Monthly Statements to Certificateholders. (a) Not later than each Distribution Date, the Trustee shall make available to each Certificateholder, the Servicers, the Depositor and each Rating Agency a statement setting forth with respect to the related distribution: (i) the actual Distribution Date, the related Record Date, the Interest Accrual Period(s) for each Class for such Distribution Date and the LIBOR Determination Date for such Interest Accrual Period; (ii) the amount of Available Funds; (iii) the amount of Available Funds allocable to principal, the Principal Remittance Amount (separately identifying the components thereof) and the Principal Distribution Amount (separately identifying the components thereof); (iv) the amount of Available Funds allocable to interest and each Interest Remittance Amount; (v) the amount of any Unpaid Interest Amount for each Class included in such distribution and any remaining Unpaid Interest Amounts after giving effect to such distribution, any Basis Risk CarryForward Amount for each Class and the amount of such Basis Risk CarryForward Amount covered by withdrawals from the Excess Reserve Fund Account on such Distribution Date; (vi) if the distribution to the Holders of such Class of Certificates is less than the full amount that would be distributable to such Holders if there were sufficient funds available therefor, the amount of the shortfall and the allocation of the shortfall as between principal and interest, including any Basis Risk CarryForward Amount not covered by amounts in the Excess Reserve Fund Account; (vii) the Class Certificate Balance of each Class of Certificates before and after giving effect to the distribution of principal on such Distribution Date; (viii) the Pool Stated Principal Balance for the Distribution Date; (ix) the amount of the Expense Fees paid to or retained by the Servicers and the Trustee (stated separately and in the aggregate) with respect to such Distribution Date; (x) the Pass-Through Rate for each such Class of Certificates with respect to such Distribution Date; (xi) the amount of P&I Advances included in the distribution on such Distribution Date reported by the Servicers (and the Trustee as successor Servicer and any other successor Servicer, if applicable) as of the close of business on the Determination Date immediately preceding such Distribution Date; (xii) the number and aggregate outstanding principal balances of Mortgage Loans (1) as to which the Scheduled Payment is delinquent 31 to 60 days, 61 to 90 days and 91 or more days, (2) that have become REO Property, (3) that are in foreclosure and (4) that are in bankruptcy, in each case as of the close of business on the last Business Day of the immediately preceding month; (xiii) with respect to any Mortgage Loans that became REO Properties during the preceding calendar month, the aggregate number of such Mortgage Loans and the aggregate Stated Principal Balance of such Mortgage Loans as of the close of business on the last Business Day of the immediately preceding month; (xiv) the total number and outstanding principal balance of any REO Properties (and market value, if available) as of the close of business on the last Business Day of the immediately preceding month; (xv) whether a Trigger Event has occurred and is continuing (including the calculation demonstrating the existence of the Trigger Event; (xvi) the amount on deposit in the Excess Reserve Fund Account (after giving effect to distributions on such Distribution Date); (xvii) in the aggregate and for each Class of Certificates, the aggregate amount of Applied Realized Loss Amounts incurred during the preceding calendar month and aggregate Applied Realized Loss Amounts through such Distribution Date; (xviii) the amount of any Net Monthly Excess Cash Flow on such Distribution Date and the allocation of it to the Certificateholders with respect to Unpaid Interest Amounts, Unpaid Realized Loss Amounts or Basis Risk CarryForward Amounts; (xix) the amount of any Net Swap Payments, Net Swap Receipts, Swap Termination Payments or Defaulted Swap Termination Payments; (xx) the calculations of LIBOR and Swap LIBOR; (xxi) the Subordinated Amount and Specified Subordinated Amount; (xxii) Prepayment Charges collected or paid (pursuant to Section 3.07(a)) by the Servicers; (xxiii) the Cumulative Loss Percentage and the aggregate amount of Realized Losses used to calculate the Cumulative Loss Percentage; (xxiv) the amount distributed on the Class X Certificates; (xxv) the amount of any Subsequent Recoveries for such Distribution Date; (xxvi) the Pre-Funded Amount as of the end of the prior Due Period; (xxvii) the amount of any principal prepayment on the Certificates resulting from the application of unused moneys in the Pre-Funding Account; and (xxviii) the number of Mortgage Loans at the end of the applicable reporting period, the pool factor (being the Stated Principal Balance of the Mortgage Loans for the related Distribution Date divided by the Cut-off Date Principal Balance), and the weighted average interest rate, and weighted average remaining term; In addition, each Form 10-D prepared and filed by the Trustee pursuant to Section 8.12 shall include the following information with respect to the related distribution: (i) material breaches of Mortgage Loan representations and warranties under this Agreement of which the Trustee has actual knowledge or has received written notice; and (ii) material breaches of any covenants under this Agreement of which the Trustee has actual knowledge or received written notice. (b) The Trustee's responsibility for providing the above statement to the Certificateholders, each Rating Agency and the Depositor is limited, if applicable, to the availability, timeliness and accuracy of the information derived from the Servicers and the Swap Provider. The Trustee shall make available the above statement via the Trustee's internet website. The Trustee's website will initially be located at https://www.tss.db.com/invr and assistance in using the website can be xxxxxxxx xx xxxxxxx xxx Xxxstee's investor relations desk at 1-800-735-7777. Parties that are unable to use the website are entitled xx xxxx x xxxer copy mailed to them via first class mail by calling the investor relations desk and indicating such. The Trustee may change the way the monthly statements to Certificateholders are distributed in order to make such distribution more convenient and/or more accessible to the above parties and the Trustee shall provide timely and adequate notification to all above parties regarding any such changes. As a condition to access the Trustee's internet website, the Trustee may require registration and the acceptance of a disclaimer. The Trustee will not be liable for the dissemination of information in accordance with this Agreement. The Trustee shall make available to each Analytics Company, either electronically or via the Trustee's internet website, each statement to Certificateholders prepared pursuant to Section 4.03(a). The Trustee (and the applicable Servicer, if such discrepancy results from or arises out of any information provided by the applicable Servicer pursuant to this Agreement) shall cooperate in good faith with the Depositor to reconcile any discrepancies in such statements, and the Trustee shall provide any corrections to such statements to each Analytics Company as soon as reasonably practicable after the related Distribution Date. The Trustee will also be entitled to rely on but shall not be responsible for the content or accuracy of any information provided by third parties for purposes of preparing the monthly statement to Certificateholders and may affix thereto any disclaimer it deems appropriate in its reasonable discretion (without suggesting liability on the part of any other party hereto). (c) Within a reasonable period of time after the end of each calendar year, the Trustee shall cause to be furnished to each Person who at any time during the calendar year was a Certificateholder, a statement containing the information set forth in clauses (a)(i) and (a)(ii) of this Section 4.03 aggregated for such calendar year or applicable portion thereof during which such Person was a Certificateholder. Such obligation of the Trustee shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Trustee pursuant to any requirements of the Code as from time to time in effect. (d) Not later than the Determination Date for each Distribution Date, each Servicer shall furnish to the Trustee, a monthly remittance advice statement (the "Servicer Remittance Report") containing the data fields set forth on Exhibit X attached hereto (in each case, in a format mutually agreed upon by such Servicer and the Trustee) with respect to HomEq, containing the data fields set forth on Exhibit Y attached hereto with respect to Wells Fargo (in each case, in a format mutually agreed upon by such Serxxxxx and the Trustee) and containing the data fields set forth on Exhibit Z attached hereto with respect Countrywide Servicing (in each case, in a format mutually agreed upon by such Servicer and the Trustee) and such information as shall be reasonably requested (i) by the Depositor to enable the Depositor to disclose "static pool information", as required by Item 1105 of Regulation AB, with respect to the Mortgage Loans, and (ii) by the Trustee to enable the Trustee to provide the reports required by Section 4.03(a) as to the accompanying remittance and applicable Due Period and Prepayment Period to which such remittance relates. The Servicer Remittance Report shall, at a minimum, document, on such Determination Date, Mortgage Loan payment activity on an individual Mortgage Loan basis, as follows: (i) with respect to each Scheduled Payment, the amount of such remittance allocable to principal (including a separate breakdown of any Principal Prepayment, including the date of such prepayment, and any Prepayment Charges, received during the related Prepayment Period along with a detailed report of interest on principal prepayment amounts remitted in accordance with Section 3.25); (ii) with respect to each Scheduled Payment, the amount of such remittance allocable to interest; (iii) the amount of servicing compensation received by such Servicer during the prior distribution period; (iv) the individual and aggregate Stated Principal Balance of the Mortgage Loans; (v) the aggregate expenses reimbursed to such Servicer during the prior distribution period pursuant to Section 3.11; and (vi) the number and aggregate outstanding principal balances of Mortgage Loans (a) delinquent 31 to 60 days, 61 to 90 days and 91 or more days; (b) as to which foreclosure or bankruptcy proceedings of the related mortgagor have commenced; and (c) as to which REO Property has been acquired. Concurrently with each delivery of a Servicer Remittance Report to the Trustee, Wells Fargo, acting as a Servicer, shall provide, in a manner consistenx xxxh the preceding paragraph, a supplemental statement (to the extent not previously provided) setting forth information in subclauses (v) and (vi). The Trustee shall promptly forward the Servicer Remittance Report and the related supplemental statement to the Depositor. (e) Notwithstanding anything in Section 4.03(d) to the contrary, the Servicers shall be deemed to have satisfied the requirement to timely deliver the Servicer Remittance Report if such report is received by the Trustee on or prior to the 18th calendar day of such month in which the related Determination Date occurs; provided, however, that if such 18th calendar day is a Sunday or a Monday which is not a Business Day, the Servicers shall be deemed to have satisfied the requirement to timely deliver the Servicer Remittance Report if the Trustee and the Depositor receive such report (i) on the next Business Day succeeding such 18th calendar day, or (ii) on the Business Day immediately preceding such 18th calendar day, if such succeeding Business Day is later than the 20th calendar day of such calendar month. (f) For all purposes of this Agreement, with respect to any Mortgage Loan, delinquencies shall be determined by the Trustee from information provided by the Servicers and reported by the Trustee based on the "OTS" methodology for determining delinquencies on mortgage loans similar to the Mortgage Loans. By way of example, a Mortgage Loan would be delinquent with respect to a Scheduled Payment due on a Due Date if such Scheduled Payment is not made by the close of business on the Mortgage Loan's next succeeding Due Date, and a Mortgage Loan would be more than 30-days Delinquent with respect to such Scheduled Payment if such Scheduled Payment were not made by the close of business on the Mortgage Loan's second succeeding Due Date. Each Servicer hereby represents and warrants to the Depositor that such Servicer is not subject to any delinquency recognition policy established by the primary safety and soundness regulator, if any, of such Servicer, that is more restrictive than the foregoing delinquency recognition policy.
Appears in 3 contracts
Samples: Pooling and Servicing Agreement (Morgan Stanley ABS Capital I Inc. Trust 2006-He5), Pooling and Servicing Agreement (Morgan Stanley ABS Capital I Inc. Trust 2006-He5), Pooling and Servicing Agreement (Morgan Stanley ABS Capital I Inc. Trust 2006-He5)
Monthly Statements to Certificateholders. (a) Not later than each Distribution Date, the Trustee Securities Administrator shall make available to each Certificateholder, the Servicers, the Depositor Depositor, the Master Servicer and each Rating Agency a statement setting forth with respect to the related distribution:
(i) the actual Distribution Date, the related Record Date, the Interest Accrual Period(s) for each Class for such Distribution Date and the LIBOR Determination Date for such Interest Accrual Period;
(ii) the amount of Available Funds;
(iii) the amount of Available Funds allocable to principal, the Principal Remittance Amount (separately identifying the components thereof) and the Principal Distribution Amount (separately identifying the components thereof);
(iv) the amount of Available Funds allocable to interest and each Interest Remittance Amount;
(v) the amount of any Unpaid Interest Amount for each Class included in such distribution and any remaining Unpaid Interest Amounts after giving effect to such distribution, any Basis Risk CarryForward Amount for each Class and the amount of such Basis Risk CarryForward Amount covered by withdrawals from the Excess Reserve Fund Account on such Distribution Date;
(vi) if the distribution to the Holders of such Class of Certificates is less than the full amount that would be distributable to such Holders if there were sufficient funds available therefor, the amount of the shortfall and the allocation of the shortfall as between principal and interest, including any Basis Risk CarryForward Amount not covered by amounts in the Excess Reserve Fund Account;
(vii) the Class Certificate Balance of each Class of Certificates before and after giving effect to the distribution of principal on such Distribution Date;
(viii) the Pool Stated Principal Balance for the Distribution Date;
(ix) the amount of the Expense Fees paid to or retained by the Servicers and the Trustee Securities Administrator and the Master Servicer (stated separately and in the aggregate) with respect to such Distribution Date;
(x) the Pass-Through Rate for each such Class of Certificates with respect to such Distribution Date;
(xi) the amount of P&I Advances included in the distribution on such Distribution Date reported by the Servicers (and the Trustee Master Servicer as successor Servicer and any other successor Servicer, if applicable) as of the close of business on the Determination Date immediately preceding such Distribution Date;
(xii) the number and aggregate outstanding principal balances of Mortgage Loans (1) as to which the Scheduled Payment is delinquent 31 to 60 days, 61 to 90 days and 91 or more days, (2) that have become REO Property, (3) that are in foreclosure and (4) that are in bankruptcy, in each case as of the close of business on the last Business Day of the immediately preceding month;
(xiii) with respect to any Mortgage Loans that became REO Properties during the preceding calendar month, the aggregate number of such Mortgage Loans and the aggregate Stated Principal Balance of such Mortgage Loans as of the close of business on the last Business Day of the immediately preceding month;
(xiv) the total number and outstanding principal balance of any REO Properties (and market value, if available) as of the close of business on the last Business Day of the immediately preceding month;
(xv) whether a Trigger Event has occurred and is continuing (including the calculation demonstrating the existence of the Trigger Event);
(xvi) the amount on deposit in the Excess Reserve Fund Account (after giving effect to distributions on such Distribution Date);
(xvii) in the aggregate and for each Class of Certificates, the aggregate amount of Applied Realized Loss Amounts incurred during the preceding calendar month and aggregate Applied Realized Loss Amounts through such Distribution Date;
(xviii) the amount of any Net Monthly Excess Cash Flow on such Distribution Date and the allocation of it to the Certificateholders with respect to Unpaid Interest Amounts, Unpaid Realized Loss Amounts or Basis Risk CarryForward Amounts;
(xix) the amount of any Net Swap Payments, Net Swap Receipts, Swap Termination Payments or Defaulted Swap Termination Payments;
(xx) the calculations of LIBOR and Swap LIBOR;
(xxi) the Subordinated Amount and Specified Subordinated Amount;
(xxii) Prepayment Charges collected or paid (pursuant to Section 3.07(a)) by the Servicers;
(xxiii) the Cumulative Loss Percentage and the aggregate amount of Realized Losses used to calculate the Cumulative Loss Percentage;
(xxiv) the amount distributed on the Class X Certificates;
(xxv) the amount of any Subsequent Recoveries for such Distribution Date;
(xxvi) the Pre-Funded Amount as of the end of the prior Due Period;
(xxvii) the amount of any principal prepayment on the Certificates resulting from the application of unused moneys in the Pre-Funding Account; and
(xxviii) the number of Mortgage Loans at the end of the applicable reporting period, the pool factor (being the Stated Principal Balance of the Mortgage Loans for the related Distribution Date divided by the Cut-off Date Principal Balance), and the weighted average interest rate, and weighted average remaining term; and
(xxvii) the Interest Rate Cap Payment, if any, for such Distribution Date. In addition, each Form 10-D prepared and filed by the Trustee Securities Administrator pursuant to Section 8.12 shall include the following information with respect to the related distribution:distribution (including to the extent such information is provided by the Trustee to the Securities Administrator):
(i) material breaches of Mortgage Loan representations and warranties under this Agreement of which the Trustee Securities Administrator has actual knowledge or has received written notice; and
(ii) material breaches of any covenants under this Agreement of which the Trustee Securities Administrator has actual knowledge or received written notice.; provided that, if the Securities Administrator receives written notice of the events described in (i) and/or (ii) above from any Servicer, such Servicer shall be responsible for providing information to the Securities Administrator for inclusion in the applicable Form 10-D.
(b) The TrusteeSecurities Administrator's responsibility for providing the above statement to the Certificateholders, each Rating Agency Agency, the Master Servicer and the Depositor is limited, if applicable, to the availability, timeliness and accuracy of the information derived from the Servicers Servicers, the Master Servicer and the Swap Provider. The Trustee Securities Administrator shall make available the above statement via the TrusteeSecurities Administrator's internet website. The TrusteeSecurities Administrator's website will initially be located at https://www.tss.db.com/invr http://www.ctslink.com and assistance in using the website can be xxxxxxxx obtaixxx xx xxxxxxx xxx XxxsteeXxxurities Administrator's investor relations customer service desk at 1-800866-735846-77774526. Parties that are unable to use the website are entitled xx xxxx x xxxer to have a paper copy mailed to them via first class mail by calling the investor relations customer service desk and indicating such. The Trustee Securities Administrator may change the way the monthly statements to Certificateholders are distributed in order to make such distribution more convenient and/or more accessible to the above parties and the Trustee Securities Administrator shall provide timely and adequate notification to all above parties regarding any such changes. As a condition to access the Trustee's internet website, the Trustee may require registration and the acceptance of a disclaimer. The Trustee Securities Administrator will not be liable for the dissemination of information in accordance with this Agreement. The Trustee Securities Administrator shall make available to each Analytics Company, either electronically or via the TrusteeSecurities Administrator's internet website, each statement to Certificateholders prepared pursuant to Section 4.03(a). The Trustee Securities Administrator (and the applicable Servicer, if such discrepancy results from or arises out of any information provided by the applicable Servicer pursuant to this Agreement) shall cooperate in good faith with the Depositor to reconcile any discrepancies in such statements, and the Trustee Securities Administrator shall provide any corrections to such statements to each Analytics Company as soon as reasonably practicable after the related Distribution Date. The Trustee Securities Administrator will also be entitled to rely on but shall not be responsible for the content or accuracy of any information provided by third parties for purposes of preparing the monthly statement to Certificateholders and may affix thereto any disclaimer it deems appropriate in its reasonable discretion (without suggesting liability on the part of any other party hereto).
(c) Within a reasonable period of time after the end of each calendar year, the Trustee Securities Administrator shall cause to be furnished to each Person who at any time during the calendar year was a Certificateholder, a statement containing the information set forth in clauses (a)(i) and (a)(ii) of this Section 4.03 aggregated for such calendar year or applicable portion thereof during which such Person was a Certificateholder. Such obligation of the Trustee Securities Administrator shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Trustee Securities Administrator pursuant to any requirements of the Code as from time to time in effect.
(d) Not The Securities Administrator shall be entitled to rely on information provided by third parties for purposes of preparing the foregoing report, but shall not be responsible for the accuracy of such information.
(e) No later than the Determination Date for 18th day of each Distribution Datemonth, or if such date is not a Business Day, the next succeeding Business Day (but in no event later than the 20th day of each month), each Servicer shall furnish to the TrusteeMaster Servicer, a monthly remittance advice statement (the "Servicer Remittance Report") containing the data fields set forth on Exhibit X attached hereto (in each case, in a format mutually agreed upon by such Servicer and the Trustee) with respect to HomEq, containing the data fields set forth on Exhibit Y attached hereto with respect to Wells Fargo (in each case, in a format mutually agreed upon by such Serxxxxx and the Trustee) and containing the data fields set forth on Exhibit Z X-1 attached hereto with respect in the case of Saxon, or Exhibit X-2 attached hereto in the case of Countrywide Servicing (Servicing, or in each case, in a such other format or containing such other data fields mutually agreed upon by such the applicable Servicer and the Trustee) Master Servicer, and such information as shall be reasonably requested (i) by the Depositor to enable the Depositor to disclose "static pool information", as required by Item 1105 of Regulation AB, with respect to the Mortgage Loans, and (ii) by the Trustee Master Servicer to enable the Trustee Securities Administrator to provide the reports required by Section 4.03(a) as to the accompanying remittance and applicable Due Period and Prepayment Period to which such remittance relates. The Servicer Remittance Report shall, at a minimum, document, on such Determination Date, Mortgage Loan payment activity on an individual Mortgage Loan basis, as follows:
(i) with respect to each Scheduled Payment, the amount of such remittance allocable to principal (including a separate breakdown of any Principal Prepayment, including the date of such prepayment, and any Prepayment Charges, received during the related Prepayment Period along with a detailed report of interest on principal prepayment amounts remitted in accordance with Section 3.25);
(ii) with respect to each Scheduled Payment, the amount of such remittance allocable to interest;
(iii) the amount of servicing compensation received by such Servicer during the prior current distribution period;
(iv) the individual and aggregate Stated Principal Balance of the Mortgage Loans;
(v) the aggregate expenses reimbursed to such Servicer during the prior distribution period pursuant to Section 3.11; and
(vi) the number and aggregate outstanding principal balances of Mortgage Loans (a) delinquent 31 to 60 days, 61 to 90 days and 91 or more days; (b) as to which foreclosure or bankruptcy proceedings of the related mortgagor have commenced; and (c) as to which REO Property has been acquired. Concurrently with each delivery of a The Master Servicer Remittance Report to the Trustee, Wells Fargo, acting as a Servicer, shall provide, in a manner consistenx xxxh the preceding paragraph, a supplemental statement (to the extent not previously provided) setting forth information in subclauses (v) and (vi). The Trustee shall promptly forward make available the Servicer Remittance Report and the related supplemental statement to the Depositor.
(e) Notwithstanding anything in Section 4.03(d) to the contrary, the Servicers shall be deemed to have satisfied the requirement to timely deliver the Servicer Remittance Report if such report is received by the Trustee on or prior to the 18th calendar day of such month in which the related Determination Date occurs; provided, however, that if such 18th calendar day is a Sunday or a Monday which is not a Business Day, the Servicers shall be deemed to have satisfied the requirement to timely deliver the Servicer Remittance Report if the Trustee Depositor and the Depositor receive such report (i) on the next Business Day succeeding such 18th calendar day, or (ii) on the Business Day immediately preceding such 18th calendar day, if such succeeding Business Day is later than the 20th calendar day of such calendar monthSecurities Administrator.
(f) [Reserved].
(g) For all purposes of this Agreement, with respect to any Mortgage Loan, delinquencies shall be determined by the Trustee Securities Administrator from information provided by the Servicers and reported by the Trustee Securities Administrator based on the "OTS" methodology for determining delinquencies on mortgage loans similar to the Mortgage Loans. By way of example, a Mortgage Loan would be delinquent with respect to a Scheduled Payment due on a Due Date if such Scheduled Payment is not made by the close of business on the Mortgage Loan's next succeeding Due Date, and a Mortgage Loan would be more than 30-days Delinquent with respect to such Scheduled Payment if such Scheduled Payment were not made by the close of business on the Mortgage Loan's second succeeding Due Date. Each Servicer hereby represents and warrants to the Depositor that such Servicer is not subject to any delinquency recognition policy established by the primary safety and soundness regulator, if any, of such Servicer, that is more restrictive than the foregoing delinquency recognition policy.
Appears in 3 contracts
Samples: Pooling and Servicing Agreement (Morgan Stanley ABS Capital I Inc. Trust 2007-Nc2), Pooling and Servicing Agreement (Morgan Stanley ABS Capital I Inc. Trust 2007-Nc2), Pooling and Servicing Agreement (Morgan Stanley ABS Capital I Inc. Trust 2007-Nc3)
Monthly Statements to Certificateholders. (a) Not later than each Distribution Date, the Trustee Securities Administrator shall make available to each Certificateholder, the Servicers, the Depositor and each Rating Agency a statement setting forth with respect to the related distribution:
(i) the actual Distribution Date, the related Record Date, the Interest Accrual Period(s) for each Class for such Distribution Date and the LIBOR Determination Date for such Interest Accrual Period;
(ii) the amount of Available Funds;
(iii) the amount of Available Funds allocable to principal, the Principal Remittance Amount (separately identifying the components thereof) and the Principal Distribution Amount (separately identifying and the components calculation thereof);
(iv) the amount of Available Funds allocable to interest and each Interest Remittance Amount;
(v) the amount of any Unpaid Interest Amount for each Class included in such distribution and any remaining Unpaid Interest Amounts after giving effect to such distribution, any Basis Risk CarryForward Amount for each Class and the amount of such Basis Risk CarryForward Amount covered by withdrawals from the Excess Reserve Fund Account on such Distribution Date;
(vi) if the distribution to the Holders of such Class of Certificates is less than the full amount that would be distributable to such Holders if there were sufficient funds available therefor, the amount of the shortfall and the allocation of the shortfall as between principal and interest, including any Basis Risk CarryForward Amount not covered by amounts in the Excess Reserve Fund Account;
(vii) the Class Certificate Balance of each Class of Certificates before and after giving effect to the distribution of principal on such Distribution Date;
(viii) the Pool Stated Principal Balance for the Distribution Date;
(ix) the amount of the Expense Fees paid to or retained by the Servicers Servicers, the Securities Administrator and the Trustee Custodians (stated separately and in the aggregate) with respect to such Distribution Date, in each case, identifying the general purpose of such fees;
(x) the Pass-Through Rate for each such Class of Certificates with respect to such Distribution Date;
(xi) the amount of P&I Advances included in the distribution on such Distribution Date reported by the Servicers (and the Trustee as successor Servicer servicer and any other successor Servicerservicer, if applicable) as of the close of business on the Determination Date immediately preceding such Distribution Date;
(xii) the number and aggregate outstanding principal balances of Mortgage Loans (1) as to which the Scheduled Payment is delinquent 31 to 60 days, 61 to 90 days and 91 or more days, (2) that have become REO Property, (3) that are in foreclosure and (4) that are in bankruptcy, in each case as of the close of business on the last Business Day of the immediately preceding month;
(xiii) with respect to any Mortgage Loans that became REO Properties during the preceding calendar month, the aggregate number of such Mortgage Loans and the aggregate Stated Principal Balance of such Mortgage Loans as of the close of business on the last Business Day of the immediately preceding monthmonth and month and year of acquisition of such REO Properties;
(xiv) the total number and outstanding principal balance of any REO Properties (and market value, if available) as of the close of business on the last Business Day of the immediately preceding month;
(xv) whether a Trigger Event has occurred and is continuing (including the calculation demonstrating the existence of the Trigger Event;
(xvi) the amount on deposit in the Excess Reserve Fund Account (after giving effect to distributions on such Distribution Date);
(xvii) in the aggregate and for each Class of Certificates, the aggregate amount of Applied Realized Loss Amounts incurred during the preceding calendar month and aggregate Applied Realized Loss Amounts through such Distribution Date;
(xviii) the amount of any Net Monthly Excess Cash Flow on such Distribution Date and the allocation of it to the Certificateholders with respect to Unpaid Interest Amounts, Unpaid Realized Loss Amounts or Basis Risk CarryForward Amounts;
(xix) the amount of any Net Swap Payments, Net Swap Receipts, Swap Termination Payments or Defaulted Swap Termination Payments;
(xx) the calculations of LIBOR and Swap LIBOR;
(xxi) the Subordinated Amount and Specified Subordinated Amount;
(xxii) Prepayment Charges collected or paid (pursuant to Section 3.07(a)) by the Servicers;
(xxiii) the Cumulative Loss Percentage and the aggregate amount of Realized Losses used to calculate the Cumulative Loss Percentage;
(xxiv) the amount distributed on the Class X Certificates;
(xxv) the amount of any Subsequent Recoveries for such Distribution Date;
(xxvi) the Pre-Funded Amount as of the end of the prior Due Period;
(xxvii) the amount of any principal prepayment on the Certificates resulting from the application of unused moneys in the Pre-Funding Account; and
(xxviiixxvi) the number of Mortgage Loans at the end of the applicable reporting period, the pool factor (being the Stated Principal Balance of the Mortgage Loans for the related Distribution Date divided by the Cut-off Date Principal Balance)factor, and the weighted average interest rate, and weighted average remaining term; In addition, each Form 10-D prepared and filed by the Trustee Securities Administrator pursuant to Section 8.12 shall include the following information with respect to the related distribution:distribution (to the extent such information is provided by the Trustee to the Securities Administrator):
(i) material breaches of Mortgage Loan representations and warranties under this Agreement of which the Trustee Securities Administrator has actual knowledge or has received written notice; and
(ii) material breaches of any covenants under this Agreement of which the Trustee Securities Administrator has actual knowledge or received written notice.
(b) The TrusteeSecurities Administrator's responsibility for providing the above statement to the Certificateholders, each Rating Agency and the Depositor is limited, if applicable, to the availability, timeliness and accuracy of the information derived from the Servicers and the Swap Provider. The Trustee Securities Administrator shall make available the above statement via the TrusteeSecurities Administrator's internet website. The TrusteeSecurities Administrator's website will initially be located at https://www.tss.db.com/invr http://www.ctslink.com and assistance in using the website can be xxxxxxxx obtaixxx xx xxxxxxx xxx XxxsteeXxxurities Administrator's investor relations customer service desk at 1(301) 815-800-735-77776600. Parties that are unable to use the website are entitled xx xxxx x xxxer copy mailed to them via first class mail by calling the investor relations customer service desk and indicating such. The Trustee Securities Administrator may change the way the monthly statements to Certificateholders are distributed in order to make such distribution more convenient and/or more accessible to the above parties and the Trustee Securities Administrator shall provide timely and adequate notification to all above parties regarding any such changes. As a condition to access the Trustee's internet website, the Trustee may require registration and the acceptance of a disclaimer. The Trustee Securities Administrator will not be liable for the dissemination of information in accordance with this Agreement. The Trustee Securities Administrator shall make available to each Analytics Company, either electronically or via the TrusteeSecurities Administrator's internet website, each statement to Certificateholders prepared pursuant to this Section 4.03(a). The Trustee Securities Administrator (and the applicable Servicer, if such discrepancy results from or arises out of any information provided by the applicable such Servicer pursuant to this Agreement) shall cooperate in good faith with the Depositor to reconcile any discrepancies in such statements, and the Trustee Securities Administrator shall provide any corrections to such statements to each Analytics Company as soon as reasonably practicable no more than 10 Business Days after the related Distribution Datesuch discrepancies have been identified and resolved. The Trustee Securities Administrator will also be entitled to rely on but shall not be responsible for the content or accuracy of any information provided by third parties for purposes of preparing the monthly statement to Certificateholders and may affix thereto any disclaimer it deems appropriate in its reasonable discretion (without suggesting liability on the part of any other party hereto).
(c) Within a reasonable period of time after the end of each calendar year, the Trustee Securities Administrator shall cause to be furnished to each Person who at any time during the calendar year was a Certificateholder, a statement containing the information set forth in clauses (a)(i) and (a)(ii) of this Section 4.03 aggregated for such calendar year or applicable portion thereof during which such Person was a Certificateholder. Such obligation of the Trustee Securities Administrator shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Trustee Securities Administrator pursuant to any requirements of the Code as from time to time in effect.
(d) The Securities Administrator shall be entitled to rely on information provided by third parties for purposes of preparing the foregoing report, but shall not be responsible for the accuracy of such information.
(e) Not later than the Determination Date for each Distribution DateDate (and in the case of JPMorgan, not later than three Busienss Days after the end of the related Prepayment Period in the case of any supplemental reporting of Principal Prepayments made during such Prepayment Period) each Servicer shall furnish to the TrusteeSecurities Administrator, a monthly remittance advice statement (the "Servicer Remittance Report") containing the data fields set forth on Exhibit X attached hereto (in each case, in a such format mutually agreed upon by such Servicer and the TrusteeSecurities Administrator) with respect to HomEq, containing the data fields set forth on Exhibit Y attached hereto with respect to Wells Fargo (in each case, in a format mutually agreed upon by such Serxxxxx and the Trustee) and containing the data fields set forth on Exhibit Z attached hereto with respect Countrywide Servicing (in each case, in a format mutually agreed upon by such Servicer and the Trustee) and such information as shall be reasonably requested (i) by the Depositor to enable the Depositor to disclose "static pool information", as required by Item 1105 of Regulation AB, with respect to the Mortgage Loans, and (ii) by the Trustee Securities Administrator to enable the Trustee Securities Administrator to provide the reports required by Section 4.03(a) as to the accompanying remittance and applicable Due Period and Prepayment Period to which such remittance relates. The Servicer Remittance Report shall, at a minimum, document, on such Determination Date, Mortgage Loan payment activity on an individual Mortgage Loan basis, as follows:
(i) with respect to each Scheduled Payment, the amount of such remittance allocable to principal (including a separate breakdown of any Principal Prepayment, including the date of such prepayment, and any Prepayment Charges, received during the related Prepayment Period along with a detailed report of interest on principal prepayment amounts remitted in accordance with Section 3.25);
(ii) with respect to each Scheduled Payment, the amount of such remittance allocable to interest;
(iii) the amount of servicing compensation received by such Servicer during the prior distribution period;; and
(iv) the individual and aggregate Stated Principal Balance of the Mortgage Loans;.
(v) the aggregate expenses reimbursed to such Servicer during the prior distribution period pursuant to Section 3.11; and
(vi) the number and aggregate outstanding principal balances of Mortgage Loans (a) delinquent 31 to 60 days, 61 to 90 days and 91 or more days; (b) as to which foreclosure or bankruptcy proceedings of the related mortgagor have commenced; and (c) as to which REO Property has been acquired. Concurrently with each delivery of a Servicer Remittance Report to the Trustee, Wells Fargo, acting as a Servicer, shall provide, in a manner consistenx xxxh the preceding paragraph, a supplemental statement (to the extent not previously provided) setting forth information in subclauses (v) and (vi). The Trustee shall promptly forward the Servicer Remittance Report and the related supplemental statement to the Depositor.
(ef) Notwithstanding anything in Section 4.03(d4.03(e) to the contrarycontrary (other than any supplemental reports of Principal Prepayments by JPMorgan), the Servicers shall be deemed to have satisfied the requirement to timely deliver the Servicer Remittance Report if such report is received by the Trustee Securities Administrator and the Depositor on or prior to the 18th calendar day of such month in which the related Determination Date occurs; provided, however, that if such 18th calendar day is a Sunday or a Monday which is not a Business Day, the Servicers shall be deemed to have satisfied the requirement to timely deliver the Servicer Remittance Report if the Trustee Securities Administrator and the Depositor receive such report (i) on the next Business Day succeeding such 18th calendar day, or (ii) on the Business Day immediately preceding such 18th calendar day, if such succeeding Business Day is later than the 20th calendar day of such calendar month.
(fg) For all purposes of this Agreement, with respect to any Mortgage Loan, delinquencies shall be determined by the Trustee Securities Administrator from information provided by the Servicers and reported by the Trustee Securities Administrator based on the "OTS" methodology for determining delinquencies on mortgage loans similar to the Mortgage Loans. By way of example, a Mortgage Loan would be delinquent with respect to a Scheduled Payment due on a Due Date if such Scheduled Payment is not made by the close of business on the Mortgage Loan's next succeeding Due Date, and a Mortgage Loan would be more than 30-days Delinquent with respect to such Scheduled Payment if such Scheduled Payment were not made by the close of business on the Mortgage Loan's second succeeding Due Date. Each Servicer hereby represents and warrants to the Depositor that such Servicer is not subject to any delinquency recognition policy established by the primary safety and soundness regulator, if any, of such Servicer, that is more restrictive than the foregoing delinquency recognition policy.
Appears in 3 contracts
Samples: Pooling and Servicing Agreement (Morgan Stanley Capital I Inc. Trust 2006-He2), Pooling and Servicing Agreement (Morgan Stanley Capital I Inc. Trust 2006-He2), Pooling and Servicing Agreement (Morgan Stanley Capital I Inc. Trust 2006-He2)
Monthly Statements to Certificateholders. (a) Not later than each Distribution Date, the Trustee Securities Administrator shall make available to each Certificateholder, the ServicersDepositor, the Depositor Trustee and each Rating Agency a statement based upon the information provided by the Servicers setting forth with respect to the related distribution:
(i) the actual Distribution Dateamount thereof allocable to principal, separately identifying the related Record Dateaggregate amount of any Principal Prepayments, the Interest Accrual Period(s) for each Class for such Distribution Date Insurance Proceeds, Condemnation Proceeds and the LIBOR Determination Date for such Interest Accrual PeriodLiquidation Proceeds included therein;
(ii) the amount of Available Funds;
(iii) the amount of Available Funds thereof allocable to principalinterest, the Principal Remittance Amount (separately identifying the components thereof) and the Principal Distribution Amount (separately identifying the components thereof);
(iv) the amount of Available Funds allocable to interest and each Interest Remittance Amount;
(v) the amount of any Unpaid Interest Amount for each Class included in such distribution and any remaining Unpaid Interest Amounts Amount after giving effect to such distribution, any Basis Risk CarryForward Carry Forward Amount for each Class such Distribution Date and the amount of such all Basis Risk CarryForward Carry Forward Amount covered by withdrawals from the Excess Reserve Fund Account on such Distribution Date;
(viiii) if the distribution to the Holders of such Class of Certificates is less than the full amount that would be distributable to such Holders if there were sufficient funds available therefor, the amount of the shortfall and the allocation of the shortfall thereof as between principal and interest, including any Basis Risk CarryForward Carry Forward Amount not covered by amounts in the Excess Reserve Fund Account;
(viiiv) the Class Certificate Balance of each Class of Certificates before and after giving effect to the distribution of principal on such Distribution Date;
(viiiv) the Pool Stated Principal Balance for the following Distribution Date;
(ixvi) the amount of the Expense Servicing Fees paid to or retained by the Servicers and the Trustee (stated separately and in the aggregate) with respect to such Distribution Date;
(xvii) the amount of any Administrative Fees paid to the Master Servicer or Securities Administrator with respect to such Distribution Date;
(viii) the Pass-Through Rate for each such Class of Certificates with respect to such Distribution Date;
(xiix) the amount of P&I Advances included in the distribution on such Distribution Date and the aggregate amount of Advances reported by the Servicers (and the Trustee as successor Servicer and any other successor Servicer, if applicable) outstanding as of the close of business on the Determination Date immediately preceding such Distribution Date;
(xiix) the number and aggregate outstanding principal balances of Mortgage Loans (1) as to which the Scheduled Monthly Payment is delinquent 31 to 60 days, 61 to 90 days and 91 or more days, (2) that have become REO Property, (3) that are in foreclosure and (4) that are in bankruptcy, in each case as of the close of business on the last Business Day of the immediately preceding month;
(xiiixi) for each of the preceding 12 calendar months, or all calendar months since the related Cut off Date, whichever is less, the aggregate dollar amount of the Monthly Payments (A) due on all Outstanding Mortgage Loans on each of the Due Dates in each such month and (B) delinquent 60 days or more on each of the Due Dates in each such month;
(xii) with respect to any each Mortgage Loans Loan that became an REO Properties Property during the preceding calendar month, the aggregate loan number of such Mortgage Loans and the aggregate Stated Principal Balance of such Mortgage Loans Loan as of the close of business on the last Business Day of the immediately preceding monthmonth prior to such Distribution Date and the date of acquisition thereof;
(xivxiii) the total number and outstanding principal balance of any REO Properties (and market value, if available) as of the close of business on the last Business Day of the immediately preceding monthmonth prior to such Distribution Date;
(xvxiv) whether a Trigger Event has occurred and is continuing (including the calculation demonstrating of thereof and the existence aggregate outstanding balance of the Trigger Eventall 60+ Day Delinquent Mortgage Loans);
(xvixv) the amount on deposit in the Excess Reserve Fund Account (after giving effect to distributions on such Distribution Date);
(xviixvi) in the aggregate and for each Class of Certificates, the aggregate amount of Applied Realized Loss Amounts incurred during the preceding calendar month and aggregate Applied Realized Loss Amounts through such Distribution Date;
(xviiixvii) the amount of any Net Monthly Excess Cash Flow on such Distribution Date and the allocation of it thereof to the Certificateholders with respect to Unpaid Interest Amounts, Unpaid Realized Loss Amounts or Basis Risk CarryForward Amounts;
(xviii) the Overcollateralized Amount and Specified Overcollateralized Amount;
(xix) the amount of any Net Swap Payments, Net Swap Receipts, Swap Termination Payments or Defaulted Swap Termination Payments;
(xx) the calculations of LIBOR and Swap LIBOR;
(xxi) the Subordinated Amount and Specified Subordinated Amount;
(xxii) Prepayment Charges collected or paid (pursuant to Section 3.07(a)) by the Servicers;
(xxiii) the Cumulative Loss Percentage and the aggregate amount of Realized Losses used to calculate the Cumulative Loss Percentage;
(xxiv) the amount distributed on the Class X Certificates;; and
(xxvxx) the amount of any Subsequent Recoveries for such Distribution Date;
(xxvi) the Pre-Funded Amount as of the end of the prior Due Period;
(xxvii) the amount of any principal prepayment on the Certificates resulting from the application of unused moneys in the Pre-Funding Account; and
(xxviii) the number of Mortgage Loans at the end of the applicable reporting period, the pool factor (being the Stated Principal Balance of the Mortgage Loans for the related Distribution Date divided by the Cut-off Date Principal Balance), and the weighted average interest rate, and weighted average remaining term; In addition, each Form 10-D prepared and filed by the Trustee pursuant to Section 8.12 shall include the following information with respect to the related distribution:
(i) material breaches of Mortgage Loan representations and warranties under this Agreement of which the Trustee has actual knowledge or has received written notice; and
(ii) material breaches of any covenants under this Agreement of which the Trustee has actual knowledge or received written notice.
