interest-bearing Certificate and all other amounts to which such Classes are entitled pursuant to Section 4.02, (ii) as to the Residual Certificates, the amount, if any, which remains on deposit in the Collection Accounts Distribution Account (other than the amounts retained to meet claims) after application pursuant to clause (i) above. In the event that any affected Certificateholders shall not surrender Certificates for cancellation within six months after the date specified in the above above-mentioned written notice, the Trustee Trust Administrator shall give a second written notice to the remaining Certificateholders to surrender their Certificates for cancellation and receive the final distribution with respect thereto. If within six months after the second notice all the applicable Certificates shall not have been surrendered for cancellation, the Trustee may take appropriate steps, or may appoint an agent to take appropriate steps, to contact the remaining Certificateholders concerning surrender of their Certificates, and the cost thereof shall be paid out of the funds and other assets which remain a part of the Trust Fund. If within one year after the second notice all Certificates shall not have been surrendered for cancellation, the Holders of the Class A-R Certificateholders Certificates shall be entitled to all unclaimed funds and other assets of the Trust Fund which remain subject hereto and the Trustee shall be discharged from all further liability with respect to the Certificates and this Agreementhereto.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Fremont Mortgage Securities Corp)
Final Distribution on the Certificates. If on any Determination Date, Date the Trustee Servicer determines that there are no Outstanding Mortgage Loans and no other funds or assets in the Trust Fund other than the funds in the Collection Accounts and Certificate Account, the Servicer shall direct the Trustee shall promptly to send a final distribution notice to each Certificateholder. If the Optional Termination Holder above Servicer elects to terminate the Trust Fund pursuant to clause (a) of Section 9.01, at least 20 days prior to no later than the date notice is to be mailed to 15th day of the affected Certificateholders such Person month preceding the month of the final Distribution Date the Servicer shall notify the Servicers Depositor and the Trustee of the date the Depositor Servicer intends to terminate the Trust Fund and of the applicable repurchase price of the Mortgage Loans and REO Properties. Notice of any termination of the Trust Fund, specifying the Distribution Date on which the related Certificateholders shall may surrender their Certificates for payment of the final distribution and cancellation, cancellation shall be given promptly by the Trustee by letter to the Certificateholders mailed not earlier than the 10th 15th day and not later than the 15th last day of the month next preceding the month of such final distribution. Any such notice shall specify (a) the Distribution Date upon which final distribution on the Certificates will be made upon presentation and surrender of such Certificates at the office therein designated, (b) the amount of such final distribution, (c) the location of the office or agency at which such presentation and surrender must be made, and (d) that the Record Date otherwise applicable to such the Distribution Date is not applicable, distributions being made only upon presentation and surrender of the such Certificates at the office therein specified. The Trustee shall Servicer will give such notice to each Rating Agency at the time such notice is given to the Certificateholders. If this notice is given, the Servicer shall cause all funds in the Certificate Account to be remitted to the Trustee for deposit in the Distribution Account on the Business Day before the applicable Distribution Date in an amount equal to the final distribution in respect of the Certificates. Upon such final deposit with respect to the Trust Fund and the receipt by the Trustee of a Request for Release therefor, the Trustee shall promptly release to the Servicer the Mortgage Files for the Mortgage Loans. Upon presentation and surrender of the Certificates, the Trustee shall cause to be distributed to the Certificateholders of each Class, in each case on the final Distribution Date and in the order set forth in Section 4.02, in the case of the Certificateholders, in proportion to their respective Percentage Interests, with respect to Certificateholders of the same Class, an amount equal to (i) as to each Class of Regular Certificates, the its Certificate Balance thereof plus for each such Class accrued interest thereon (or on their Notional Amount, if applicable) in the case of an interest-bearing Certificate and (ii) as to the Residual Certificates, the amount, if any, which remains any amount remaining on deposit in the Collection Accounts Distribution Account (other than the amounts retained to meet claims) after application pursuant to clause (i) above. In Notwithstanding the event that reduction of the Certificate Balance of any Class of Certificates to zero, such Class will be outstanding hereunder solely for the purpose of receiving distributions and for no other purpose