Maintenance of the Rounding Accounts; Collections Thereunder. On or prior to the Closing Date, the Trustee shall establish the Class II-A-7 and Class II-A-8 Rounding Accounts, and DLJ shall deposit $999.99 in each such Rounding Account. The Master Servicer shall maintain such accounts to provide, if needed, the applicable Rounding Amount on any Distribution Date. For each Class of Special Retail Certificates, on the first Distribution Date with respect to which the Master Servicer determines that principal is required to be distributed to such Class pursuant to Section 4.05(a)(ii), and the aggregate amount of such principal is not an amount equal to an integral multiple of $1,000, the Master Servicer shall notify the Trustee by Noon New York City time two Business Days prior to such Distribution Date of the applicable Rounding Amount, and the Trustee shall withdraw such Rounding Amount from the applicable Rounding Account. On each succeeding Distribution Date, prior to the earlier of (i) the Group D-B Credit Support Depletion Date and (ii) the date on which any loss is allocated to such Class of Special Retail Certificates or its Corresponding Class by Pro Rata Allocation, with respect to which the Master Servicer determines that principal is required to be distributed to such Class pursuant to Section 4.05(a)(ii), the aggregate amount of such principal will be applied first to repay to the applicable Rounding Account any funds withdrawn from such Rounding Account on prior Distribution Dates which have not been repaid. If the remainder of such aggregate amount of principal is not an amount equal to an integral multiple of $1,000, the Master Servicer shall notify the Trustee by Noon New York City time two Business Days prior to such Distribution Date of the applicable Rounding Amount, and the Trustee shall withdraw from the applicable Rounding Account, to the extent funds are available therein, the amount so notified by the Master Servicer. Any amounts withdrawn by the Trustee from any Rounding Account shall be deposited in the Certificate Account for distribution to the Holders of the applicable Class of Special Retail Certificates as described in the immediately preceding paragraph (and shall be deemed to have been distributed to the Class II-A-7-L or Class II-A-8-L Regular Interest, as applicable, and deposited for its benefit into the Certificate Account in accordance with Section 4.04(i)). Amounts on deposit in the Rounding Accounts shall not be invested. On the first Distribution Date after the earliest of (i) the Group D-B Credit Support Depletion Date, (ii) the date on which any loss is allocated to the Special Retail Certificates or their Corresponding Classes by Pro Rata Allocation and (iii) the date on which the applicable Class Principal Balance of such Class of Special Retail Certificates has been reduced to zero, the Trustee shall remit any amounts then remaining on deposit in the applicable Rounding Account or Accounts to the Holders of the Class R-2 Certificates.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (PNC Mortgage Securities Corp Mort Pass Thru Cert Ser 2000 4)
Maintenance of the Rounding Accounts; Collections Thereunder. On or prior to the Closing Date, the Trustee shall establish the Class I-A-5, Class II-A-7 A-13, Class II-A-14, Class II-A-20, Class II-A-23, Class II-A-24, Class II-A-26, Class II-A-28, Class II-A-30 and Class II-A-8 A-32 Rounding Accounts, and DLJ the Underwriter shall deposit $999.99 in each such Rounding Account. The Master Servicer shall maintain such accounts to provide, if needed, the applicable Rounding Amount on any Distribution Date. For each Class of Special Retail Certificates, on the first Distribution Date with respect to which the Master Servicer determines that principal is required to be distributed to such Class pursuant to Section 4.05(a)(ii), and the aggregate amount of such principal is not an amount equal to an integral multiple of $1,000, the Master Servicer shall notify the Trustee by Noon New York City time two Business Days prior to such Distribution Date of the applicable Rounding Amount, and the Trustee shall withdraw such Rounding Amount from the applicable Rounding Account. On each succeeding Distribution Date, prior to the earlier of (i) the Group D-B Credit Support Depletion Date and (ii) the date on which any loss is allocated to such Class of Special Retail Certificates or its