(b) The TrusteeSecurities Administrator's responsibility for providing the above statement to the Certificateholders, each Rating Agency Agency, the Trustee and the Depositor is limited, if applicable, limited to the availability, timeliness and accuracy of the information derived from the Master Servicer, the Servicers and the Swap ProviderResponsible Parties. The Trustee Securities Administrator shall make available provide the above statement via the TrusteeSecurities Administrator's internet website. The TrusteeSecurities Administrator's website will initially be located at https://www.tss.db.com/invr www.ctslink.com and assistance in using the website can be xxxxxxxx xx obtained by xxxxxxx xxx XxxsteeXxxurities Administrator's investor relations desk at 1(301) 815-800-735-7777. Parties that are unable to use the website are entitled xx xxxx x xxxer copy mailed to them via first class mail by calling the investor relations desk and indicating such6600. The Trustee may change the way the monthly statements to Certificateholders are distributed in order to make such distribution more convenient and/or more accessible to the above parties and the Trustee shall provide timely and adequate notification to all above parties regarding any such changes. As a condition to access the Trustee's internet website, the Trustee may require registration and the acceptance of a disclaimer. The Trustee will not be liable for the dissemination of information in accordance with this Agreement. The Trustee shall make available to each Analytics Company, either electronically or via the Trustee's internet website, each statement to Certificateholders prepared pursuant to Section 4.03(a). The Trustee (and the applicable Servicer, if such discrepancy results from or arises out of any information provided by the applicable Servicer pursuant to this Agreement) shall cooperate in good faith with the Depositor to reconcile any discrepancies in such statements, and the Trustee shall provide any corrections to such statements to each Analytics Company as soon as reasonably practicable after the related Distribution Date. The Trustee Securities Administrator will also be entitled to rely on but shall not be responsible for the content or accuracy of any information provided by third parties for purposes of preparing the monthly make a paper copx xx xxx xxxxx statement to Certificateholders and may affix thereto any disclaimer it deems appropriate in its reasonable discretion (without suggesting liability on the part of any other party hereto)available upon request.
(c) Within Upon request, within a reasonable period of time after the end of each calendar year, the Trustee Securities Administrator shall cause to be furnished to each Person who at any time during the calendar year was a Certificateholder, a statement containing the information set forth in clauses (a)(i), (a)(ii), (a)(iii) and (a)(iia)(vii) of this Section 4.03 4.02 aggregated for such calendar year or applicable portion thereof during which such Person was a Certificateholder. Such obligation of the Trustee Securities Administrator shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Trustee Securities Administrator pursuant to any requirements of the Code as from time to time in effect.
(d) Not later than the Determination Date for each Distribution Date, each Servicer shall furnish to the Trustee, a monthly remittance advice statement (the "Servicer Remittance Report") containing the data fields set forth on Exhibit X attached hereto (in each case, in a format mutually agreed upon by such Servicer and the Trustee) with respect to HomEq, containing the data fields set forth on Exhibit Y attached hereto with respect to Wells Fargo (in each case, in a format mutually agreed upon by such Serxxxxx and the Trustee) and containing the data fields set forth on Exhibit Z attached hereto with respect Countrywide Servicing (in each case, in a format mutually agreed upon by such Servicer and the Trustee) and such information as . The Securities Administrator shall be reasonably requested (i) by the Depositor entitled to enable the Depositor to disclose "static pool information", as required by Item 1105 of Regulation AB, with respect to the Mortgage Loans, and (ii) by the Trustee to enable the Trustee to provide the reports required by Section 4.03(a) as to the accompanying remittance and applicable Due Period and Prepayment Period to which such remittance relates. The Servicer Remittance Report shall, at a minimum, document, rely on such Determination Date, Mortgage Loan payment activity on an individual Mortgage Loan basis, as follows:
(i) with respect to each Scheduled Payment, the amount of such remittance allocable to principal (including a separate breakdown of any Principal Prepayment, including the date of such prepayment, and any Prepayment Charges, received during the related Prepayment Period along with a detailed report of interest on principal prepayment amounts remitted in accordance with Section 3.25);
(ii) with respect to each Scheduled Payment, the amount of such remittance allocable to interest;
(iii) the amount of servicing compensation received by such Servicer during the prior distribution period;
(iv) the individual and aggregate Stated Principal Balance of the Mortgage Loans;
(v) the aggregate expenses reimbursed to such Servicer during the prior distribution period pursuant to Section 3.11; and
(vi) the number and aggregate outstanding principal balances of Mortgage Loans (a) delinquent 31 to 60 days, 61 to 90 days and 91 or more days; (b) as to which foreclosure or bankruptcy proceedings of the related mortgagor have commenced; and (c) as to which REO Property has been acquired. Concurrently with each delivery of a Servicer Remittance Report to the Trustee, Wells Fargo, acting as a Servicer, shall provide, in a manner consistenx xxxh the preceding paragraph, a supplemental statement (to the extent not previously provided) setting forth information in subclauses (v) and (vi). The Trustee shall promptly forward the Servicer Remittance Report and the related supplemental statement to the Depositor.
(e) Notwithstanding anything in Section 4.03(d) to the contrary, the Servicers shall be deemed to have satisfied the requirement to timely deliver the Servicer Remittance Report if such report is received by the Trustee on or prior to the 18th calendar day of such month in which the related Determination Date occurs; provided, however, that if such 18th calendar day is a Sunday or a Monday which is not a Business Day, the Servicers shall be deemed to have satisfied the requirement to timely deliver the Servicer Remittance Report if the Trustee and the Depositor receive such report (i) on the next Business Day succeeding such 18th calendar day, or (ii) on the Business Day immediately preceding such 18th calendar day, if such succeeding Business Day is later than the 20th calendar day of such calendar month.
(f) For all purposes of this Agreement, with respect to any Mortgage Loan, delinquencies shall be determined by the Trustee from information provided by third parties for purposes of preparing the Servicers and reported by foregoing report, but shall not be responsible for the Trustee based on the "OTS" methodology for determining delinquencies on mortgage loans similar to the Mortgage Loans. By way of example, a Mortgage Loan would be delinquent with respect to a Scheduled Payment due on a Due Date if such Scheduled Payment is not made by the close of business on the Mortgage Loan's next succeeding Due Date, and a Mortgage Loan would be more than 30-days Delinquent with respect to such Scheduled Payment if such Scheduled Payment were not made by the close of business on the Mortgage Loan's second succeeding Due Date. Each Servicer hereby represents and warrants to the Depositor that such Servicer is not subject to any delinquency recognition policy established by the primary safety and soundness regulator, if any, accuracy of such Servicer, that is more restrictive than the foregoing delinquency recognition policyinformation.
Appears in 2 contracts
Samples: Master Servicing and Trust Agreement (GS Mortgage GSAA Home Eq. Trust 2004-7), Master Servicing and Trust Agreement (GS Mortgage GSAA Home Eq. Trust 2004-7)
Monthly Statements to Certificateholders. (a) Not later than each Distribution Date, the Trustee Securities Administrator shall make available to each Certificateholder, the ServicersDepositor, the Depositor Trustee and each Rating Agency a statement based, in part, upon the information provided by the Servicers setting forth with respect to the related distribution:
(i) the actual Distribution Dateamount thereof allocable to principal, separately identifying the related Record Date, the Interest Accrual Period(s) for each Class for such Distribution Date aggregate amount of any Principal Prepayments and the LIBOR Determination Date for such Interest Accrual PeriodLiquidation Proceeds included therein;
(ii) the amount of Available Funds;
(iii) the amount of Available Funds thereof allocable to principalinterest, the Principal Remittance Amount (separately identifying the components thereof) and the Principal Distribution Amount (separately identifying the components thereof);
(iv) the amount of Available Funds allocable to interest and each Interest Remittance Amount;
(v) the amount of any Unpaid Interest Amount for each Class included in such distribution and any remaining Unpaid Interest Amounts Amount after giving effect to such distribution, any Basis Risk CarryForward Carry Forward Amount for each Class such Distribution Date and the amount of such all Basis Risk CarryForward Carry Forward Amount covered by withdrawals from the Excess Reserve Fund Account and the Supplemental Interest Trust on such Distribution Date;
(viiii) if the distribution to the Holders of such Class of Certificates is less than the full amount that would be distributable to such Holders if there were sufficient funds available therefor, the amount of the shortfall and the allocation of the shortfall thereof as between principal and interest, including any Basis Risk CarryForward Carry Forward Amount not covered by amounts in the Excess Reserve Fund AccountAccount and the Supplemental Interest Trust;
(viiiv) the Class Certificate Balance of each Class of Certificates before and the notional amount of the Class P Certificates after giving effect to the distribution of principal on such Distribution Date;
(viiiv) the Pool aggregate Stated Principal Balance of the Mortgage Loans for the following Distribution Date;
(ixvi) the amount of the Expense Fees expenses and fees paid to or retained by the Servicers Servicer and paid to or retained by the Trustee with respect to such Distribution Date, in each case, identifying the general purpose of such fees;
(stated separately vii) the amount of the expenses and in fees paid to the aggregate) Master Servicer or Securities Administrator with respect to such Distribution Date;
(xviii) the Pass-Through Rate for each such Class of Certificates with respect to such Distribution Date;
(xiix) the amount of P&I Advances included in the distribution on such Distribution Date and the aggregate amount of Advances reported by the Servicers (and the Master Servicer, the Trustee as successor Servicer master servicer and any other successor Servicermaster servicer, if applicable) as outstanding as of the close of business on the Determination Date immediately preceding such Distribution Date;
(xiix) the number and aggregate outstanding principal balances of Mortgage Loans (1) as to which the Scheduled Payment scheduled payment is delinquent 31 to 60 days, 61 to 90 days and 91 or more days, (2) that have become REO Propertyproperty, (3) that are in foreclosure and (4) that are in bankruptcy, in each case as of the close of business on the last Business Day business day of the immediately preceding month;
(xiiixi) for each of the preceding 12 calendar months, or all calendar months since the related Cut-off date, whichever is less, the aggregate dollar amount of the scheduled payments (A) due on all Outstanding Mortgage Loans on each of the Due Dates in each such month and (B) delinquent sixty (60) days or more on each of the Due Dates in each such month;
(xii) with respect to any all Mortgage Loans that became REO Properties properties during the preceding calendar month, the aggregate number of such Mortgage Loans mortgage loans and the aggregate Stated Principal Balance of such Mortgage Loans as of the close of business on the last Business Day Determination Date preceding such Distribution Date and the date of acquisition of the immediately preceding monthREO properties;
(xivxiii) the total number and outstanding principal balance of any REO Properties properties (and market value, if available) as of the close of business on the last Business Day of the immediately Determination Date preceding monthsuch Distribution Date;
(xvxiv) whether a Trigger Event has occurred and is continuing (including the calculation demonstrating the existence of the Trigger EventEvent and the aggregate outstanding balance of all 60+ Day Delinquent Mortgage Loans);
(xvixv) the amount on deposit in the Excess Reserve Fund Account (after giving effect to distributions on such Distribution Date);
(xviixvi) in the aggregate and for each Class of Certificates, the aggregate amount of Applied Realized Loss Amounts incurred during the preceding calendar month and aggregate Applied Realized Loss Amounts through such Distribution Date;
(xviiixvii) the amount of any Net Monthly Excess Cash Flow on such Distribution Date and the allocation of it thereof to the Certificateholders with respect to Unpaid Interest Amounts, Unpaid Realized Loss Amounts or Basis Risk CarryForward Amounts;
(xviii) the Overcollateralized Amount and Specified Overcollateralized Amount;
(xix) the amount of any Net Swap Payments, Net Swap Receipts, Swap Termination Payments Prepayment Premiums collected by or Defaulted Swap Termination Paymentspaid by the Servicers;
(xx) the calculations percentage equal to the aggregate realized losses divided by the aggregate Stated Principal Balance of LIBOR and Swap LIBORthe Mortgage Loans as of the Cut-off date;
(xxi) the Subordinated Amount and Specified Subordinated Amount;
(xxii) Prepayment Charges collected or paid (pursuant to Section 3.07(a)) by the Servicers;
(xxiii) the Cumulative Loss Percentage and the aggregate amount of Realized Losses used to calculate the Cumulative Loss Percentage;
(xxiv) the amount distributed on the Class X and Class P Certificates;
(xxvxxii) the amount of any Subsequent Recoveries for such Distribution Date;
(xxvixxiii) the Pre-Funded Amount as of the end of the prior Due PeriodRecord Date for such Distribution Date;
(xxviixxiv) the amount of any principal prepayment on the Certificates resulting from the application of unused moneys in the Pre-Funding Account; and
(xxviii) the number of updated Mortgage Loans at the end of the applicable reporting periodLoan information, the pool factor (being the Stated Principal Balance of the Mortgage Loans for the related Distribution Date divided by the Cut-off Date Principal Balance), and the such as weighted average interest rate, and weighted average remaining term; In addition, each Form 10-D prepared and filed by the Trustee pursuant to Section 8.12 shall include the following information with respect to the related distribution:;
(ixxv) material breaches of Mortgage Loan representations and of warranties under this Agreement of which the Trustee Trustee, Master Servicer or any Servicer has actual knowledge or has received written notice; and
(iixxvi) material breaches of any covenants under this Agreement of which the Trustee Trustee, Master Servicer or any Servicer has actual knowledge or received written notice.
(b) The Trustee's responsibility for providing the above statement to the Certificateholders, each Rating Agency and the Depositor is limited, if applicable, to the availability, timeliness and accuracy of the information derived from the Servicers and the Swap Provider. The Trustee shall make available the above statement via the Trustee's internet website. The Trustee's website will initially be located at https://www.tss.db.com/invr and assistance in using the website can be xxxxxxxx xx xxxxxxx xxx Xxxstee's investor relations desk at 1-800-735-7777. Parties that are unable to use the website are entitled xx xxxx x xxxer copy mailed to them via first class mail by calling the investor relations desk and indicating such. The Trustee may change the way the monthly statements to Certificateholders are distributed in order to make such distribution more convenient and/or more accessible to the above parties and the Trustee shall provide timely and adequate notification to all above parties regarding any such changes. As a condition to access the Trustee's internet website, the Trustee may require registration and the acceptance of a disclaimer. The Trustee will not be liable for the dissemination of information in accordance with this Agreement. The Trustee shall make available to each Analytics Company, either electronically or via the Trustee's internet website, each statement to Certificateholders prepared pursuant to Section 4.03(a). The Trustee (and the applicable Servicer, if such discrepancy results from or arises out of any information provided by the applicable Servicer pursuant to this Agreement) shall cooperate in good faith with the Depositor to reconcile any discrepancies in such statements, and the Trustee shall provide any corrections to such statements to each Analytics Company as soon as reasonably practicable after the related Distribution Date. The Trustee will also be entitled to rely on but shall not be responsible for the content or accuracy of any information provided by third parties for purposes of preparing the monthly statement to Certificateholders and may affix thereto any disclaimer it deems appropriate in its reasonable discretion (without suggesting liability on the part of any other party hereto).
(c) Within a reasonable period of time after the end of each calendar year, the Trustee shall cause to be furnished to each Person who at any time during the calendar year was a Certificateholder, a statement containing the information set forth in clauses (a)(i) and (a)(ii) of this Section 4.03 aggregated for such calendar year or applicable portion thereof during which such Person was a Certificateholder. Such obligation of the Trustee shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Trustee pursuant to any requirements of the Code as from time to time in effect.
(d) Not later than the Determination Date for each Distribution Date, each Servicer shall furnish to the Trustee, a monthly remittance advice statement (the "Servicer Remittance Report") containing the data fields set forth on Exhibit X attached hereto (in each case, in a format mutually agreed upon by such Servicer and the Trustee) with respect to HomEq, containing the data fields set forth on Exhibit Y attached hereto with respect to Wells Fargo (in each case, in a format mutually agreed upon by such Serxxxxx and the Trustee) and containing the data fields set forth on Exhibit Z attached hereto with respect Countrywide Servicing (in each case, in a format mutually agreed upon by such Servicer and the Trustee) and such information as shall be reasonably requested (i) by the Depositor to enable the Depositor to disclose "static pool information", as required by Item 1105 of Regulation AB, with respect to the Mortgage Loans, and (ii) by the Trustee to enable the Trustee to provide the reports required by Section 4.03(a) as to the accompanying remittance and applicable Due Period and Prepayment Period to which such remittance relates. The Servicer Remittance Report shall, at a minimum, document, on such Determination Date, Mortgage Loan payment activity on an individual Mortgage Loan basis, as follows:
(i) with respect to each Scheduled Payment, the amount of such remittance allocable to principal (including a separate breakdown of any Principal Prepayment, including the date of such prepayment, and any Prepayment Charges, received during the related Prepayment Period along with a detailed report of interest on principal prepayment amounts remitted in accordance with Section 3.25);
(ii) with respect to each Scheduled Payment, the amount of such remittance allocable to interest;
(iii) the amount of servicing compensation received by such Servicer during the prior distribution period;
(iv) the individual and aggregate Stated Principal Balance of the Mortgage Loans;
(v) the aggregate expenses reimbursed to such Servicer during the prior distribution period pursuant to Section 3.11; and
(vi) the number and aggregate outstanding principal balances of Mortgage Loans (a) delinquent 31 to 60 days, 61 to 90 days and 91 or more days; (b) as to which foreclosure or bankruptcy proceedings of the related mortgagor have commenced; and (c) as to which REO Property has been acquired. Concurrently with each delivery of a Servicer Remittance Report to the Trustee, Wells Fargo, acting as a Servicer, shall provide, in a manner consistenx xxxh the preceding paragraph, a supplemental statement (to the extent not previously provided) setting forth information in subclauses (v) and (vi). The Trustee shall promptly forward the Servicer Remittance Report and the related supplemental statement to the Depositor.
(e) Notwithstanding anything in Section 4.03(d) to the contrary, the Servicers shall be deemed to have satisfied the requirement to timely deliver the Servicer Remittance Report if such report is received by the Trustee on or prior to the 18th calendar day of such month in which the related Determination Date occurs; provided, however, that if such 18th calendar day is a Sunday or a Monday which is not a Business Day, the Servicers shall be deemed to have satisfied the requirement to timely deliver the Servicer Remittance Report if the Trustee and the Depositor receive such report (i) on the next Business Day succeeding such 18th calendar day, or (ii) on the Business Day immediately preceding such 18th calendar day, if such succeeding Business Day is later than the 20th calendar day of such calendar month.
(f) For all purposes of this Agreement, with respect to any Mortgage Loan, delinquencies shall be determined by the Trustee from information provided by the Servicers and reported by the Trustee based on the "OTS" methodology for determining delinquencies on mortgage loans similar to the Mortgage Loans. By way of example, a Mortgage Loan would be delinquent with respect to a Scheduled Payment due on a Due Date if such Scheduled Payment is not made by the close of business on the Mortgage Loan's next succeeding Due Date, and a Mortgage Loan would be more than 30-days Delinquent with respect to such Scheduled Payment if such Scheduled Payment were not made by the close of business on the Mortgage Loan's second succeeding Due Date. Each Servicer hereby represents and warrants to the Depositor that such Servicer is not subject to any delinquency recognition policy established by the primary safety and soundness regulator, if any, of such Servicer, that is more restrictive than the foregoing delinquency recognition policy.
Appears in 2 contracts
Samples: Trust Agreement (GSAA Home Equity Trust 2006-6), Master Servicing and Trust Agreement (GSAA Home Equity Trust 2006-6)
Monthly Statements to Certificateholders. (a) Not later than each Distribution Date, the Trustee Securities Administrator shall make available to each Certificateholder, the ServicersMaster Servicer, the Depositor Servicer, the Depositor, the Trustee and each Rating Agency a statement statement, based on information provided by the Servicer, setting forth with respect to the related distribution:
(i) [the actual Distribution Dateamount thereof allocable to principal, separately identifying the related Record Dateaggregate amount of any Principal Prepayments, the Interest Accrual Period(s) for each Class for such Distribution Date Liquidation Proceeds and the LIBOR Determination Date for such Interest Accrual PeriodSubsequent Recoveries;
(ii) the amount of Available Funds;
(iii) the amount of Available Funds thereof allocable to principalinterest, the Principal Remittance Amount (separately identifying the components thereof) and the Principal Distribution Amount (separately identifying the components thereof);
(iv) the amount of Available Funds allocable to interest and each any Interest Remittance Amount;
(v) the amount of any Unpaid Interest Amount for each Class Carry Forward Amounts included in such distribution and any remaining Unpaid Interest Carry Forward Amounts after giving effect to such distribution, any Basis Risk CarryForward Carryover Amount for each Class such Distribution Date and the amount of such all Basis Risk CarryForward Carryover Amount covered by withdrawals from the [Excess Reserve Fund Account Account] on such Distribution Date;
(viiii) if the distribution to the Holders of such Class of Certificates is less than the full amount that would be distributable to such Holders if there were sufficient funds available therefor, the amount of the shortfall and the allocation of the shortfall thereof as between principal and interest, including any Basis Risk CarryForward Carryover Amount not covered by amounts in the [Excess Reserve Fund Account];
(viiiv) the Class Certificate Balance of each Class of Certificates before and after giving effect to the distribution of principal on such Distribution Date;
(viiiv) the Pool Stated Principal Balance for the following Distribution Date;
(ixvi) the amount of the Expense Fees (in the aggregate and separately stated) paid to or retained by the Servicers Servicer or Subservicer and the Trustee (stated separately and in the aggregate) Master Servicer with respect to such Distribution Date;
(xvii) the Pass-Through Interest Rate for each such Class of Certificates with respect to such Distribution Date;
(xiviii) the amount of P&I Advances included in the distribution on such Distribution Date reported by the Servicers (and the Trustee as successor Servicer and any other successor Servicer, if applicable) aggregate amount of P&I Advances outstanding as of the close of business on the Determination Date immediately preceding such Distribution Date;
(xiiix) by Loan Group and in the aggregate, the number and aggregate outstanding principal balances of Mortgage Loans (1) as to which the Scheduled Payment is delinquent 31 to 60 days, 61 to 90 days and 91 or more days, (2) that have become REO Property, (3) that are in foreclosure and (4) that are in bankruptcy, in each case as of the close of business on the last Business Day of the immediately preceding month;
(xiiix) by Loan Group and in the aggregate, with respect to any Mortgage Loans that became REO Properties during the preceding calendar month, the aggregate number of such Mortgage Loans and the aggregate Stated Principal Balance of such Mortgage Loans as of the close of business on the last Business Day Determination Date preceding such Distribution Date and the date of the immediately preceding monthacquisition thereof;
(xivxi) by Loan Group and the aggregate, the total number and outstanding aggregate principal balance of any REO Properties (and market value, if available) as of the close of business on the last Business Day of the immediately Determination Date preceding monthsuch Distribution Date;
(xvxii) whether a Trigger Event has occurred and is continuing (including the calculation demonstrating the existence of the Trigger Eventcontinuing;
(xvixiii) the amount on deposit in the Excess Reserve Fund Account (after giving effect to distributions on such Distribution Date);
(xviixiv) in the aggregate and for each Class of Certificates, the aggregate amount of Applied Realized Loss Amounts incurred during the preceding calendar month and aggregate Applied Realized realized Loss Amounts through such Distribution Date.;
(xviiixv) the amount of any Net Monthly Excess Cash Flow on such Distribution Date and the allocation of it thereof to the Certificateholders with respect to Unpaid Interest Amounts, Unpaid Applied Realized Loss Amounts or Basis Risk CarryForward and Interest Carry Forward Amounts;
(xvi) the Overcollateralization Amount and Overcollateralization Target Amount;
(xvii) Prepayment Charges collected by the Servicer;
(xviii) the Cumulative Loss Percentage; and
(xix) the amount of any Net Swap Payments, Net Swap Receipts, Swap Termination Payments or Defaulted Swap Termination Payments;
(xx) Payment made to the calculations of LIBOR and Swap LIBOR;
(xxi) the Subordinated Amount and Specified Subordinated Amount;
(xxii) Prepayment Charges collected or paid (Supplemental Interest Trust pursuant to Section 3.07(a)) by 4.02, any Net Swap Payment made to the Servicers;
(xxiii) the Cumulative Loss Percentage and the aggregate amount of Realized Losses used to calculate the Cumulative Loss Percentage;
(xxiv) the amount distributed on the Class X Certificates;
(xxv) the amount of any Subsequent Recoveries for such Distribution Date;
(xxvi) the Pre-Funded Amount as of the end of the prior Due Period;
(xxvii) the amount of any principal prepayment on the Certificates resulting from the application of unused moneys in the Pre-Funding Account; and
(xxviii) the number of Mortgage Loans at the end of the applicable reporting period, the pool factor (being the Stated Principal Balance of the Mortgage Loans for the related Distribution Date divided by the Cut-off Date Principal Balance), and the weighted average interest rate, and weighted average remaining term; In addition, each Form 10-D prepared and filed by the Trustee Swap Counterparty pursuant to Section 8.12 shall include the following information with respect 4.02, any Swap Termination Payment made to the related distribution:
(i) material breaches of Mortgage Loan representations and warranties under this Agreement of which the Trustee has actual knowledge or has received written notice; and
(ii) material breaches of any covenants under this Agreement of which the Trustee has actual knowledge or received written notice.
(b) The Trustee's responsibility for providing the above statement to the Certificateholders, each Rating Agency and the Depositor is limited, if applicable, to the availability, timeliness and accuracy of the information derived from the Servicers and the Swap Provider. The Trustee shall make available the above statement via the Trustee's internet website. The Trustee's website will initially be located at https://www.tss.db.com/invr and assistance in using the website can be xxxxxxxx xx xxxxxxx xxx Xxxstee's investor relations desk at 1-800-735-7777. Parties that are unable to use the website are entitled xx xxxx x xxxer copy mailed to them via first class mail by calling the investor relations desk and indicating such. The Trustee may change the way the monthly statements to Certificateholders are distributed in order to make such distribution more convenient and/or more accessible to the above parties and the Trustee shall provide timely and adequate notification to all above parties regarding any such changes. As a condition to access the Trustee's internet website, the Trustee may require registration and the acceptance of a disclaimer. The Trustee will not be liable for the dissemination of information in accordance with this Agreement. The Trustee shall make available to each Analytics Company, either electronically or via the Trustee's internet website, each statement to Certificateholders prepared Supplemental Interest Trust pursuant to Section 4.03(a). The Trustee (4.02 and the applicable Servicer, if such discrepancy results from or arises out of any information provided by the applicable Servicer pursuant to this Agreement) shall cooperate in good faith with the Depositor to reconcile any discrepancies in such statements, and the Trustee shall provide any corrections to such statements to each Analytics Company as soon as reasonably practicable after the related Distribution Date. The Trustee will also be entitled to rely on but shall not be responsible for the content or accuracy of any information provided by third parties for purposes of preparing the monthly statement to Certificateholders and may affix thereto any disclaimer it deems appropriate in its reasonable discretion (without suggesting liability on the part of any other party hereto).
(c) Within a reasonable period of time after the end of each calendar year, the Trustee shall cause to be furnished to each Person who at any time during the calendar year was a Certificateholder, a statement containing the information set forth in clauses (a)(i) and (a)(ii) of this Section 4.03 aggregated for such calendar year or applicable portion thereof during which such Person was a Certificateholder. Such obligation of the Trustee shall be deemed to have been satisfied Swap Termination Payment made to the extent that substantially comparable information shall be provided by the Trustee pursuant to any requirements of the Code as from time to time in effect.
(d) Not later than the Determination Date for each Distribution Date, each Servicer shall furnish to the Trustee, a monthly remittance advice statement (the "Servicer Remittance Report") containing the data fields set forth on Exhibit X attached hereto (in each case, in a format mutually agreed upon by such Servicer and the Trustee) with respect to HomEq, containing the data fields set forth on Exhibit Y attached hereto with respect to Wells Fargo (in each case, in a format mutually agreed upon by such Serxxxxx and the Trustee) and containing the data fields set forth on Exhibit Z attached hereto with respect Countrywide Servicing (in each case, in a format mutually agreed upon by such Servicer and the Trustee) and such information as shall be reasonably requested (i) by the Depositor to enable the Depositor to disclose "static pool information", as required by Item 1105 of Regulation AB, with respect to the Mortgage Loans, and (ii) by the Trustee to enable the Trustee to provide the reports required by Section 4.03(a) as to the accompanying remittance and applicable Due Period and Prepayment Period to which such remittance relates. The Servicer Remittance Report shall, at a minimum, document, on such Determination Date, Mortgage Loan payment activity on an individual Mortgage Loan basis, as follows:
(i) with respect to each Scheduled Payment, the amount of such remittance allocable to principal (including a separate breakdown of any Principal Prepayment, including the date of such prepayment, and any Prepayment Charges, received during the related Prepayment Period along with a detailed report of interest on principal prepayment amounts remitted in accordance with Section 3.25);
(ii) with respect to each Scheduled Payment, the amount of such remittance allocable to interest;
(iii) the amount of servicing compensation received by such Servicer during the prior distribution period;
(iv) the individual and aggregate Stated Principal Balance of the Mortgage Loans;
(v) the aggregate expenses reimbursed to such Servicer during the prior distribution period Swap Counterparty pursuant to Section 3.11; and4.02.]
(vi) the number and aggregate outstanding principal balances of Mortgage Loans (a) delinquent 31 to 60 days, 61 to 90 days and 91 or more days; (b) as to which foreclosure or bankruptcy proceedings of the related mortgagor have commenced; and (c) as to which REO Property has been acquired. Concurrently with each delivery of a Servicer Remittance Report to the Trustee, Wells Fargo, acting as a Servicer, shall provide, in a manner consistenx xxxh the preceding paragraph, a supplemental statement (to the extent not previously provided) setting forth information in subclauses (v) and (vi). The Trustee shall promptly forward the Servicer Remittance Report and the related supplemental statement to the Depositor.
(e) Notwithstanding anything in Section 4.03(d) to the contrary, the Servicers shall be deemed to have satisfied the requirement to timely deliver the Servicer Remittance Report if such report is received by the Trustee on or prior to the 18th calendar day of such month in which the related Determination Date occurs; provided, however, that if such 18th calendar day is a Sunday or a Monday which is not a Business Day, the Servicers shall be deemed to have satisfied the requirement to timely deliver the Servicer Remittance Report if the Trustee and the Depositor receive such report (i) on the next Business Day succeeding such 18th calendar day, or (ii) on the Business Day immediately preceding such 18th calendar day, if such succeeding Business Day is later than the 20th calendar day of such calendar month.
(f) For all purposes of this Agreement, with respect to any Mortgage Loan, delinquencies shall be determined by the Trustee from information provided by the Servicers and reported by the Trustee based on the "so-called “OTS" ” methodology for determining delinquencies on mortgage loans similar to the Mortgage Loans. By way of example, a Mortgage Loan would be delinquent with respect to a Scheduled Payment due on a Due Date if such Scheduled Payment is not made by the close of business on the Mortgage Loan's ’s next succeeding Due Date, and a Mortgage Loan would be more than 30-days Delinquent with respect to such Scheduled Payment if such Scheduled Payment were not made by the close of business on the Mortgage Loan's ’s second succeeding Due Date. Each The Servicer hereby represents and warrants to the Depositor that such Servicer this delinquency recognition policy is not subject to less restrictive than any delinquency recognition policy established by the primary safety and soundness regulator, if any, of such the Servicer.
(b) The Securities Administrator’s responsibility for providing the above statement to the Certificateholders, each Rating Agency, the Master Servicer, the Servicer, the Trustee and the Depositor is limited to the availability, timeliness and accuracy of the information derived from the Master Servicer and the Servicer. The Securities Administrator will provide the above statement via the Securities Administrator’s internet website. The Securities Administrator’s website will initially be located at [ ] and assistance in using the website can be obtained by calling the Securities Administrator’s customer service desk at [ ]. Parties that are unable to use the above distribution method are entitled to have a paper copy mailed to them via first Class mail by calling the customer service desk and indicating such. The Securities Administrator shall have the right to change the manner in which the above statement is distributed in order to make such distribution more restrictive convenient and/or more accessible, and the Securities Administrator shall provide timely and adequate notification to the Certificateholders and the parties hereto regarding any such changes. A paper copy of the statement will also be made available upon request.
(c) Within a reasonable period of time after the end of each calendar year, the Securities Administrator shall, upon request, cause to be furnished to each Person who at any time during the calendar year was a Certificateholder, a statement containing the information set forth in clauses (a)(i), (a)(ii) and (a)(vi) of this Section 4.03 aggregated for such calendar year or applicable portion thereof during which such Person was a Certificateholder. Such obligation of the Securities Administrator shall be deemed to have been satisfied to the extent that substantially comparable information shall have previously been provided by the Securities Administrator pursuant to any requirements of the Code as from time to time in effect.
(d) On the [ ] day of each calendar month (or, if such [ ] day is not a Business Day, then on the next succeeding Business Day), the Servicer shall furnish to the Master Servicer (i) a monthly defaulted loan report in the format set forth in Exhibit N-2 hereto and a realized loss report in the format set forth in Exhibit N-3 hereto (or in such other format mutually agreed to between the Servicer and the Master Servicer) relating to the period ending on the last day of the preceding calendar month on a magnetic tape or other similar media reasonably acceptable to the Master Servicer. No later than [ ] Business Days after the foregoing delinquency recognition policyfifteenth day of each calendar month, the Servicer shall furnish to the Master Servicer a monthly remittance advice in the format set forth in Exhibit N-1 hereto and a monthly report containing such information regarding prepayments of Mortgage Loans during the applicable Prepayment Period and in a format as mutually agreed to between the Servicer and the Master Servicer. Such monthly remittance advice shall also be accompanied by a supplemental report provided to the Master Servicer which includes on an aggregate basis for the previous calendar month (i) the amount of any insurance claims filed, (ii) the amount of any claim payments made and (iii) the amount of claims denied or curtailed. The Master Servicer will convert such data into a format acceptable to the Securities Administrator and provide monthly reports to the Securities Administrator pursuant to this Agreement.
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (Structured Asset Securities Corp), Pooling and Servicing Agreement (Hsi Asset Securitization Corp)
Monthly Statements to Certificateholders. (a) Not later than each Distribution Date, the Trustee shall make available to each Certificateholder, the ServicersServicer, the Depositor and each Rating Agency a statement based in part on information provided by the Servicer setting forth with respect to the related distribution:
(i) the actual Distribution Date, the related Record Date, the Interest Accrual Period(s) for each Class for such Distribution Date and the LIBOR Determination Date for such Interest Accrual Period;
(ii) the amount of Available Funds;
(iii) the amount of Available Funds allocable to principal, the Principal Remittance Amount (separately identifying the components thereof) and the Principal Distribution Amount (separately identifying and the components calculation thereof);
(iv) the amount of Available Funds allocable to interest and each Interest Remittance Amount;
(v) the amount of any Unpaid Interest Amount for each Class included in such distribution and any remaining Unpaid Interest Amounts after giving effect to such distribution, any Basis Risk CarryForward Carry Forward Amount for each Class and the amount of such Basis Risk CarryForward Carry Forward Amount covered by withdrawals from the Excess Reserve Fund Account on such Distribution Date;
(vi) if the distribution to the Holders of such Class of Certificates is less than the full amount that would be distributable to such Holders if there were sufficient funds available therefor, the amount of the shortfall and the allocation of the shortfall as between principal and interest, including any Basis Risk CarryForward Carry Forward Amount not covered by amounts in the Excess Reserve Fund Account;
(vii) the Class Certificate Balance of each Class of Certificates before and after giving effect to the distribution of principal on such Distribution Date;
(viii) the Pool Stated Principal Balance for the related Distribution Date;
(ix) the amount of the Expense Fees paid to or retained by the Servicers Servicer and paid to or retained by the Trustee (stated separately and in the aggregate) with respect to such Distribution Date;
(x) the Pass-Through Rate for each such Class of Certificates with respect to such Distribution Date;
(xi) the amount of P&I Advances included in the distribution on such Distribution Date reported by the Servicers Servicer (and the Trustee as successor Servicer servicer and any other successor Servicerservicer, if applicable) as of the close of business on the Determination Date immediately preceding such Distribution Date;
(xii) the number and aggregate outstanding principal balances of Mortgage Loans (1) as to which the Scheduled Payment is delinquent 31 to 60 days, 61 to 90 days and days, 91 or more days, and in such other periods and for such times as required by Regulation AB, (2) that have become REO Property, (3) that are in foreclosure and (4) that are in bankruptcy, in each case as of the close of business on the last Business Day of the immediately preceding month;
(xiii) for each of the preceding 12 calendar months, or all calendar months since the related Cut-off Date, whichever is less, the aggregate dollar amount of the Scheduled Payments (A) due on all outstanding Mortgage Loans on each of the Due Dates in each such month and (B) delinquent 60 days or more on each of the Due Dates in each such month;
(xiv) with respect to any Mortgage Loans that became REO Properties during the preceding calendar month, the aggregate number of such Mortgage Loans and the aggregate Stated Principal Balance outstanding principal balance of such Mortgage Loans as of the close of business on the last Business Day of the immediately preceding monthmonth and the month and year of acquisition of such REO Properties;
(xivxv) the total number and outstanding principal balance of any REO Properties (and market value, if available) as of the close of business on the last Business Day of the immediately preceding month;
(xvxvi) whether a Trigger Event has occurred and is continuing (including the calculation demonstrating the existence of the Trigger Event);
(xvixvii) the amount on deposit in the Excess Reserve Fund Account (after giving effect to distributions on such Distribution Date);
(xviixviii) in the aggregate and for each Class of Certificates, the aggregate amount of Applied Realized Loss Amounts incurred during the preceding calendar month and aggregate Applied Realized Loss Amounts through such Distribution Date;
(xviiixix) the amount of any Net Monthly Excess Cash Flow on such Distribution Date and the allocation of it to the Certificateholders with respect to Unpaid Interest Amounts, Unpaid Applied Realized Loss Amounts or and Basis Risk CarryForward Carry Forward Amounts;
(xixxx) the amount of any Net Swap Payments, Net Swap Receipts, Swap Termination Payments or Payments, Defaulted Swap Termination Payments and Basis Risk Cap Payments;
(xxxxi) the calculations of LIBOR and Swap LIBOR;
(xxixxii) the Subordinated Amount and Specified Subordinated Amount;
(xxiixxiii) Prepayment Charges collected or paid (pursuant to Section 3.07(a)) by the ServicersServicer;
(xxiiixxiv) the Cumulative Loss Percentage and the aggregate amount of Realized Losses used to calculate the Cumulative Loss Percentage;
(xxivxxv) the amount distributed on the Class X Certificates;
(xxvxxvi) the amount of any Subsequent Recoveries for such Distribution Date;
(xxvi) the Pre-Funded Amount as of the end of the prior Due Period;
(xxvii) the amount of any principal prepayment on the Certificates resulting from the application of unused moneys in the Pre-Funding Account; and
(xxviii) the number of Mortgage Loans at the beginning and end of the applicable reporting period, the pool factor (being the Stated Principal Balance of the Mortgage Loans for the related Distribution Date divided by the Cut-off Date Principal Balance)factor, and the weighted average interest rate, and weighted average remaining term;
(xxviii) if applicable, the amount distributed to the Supplemental Float Account; and
(xxix) if applicable, the amount distributed to the Class R-I Certificates. In addition, each Form 10-D prepared and filed by the Trustee pursuant to Section 8.12 shall include the following information with respect to the related distribution:
(iA) material breaches of Mortgage Loan representations and warranties under this Agreement of which the Trustee has actual knowledge or has received written notice; and
(iiB) material breaches of any covenants under this Agreement of which the Trustee has actual knowledge or has received written notice.