until the termination of the respective obligations and responsibilities of the Depositor, the Servicer and the Trustee hereunder in accordance with Article Nine. The foregoing provisions are intended to distribute to each Class of Regular Certificates any accrued and unpaid interest and principal to which they are entitled based on the Pass-Through Rates and actual Class Certificate Balances or Notional Amounts set forth in the Preliminary Statement upon liquidation of the Trust Fund. If any affected Certificateholders shall Certificateholder does not surrender its Certificates for cancellation within six months after the date specified in the above mentioned written notice, the Trustee shall give a second written notice to the remaining Certificateholders to surrender their Certificates for cancellation and receive the final distribution with respect thereto. If within six months after the second notice all the applicable Certificates shall not have been surrendered for cancellation, the Trustee may take appropriate steps, or may appoint an agent to take appropriate steps, to contact the remaining Certificateholders concerning surrender of their Certificates, and the cost thereof shall be paid out of the funds and other assets which remain a part of the Trust Fund. If within one year after the second notice notice, all Certificates shall not have been surrendered for cancellation, then the Class A-R Certificateholders shall be entitled to all unclaimed funds and other assets of the Trust Fund which remain subject hereto hereto. The Supplemental Interest Trust shall terminate on the earlier of (i) the Distribution Date in August 2036 and (ii) the Trustee shall be discharged from all further liability with respect date on which the Class Certificate Balance of the Class 1-A-1 Certificates is reduced to the Certificates and this Agreementzero.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (IndyMac INDX Mortgage Loan Trust 2006-Ar19)
Final Distribution on the Certificates. If on any Determination Date, the Trustee determines that there are no Outstanding Mortgage Loans and no other funds or assets in the Trust Fund other than the funds in the Collection Accounts and Certificate Account, the Trustee shall promptly send a final distribution notice to each Certificateholder. If the Optional Termination Holder above Vesta elects to terminate the Trust Fund pursuant to Section 9.01, at least 20 days prior to the date notice is to be mailed to the affected Certificateholders such Person Certificateholders, Vesta shall notify the Servicers any other Servicer and the Trustee of the date the Depositor it intends to terminate the Trust Fund and of the applicable repurchase price of the Mortgage Loans and REO Properties. Notice of any termination of the Trust Fund, specifying the Distribution Date on which Certificateholders shall may surrender their Certificates for payment of the final distribution and cancellation, shall be given promptly by the Trustee by letter to Certificateholders mailed not earlier than the 10th 15th day and not later than the 15th 25th day of the month next preceding the month of such final distribution. Any such notice shall specify (a) the Distribution Date upon which final distribution on the Certificates will be made upon presentation and surrender of Certificates at the office therein designated, (b) the amount of such final distribution, (c) the location of the office or agency at which such presentation and surrender must be made, and (d) that the Record Date otherwise applicable to such Distribution Date is not applicable, distributions being made only upon presentation and surrender of the Certificates at the office therein specified. The Trustee shall give such notice to each Rating Agency at the time such notice is given to Certificateholders. Upon presentation and surrender of the Certificates, the Trustee shall cause to be distributed to the Certificateholders of each Class, in each case on the final Distribution Date and in the order set forth in Section 4.02, in the case of the Certificateholders, in proportion to their respective Percentage Interests, with respect to Certificateholders of the same Class, an amount equal to (i) as to each Class of Regular Offered Certificates, (A) first to the Certificate Senior Certificates, and then to the Class M-1, Class M-2 and Class B Certificates sequentially, in that order, an amount equal to the Class Principal Balance thereof plus accrued interest thereon Current Interest and any Carryforward Interest and (or on their Notional AmountB) to the extent of available funds (other than funds described in clause (ii) below) after the distributions in clause (i)(A) above, if applicable) the amounts referred to and in the case of an interestorder described in Section 4.02(d)B-bearing Certificate I and (ii) as to the Residual Class X Certificates, the amountamount due to the Class X Certificate under this agreement, if any, which remains on deposit not paid (but in no way exceeding the amount in the Collection Accounts (other than the amounts retained to meet claims) after application pursuant to clause (i) aboveAccount). In the event that any affected Certificateholders shall not surrender Certificates for cancellation within six