Corresponding Class by Pro Rata Allocation, with respect to which the Master Servicer determines that principal is required to be distributed to such Class pursuant to Section 4.05(a)(ii), the aggregate amount of such principal will be applied first to repay to the applicable Rounding Account any funds withdrawn from such Rounding Account on prior Distribution Dates which have not been repaid. If the remainder of such aggregate amount of principal is not an amount equal to an integral multiple of $1,000, the Master Servicer shall notify the Trustee by Noon New York City time two Business Days prior to such Distribution Date of the applicable Rounding Amount, and the Trustee shall withdraw from the applicable Rounding Account, to the extent funds are available therein, the amount so notified by the Master Servicer. Any amounts withdrawn by the Trustee from any Rounding Account shall be deposited in the Certificate Account for distribution to the Holders of the applicable Class of Special Retail Certificates as described in the immediately preceding paragraph (and shall be deemed to have been distributed to the Class I-A-5-L, Class II-A-7A-13-L, Class II-A-14-L, Class II-A-20-L, Class II-A-23-L, Class II-A-24-L, Class II-A-26-L, Class II-A-28-L, Class II-A-30-L or Class II-A-8A-32-L Regular Interest, as applicable, and deposited for its benefit into the Certificate Account in accordance with Section 4.04(i4.04(ii)). Amounts on deposit in the Rounding Accounts shall not be invested. On the first Distribution Date after the earliest of (i) the Group D-B Credit Support Depletion Date, (ii) the date on which any loss is allocated to the Special Retail Certificates or their Corresponding Classes by Pro Rata Allocation and (iii) the date on which the applicable Class Principal Balance of such Class of Special Retail Certificates has been reduced to zero, the Trustee shall remit any amounts then remaining on deposit in the applicable Rounding Account or Accounts to the Holders of the Class R-2 Certificates.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Washington Mutual Mor Sec Corp Mor Pass Thru Cert Ser 2001-4)
Maintenance of the Rounding Accounts; Collections Thereunder. On or prior to the Closing Date, the Trustee shall establish the Class III-A-3, Class I-A-8, Class I-A-9, Class I-A-10, Class I-A-11, Class I-A-15, Class I-A-25, Class IV-A-6 and Class IV-A-7 and Class II-A-8 Rounding AccountsAccount, and DLJ shall deposit $999.99 in each such Rounding Account. The Master Servicer shall maintain such accounts to provide, if needed, the applicable Rounding Amount on any Distribution Date. For each Class of Special Retail Certificates, on the first Distribution Date with respect to which the Master Servicer determines that principal is required to be distributed to such Class pursuant to clause (a)(ii) and/or (in the case of the Class IV-A- 6 or Class IV-A-7 Certificates) clause (a)(iii) of Section 4.05(a)(ii)4.04, and the aggregate amount of such principal is not an amount equal to an integral multiple of $1,000, the Master Servicer shall notify the Trustee by Noon New York City time two Business Days prior to such Distribution Date of the applicable Rounding Amount, and the Trustee shall withdraw such Rounding Amount from the applicable Rounding Account. On each succeeding Distribution Date, prior to the earlier of (i) the Group D-B related Credit Support Depletion Date and (ii) the date on which any loss is allocated to such Class of Special Retail Certificates or its Corresponding Class by Pro Rata Allocation, with respect to which the Master Servicer determines that principal is required to be distributed to such Class pursuant to clause (a)(ii) and/or (in the case of the Class IV-A-6 or Class IV-A-7 Certificates) clause (a)(iii) of Section 4.05(a)(ii)4.04, the aggregate amount of such principal will be applied first to repay to the applicable Rounding Account any funds withdrawn from such the applicable Rounding Account on prior Distribution Dates which have not been repaid. If the remainder of such aggregate amount of principal is not an amount equal to an integral multiple of $1,000, the Master Servicer shall notify the Trustee by Noon New York City time two Business Days prior to such Distribution Date of the applicable Rounding Amount, and the Trustee shall withdraw from the applicable Rounding Account, to the extent funds are available therein, the