(b) The Trustee's responsibility for providing the above statement to the Certificateholders, each Rating Agency and the Depositor is limited, if applicable, to the availability, timeliness and accuracy of the information derived from the Servicers and the Swap ProviderServicer. The Trustee shall make available the above statement via the Trustee's internet website. The Trustee's website will initially be located at https://www.tss.db.com/invr and assistance in using the website can be xxxxxxxx xx xxxxxxx xxx Xxxstee's investor relations desk at 1-800-735-7777. A paper copy of the above statement will also be made axxxxxxxx xxxx request. Parties that are unable to use the website are entitled xx xxxx x xxxer to have a paper copy mailed to them via first class mail by calling the investor relations customer service desk and indicating such. The Trustee may change the way the monthly statements to Certificateholders are distributed in order to make such distribution more convenient and/or more accessible to the above parties and the Trustee shall provide timely and adequate notification to all above parties regarding any such changes. As a condition to access the Trustee's internet website, the Trustee may require registration and the acceptance of a disclaimer. The Trustee will not be liable for the dissemination of information in accordance with this Agreement. The Trustee shall make available to each Analytics Company, either electronically or Company via the Trustee's internet website, website each statement to Certificateholders prepared pursuant to this Section 4.03(a). The Trustee (and the applicable Servicer, if such discrepancy results from or arises out of any information provided by the applicable Servicer pursuant to this Agreement) shall cooperate in good faith with the Depositor to reconcile any discrepancies in such statements, and the Trustee shall provide any corrections to such statements to each Analytics Company as soon as reasonably practicable after the related Distribution Date. The Trustee will also be entitled to rely on but shall not be responsible for the content or accuracy of any information provided by third parties for purposes of preparing the monthly statement to Certificateholders and may affix thereto any disclaimer it deems appropriate in its reasonable discretion (without suggesting liability on the part of any other party hereto).
(c) Within a reasonable period of time after the end of each calendar year, the Trustee shall cause to be furnished to each Person who at any time during the calendar year was a Certificateholder, a statement containing the information set forth in clauses (a)(i) and (a)(ii) of this Section 4.03 aggregated for such calendar year or applicable portion thereof during which such Person was a Certificateholder. Such obligation of the Trustee shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Trustee pursuant to any requirements of the Code as from time to time in effect.
(d) Not later than three Business Days following the Determination Date for and in no event later than the 20th calendar day of each Distribution Datemonth, each the Servicer shall furnish to the TrusteeDepositor with respect to clause (i) below and the Trustee with respect to clause (ii) below, a monthly remittance advice statement (the "Servicer Remittance Report") containing the data fields set forth on Exhibit X attached hereto (in each case, in a format mutually agreed upon by such Servicer the Servicer, the Trustee and the TrusteeDepositor) with respect to HomEq, containing the data fields set forth on Exhibit Y attached hereto with respect to Wells Fargo (in each case, in a format mutually agreed upon by such Serxxxxx and the Trustee) and containing the data fields set forth on Exhibit Z attached hereto with respect Countrywide Servicing (in each case, in a format mutually agreed upon by such Servicer and the Trustee) and such information as shall be reasonably requested (i) by the Depositor to enable the Depositor to disclose "static pool information", as required by Item 1105 of Regulation AB, with respect to the Mortgage Loans, and (ii) by the Trustee to enable the Trustee to provide the reports required by Section 4.03(a) as to the accompanying remittance remittance. The Servicer shall concurrently deliver to the Depositor a data tape, in form and applicable Due Period substance reasonably satisfactory to the Depositor and Prepayment Period the Servicer, containing the information required pursuant to which such remittance relatesthis Section 4.03(d) on a loan-by-loan basis for all of the Mortgage Loans. The Servicer Remittance Report shall, at a minimum, document, on such Determination Date, Mortgage Loan payment activity on an individual Mortgage Loan basis, as follows:
(i) with respect to each Scheduled Payment, the amount of such remittance allocable to principal (including a separate breakdown of any Principal Prepayment, including the date of such prepayment, and any Prepayment Charges, received during the related Prepayment Period along with a detailed report of interest on principal prepayment amounts remitted in accordance with Section 3.25);
(ii) with respect to each Scheduled Payment, the amount of such remittance allocable to interest;
(iii) the amount of servicing compensation Servicing Fees received by such the Servicer during the prior distribution period;
(iv) the individual and aggregate Stated Principal Balance of the Mortgage Loans;
(v) the aggregate expenses reimbursed to such the Servicer during the prior distribution period pursuant to Section 3.11; and
(vi) the number and aggregate outstanding principal balances of Mortgage Loans (a) delinquent 31 to 60 days, 61 to 90 days and days, 91 or more days, and in such other periods and for such times as required by Regulation AB; (b) as to which foreclosure or bankruptcy proceedings of the related mortgagor have commenced; and (c) as to which REO Property has been acquired. Concurrently with each delivery of a Servicer Remittance Report to the Trustee, Wells Fargo, acting as a Servicer, shall provide, in a manner consistenx xxxh the preceding paragraph, a supplemental statement (to the extent not previously provided) setting forth information in subclauses (v) and (vi). The Trustee shall promptly forward the Servicer Remittance Report and the related supplemental statement to the Depositor.
(e) Notwithstanding anything in Section 4.03(d) to the contrary, the Servicers shall be deemed to have satisfied the requirement to timely deliver the Servicer Remittance Report if such report is received by the Trustee on or prior to the 18th calendar day of such month in which the related Determination Date occurs; provided, however, that if such 18th calendar day is a Sunday or a Monday which is not a Business Day, the Servicers shall be deemed to have satisfied the requirement to timely deliver the Servicer Remittance Report if the Trustee and the Depositor receive such report (i) on the next Business Day succeeding such 18th calendar day, or (ii) on the Business Day immediately preceding such 18th calendar day, if such succeeding Business Day is later than the 20th calendar day of such calendar month.
(f) For all purposes of this Agreement, with respect to any Mortgage Loan, delinquencies shall be determined by the Trustee from information provided by the Servicers and reported by the Trustee based on the so-called "OTS" methodology for determining delinquencies on mortgage loans similar to the Mortgage Loans. By way of example, a Mortgage Loan would be delinquent with respect to a Scheduled Payment due on a Due Date if such Scheduled Payment is not made by the close of business on the Mortgage Loan's next succeeding Due Date, and a Mortgage Loan would be more than 30-days Delinquent with respect to such Scheduled Payment if such Scheduled Payment were not made by the close of business on the Mortgage Loan's second succeeding Due Date. Each The Servicer hereby represents and warrants to the Depositor that such Servicer this delinquency recognition policy is not subject to less restrictive than any delinquency recognition policy established by the primary safety and soundness regulator, if any, of such Servicer, that is more restrictive than the foregoing delinquency recognition policyServicer with respect to mortgage loans similar to the Mortgage Loans.
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (Securitized Asset Backed Receivables LLC Trust 2007-Nc2), Pooling and Servicing Agreement (Securitized Asset Backed Receivables LLC Trust 2007-Nc1)
Monthly Statements to Certificateholders. (a) Not later than each Distribution Date, the Trustee shall make available to each Certificateholder, the ServicersServicer, the Depositor and each Rating Agency a statement setting forth with respect to the related distribution:
(i) the actual Distribution Date, the related Record Date, the Interest Accrual Period(s) for each Class for such Distribution Date and the LIBOR Determination Date for such Interest Accrual Period;
(ii) the amount of Available Funds;
(iii) the amount of Available Funds allocable to principal, the Principal Remittance Amount (separately identifying the components thereof) and the Principal Distribution Amount (separately identifying the components thereof);
(iv) the amount of Available Funds allocable to interest and each Interest Remittance Amount;
(v) the amount of any Unpaid Interest Amount for each Class included in such distribution and any remaining Unpaid Interest Amounts after giving effect to such distribution, any Basis Risk CarryForward Amount for each Class and the amount of such Basis Risk CarryForward Amount covered by withdrawals from the Excess Reserve Fund Account on such Distribution Date;
(vi) if the distribution to the Holders of such Class of Certificates is less than the full amount that would be distributable to such Holders if there were sufficient funds available therefor, the amount of the shortfall and the allocation of the shortfall as between principal and interest, including any Basis Risk CarryForward Amount not covered by amounts in the Excess Reserve Fund Account;
(vii) the Class Certificate Balance of each Class of Certificates before and after giving effect to the distribution of principal on such Distribution Date;
(viii) the Pool Stated Principal Balance for the related Distribution Date;
(ix) the amount of the Expense Fees paid to or retained by the Servicers Servicer and the Trustee (stated separately and in the aggregate) with respect to such Distribution Date;
(x) the Pass-Through Rate for each such Class of Certificates with respect to such Distribution Date;
(xi) the amount of P&I Advances included in the distribution on such Distribution Date reported by the Servicers Servicer (and the Trustee as successor Servicer servicer and any other successor Servicerservicer, if applicable) as of the close of business on the Determination Date immediately preceding such Distribution Date;
(xii) the number and aggregate outstanding principal balances of Mortgage Loans (1) as to which the Scheduled Payment is delinquent 31 to 60 days, 61 to 90 days, 91 to 120 days, 121 to 150 days, 151 to 180 days, 181 to 210 days, 211 to 240 days and 91 or more 240+ days, (2) that have become REO Property, (3) that are in foreclosure and (4) that are in bankruptcy, in each case as of the close of business on the last Business Day day of the immediately related Due Period;
(xiii) for each of the preceding 12 calendar months, or all calendar months since the related Cut-off Date, whichever is less, the aggregate dollar amount of the Scheduled Payments (A) due on all outstanding Mortgage Loans on each of the Due Dates in each such month and (B) delinquent 60 days or more on each of the Due Dates in each such month;
(xiiixiv) with respect to any Mortgage Loans that became REO Properties during the preceding calendar month, the aggregate number of such Mortgage Loans and the aggregate Stated Principal Balance outstanding principal balance of such Mortgage Loans as of the close of business on the last Business Day day of the immediately preceding monthrelated Due Period;
(xivxv) the total number and outstanding principal balance of any REO Properties (and market value, if available) as of the close of business on the last Business Day of the immediately preceding monthrelated Due Period;
(xvxvi) whether a Trigger Event has occurred and is continuing (including separately identifying the components of the calculation demonstrating resulting in the existence of the Trigger EventEvent and the aggregate outstanding balance of all 60+ Day Delinquent Mortgage Loans);
(xvixvii) the amount on deposit in the Excess Reserve Fund Account (after giving effect to distributions on such Distribution Date);
(xviixviii) in the aggregate and for each Class of Certificates, the aggregate amount of Applied Realized Loss Amounts incurred during the preceding calendar month and aggregate Applied Realized Loss Amounts through such Distribution Date;
(xviiixix) the amount of any Net Monthly Excess Cash Flow on such Distribution Date and the allocation of it to the Certificateholders with respect to Unpaid Interest Amounts, Unpaid Applied Realized Loss Amounts or Amounts, and Basis Risk CarryForward Amounts;
(xixxx) the amount of any Net Swap Payments, Net Swap Receipts, Swap Termination Payments or Defaulted Swap Termination Payments;
(xxxxi) the calculations of LIBOR and Swap LIBOR;
(xxixxii) the Subordinated Amount and Specified Subordinated Amount;
(xxiixxiii) Prepayment Charges collected or paid (pursuant to Section 3.07(a)) by the ServicersServicer;
(xxiiixxiv) the Cumulative Loss Percentage and the aggregate amount of Realized Losses used to calculate the Cumulative Loss Percentage;
(xxivxxv) the amount distributed on the Class X Certificates;
(xxvxxvi) the amount of any Subsequent Recoveries for such Distribution Date;
(xxvi) the Pre-Funded Amount as of the end of the prior Due Period;
(xxvii) the amount of any principal prepayment on the Certificates resulting from the application of unused moneys in the Pre-Funding Account; and
(xxviiixxvii) the number of Mortgage Loans at the beginning and end of the applicable reporting period, the pool factor (being the Stated Principal Balance of the Mortgage Loans for the related Distribution Date divided by the Cut-off Date Principal Balance), and the weighted average interest rate, and weighted average remaining term; . In addition, each Form 10-D prepared and filed by the Trustee pursuant to Section 8.12 shall include the following information with respect to the related distribution:
(i) material breaches of Mortgage Loan representations and warranties under this Agreement of which the Trustee has actual knowledge or has received written notice; and
(ii) material breaches of any covenants under this Agreement of which the Trustee has actual knowledge or has received written notice.
(b) The Trustee's responsibility for providing the above statement to the Certificateholders, each Rating Agency Agency, and the Depositor is limited, if applicable, to the availability, timeliness and accuracy of the information derived from the Servicers Servicer and the Swap ProviderResponsible Parties. The Trustee shall make available the above statement via the Trustee's internet website. The Trustee's website will initially be located at https://www.tss.db.com/invr and assistance in using the website can be xxxxxxxx xx xxxxxxx xxx Xxxstee's investor relations desk at 1-800-735-7777. Parties that are unable to use the website are entitled xx xxxx x xxxer copy mailed to them via first class mail by calling the investor relations desk and indicating such. The Trustee may change the way the monthly statements to Certificateholders are distributed in order to make such distribution more convenient and/or more accessible to the above parties and the Trustee shall provide timely and adequate notification to all above parties regarding any such changes. As a condition to access the Trustee's internet website, the Trustee may require registration and the acceptance of a disclaimer. The Trustee will not be liable for the dissemination of information in accordance with this Agreement. The Trustee shall make available to each Analytics Company, either electronically or via the Trustee's internet website, each statement to Certificateholders prepared pursuant to Section 4.03(a). .
(a) The Trustee (and the applicable Servicer, if such discrepancy results from or arises out of any information provided by the applicable Servicer pursuant to this Agreement) shall cooperate in good faith with the Depositor to reconcile any discrepancies in such statements, and the Trustee shall provide any corrections to such statements to each Analytics Company as soon as reasonably practicable after the related Distribution Date. The Trustee will also be entitled to rely on but shall not be responsible for the content or accuracy of any information provided by third parties for purposes of preparing the monthly statement to Certificateholders and may affix thereto any disclaimer it deems appropriate in its reasonable discretion (without suggesting liability on the part of any other party hereto).
(c) Within a reasonable period of time after the end of each calendar year, the Trustee shall cause to be furnished to each Person who at any time during the calendar year was a Certificateholder, a statement containing the information set forth in clauses (a)(i) and (a)(ii) of this Section 4.03 aggregated for such calendar year or applicable portion thereof during which such Person was a Certificateholder. Such obligation of the Trustee shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Trustee pursuant to any requirements of the Code as from time to time in effect.
(d) Not later than the Determination Date for each Distribution DateDate (and not later than three Business Days after the end of the related Prepayment Period in the case of any supplemental reporting of Principal Prepayments made during such Prepayment Period), each the Servicer shall furnish to the Trustee, a monthly remittance advice statement (the "Servicer Remittance Report") containing the data fields set forth on Exhibit X attached hereto (in each case, in a format mutually agreed upon by such the Servicer and the Trustee) with respect to HomEq, containing the data fields set forth on Exhibit Y attached hereto with respect to Wells Fargo (in each case, in a format mutually agreed upon by such Serxxxxx and the Trustee) and containing the data fields set forth on Exhibit Z attached hereto with respect Countrywide Servicing (in each case, in a format mutually agreed upon by such Servicer and the Trustee) and such information as shall be reasonably requested (i) by the Depositor and the Responsible Party to enable the Depositor to disclose "static pool information", as required by Item 1105 of Regulation AB, with respect to the Mortgage Loans, and (ii) by the Trustee to enable the Trustee to provide the reports required by Section 4.03(a) as to the accompanying remittance and applicable Due Period and the period ending on the close of business on the last day of the related Prepayment Period to which such remittance relatesPeriod. The Servicer Remittance Report shall, at a minimum, document, on such Determination Date, Mortgage Loan payment activity on an individual Mortgage Loan basis, as follows:
(i) with respect to each Scheduled Payment, the amount of such remittance allocable to principal (including a separate breakdown of any Principal Prepayment, including the date of such prepayment, and any Prepayment Charges, received during the related Prepayment Period along with a detailed report of interest on principal prepayment amounts remitted [in accordance with Section 3.25);
(ii) with respect to each Scheduled Payment, the amount of such remittance allocable to interest;
(iii) the amount of servicing compensation received by such the Servicer during the prior distribution period;; and
(iv) the individual and aggregate Stated Principal Balance of the Mortgage Loans;. Concurrently with each delivery of a Servicer Remittance Report to the Trustee, the Servicer shall provide, in a manner consistent with the preceding paragraph, a supplemental statement setting forth:
(vi) the aggregate expenses reimbursed to such the Servicer during the prior distribution period pursuant to Section 3.11; and
(viii) the number and aggregate outstanding principal balances of Mortgage Loans (a) delinquent 31 to 60 days, 61 to 90 days, 91 to 120 days, 121 to 150 days, 151 to 180 days, 181 to 210 days, 211 to 240 days and 91 or more 240+ days; (b) as to which foreclosure or bankruptcy proceedings of the related mortgagor have commenced; and (c) as to which REO Property has been acquired. Concurrently with each delivery of a Servicer Remittance Report to the Trustee, Wells Fargo, acting as a Servicer, shall provide, in a manner consistenx xxxh the preceding paragraph, a supplemental statement (to the extent not previously provided) setting forth information in subclauses (v) and (vi). The Trustee shall promptly forward the Servicer Remittance Report and the related supplemental statement to the Depositor.
(e) Notwithstanding anything in Section 4.03(d) to the contrary, the Servicers shall be deemed to have satisfied the requirement to timely deliver the Servicer Remittance Report if such report is received by the Trustee on or prior to the 18th calendar day of such month in which the related Determination Date occurs; provided, however, that if such 18th calendar day is a Sunday or a Monday which is not a Business Day, the Servicers shall be deemed to have satisfied the requirement to timely deliver the Servicer Remittance Report if the Trustee and the Depositor receive such report (i) on the next Business Day succeeding such 18th calendar day, or (ii) on the Business Day immediately preceding such 18th calendar day, if such succeeding Business Day is later than the 20th calendar day of such calendar month.
(f) For all purposes of this Agreement, with respect to any Mortgage Loan, delinquencies shall be determined and reported by the Trustee Trustee, from information provided by the Servicers and reported by the Trustee Servicer, based on the "OTS" methodology for determining delinquencies on mortgage loans similar to the Mortgage Loans. By way of example, a Mortgage Loan would be delinquent with respect to a Scheduled Payment due on a Due Date if such Scheduled Payment is not made by the close of business on the Mortgage Loan's next succeeding Due Date, and a Mortgage Loan would be more than 30-days Delinquent with respect to such Scheduled Payment if such Scheduled Payment were not made by the close of business on the Mortgage Loan's second succeeding Due Date. Each The Servicer hereby represents and warrants to the Depositor that such the Servicer is not subject to any delinquency recognition policy established by the primary safety and soundness regulator, if any, of such the Servicer, that is more restrictive than the foregoing delinquency recognition policy.
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (Morgan Stanley Capital I Inc. Trust 2006-Nc2), Pooling and Servicing Agreement (Morgan Stanley Capital I Inc. Trust 2006-Nc2)
Monthly Statements to Certificateholders. (a) Not later than each Distribution Date, the Trustee Securities Administrator shall make available to each Certificateholder, the ServicersMaster Servicer, the Depositor Servicer, the Depositor, the Trustee and each Rating Agency a statement setting forth with respect to the related distribution:
(i) the actual Distribution Date, the related Record Date, the Interest Accrual Period(s) for each Class for such Distribution Date and the LIBOR Determination Date for such Interest Accrual Period;
(ii) the amount of Available Funds;
(iii) the amount of Available Funds allocable to principal, the Principal Remittance Amount (separately identifying the components thereof) and the Principal Distribution Amount (separately identifying the components thereof);
(iv) the amount of Available Funds allocable to interest and each Interest Remittance Amount;
(v) the amount of any Unpaid Interest Amount for each Class included in such distribution and any remaining Unpaid Interest Amounts after giving effect to such distribution, any Basis Risk CarryForward Carry Forward Amount for each Class and the amount of such Basis Risk CarryForward Carry Forward Amount covered by withdrawals from the Excess Reserve Fund Account on such Distribution Date;
(vi) if the distribution to the Holders of such Class of Certificates is less than the full amount that would be distributable to such Holders if there were sufficient funds available therefor, the amount of the shortfall and the allocation of the shortfall as between principal and interest, including any Basis Risk CarryForward Carry Forward Amount not covered by amounts in the Excess Reserve Fund Account;
(vii) the Class Certificate Balance of each Class of Certificates before and after giving effect to the distribution of principal on such Distribution Date;
(viii) the Pool Stated Principal Balance for the related Distribution Date;
(ix) the amount of the Expense Fees paid to or retained by the Servicers Servicer, the Securities Administrator and the Trustee Master Servicer (stated separately and in the aggregate) with respect to such Distribution Date;
(x) the Pass-Through Rate for each such Class of Certificates with respect to such Distribution Date;
(xi) the amount of P&I Advances included in the distribution on such Distribution Date reported by the Servicers Servicer (and the Trustee Master Servicer as successor Servicer servicer and any other successor Servicerservicer, if applicable) as of the close of business on the Determination Date immediately preceding such Distribution Date;
(xii) the number and aggregate outstanding principal balances of Mortgage Loans (1) as to which the Scheduled Payment is delinquent 31 to 60 days, 61 to 90 days days, and 91 or more 90+ days, (2) that have become REO Property, (3) that are in foreclosure and (4) that are in bankruptcy, in each case as of the close of business on the last Business Day day of the immediately related Due Period;
(xiii) for each of the preceding 12 calendar months, or all calendar months since the related Cut-off Date, whichever is less, the aggregate dollar amount of the Scheduled Payments (A) due on all Outstanding Mortgage Loans on each of the Due Dates in each such month and (B) delinquent 60 days or more on each of the Due Dates in each such month;
(xiiixiv) with respect to any Mortgage Loans that became REO Properties during the preceding calendar month, the aggregate number of such Mortgage Loans and the aggregate Stated Principal Balance outstanding principal balance of such Mortgage Loans as of the close of business on the last Business Day day of the immediately preceding monthrelated Due Period;
(xivxv) the total number and outstanding principal balance of any REO Properties (and market value, if available) as of the close of business on the last Business Day of the immediately preceding monthrelated Due Period;
(xvxvi) whether a Trigger Event has occurred and is continuing (including the calculation demonstrating the existence of the Trigger EventEvent and the aggregate outstanding principal balance of all 60+ Day Delinquent Mortgage Loans);
(xvixvii) the amount on deposit in the Excess Reserve Fund Account (after giving effect to distributions on such Distribution Date);
(xviixviii) in the aggregate and for each Class of Certificates, the aggregate amount of Applied Realized Loss Amounts incurred during the preceding calendar month and aggregate Applied Realized Loss Amounts through such Distribution Date;
(xviiixix) the amount of any Net Monthly Excess Cash Flow on such Distribution Date and the allocation of it to the Certificateholders with respect to Unpaid Interest Amounts, Unpaid Applied Realized Loss Amounts or and Basis Risk CarryForward Carry Forward Amounts;
(xixxx) the amount of any Cap Payments, Net Swap Payments, Net Swap Receipts, Swap Termination Payments or Defaulted Swap Termination Payments;
(xxxxi) the calculations of LIBOR and Swap LIBORLIBOR rates (and the calculation thereof, if applicable);
(xxixxii) the Subordinated Overcollateralized Amount and Specified Subordinated Overcollateralized Amount;
(xxiixxiii) Prepayment Charges collected or paid (pursuant to Section 3.07(a)) by the ServicersServicer;
(xxiiixxiv) the Cumulative Loss Percentage and the aggregate amount of Realized Losses used to calculate the Cumulative Loss Percentage;
(xxivxxv) the amount distributed on the Class X Certificates;
(xxvxxvi) the amount of any Subsequent Recoveries for such Distribution Date;
(xxvi) the Pre-Funded Amount as of the end of the prior Due Period;
(xxvii) the amount of any principal prepayment on the Certificates resulting from the application of unused moneys in the Pre-Funding Account; and
(xxviiixxvii) the number of Mortgage Loans at the beginning and end of the applicable reporting period, the pool factor (being the Stated Principal Balance of the Mortgage Loans for the related Distribution Date divided by the Cut-off Date Principal Balance), and the weighted average interest rate, and weighted average remaining term; . In addition, each Form 10-D prepared and filed by the Trustee Securities Administrator pursuant to Section 8.12 shall include the following information with respect to the related distribution:
(i) material breaches of Mortgage Loan representations and warranties under this Agreement of which the Trustee Securities Administrator has actual knowledge or has received written notice; and
(ii) material breaches of any covenants under this Agreement of which the Trustee Securities Administrator has actual knowledge or has received written notice.; provided, that, if the Securities Administrator receives written notice of events described in (i) and/or (ii) above from the Servicer, the Servicer shall be responsible for providing information to the Securities Administrator for inclusion in the applicable Form 10-D.
(b) The TrusteeSecurities Administrator's responsibility for providing the above statement to the Certificateholders, each Rating Agency Agency, the Responsible Party, the Master Servicer, the Servicer and the Depositor is limited, if applicable, to the availability, timeliness and accuracy of the information derived from the Servicers Responsible Party, the Master Servicer and the Swap ProviderServicer. The Trustee Securities Administrator shall make available the above statement via the TrusteeSecurities Administrator's internet website. The TrusteeSecurities Administrator's website will initially be located at https://www.tss.db.com/invr http://www.ctslink.com and assistance in using the website can be xxxxxxxx obtaixxx xx xxxxxxx xxx XxxsteeXxxurities Administrator's investor relations customer service desk at 1(301) 815-800-735-77776600. Parties that are unable to use A paper copy of the website are entitled xx above statement will also be made axxxxxxxx xxxx x xxxer copy mailed to them via first class mail by calling the investor relations desk and indicating suchrequest. The Trustee may change the way the monthly statements to Certificateholders are distributed in order to make such distribution more convenient and/or more accessible to the above parties and the Trustee shall provide timely and adequate notification to all above parties regarding any such changes. As a condition to access the Trustee's internet website, the Trustee may require registration and the acceptance of a disclaimer. The Trustee will not be liable for the dissemination of information in accordance with this Agreement. The Trustee Securities Administrator shall make available to each Analytics Company, either electronically or via the TrusteeSecurities Administrator's internet website, each statement to Certificateholders prepared pursuant to this Section 4.03(a). The Trustee (Securities Administrator and the applicable Servicer, if such discrepancy results from or arises out of any information provided by the applicable Servicer pursuant to this Agreement) shall cooperate in good faith with the Depositor to reconcile any discrepancies in such statements, and the Trustee Securities Administrator shall provide make available via its Internet website any corrections to such statements to each Analytics Company as soon as reasonably practicable after the related Distribution Date. The Trustee will also be entitled to rely on but shall not be responsible for the content or accuracy of any information provided by third parties for purposes of preparing the monthly statement to Certificateholders and may affix thereto any disclaimer it deems appropriate in its reasonable discretion (without suggesting liability on the part of any other party hereto).
(c) Within Upon request, within a reasonable period of time after the end of each calendar year, the Trustee Securities Administrator shall cause to be furnished to each Person who at any time during the calendar year was a Certificateholder, a statement containing the information set forth in clauses (a)(i) and (a)(ii) of this Section 4.03 aggregated for such calendar year or applicable portion thereof during which such Person was a Certificateholder. Such obligation of the Trustee Securities Administrator shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Trustee Securities Administrator pursuant to any requirements of the Code as from time to time in effect.
(d) Not later than the Determination Reporting Date for each Distribution Date, each the Servicer shall furnish to the TrusteeDepositor with respect to clause (i) below and the Securities Administrator with respect to clause (ii) below, a monthly remittance advice statement (the "Servicer Remittance Report") containing substantially similar to the data fields format set forth on in Exhibit X attached Y hereto, a monthly defaulted loan report substantially similar to the format set forth in Exhibit Z hereto and a realized loss report substantially similar to the format set forth in Exhibit AA hereto (or in each case, in a such other format mutually agreed upon by such Servicer to among the Depositor, the Servicer, and the TrusteeMaster Servicer) with respect relating to HomEq, the period ending on the last day of the preceding calendar month containing the data fields set forth on Exhibit Y attached hereto with respect to Wells Fargo (in each case, in a format mutually agreed upon by such Serxxxxx and the Trustee) and containing the data fields set forth on Exhibit Z attached hereto with respect Countrywide Servicing (in each case, in a format mutually agreed upon by such Servicer and the Trustee) and such information as shall be reasonably requested (i) by the Depositor to enable the Depositor to disclose "static pool information", as required by Item 1105 of Regulation AB, with respect to the Mortgage Loans, and (ii) by the Trustee Securities Administrator to enable the Trustee Securities Administrator to provide the reports required by Section 4.03(a) as to the accompanying remittance and applicable Due Period and the period ending on the close of business on the last day of the related Prepayment Period to which such remittance relatesPeriod. The Servicer Remittance Report shallshall concurrently deliver to the Depositor a data tape, at in form and substance reasonably satisfactory to the Depositor, containing the information required pursuant to this Section 4.03(d) on a minimumloan-by-loan basis for all of the Mortgage Loans. The Depositor will use the information required pursuant to this Section 4.03(d) in compliance with applicable law. The Servicer shall furnish to the Securities Administrator an individual loan accounting report, documentas of the last Business Day of each month, on such Determination Date, to document Mortgage Loan payment activity on an individual Mortgage Loan basis. With respect to each month, as followsthe corresponding individual loan accounting report (in electronic format) shall be received by the Securities Administrator no later than the Reporting Date, which report shall, at a minimum, contain the following:
(i) with respect to each Scheduled Payment, the amount of such remittance allocable to principal (including a separate breakdown of any Principal Prepayment, including the date of such prepayment, and any Prepayment ChargesPremiums, received during the related Prepayment Period along with a detailed report of interest on principal prepayment Principal Prepayment amounts remitted in accordance with Section 3.25);
(ii) with respect to each Scheduled Payment, the amount of such remittance allocable to interest;
(iii) the amount of servicing compensation received by such the Servicer during the prior distribution period;
(iv) the individual and aggregate Stated Principal Balance of the Mortgage Loans;
(v) the aggregate of any expenses reimbursed to such the Servicer during the prior distribution period pursuant to Section 3.11; and;
(vi) the number and aggregate outstanding principal balances of Mortgage Loans (a) delinquent 31 to 60 days, 61 to 90 days and 91 or more 90+ days; (b) as to which foreclosure or bankruptcy proceedings of the related mortgagor have commenced; and (c) as to which REO Property has been acquired. Concurrently with ;
(vii) each delivery of a Servicer Remittance Report to the TrusteeMortgage Loan which has been altered, Wells Fargomodified or varied during such month, acting as a Servicer, shall provide, in a manner consistenx xxxh the preceding paragraph, a supplemental statement (to the extent not previously provided) setting forth information in subclauses (v) and (vi). The Trustee shall promptly forward the Servicer Remittance Report and the related supplemental statement reason for such modification (i.e., extension of maturity date, Mortgage Interest Rate);
(viii) with respect to each Liquidated Mortgage Loan, the Depositoramount of any Realized Losses for such Mortgage Loan; and
(ix) any other information reasonably required by the Securities Administrator to enable it to prepare the Monthly Statement referred to in Section 4.03(a).
(e) Notwithstanding anything in Section 4.03(d) to the contrary, the Servicers shall be deemed to have satisfied the requirement to timely deliver the Servicer Remittance Report if such report is received by the Trustee on or prior to the 18th calendar day of such month in which the related Determination Date occurs; provided, however, that if such 18th calendar day is a Sunday or a Monday which is not a Business Day, the Servicers shall be deemed to have satisfied the requirement to timely deliver the Servicer Remittance Report if the Trustee and the Depositor receive such report (i) on the next Business Day succeeding such 18th calendar day, or (ii) on the Business Day immediately preceding such 18th calendar day, if such succeeding Business Day is later than the 20th calendar day of such calendar month.
(f) For all purposes of this Agreement, with respect to any Mortgage Loan, delinquencies shall be determined by the Trustee from information provided by the Servicers and reported by the Trustee based on the so-called "OTS" methodology for determining delinquencies on mortgage loans similar to the Mortgage Loans. By way of example, a Mortgage Loan would be delinquent with respect to a Scheduled Payment due on a Due Date if such Scheduled Payment is not made by the close of business on the Mortgage Loan's next succeeding Due Date, and a Mortgage Loan would be more than 30-days Delinquent with respect to such Scheduled Payment if such Scheduled Payment were not made by the close of business on the Mortgage Loan's second succeeding Due Date. Each Servicer hereby represents and warrants to the Depositor that such Servicer is not subject to any delinquency recognition policy established by the primary safety and soundness regulator, if any, of such Servicer, that is more restrictive than the foregoing delinquency recognition policy.
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (GSAMP Trust 2007-Fm2), Pooling and Servicing Agreement (GSAMP Trust 2007-Fm1)
Monthly Statements to Certificateholders. (a) Not later than each Distribution Date, the Trustee shall make available to each Certificateholder, the ServicersServicer, the Depositor and each Rating Agency a statement setting forth with respect to the related distribution:
(i) the actual Distribution Dateamount thereof allocable to principal, separately identifying the related Record Date, the Interest Accrual Period(s) for each Class for such Distribution Date aggregate amount of any Principal Prepayments and the LIBOR Determination Date for such Interest Accrual PeriodLiquidation Proceeds included therein;
(ii) the amount of Available Fundsthereof allocable to the Coupon Strip Reserve Account;
(iii) the amount of Available Funds thereof allocable to principal, the Principal Remittance Amount (separately identifying the components thereof) and the Principal Distribution Amount (separately identifying the components thereof)Excess Cashflow Account;
(iv) the amount of Available Funds thereof allocable to interest and each Interest Remittance Amount;
(v) the amount of interest, any Unpaid Interest Amount for each Class Amounts included in such distribution and any remaining Unpaid Interest Amounts after giving effect to such distribution, any Basis Risk CarryForward Carry Forward Amount for each Class such Distribution Date and the amount of such all Basis Risk CarryForward Amount Carry Forward Amounts covered by withdrawals from the Excess Reserve Fund Account on such Distribution Date;
(viv) if the distribution to the Holders of such Class of Certificates is less than the full amount that would be distributable to such Holders if there were sufficient funds available therefor, the amount of the shortfall and the allocation of the shortfall thereof as between principal and interest, including any Basis Risk CarryForward Carry Forward Amount not covered by amounts in the Excess Reserve Fund Account;
(viivi) the Class Certificate Balance of each Class of Certificates before and after giving effect to the distribution of principal on such Distribution Date;
(viiivii) the Pool Stated Principal Balance for the following Distribution Date;
(ixviii) the amount of the Expense Servicing Fees paid to or retained by the Servicers and Servicer or Subservicer (with respect to the Trustee (stated separately and Subservicers, in the aggregate) with respect to such Distribution Date;
(xix) the Pass-Through Rate for each such Class of Certificates with respect to such Distribution Date;
(xix) the amount of P&I Advances included in the distribution on such Distribution Date and the aggregate amount of Advances reported by the Servicers (and the Trustee Servicer as successor Servicer and any other successor Servicer, if applicable) outstanding as of the close of business on the Determination Date immediately preceding such Distribution Date;
(xiixi) the number and aggregate outstanding principal balances of Mortgage Loans (1) as to which the Scheduled Payment is delinquent 31 to 60 days, 61 to 90 days and 91 or more days, (2) that have become REO Property, (3) that are in foreclosure and (4) that are in bankruptcy, in each case as of the close of business on the last Business Day of the immediately preceding month;
(xii) for each of the preceding 12 calendar months, or all calendar months since the related Cut-off Date, whichever is less, the aggregate dollar amount of the Scheduled Payments (A) due on all Outstanding Mortgage Loans on each of the Due Dates in each such month and (B) delinquent 60 days or more on each of the Due Dates in each such month;
(xiii) with respect to any all Mortgage Loans that became REO Properties during the preceding calendar month, the aggregate number of such Mortgage Loans and the aggregate Stated Principal Balance of such Mortgage Loans as of the close of business on the last Business Day Determination Date preceding such Distribution Date and the date of the immediately preceding monthacquisition thereof;
(xiv) the total number and outstanding principal balance of any REO Properties (and market value, if available) as of the close of business on the last Business Day of the immediately Determination Date preceding monthsuch Distribution Date;
(xv) whether a Trigger Event has occurred and is continuing (including the calculation demonstrating of thereof and the existence aggregate outstanding balance of the Trigger Eventall 60+ Day Delinquent Mortgage Loans);
(xvi) the amount on deposit in of any Basis Risk Carry Forward Amounts paid from the Excess Reserve Fund Account (after giving effect to distributions on such Distribution Date)or the Supplemental Interest Trust and the amount of any Upper-Tier Carry Forward Amounts paid from the Supplemental Interest Trust;
(xvii) in the aggregate and for each Class of Certificates, the aggregate amount of Applied Realized Loss Amounts incurred during the preceding calendar month and aggregate Applied Realized Loss Amounts through such Distribution Date;
(xviii) the amount of any Net Monthly Excess Cash Flow on such Distribution Date and the allocation of it thereof to the Certificateholders with respect to Unpaid Interest Amounts, Unpaid Applied Realized Loss Amounts or Basis Risk CarryForward and Unpaid Interest Amounts;
(xix) the Overcollateralized Amount and Specified Overcollateralized Amount;
(xx) the amount distributed on the Class P Certificates;
(xxi) the Cumulative Realized Loss Percentage;
(xxii) the amount distributed on the Class X Certificates;
(xxiii) the amount of any Subsequent Recoveries for such Distribution Date;
(xxiv) the amount of any Net Swap Payments, Net Swap Receipts, Swap Termination Payments or Defaulted Swap Termination Payments;; and
(xxxxv) the calculations of LIBOR and Swap LIBOR;
(xxi) the Subordinated Amount and Specified Subordinated Amount;
(xxii) Prepayment Charges collected or paid (pursuant to Section 3.07(a)) by the Servicers;
(xxiii) the Cumulative Loss Percentage and the aggregate amount of Realized Losses used to calculate the Cumulative Loss Percentage;
(xxiv) the amount distributed on the Class X Certificates;
(xxv) the amount of any Subsequent Recoveries for such Distribution Date;
(xxvi) the Pre-Funded Amount as of the end of the prior Due Period;
(xxvii) the amount of any principal prepayment on the Certificates resulting from the application of unused moneys in the Pre-Funding Account; and
(xxviii) the number of Mortgage Loans at the end of the applicable reporting period, the pool factor (being the Stated Principal Balance of the Mortgage Loans for the related Distribution Date divided by the Cut-off Date Principal Balance), and the weighted average interest rate, and weighted average remaining term; In addition, each Form 10-D prepared and filed by the Trustee pursuant to Section 8.12 shall include the following information with respect to the related distribution:
(i) material breaches of Mortgage Loan representations and warranties under this Agreement of which the Trustee has actual knowledge or has received written notice; and
(ii) material breaches of any covenants under this Agreement of which the Trustee has actual knowledge or received written notice.