months after the date specified in the above mentioned written notice, the Trustee shall give a second written notice to the remaining Certificateholders to surrender their Certificates for cancellation and receive the final distribution with respect thereto. If within six months after the second notice all the applicable Certificates shall not have been surrendered for cancellation, the Trustee may take reasonable and appropriate steps, or may appoint an agent to take reasonable and appropriate steps, to contact the remaining Certificateholders concerning surrender of their Certificates, and the cost thereof shall be paid out of the funds and other assets which remain a part of the Trust Fund. If within one year after the second notice all Certificates shall not have been surrendered for cancellation, the Class A-R Certificateholders shall be entitled to all unclaimed funds and other assets of the Trust Fund which remain subject hereto and the Trustee shall be discharged from all further liability with respect to the Certificates and this Agreement.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (CSFB Abs Trust Series 2001-He22)
Final Distribution on the Certificates. If on any Determination Date, the Trustee Depositor determines that the class certificate balance of the Underlying Certificates will be reduced to zero on the related Distribution Date and there are no Outstanding Mortgage Loans and no other funds or assets in the Trust Fund other than the funds in the Collection Accounts and Certificate Accounton deposit in, or to be deposited into, the Distribution Account on the related Distribution Date, the Depositor shall direct the Trustee shall promptly to send a final distribution notice to each Certificateholder. If the Optional Termination Holder above elects to terminate the Trust Fund pursuant to Section 9.01, at least 20 days prior to the date notice is to be mailed to the affected Certificateholders such Person shall notify the Servicers and the Trustee of the date the Depositor intends to terminate the Trust Fund and of the applicable repurchase price of the Mortgage Loans and REO Properties. Notice of any termination of the Trust Fund, specifying the Distribution Date on which Certificateholders shall may surrender their Certificates for payment of the final distribution and cancellation, shall be given promptly by the Trustee by letter to Certificateholders mailed not earlier than the 10th day and not later than the 15th day of the month next preceding the month of such final distributionCertificateholders. Any such notice shall specify (a) the Distribution Date upon which final distribution on the Certificates will be made upon presentation and surrender of Certificates at the office therein designated, (b) the amount of such final distribution, (c) the location of the office or agency at which such presentation and surrender must be made, and (d) that the Record Date otherwise applicable to such Distribution Date is not applicable, distributions being made only upon presentation and surrender of the Certificates at the office therein specified. The Trustee shall Depositor will give such notice to each Rating Agency at the time such notice is given to Certificateholders. Upon presentation and surrender of the Certificates, the Trustee shall cause to be distributed to the Certificateholders of each Class, in each case on the final Distribution Date and in the order set forth in Section 4.023.2 hereof, on the final Distribution Date, in the case of the Certificateholders, in proportion to their respective Percentage Interests, with respect to Certificateholders of the same Class, an amount equal to (i) as to each Class of Regular Certificates, the Class Certificate Balance thereof plus accrued interest thereon (or on their Notional Amount, if applicable) in the case of an interest-interest bearing Certificate Certificate, and (ii) as to the Residual Certificates, the amount, if any, which remains on deposit in the Collection Accounts Distribution Account (other than the amounts retained to meet claims) after application pursuant to clause (i) above. In the event that any affected Certificateholders shall not surrender Certificates for cancellation within six months after the date specified in the above mentioned written notice, the Trustee shall give a second written notice to the remaining Certificateholders to surrender their Certificates for cancellation and receive the final distribution with respect thereto. If within six months after the second notice all the applicable Certificates shall not have been surrendered for cancellation, the Trustee may take appropriate steps, or may appoint an agent to take appropriate steps, to contact the remaining Certificateholders concerning surrender of their Certificates, and the cost thereof shall be paid out of the funds and other assets which remain a part of the Trust Fund. If within one year after the second notice all Certificates shall not have been surrendered for cancellation, the Class A-R Certificateholders shall be entitled to all unclaimed funds and other assets of the Trust Fund which remain subject hereto and the Trustee shall be discharged from all further liability with respect to the Certificates and this Agreement.