amount so notified by the Master Servicer. Any amounts withdrawn by the Trustee from any Rounding Account shall be deposited in the Certificate Account for distribution to the Holders of the applicable Class of Special Retail Certificates as described in the immediately preceding paragraph (and shall be deemed to have been distributed to the Class II-A-7-L or U Regular Interests and the Class II-A-8-L Z-2 Regular InterestInterests, as applicable, and deposited for its their benefit into the Certificate Account in accordance with Section 4.04(i4.01(i)). Amounts on deposit in the Rounding Accounts shall not be invested. On the first Distribution Date after the earliest of (i) the Group D-B Credit Support Depletion Date, (ii) the date on which any loss is allocated to the Special Retail Certificates or their Corresponding Classes by Pro Rata Allocation and (iii) the date on which the applicable Class Principal Balance of such Class of Special Retail Certificates has been reduced to zero, the Trustee shall remit any amounts then remaining on deposit in the applicable Rounding Account or Accounts to the Holders of the Class R-2 Certificates.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (PNC Mortgage Securities Corp)
Maintenance of the Rounding Accounts; Collections Thereunder. On or prior to the Closing Date, the Trustee shall establish the Class II-A-7 and A-4, Class II-A-8 and Class III-A-5 Rounding Accounts, and DLJ shall deposit $999.99 in each such Rounding Account. The Master Servicer shall maintain such accounts to provide, if needed, the applicable Rounding Amount on any Distribution Date. For each Class of Special Retail Certificates, on the first Distribution Date with respect to which the Master Servicer determines that principal is required to be distributed to such Class pursuant to Section 4.05(a)(ii4.04(a)(ii), and the aggregate amount of such principal is not an amount equal to an integral multiple of $1,000, the Master Servicer shall notify the Trustee by Noon New York City time two Business Days prior to such Distribution Date of the applicable Rounding Amount, and the Trustee shall withdraw such Rounding Amount from the applicable Rounding Account. On each succeeding Distribution Date, prior to the earlier of (i) the Group DC-B Credit Support Depletion Date and (ii) the date on which any loss is allocated to such Class of Special Retail Certificates or its Corresponding Class by Pro Rata Allocation, with respect to which the Master Servicer determines that principal is required to be distributed to such Class pursuant to Section 4.05(a)(ii4.04(a)(ii), the aggregate amount of such principal will be applied first to repay to the applicable Rounding Account any funds withdrawn from such Rounding Account on prior Distribution Dates which have not been repaid. If the remainder of such aggregate amount of principal is not an amount equal to an integral multiple of $1,000, the Master Servicer shall notify the Trustee by Noon New York City time two Business Days prior to such Distribution Date of the applicable Rounding Amount, and the Trustee shall withdraw from the applicable Rounding Account, to the extent funds are available therein, the amount so notified by the Master Servicer. Any amounts withdrawn by the Trustee from any Rounding Account shall be deposited in the Certificate Account for distribution to the Holders of the applicable Class of Special Retail Certificates as described in the immediately preceding paragraph (and shall be deemed to have been distributed to the Class II-A-7-L or Class II-A-8-L Regular Interest, as applicable, and deposited for its benefit into the Certificate Account in accordance with Section 4.04(i)). Amounts on deposit in the Rounding Accounts shall not be invested. On the first Distribution Date after the earliest of (i) the Group D-B Credit Support Depletion Date, (ii) the date on which any loss is allocated to the Special Retail Certificates or their Corresponding Classes by Pro Rata Allocation and (iii) the date on which the applicable Class Principal Balance of such Class of Special Retail Certificates has been reduced to zero, the Trustee shall remit any amounts then remaining on deposit in the applicable Rounding Account or Accounts to the Holders of the Class R-2 Certificatesparagraph.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (PNC Mortgage Securities Corp Mort Pass THR Cert Ser 1999-9)