(b) The Trustee's responsibility for providing the above statement to the Certificateholders, each Rating Agency Agency, the Servicer and the Depositor is limited, if applicable, limited to the availability, timeliness and accuracy of the information derived from the Servicers and the Swap ProviderServicer. The Trustee shall make available will provide the above statement via the Trustee's internet website. The Trustee's website will initially be located at https://www.tss.db.com/invr and assistance in using the website can be xxxxxxxx xx xxxxxxx xxx Xxxstee's investor relations desk at 1-800-735-7777. Parties that are unable to use the website are entitled xx xxxx x xxxer A paper copy mailed to them via first class mail by calling the investor relations desk and indicating such. The Trustee may change the way the monthly statements to Certificateholders are distributed in order to make such distribution more convenient and/or more accessible to of the above parties and the Trustee shall provide timely and adequate notification to all above parties regarding any such changes. As a condition to access the Trustee's internet website, the Trustee may require registration and the acceptance of a disclaimer. The Trustee will not be liable for the dissemination of information in accordance with this Agreement. The Trustee shall make available to each Analytics Company, either electronically or via the Trustee's internet website, each statement to Certificateholders prepared pursuant to Section 4.03(a). The Trustee (and the applicable Servicer, if such discrepancy results from or arises out of any information provided by the applicable Servicer pursuant to this Agreement) shall cooperate in good faith with the Depositor to reconcile any discrepancies in such statements, and the Trustee shall provide any corrections to such statements to each Analytics Company as soon as reasonably practicable after the related Distribution Date. The Trustee will also be entitled to rely on but shall not be responsible for the content or accuracy of any information provided by third parties for purposes of preparing the monthly statement to Certificateholders and may affix thereto any disclaimer it deems appropriate in its reasonable discretion (without suggesting liability on the part of any other party hereto)made axxxxxxxx xxxx request.
(c) Within Upon request, within a reasonable period of time after the end of each calendar year, the Trustee shall cause to be furnished to each Person who at any time during the calendar year was a Certificateholder, a statement containing the information set forth in clauses (a)(i) and (a)(ii) of this Section 4.03 aggregated for such calendar year or applicable portion thereof during which such Person was a Certificateholder. Such obligation of the Trustee shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Trustee pursuant to any requirements of the Code as from time to time in effect.
(d) Not later than the Determination Date for each Distribution Reporting Date, each the Servicer shall furnish to the Trustee, Trustee and a monthly remittance advice statement (the "Servicer Remittance Report") containing the data fields set forth on Exhibit X attached hereto (in each case, in a format mutually agreed upon by such the Servicer and the Trustee) with respect to HomEq, containing the data fields set forth on Exhibit Y attached hereto with respect to Wells Fargo (in each case, in a format mutually agreed upon by such Serxxxxx and the Trustee) and containing the data fields set forth on Exhibit Z attached hereto with respect Countrywide Servicing (in each case, in a format mutually agreed upon by such Servicer and the Trustee) and such information as shall be reasonably requested (i) by the Depositor to enable the Depositor to disclose "static pool information", as required by Item 1105 of Regulation AB, with respect to the Mortgage Loans, and (ii) by the Trustee to enable the Trustee to provide the reports required by Section 4.03(a) as to the accompanying remittance and applicable Due Period and Prepayment Period to which such remittance relatesthe period ending on the close of business on the last Business Day of the immediately preceding month (the "Servicer Remittance Report"). The Servicer Remittance Report shallshall furnish to the Trustee an individual loan accounting report, at a minimumas of the last Business Day of each month, document, on such Determination Date, to document Mortgage Loan payment activity on an individual Mortgage Loan basis. With respect to each month, as followsthe corresponding individual loan accounting report (in electronic format) shall be received by the Trustee no later than the Reporting Date, which report shall contain the following:
(i) with respect to each Scheduled Payment, the amount of such remittance allocable to principal (including a separate breakdown of any Principal Prepayment, including the date of such prepayment, and any Prepayment ChargesPremiums, received during the related Prepayment Period along with a detailed report of interest on principal prepayment amounts remitted in accordance with Section 3.25);
(ii) with respect to each Scheduled Payment, the amount of such remittance allocable to interest;
(iii) the amount of servicing compensation received by such the Servicer during the prior distribution period;
(iv) the individual and aggregate Stated Principal Balance of the Mortgage Loans;
(v) the aggregate of any expenses reimbursed to such the Servicer during the prior distribution period pursuant to Section 3.11; and;
(vi) the number and aggregate outstanding principal balances of Mortgage Loans (a) delinquent (1) 31 to 60 days, (2) 61 to 90 days, or (3) 91 days and 91 or more daysmore; (b) as to which foreclosure or bankruptcy proceedings of the related mortgagor have has commenced; and (c) as to which REO Property has been acquired. Concurrently with ;
(vii) each delivery of a Servicer Remittance Report to the TrusteeMortgage Loan which has been altered, Wells Fargomodified or varied during such month, acting as a Servicer, shall provide, in a manner consistenx xxxh the preceding paragraph, a supplemental statement (to the extent not previously provided) setting forth information in subclauses (v) and (vi). The Trustee shall promptly forward the Servicer Remittance Report and the related supplemental statement to the Depositor.reason for such modification (i.e., extension of maturity date, Mortgage Interest Rate);
(eviii) Notwithstanding anything in Section 4.03(d) with respect to the contraryeach Liquidated Mortgage Loan, the Servicers shall be deemed to have satisfied the requirement to timely deliver the Servicer Remittance Report if amount of any Realized Losses for such report is received Mortgage Loan; and
(ix) any other information reasonably required by the Trustee on or prior to enable it to prepare the 18th calendar day of such month monthly statement referred to in which the related Determination Date occurs; provided, however, that if such 18th calendar day is a Sunday or a Monday which is not a Business Day, the Servicers shall be deemed to have satisfied the requirement to timely deliver the Servicer Remittance Report if the Trustee and the Depositor receive such report (i) on the next Business Day succeeding such 18th calendar day, or (ii) on the Business Day immediately preceding such 18th calendar day, if such succeeding Business Day is later than the 20th calendar day of such calendar monthSection 4.03(a).
(f) For all purposes of this Agreement, with respect to any Mortgage Loan, delinquencies shall be determined by the Trustee from information provided by the Servicers and reported by the Trustee based on the "OTS" methodology for determining delinquencies on mortgage loans similar to the Mortgage Loans. By way of example, a Mortgage Loan would be delinquent with respect to a Scheduled Payment due on a Due Date if such Scheduled Payment is not made by the close of business on the Mortgage Loan's next succeeding Due Date, and a Mortgage Loan would be more than 30-days Delinquent with respect to such Scheduled Payment if such Scheduled Payment were not made by the close of business on the Mortgage Loan's second succeeding Due Date. Each Servicer hereby represents and warrants to the Depositor that such Servicer is not subject to any delinquency recognition policy established by the primary safety and soundness regulator, if any, of such Servicer, that is more restrictive than the foregoing delinquency recognition policy.
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (GSAMP Trust 2005-He4), Pooling and Servicing Agreement (GSAMP Trust 2005-He4)
Monthly Statements to Certificateholders. (a) Not later than each Distribution Date, the Trustee Securities Administrator shall make available to each Certificateholder, the ServicersDepositor, the Depositor Trustee, the NIM Insurer and each Rating Agency a statement based, in part, upon the information provided by the Servicers setting forth with respect to the related distribution:
(i) the actual Distribution Dateamount thereof allocable to principal, separately identifying the related Record Date, the Interest Accrual Period(s) for each Class for such Distribution Date aggregate amount of any Principal Prepayments and the LIBOR Determination Date for such Interest Accrual PeriodLiquidation Proceeds included therein;
(ii) the amount of Available Funds;
(iii) the amount of Available Funds thereof allocable to principalinterest, the Principal Remittance Amount (separately identifying the components thereof) and the Principal Distribution Amount (separately identifying the components thereof);
(iv) the amount of Available Funds allocable to interest and each Interest Remittance Amount;
(v) the amount of any Unpaid Interest Amount for each Class included in such distribution and any remaining Unpaid Interest Amounts Amount after giving effect to such distribution, any Basis Risk CarryForward Carry Forward Amount for each Class such Distribution Date and the amount of such all Basis Risk CarryForward Carry Forward Amount covered by withdrawals from the Excess Reserve Fund Account on such Distribution Date;
(viiii) if the distribution to the Holders of such Class of Certificates is less than the full amount that would be distributable to such Holders if there were sufficient funds available therefor, the amount of the shortfall and the allocation of the shortfall thereof as between principal and interest, including any Basis Risk CarryForward Carry Forward Amount not covered by amounts in the Excess Reserve Fund Account;
(viiiv) the Class Certificate Balance of each Class of Certificates before and the notional amount of the Class P Certificates after giving effect to the distribution of principal on such Distribution Date;
(viiiv) the Pool aggregate Stated Principal Balance of the Mortgage Loans for the following Distribution Date;
(ixvi) the amount of the Expense Fees expenses and fees paid to or retained by the Servicers and the Trustee (stated separately and in the aggregate) Servicer with respect to such Distribution Date;
(xvii) the amount of any Administrative Fees paid to the Master Servicer or Securities Administrator with respect to such Distribution Date;
(viii) the Pass-Through Rate for each such Class of Certificates with respect to such Distribution Date;
(xiix) the amount of P&I Advances included in the distribution on such Distribution Date and the aggregate amount of P&I Advances reported by the Servicers (and the Master Servicer, the Trustee as successor Servicer master servicer and any other successor Servicermaster servicer, if applicable) as outstanding as of the close of business on the Determination Date immediately preceding such Distribution Date;
(xiix) the number and aggregate outstanding principal balances of Mortgage Loans (1) as to which the Scheduled Monthly Payment is delinquent 31 to 60 days, 61 to 90 days and 91 or more daysdays (each to be calculated using the OTS method), (2) that have become REO Property, (3) that are in foreclosure and (4) that are in bankruptcy, in each case as of the close of business on the last Business Day of the immediately preceding month;
(xiii) with respect to any Mortgage Loans that became REO Properties during the preceding calendar month, the aggregate number of such Mortgage Loans and the aggregate Stated Principal Balance of such Mortgage Loans as of the close of business on the last Business Day of the immediately preceding month;
(xivxi) the total number and outstanding principal balance of any REO Properties (and market value, if available) as of the close of business on the last Business Day of the immediately Determination Date preceding monthsuch Distribution Date;
(xvxii) whether a Trigger Event has occurred and is continuing (including the calculation demonstrating the existence of the Trigger EventEvent and the aggregate outstanding balance of all 60+ Day Delinquent Mortgage Loans);
(xvixiii) the amount on deposit in the Excess Reserve Fund Account (after giving effect to distributions on such Distribution Date);
(xviixiv) in the aggregate and for each Class of Certificates, the aggregate amount of Applied Realized Loss Amounts incurred during the preceding calendar month and aggregate Applied Realized Loss Amounts through such Distribution Date;
(xviiixv) the amount of any Net Monthly Excess Cash Flow on such Distribution Date and the allocation of it thereof to the Certificateholders with respect to Unpaid Interest Amounts, Unpaid Realized Loss Amounts or Basis Risk CarryForward Amounts;
(xixxvi) the amount of any Net Swap Payments, Net Swap Receipts, Swap Termination Payments or Defaulted Swap Termination Payments;
(xx) the calculations of LIBOR and Swap LIBOR;
(xxi) the Subordinated Overcollateralized Amount and Specified Subordinated Overcollateralized Amount;
(xxiixvii) the Prepayment Charges Premiums collected by or paid (pursuant to Section 3.07(a)) by the Servicers;
(xxiiixviii) the Cumulative Loss Percentage and percentage equal to the aggregate amount realized losses divided by the aggregate Stated Principal Balance of Realized Losses used to calculate the Cumulative Loss PercentageMortgage Loans as of the Cut-off Date;
(xxivxix) the amount distributed on the Class X and Class P Certificates;
(xxvxx) the amount of any Subsequent Recoveries for such Distribution Date;
(xxvi) the Pre-Funded Amount as of the end of the prior Due Period;
(xxvii) the amount of any principal prepayment on the Certificates resulting from the application of unused moneys in the Pre-Funding Account; and
(xxviiixxi) the number of updated Mortgage Loans at the end of the applicable reporting periodLoan information, the pool factor (being the Stated Principal Balance of the Mortgage Loans for the related Distribution Date divided by the Cut-off Date Principal Balance), and the such as weighted average interest rate, and weighted average remaining term; In addition, each Form 10-D prepared and filed by the Trustee pursuant to Section 8.12 shall include the following information with respect to the related distribution:
(i) material breaches of Mortgage Loan representations and warranties under this Agreement of which the Trustee has actual knowledge or has received written notice; and
(ii) material breaches of any covenants under this Agreement of which the Trustee has actual knowledge or received written notice.
(b) The Trustee's responsibility for providing the above statement to the Certificateholders, each Rating Agency and the Depositor is limited, if applicable, to the availability, timeliness and accuracy of the information derived from the Servicers and the Swap Provider. The Trustee shall make available the above statement via the Trustee's internet website. The Trustee's website will initially be located at https://www.tss.db.com/invr and assistance in using the website can be xxxxxxxx xx xxxxxxx xxx Xxxstee's investor relations desk at 1-800-735-7777. Parties that are unable to use the website are entitled xx xxxx x xxxer copy mailed to them via first class mail by calling the investor relations desk and indicating such. The Trustee may change the way the monthly statements to Certificateholders are distributed in order to make such distribution more convenient and/or more accessible to the above parties and the Trustee shall provide timely and adequate notification to all above parties regarding any such changes. As a condition to access the Trustee's internet website, the Trustee may require registration and the acceptance of a disclaimer. The Trustee will not be liable for the dissemination of information in accordance with this Agreement. The Trustee shall make available to each Analytics Company, either electronically or via the Trustee's internet website, each statement to Certificateholders prepared pursuant to Section 4.03(a). The Trustee (and the applicable Servicer, if such discrepancy results from or arises out of any information provided by the applicable Servicer pursuant to this Agreement) shall cooperate in good faith with the Depositor to reconcile any discrepancies in such statements, and the Trustee shall provide any corrections to such statements to each Analytics Company as soon as reasonably practicable after the related Distribution Date. The Trustee will also be entitled to rely on but shall not be responsible for the content or accuracy of any information provided by third parties for purposes of preparing the monthly statement to Certificateholders and may affix thereto any disclaimer it deems appropriate in its reasonable discretion (without suggesting liability on the part of any other party hereto).
(c) Within a reasonable period of time after the end of each calendar year, the Trustee shall cause to be furnished to each Person who at any time during the calendar year was a Certificateholder, a statement containing the information set forth in clauses (a)(i) and (a)(ii) of this Section 4.03 aggregated for such calendar year or applicable portion thereof during which such Person was a Certificateholder. Such obligation of the Trustee shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Trustee pursuant to any requirements of the Code as from time to time in effect.
(d) Not later than the Determination Date for each Distribution Date, each Servicer shall furnish to the Trustee, a monthly remittance advice statement (the "Servicer Remittance Report") containing the data fields set forth on Exhibit X attached hereto (in each case, in a format mutually agreed upon by such Servicer and the Trustee) with respect to HomEq, containing the data fields set forth on Exhibit Y attached hereto with respect to Wells Fargo (in each case, in a format mutually agreed upon by such Serxxxxx and the Trustee) and containing the data fields set forth on Exhibit Z attached hereto with respect Countrywide Servicing (in each case, in a format mutually agreed upon by such Servicer and the Trustee) and such information as shall be reasonably requested (i) by the Depositor to enable the Depositor to disclose "static pool information", as required by Item 1105 of Regulation AB, with respect to the Mortgage Loans, and (ii) by the Trustee to enable the Trustee to provide the reports required by Section 4.03(a) as to the accompanying remittance and applicable Due Period and Prepayment Period to which such remittance relates. The Servicer Remittance Report shall, at a minimum, document, on such Determination Date, Mortgage Loan payment activity on an individual Mortgage Loan basis, as follows:
(i) with respect to each Scheduled Payment, the amount of such remittance allocable to principal (including a separate breakdown of any Principal Prepayment, including the date of such prepayment, and any Prepayment Charges, received during the related Prepayment Period along with a detailed report of interest on principal prepayment amounts remitted in accordance with Section 3.25);
(ii) with respect to each Scheduled Payment, the amount of such remittance allocable to interest;
(iii) the amount of servicing compensation received by such Servicer during the prior distribution period;
(iv) the individual and aggregate Stated Principal Balance of the Mortgage Loans;
(v) the aggregate expenses reimbursed to such Servicer during the prior distribution period pursuant to Section 3.11; and
(vi) the number and aggregate outstanding principal balances of Mortgage Loans (a) delinquent 31 to 60 days, 61 to 90 days and 91 or more days; (b) as to which foreclosure or bankruptcy proceedings of the related mortgagor have commenced; and (c) as to which REO Property has been acquired. Concurrently with each delivery of a Servicer Remittance Report to the Trustee, Wells Fargo, acting as a Servicer, shall provide, in a manner consistenx xxxh the preceding paragraph, a supplemental statement (to the extent not previously provided) setting forth information in subclauses (v) and (vi). The Trustee shall promptly forward the Servicer Remittance Report and the related supplemental statement to the Depositor.
(e) Notwithstanding anything in Section 4.03(d) to the contrary, the Servicers shall be deemed to have satisfied the requirement to timely deliver the Servicer Remittance Report if such report is received by the Trustee on or prior to the 18th calendar day of such month in which the related Determination Date occurs; provided, however, that if such 18th calendar day is a Sunday or a Monday which is not a Business Day, the Servicers shall be deemed to have satisfied the requirement to timely deliver the Servicer Remittance Report if the Trustee and the Depositor receive such report (i) on the next Business Day succeeding such 18th calendar day, or (ii) on the Business Day immediately preceding such 18th calendar day, if such succeeding Business Day is later than the 20th calendar day of such calendar month.
(f) For all purposes of this Agreement, with respect to any Mortgage Loan, delinquencies shall be determined by the Trustee from information provided by the Servicers and reported by the Trustee based on the "OTS" methodology for determining delinquencies on mortgage loans similar to the Mortgage Loans. By way of example, a Mortgage Loan would be delinquent with respect to a Scheduled Payment due on a Due Date if such Scheduled Payment is not made by the close of business on the Mortgage Loan's next succeeding Due Date, and a Mortgage Loan would be more than 30-days Delinquent with respect to such Scheduled Payment if such Scheduled Payment were not made by the close of business on the Mortgage Loan's second succeeding Due Date. Each Servicer hereby represents and warrants to the Depositor that such Servicer is not subject to any delinquency recognition policy established by the primary safety and soundness regulator, if any, of such Servicer, that is more restrictive than the foregoing delinquency recognition policy.
Appears in 2 contracts
Samples: Master Servicing and Trust Agreement (GSAA Home Equity Trust 2007-7), Master Servicing and Trust Agreement (GSAA Home Equity Trust 2007-7)
Monthly Statements to Certificateholders. (a) Not later than each Distribution Date, the Trustee shall make available to each Certificateholder, the ServicersServicer, the Depositor and each Rating Agency a statement setting forth with respect to the related distribution:
(i) the actual Distribution Date, the related Record Date, the Interest Accrual Period(s) for each Class for such Distribution Date and the LIBOR Determination Date for such Interest Accrual Period;
(ii) the amount of Available Funds;
(iii) the amount of Available Funds allocable to principal, the Principal Remittance Amount (separately identifying the components thereof) and the Principal Distribution Amount (separately identifying the components thereof);
(iv) the amount of Available Funds allocable to interest and each Interest Remittance Amount;
(v) the amount of any Unpaid Interest Amount for each Class included in such distribution and any remaining Unpaid Interest Amounts after giving effect to such distribution, any Basis Risk CarryForward Amount for each Class and the amount of such Basis Risk CarryForward Amount covered by withdrawals from the Excess Reserve Fund Account on such Distribution Date;
(vi) if the distribution to the Holders of such Class of Certificates is less than the full amount that would be distributable to such Holders if there were sufficient funds available therefor, the amount of the shortfall and the allocation of the shortfall as between principal and interest, including any Basis Risk CarryForward Amount not covered by amounts in the Excess Reserve Fund Account;
(vii) the Class Certificate Balance of each Class of Certificates before and after giving effect to the distribution of principal on such Distribution Date;
(viii) the Pool Stated Principal Balance for the related Distribution Date;
(ix) the amount of the Expense Fees paid to or retained by the Servicers Servicer, the Countrywide Servicer and the Trustee (stated separately and in the aggregate) with respect to such Distribution Date;
(x) the Pass-Through Rate for each such Class of Certificates with respect to such Distribution Date;
(xi) the amount of P&I Advances included in the distribution on such Distribution Date reported by the Servicers Servicer and the Countrywide Servicer (and the Trustee as successor Servicer servicer and any other successor Servicerservicer, if applicable) as of the close of business on the Determination Date immediately preceding such Distribution Date;
(xii) the number and aggregate outstanding principal balances of Mortgage Loans (1) as to which the Scheduled Payment is delinquent 31 to 60 days, 61 to 90 days, 91 to 120 days, 121 to 150 days, 151 to 180 days, 181 to 210 days, 211 to 240 days and 91 or more 240+ days, (2) that have become REO Property, (3) that are in foreclosure and (4) that are in bankruptcy, in each case as of the close of business on the last Business Day day of the immediately related Due Period;
(xiii) for each of the preceding 12 calendar months, or all calendar months since the related Cut-off Date, whichever is less, the aggregate dollar amount of the Scheduled Payments (A) due on all outstanding Mortgage Loans on each of the Due Dates in each such month and (B) delinquent 60 days or more on each of the Due Dates in each such month;
(xiiixiv) with respect to any Mortgage Loans that became REO Properties during the preceding calendar month, the aggregate number of such Mortgage Loans and the aggregate Stated Principal Balance outstanding principal balance of such Mortgage Loans as of the close of business on the last Business Day day of the immediately preceding monthrelated Due Period;
(xivxv) the total number and outstanding principal balance of any REO Properties (and market value, if available) as of the close of business on the last Business Day of the immediately preceding monthrelated Due Period;
(xvxvi) whether a Trigger Event has occurred and is continuing (including separately identifying the components of the calculation demonstrating resulting in the existence of the Trigger EventEvent and the aggregate outstanding balance of all 60+ Day Delinquent Mortgage Loans);
(xvixvii) the amount on deposit in the Excess Reserve Fund Account (after giving effect to distributions on such Distribution Date);
(xviixviii) in the aggregate and for each Class of Certificates, the aggregate amount of Applied Realized Loss Amounts incurred during the preceding calendar month and aggregate Applied Realized Loss Amounts through such Distribution Date;
(xviiixix) the amount of any Net Monthly Excess Cash Flow on such Distribution Date and the allocation of it to the Certificateholders with respect to Unpaid Interest Amounts, Unpaid Applied Realized Loss Amounts or and Basis Risk CarryForward Carry Forward Amounts;
(xixxx) the amount of any Net Swap Payments, Net Swap Receipts, Swap Termination Payments or Defaulted Swap Termination Payments;
(xxxxi) the calculations of LIBOR and Swap LIBOR;
(xxixxii) the Subordinated Amount and Specified Subordinated Amount;
(xxiixxiii) Prepayment Charges collected or paid (pursuant to Section 3.07(a)) or the CHL Agreements, as applicable) by the ServicersServicer and the Countrywide Servicer;
(xxiiixxiv) the Cumulative Loss Percentage and the aggregate amount of Realized Losses used to calculate the Cumulative Loss Percentage;
(xxivxxv) the amount distributed on the Class X Certificates;
(xxvxxvi) the amount of any Subsequent Recoveries for such Distribution Date;
(xxvi) the Pre-Funded Amount as of the end of the prior Due Period;
(xxvii) the amount of any principal prepayment on the Certificates resulting from the application of unused moneys in the Pre-Funding Account; and
(xxviiixxvii) the number of Mortgage Loans at the beginning and end of the applicable reporting period, the pool factor (being the Stated Principal Balance of the Mortgage Loans for the related Distribution Date divided by the Cut-off Date Principal Balance), and the weighted average interest rate, and weighted average remaining term; . In addition, each Form 10-D prepared and filed by the Trustee pursuant to Section 8.12 shall include the following information with respect to the related distribution:
(i) material breaches of Mortgage Loan representations and warranties under this Agreement of which the Trustee has actual knowledge or has received written notice; and
(ii) material breaches of any covenants under this Agreement of which the Trustee has actual knowledge or has received written notice.
(b) The Trustee's responsibility for providing the above statement to the Certificateholders, each Rating Agency Agency, and the Depositor is limited, if applicable, to the availability, timeliness and accuracy of the information derived from the Servicers Servicer or the Countrywide Servicer and the Swap ProviderResponsible Parties. The Trustee shall make available the above statement via the Trustee's internet website. The Trustee's website will initially be located at https://www.tss.db.com/invr and assistance in using the website can be xxxxxxxx xx xxxxxxx xxx Xxxstee's investor relations desk at 1-800-735-7777. Parties that are unable to use the website are entitled xx xxxx x xxxer copy mailed to them via first class mail by calling the investor relations desk and indicating such. The Trustee may change the way the monthly statements to Certificateholders are distributed in order to make such distribution more convenient and/or more accessible to the above parties and the Trustee shall provide timely and adequate notification to all above parties regarding any such changes. As a condition to access the Trustee's internet website, the Trustee may require registration and the acceptance of a disclaimer. The Trustee will not be liable for the dissemination of information in accordance with this Agreement. The Trustee shall make available to each Analytics Company, either electronically or via the Trustee's internet website, each statement to Certificateholders prepared pursuant to this Section 4.03(a). The Trustee (and the applicable Servicer, if such discrepancy results from or arises out of any information provided by the applicable Servicer pursuant to this Agreement) shall cooperate in good faith with the Depositor to reconcile any discrepancies in such statements, and the Trustee shall provide any corrections to such statements to each Analytics Company as soon as reasonably practicable after the related Distribution Date. The Trustee will also be entitled to rely on but shall not be responsible for the content or accuracy of any information provided by third parties for purposes of preparing the monthly statement to Certificateholders and may affix thereto any disclaimer it deems appropriate in its reasonable discretion (without suggesting liability on the part of any other party hereto).
(c) Within a reasonable period of time after the end of each calendar year, the Trustee shall cause to be furnished to each Person who at any time during the calendar year was a Certificateholder, a statement containing the information set forth in clauses (a)(i) and (a)(ii) of this Section 4.03 aggregated for such calendar year or applicable portion thereof during which such Person was a Certificateholder. Such obligation of the Trustee shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Trustee pursuant to any requirements of the Code as from time to time in effect.
(d) Not later than the Determination Date for each Distribution Date, each the Servicer shall furnish to the TrusteeDepositor with respect to clause (i) below and to the Trustee with respect to clause (ii) below, a monthly remittance advice statement (the "Servicer Remittance Report") containing the data fields set forth on Exhibit X attached hereto (in each case, in a format mutually agreed upon by such Servicer the Servicer, the Trustee and the TrusteeDepositor) with respect to HomEq, containing the data fields set forth on Exhibit Y attached hereto with respect to Wells Fargo (in each case, in a format mutually agreed upon by such Serxxxxx and the Trustee) and containing the data fields set forth on Exhibit Z attached hereto with respect Countrywide Servicing (in each case, in a format mutually agreed upon by such Servicer and the Trustee) and such information as shall be reasonably requested (i) by the Depositor to enable the Depositor to disclose "static pool information", as required by Item 1105 of Regulation AB, with respect to the Mortgage Loans, and (ii) by the Trustee to enable the Trustee to provide the reports required by Section 4.03(a) as to the accompanying remittance and the period ending on the close of business on the last day of the related Prepayment Period. The Servicer shall concurrently deliver to the Depositor and the applicable Due Period Originator a data tape, in form and Prepayment Period substance reasonably satisfactory to which the Depositor and each Originator, containing the information required pursuant to this Section 4.03(d) on a loan-by-loan basis for all of the Mortgage Loans (or, with respect to each Originator, the Mortgage Loans sold by such remittance relatesOriginator to the Sponsor as identified on the Mortgage Loan Schedule). The Servicer Remittance Report shall, at a minimum, document, on such Determination Date, Mortgage Loan payment activity on an individual Mortgage Loan basis, as follows:
(i) with respect to each Scheduled Payment, the amount of such remittance allocable to principal (including a separate breakdown of any Principal Prepayment, including the date of such prepayment, and any Prepayment Charges, received during the related Prepayment Period along with a detailed report of interest on principal prepayment amounts remitted in accordance with Section 3.25);
(ii) with respect to each Scheduled Payment, the amount of such remittance allocable to interest;
(iii) the amount of servicing compensation received by such the Servicer during the prior distribution period;
(iv) the individual and aggregate Stated Principal Balance of the Mortgage Loans;
(v) the aggregate expenses reimbursed to such the Servicer during the prior distribution period pursuant to Section 3.11; and
(vi) the number and aggregate outstanding principal balances of Mortgage Loans (a) delinquent 31 to 60 days, 61 to 90 days, 91 to 120 days, 121 to 150 days, 151 to 180 days, 181 to 210 days, 211 to 240 days and 91 or more 240+ days; (b) as to which foreclosure or bankruptcy proceedings of the related mortgagor have commenced; and (c) as to which REO Property has been acquired. Concurrently with each delivery of a Servicer Remittance Report to the Trustee, Wells Fargo, acting as a Servicer, shall provide, in a manner consistenx xxxh the preceding paragraph, a supplemental statement (to the extent not previously provided) setting forth information in subclauses (v) and (vi). The Trustee shall promptly forward the Servicer Remittance Report and the related supplemental statement to the Depositor.
(e) Notwithstanding anything in Section 4.03(d) to the contrary, the Servicers shall be deemed to have satisfied the requirement to timely deliver the Servicer Remittance Report if such report is received by the Trustee on or prior to the 18th calendar day of such month in which the related Determination Date occurs; provided, however, that if such 18th calendar day is a Sunday or a Monday which is not a Business Day, the Servicers shall be deemed to have satisfied the requirement to timely deliver the Servicer Remittance Report if the Trustee and the Depositor receive such report (i) on the next Business Day succeeding such 18th calendar day, or (ii) on the Business Day immediately preceding such 18th calendar day, if such succeeding Business Day is later than the 20th calendar day of such calendar month.
(f) For all purposes of this Agreement, with respect to any Mortgage Loan, delinquencies shall be determined by the Trustee from information provided by the Servicers and reported by the Trustee based on the so-called "OTS" methodology for determining delinquencies on mortgage loans similar to the Mortgage Loans. By way of example, a Mortgage Loan would be delinquent with respect to a Scheduled Payment due on a Due Date if such Scheduled Payment is not made by the close of business on the Mortgage Loan's next succeeding Due Date, and a Mortgage Loan would be more than 30-days Delinquent with respect to such Scheduled Payment if such Scheduled Payment were not made by the close of business on the Mortgage Loan's second succeeding Due Date. Each The Servicer hereby represents and warrants to the Depositor that such Servicer this delinquency recognition policy is not subject to less restrictive than any delinquency recognition policy established by the primary safety and soundness regulator, if any, of such the Servicer, that is more restrictive than the foregoing delinquency recognition policy.
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (Morgan Stanley Home Equity Loan Trust 2006-1), Pooling and Servicing Agreement (Morgan Stanley Home Equity Loan Trust 2006-1)
Monthly Statements to Certificateholders. (a) Not later than each Distribution Date, the Trustee shall make available to each Certificateholder, the Servicers, the Depositor and each Rating Agency a statement setting forth with respect to the related distribution:
(i) the actual Distribution Date, the related Record Date, the Interest Accrual Period(s) for each Class for such Distribution Date and the LIBOR Determination Date for such Interest Accrual Period;
(ii) the amount of Available Funds;
(iii) the amount of Available Funds allocable to principal, the Principal Remittance Amount (separately identifying the components thereof) and the Principal Distribution Amount (separately identifying the components thereof);
(iv) the amount of Available Funds allocable to interest and each Interest Remittance Amount;
(v) the amount of any Unpaid Interest Amount for each Class included in such distribution and any remaining Unpaid Interest Amounts after giving effect to such distribution, any Basis Risk CarryForward Amount for each Class and the amount of such Basis Risk CarryForward Amount covered by withdrawals from the Excess Reserve Fund Account on such Distribution Date;
(vi) if the distribution to the Holders of such Class of Certificates is less than the full amount that would be distributable to such Holders if there were sufficient funds available therefor, the amount of the shortfall and the allocation of the shortfall as between principal and interest, including any Basis Risk CarryForward Amount not covered by amounts in the Excess Reserve Fund Account;
(vii) the Class Certificate Balance of each Class of Certificates before and after giving effect to the distribution of principal on such Distribution Date;
(viii) the Pool Stated Principal Balance for the Distribution Date;
(ix) the amount of the Expense Fees paid to or retained by the Servicers and the Trustee (stated separately and in the aggregate) with respect to such Distribution Date;
(x) the Pass-Through Rate for each such Class of Certificates with respect to such Distribution Date;
(xi) the amount of P&I Advances included in the distribution on such Distribution Date reported by the Servicers (and the Trustee as successor Servicer and any other successor Servicer, if applicable) as of the close of business on the Determination Date immediately preceding such Distribution Date;
(xii) the number and aggregate outstanding principal balances of Mortgage Loans (1) as to which the Scheduled Payment is delinquent 31 to 60 days, 61 to 90 days and 91 or more days, (2) that have become REO Property, (3) that are in foreclosure and (4) that are in bankruptcy, in each case as of the close of business on the last Business Day of the immediately preceding month;
(xiii) with respect to any Mortgage Loans that became REO Properties during the preceding calendar month, the aggregate number of such Mortgage Loans and the aggregate Stated Principal Balance of such Mortgage Loans as of the close of business on the last Business Day of the immediately preceding month;
(xiv) the total number and outstanding principal balance of any REO Properties (and market value, if available) as of the close of business on the last Business Day of the immediately preceding month;
(xv) whether a Trigger Event has occurred and is continuing (including the calculation demonstrating the existence of the Trigger Event;
(xvi) the amount on deposit in the Excess Reserve Fund Account (after giving effect to distributions on such Distribution Date);
(xvii) in the aggregate and for each Class of Certificates, the aggregate amount of Applied Realized Loss Amounts incurred during the preceding calendar month and aggregate Applied Realized Loss Amounts through such Distribution Date;
(xviii) the amount of any Net Monthly Excess Cash Flow on such Distribution Date and the allocation of it to the Certificateholders with respect to Unpaid Interest Amounts, Unpaid Realized Loss Amounts or Basis Risk CarryForward Amounts;
(xix) the amount of any Net Swap Payments, Net Swap Receipts, Swap Termination Payments or Defaulted Swap Termination Payments;
(xx) the calculations of LIBOR and Swap LIBOR;
(xxi) the Subordinated Amount and Specified Subordinated Amount;
(xxii) Prepayment Charges collected or paid (pursuant to Section 3.07(a)) by the Servicers;
(xxiii) the Cumulative Loss Percentage and the aggregate amount of Realized Losses used to calculate the Cumulative Loss Percentage;
(xxiv) the amount distributed on the Class X Certificates;
(xxv) the amount of any Subsequent Recoveries for such Distribution Date;
(xxvi) the Pre-Funded Amount as of the end of the prior Due Period;
(xxvii) the amount of any principal prepayment on the Certificates resulting from the application of unused moneys in the Pre-Funding Account; and
(xxviiixxvi) the number of Mortgage Loans at the end of the applicable reporting period, the pool factor (being the Stated Principal Balance of the Mortgage Loans for the related Distribution Date divided by the Cut-off Date Principal Balance), and the weighted average interest rate, and weighted average remaining term; In addition, each Form 10-D prepared and filed by the Trustee pursuant to Section 8.12 shall include the following information with respect to the related distribution:
(i) material breaches of Mortgage Loan representations and warranties under this Agreement of which the Trustee has actual knowledge or has received written notice; and
(ii) material breaches of any covenants under this Agreement of which the Trustee has actual knowledge or received written notice.
(b) The Trustee's responsibility for providing the above statement to the Certificateholders, each Rating Agency and the Depositor is limited, if applicable, to the availability, timeliness and accuracy of the information derived from the Servicers and the Swap Provider. The Trustee shall make available the above statement via the Trustee's internet website. The Trustee's website will initially be located at https://www.tss.db.com/invr and assistance in using the website can be xxxxxxxx xx xxxxxxx xxx Xxxstee's investor relations desk at 1-800-735-7777. Parties that are unable to use the website are entitled xx xxxx x xxxer copy mailed to them via first class mail by calling the investor relations desk and indicating such. The Trustee may change the way the monthly statements to Certificateholders are distributed in order to make such distribution more convenient and/or more accessible to the above parties and the Trustee shall provide timely and adequate notification to all above parties regarding any such changes. As a condition to access the Trustee's internet website, the Trustee may require registration and the acceptance of a disclaimer. The Trustee will not be liable for the dissemination of information in accordance with this Agreement. The Trustee shall make available to each Analytics Company, either electronically or via the Trustee's internet website, each statement to Certificateholders prepared pursuant to Section 4.03(a). The Trustee (and the applicable Servicer, if such discrepancy results from or arises out of any information provided by the applicable Servicer pursuant to this Agreement) shall cooperate in good faith with the Depositor to reconcile any discrepancies in such statements, and the Trustee shall provide any corrections to such statements to each Analytics Company as soon as reasonably practicable after the related Distribution Date. The Trustee will also be entitled to rely on but shall not be responsible for the content or accuracy of any information provided by third parties for purposes of preparing the monthly statement to Certificateholders and may affix thereto any disclaimer it deems appropriate in its reasonable discretion (without suggesting liability on the part of any other party hereto).
(c) Within a reasonable period of time after the end of each calendar year, the Trustee shall cause to be furnished to each Person who at any time during the calendar year was a Certificateholder, a statement containing the information set forth in clauses (a)(i) and (a)(ii) of this Section 4.03 aggregated for such calendar year or applicable portion thereof during which such Person was a Certificateholder. Such obligation of the Trustee shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Trustee pursuant to any requirements of the Code as from time to time in effect.