Appears in 1 contract
Samples: Pooling Agreement (First Horizon Asset Sec Mort Pass THR Certs Ser 2006-Re2)
Final Distribution on the Certificates. If on any Determination Date, Date the Trustee Servicer determines that there are no Outstanding Mortgage Loans and no other funds or assets in the Trust Fund other than the funds in the Collection Accounts and Certificate Account, the Servicer shall direct the Trustee shall promptly to send a final distribution notice to each Certificateholder. If the Optional Termination Holder above Servicer elects to terminate the Trust Fund pursuant to clause (a) of Section 9.01, at least 20 days prior to no later than the date notice is to be mailed to 15th day of the affected Certificateholders such Person month preceding the month of the final Distribution Date the Servicer shall notify the Servicers Depositor and the Trustee of the date the Depositor Servicer intends to terminate the Trust Fund and of the applicable repurchase price of the Mortgage Loans and REO Properties. Notice of any termination of the Trust Fund, Fund specifying the Distribution Date on which Certificateholders shall may surrender their Certificates for payment of the final distribution and cancellation, cancellation shall be given promptly by the Trustee by letter to Certificateholders mailed not earlier than the 10th 15th day and not later than the 15th last day of the month next preceding the month of such final distribution. Any such notice shall specify (a) the Distribution Date upon which final distribution on the Certificates will be made upon presentation and surrender of Certificates at the office therein designated, (b) the amount of such final distribution, (c) the location of the office or agency at which such presentation and surrender must be made, and (d) that the Record Date otherwise applicable to such the Distribution Date is not applicable, distributions being made only upon presentation and surrender of the Certificates at the office therein specified. The Trustee shall Servicer will give such notice to each Rating Agency at the time such notice is given to Certificateholders. If this notice is given, the Servicer shall cause all funds in the Certificate Account to be remitted to the Trustee for deposit in the Distribution Account on the Business Day before the applicable Distribution Date in an amount equal to the final distribution in respect of the Certificates. Upon such final deposit with respect to the Trust Fund and the receipt by the Trustee of a Request for Release therefor, the Trustee shall promptly release to the Servicer the Mortgage Files for the Mortgage Loans. Upon presentation and surrender of the Certificates, the Trustee shall cause to be distributed to the Certificateholders of each Class, in each case on the final Distribution Date and in the order set forth in Section 4.02, in the case of the Certificateholders, in proportion to their respective Percentage Interests, with respect to Certificateholders of the same Class, an amount equal to (i) as to each Class of Regular Certificates, the its Certificate Balance thereof plus for each such Class accrued interest thereon (or on their Notional Amount, if applicable) in the case of an interest-bearing Certificate and (ii) as to the Residual Certificates, the amount, if any, which remains any amount remaining on deposit in the Collection Accounts Distribution Account (other than the amounts retained to meet claims) after application pursuant to clause (i) above. In Notwithstanding the event that reduction of the Certificate Balance of any Class of Certificates to zero, such Class will be outstanding hereunder solely for the purpose of receiving distributions and for no other purpose until the termination of the respective obligations and responsibilities of the Depositor, the Servicer and the Trustee hereunder in accordance with Article Nine. The foregoing provisions are intended to distribute to each Class of Regular Certificates any accrued and unpaid interest and principal to which they are entitled based on the Pass-Through Rates and actual Class Certificate Balances or Notional Amounts set forth in the Preliminary Statement upon liquidation of the Trust Fund. If any affected Certificateholders shall Certificateholder does not surrender its Certificates for cancellation within six months after the date specified in the above mentioned written notice, the Trustee shall give a second written notice to the remaining Certificateholders to surrender their Certificates for cancellation and receive the final distribution with respect thereto. If within six months after the second notice all the applicable Certificates shall not have been surrendered for cancellation, the Trustee may take appropriate steps, or may appoint an agent to take appropriate steps, to contact the remaining Certificateholders concerning surrender of their Certificates, and the cost thereof shall be paid out of the funds and other assets which remain a part of the Trust Fund. If within one year after the second notice all Certificates 91 shall not have been surrendered for cancellation, then the Class A-R Certificateholders shall be entitled to all unclaimed funds and other assets of the Trust Fund which remain subject hereto and the Trustee shall be discharged from all further liability with respect to the Certificates and this Agreementhereto.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (IndyMac INDX Mortgage Loan Trust 2006-Ar5)