(d) Not later than the Determination Date for each Distribution Date, each Servicer shall furnish to the Trustee, a monthly remittance advice statement (the "Servicer Remittance Report") containing the data fields set forth on Exhibit X attached hereto (in each case, in a format mutually agreed upon by such Servicer and the Trustee) with respect to HomEq, and containing the data fields set forth on Exhibit Y attached hereto with respect to Wells Fargo (in each case, in a format mutually agreed upon by such Serxxxxx and the Trustee) and containing the data fields set forth on Exhibit Z attached hereto with respect Countrywide Servicing (in each case, in a format mutually agreed upon by such Servicer and the Trustee) and such information as shall be reasonably requested (i) by the Depositor to enable the Depositor to disclose "static pool information", as required by Item 1105 of Regulation AB, with respect to the Mortgage Loans, and (ii) by the Trustee to enable the Trustee to provide the reports required by Section 4.03(a) as to the accompanying remittance and applicable Due Period and Prepayment Period to which such remittance relates. The Servicer Remittance Report shall, at a minimum, document, on such Determination Date, Mortgage Loan payment activity on an individual Mortgage Loan basis, as follows:
(i) with respect to each Scheduled Payment, the amount of such remittance allocable to principal (including a separate breakdown of any Principal Prepayment, including the date of such prepayment, and any Prepayment Charges, received during the related Prepayment Period along with a detailed report of interest on principal prepayment amounts remitted in accordance with Section 3.25);
(ii) with respect to each Scheduled Payment, the amount of such remittance allocable to interest;
(iii) the amount of servicing compensation received by such Servicer during the prior distribution period;
(iv) the individual and aggregate Stated Principal Balance of the Mortgage Loans;
(v) the aggregate expenses reimbursed to such Servicer during the prior distribution period pursuant to Section 3.11; and
(vi) the number and aggregate outstanding principal balances of Mortgage Loans (a) delinquent 31 to 60 days, 61 to 90 days and 91 or more days; (b) as to which foreclosure or bankruptcy proceedings of the related mortgagor have commenced; and (c) as to which REO Property has been acquired. Concurrently with each delivery of a Servicer Remittance Report to the Trustee, Wells Fargo, acting as a Servicer, shall provide, in a manner consistenx xxxh the preceding paragraph, a supplemental statement (to the extent not previously provided) setting forth information in subclauses (v) and (vi). The Trustee shall promptly forward the Servicer Remittance Report and the related supplemental statement to the Depositor.
(e) Notwithstanding anything in Section 4.03(d) to the contrary, the Servicers shall be deemed to have satisfied the requirement to timely deliver the Servicer Remittance Report if such report is received by the Trustee on or prior to the 18th calendar day of such month in which the related Determination Date occurs; provided, however, that if such 18th calendar day is a Sunday or a Monday which is not a Business Day, the Servicers shall be deemed to have satisfied the requirement to timely deliver the Servicer Remittance Report if the Trustee and the Depositor receive such report (i) on the next Business Day succeeding such 18th calendar day, or (ii) on the Business Day immediately preceding such 18th calendar day, if such succeeding Business Day is later than the 20th calendar day of such calendar month.
(f) For all purposes of this Agreement, with respect to any Mortgage Loan, delinquencies shall be determined by the Trustee from information provided by the Servicers and reported by the Trustee based on the "OTS" methodology for determining delinquencies on mortgage loans similar to the Mortgage Loans. By way of example, a Mortgage Loan would be delinquent with respect to a Scheduled Payment due on a Due Date if such Scheduled Payment is not made by the close of business on the Mortgage Loan's next succeeding Due Date, and a Mortgage Loan would be more than 30-days Delinquent with respect to such Scheduled Payment if such Scheduled Payment were not made by the close of business on the Mortgage Loan's second succeeding Due Date. Each Servicer hereby represents and warrants to the Depositor that such Servicer is not subject to any delinquency recognition policy established by the primary safety and soundness regulator, if any, of such Servicer, that is more restrictive than the foregoing delinquency recognition policy.
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (MSAC Trust 2006-He3), Pooling and Servicing Agreement (MSAC Trust 2006-He3)
Monthly Statements to Certificateholders. (a) Not later than each Distribution Date, the Trustee shall make available post on its website at ________________________, which posting shall be accessible to each Certificateholder, the ServicersServicer, the Depositor and each Rating Agency Agency, a statement setting forth with respect to the related distribution:distribution (provided, however, that each Certificateholder, upon request to the Trustee, shall be entitled to receive from the Trustee a paper copy of such statement if such Certificateholder is unable to access the Trustee's website):
(i) the actual Distribution Date, the related applicable Record Date, the Interest Accrual Period(s) for each Class for such Distribution Determination Date and the LIBOR Determination Date for such Interest Accrual PeriodDistribution Date;
(ii) the amount thereof allocable to principal, separately identifying the aggregate amount of Available Fundsany Principal Prepayments in full, partial Principal Prepayments and Liquidation Proceeds included therein;
(iii) the amount of Available Funds thereof allocable to principalinterest, the Principal Remittance Amount (separately identifying the components thereof) and the Principal Distribution Amount (separately identifying the components thereof);
(iv) the amount of Available Funds allocable to interest and each Interest Remittance Amount;
(v) the amount of any Class Unpaid Interest Amount for each Class included in such distribution and any remaining Class Unpaid Interest Amounts Amount after giving effect to such distribution, any Basis Risk CarryForward Amount for each Class and the amount of such Basis Risk CarryForward Amount covered by withdrawals from the Excess Reserve Fund Account on such Distribution Date;
(viiv) if the distribution to the Holders of such a Class of Certificates is less than the full amount that would be distributable to such Holders if there were sufficient funds available therefor, the amount of the shortfall and the allocation of the shortfall thereof as between principal and interest, including any Basis Risk CarryForward Amount not covered by amounts in the Excess Reserve Fund Account;
(viiv) the Class Certificate Balance of each Class of Certificates before and after giving effect to the distribution of principal on such Distribution Date;
; (viiivi) the Pool Stated Principal Balance for the following Distribution Date;
(ix) the amount of the Expense Fees paid to or retained by the Servicers and the Trustee (stated separately and in the aggregate) with respect to such Distribution Date;
(x) the Pass-Through Rate for each such Class of Certificates with respect to such Distribution Date;
(xi) the amount of P&I Advances included in the distribution on such Distribution Date reported by the Servicers (and the Trustee as successor Servicer and any other successor Servicer, if applicable) as of the close of business on the Determination Date immediately preceding such Distribution Date;
(xii) the number and aggregate outstanding principal balances of Mortgage Loans (1) as to which the Scheduled Payment is delinquent 31 to 60 days, 61 to 90 days and 91 or more days, (2) that have become REO Property, (3) that are in foreclosure and (4) that are in bankruptcy, in each case as of the close of business on the last Business Day of the immediately preceding month;
(xiii) with respect to any Mortgage Loans that became REO Properties during the preceding calendar month, the aggregate number of such Mortgage Loans and the aggregate Stated Principal Balance of such Mortgage Loans as of the close of business on the last Business Day of the immediately preceding month;
(xiv) the total number and outstanding principal balance of any REO Properties (and market value, if available) as of the close of business on the last Business Day of the immediately preceding month;
(xv) whether a Trigger Event has occurred and is continuing (including the calculation demonstrating the existence of the Trigger Event;
(xvi) the amount on deposit in the Excess Reserve Fund Account (after giving effect to distributions on such Distribution Date);
(xvii) in the aggregate and for each Class of Certificates, the aggregate amount of Applied Realized Loss Amounts incurred during the preceding calendar month and aggregate Applied Realized Loss Amounts through such Distribution Date;
(xviii) the amount of any Net Monthly Excess Cash Flow on such Distribution Date and the allocation of it to the Certificateholders with respect to Unpaid Interest Amounts, Unpaid Realized Loss Amounts or Basis Risk CarryForward Amounts;
(xix) the amount of any Net Swap Payments, Net Swap Receipts, Swap Termination Payments or Defaulted Swap Termination Payments;
(xx) the calculations of LIBOR and Swap LIBOR;
(xxi) the Subordinated Amount and Specified Subordinated Amount;
(xxii) Prepayment Charges collected or paid (pursuant to Section 3.07(a)) by the Servicers;
(xxiii) the Cumulative Loss Percentage and the aggregate amount of Realized Losses used to calculate the Cumulative Loss Percentage;
(xxiv) the amount distributed on the Class X Certificates;
(xxv) the amount of any Subsequent Recoveries for such Distribution Date;
(xxvi) the Pre-Funded Amount as of the end of the prior Due Period;
(xxvii) the amount of any principal prepayment on the Certificates resulting from the application of unused moneys in the Pre-Funding Account; and
(xxviii) the number of Mortgage Loans at the end of the applicable reporting period, the pool factor (being the Stated Principal Balance of the Mortgage Loans for the related Distribution Date divided by the Cut-off Date Principal Balance), and the weighted average interest rate, and weighted average remaining term; In addition, each Form 10-D prepared and filed by the Trustee pursuant to Section 8.12 shall include the following information with respect to the related distribution:
(i) material breaches of Mortgage Loan representations and warranties under this Agreement of which the Trustee has actual knowledge or has received written notice; and
(ii) material breaches of any covenants under this Agreement of which the Trustee has actual knowledge or received written notice.
(b) The Trustee's responsibility for providing the above statement to the Certificateholders, each Rating Agency and the Depositor is limited, if applicable, to the availability, timeliness and accuracy of the information derived from the Servicers and the Swap Provider. The Trustee shall make available the above statement via the Trustee's internet website. The Trustee's website will initially be located at https://www.tss.db.com/invr and assistance in using the website can be xxxxxxxx xx xxxxxxx xxx Xxxstee's investor relations desk at 1-800-735-7777. Parties that are unable to use the website are entitled xx xxxx x xxxer copy mailed to them via first class mail by calling the investor relations desk and indicating such. The Trustee may change the way the monthly statements to Certificateholders are distributed in order to make such distribution more convenient and/or more accessible to the above parties and the Trustee shall provide timely and adequate notification to all above parties regarding any such changes. As a condition to access the Trustee's internet website, the Trustee may require registration and the acceptance of a disclaimer. The Trustee will not be liable for the dissemination of information in accordance with this Agreement. The Trustee shall make available to each Analytics Company, either electronically or via the Trustee's internet website, each statement to Certificateholders prepared pursuant to Section 4.03(a). The Trustee (and the applicable Servicer, if such discrepancy results from or arises out of any information provided by the applicable Servicer pursuant to this Agreement) shall cooperate in good faith with the Depositor to reconcile any discrepancies in such statements, and the Trustee shall provide any corrections to such statements to each Analytics Company as soon as reasonably practicable after the related Distribution Date. The Trustee will also be entitled to rely on but shall not be responsible for the content or accuracy of any information provided by third parties for purposes of preparing the monthly statement to Certificateholders and may affix thereto any disclaimer it deems appropriate in its reasonable discretion (without suggesting liability on the part of any other party hereto).
(c) Within a reasonable period of time after the end of each calendar year, the Trustee shall cause to be furnished to each Person who at any time during the calendar year was a Certificateholder, a statement containing the information set forth in clauses (a)(i) and (a)(ii) of this Section 4.03 aggregated for such calendar year or applicable portion thereof during which such Person was a Certificateholder. Such obligation of the Trustee shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Trustee pursuant to any requirements of the Code as from time to time in effect.
(d) Not later than the Determination Date for each Distribution Date, each Servicer shall furnish to the Trustee, a monthly remittance advice statement (the "Servicer Remittance Report") containing the data fields set forth on Exhibit X attached hereto (in each case, in a format mutually agreed upon by such Servicer and the Trustee) with respect to HomEq, containing the data fields set forth on Exhibit Y attached hereto with respect to Wells Fargo (in each case, in a format mutually agreed upon by such Serxxxxx and the Trustee) and containing the data fields set forth on Exhibit Z attached hereto with respect Countrywide Servicing (in each case, in a format mutually agreed upon by such Servicer and the Trustee) and such information as shall be reasonably requested (i) by the Depositor to enable the Depositor to disclose "static pool information", as required by Item 1105 of Regulation AB, with respect to the Mortgage Loans, and (ii) by the Trustee to enable the Trustee to provide the reports required by Section 4.03(a) as to the accompanying remittance and applicable Due Period and Prepayment Period to which such remittance relates. The Servicer Remittance Report shall, at a minimum, document, on such Determination Date, Mortgage Loan payment activity on an individual Mortgage Loan basis, as follows:
(i) with respect to each Scheduled Payment, the amount of such remittance allocable to principal (including a separate breakdown of any Principal Prepayment, including the date of such prepayment, and any Prepayment Charges, received during the related Prepayment Period along with a detailed report of interest on principal prepayment amounts remitted in accordance with Section 3.25);
(ii) with respect to each Scheduled Payment, the amount of such remittance allocable to interest;
(iii) the amount of servicing compensation received by such Servicer during the prior distribution period;
(iv) the individual and aggregate Stated Principal Balance of the Mortgage Loans;
(v) the aggregate expenses reimbursed to such Servicer during the prior distribution period pursuant to Section 3.11; and
(vi) the number and aggregate outstanding principal balances of Mortgage Loans (a) delinquent 31 to 60 days, 61 to 90 days and 91 or more days; (b) as to which foreclosure or bankruptcy proceedings of the related mortgagor have commenced; and (c) as to which REO Property has been acquired. Concurrently with each delivery of a Servicer Remittance Report to the Trustee, Wells Fargo, acting as a Servicer, shall provide, in a manner consistenx xxxh the preceding paragraph, a supplemental statement (to the extent not previously provided) setting forth information in subclauses (v) and (vi). The Trustee shall promptly forward the Servicer Remittance Report and the related supplemental statement to the Depositor.
(e) Notwithstanding anything in Section 4.03(d) to the contrary, the Servicers shall be deemed to have satisfied the requirement to timely deliver the Servicer Remittance Report if such report is received by the Trustee on or prior to the 18th calendar day of such month in which the related Determination Date occurs; provided, however, that if such 18th calendar day is a Sunday or a Monday which is not a Business Day, the Servicers shall be deemed to have satisfied the requirement to timely deliver the Servicer Remittance Report if the Trustee and the Depositor receive such report (i) on the next Business Day succeeding such 18th calendar day, or (ii) on the Business Day immediately preceding such 18th calendar day, if such succeeding Business Day is later than the 20th calendar day of such calendar month.
(f) For all purposes of this Agreement, with respect to any Mortgage Loan, delinquencies shall be determined by the Trustee from information provided by the Servicers and reported by the Trustee based on the "OTS" methodology for determining delinquencies on mortgage loans similar to the Mortgage Loans. By way of example, a Mortgage Loan would be delinquent with respect to a Scheduled Payment due on a Due Date if such Scheduled Payment is not made by the close of business on the Mortgage Loan's next succeeding Due Date, and a Mortgage Loan would be more than 30-days Delinquent with respect to such Scheduled Payment if such Scheduled Payment were not made by the close of business on the Mortgage Loan's second succeeding Due Date. Each Servicer hereby represents and warrants to the Depositor that such Servicer is not subject to any delinquency recognition policy established by the primary safety and soundness regulator, if any, of such Servicer, that is more restrictive than the foregoing delinquency recognition policy.
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (Popular Abs, Inc.), Pooling and Servicing Agreement (Popular Abs, Inc.)
Monthly Statements to Certificateholders. (a) Not later than each Distribution Date, the Trustee shall make available to each Certificateholder, the Servicers, the Depositor and each Rating Agency a statement setting forth with respect to the related distribution:
(i) the actual Distribution Date, the related Record Date, the Interest Accrual Period(s) for each Class for such Distribution Date and the LIBOR Determination Date for such Interest Accrual Period;
(ii) the amount of Available Funds;
(iii) the amount of Available Funds allocable to principal, the Principal Remittance Amount (separately identifying the components thereof) and the Principal Distribution Amount (separately identifying the components thereof);
(iv) the amount of Available Funds allocable to interest and each Interest Remittance Amount;
(v) the amount of any Unpaid Interest Amount for each Class included in such distribution and any remaining Unpaid Interest Amounts after giving effect to such distribution, any Basis Risk CarryForward Amount for each Class and the amount of such Basis Risk CarryForward Amount covered by withdrawals from the Excess Reserve Fund Account on such Distribution Date;
(vi) if the distribution to the Holders of such Class of Certificates is less than the full amount that would be distributable to such Holders if there were sufficient funds available therefor, the amount of the shortfall and the allocation of the shortfall as between principal and interest, including any Basis Risk CarryForward Amount not covered by amounts in the Excess Reserve Fund Account;
(vii) the Class Certificate Balance of each Class of Certificates before and after giving effect to the distribution of principal on such Distribution Date;
(viii) the Pool Stated Principal Balance for the following Distribution Date;
(ix) the amount of the Expense Fees paid to or retained by the Servicers or the Countrywide Servicer and the Trustee (stated separately and in the aggregate) with respect to such Distribution Date;
(x) the Pass-Through Rate for each such Class of Certificates with respect to such Distribution Date;
(xi) the amount of P&I Advances included in the distribution on such Distribution Date reported by the Servicers and the Countrywide Servicer (and the Trustee as successor Servicer servicer and any other successor Servicerservicer, if applicable) as of the close of business on the Determination Date immediately preceding such Distribution Date;
(xii) the number and aggregate outstanding principal balances of Mortgage Loans (1) as to which the Scheduled Payment is delinquent 31 to 60 days, 61 to 90 days and 91 or more 90+ days, (2) that have become REO Property, (3) that are in foreclosure and (4) that are in bankruptcy, in each case as of the close of business on the last Business Day of the immediately preceding month;
(xiii) for each of the preceding 12 calendar months, or all calendar months since the related Cut-off Date, whichever is less, the aggregate dollar amount of the Scheduled Payments (A) due on all outstanding Mortgage Loans on each of the Due Dates in each such month and (B) delinquent 60 days or more on each of the Due Dates in each such month;
(xiv) with respect to any Mortgage Loans that became REO Properties during the preceding calendar month, the aggregate number of such Mortgage Loans and the aggregate Stated Principal Balance outstanding principal balance of such Mortgage Loans as of the close of business on the last Business Day of the immediately preceding month;
(xivxv) the total number and outstanding principal balance of any REO Properties (and market value, if available) as of the close of business on the last Business Day of the immediately preceding month;
(xvxvi) whether a Trigger Event has occurred and is continuing (including separately identifying the components of the calculation demonstrating resulting in the existence of the Trigger EventEvent and the aggregate outstanding balance of all 60+ Day Delinquent Mortgage Loans);
(xvixvii) the amount on deposit in the Excess Reserve Fund Account (after giving effect to distributions on such Distribution Date);
(xviixviii) in the aggregate and for each Class of Certificates, the aggregate amount of Applied Realized Loss Amounts incurred during the preceding calendar month and aggregate Applied Realized Loss Amounts through such Distribution Date;
(xviiixix) the amount of any Net Monthly Excess Cash Flow on such Distribution Date and the allocation of it to the Certificateholders with respect to Unpaid Interest Amounts, Unpaid Applied Realized Loss Amounts or Amounts, and Basis Risk CarryForward Amounts;
(xixxx) the amount of any Net Swap Payments, Net Swap Receipts, Swap Termination Payments or Defaulted Swap Termination Payments;
(xxxxi) the calculations of LIBOR and Swap LIBOR;
(xxixxii) the Subordinated Amount and Specified Subordinated Amount;
(xxiixxiii) Prepayment Charges collected or paid (pursuant to Section 3.07(a)) or the CHL Agreements, as applicable) by the ServicersServicers and the Countrywide Servicer;
(xxiiixxiv) the Cumulative Loss Percentage and the aggregate amount of Realized Losses used to calculate the Cumulative Loss Percentage;
(xxivxxv) the amount distributed on the Class X Certificates;
(xxvxxvi) the amount of any Subsequent Recoveries for such Distribution Date;
(xxvi) the Pre-Funded Amount as of the end of the prior Due Period;
(xxvii) the amount of any principal prepayment on the Certificates resulting from the application of unused moneys in the Pre-Funding Account; and
(xxviiixxvii) the number of Mortgage Loans at the beginning and end of the applicable reporting period, the pool factor (being the Stated Principal Balance of the Mortgage Loans for the related Distribution Date divided by the Cut-off Date Principal Balance), and the weighted average interest rate, and weighted average remaining term; . In addition, each Form 10-D prepared and filed by the Trustee pursuant to Section 8.12 shall include the following information with respect to the related distribution:
(i) material breaches of Mortgage Loan representations and warranties under this Agreement of which the Trustee has actual knowledge or has received written notice; and
(ii) material breaches of any covenants under this Agreement of which the Trustee has actual knowledge or has received written notice.
(b) The Trustee's responsibility for providing the above statement to the Certificateholders, each Rating Agency Agency, and the Depositor is limited, if applicable, to the availability, timeliness and accuracy of the information derived from the Servicers Servicers, the Countrywide Servicer and the Swap ProviderResponsible Party. The Trustee shall make available the above statement via the Trustee's internet website. The Trustee's website will initially be located at https://www.tss.db.com/invr and assistance in using the website can be xxxxxxxx xx xxxxxxx xxx Xxxstee's investor relations desk at 1-800-735-7777. Parties that are unable to use the website are entitled xx xxxx x xxxer copy mailed to them via first class mail by calling the investor relations desk and indicating such. The Trustee may change the way the monthly statements to Certificateholders are distributed in order to make such distribution more convenient and/or more accessible to the above parties and the Trustee shall provide timely and adequate notification to all above parties regarding any such changes. As a condition to access the Trustee's internet website, the Trustee may require registration and the acceptance of a disclaimer. The Trustee will not be liable for the dissemination of information in accordance with this Agreement. The Trustee shall make available to each Analytics Company, either electronically or via the Trustee's internet website, each statement to Certificateholders prepared pursuant to Section 4.03(a). The Trustee (and the applicable Servicer, if such discrepancy results from or arises out of any information provided by the applicable Servicer pursuant to this Agreement) shall cooperate in good faith with the Depositor to reconcile any discrepancies in such statements, and the Trustee shall provide any corrections to such statements to each Analytics Company as soon as reasonably practicable after the related Distribution Date. The Trustee will also be entitled to rely on but shall not be responsible for the content or accuracy of any information provided by third parties for purposes of preparing the monthly statement to Certificateholders and may affix thereto any disclaimer it deems appropriate in its reasonable discretion (without suggesting liability on the part of any other party hereto).
(c) Within a reasonable period of time after the end of each calendar year, the Trustee shall cause to be furnished to each Person who at any time during the calendar year was a Certificateholder, a statement containing the information set forth in clauses (a)(i) and (a)(ii) of this Section 4.03 aggregated for such calendar year or applicable portion thereof during which such Person was a Certificateholder. Such obligation of the Trustee shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Trustee pursuant to any requirements of the Code as from time to time in effect.
(d) Not later than the Determination Date for each Distribution Date, each the Servicer shall furnish to the Trustee, a monthly remittance advice statement (the "Servicer Remittance Report") containing the data fields set forth on Exhibit X attached hereto (in each case, in a format mutually agreed upon by such the Servicer and the Trustee) with respect to HomEq, containing the data fields set forth on Exhibit Y attached hereto with respect to Wells Fargo (in each case, in a format mutually agreed upon by such Serxxxxx and the Trustee) and containing the data fields set forth on Exhibit Z attached hereto with respect Countrywide Servicing (in each case, in a format mutually agreed upon by such Servicer and the Trustee) and such information as shall be reasonably requested (i) by the Depositor to enable the Depositor to disclose "static pool information", as required by Item 1105 of Regulation AB, with respect to the Mortgage Loans, and (ii) by the Trustee to enable the Trustee to provide the reports required by Section 4.03(a) as to the accompanying remittance and applicable Due Period and the period ending on the close of business on the last day of the related Prepayment Period to which such remittance relatesPeriod. The Servicer Remittance Report shall, at a minimum, document, on such Determination Date, Mortgage Loan payment activity on an individual Mortgage Loan basis, as follows:
(i) with respect to each Scheduled Payment, the amount of such remittance allocable to principal (including a separate breakdown of any Principal Prepayment, including the date of such prepayment, and any Prepayment Charges, received during the related Prepayment Period along with a detailed report of interest on principal prepayment amounts remitted in accordance with Section 3.25);
(ii) with respect to each Scheduled Payment, the amount of such remittance allocable to interest;
(iii) the amount of servicing compensation received by such Servicer during the prior distribution period;
(iv) the individual and aggregate Stated Principal Balance of the Mortgage Loans;
(v) the aggregate expenses reimbursed to such Servicer during the prior distribution period pursuant to Section 3.11; and
(vi) the number and aggregate outstanding principal balances of Mortgage Loans (a) delinquent 31 to 60 days, 61 to 90 days and 91 or more 90+ days; (b) as to which foreclosure or bankruptcy proceedings of the related mortgagor have commenced; and (c) as to which REO Property has been acquired. Concurrently with each delivery of a Servicer Remittance Report to the Trustee, Wells Fargo, acting as a Servicer, shall provide, in a manner consistenx xxxh the preceding paragraph, a supplemental statement (to the extent not previously provided) setting forth information in subclauses (v) and (vi). The Trustee shall promptly forward the Servicer Remittance Report and the related supplemental statement to the Depositor.
(e) Notwithstanding anything in Section 4.03(d) to the contrary, the Servicers JPMorgan shall be deemed to have satisfied the requirement to timely deliver the Servicer Remittance Report set forth in Section 4.03(d) above if the Trustee and the Depositor receive such report is received by the Trustee on or prior to the 18th calendar day of such the calendar month in which the related Determination Date occurs; provided, however, that if such 18th calendar day is a Sunday or a Monday which is not a Business Day, the Servicers JPMorgan shall be deemed to have satisfied the requirement to timely deliver the Servicer Remittance Report set forth in Section 4.03(d) above if the Trustee and the Depositor receive such report (i) on the next Business Day succeeding such 18th calendar day, if such succeeding Business Day is not later than the 20th day of such calendar month or (ii) on the Business Day immediately preceding such 18th calendar day, if such succeeding Business Day is later than the 20th calendar day of such calendar month.
(f) For all purposes of this Agreement, with respect to any Mortgage Loan, delinquencies shall be determined by the Trustee from information provided by the Servicers and reported by the Trustee based on the so-called "OTS" methodology for determining delinquencies on mortgage loans similar to the Mortgage Loans. By way of example, a Mortgage Loan would be delinquent with respect to a Scheduled Payment due on a Due Date if such Scheduled Payment is not made by the close of business on the Mortgage Loan's next succeeding Due Date, and a Mortgage Loan would be more than 30-days Delinquent with respect to such Scheduled Payment if such Scheduled Payment were not made by the close of business on the Mortgage Loan's second succeeding Due Date. Each Servicer hereby represents and warrants to the Depositor that such Servicer this delinquency recognition policy is not subject to less restrictive than any delinquency recognition policy established by the primary safety and soundness regulator, if any, of such Servicer, that is more restrictive than the foregoing delinquency recognition policy.
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (Morgan Stanley Home Equity Loan Trust 2006-2), Pooling and Servicing Agreement (Morgan Stanley Home Equity Loan Trust 2006-2)
Monthly Statements to Certificateholders. (a) Not later than each Distribution Date, the Trustee Securities Administrator shall make available to each Certificateholder, the ServicersDepositor, the Depositor Trustee and each Rating Agency a statement based upon the information provided by the Servicers setting forth with respect to the related distribution:
(i) the actual Distribution Dateamount thereof allocable to principal, separately identifying the related Record Dateaggregate amount of any Principal Prepayments, the Interest Accrual Period(s) for each Class for such Distribution Date Insurance Proceeds, Condemnation Proceeds and the LIBOR Determination Date for such Interest Accrual PeriodLiquidation Proceeds included therein;
(ii) the amount of Available Funds;
(iii) the amount of Available Funds thereof allocable to principalinterest, the Principal Remittance Amount (separately identifying the components thereof) and the Principal Distribution Amount (separately identifying the components thereof);
(iv) the amount of Available Funds allocable to interest and each Interest Remittance Amount;
(v) the amount of any Unpaid Interest Amount for each Class included in such distribution and any remaining Unpaid Interest Amounts Amount after giving effect to such distribution, any Basis Risk CarryForward Carry Forward Amount for each Class such Distribution Date and the amount of such all Basis Risk CarryForward Carry Forward Amount covered by withdrawals from the Excess Reserve Fund Account on such Distribution Date;
(viiii) if the distribution to the Holders of such Class of Certificates is less than the full amount that would be distributable to such Holders if there were sufficient funds available therefor, the amount of the shortfall and the allocation of the shortfall thereof as between principal and interest, including any Basis Risk CarryForward Carry Forward Amount not covered by amounts in the Excess Reserve Fund Account;
(viiiv) the Class Certificate Balance of each Class of Certificates before and after giving effect to the distribution of principal on such Distribution Date;
(viiiv) the Pool Stated Principal Balance for the following Distribution Date;
(ixvi) the amount of the Expense Servicing Fees paid to or retained by the Servicers and the Trustee (stated separately and in the aggregate) with respect to such Distribution Date;
(xvii) the amount of any Master Servicing Fees paid to the Master Servicer with respect to such Distribution Date;
(viii) the Pass-Through Rate for each such Class of Certificates with respect to such Distribution Date;
(xiix) the amount of P&I Advances included in the distribution on such Distribution Date and the aggregate amount of Advances reported by the Servicers (and the Trustee as successor Servicer and any other successor Servicer, if applicable) outstanding as of the close of business on the Determination Date immediately preceding such Distribution Date;
(xiix) the number and aggregate outstanding principal balances of Mortgage Loans (1) as to which the Scheduled Monthly Payment is delinquent 31 to 60 days, 61 to 90 days and 91 or more days, (2) that have become REO Property, (3) that are in foreclosure and (4) that are in bankruptcy, in each case as of the close of business on the last Business Day of the immediately preceding month;
(xiiixi) for each of the preceding 12 calendar months, or all calendar months since the related Cut off Date, whichever is less, the aggregate dollar amount of the Monthly Payments (A) due on all Outstanding Mortgage Loans on each of the Due Dates in each such month and (B) delinquent 60 days or more on each of the Due Dates in each such month;
(xii) with respect to any each Mortgage Loans Loan that became an REO Properties Property during the preceding calendar month, the aggregate loan number of such Mortgage Loans and the aggregate Stated Principal Balance of such Mortgage Loans Loan as of the close of business on the last Business Day of the immediately preceding monthmonth prior to such Distribution Date and the date of acquisition thereof;
(xivxiii) the total number and outstanding principal balance of any REO Properties (and market value, if available) as of the close of business on the last Business Day of the immediately preceding monthmonth prior to such Distribution Date;
(xvxiv) whether a Trigger Event has occurred and is continuing (including the calculation demonstrating of thereof and the existence aggregate outstanding balance of the Trigger Eventall 60+ Day Delinquent Mortgage Loans);
(xvixv) the amount on deposit in the Excess Reserve Fund Account (after giving effect to distributions on such Distribution Date);
(xviixvi) in the aggregate and for each Class of Certificates, the aggregate amount of Applied Realized Loss Amounts incurred during the preceding calendar month and aggregate Applied Realized Loss Amounts through such Distribution Date;
(xviiixvii) the amount of any Net Monthly Excess Cash Flow on such Distribution Date and the allocation of it thereof to the Certificateholders with respect to Unpaid Interest Amounts, Unpaid Realized Loss Amounts or Basis Risk CarryForward Amounts;
(xviii) the Overcollateralized Amount and Specified Overcollateralized Amount;
(xix) Prepayment Premiums collected by or paid by the amount of any Net Swap Payments, Net Swap Receipts, Swap Termination Payments or Defaulted Swap Termination Paymentsapplicable Servicer;
(xx) the calculations of LIBOR and Swap LIBOR;
(xxi) the Subordinated Amount and Specified Subordinated Amount;
(xxii) Prepayment Charges collected or paid (pursuant to Section 3.07(a)) by the Servicers;
(xxiii) the Cumulative Loss Percentage and the aggregate amount of Realized Losses used to calculate the Cumulative Loss Percentage;
(xxiv) the amount distributed on the Class X Certificates;; and
(xxvxxi) the amount of any Subsequent Recoveries for such Distribution Date;
(xxvi) the Pre-Funded Amount as of the end of the prior Due Period;
(xxvii) the amount of any principal prepayment on the Certificates resulting from the application of unused moneys in the Pre-Funding Account; and
(xxviii) the number of Mortgage Loans at the end of the applicable reporting period, the pool factor (being the Stated Principal Balance of the Mortgage Loans for the related Distribution Date divided by the Cut-off Date Principal Balance), and the weighted average interest rate, and weighted average remaining term; In addition, each Form 10-D prepared and filed by the Trustee pursuant to Section 8.12 shall include the following information with respect to the related distribution:
(i) material breaches of Mortgage Loan representations and warranties under this Agreement of which the Trustee has actual knowledge or has received written notice; and
(ii) material breaches of any covenants under this Agreement of which the Trustee has actual knowledge or received written notice.
(b) The TrusteeSecurities Administrator's responsibility for providing the above statement to the Certificateholders, each Rating Agency Agency, the Trustee and the Depositor is limited, if applicable, limited to the availability, timeliness and accuracy of the information derived from the Master Servicer, the Servicers and the Swap ProviderResponsible Parties. The Trustee Securities Administrator shall make available provide the above statement via the TrusteeSecurities Administrator's internet website. The TrusteeSecurities Administrator's website will initially be located at https://www.tss.db.com/invr www.ctslink.com and assistance in using the website can be xxxxxxxx xx obtained by xxxxxxx xxx XxxsteeXxxurities Administrator's investor relations desk at 1(301) 815-800-735-7777. Parties that are unable to use the website are entitled xx xxxx x xxxer copy mailed to them via first class mail by calling the investor relations desk and indicating such6600. The Trustee may change the way the monthly statements to Certificateholders are distributed in order to make such distribution more convenient and/or more accessible to the above parties and the Trustee shall provide timely and adequate notification to all above parties regarding any such changes. As a condition to access the Trustee's internet website, the Trustee may require registration and the acceptance of a disclaimer. The Trustee will not be liable for the dissemination of information in accordance with this Agreement. The Trustee shall make available to each Analytics Company, either electronically or via the Trustee's internet website, each statement to Certificateholders prepared pursuant to Section 4.03(a). The Trustee (and the applicable Servicer, if such discrepancy results from or arises out of any information provided by the applicable Servicer pursuant to this Agreement) shall cooperate in good faith with the Depositor to reconcile any discrepancies in such statements, and the Trustee shall provide any corrections to such statements to each Analytics Company as soon as reasonably practicable after the related Distribution Date. The Trustee Securities Administrator will also be entitled to rely on but shall not be responsible for the content or accuracy of any information provided by third parties for purposes of preparing the monthly make a paper copx xx xxx xxxxx statement to Certificateholders and may affix thereto any disclaimer it deems appropriate in its reasonable discretion (without suggesting liability on the part of any other party hereto)available upon request.
(c) Within Upon request, within a reasonable period of time after the end of each calendar year, the Trustee Securities Administrator shall cause to be furnished to each Person who at any time during the calendar year was a Certificateholder, a statement containing the information set forth in clauses (a)(i), (a)(ii), (a)(iii) and (a)(iia)(vii) of this Section 4.03 4.02 aggregated for such calendar year or applicable portion thereof during which such Person was a Certificateholder. Such obligation of the Trustee Securities Administrator shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Trustee Securities Administrator pursuant to any requirements of the Code as from time to time in effect.
(d) Not later than the Determination Date for each Distribution Date, each Servicer shall furnish to the Trustee, a monthly remittance advice statement (the "Servicer Remittance Report") containing the data fields set forth on Exhibit X attached hereto (in each case, in a format mutually agreed upon by such Servicer and the Trustee) with respect to HomEq, containing the data fields set forth on Exhibit Y attached hereto with respect to Wells Fargo (in each case, in a format mutually agreed upon by such Serxxxxx and the Trustee) and containing the data fields set forth on Exhibit Z attached hereto with respect Countrywide Servicing (in each case, in a format mutually agreed upon by such Servicer and the Trustee) and such information as . The Securities Administrator shall be reasonably requested (i) by the Depositor entitled to enable the Depositor to disclose "static pool information", as required by Item 1105 of Regulation AB, with respect to the Mortgage Loans, and (ii) by the Trustee to enable the Trustee to provide the reports required by Section 4.03(a) as to the accompanying remittance and applicable Due Period and Prepayment Period to which such remittance relates. The Servicer Remittance Report shall, at a minimum, document, rely on such Determination Date, Mortgage Loan payment activity on an individual Mortgage Loan basis, as follows:
(i) with respect to each Scheduled Payment, the amount of such remittance allocable to principal (including a separate breakdown of any Principal Prepayment, including the date of such prepayment, and any Prepayment Charges, received during the related Prepayment Period along with a detailed report of interest on principal prepayment amounts remitted in accordance with Section 3.25);
(ii) with respect to each Scheduled Payment, the amount of such remittance allocable to interest;
(iii) the amount of servicing compensation received by such Servicer during the prior distribution period;
(iv) the individual and aggregate Stated Principal Balance of the Mortgage Loans;
(v) the aggregate expenses reimbursed to such Servicer during the prior distribution period pursuant to Section 3.11; and
(vi) the number and aggregate outstanding principal balances of Mortgage Loans (a) delinquent 31 to 60 days, 61 to 90 days and 91 or more days; (b) as to which foreclosure or bankruptcy proceedings of the related mortgagor have commenced; and (c) as to which REO Property has been acquired. Concurrently with each delivery of a Servicer Remittance Report to the Trustee, Wells Fargo, acting as a Servicer, shall provide, in a manner consistenx xxxh the preceding paragraph, a supplemental statement (to the extent not previously provided) setting forth information in subclauses (v) and (vi). The Trustee shall promptly forward the Servicer Remittance Report and the related supplemental statement to the Depositor.
(e) Notwithstanding anything in Section 4.03(d) to the contrary, the Servicers shall be deemed to have satisfied the requirement to timely deliver the Servicer Remittance Report if such report is received by the Trustee on or prior to the 18th calendar day of such month in which the related Determination Date occurs; provided, however, that if such 18th calendar day is a Sunday or a Monday which is not a Business Day, the Servicers shall be deemed to have satisfied the requirement to timely deliver the Servicer Remittance Report if the Trustee and the Depositor receive such report (i) on the next Business Day succeeding such 18th calendar day, or (ii) on the Business Day immediately preceding such 18th calendar day, if such succeeding Business Day is later than the 20th calendar day of such calendar month.
(f) For all purposes of this Agreement, with respect to any Mortgage Loan, delinquencies shall be determined by the Trustee from information provided by third parties for purposes of preparing the Servicers and reported by foregoing report, but shall not be responsible for the Trustee based on the "OTS" methodology for determining delinquencies on mortgage loans similar to the Mortgage Loans. By way of example, a Mortgage Loan would be delinquent with respect to a Scheduled Payment due on a Due Date if such Scheduled Payment is not made by the close of business on the Mortgage Loan's next succeeding Due Date, and a Mortgage Loan would be more than 30-days Delinquent with respect to such Scheduled Payment if such Scheduled Payment were not made by the close of business on the Mortgage Loan's second succeeding Due Date. Each Servicer hereby represents and warrants to the Depositor that such Servicer is not subject to any delinquency recognition policy established by the primary safety and soundness regulator, if any, accuracy of such Servicer, that is more restrictive than the foregoing delinquency recognition policyinformation.