Final Distribution on the Certificates. If on any Determination Date, (i) the Trustee Master Servicer determines that there are no Outstanding Mortgage Loans and no other funds or assets in the Trust Fund other than the funds in the Collection Accounts and Certificate Distribution Account, the Master Servicer shall direct the Trustee shall promptly to send a final distribution notice promptly to each CertificateholderCertificateholder or (ii) the Trustee determines that a Class of Certificates shall be retired after a final distribution on such Class, the Trustee shall notify the Certificateholders within five (5) Business Days after such Determination Date that the final distribution in retirement of such Class of Certificates is scheduled to be made on the immediately following Distribution Date. Any final distribution made pursuant to the immediately preceding sentence will be made only upon presentation and surrender of the Certificates at the Corporate Trust Office of the Trustee. If the Optional Termination Holder above Depositor or its designee elects to terminate the Trust Fund pursuant to Section 9.0111.01, at least 20 days prior to the date notice is to be mailed to the affected Certificateholders such Person Certificateholders, the Depositor or its designee shall notify the Servicers and the Trustee of the date the Depositor or its designee intends to terminate the Trust Fund and of the applicable repurchase price of Fund. The Depositor or its designee shall remit the Mortgage Loans and REO PropertiesLoan Purchase Price to the Trustee on the Business Day prior to the Distribution Date for such Optional Termination by the Depositor or its designee. Notice of any termination of the Trust Fund, specifying the Distribution Date on which Certificateholders shall may surrender their Certificates for payment of the final distribution and cancellation, shall be given promptly by the Trustee by letter to Certificateholders mailed not earlier than the 10th day and not later than two Business Days after the 15th day of the month next preceding Determination Date in the month of such final distribution. Any such notice shall specify (a) the Distribution Date upon which final distribution on the Certificates will be made upon presentation and surrender of Certificates at the office therein designated, (b) the amount of such final distribution, (c) the location of the office or agency at which such presentation and surrender must be made, made and (d) that the Record Date otherwise applicable to such Distribution Date is not applicable, distributions being made only upon presentation and surrender of the Certificates at the office therein specified. The Trustee shall will give such notice to each Rating Agency at the time such notice is given to Certificateholders. Upon such final deposit with respect to the Trust Fund and the receipt by the Custodian of a Request for Release therefor, the Custodian shall promptly release to the Master Servicer, as applicable the Mortgage Files for the Mortgage Loans and the Trustee shall execute and deliver any documents prepared and delivered to it which are necessary to transfer any REO Property. Upon presentation and surrender of the Certificates, the Trustee shall cause distribute to be distributed to the Certificateholders of each Class, Class the amounts allocable to such Certificates held in each case the Distribution Account in the order and priority set forth in Section 6.04 hereof on the final Distribution Date and in the order set forth in Section 4.02, in the case of the Certificateholders, in proportion to their respective Percentage Interests, with respect to Certificateholders of the same Class, an amount equal to (i) as to each Class of Regular Certificates, the Certificate Balance thereof plus accrued interest thereon (or on their Notional Amount, if applicable) in the case of an interest-bearing Certificate and (ii) as to the Residual Certificates, the amount, if any, which remains on deposit in the Collection Accounts (other than the amounts retained to meet claims) after application pursuant to clause (i) above. In the event that any affected Certificateholders shall not surrender Certificates for cancellation within six months after the date specified in the above mentioned written notice, the Trustee shall give a second written notice to the remaining Certificateholders to surrender their Certificates for cancellation and receive the final distribution with respect thereto. If within six months after the second notice all the applicable Certificates shall not have been surrendered for cancellation, the Trustee may take appropriate steps, or may appoint an agent to take appropriate steps, to contact the remaining Certificateholders concerning surrender of their Certificates, and the cost thereof shall be paid out of the funds and other assets which that remain a part of the Trust Fund. If within one year after the second notice all Certificates shall not have been surrendered for cancellation, the Class A-R Certificateholders shall be entitled to all unclaimed funds and other assets of the Trust Fund which that remain subject hereto and the Trustee shall be discharged from all further liability with respect to the Certificates and this Agreementhereto.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Bear Stearns Asset Backed Securities I Trust 2007-Ac5)