Appears in 2 contracts
Samples: Master Servicing and Trust Agreement (Gsaa Home Equity Trust 2004-8), Master Servicing and Trust Agreement (Gsaa Home Equity Trust 2004-8)
Monthly Statements to Certificateholders. (a) Not later than each Distribution Date, the Trustee shall make available to each Certificateholder, the ServicersServicer, the Depositor Depositor, and each Rating Agency a statement based solely upon the information provided to the Trustee from the Servicer setting forth with respect to the related distribution:
(i) the actual Distribution Dateamount thereof allocable to principal, separately identifying the related Record Dateaggregate amount of any Principal Prepayments, the Interest Accrual Period(s) for each Class for such Distribution Date Insurance Proceeds, Condemnation Proceeds and the LIBOR Determination Date for such Interest Accrual PeriodLiquidation Proceeds included therein;
(ii) the amount of Available Funds;
(iii) the amount of Available Funds thereof allocable to principalinterest, the Principal Remittance Amount (separately identifying the components thereof) and the Principal Distribution Amount (separately identifying the components thereof);
(iv) the amount of Available Funds allocable to interest and each Interest Remittance Amount;
(v) the amount of any Unpaid Interest Amount for each Class included in such distribution and any remaining Unpaid Interest Amounts Amount after giving effect to such distribution, any Basis Risk CarryForward Carry Forward Amount for each Class such Distribution Date and the amount of such all Basis Risk CarryForward Carry Forward Amount covered by withdrawals from the Excess Reserve Fund Account on such Distribution Date;
(viiii) if the distribution to the Holders of such Class of Certificates is less than the full amount that would be distributable to such Holders if there were sufficient funds available therefor, the amount of the shortfall and the allocation of the shortfall thereof as between principal and interest, including any Basis Risk CarryForward Carry Forward Amount not covered by amounts in the Excess Reserve Fund Account;
(viiiv) the Class Certificate Balance of each Class of Offered Certificates before and after giving effect to the distribution of principal on such Distribution Date;
(viiiv) the Pool Stated Principal Balance for the following Distribution Date;
(ixvi) the amount of the Expense Servicing Fees paid to or retained by the Servicers and the Trustee (stated separately and in the aggregate) Servicer with respect to such Distribution Date;
(xvii) the Pass-Through Rate for each such Class of Offered Certificates with respect to such Distribution Date;
(xiviii) the amount of P&I Advances included in the distribution on such Distribution Date and the aggregate amount of Advances reported by the Servicers (and Servicer or any successor servicer including the Trustee as successor Servicer and any other successor Servicer, if applicable) outstanding as of the close of business on the Determination Date last Business Day of the immediately preceding month prior to such Distribution Date;
(xiiix) the number and aggregate outstanding principal balances of Mortgage Loans (1) as to which the Scheduled Monthly Payment is delinquent 31 to 60 59 days, 61 to 90 89 days and 91 90 or more days, (2) that have become REO Property, (3) that are in foreclosure and (4) that are in bankruptcy, in each case as of the close of business on the last Business Day of the immediately preceding month;
(xiiix) for each of the preceding 12 calendar months, or all calendar months since the related Cut-off Date, whichever is less, the aggregate dollar amount of the Monthly Payments (A) due on all Outstanding Mortgage Loans on each of the Due Dates in each such month and (B) delinquent 60 days or more on each of the Due Dates in each such month;
(xi) with respect to any Mortgage Loans Loan that became an REO Properties Property during the preceding calendar month, the aggregate loan number of such Mortgage Loans and the aggregate Stated Principal Balance of such Mortgage Loans Loan as of the close of business on the last Business Day of the immediately preceding monthmonth prior to such Distribution Date and the date of acquisition thereof;
(xivxii) the total number and outstanding principal balance of any REO Properties (and market value, if available) as of the close of business on the last Business Day of the immediately preceding monthmonth prior to such Distribution Date;
(xvxiii) whether a Trigger Event has occurred and is continuing (including the calculation demonstrating of thereof and the existence aggregate outstanding balance of the Trigger Eventall 60+ Day Delinquent Mortgage Loans);
(xvixiv) the amount on deposit in the Excess Reserve Fund Account (after giving effect to distributions on such Distribution Date);
(xviixv) in the aggregate and for each Class of Certificates, the aggregate amount of Applied Realized Loss Amounts incurred during the preceding calendar month and aggregate Applied Realized Loss Amounts through such Distribution Date;
(xviiixvi) the amount of any Net Monthly Excess Cash Flow on such Distribution Date and the allocation of it thereof to the Certificateholders with respect to Applied Realized Loss Amounts and Unpaid Interest Amounts, Unpaid Realized Loss Amounts or Basis Risk CarryForward Amounts;
(xvii) the Overcollateralized Amount and Specified Overcollateralized Amount;
(xviii) Prepayment Premiums collected by the Servicer;
(xix) the amount of any Net Swap PaymentsInterest Rates Cap Payment, Net Swap Receiptsif any, Swap Termination Payments or Defaulted Swap Termination Paymentsfor such Distribution Date;
(xx) the calculations of LIBOR and Swap LIBOR;
(xxi) the Subordinated Amount and Specified Subordinated Amount;
(xxii) Prepayment Charges collected or paid (pursuant to Section 3.07(a)) by the Servicers;
(xxiii) the Cumulative Loss Percentage and the aggregate amount of Realized Losses used to calculate the Cumulative Loss Percentage;
(xxiv) the amount distributed on the Class X X, Class P and Class R Certificates;; and
(xxvxxi) the amount of any Subsequent Recoveries for such Distribution Date;
(xxvi) the Pre-Funded Amount as of the end of the prior Due Period;
(xxvii) the amount of any principal prepayment on the Certificates resulting from the application of unused moneys in the Pre-Funding Account; and
(xxviii) the number of Mortgage Loans at the end of the applicable reporting period, the pool factor (being the Stated Principal Balance of the Mortgage Loans for the related Distribution Date divided by the Cut-off Date Principal Balance), and the weighted average interest rate, and weighted average remaining term; In addition, each Form 10-D prepared and filed by the Trustee pursuant to Section 8.12 shall include the following information with respect to the related distribution:
(i) material breaches of Mortgage Loan representations and warranties under this Agreement of which the Trustee has actual knowledge or has received written notice; and
(ii) material breaches of any covenants under this Agreement of which the Trustee has actual knowledge or received written notice.
(b) The Trustee's responsibility for providing the above statement to the Certificateholders, each Rating Agency Agency, the Servicer, the Responsible Party, and the Depositor is limited, if applicable, limited to the availability, timeliness and accuracy of the information derived from the Servicers and the Swap ProviderServicer. The Trustee shall make available will provide the above statement via the Trustee's internet website. The Trustee's website will initially be located at https://www.tss.db.com/invr https://www.corporatetrust.db.com/invr and assistance in using the website can be websxxx xxx xx xxxxxxxx xx xxxxxxx xxx Xxxstee's investor relations desk at 1-(800-) 735-7777. Parties that are unable to use the website are entitled xx xxxx x xxxer A paper copy mailed to them via first class mail by calling the investor relations desk and indicating such. The Trustee may change the way the monthly statements to Certificateholders are distributed in order to make such distribution more convenient and/or more accessible to of the above parties and the Trustee shall provide timely and adequate notification to all above parties regarding any such changes. As a condition to access the Trustee's internet website, the Trustee may require registration and the acceptance of a disclaimer. The Trustee will not be liable for the dissemination of information in accordance with this Agreement. The Trustee shall make available to each Analytics Company, either electronically or via the Trustee's internet website, each statement to Certificateholders prepared pursuant to Section 4.03(a). The Trustee (and the applicable Servicer, if such discrepancy results from or arises out of any information provided by the applicable Servicer pursuant to this Agreement) shall cooperate in good faith with the Depositor to reconcile any discrepancies in such statements, and the Trustee shall provide any corrections to such statements to each Analytics Company as soon as reasonably practicable after the related Distribution Date. The Trustee will also be entitled to rely on but shall not be responsible for the content or accuracy of any information provided by third parties for purposes of preparing the monthly statement to Certificateholders and may affix thereto any disclaimer it deems appropriate in its reasonable discretion (without suggesting liability on the part of any other party hereto)made axxxxxxxx xxxx request.
(c) Within a reasonable period of time after the end of each calendar year, the Trustee shall cause to be furnished to each Person who at any time during the calendar year was a Certificateholder, a statement containing the information set forth in clauses (a)(i), (a)(ii) and (a)(iia)(vii) of this Section 4.03 4.02 aggregated for such calendar year or applicable portion thereof during which such Person was a Certificateholder. Such obligation of the Trustee shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Trustee pursuant to any requirements of the Code as from time to time in effect.
(d) Not later than the Determination Date for each Distribution Date, each Servicer shall furnish to the Trustee, a monthly remittance advice statement (the "Servicer Remittance Report") containing the data fields set forth on Exhibit X attached hereto (in each case, in a format mutually agreed upon by such Servicer and the Trustee) with respect to HomEq, containing the data fields set forth on Exhibit Y attached hereto with respect to Wells Fargo (in each case, in a format mutually agreed upon by such Serxxxxx and the Trustee) and containing the data fields set forth on Exhibit Z attached hereto with respect Countrywide Servicing (in each case, in a format mutually agreed upon by such Servicer and the Trustee) and such information as shall be reasonably requested (i) by the Depositor to enable the Depositor to disclose "static pool information", as required by Item 1105 of Regulation AB, with respect to the Mortgage Loans, and (ii) by the Trustee to enable the Trustee to provide the reports required by Section 4.03(a) as to the accompanying remittance and applicable Due Period and Prepayment Period to which such remittance relates. The Servicer Remittance Report shall, at a minimum, document, on such Determination Date, Mortgage Loan payment activity on an individual Mortgage Loan basis, as follows:
(i) with respect to each Scheduled Payment, the amount of such remittance allocable to principal (including a separate breakdown of any Principal Prepayment, including the date of such prepayment, and any Prepayment Charges, received during the related Prepayment Period along with a detailed report of interest on principal prepayment amounts remitted in accordance with Section 3.25);
(ii) with respect to each Scheduled Payment, the amount of such remittance allocable to interest;
(iii) the amount of servicing compensation received by such Servicer during the prior distribution period;
(iv) the individual and aggregate Stated Principal Balance of the Mortgage Loans;
(v) the aggregate expenses reimbursed to such Servicer during the prior distribution period pursuant to Section 3.11; and
(vi) the number and aggregate outstanding principal balances of Mortgage Loans (a) delinquent 31 to 60 days, 61 to 90 days and 91 or more days; (b) as to which foreclosure or bankruptcy proceedings of the related mortgagor have commenced; and (c) as to which REO Property has been acquired. Concurrently with each delivery of a Servicer Remittance Report to the Trustee, Wells Fargo, acting as a Servicer, shall provide, in a manner consistenx xxxh the preceding paragraph, a supplemental statement (to the extent not previously provided) setting forth information in subclauses (v) and (vi). The Trustee shall promptly forward the Servicer Remittance Report and the related supplemental statement to the Depositor.
(e) Notwithstanding anything in Section 4.03(d) to the contrary, the Servicers shall be deemed to have satisfied the requirement to timely deliver the Servicer Remittance Report if such report is received by the Trustee on or prior to the 18th calendar day of such month in which the related Determination Date occurs; provided, however, that if such 18th calendar day is a Sunday or a Monday which is not a Business Day, the Servicers shall be deemed to have satisfied the requirement to timely deliver the Servicer Remittance Report if the Trustee and the Depositor receive such report (i) on the next Business Day succeeding such 18th calendar day, or (ii) on the Business Day immediately preceding such 18th calendar day, if such succeeding Business Day is later than the 20th calendar day of such calendar month.
(f) For all purposes of this Agreement, with respect to any Mortgage Loan, delinquencies shall be determined by the Trustee from information provided by the Servicers and reported by the Trustee based on the "OTS" methodology for determining delinquencies on mortgage loans similar to the Mortgage Loans. By way of example, a Mortgage Loan would be delinquent with respect to a Scheduled Payment due on a Due Date if such Scheduled Payment is not made by the close of business on the Mortgage Loan's next succeeding Due Date, and a Mortgage Loan would be more than 30-days Delinquent with respect to such Scheduled Payment if such Scheduled Payment were not made by the close of business on the Mortgage Loan's second succeeding Due Date. Each Servicer hereby represents and warrants to the Depositor that such Servicer is not subject to any delinquency recognition policy established by the primary safety and soundness regulator, if any, of such Servicer, that is more restrictive than the foregoing delinquency recognition policy.
Appears in 2 contracts
Samples: Trust Agreement (Gsaa Home Equity Trust 2004-6), Trust Agreement (Gsaa Home Equity Trust 2004-6)
Monthly Statements to Certificateholders. (a) Not later than each Distribution Date, the Trustee Securities Administrator shall make available to each Certificateholder, the Master Servicer, the Servicers, the Depositor Depositor, the Trustee and each Rating Agency a statement setting forth with respect to the related distribution:
(i) the actual Distribution Date, the related Record Date, the Interest Accrual Period(s) for each Class for such Distribution Date and the LIBOR Determination Date for such Interest Accrual Period;
(ii) the amount of Available Funds;
(iii) the amount of Available Funds allocable to principal, the Principal Remittance Amount (separately identifying the components thereof) and the Principal Distribution Amount (separately identifying the components thereof);
(iv) the amount of Available Funds allocable to interest and each Interest Remittance Amount;
(v) the amount of any Unpaid Interest Amount for each Class included in such distribution and any remaining Unpaid Interest Amounts after giving effect to such distribution, any Basis Risk CarryForward Carry Forward Amount for each Class and the amount of such Basis Risk CarryForward Carry Forward Amount covered by withdrawals from the Excess Reserve Fund Account on such Distribution Date;
(vi) if the distribution to the Holders of such Class of Certificates is less than the full amount that would be distributable to such Holders if there were sufficient funds available therefor, the amount of the shortfall and the allocation of the shortfall as between principal and interest, including any Basis Risk CarryForward Carry Forward Amount not covered by amounts in the Excess Reserve Fund Account;
(vii) the Class Certificate Balance of each Class of Certificates before and after giving effect to the distribution of principal on such Distribution Date;
(viii) the Pool Stated Principal Balance for the related Distribution Date;
(ix) the amount of the Expense Fees paid to or retained by the Servicers Servicers, the Securities Administrator and the Trustee Master Servicer (stated separately and in the aggregate) with respect to such Distribution Date;
(x) the Pass-Through Rate for each such Class of Certificates with respect to such Distribution Date;
(xi) the amount of P&I Advances included in the distribution on such Distribution Date reported by the Servicers (and the Trustee Master Servicer as successor Servicer servicer and any other successor Servicerservicer, if applicable) as of the close of business on the Determination Date immediately preceding such Distribution Date;
(xii) the number and aggregate outstanding principal balances of Mortgage Loans (1) as to which the Scheduled Payment is delinquent 31 to 60 days, 61 to 90 days days, and 91 or more 90+ days, (2) that have become REO Property, (3) that are in foreclosure and (4) that are in bankruptcy, in each case as of the close of business on the last Business Day day of the immediately related Due Period;
(xiii) for each of the preceding 12 calendar months, or all calendar months since the related Cut-off Date, whichever is less, the aggregate dollar amount of the Scheduled Payments (A) due on all Outstanding Mortgage Loans on each of the Due Dates in each such month and (B) delinquent 60 days or more on each of the Due Dates in each such month;
(xiiixiv) with respect to any Mortgage Loans that became REO Properties during the preceding calendar month, the aggregate number of such Mortgage Loans and the aggregate Stated Principal Balance outstanding principal balance of such Mortgage Loans as of the close of business on the last Business Day day of the immediately preceding monthrelated Due Period;
(xivxv) the total number and outstanding principal balance of any REO Properties (and market value, if available) as of the close of business on the last Business Day of the immediately preceding monthrelated Due Period;
(xvxvi) whether a Trigger Event has occurred and is continuing (including the calculation demonstrating the existence of the Trigger EventEvent and the aggregate outstanding principal balance of all 60+ Day Delinquent Mortgage Loans);
(xvixvii) the amount on deposit in the Excess Reserve Fund Account (after giving effect to distributions on such Distribution Date);
(xviixviii) in the aggregate and for each Class of Certificates, the aggregate amount of Applied Realized Loss Amounts incurred during the preceding calendar month and aggregate Applied Realized Loss Amounts through such Distribution Date;
(xviiixix) the amount of any Net Monthly Excess Cash Flow on such Distribution Date and the allocation of it to the Certificateholders with respect to Unpaid Interest Amounts, Unpaid Applied Realized Loss Amounts or and Basis Risk CarryForward Carry Forward Amounts;
(xixxx) the amount of any Net Swap Payments, Net Swap Receipts, Swap Termination Payments or Defaulted Swap Termination Payments;
(xxxxi) the calculations of LIBOR and Swap LIBORLIBOR rates (and the calculation thereof, if applicable);
(xxixxii) the Subordinated Overcollateralized Amount and Specified Subordinated Overcollateralized Amount;
(xxiixxiii) Prepayment Charges collected or paid (pursuant to Section 3.07(a)) by the Servicers;
(xxiiixxiv) the Cumulative Loss Percentage and the aggregate amount of Realized Losses used to calculate the Cumulative Loss Percentage;
(xxivxxv) the amount distributed on the Class X Certificates;
(xxvxxvi) the amount of any Subsequent Recoveries for such Distribution Date;
(xxvi) the Pre-Funded Amount as of the end of the prior Due Period;
(xxvii) the amount of any principal prepayment on the Certificates resulting from the application of unused moneys in the Pre-Funding Account; and
(xxviiixxvii) the number of Mortgage Loans at the beginning and end of the applicable reporting period, the pool factor (being the Stated Principal Balance of the Mortgage Loans for the related Distribution Date divided by the Cut-off Date Principal Balance), and the weighted average interest rate, and weighted average remaining term; . In addition, each Form 10-D prepared and filed by the Trustee Securities Administrator pursuant to Section 8.12 shall include the following information with respect to the related distribution:
(i) material breaches of Mortgage Loan representations and warranties under this Agreement of which the Trustee Securities Administrator has actual knowledge or has received written notice; and
(ii) material breaches of any covenants under this Agreement of which the Trustee Securities Administrator has actual knowledge or has received written notice.; provided, that, if the Securities Administrator receives written notice of events described in (i) and/or (ii) above from the Servicers, the Servicers shall be responsible for providing information to the Securities Administrator for inclusion in the applicable Form 10-D.
(b) The TrusteeSecurities Administrator's responsibility for providing the above statement to the Certificateholders, each Rating Agency Agency, the Responsible Party, the Master Servicer, the Servicers and the Depositor is limited, if applicable, to the availability, timeliness and accuracy of the information derived from the Servicers Responsible Party, the Master Servicer and the Swap ProviderServicers. The Trustee Securities Administrator shall make available the above statement via the TrusteeSecurities Administrator's internet website. The TrusteeSecurities Administrator's website will initially be located at https://www.tss.db.com/invr http://www.ctslink.com and assistance in using the website can be xxxxxxxx obtaixxx xx xxxxxxx xxx XxxsteeXxxurities Administrator's investor relations customer service desk at 1(301) 815-800-735-77776600. Parties that are unable to use A paper copy of the website are entitled xx above statement will also be made axxxxxxxx xxxx x xxxer copy mailed to them via first class mail by calling the investor relations desk and indicating suchrequest. The Trustee may change the way the monthly statements to Certificateholders are distributed in order to make such distribution more convenient and/or more accessible to the above parties and the Trustee shall provide timely and adequate notification to all above parties regarding any such changes. As a condition to access the Trustee's internet website, the Trustee may require registration and the acceptance of a disclaimer. The Trustee will not be liable for the dissemination of information in accordance with this Agreement. The Trustee Securities Administrator shall make available to each Analytics Company, either electronically or via the TrusteeSecurities Administrator's internet website, each statement to Certificateholders prepared pursuant to this Section 4.03(a). The Trustee (Securities Administrator and the applicable Servicer, if such discrepancy results from or arises out of any information provided by the applicable Servicer pursuant to this Agreement) shall cooperate in good faith with the Depositor to reconcile any discrepancies in such statements, and the Trustee Securities Administrator shall provide make available via its Internet website any corrections to such statements to each Analytics Company as soon as reasonably practicable after the related Distribution Date. The Trustee will also be entitled to rely on but shall not be responsible for the content or accuracy of any information provided by third parties for purposes of preparing the monthly statement to Certificateholders and may affix thereto any disclaimer it deems appropriate in its reasonable discretion (without suggesting liability on the part of any other party hereto).
(c) Within Upon request, within a reasonable period of time after the end of each calendar year, the Trustee Securities Administrator shall cause to be furnished to each Person who at any time during the calendar year was a Certificateholder, a statement containing the information set forth in clauses (a)(i) and (a)(ii) of this Section 4.03 aggregated for such calendar year or applicable portion thereof during which such Person was a Certificateholder. Such obligation of the Trustee Securities Administrator shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Trustee Securities Administrator pursuant to any requirements of the Code as from time to time in effect.
(d) Not later than the Determination Reporting Date for each Distribution Date, each the applicable Servicer shall furnish to the TrusteeDepositor with respect to clause (i) below and the Securities Administrator with respect to clause (ii) below, a monthly remittance advice statement (the "Servicer Remittance Report") containing substantially similar to the data fields format set forth on in Exhibit X attached Y hereto, a monthly defaulted loan report substantially similar to the format set forth in Exhibit Z hereto and a realized loss report substantially similar to the format set forth in Exhibit AA hereto (or in each case, in a such other format mutually agreed upon by such Servicer to among the Depositor, the Servicers, and the TrusteeMaster Servicer) with respect relating to HomEq, the period ending on the last day of the preceding calendar month containing the data fields set forth on Exhibit Y attached hereto with respect to Wells Fargo (in each case, in a format mutually agreed upon by such Serxxxxx and the Trustee) and containing the data fields set forth on Exhibit Z attached hereto with respect Countrywide Servicing (in each case, in a format mutually agreed upon by such Servicer and the Trustee) and such information as shall be reasonably requested (i) by the Depositor to enable the Depositor to disclose "static pool information", as required by Item 1105 of Regulation AB, with respect to the Mortgage Loans, and (ii) by the Trustee Securities Administrator to enable the Trustee Securities Administrator to provide the reports required by Section 4.03(a) as to the accompanying remittance and applicable Due Period and the period ending on the close of business on the last day of the related Prepayment Period to which such remittance relatesPeriod. The applicable Servicer Remittance Report shallshall concurrently deliver to the Depositor a data tape, at in form and substance reasonably satisfactory to the Depositor, containing the information required pursuant to this Section 4.03(d) on a minimumloan-by-loan basis for all of the Mortgage Loans. The Depositor will use the information required pursuant to this Section 4.03(d) in compliance with applicable law. Each Servicer shall furnish to the Securities Administrator an individual loan accounting report, documentas of the last Business Day of each month, on such Determination Date, to document Mortgage Loan payment activity on an individual Mortgage Loan basis. With respect to each month, as followsthe corresponding individual loan accounting report (in electronic format) shall be received by the Securities Administrator no later than the Reporting Date, which report shall, at a minimum, contain the following:
(i) with respect to each Scheduled Payment, the amount of such remittance allocable to principal (including a separate breakdown of any Principal Prepayment, including the date of such prepayment, and any Prepayment ChargesPremiums, received during the related Prepayment Period along with a detailed report of interest on principal prepayment Principal Prepayment amounts remitted in accordance with Section 3.25);
(ii) with respect to each Scheduled Payment, the amount of such remittance allocable to interest;
(iii) the amount of servicing compensation received by such Servicer during the prior distribution period;
(iv) the individual and aggregate Stated Principal Balance of the Mortgage Loans;
(v) the aggregate of any expenses reimbursed to such Servicer during the prior distribution period pursuant to Section 3.11; and;
(vi) the number and aggregate outstanding principal balances of Mortgage Loans (a) delinquent 31 to 60 days, 61 to 90 days and 91 or more 90+ days; (b) as to which foreclosure or bankruptcy proceedings of the related mortgagor have commenced; and (c) as to which REO Property has been acquired. Concurrently with ;
(vii) each delivery of a Servicer Remittance Report to the TrusteeMortgage Loan which has been altered, Wells Fargomodified or varied during such month, acting as a Servicer, shall provide, in a manner consistenx xxxh the preceding paragraph, a supplemental statement (to the extent not previously provided) setting forth information in subclauses (v) and (vi). The Trustee shall promptly forward the Servicer Remittance Report and the related supplemental statement reason for such modification (i.e., extension of maturity date, Mortgage Interest Rate);
(viii) with respect to each Liquidated Mortgage Loan, the Depositoramount of any Realized Losses for such Mortgage Loan; and
(ix) any other information reasonably required by the Securities Administrator to enable it to prepare the Monthly Statement referred to in Section 4.03(a).
(e) Notwithstanding anything in Section 4.03(d) to the contrary, the Servicers shall be deemed to have satisfied the requirement to timely deliver the Servicer Remittance Report if such report is received by the Trustee on or prior to the 18th calendar day of such month in which the related Determination Date occurs; provided, however, that if such 18th calendar day is a Sunday or a Monday which is not a Business Day, the Servicers shall be deemed to have satisfied the requirement to timely deliver the Servicer Remittance Report if the Trustee and the Depositor receive such report (i) on the next Business Day succeeding such 18th calendar day, or (ii) on the Business Day immediately preceding such 18th calendar day, if such succeeding Business Day is later than the 20th calendar day of such calendar month.
(f) For all purposes of this Agreement, with respect to any Mortgage Loan, delinquencies shall be determined by the Trustee from information provided by the Servicers and reported by the Trustee based on the so-called "OTS" methodology for determining delinquencies on mortgage loans similar to the Mortgage Loans. By way of example, a Mortgage Loan would be delinquent with respect to a Scheduled Payment due on a Due Date if such Scheduled Payment is not made by the close of business on the Mortgage Loan's next succeeding Due Date, and a Mortgage Loan would be more than 30-days Delinquent with respect to such Scheduled Payment if such Scheduled Payment were not made by the close of business on the Mortgage Loan's second succeeding Due Date. Each Servicer hereby represents and warrants to the Depositor that such Servicer is not subject to any delinquency recognition policy established by the primary safety and soundness regulator, if any, of such Servicer, that is more restrictive than the foregoing delinquency recognition policy.
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (GSAMP Trust 2006-Nc2), Pooling and Servicing Agreement (GS Mortgage Securities Corp GSAMP Trust 2004-Nc2)
Monthly Statements to Certificateholders. (a) Not later than each Distribution Date, the Trustee Securities Administrator shall make available to each Certificateholder, the ServicersDepositor, the Depositor Trustee and each Rating Agency a statement based, in part, upon the information provided by the Servicers setting forth with respect to the related distribution:
(i) the actual Distribution Dateamount thereof allocable to principal, separately identifying the related Record Date, the Interest Accrual Period(s) for each Class for such Distribution Date aggregate amount of any Principal Prepayments and the LIBOR Determination Date for such Interest Accrual PeriodLiquidation Proceeds included therein;
(ii) the amount of Available Funds;
(iii) the amount of Available Funds thereof allocable to principalinterest, the Principal Remittance Amount (separately identifying the components thereof) and the Principal Distribution Amount (separately identifying the components thereof);
(iv) the amount of Available Funds allocable to interest and each Interest Remittance Amount;
(v) the amount of any Unpaid Interest Amount for each Class included in such distribution and any remaining Unpaid Interest Amounts Amount after giving effect to such distribution, any Basis Risk CarryForward Carry Forward Amount for each Class such Distribution Date and the amount of such all Basis Risk CarryForward Carry Forward Amount covered by withdrawals from the Excess Reserve Fund Account and the Supplemental Interest Trust on such Distribution Date;
(viiii) if the distribution to the Holders of such Class of Certificates is less than the full amount that would be distributable to such Holders if there were sufficient funds available therefor, the amount of the shortfall and the allocation of the shortfall thereof as between principal and interest, including any Basis Risk CarryForward Carry Forward Amount not covered by amounts in the Excess Reserve Fund AccountAccount and the Supplemental Interest Trust;
(viiiv) the Class Certificate Balance of each Class of Certificates before and the notional amount of the Class P Certificates after giving effect to the distribution of principal on such Distribution Date;
(viiiv) the Pool aggregate Stated Principal Balance of the Mortgage Loans for the following Distribution Date;
(ixvi) the amount of the Expense Fees expenses and fees paid to or retained by the Servicers Servicer and paid to or retained by the Trustee with respect to such Distribution Date, in each case, identifying the general purpose of such fees;
(stated separately vii) the amount of the expenses and in fees paid to the aggregate) Master Servicer or Securities Administrator with respect to such Distribution Date;
(xviii) the Pass-Through Rate for each such Class of Certificates with respect to such Distribution Date;
(xiix) the amount of P&I Advances included in the distribution on such Distribution Date and the aggregate amount of Advances reported by the Servicers (and the Master Servicer, the Trustee as successor Servicer master servicer and any other successor Servicermaster servicer, if applicable) as outstanding as of the close of business on the Determination Date immediately preceding such Distribution Date;
(xiix) the number and aggregate outstanding principal balances of Mortgage Loans (1) as to which the Scheduled Payment scheduled payment is delinquent 31 to 60 days, 61 to 90 days and 91 or more days, (2) that have become REO Propertyproperty, (3) that are in foreclosure and (4) that are in bankruptcy, in each case as of the close of business on the last Business Day business day of the immediately preceding month;
(xiiixi) for each of the preceding 12 calendar months, or all calendar months since the related Cut-off date, whichever is less, the aggregate dollar amount of the scheduled payments (A) due on all Outstanding Mortgage Loans on each of the Due Dates in each such month and (B) delinquent sixty (60) days or more on each of the Due Dates in each such month;
(xii) with respect to any all Mortgage Loans that became REO Properties properties during the preceding calendar month, the aggregate number of such Mortgage Loans mortgage loans and the aggregate Stated Principal Balance of such Mortgage Loans as of the close of business on the last Business Day Determination Date preceding such Distribution Date and the date of acquisition of the immediately preceding monthREO properties;
(xivxiii) the total number and outstanding principal balance of any REO Properties properties (and market value, if available) as of the close of business on the last Business Day of the immediately Determination Date preceding monthsuch Distribution Date;
(xvxiv) whether a Trigger Event has occurred and is continuing (including the calculation demonstrating the existence of the Trigger EventEvent and the aggregate outstanding balance of all 60+ Day Delinquent Mortgage Loans);
(xvixv) the amount on deposit in the Excess Reserve Fund Account (after giving effect to distributions on such Distribution Date);
(xviixvi) in the aggregate and for each Class of Certificates, the aggregate amount of Applied Realized Loss Amounts incurred during the preceding calendar month and aggregate Applied Realized Loss Amounts through such Distribution Date;
(xviiixvii) the amount of any Net Monthly Excess Cash Flow on such Distribution Date and the allocation of it thereof to the Certificateholders with respect to Unpaid Interest Amounts, Unpaid Realized Loss Amounts or Basis Risk CarryForward Amounts;
(xviii) the Overcollateralized Amount and Specified Overcollateralized Amount;
(xix) the amount of any Net Swap Payments, Net Swap Receipts, Swap Termination Payments Prepayment Premiums collected by or Defaulted Swap Termination Paymentspaid by the Servicers;
(xx) the calculations percentage equal to the aggregate realized losses divided by the aggregate Stated Principal Balance of LIBOR and Swap LIBORthe Mortgage Loans as of the Cut-off date;
(xxi) the Subordinated Amount and Specified Subordinated Amount;
(xxii) Prepayment Charges collected or paid (pursuant to Section 3.07(a)) by the Servicers;
(xxiii) the Cumulative Loss Percentage and the aggregate amount of Realized Losses used to calculate the Cumulative Loss Percentage;
(xxiv) the amount distributed on the Class X and Class P Certificates;
(xxvxxii) the amount of any Subsequent Recoveries for such Distribution Date;
(xxvixxiii) the Pre-Funded Amount as of the end of the prior Due PeriodRecord Date for such Distribution Date;
(xxviixxiv) the amount of any principal prepayment on the Certificates resulting from the application of unused moneys in the Pre-Funding Account; and
(xxviii) the number of updated Mortgage Loans at the end of the applicable reporting periodLoan information, the pool factor (being the Stated Principal Balance of the Mortgage Loans for the related Distribution Date divided by the Cut-off Date Principal Balance), and the such as weighted average interest rate, and weighted average remaining term; In addition, each Form 10-D prepared and filed by the Trustee pursuant to Section 8.12 shall include the following information with respect to the related distribution:;
(ixxv) material breaches of Mortgage Loan representations and of warranties under this Agreement of which the Trustee Trustee, Master Servicer or any Servicer has actual knowledge or has received written notice; and
(iixxvi) material breaches of any covenants under this Agreement of which the Trustee Trustee, Master Servicer or any Servicer has actual knowledge or received written notice.
(b) The TrusteeSecurities Administrator's responsibility for providing the above statement to the Certificateholders, each Rating Agency Agency, the Trustee and the Depositor is limited, if applicable, limited to the availability, timeliness and accuracy of the information derived from the Master Servicer, the Servicers and the Swap ProviderResponsible Parties. The Trustee Securities Administrator shall make available provide the above statement via the TrusteeSecurities Administrator's internet website. The Trustee's website will initially be located at https://www.tss.db.com/invr and assistance Assistance in using the website can be xxxxxxxx xx xxxxxxx xxx Xxxsteeobtained by calling the Securities Administrator's investor relations desk at 1-800877-735722-7777. Parties that are unable to use the website are entitled xx xxxx x xxxer copy mailed to them via first class mail by calling the investor relations desk and indicating such1095. The Trustee may change the way the monthly statements to Certificateholders are distributed in order to make such distribution more convenient and/or more accessible to the above parties and the Trustee shall provide timely and adequate notification to all above parties regarding any such changes. As a condition to access the Trustee's internet website, the Trustee may require registration and the acceptance of a disclaimer. The Trustee will not be liable for the dissemination of information in accordance with this Agreement. The Trustee shall make available to each Analytics Company, either electronically or via the Trustee's internet website, each statement to Certificateholders prepared pursuant to Section 4.03(a). The Trustee (and the applicable Servicer, if such discrepancy results from or arises out of any information provided by the applicable Servicer pursuant to this Agreement) shall cooperate in good faith with the Depositor to reconcile any discrepancies in such statements, and the Trustee shall provide any corrections to such statements to each Analytics Company as soon as reasonably practicable after the related Distribution Date. The Trustee Securities Administrator will also be entitled to rely on but shall not be responsible for the content or accuracy of any information provided by third parties for purposes of preparing the monthly make a papex xxxx xx xxx above statement to Certificateholders and may affix thereto any disclaimer it deems appropriate in its reasonable discretion (without suggesting liability on the part of any other party hereto)available upon request.
(c) Within Upon request, within a reasonable period of time after the end of each calendar year, the Trustee Securities Administrator shall cause to be furnished to each Person who at any time during the calendar year was a Certificateholder, a statement containing the information set forth in clauses (a)(i), (a)(ii), (a)(iii) and (a)(iia)(vii) of this Section 4.03 4.02 aggregated for such calendar year or applicable portion thereof during which such Person was a Certificateholder. Such obligation of the Trustee Securities Administrator shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Trustee Securities Administrator pursuant to any requirements of the Code as from time to time in effect.
(d) Not later than the Determination Date for each Distribution Date, each Servicer shall furnish to the Trustee, a monthly remittance advice statement (the "Servicer Remittance Report") containing the data fields set forth on Exhibit X attached hereto (in each case, in a format mutually agreed upon by such Servicer and the Trustee) with respect to HomEq, containing the data fields set forth on Exhibit Y attached hereto with respect to Wells Fargo (in each case, in a format mutually agreed upon by such Serxxxxx and the Trustee) and containing the data fields set forth on Exhibit Z attached hereto with respect Countrywide Servicing (in each case, in a format mutually agreed upon by such Servicer and the Trustee) and such information as . The Securities Administrator shall be reasonably requested (i) by the Depositor entitled to enable the Depositor to disclose "static pool information", as required by Item 1105 of Regulation AB, with respect to the Mortgage Loans, and (ii) by the Trustee to enable the Trustee to provide the reports required by Section 4.03(a) as to the accompanying remittance and applicable Due Period and Prepayment Period to which such remittance relates. The Servicer Remittance Report shall, at a minimum, document, rely on such Determination Date, Mortgage Loan payment activity on an individual Mortgage Loan basis, as follows:
(i) with respect to each Scheduled Payment, the amount of such remittance allocable to principal (including a separate breakdown of any Principal Prepayment, including the date of such prepayment, and any Prepayment Charges, received during the related Prepayment Period along with a detailed report of interest on principal prepayment amounts remitted in accordance with Section 3.25);
(ii) with respect to each Scheduled Payment, the amount of such remittance allocable to interest;
(iii) the amount of servicing compensation received by such Servicer during the prior distribution period;
(iv) the individual and aggregate Stated Principal Balance of the Mortgage Loans;
(v) the aggregate expenses reimbursed to such Servicer during the prior distribution period pursuant to Section 3.11; and
(vi) the number and aggregate outstanding principal balances of Mortgage Loans (a) delinquent 31 to 60 days, 61 to 90 days and 91 or more days; (b) as to which foreclosure or bankruptcy proceedings of the related mortgagor have commenced; and (c) as to which REO Property has been acquired. Concurrently with each delivery of a Servicer Remittance Report to the Trustee, Wells Fargo, acting as a Servicer, shall provide, in a manner consistenx xxxh the preceding paragraph, a supplemental statement (to the extent not previously provided) setting forth information in subclauses (v) and (vi). The Trustee shall promptly forward the Servicer Remittance Report and the related supplemental statement to the Depositor.
(e) Notwithstanding anything in Section 4.03(d) to the contrary, the Servicers shall be deemed to have satisfied the requirement to timely deliver the Servicer Remittance Report if such report is received by the Trustee on or prior to the 18th calendar day of such month in which the related Determination Date occurs; provided, however, that if such 18th calendar day is a Sunday or a Monday which is not a Business Day, the Servicers shall be deemed to have satisfied the requirement to timely deliver the Servicer Remittance Report if the Trustee and the Depositor receive such report (i) on the next Business Day succeeding such 18th calendar day, or (ii) on the Business Day immediately preceding such 18th calendar day, if such succeeding Business Day is later than the 20th calendar day of such calendar month.
(f) For all purposes of this Agreement, with respect to any Mortgage Loan, delinquencies shall be determined by the Trustee from information provided by third parties for purposes of preparing the Servicers and reported by foregoing report, but shall not be responsible for the Trustee based on the "OTS" methodology for determining delinquencies on mortgage loans similar to the Mortgage Loans. By way of example, a Mortgage Loan would be delinquent with respect to a Scheduled Payment due on a Due Date if such Scheduled Payment is not made by the close of business on the Mortgage Loan's next succeeding Due Date, and a Mortgage Loan would be more than 30-days Delinquent with respect to such Scheduled Payment if such Scheduled Payment were not made by the close of business on the Mortgage Loan's second succeeding Due Date. Each Servicer hereby represents and warrants to the Depositor that such Servicer is not subject to any delinquency recognition policy established by the primary safety and soundness regulator, if any, accuracy of such Servicer, that is more restrictive than the foregoing delinquency recognition policyinformation.