Final Distribution on the Certificates. If on any Determination Date, the Trustee Servicer determines that there are no Outstanding Mortgage Loans and no other funds or assets in the Trust Fund other than the funds in the Collection Accounts and Certificate Account, the Servicer shall direct the Trustee shall promptly to send a final distribution notice to each Certificateholder. If the Optional Termination Holder above Servicer elects to terminate the Trust Fund pursuant to clause (a) of Section 9.01, at least 20 days prior to the date notice is to be mailed to the affected Certificateholders such Person Certificateholders, the Servicer shall notify the Servicers Depositor and the Trustee of the date the Depositor Servicer intends to terminate the Trust Fund and of the applicable repurchase price of the Mortgage Loans and REO Properties. Notice of any termination of the Trust Fund, specifying the Distribution Date on which Certificateholders shall may surrender their Certificates for payment of the final distribution and cancellation, shall be given promptly by the Trustee by letter to Certificateholders mailed not earlier than the 10th day and not no later than the 15th day of the month next preceding the month of such final distribution. Any such notice shall specify (a) the Distribution Date upon which final distribution on the Certificates will be made upon presentation and surrender of Certificates at the office therein designated, (b) the amount of such final distribution, (c) the location of the office or agency at which such presentation and surrender must be made, and (d) that the Record Date otherwise applicable to such Distribution Date is not applicable, distributions being made only upon presentation and surrender of the Certificates at the office therein specified. The Trustee shall Servicer will give such notice to each Rating Agency at the time such notice is given to Certificateholders. In the event such notice is given, the Servicer shall cause all funds in the Certificate Account to be remitted to the Trustee for deposit in the Distribution Account on the Business Day prior to the applicable Distribution Date in an amount equal to the final distribution in respect of the Certificates. Upon such final deposit with respect to the Trust Fund and the receipt by the Trustee of a Request for Release therefor, the Trustee shall promptly release to the Servicer the Mortgage Files for the Mortgage Loans. Upon presentation and surrender of the Certificates, the Trustee shall cause to be distributed to the Certificateholders of each Class, in each case on the final Distribution Date and in the order set forth in Section 4.02, in the case of the Certificateholders, in proportion to their respective Percentage Interests, with respect to Certificateholders of the same Class, an amount equal to (i) as to each Class of Regular Certificates, the Certificate Balance thereof plus accrued interest thereon (or on their Notional Amount, if applicable) in the case of an interest-interest bearing Certificate and (ii) as to the Residual Certificates, the amount, if any, which remains on deposit in the Collection Accounts Distribution Account (other than the amounts retained to meet claims) after application pursuant to clause (i) above. In the event that any affected Certificateholders shall not surrender Certificates for cancellation within six months after the date specified in the above mentioned written notice, the Trustee shall give a second written notice to the remaining Certificateholders to surrender their Certificates for cancellation and receive the final distribution with respect thereto. If within six months after the second notice all the applicable Certificates shall not have been surrendered for cancellation, the Trustee may take appropriate steps, or may appoint an agent to take appropriate steps, to contact the remaining Certificateholders concerning surrender of their Certificates, and the cost thereof shall be paid out of the funds and other assets which remain a part of the Trust Fund. If within one year after the second notice all Certificates shall not have been surrendered for cancellation, the Class A-R Certificateholders shall be entitled to all unclaimed funds and other assets of the Trust Fund which remain subject hereto and the Trustee shall be discharged from all further liability with respect to the Certificates and this Agreementhereto.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Washington Mutual Home Loan CHL Mort Pas THR Trust 2001 Hyb1)
Final Distribution on the Certificates. If on any Determination Remittance Date, the Trustee Servicer determines that there are no Outstanding Mortgage Loans and no other funds or assets in the Trust Fund other than the funds in the Collection Accounts and Certificate Account, the Servicer shall direct the Trustee shall and the Trust Administrator promptly to send a final distribution notice Notice of Final Distribution to each Certificateholder. If the Optional Termination Holder above Servicer elects to terminate the Trust Fund pursuant to clause (a) of Section 9.01, at least 20 days prior to the date notice the Notice of Final Distribution is to be mailed to the affected Certificateholders such Person Certificateholders, the Depositor shall notify the Servicers Servicer, the Trustee and the Trustee Trust Administrator of the date the Depositor intends to terminate the Trust Fund and of the applicable repurchase price of the Mortgage Loans and REO Properties. Fremont 2005-A Pooling & Servicing Agreement give such Notice of any termination of the Trust Fund, specifying the Final Distribution Date on which Certificateholders shall surrender their Certificates for payment of the final distribution and cancellation, shall be given promptly by the Trustee by letter to Certificateholders mailed not earlier than the 10th day and not later than the 15th day of the month next preceding the month of such final distribution. Any such notice shall specify (a) the Distribution Date upon which final distribution on the Certificates will be made upon presentation and surrender of Certificates at the office therein designated, (b) the amount of such final distribution, (c) the location of the office or agency at which such presentation and surrender must be made, and (d) that the Record Date otherwise applicable to such Distribution Date is not applicable, distributions being made only upon presentation and surrender of the Certificates at the office therein specified. The Trustee shall give such notice to each Rating Agency at the time such notice Notice of Final Distribution is given to Certificateholders. In the event such Notice of Final Distribution is given, the Servicer shall cause all funds in the Collection Account to be remitted to the Trust Administrator for deposit in the Distribution Account on the Business Day prior to the applicable Distribution Date in an amount equal to the final distribution in respect of the Certificates. Upon such final deposit with respect to the Trust Fund and the receipt by the Trustee or the Trust Administrator of a Request for Release therefor, the Trustee or the Trust Administrator shall promptly release to the Depositor or its designee the Custodial Files for the Mortgage Loans. Upon presentation and surrender of the Certificates, the Trustee Trust Administrator shall cause to be distributed to the Certificateholders of each ClassClass (after reimbursement of all amounts due to the Servicer, the Depositor, the Master Servicer, the Trust Administrator and the Trustee hereunder), in each case on the final Distribution Date and in the order set forth in Section 4.02, in the case of the Certificateholders, in proportion to their respective Percentage Interests, with respect to Certificateholders of the same Class, an amount up to an amount equal to (i) as to each Class of Regular Certificates (except the Class C Certificates), the Certificate Balance thereof plus for each such Class and the Class C Certificates accrued interest thereon (or on their Notional Amount, if applicable) in the case of an interest-bearing Certificate and all other amounts to which such Classes are entitled pursuant to Section 4.02, (ii) as to the Residual Certificates, the amount, if any, which remains on deposit in the Collection Accounts Distribution Account (other than the amounts retained to meet claims) after application pursuant to clause (i) above. In the event that any affected Certificateholders shall not surrender Certificates for cancellation within six months after the date specified in the above above-mentioned written notice, the Trustee Trust Administrator shall give a second written notice to the remaining Certificateholders to surrender their Certificates for cancellation and receive the final distribution with respect thereto. If within six months after the second notice all the applicable Certificates shall not have been surrendered for cancellation, the Trustee may take appropriate steps, or may appoint an agent to take appropriate steps, to contact the remaining Certificateholders concerning surrender of their Certificates, and the cost thereof shall be paid out of the funds and other assets which remain a part of the Trust Fund. If within one year after the second notice all Certificates shall not have been surrendered for cancellation, the Holders of the Class A-R Certificateholders Certificates shall be entitled to all unclaimed funds and other assets of the Trust Fund which remain subject hereto and the Trustee shall be discharged from all further liability with respect to the Certificates and this Agreementhereto.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Fremont Mortgage Securities Corp)