Appears in 2 contracts
Samples: Master Servicing and Trust Agreement (GSAA Home Equity Trust 2006-5), Master Servicing and Trust Agreement (GSAA Home Equity Trust 2006-12)
Monthly Statements to Certificateholders. (a) Not later than each Distribution Date, the Trustee Securities Administrator shall make available to each Certificateholder, the ServicersMaster Servicer, the Depositor Servicer, the Depositor, the Trustee and each Rating Agency a statement setting forth with respect to the related distribution:
(i) the actual Distribution Date, the related Record Date, the Interest Accrual Period(s) for each Class for such Distribution Date and the LIBOR Determination Date for such Interest Accrual Period;
(ii) the amount of Available Funds;
(iii) the amount of Available Funds allocable to principal, the Principal Remittance Amount (separately identifying the components thereof) and the Principal Distribution Amount (separately identifying the components thereof);
(iv) the amount of Available Funds allocable to interest and each Interest Remittance Amount;
(v) the amount of any Unpaid Interest Amount for each Class included in such distribution and any remaining Unpaid Interest Amounts after giving effect to such distribution, any Basis Risk CarryForward Carry Forward Amount for each Class and the amount of such Basis Risk CarryForward Carry Forward Amount covered by withdrawals from the Excess Reserve Fund Account on such Distribution Date;
(vi) if the distribution to the Holders of such Class of Certificates is less than the full amount that would be distributable to such Holders if there were sufficient funds available therefor, the amount of the shortfall and the allocation of the shortfall as between principal and interest, including any Basis Risk CarryForward Carry Forward Amount not covered by amounts in the Excess Reserve Fund Account;
(vii) the Class Certificate Balance of each Class of Certificates before and after giving effect to the distribution of principal on such Distribution Date;
(viii) the Pool Stated Principal Balance for the related Distribution Date;
(ix) the amount of the Expense Fees paid to or retained by the Servicers Servicer, the Securities Administrator and the Trustee Master Servicer (stated separately and in the aggregate) with respect to such Distribution Date;
(x) the Pass-Through Rate for each such Class of Certificates with respect to such Distribution Date;
(xi) the amount of P&I Advances included in the distribution on such Distribution Date reported by the Servicers Servicer (and the Trustee Master Servicer as successor Servicer servicer and any other successor Servicerservicer, if applicable) as of the close of business on the Determination Date immediately preceding such Distribution Date;
(xii) the number and aggregate outstanding principal balances of Mortgage Loans (1) as to which the Scheduled Payment is delinquent 31 to 60 days, 61 to 90 days days, and 91 or more 90+ days, (2) that have become REO Property, (3) that are in foreclosure and (4) that are in bankruptcy, in each case as of the close of business on the last Business Day day of the immediately related Due Period;
(xiii) for each of the preceding 12 calendar months, or all calendar months since the related Cut-off Date, whichever is less, the aggregate dollar amount of the Scheduled Payments (A) due on all Outstanding Mortgage Loans on each of the Due Dates in each such month and (B) delinquent 60 days or more on each of the Due Dates in each such month;
(xiiixiv) with respect to any Mortgage Loans that became REO Properties during the preceding calendar month, the aggregate number of such Mortgage Loans and the aggregate Stated Principal Balance outstanding principal balance of such Mortgage Loans as of the close of business on the last Business Day day of the immediately preceding monthrelated Due Period;
(xivxv) the total number and outstanding principal balance of any REO Properties (and market value, if available) as of the close of business on the last Business Day of the immediately preceding monthrelated Due Period;
(xvxvi) whether a Trigger Event has occurred and is continuing (including the calculation demonstrating the existence of the Trigger EventEvent and the aggregate outstanding principal balance of all 60+ Day Delinquent Mortgage Loans);
(xvixvii) the amount on deposit in the Excess Reserve Fund Account (after giving effect to distributions on such Distribution Date);
(xviixviii) in the aggregate and for each Class of Certificates, the aggregate amount of Applied Realized Loss Amounts incurred during the preceding calendar month and aggregate Applied Realized Loss Amounts through such Distribution Date;
(xviiixix) the amount of any Net Monthly Excess Cash Flow on such Distribution Date and the allocation of it to the Certificateholders with respect to Unpaid Interest Amounts, Unpaid Applied Realized Loss Amounts or and Basis Risk CarryForward Carry Forward Amounts;
(xixxx) the amount of any Net Swap Payments, Net Swap Receipts, Swap Termination Payments or Defaulted Swap Termination Payments;
(xxxxi) the calculations of LIBOR and Swap LIBORLIBOR rates (and the calculation thereof, if applicable);
(xxixxii) the Subordinated Overcollateralized Amount and Specified Subordinated Overcollateralized Amount;
(xxiixxiii) Prepayment Charges collected or paid (pursuant to Section 3.07(a)) by the ServicersServicer;
(xxiiixxiv) the Cumulative Loss Percentage and the aggregate amount of Realized Losses used to calculate the Cumulative Loss Percentage;
(xxivxxv) the amount distributed on the Class X Certificates;
(xxvxxvi) the amount of any Subsequent Recoveries for such Distribution Date;
(xxvi) the Pre-Funded Amount as of the end of the prior Due Period;
(xxvii) the amount of any principal prepayment on the Certificates resulting from the application of unused moneys in the Pre-Funding Account; and
(xxviiixxvii) the number of Mortgage Loans at the beginning and end of the applicable reporting period, the pool factor (being the Stated Principal Balance of the Mortgage Loans for the related Distribution Date divided by the Cut-off Date Principal Balance), and the weighted average interest rate, and weighted average remaining term; . In addition, each Form 10-D prepared and filed by the Trustee Securities Administrator pursuant to Section 8.12 shall include the following information with respect to the related distribution:
(i) material breaches of Mortgage Loan representations and warranties under this Agreement of which the Trustee Securities Administrator has actual knowledge or has received written notice; and
(ii) material breaches of any covenants under this Agreement of which the Trustee Securities Administrator has actual knowledge or has received written notice.; provided, that, if the Securities Administrator receives written notice of events described in (i) and/or (ii) above from the Servicer, the Servicer shall be responsible for providing information to the Securities Administrator for inclusion in the applicable Form 10-D.
(b) The TrusteeSecurities Administrator's responsibility for providing the above statement to the Certificateholders, each Rating Agency Agency, the Responsible Party, the Master Servicer, the Servicer and the Depositor is limited, if applicable, to the availability, timeliness and accuracy of the information derived from the Servicers Responsible Party, the Master Servicer and the Swap ProviderServicer. The Trustee Securities Administrator shall make available the above statement via the TrusteeSecurities Administrator's internet website. The TrusteeSecurities Administrator's website will initially be located at https://www.tss.db.com/invr http://www.ctslink.com and assistance in using the website can be xxxxxxxx obtaixxx xx xxxxxxx xxx XxxsteeXxxurities Administrator's investor relations customer service desk at 1(301) 815-800-735-77776600. Parties that are unable to use A paper copy of the website are entitled xx above statement will also be made axxxxxxxx xxxx x xxxer copy mailed to them via first class mail by calling the investor relations desk and indicating suchrequest. The Trustee may change the way the monthly statements to Certificateholders are distributed in order to make such distribution more convenient and/or more accessible to the above parties and the Trustee shall provide timely and adequate notification to all above parties regarding any such changes. As a condition to access the Trustee's internet website, the Trustee may require registration and the acceptance of a disclaimer. The Trustee will not be liable for the dissemination of information in accordance with this Agreement. The Trustee Securities Administrator shall make available to each Analytics Company, either electronically or via the TrusteeSecurities Administrator's internet website, each statement to Certificateholders prepared pursuant to this Section 4.03(a). The Trustee (Securities Administrator and the applicable Servicer, if such discrepancy results from or arises out of any information provided by the applicable Servicer pursuant to this Agreement) shall cooperate in good faith with the Depositor to reconcile any discrepancies in such statements, and the Trustee Securities Administrator shall provide make available via its Internet website any corrections to such statements to each Analytics Company as soon as reasonably practicable after the related Distribution Date. The Trustee will also be entitled to rely on but shall not be responsible for the content or accuracy of any information provided by third parties for purposes of preparing the monthly statement to Certificateholders and may affix thereto any disclaimer it deems appropriate in its reasonable discretion (without suggesting liability on the part of any other party hereto).
(c) Within Upon request, within a reasonable period of time after the end of each calendar year, the Trustee Securities Administrator shall cause to be furnished to each Person who at any time during the calendar year was a Certificateholder, a statement containing the information set forth in clauses (a)(i) and (a)(ii) of this Section 4.03 aggregated for such calendar year or applicable portion thereof during which such Person was a Certificateholder. Such obligation of the Trustee Securities Administrator shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Trustee Securities Administrator pursuant to any requirements of the Code as from time to time in effect.
(d) Not later than the Determination Reporting Date for each Distribution Date, each the Servicer shall furnish to the TrusteeDepositor with respect to clause (i) below and the Securities Administrator with respect to clause (ii) below, a monthly remittance advice statement (the "Servicer Remittance Report") containing substantially similar to the data fields format set forth on in Exhibit X attached Y hereto, a monthly defaulted loan report substantially similar to the format set forth in Exhibit Z hereto and a realized loss report substantially similar to the format set forth in Exhibit AA hereto (or in each case, in a such other format mutually agreed upon by such Servicer to among the Depositor, the Servicer, and the TrusteeMaster Servicer) with respect relating to HomEq, the period ending on the last day of the preceding calendar month containing the data fields set forth on Exhibit Y attached hereto with respect to Wells Fargo (in each case, in a format mutually agreed upon by such Serxxxxx and the Trustee) and containing the data fields set forth on Exhibit Z attached hereto with respect Countrywide Servicing (in each case, in a format mutually agreed upon by such Servicer and the Trustee) and such information as shall be reasonably requested (i) by the Depositor to enable the Depositor to disclose "static pool information", as required by Item 1105 of Regulation AB, with respect to the Mortgage Loans, and (ii) by the Trustee Securities Administrator to enable the Trustee Securities Administrator to provide the reports required by Section 4.03(a) as to the accompanying remittance and applicable Due Period and the period ending on the close of business on the last day of the related Prepayment Period to which such remittance relatesPeriod. The Servicer Remittance Report shallshall concurrently deliver to the Depositor a data tape, at in form and substance reasonably satisfactory to the Depositor, containing the information required pursuant to this Section 4.03(d) on a minimumloan-by-loan basis for all of the Mortgage Loans. The Depositor will use the information required pursuant to this Section 4.03(d) in compliance with applicable law. The Servicer shall furnish to the Securities Administrator an individual loan accounting report, documentas of the last Business Day of each month, on such Determination Date, to document Mortgage Loan payment activity on an individual Mortgage Loan basis. With respect to each month, as followsthe corresponding individual loan accounting report (in electronic format) shall be received by the Securities Administrator no later than the Reporting Date, which report shall, at a minimum, contain the following:
(i) with respect to each Scheduled Payment, the amount of such remittance allocable to principal (including a separate breakdown of any Principal Prepayment, including the date of such prepayment, and any Prepayment ChargesPremiums, received during the related Prepayment Period along with a detailed report of interest on principal prepayment Principal Prepayment amounts remitted in accordance with Section 3.25);
(ii) with respect to each Scheduled Payment, the amount of such remittance allocable to interest;
(iii) the amount of servicing compensation received by such the Servicer during the prior distribution period;
(iv) the individual and aggregate Stated Principal Balance of the Mortgage Loans;
(v) the aggregate of any expenses reimbursed to such the Servicer during the prior distribution period pursuant to Section 3.11; and;
(vi) the number and aggregate outstanding principal balances of Mortgage Loans (a) delinquent 31 to 60 days, 61 to 90 days and 91 or more 90+ days; (b) as to which foreclosure or bankruptcy proceedings of the related mortgagor have commenced; and (c) as to which REO Property has been acquired. Concurrently with ;
(vii) each delivery of a Servicer Remittance Report to the TrusteeMortgage Loan which has been altered, Wells Fargomodified or varied during such month, acting as a Servicer, shall provide, in a manner consistenx xxxh the preceding paragraph, a supplemental statement (to the extent not previously provided) setting forth information in subclauses (v) and (vi). The Trustee shall promptly forward the Servicer Remittance Report and the related supplemental statement reason for such modification (i.e., extension of maturity date, Mortgage Interest Rate);
(viii) with respect to each Liquidated Mortgage Loan, the Depositoramount of any Realized Losses for such Mortgage Loan; and
(ix) any other information reasonably required by the Securities Administrator to enable it to prepare the Monthly Statement referred to in Section 4.03(a).
(e) Notwithstanding anything in Section 4.03(d) to the contrary, the Servicers shall be deemed to have satisfied the requirement to timely deliver the Servicer Remittance Report if such report is received by the Trustee on or prior to the 18th calendar day of such month in which the related Determination Date occurs; provided, however, that if such 18th calendar day is a Sunday or a Monday which is not a Business Day, the Servicers shall be deemed to have satisfied the requirement to timely deliver the Servicer Remittance Report if the Trustee and the Depositor receive such report (i) on the next Business Day succeeding such 18th calendar day, or (ii) on the Business Day immediately preceding such 18th calendar day, if such succeeding Business Day is later than the 20th calendar day of such calendar month.
(f) For all purposes of this Agreement, with respect to any Mortgage Loan, delinquencies shall be determined by the Trustee from information provided by the Servicers and reported by the Trustee based on the so-called "OTS" methodology for determining delinquencies on mortgage loans similar to the Mortgage Loans. By way of example, a Mortgage Loan would be delinquent with respect to a Scheduled Payment due on a Due Date if such Scheduled Payment is not made by the close of business on the Mortgage Loan's next succeeding Due Date, and a Mortgage Loan would be more than 30-days Delinquent with respect to such Scheduled Payment if such Scheduled Payment were not made by the close of business on the Mortgage Loan's second succeeding Due Date. Each Servicer hereby represents and warrants to the Depositor that such Servicer is not subject to any delinquency recognition policy established by the primary safety and soundness regulator, if any, of such Servicer, that is more restrictive than the foregoing delinquency recognition policy.
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (GSAMP Trust 2006-Fm3), Pooling and Servicing Agreement (GSAMP Trust 2006-Fm2)
Monthly Statements to Certificateholders. (a) Not later than each Distribution Date, the Trustee Securities Administrator shall make available to each Certificateholder, the ServicersMaster Servicer, the Depositor Servicer, the Depositor, the Trustee and each Rating Agency a statement statement, based on information provided by the Servicer, setting forth with respect to the related distribution:
(i) the actual Distribution Dateamount thereof allocable to principal, separately identifying the related Record Dateaggregate amount of any Principal Prepayments, the Interest Accrual Period(s) for each Class for such Distribution Date Liquidation Proceeds and the LIBOR Determination Date for such Interest Accrual PeriodSubsequent Recoveries;
(ii) the amount of Available Funds;
(iii) the amount of Available Funds thereof allocable to principalinterest, the Principal Remittance Amount (separately identifying the components thereof) and the Principal Distribution Amount (separately identifying the components thereof);
(iv) the amount of Available Funds allocable to interest and each any Interest Remittance Amount;
(v) the amount of any Unpaid Interest Amount for each Class Carry Forward Amounts included in such distribution and any remaining Unpaid Interest Carry Forward Amounts after giving effect to such distribution, any Basis Risk CarryForward Carryover Amount for each Class such Distribution Date and the amount of such all Basis Risk CarryForward Carryover Amount covered by withdrawals from the Excess Reserve Fund Account on such Distribution Date;
(viiii) if the distribution to the Holders of such Class of Certificates is less than the full amount that would be distributable to such Holders if there were sufficient funds available therefor, the amount of the shortfall and the allocation of the shortfall thereof as between principal and interest, including any Basis Risk CarryForward Carryover Amount not covered by amounts in the Excess Reserve Fund Account;
(viiiv) the Class Certificate Balance of each Class of Certificates before and after giving effect to the distribution of principal on such Distribution Date;
(viiiv) the Pool Stated Principal Balance for the following Distribution Date;
(ixvi) the amount of the Expense Fees (in the aggregate and separately stated) paid to or retained by the Servicers Servicer or Subservicer and the Trustee (stated separately and in the aggregate) Master Servicer with respect to such Distribution Date;
(xvii) the Pass-Through Interest Rate for each such Class of Certificates with respect to such Distribution Date;
(xiviii) the amount of P&I Advances included in the distribution on such Distribution Date reported by the Servicers (and the Trustee as successor Servicer and any other successor Servicer, if applicable) aggregate amount of P&I Advances outstanding as of the close of business on the Determination Date immediately preceding such Distribution Date;
(xiiix) by Loan Group and in the aggregate, the number and aggregate outstanding principal balances of Mortgage Loans (1) as to which the Scheduled Payment is delinquent 31 to 60 days, 61 to 90 days and 91 or more days, (2) that have become REO Property, (3) that are in foreclosure and (4) that are in bankruptcy, in each case as of the close of business on the last Business Day of the immediately preceding month;
(xiiix) by Loan Group and in the aggregate, with respect to any Mortgage Loans that became REO Properties during the preceding calendar month, the aggregate number of such Mortgage Loans and the aggregate Stated Principal Balance of such Mortgage Loans as of the close of business on the last Business Day Determination Date preceding such Distribution Date and the date of the immediately preceding monthacquisition thereof;
(xivxi) by Loan Group and the aggregate, the total number and outstanding aggregate principal balance of any REO Properties (and market value, if available) as of the close of business on the last Business Day of the immediately Determination Date preceding monthsuch Distribution Date;
(xvxii) whether a Trigger Event has occurred and is continuing (including the calculation demonstrating the existence of the Trigger Eventcontinuing;
(xvixiii) the amount on deposit in the Excess Reserve Fund Account (after giving effect to distributions on such Distribution Date);
(xviixiv) in the aggregate and for each Class of Certificates, the aggregate amount of Applied Realized Loss Amounts incurred during the preceding calendar month and aggregate Applied Realized Loss Amounts through such Distribution Date.;
(xviiixv) the amount of any Net Monthly Excess Cash Flow on such Distribution Date and the allocation of it thereof to the Certificateholders with respect to Unpaid Interest Amounts, Unpaid Applied Realized Loss Amounts or Basis Risk CarryForward and Interest Carry Forward Amounts;
(xvi) the Overcollateralization Amount and Overcollateralization Target Amount;
(xvii) Prepayment Charges collected by the Servicer;
(xviii) the Cumulative Loss Percentage; and
(xix) the amount of any Net Swap Payments, Net Swap Receipts, Swap Termination Payments or Defaulted Swap Termination Payments;
(xx) Derivative Payment made to the calculations of LIBOR and Swap LIBOR;
(xxi) the Subordinated Amount and Specified Subordinated Amount;
(xxii) Prepayment Charges collected or paid (Supplemental Interest Trust pursuant to Section 3.07(a)) by 4.02, any Net Derivative Payment made to the Servicers;
(xxiii) the Cumulative Loss Percentage and the aggregate amount of Realized Losses used to calculate the Cumulative Loss Percentage;
(xxiv) the amount distributed on the Class X Certificates;
(xxv) the amount of any Subsequent Recoveries for such Distribution Date;
(xxvi) the Pre-Funded Amount as of the end of the prior Due Period;
(xxvii) the amount of any principal prepayment on the Certificates resulting from the application of unused moneys in the Pre-Funding Account; and
(xxviii) the number of Mortgage Loans at the end of the applicable reporting period, the pool factor (being the Stated Principal Balance of the Mortgage Loans for the related Distribution Date divided by the Cut-off Date Principal Balance), and the weighted average interest rate, and weighted average remaining term; In addition, each Form 10-D prepared and filed by the Trustee Derivative Counterparty pursuant to Section 8.12 shall include the following information with respect 4.02, any Swap Termination Payment made to the related distribution:
(i) material breaches of Mortgage Loan representations Supplemental Interest Trust pursuant to Section 4.02 and warranties under this Agreement of which any Swap Termination Payment made to the Trustee has actual knowledge or has received written notice; and
(ii) material breaches of any covenants under this Agreement of which the Trustee has actual knowledge or received written noticeSwap Counterparty pursuant to Section 4.02.
(ba) The Trustee's responsibility for providing the above statement to the Certificateholders, each Rating Agency and the Depositor is limited, if applicable, to the availability, timeliness and accuracy of the information derived from the Servicers and the Swap Provider. The Trustee shall make available the above statement via the Trustee's internet website. The Trustee's website will initially be located at https://www.tss.db.com/invr and assistance in using the website can be xxxxxxxx xx xxxxxxx xxx Xxxstee's investor relations desk at 1-800-735-7777. Parties that are unable to use the website are entitled xx xxxx x xxxer copy mailed to them via first class mail by calling the investor relations desk and indicating such. The Trustee may change the way the monthly statements to Certificateholders are distributed in order to make such distribution more convenient and/or more accessible to the above parties and the Trustee shall provide timely and adequate notification to all above parties regarding any such changes. As a condition to access the Trustee's internet website, the Trustee may require registration and the acceptance of a disclaimer. The Trustee will not be liable for the dissemination of information in accordance with this Agreement. The Trustee shall make available to each Analytics Company, either electronically or via the Trustee's internet website, each statement to Certificateholders prepared pursuant to Section 4.03(a). The Trustee (and the applicable Servicer, if such discrepancy results from or arises out of any information provided by the applicable Servicer pursuant to this Agreement) shall cooperate in good faith with the Depositor to reconcile any discrepancies in such statements, and the Trustee shall provide any corrections to such statements to each Analytics Company as soon as reasonably practicable after the related Distribution Date. The Trustee will also be entitled to rely on but shall not be responsible for the content or accuracy of any information provided by third parties for For purposes of preparing the monthly statement to Certificateholders and may affix thereto any disclaimer it deems appropriate in its reasonable discretion (without suggesting liability on the part of any other party hereto).
(c) Within a reasonable period of time after the end of each calendar year, the Trustee shall cause to be furnished to each Person who at any time during the calendar year was a Certificateholder, a statement containing the information set forth in clauses (a)(i) and (a)(ii) of this Section 4.03 aggregated for such calendar year or applicable portion thereof during which such Person was a Certificateholder. Such obligation of the Trustee shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Trustee pursuant to any requirements of the Code as from time to time in effect.
(d) Not later than the Determination Date for each Distribution Date, each Servicer shall furnish to the Trustee, a monthly remittance advice statement (the "Servicer Remittance Report") containing the data fields set forth on Exhibit X attached hereto (in each case, in a format mutually agreed upon by such Servicer and the Trustee) with respect to HomEq, containing the data fields set forth on Exhibit Y attached hereto with respect to Wells Fargo (in each case, in a format mutually agreed upon by such Serxxxxx and the Trustee) and containing the data fields set forth on Exhibit Z attached hereto with respect Countrywide Servicing (in each case, in a format mutually agreed upon by such Servicer and the Trustee) and such information as shall be reasonably requested (i) by the Depositor to enable the Depositor to disclose "static pool information", as required by Item 1105 of Regulation AB, with respect to the Mortgage Loans, and (ii) by the Trustee to enable the Trustee to provide the reports required by Section 4.03(a) as to the accompanying remittance and applicable Due Period and Prepayment Period to which such remittance relates. The Servicer Remittance Report shall, at a minimum, document, on such Determination Date, Mortgage Loan payment activity on an individual Mortgage Loan basis, as follows:
(i) with respect to each Scheduled Payment, the amount of such remittance allocable to principal (including a separate breakdown of any Principal Prepayment, including the date of such prepayment, and any Prepayment Charges, received during the related Prepayment Period along with a detailed report of interest on principal prepayment amounts remitted in accordance with Section 3.25);
(ii) with respect to each Scheduled Payment, the amount of such remittance allocable to interest;
(iii) the amount of servicing compensation received by such Servicer during the prior distribution period;
(iv) the individual and aggregate Stated Principal Balance of the Mortgage Loans;
(v) the aggregate expenses reimbursed to such Servicer during the prior distribution period pursuant to Section 3.11; and
(vi) the number and aggregate outstanding principal balances of Mortgage Loans (a) delinquent 31 to 60 days, 61 to 90 days and 91 or more days; (b) as to which foreclosure or bankruptcy proceedings of the related mortgagor have commenced; and (c) as to which REO Property has been acquired. Concurrently with each delivery of a Servicer Remittance Report to the Trustee, Wells Fargo, acting as a Servicer, shall provide, in a manner consistenx xxxh the preceding paragraph, a supplemental statement (to the extent not previously provided) setting forth information in subclauses (v) and (vi). The Trustee shall promptly forward the Servicer Remittance Report and the related supplemental statement to the Depositor.
(e) Notwithstanding anything in Section 4.03(d) to the contrary, the Servicers shall be deemed to have satisfied the requirement to timely deliver the Servicer Remittance Report if such report is received by the Trustee on or prior to the 18th calendar day of such month in which the related Determination Date occurs; provided, however, that if such 18th calendar day is a Sunday or a Monday which is not a Business Day, the Servicers shall be deemed to have satisfied the requirement to timely deliver the Servicer Remittance Report if the Trustee and the Depositor receive such report (i) on the next Business Day succeeding such 18th calendar day, or (ii) on the Business Day immediately preceding such 18th calendar day, if such succeeding Business Day is later than the 20th calendar day of such calendar month.
(f) For all purposes of this Agreement, with respect to any Mortgage LoanMonthly Statement, delinquencies shall be determined by the Trustee from information provided by the Servicers and reported by the Trustee Master Servicer based on the "so-called “OTS" ” methodology for determining delinquencies on mortgage loans similar to the Mortgage Loans. By way of example, a Mortgage Loan would be delinquent with respect to a Scheduled Payment due on a Due Date if such Scheduled Payment is not made by the close of business on the Mortgage Loan's ’s next succeeding Due Date, and a Mortgage Loan would be more than 30-days Delinquent with respect to such Scheduled Payment if such Scheduled Payment were not made by the close of business on the Mortgage Loan's ’s second succeeding Due Date. Each Servicer hereby represents and warrants .
(b) The Securities Administrator’s responsibility for providing the above statement to the Certificateholders, each Rating Agency, the Master Servicer, the Servicer, the Trustee and the Depositor is limited to the availability, timeliness and accuracy of the information derived from the Master Servicer and the Servicer. The Securities Administrator will provide the above statement via the Securities Administrator’s internet website. The Securities Administrator’s website will initially be located at xxxxx://xxx.xxxxxxx.xxx and assistance in using the website can be obtained by calling the Securities Administrator’s customer service desk at (000) 000-0000. Parties that are unable to use the above distribution method are entitled to have a paper copy mailed to them via first Class mail by calling the customer service desk and indicating such. The Securities Administrator shall have the right to change the manner in which the above statement is distributed in order to make such Servicer distribution more convenient and/or more accessible, and the Securities Administrator shall provide timely and adequate notification to the Certificateholders and the parties hereto regarding any such changes. A paper copy of the statement will also be made available upon request.
(c) Within a reasonable period of time after the end of each calendar year, the Securities Administrator shall, upon request, cause to be furnished to each Person who at any time during the calendar year was a Certificateholder, a statement containing the information set forth in clauses (a)(i), (a)(ii) and (a)(vi) of this Section 4.03 aggregated for such calendar year or applicable portion thereof during which such Person was a Certificateholder. Such obligation of the Securities Administrator shall be deemed to have been satisfied to the extent that substantially comparable information shall have previously been provided by the Securities Administrator pursuant to any requirements of the Code as from time to time in effect.
(d) On the 10th day of each calendar month (or, if such 10th day is not subject a Business Day, then on the next succeeding Business Day), the Servicer shall furnish to the Master Servicer (i) a monthly defaulted loan report in the format set forth in Exhibit N-2 hereto and a realized loss report in the format set forth in Exhibit N-3 hereto (or in such other format mutually agreed to between the Servicer and the Master Servicer) relating to the period ending on the last day of the preceding calendar month on a magnetic tape or other similar media reasonably acceptable to the Master Servicer. No later than two Business Days after the fifteenth day of each calendar month, the Servicer shall furnish to the Master Servicer (i) a monthly remittance advice in the format set forth in Exhibit N-1 hereto and a monthly report containing such information regarding prepayments of Mortgage Loans during the applicable Prepayment Period and in a format as mutually agreed to between the Servicer and the Master Servicer and (ii) notice of the occurrence of any delinquency recognition policy established material modifications, extensions or waivers of terms, fees, penalties or payments relating to the Mortgage Loans during the related Prepayment Period or that have cumulatively become material over time (see Item 1121(a)(11) of Regulation AB) along with all information, data, and materials related thereto as may be required to be included in the related Distribution Report filed with the Commission on Form 10-D. Such monthly remittance advice shall also be accompanied by a supplemental report provided to the primary safety Master Servicer which includes on an aggregate basis for the previous calendar month (i) the amount of any insurance claims filed, (ii) the amount of any claim payments made and soundness regulator, if any, (iii) the amount of claims denied or curtailed. The Master Servicer will convert such Servicer, that is more restrictive than data into a format acceptable to the foregoing delinquency recognition policySecurities Administrator and provide monthly reports to the Securities Administrator pursuant to this Agreement.
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (HSI Asset Securitization CORP Trust 2006-Opt2), Pooling and Servicing Agreement (HSI Asset Securitization Corp Pass-Through Certs Series 2006-Opt1)
Monthly Statements to Certificateholders. (a) Not later than each Distribution Date, the Trustee Securities Administrator shall make available to each Certificateholder, the Master Servicer, the Servicers, the Depositor Depositor, the Trustee and each Rating Agency a statement setting forth with respect to the related distribution:
(i) the actual Distribution Date, the related Record Date, the Interest Accrual Period(s) for each Class for such Distribution Date and the LIBOR Determination Date for such Interest Accrual Period;
(ii) the amount of Available Funds;
(iii) the amount of Available Funds allocable to principal, the Principal Remittance Amount (separately identifying the components thereof) and the Principal Distribution Amount (separately identifying the components thereof);
(iv) the amount of Available Funds allocable to interest and each Interest Remittance Amount;
(v) the amount of any Unpaid Interest Amount for each Class included in such distribution and any remaining Unpaid Interest Amounts after giving effect to such distribution, any Basis Risk CarryForward Carry Forward Amount for each Class and the amount of such Basis Risk CarryForward Carry Forward Amount covered by withdrawals from the Excess Reserve Fund Account on such Distribution Date;
(vi) if the distribution to the Holders of such Class of Certificates is less than the full amount that would be distributable to such Holders if there were sufficient funds available therefor, the amount of the shortfall and the allocation of the shortfall as between principal and interest, including any Basis Risk CarryForward Carry Forward Amount not covered by amounts in the Excess Reserve Fund Account;
(vii) the Class Certificate Balance of each Class of Certificates before and after giving effect to the distribution of principal on such Distribution Date;
(viii) the Pool Stated Principal Balance for the related Distribution Date;
(ix) the amount of the Expense Fees paid to or retained by the Servicers Servicers, the Securities Administrator and the Trustee Master Servicer (stated separately and in the aggregate) with respect to such Distribution Date;
(x) the Pass-Through Rate for each such Class of Certificates with respect to such Distribution Date;
(xi) the amount of P&I Advances included in the distribution on such Distribution Date reported by the Servicers (and the Trustee Master Servicer as successor Servicer servicer and any other successor Servicerservicer, if applicable) as of the close of business on the Determination Date immediately preceding such Distribution Date;
(xii) the number and aggregate outstanding principal balances of Mortgage Loans (1) as to which the Scheduled Payment is delinquent 31 to 60 days, 61 to 90 days days, and 91 or more 90+ days, (2) that have become REO Property, (3) that are in foreclosure and (4) that are in bankruptcy, in each case as of the close of business on the last Business Day day of the immediately related Due Period;
(xiii) for each of the preceding 12 calendar months, or all calendar months since the related Cut-off Date, whichever is less, the aggregate dollar amount of the Scheduled Payments (A) due on all Outstanding Mortgage Loans on each of the Due Dates in each such month and (B) delinquent 60 days or more on each of the Due Dates in each such month;
(xiiixiv) with respect to any Mortgage Loans that became REO Properties during the preceding calendar month, the aggregate number of such Mortgage Loans and the aggregate Stated Principal Balance outstanding principal balance of such Mortgage Loans as of the close of business on the last Business Day day of the immediately preceding monthrelated Due Period;
(xivxv) the total number and outstanding principal balance of any REO Properties (and market value, if available) as of the close of business on the last Business Day of the immediately preceding monthrelated Due Period;
(xvxvi) whether a Trigger Event has occurred and is continuing (including the calculation demonstrating the existence of the Trigger EventEvent and the aggregate outstanding principal balance of all 60+ Day Delinquent Mortgage Loans);
(xvixvii) the amount on deposit in the Excess Reserve Fund Account (after giving effect to distributions on such Distribution Date);
(xviixviii) in the aggregate and for each Class of Certificates, the aggregate amount of Applied Realized Loss Amounts incurred during the preceding calendar month and aggregate Applied Realized Loss Amounts through such Distribution Date;
(xviiixix) the amount of any Net Monthly Excess Cash Flow on such Distribution Date and the allocation of it to the Certificateholders with respect to Unpaid Interest Amounts, Unpaid Applied Realized Loss Amounts or and Basis Risk CarryForward Carry Forward Amounts;
(xixxx) the amount of any Net Swap Payments, Net Swap Receipts, Swap Termination Payments or Defaulted Swap Termination Payments;
(xxxxi) the calculations of LIBOR and Swap LIBORLIBOR rates (and the calculation thereof, if applicable);
(xxixxii) the Subordinated Overcollateralized Amount and Specified Subordinated Overcollateralized Amount;
(xxiixxiii) Prepayment Charges collected or paid (pursuant to Section 3.07(a)) by the Servicers;
(xxiiixxiv) the Cumulative Loss Percentage and the aggregate amount of Realized Losses used to calculate the Cumulative Loss Percentage;
(xxivxxv) the amount distributed on the Class X Certificates;
(xxvxxvi) the amount of any Subsequent Recoveries for such Distribution Date;
(xxvi) the Pre-Funded Amount as of the end of the prior Due Period;
(xxvii) the amount of any principal prepayment on the Certificates resulting from the application of unused moneys in the Pre-Funding Account; and
(xxviiixxvii) the number of Mortgage Loans at the beginning and end of the applicable reporting period, the pool factor (being the Stated Principal Balance of the Mortgage Loans for the related Distribution Date divided by the Cut-off Date Principal Balance), and the weighted average interest rate, and weighted average remaining term; . In addition, each Form 10-D prepared and filed by the Trustee Securities Administrator pursuant to Section 8.12 shall include the following information with respect to the related distribution:
(i) material breaches of Mortgage Loan representations and warranties under this Agreement of which the Trustee Securities Administrator has actual knowledge or has received written notice; and
(ii) material breaches of any covenants under this Agreement of which the Trustee Securities Administrator has actual knowledge or has received written notice.; provided, that, if the Securities Administrator receives written notice of events described in (i) and/or (ii) above from the Servicers, the Servicers shall be responsible for providing information to the Securities Administrator for inclusion in the applicable Form 10-D.
(b) The TrusteeSecurities Administrator's responsibility for providing the above statement to the Certificateholders, each Rating Agency Agency, the Master Servicer, the Servicers and the Depositor is limited, if applicable, to the availability, timeliness and accuracy of the information derived from the Servicers Master Servicer and the Swap ProviderServicers. The Trustee Securities Administrator shall make available the above statement via the TrusteeSecurities Administrator's internet website. The TrusteeSecurities Administrator's website will initially be located at https://www.tss.db.com/invr http://www.ctslink.com and assistance in using the website can be xxxxxxxx obtaixxx xx xxxxxxx xxx XxxsteeXxxurities Administrator's investor relations customer service desk at 1(301) 815-800-735-77776600. Parties that are unable to use A paper copy of the website are entitled xx above statement will also be made axxxxxxxx xxxx x xxxer copy mailed to them via first class mail by calling the investor relations desk and indicating suchrequest. The Trustee may change the way the monthly statements to Certificateholders are distributed in order to make such distribution more convenient and/or more accessible to the above parties and the Trustee shall provide timely and adequate notification to all above parties regarding any such changes. As a condition to access the Trustee's internet website, the Trustee may require registration and the acceptance of a disclaimer. The Trustee will not be liable for the dissemination of information in accordance with this Agreement. The Trustee Securities Administrator shall make available to each Analytics Company, either electronically or via the TrusteeSecurities Administrator's internet website, each statement to Certificateholders prepared pursuant to this Section 4.03(a). The Trustee (Securities Administrator and the applicable Servicer, if such discrepancy results from or arises out of any information provided by the applicable Servicer pursuant to this Agreement) shall cooperate in good faith with the Depositor to reconcile any discrepancies in such statements, and the Trustee Securities Administrator shall provide make available via its Internet website any corrections to such statements to each Analytics Company as soon as reasonably practicable after the related Distribution Date. The Trustee will also be entitled to rely on but shall not be responsible for the content or accuracy of any information provided by third parties for purposes of preparing the monthly statement to Certificateholders and may affix thereto any disclaimer it deems appropriate in its reasonable discretion (without suggesting liability on the part of any other party hereto).
(c) Within Upon request, within a reasonable period of time after the end of each calendar year, the Trustee Securities Administrator shall cause to be furnished to each Person who at any time during the calendar year was a Certificateholder, a statement containing the information set forth in clauses (a)(i) and (a)(ii) of this Section 4.03 aggregated for such calendar year or applicable portion thereof during which such Person was a Certificateholder. Such obligation of the Trustee Securities Administrator shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Trustee Securities Administrator pursuant to any requirements of the Code as from time to time in effect.
(d) Not later than the Determination Date for each Distribution Date, each the applicable Servicer shall furnish to the TrusteeDepositor with respect to clause (i) below and the Securities Administrator with respect to clause (ii) below, a monthly remittance advice statement (the "Servicer Remittance Report") containing substantially similar to the data fields format set forth on in Exhibit X attached CC hereto, a monthly defaulted loan report substantially similar to the format set forth in Exhibit DD hereto and a realized loss report substantially similar to the format set forth in Exhibit EE hereto (or in each case, in a such other format mutually agreed upon by such Servicer to among the Depositor, the Servicers, and the TrusteeMaster Servicer) with respect relating to HomEq, the period ending on the last day of the preceding calendar month containing the data fields set forth on Exhibit Y attached hereto with respect to Wells Fargo (in each case, in a format mutually agreed upon by such Serxxxxx and the Trustee) and containing the data fields set forth on Exhibit Z attached hereto with respect Countrywide Servicing (in each case, in a format mutually agreed upon by such Servicer and the Trustee) and such information as shall be reasonably requested (i) by the Depositor to enable the Depositor to disclose "static pool information", as required by Item 1105 of Regulation AB, with respect to the Mortgage Loans, and (ii) by the Trustee Securities Administrator to enable the Trustee Securities Administrator to provide the reports required by Section 4.03(a) as to the accompanying remittance and applicable Due Period and the period ending on the close of business on the last day of the related Prepayment Period to which such remittance relatesPeriod. The applicable Servicer Remittance Report shallshall concurrently deliver to the Depositor a data tape, at in form and substance reasonably satisfactory to the Depositor, containing the information required pursuant to this Section 4.03(d) on a minimumloan-by-loan basis for all of the Mortgage Loans. The Depositor will use the information required pursuant to this Section 4.03(d) in compliance with applicable law. Each Servicer shall furnish to the Securities Administrator an individual loan accounting report, documentas of the last Business Day of each month, on such Determination Date, to document Mortgage Loan payment activity on an individual Mortgage Loan basis. With respect to each month, as followsthe corresponding individual loan accounting report (in electronic format) shall be received by the Securities Administrator no later than the Reporting Date, which report shall, at a minimum, contain the following:
(i) with respect to each Scheduled Payment, the amount of such remittance allocable to principal (including a separate breakdown of any Principal Prepayment, including the date of such prepayment, and any Prepayment ChargesPremiums, received during the related Prepayment Period along with a detailed report of interest on principal prepayment Principal Prepayment amounts remitted in accordance with Section 3.25);
(ii) with respect to each Scheduled Payment, the amount of such remittance allocable to interest;
(iii) the amount of servicing compensation received by such Servicer during the prior distribution period;
(iv) the individual and aggregate Stated Principal Balance of the Mortgage Loans;
(v) the aggregate of any expenses reimbursed to such Servicer during the prior distribution period pursuant to Section 3.11; and;
(vi) the number and aggregate outstanding principal balances of Mortgage Loans (a) delinquent 31 to 60 days, 61 to 90 days and 91 or more 90+ days; (b) as to which foreclosure or bankruptcy proceedings of the related mortgagor have commenced; and (c) as to which REO Property has been acquired. Concurrently with ;
(vii) each delivery of a Servicer Remittance Report to the TrusteeMortgage Loan which has been altered, Wells Fargomodified or varied during such month, acting as a Servicer, shall provide, in a manner consistenx xxxh the preceding paragraph, a supplemental statement (to the extent not previously provided) setting forth information in subclauses (v) and (vi). The Trustee shall promptly forward the Servicer Remittance Report and the related supplemental statement reason for such modification (i.e., extension of maturity date, Mortgage Interest Rate);
(viii) with respect to each Liquidated Mortgage Loan, the Depositoramount of any Realized Losses for such Mortgage Loan; and
(ix) any other information reasonably required by the Securities Administrator to enable it to prepare the Monthly Statement referred to in Section 4.03(a).
(e) Notwithstanding anything in Section 4.03(d) to the contrary, the Servicers shall be deemed to have satisfied the requirement to timely deliver the Servicer Remittance Report if such report is received by the Trustee on or prior to the 18th calendar day of such month in which the related Determination Date occurs; provided, however, that if such 18th calendar day is a Sunday or a Monday which is not a Business Day, the Servicers shall be deemed to have satisfied the requirement to timely deliver the Servicer Remittance Report if the Trustee and the Depositor receive such report (i) on the next Business Day succeeding such 18th calendar day, or (ii) on the Business Day immediately preceding such 18th calendar day, if such succeeding Business Day is later than the 20th calendar day of such calendar month.
(f) For all purposes of this Agreement, with respect to any Mortgage Loan, delinquencies shall be determined by the Trustee from information provided by the Servicers and reported by the Trustee based on the so-called "OTS" methodology for determining delinquencies on mortgage loans similar to the Mortgage Loans. By way of example, a Mortgage Loan would be delinquent with respect to a Scheduled Payment due on a Due Date if such Scheduled Payment is not made by the close of business on the Mortgage Loan's next succeeding Due Date, and a Mortgage Loan would be more than 30-days Delinquent with respect to such Scheduled Payment if such Scheduled Payment were not made by the close of business on the Mortgage Loan's second succeeding Due Date. Each Servicer hereby represents and warrants to that, as of the Depositor that Closing Date, such Servicer is does not subject have a safety and soundness regulator that requires such Servicer to conform to any delinquency recognition policy established by the primary safety and soundness regulator, if any, of such Servicer, that is more restrictive than the foregoing delinquency recognition policy.
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (GSAMP Trust 2006-He7), Pooling and Servicing Agreement (GSAMP Trust 2006-He4)
Monthly Statements to Certificateholders. (a) Not later than each Distribution Date, the Trustee shall make available to each Certificateholder, the ServicersServicer, the Depositor and each Rating Agency a statement setting forth with respect to the related distribution:
(i) the actual Distribution Date, the related Record Date, the Interest Accrual Period(s) for each Class for such Distribution Date and the LIBOR Determination Date for such Interest Accrual Period;
(ii) the amount of Available Funds;
(iii) the amount of Available Funds allocable to principal, the Principal Remittance Amount (separately identifying the components thereof) and the Principal Distribution Amount (separately identifying and the components calculation thereof);
(iv) the amount of Available Funds allocable to interest and each Interest Remittance Amount;
(v) the amount of any Unpaid Interest Amount for each Class included in such distribution and any remaining Unpaid Interest Amounts after giving effect to such distribution, any Basis Risk CarryForward Amount for each Class and the amount of such Basis Risk CarryForward Amount covered by withdrawals from the Excess Reserve Fund Account on such Distribution Date;
(vi) if the distribution to the Holders of such Class of Certificates is less than the full amount that would be distributable to such Holders if there were sufficient funds available therefor, the amount of the shortfall and the allocation of the shortfall as between principal and interest, including any Basis Risk CarryForward Amount not covered by amounts in the Excess Reserve Fund Account;
(vii) the Class Certificate Balance of each Class of Certificates before and after giving effect to the distribution of principal on such Distribution Date;
(viii) the Pool Stated Principal Balance for the following Distribution Date;
(ix) the amount of the Expense Fees paid to or retained by the Servicers Servicer and the Trustee (stated separately and in the aggregate) with respect to such Distribution Date, in each case, identifying the general purpose of such fees;
(x) the Pass-Through Rate for each such Class of Certificates with respect to such Distribution Date;
(xi) the amount of P&I Advances included in the distribution on such Distribution Date reported by the Servicers Servicer (and the Trustee as successor Servicer servicer and any other successor Servicerservicer, if applicable) as of the close of business on the Determination Date immediately preceding such Distribution Date;
(xii) the number and aggregate outstanding principal balances of Mortgage Loans (1) as to which the Scheduled Payment is delinquent 31 to 60 days, 61 to 90 days, 91 to 120 days and 91 or more for each additional 30-day period thereafter (e.g. 121 to 150 days, 151 to 180 days, 181 to 210 days, etc.) up to foreclosure, (2) that have become REO Property, (3) that are in foreclosure and (4) that are in bankruptcy, in each case as of the close of business on the last Business Day of the immediately preceding month;
(xiii) with respect to any Mortgage Loans that became REO Properties during the preceding calendar month, the aggregate number of such Mortgage Loans and the aggregate Stated Principal Balance of such Mortgage Loans as of the close of business on the last Business Day of the immediately preceding monthmonth and month and year of acquisition of such REO Properties;
(xiv) the total number and outstanding principal balance of any REO Properties (and market value, if available) as of the close of business on the last Business Day of the immediately preceding month;
(xv) whether a Trigger Event has occurred and is continuing (including the calculation demonstrating the existence of the Trigger Event;
(xvi) the amount on deposit in the Excess Reserve Fund Account (after giving effect to distributions on such Distribution Date);
(xvii) in the aggregate and for each Class of Certificates, the aggregate amount of Applied Realized Loss Amounts incurred during the preceding calendar month and aggregate Applied Realized Loss Amounts through such Distribution Date;
(xviii) the amount of any Net Monthly Excess Cash Flow on such Distribution Date and the allocation of it to the Certificateholders with respect to Unpaid Interest Amounts, Unpaid Realized Loss Amounts or Basis Risk CarryForward Amounts;
(xix) the amount of any Net Swap Payments, Net Swap Receipts, Swap Termination Payments or Defaulted Swap Termination Payments;
(xx) the calculations of LIBOR and Swap LIBOR;
(xxi) the Subordinated Amount and Specified Subordinated Amount;
(xxii) Prepayment Charges collected or paid (pursuant to Section 3.07(a)) by the ServicersServicer;
(xxiii) the Cumulative Loss Percentage and the aggregate amount of Realized Losses used to calculate the Cumulative Loss Percentage;
(xxiv) the amount distributed on the Class X Certificates;
(xxv) the amount of any Subsequent Recoveries for such Distribution Date;
(xxvi) the Pre-Funded Amount as of the end of the prior Due Period;
(xxvii) the amount of any principal prepayment on the Certificates resulting from the application of unused moneys in the Pre-Funding Account; and
(xxviiixxvi) the number of Mortgage Loans at the end of the applicable reporting period, the pool factor (being the Stated Principal Balance of the Mortgage Loans for the related Distribution Date divided by the Cut-off Date Principal Balance)factor, and the weighted average interest rate, and weighted average remaining term; In addition, each Form 10-D prepared and filed by the Trustee pursuant to Section 8.12 shall include the following information with respect to the related distribution:
(i) material breaches of Mortgage Loan representations and warranties under this Agreement of which the Trustee has actual knowledge or has received written notice; and
(ii) material breaches of any covenants under this Agreement of which the Trustee has actual knowledge or received written notice.
(b) The Trustee's responsibility for providing the above statement to the Certificateholders, each Rating Agency and the Depositor is limited, if applicable, to the availability, timeliness and accuracy of the information derived from the Servicers Servicer and the Swap Provider. The Trustee shall make available the above statement via the Trustee's internet website. The Trustee's website will initially be located at https://www.tss.db.com/invr http://www.ctslink.com and assistance in using the website can be xxxxxxxx obtaixxx xx xxxxxxx xxx Xxxstee's investor relations customer service desk at 1(301) 815-800-735-77776600. Parties that are unable to use the website are entitled xx xxxx x xxxer copy mailed to them via first class mail by calling the investor relations customer service desk and indicating such. The Trustee may change the way the monthly statements to Certificateholders are distributed in order to make such distribution more convenient and/or more accessible to the above parties and the Trustee shall provide timely and adequate notification to all above parties regarding any such changes. As a condition to access the Trustee's internet website, the Trustee may require registration and the acceptance of a disclaimer. The Trustee will not be liable for the dissemination of information in accordance with this Agreement. The Trustee shall make available to each Analytics Company, either electronically or via the Trustee's internet website, each statement to Certificateholders prepared pursuant to this Section 4.03(a). The Trustee (and the applicable Servicer, if such discrepancy results from or arises out of any information provided by the applicable Servicer pursuant to this Agreement) shall cooperate in good faith with the Depositor to reconcile any discrepancies in such statements, and the Trustee shall provide any corrections to such statements to each Analytics Company as soon as reasonably practicable no more than 10 Business Days after the related Distribution Datesuch discrepancies have been identified and resolved. The Trustee will also be entitled to rely on but shall not be responsible for the content or accuracy of any information provided by third parties for purposes of preparing the monthly statement to Certificateholders and may affix thereto any disclaimer it deems appropriate in its reasonable discretion (without suggesting liability on the part of any other party hereto).
(c) Within a reasonable period of time after the end of each calendar year, the Trustee shall cause to be furnished to each Person who at any time during the calendar year was a Certificateholder, a statement containing the information set forth in clauses (a)(i) and (a)(ii) of this Section 4.03 aggregated for such calendar year or applicable portion thereof during which such Person was a Certificateholder. Such obligation of the Trustee shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Trustee pursuant to any requirements of the Code as from time to time in effect.
(d) Not later than the Determination Date for each Distribution Date, each (and not later than three business days after the related Prepayment Period for the supplemental Prepayment Period reporting), the Servicer shall furnish to the Depositor with respect to clause (i) below and the Trustee, the Depositor and the applicable Responsible Party with respect to clause (ii) below, a monthly remittance advice statement (the "Servicer Remittance Report") containing the data fields set forth on (in a format attached as Exhibit X attached hereto (or in each case, in a any other format mutually agreed upon by such Servicer the Servicer, the Trustee and the TrusteeDepositor) with respect to HomEq, containing the data fields set forth on Exhibit Y attached hereto with respect to Wells Fargo (in each case, in a format mutually agreed upon by such Serxxxxx and the Trustee) and containing the data fields set forth on Exhibit Z attached hereto with respect Countrywide Servicing (in each case, in a format mutually agreed upon by such Servicer and the Trustee) and such information (i) as shall be reasonably requested (i) by the Depositor and the applicable Responsible Party to enable the Depositor to disclose "static pool information", as required by Item 1105 of Regulation AB, with respect to the Mortgage Loans, and (ii) as set forth in the form attached hereto as Exhibit X by the Trustee to enable the Trustee to provide the reports required by Section 4.03(a) as to the accompanying remittance and applicable Due Period and the period ending on the close of business on the last day of the related Prepayment Period to which such remittance relatesPeriod. The Servicer Remittance Report shall, at a minimum, document, on such Determination Date, Mortgage Loan payment activity on an individual Mortgage Loan basis, as follows:
(i) with respect to each Scheduled Payment, the amount of such remittance allocable to principal (including a separate breakdown of any Principal Prepayment, including the date of such prepayment, and any Prepayment Charges, received during the related Prepayment Period along with a detailed report of interest on principal prepayment amounts remitted in accordance with Section 3.25);
(ii) with respect to each Scheduled Payment, the amount of such remittance allocable to interest;
(iii) the amount of servicing compensation received by such the Servicer during the prior distribution period;
(iv) the individual and aggregate Stated Principal Balance of the Mortgage Loans;
(v) the aggregate expenses reimbursed to such the Servicer during the prior distribution period pursuant to Section 3.11; and
(vi) the number and aggregate outstanding principal balances of Mortgage Loans (a) delinquent 31 to 60 days, 61 to 90 days, 91 to 120 days and 91 or more for each additional 30-day period thereafter (e.g. 121 to 150 days, 151 to 180 days, 181 to 210 days, etc.) up to foreclosure; (b) as to which foreclosure or bankruptcy proceedings of the related mortgagor have commenced; and (c) as to which REO Property has been acquired. Concurrently with each delivery of a Servicer Remittance Report to the Trustee, Wells Fargo, acting as a Servicer, shall provide, in a manner consistenx xxxh the preceding paragraph, a supplemental statement (to the extent not previously provided) setting forth information in subclauses (v) and (vi). The Trustee shall promptly forward the Servicer Remittance Report and the related supplemental statement to the Depositor.
(e) Notwithstanding anything in Section 4.03(d) to the contrary, the Servicers shall be deemed to have satisfied the requirement to timely deliver the Servicer Remittance Report if such report is received by the Trustee on or prior to the 18th calendar day of such month in which the related Determination Date occurs; provided, however, that if such 18th calendar day is a Sunday or a Monday which is not a Business Day, the Servicers shall be deemed to have satisfied the requirement to timely deliver the Servicer Remittance Report if the Trustee and the Depositor receive such report (i) on the next Business Day succeeding such 18th calendar day, or (ii) on the Business Day immediately preceding such 18th calendar day, if such succeeding Business Day is later than the 20th calendar day of such calendar month[Reserved.]
(f) For all purposes of this Agreement, with respect to any Mortgage Loan, delinquencies shall be determined by the Trustee from information provided by the Servicers and reported by the Trustee based on the so-called "OTS" methodology for determining delinquencies on mortgage loans similar to the Mortgage Loans. By way of example, a Mortgage Loan would be delinquent with respect to a Scheduled Payment due on a Due Date if such Scheduled Payment is not made by the close of business on the Mortgage Loan's next succeeding Due Date, and a Mortgage Loan would be more than 30-days Delinquent with respect to such Scheduled Payment if such Scheduled Payment were not made by the close of business on the Mortgage Loan's second succeeding Due Date. Each The Servicer hereby represents and warrants to the Depositor that such Servicer this delinquency recognition policy is not subject to less restrictive than any delinquency recognition policy established by the primary safety and soundness regulator, if any, of such the Servicer, that is more restrictive than the foregoing delinquency recognition policy.
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (Morgan Stanley Capital I Inc. Trust 2006-He1), Pooling and Servicing Agreement (Morgan Stanley Capital I Inc. Trust 2006-He1)
Monthly Statements to Certificateholders. (a) Not later than each Distribution Date, the Trustee Securities Administrator shall make available to each Certificateholder, the ServicersServicer, the Depositor Depositor, the Trustee, the NIM Insurer and each Rating Agency a statement based on information provided by the Servicer setting forth with respect to the related distribution:
(i) the actual Distribution Date, the related Record Date, the Interest Accrual Period(s) for each Class for such Distribution Date and the LIBOR Determination Date for such Interest Accrual Period;
(ii) the amount of Available Funds;
(iii) the amount of Available Funds allocable to principal, the Principal Remittance Amount (separately identifying the components thereof) and the Principal Distribution Amount (separately identifying and the components calculation thereof);
(iv) the amount of Available Funds allocable to interest and each Interest Remittance Amount;
(v) the amount of any Unpaid Interest Amount for each Class included in such distribution and any remaining Unpaid Interest Amounts after giving effect to such distribution, any Basis Risk CarryForward Carry Forward Amount for each Class and the amount of such Basis Risk CarryForward Carry Forward Amount covered by withdrawals from the Excess Reserve Fund Account on such Distribution Date;
(vi) if the distribution to the Holders of such Class of Certificates is less than the full amount that would be distributable to such Holders if there were sufficient funds available therefor, the amount of the shortfall and the allocation of the shortfall as between principal and interest, including any Basis Risk CarryForward Carry Forward Amount not covered by amounts in the Excess Reserve Fund Account;
(vii) the Class Certificate Balance of each Class of Certificates before and after giving effect to the distribution of principal on such Distribution Date;
(viii) the Pool Stated Principal Balance for the related Distribution Date;
(ix) the amount of the Expense Fees paid to or retained by the Servicers Servicer and paid to or retained by the Trustee Securities Administrator (stated separately and in the aggregate) with respect to such Distribution Date;
(x) the Pass-Through Rate for each such Class of Certificates with respect to such Distribution Date;
(xi) the amount of P&I Advances included in the distribution on such Distribution Date reported by the Servicers Servicer (and the Trustee as successor Servicer servicer and any other successor Servicerservicer, if applicable) as of the close of business on the Determination Date immediately preceding such Distribution Date;
(xii) the number and aggregate outstanding principal balances of Mortgage Loans (1) as to which the Scheduled Payment is delinquent 31 to 60 days, 61 to 90 days and days, 91 or more days, and in such other periods and for such times as required by Regulation AB, (2) that have become REO Property, (3) that are in foreclosure and (4) that are in bankruptcy, in each case as of the close of business on the last Business Day of the immediately preceding month determined in accordance with Section 4.03(e);
(xiii) for each of the preceding 12 calendar months, or all calendar months since the related Cut-off Date, whichever is less, the aggregate dollar amount of the Scheduled Payments (A) due on all outstanding Mortgage Loans on each of the Due Dates in each such month and (B) delinquent 60 days or more on each of the Due Dates in each such month;
(xiiixiv) with respect to any Mortgage Loans that became REO Properties during the preceding calendar month, the aggregate number of such Mortgage Loans and the aggregate Stated Principal Balance outstanding principal balance of such Mortgage Loans as of the close of business on the last Business Day of the immediately preceding monthmonth and the month and year of acquisition of such REO Properties;
(xivxv) the total number and outstanding principal balance of any REO Properties (and market value, if available) as of the close of business on the last Business Day of the immediately preceding month;
(xvxvi) whether a Trigger Event has occurred and is continuing (including the calculation demonstrating the existence of the Trigger Event);
(xvixvii) the amount on deposit in the Excess Reserve Fund Account (after giving effect to distributions on such Distribution Date);
(xviixviii) in the aggregate and for each Class of Certificates, the aggregate amount of Applied Realized Loss Amounts incurred during the preceding calendar month and aggregate Applied Realized Loss Amounts through such Distribution Date;
(xviiixix) the amount of any Net Monthly Excess Cash Flow on such Distribution Date and the allocation of it to the Certificateholders with respect to Unpaid Interest Amounts, Unpaid Applied Realized Loss Amounts or and Basis Risk CarryForward Carry Forward Amounts;
(xixxx) the amount of any Net Swap Payments, Net Swap Receipts, Swap Termination Payments or Defaulted Swap Termination Payments;
(xxxxi) the calculations of LIBOR and Swap LIBOR;
(xxixxii) the Subordinated Amount and Specified Subordinated Amount;
(xxiixxiii) Prepayment Charges collected or paid (pursuant to Section 3.07(a)) by the ServicersServicer;
(xxiiixxiv) the Cumulative Loss Percentage and the aggregate amount of Realized Losses used to calculate the Cumulative Loss Percentage;
(xxivxxv) the remaining coverage under the Pool Policy, by dollar amount and as a percentage of the aggregate scheduled principal balance of the Mortgage Loans as of the Cut-off Date;
(xxvi) the amount distributed on the Class X Certificates;
(xxvxxvii) the amount of any Subsequent Recoveries for such Distribution Date;
(xxvi) the Pre-Funded Amount as of the end of the prior Due Period;
(xxvii) the amount of any principal prepayment on the Certificates resulting from the application of unused moneys in the Pre-Funding Account; and
(xxviii) the number of Mortgage Loans at the beginning and end of the applicable reporting period, the pool factor (being the Stated Principal Balance of the Mortgage Loans for the related Distribution Date divided by the Cut-off Date Principal Balance)factor, and the weighted average interest rate, and weighted average remaining term; . In addition, each Form 10-D prepared and filed by the Trustee Securities Administrator pursuant to Section 8.12 shall include the following information with respect to the related distribution:
(i1) material breaches of Mortgage Loan representations and warranties under this Agreement of which the Trustee Securities Administrator has actual knowledge or has received written notice; and
(ii2) material breaches of any covenants under this Agreement of which the Trustee Securities Administrator has actual knowledge or has received written notice.
(b) The TrusteeSecurities Administrator's responsibility for providing the above statement to the Certificateholders, each Rating Agency Agency, the NIM Insurer and the Depositor is limited, if applicable, to the availability, timeliness and accuracy of the information derived received from the Servicers and the Swap ProviderServicer. The Trustee Securities Administrator shall make available the above statement via the TrusteeSecurities Administrator's internet website. The TrusteeSecurities Administrator's website will initially be located at https://www.tss.db.com/invr http://www.ctslink.com and assistance in using the website can be xxxxxxxx obtaixxx xx xxxxxxx xxx XxxsteeXxxurities Administrator's investor relations customer service desk at 1(301) 815-800-735-77776600. Parties that are unable to use the website are entitled xx xxxx x xxxer copy mailed to them via first class mail by calling the investor relations customer service desk and indicating such. The Trustee Securities Administrator may change the way the monthly statements to Certificateholders are distributed in order to make such distribution more convenient and/or more accessible to the above parties and the Trustee Securities Administrator shall provide timely and adequate notification to all above parties regarding any such changes. As a condition to access the TrusteeSecurities Administrator's internet website, the Trustee Securities Administrator may require registration and the acceptance of a disclaimer. The Trustee Securities Administrator will not be liable for the dissemination of information in accordance with this Agreement. The Trustee Securities Administrator shall make available to each Analytics Company, either electronically or Company via the TrusteeSecurities Administrator's internet website, website each statement to Certificateholders prepared pursuant to this Section 4.03(a). The Trustee (Securities Administrator and the applicable Servicer, if such discrepancy results from or arises out of any information provided by the applicable Servicer pursuant to this Agreement) shall cooperate in good faith with the Depositor to reconcile any discrepancies in such statements, and the Trustee Securities Administrator shall provide any corrections to such statements to each Analytics Company as soon as reasonably practicable after within ten Business Days of the related Distribution Date. The Trustee Securities Administrator will also be entitled to rely on but shall not be responsible for the content or accuracy of any information provided by third parties for purposes of preparing the monthly statement to Certificateholders and may affix thereto any disclaimer it deems appropriate in its reasonable discretion (without suggesting liability on the part of any other party hereto).
(c) Within a reasonable period of time after the end of each calendar year, the Trustee Securities Administrator shall cause to be furnished to each Person who at any time during the calendar year was a Certificateholder, a statement containing the information set forth in clauses (a)(i) and (a)(ii) of this Section 4.03 aggregated for such calendar year or applicable portion thereof during which such Person was a Certificateholder. Such obligation of the Trustee Securities Administrator shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Trustee Securities Administrator pursuant to any requirements of the Code as from time to time in effect.
(d) Not later than three Business Days following the Determination Date for and in no event later than the 20th calendar day of each Distribution Datemonth, each the Servicer shall furnish to the Trustee, Securities Administrator a monthly remittance advice statement (the "Servicer Remittance Report") containing the data fields set forth on Exhibit X attached hereto (in each case, in a format mutually agreed upon by such Servicer and the Trusteesubstantially similar to that attached as Exhibit V to this Agreement) with respect to HomEq, containing the data fields set forth on Exhibit Y attached hereto with respect to Wells Fargo (in each case, in a format mutually agreed upon by such Serxxxxx and the Trustee) and containing the data fields set forth on Exhibit Z attached hereto with respect Countrywide Servicing (in each case, in a format mutually agreed upon by such Servicer and the Trustee) and such information as shall be reasonably requested (to the extent such information is available to the Servicer), (i) by the Depositor or the Responsible Party to enable the Depositor to disclose "static pool information", as required by Item 1105 of Regulation AB, with respect to the Mortgage Loans, and (ii) by the Trustee Securities Administrator to enable the Trustee Securities Administrator to provide the reports required by Section 4.03(a) as to the accompanying remittance remittance. Upon receipt of the Servicer Remittance Report, the Securities Administrator shall furnish such Servicer Remittance Report to the Depositor and applicable Due Period the NIM Insurer. The Servicer shall concurrently deliver to the Securities Administrator a data tape, in a format substantially similar to that attached as Exhibit V to this Agreement, containing the information required pursuant to this Section 4.03(d) on a loan-by-loan basis for all of the Mortgage Loans and Prepayment Period in turn the Securities Administrator will concurrently deliver such data tape to which the Depositor, the Responsible Party and the NIM Insurer. Not later than three Business Days following the Determination Date and in no event later than the 20th calendar day of each month, the Servicer shall furnish to the Securities Administrator a default report (the "Default Report") and the Securities Administrator shall furnish such remittance relatesDefault Report to the Depositor and the NIM Insurer. The Servicer Remittance Report shall, at a minimum, document, on such Determination Date, Mortgage Loan payment activity on an individual Mortgage Loan basis, as follows:
(i) with respect to each Scheduled Payment, the amount of such remittance allocable to principal (including a separate breakdown of any Principal Prepayment, including the date of such prepayment, and any Prepayment Charges, received during the related Prepayment Period along with a detailed report of interest on principal prepayment amounts remitted in accordance with Section 3.25remitted);
(ii) with respect to each Scheduled Payment, the amount of such remittance allocable to interest;
(iii) the amount of servicing compensation Servicing Fees received by such the Servicer during the prior distribution period;; and
(iv) the individual and aggregate Stated Principal Balance of the Mortgage Loans;. The Default Report shall, at a minimum, document, on such Determination Date, Mortgage Loan payment activity on an individual Mortgage Loan basis, as follows:
(vi) the aggregate expenses reimbursed to such the Servicer during the prior distribution period pursuant to Section 3.11; and
(viii) the number and aggregate outstanding principal balances of Mortgage Loans (a) delinquent 31 to 60 days, 61 to 90 days, 91 days or more, and 91 or more daysin such other periods and for such times as required by Regulation AB; (b) as to which foreclosure or bankruptcy proceedings of the related mortgagor have commenced; and (c) as to which REO Property has been acquired. Concurrently with each delivery of a Servicer Remittance Report to the Trustee, Wells Fargo, acting as a Servicer, shall provide, in a manner consistenx xxxh the preceding paragraph, a supplemental statement (to the extent not previously provided) setting forth information in subclauses (v) and (vi). The Trustee shall promptly forward the Servicer Remittance Report and the related supplemental statement to the Depositor.
(e) Notwithstanding anything in Section 4.03(d) to the contrary, the Servicers shall be deemed to have satisfied the requirement to timely deliver the Servicer Remittance Report if such report is received by the Trustee on or prior to the 18th calendar day of such month in which the related Determination Date occurs; provided, however, that if such 18th calendar day is a Sunday or a Monday which is not a Business Day, the Servicers shall be deemed to have satisfied the requirement to timely deliver the Servicer Remittance Report if the Trustee and the Depositor receive such report (i) on the next Business Day succeeding such 18th calendar day, or (ii) on the Business Day immediately preceding such 18th calendar day, if such succeeding Business Day is later than the 20th calendar day of such calendar month.
(f) For all purposes of this Agreement, with respect to any Mortgage Loan, delinquencies shall be determined and reported by the Trustee Securities Administrator, from information provided by the Servicers and reported by the Trustee Servicer, based on the "OTS" methodology for determining delinquencies on mortgage loans similar to the Mortgage Loans. By way of example, a Mortgage Loan would be delinquent with respect to a Scheduled Payment due on a Due Date if such Scheduled Payment is not made by the close of business on the Mortgage Loan's next succeeding Due Date, and a Mortgage Loan would be more than 30-days Delinquent with respect to such Scheduled Payment if such Scheduled Payment were not made by the close of business on the Mortgage Loan's second succeeding Due Date. Each The Servicer hereby represents and warrants to the Depositor that such the Servicer is not subject to any delinquency recognition policy established by the primary safety and soundness regulator, if any, of such the Servicer, that is more restrictive than the foregoing delinquency recognition policy.
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (Securitized Asset Backed Receivables LLC Trust 2006-Nc1), Pooling and Servicing Agreement (Securitized Asset Backed Receivables LLC Trust 2006-Nc1)
Monthly Statements to Certificateholders. (a) Not later than each Distribution Date, the Trustee shall make available to each Certificateholder, the ServicersServicer, the Depositor and each Rating Agency a statement based in part on information provided by the Servicer setting forth with respect to the related distribution:
(i) the actual Distribution Date, the related Record Date, the Interest Accrual Period(s) for each Class for such Distribution Date and the LIBOR Determination Date for such Interest Accrual Period;
(ii) the amount of Available Funds;
(iii) the amount of Available Funds allocable to principal, the Principal Remittance Amount (separately identifying the components thereof) and the Principal Distribution Amount (separately identifying and the components calculation thereof);
(iv) the amount of Available Funds allocable to interest and each Interest Remittance Amount;
(v) the amount of any Unpaid Interest Amount for each Class included in such distribution and any remaining Unpaid Interest Amounts after giving effect to such distribution, any Basis Risk CarryForward Carry Forward Amount for each Class and the amount of such Basis Risk CarryForward Carry Forward Amount covered by withdrawals from the Excess Reserve Fund Account on such Distribution Date;
(vi) if the distribution to the Holders of such Class of Certificates is less than the full amount that would be distributable to such Holders if there were sufficient funds available therefor, the amount of the shortfall and the allocation of the shortfall as between principal and interest, including any Basis Risk CarryForward Carry Forward Amount not covered by amounts in the Excess Reserve Fund Account;
(vii) the Class Certificate Balance of each Class of Certificates before and after giving effect to the distribution of principal on such Distribution Date;
(viii) the Pool Stated Principal Balance for the related Distribution Date;
(ix) the amount of the Expense Fees paid to or retained by the Servicers Servicer and paid to or retained by the Trustee (stated separately and in the aggregate) with respect to such Distribution Date;
(x) the Pass-Through Rate for each such Class of Certificates with respect to such Distribution Date;
(xi) the amount of P&I Advances included in the distribution on such Distribution Date reported by the Servicers Servicer (and the Trustee as successor Servicer servicer and any other successor Servicerservicer, if applicable) as of the close of business on the Determination Date immediately preceding such Distribution Date;
(xii) the number and aggregate outstanding principal balances of Mortgage Loans (1) as to which the Scheduled Payment is delinquent 31 to 60 days, 61 to 90 days and days, 91 or more days, and in such other periods and for such times as required by Regulation AB, (2) that have become REO Property, (3) that are in foreclosure and (4) that are in bankruptcy, in each case as of the close of business on the last Business Day of the immediately preceding month;
(xiii) for each of the preceding 12 calendar months, or all calendar months since the related Cut-off Date, whichever is less, the aggregate dollar amount of the Scheduled Payments (A) due on all outstanding Mortgage Loans on each of the Due Dates in each such month and (B) delinquent 60 days or more on each of the Due Dates in each such month;
(xiv) with respect to any Mortgage Loans that became REO Properties during the preceding calendar month, the aggregate number of such Mortgage Loans and the aggregate Stated Principal Balance outstanding principal balance of such Mortgage Loans as of the close of business on the last Business Day of the immediately preceding monthmonth and the month and year of acquisition of such REO Properties;
(xivxv) the total number and outstanding principal balance of any REO Properties (and market value, if available) as of the close of business on the last Business Day of the immediately preceding month;
(xvxvi) whether a Trigger Event has occurred and is continuing (including the calculation demonstrating the existence of the Trigger Event);
(xvixvii) the amount on deposit in the Excess Reserve Fund Account (after giving effect to distributions on such Distribution Date);
(xviixviii) in the aggregate and for each Class of Certificates, the aggregate amount of Applied Realized Loss Amounts incurred during the preceding calendar month and aggregate Applied Realized Loss Amounts through such Distribution Date;
(xviiixix) the amount of any Net Monthly Excess Cash Flow on such Distribution Date and the allocation of it to the Certificateholders with respect to Unpaid Interest Amounts, Unpaid Applied Realized Loss Amounts or and Basis Risk CarryForward Carry Forward Amounts;
(xixxx) the amount of any Net Swap Payments, Net Swap Receipts, Swap Termination Payments or Defaulted Swap Termination Payments;
(xxxxi) the calculations of LIBOR and Swap LIBOR;
(xxixxii) the Subordinated Amount and Specified Subordinated Amount;
(xxiixxiii) Prepayment Charges collected or paid (pursuant to Section 3.07(a)) by the ServicersServicer;
(xxiiixxiv) the Cumulative Loss Percentage and the aggregate amount of Realized Losses used to calculate the Cumulative Loss Percentage;
(xxivxxv) the amount distributed on the Class X Certificates;
(xxvxxvi) the amount of any Subsequent Recoveries for such Distribution Date;
(xxvi) the Pre-Funded Amount as of the end of the prior Due Period;
(xxvii) the amount of any principal prepayment on the Certificates resulting from the application of unused moneys in the Pre-Funding Account; and
(xxviiixxvii) the number of Mortgage Loans at the beginning and end of the applicable reporting period, the pool factor (being the Stated Principal Balance of the Mortgage Loans for the related Distribution Date divided by the Cut-off Date Principal Balance)factor, and the weighted average interest rate, and weighted average remaining term; . In addition, each Form 10-D prepared and filed by the Trustee pursuant to Section 8.12 shall include the following information with respect to the related distribution:
(iA) material breaches of Mortgage Loan representations and warranties under this Agreement of which the Trustee has actual knowledge or has received written notice; and
(iiB) material breaches of any covenants under this Agreement of which the Trustee has actual knowledge or has received written notice.
(b) The Trustee's responsibility for providing the above statement to the Certificateholders, each Rating Agency and the Depositor is limited, if applicable, to the availability, timeliness and accuracy of the information derived from the Servicers and the Swap ProviderServicer. The Trustee shall make available the above statement via the Trustee's internet website. The Trustee's website will initially be located at https://www.tss.db.com/invr http://www.ctslink.com and assistance in using the website can be xxxxxxxx obtaixxx xx xxxxxxx xxx Xxxstee's investor relations customer service desk at 1-800-735-7777(301) 815 6600. Parties that are unable to use the website are entitled xx xxxx x xxxer copy mailed to them via first class mail by calling the investor relations customer service desk and indicating such. The Trustee may change the way the monthly statements to Certificateholders are distributed in order to make such distribution more convenient and/or more accessible to the above parties and the Trustee shall provide timely and adequate notification to all above parties regarding any such changes. As a condition to access the Trustee's internet website, the Trustee may require registration and the acceptance of a disclaimer. The Trustee will not be liable for the dissemination of information in accordance with this Agreement. The Trustee shall make available to each Analytics Company, either electronically or Company via the Trustee's internet website, website each statement to Certificateholders prepared pursuant to this Section 4.03(a). The Trustee (and the applicable Servicer, if such discrepancy results from or arises out of any information provided by the applicable Servicer pursuant to this Agreement) shall cooperate in good faith with the Depositor to reconcile any discrepancies in such statements, and the Trustee shall provide any corrections to such statements to each Analytics Company as soon as reasonably practicable after within ten Business Days of the related Distribution Date. The Trustee will also be entitled to rely on but shall not be responsible for the content or accuracy of any information provided by third parties for purposes of preparing the monthly statement to Certificateholders and may affix thereto any disclaimer it deems appropriate in its reasonable discretion (without suggesting liability on the part of any other party hereto).
(c) Within a reasonable period of time after the end of each calendar year, the Trustee shall cause to be furnished to each Person who at any time during the calendar year was a Certificateholder, a statement containing the information set forth in clauses (a)(i) and (a)(ii) of this Section 4.03 aggregated for such calendar year or applicable portion thereof during which such Person was a Certificateholder. Such obligation of the Trustee shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Trustee pursuant to any requirements of the Code as from time to time in effect.
(d) Not later than three Business Days following the Determination Date for and in no event later than the 20th calendar day of each Distribution Datemonth, each the Servicer shall furnish to the TrusteeDepositor with respect to clause (i) below and the Trustee with respect to clause (ii) below, a monthly remittance advice statement (the "Servicer Remittance Report") containing the data fields set forth on Exhibit X attached hereto (in each case, in a format mutually agreed upon by such Servicer the Servicer, the Trustee and the TrusteeDepositor) with respect to HomEq, containing the data fields set forth on Exhibit Y attached hereto with respect to Wells Fargo (in each case, in a format mutually agreed upon by such Serxxxxx and the Trustee) and containing the data fields set forth on Exhibit Z attached hereto with respect Countrywide Servicing (in each case, in a format mutually agreed upon by such Servicer and the Trustee) and such information as shall be reasonably requested (i) by the Depositor to enable the Depositor to disclose "static pool information", as required by Item 1105 of Regulation AB, with respect to the Mortgage Loans, and (ii) by the Trustee to enable the Trustee to provide the reports required by Section 4.03(a) as to the accompanying remittance remittance. The Servicer shall concurrently deliver to the Depositor a data tape, in form and applicable Due Period substance reasonably satisfactory to the Depositor and Prepayment Period the Servicer, containing the information required pursuant to which such remittance relatesthis Section 4.03(d) on a loan-by-loan basis for all of the Mortgage Loans. The Servicer Remittance Report shall, at a minimum, document, on such Determination Date, Mortgage Loan payment activity on an individual Mortgage Loan basis, as follows:
(i) with respect to each Scheduled Payment, the amount of such remittance allocable to principal (including a separate breakdown of any Principal Prepayment, including the date of such prepayment, and any Prepayment Charges, received during the related Prepayment Period along with a detailed report of interest on principal prepayment amounts remitted in accordance with Section 3.25);
(ii) with respect to each Scheduled Payment, the amount of such remittance allocable to interest;
(iii) the amount of servicing compensation Servicing Fees received by such the Servicer during the prior distribution period;
(iv) the individual and aggregate Stated Principal Balance of the Mortgage Loans;
(v) the aggregate expenses reimbursed to such the Servicer during the prior distribution period pursuant to Section 3.11; and
(vi) the number and aggregate outstanding principal balances of Mortgage Loans (a) delinquent 31 to 60 days, 61 to 90 days and days, 91 or more days, and in such other periods and for such times as required by Regulation AB; (b) as to which foreclosure or bankruptcy proceedings of the related mortgagor have commenced; and (c) as to which REO Property has been acquired. Concurrently with each delivery of a Servicer Remittance Report to the Trustee, Wells Fargo, acting as a Servicer, shall provide, in a manner consistenx xxxh the preceding paragraph, a supplemental statement (to the extent not previously provided) setting forth information in subclauses (v) and (vi). The Trustee shall promptly forward the Servicer Remittance Report and the related supplemental statement to the Depositor.
(e) Notwithstanding anything in Section 4.03(d) to the contrary, the Servicers shall be deemed to have satisfied the requirement to timely deliver the Servicer Remittance Report if such report is received by the Trustee on or prior to the 18th calendar day of such month in which the related Determination Date occurs; provided, however, that if such 18th calendar day is a Sunday or a Monday which is not a Business Day, the Servicers shall be deemed to have satisfied the requirement to timely deliver the Servicer Remittance Report if the Trustee and the Depositor receive such report (i) on the next Business Day succeeding such 18th calendar day, or (ii) on the Business Day immediately preceding such 18th calendar day, if such succeeding Business Day is later than the 20th calendar day of such calendar month.
(f) For all purposes of this Agreement, with respect to any Mortgage Loan, delinquencies shall be determined by the Trustee from information provided by the Servicers and reported by the Trustee based on the so-called "OTS" methodology for determining delinquencies on mortgage loans similar to the Mortgage Loans. By way of example, a Mortgage Loan would be delinquent with respect to a Scheduled Payment due on a Due Date if such Scheduled Payment is not made by the close of business on the Mortgage Loan's next succeeding Due Date, and a Mortgage Loan would be more than 30-days Delinquent with respect to such Scheduled Payment if such Scheduled Payment were not made by the close of business on the Mortgage Loan's second succeeding Due Date. Each The Servicer hereby represents and warrants to the Depositor that such Servicer this delinquency recognition policy is not subject to less restrictive than any delinquency recognition policy established by the primary safety and soundness regulator, if any, of such Servicer, that is more restrictive than the foregoing delinquency recognition policyServicer with respect to mortgage loans similar to the Mortgage Loans.
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (Securitized Asset Backed Receivables LLC Trust 2006-Fr2), Pooling and Servicing Agreement (Securitized Asset Backed Receivables LLC Trust 2006-Fr3)
Monthly Statements to Certificateholders. (a) Not later than each Distribution Date, the Trustee shall make available to each Certificateholder, the ServicersServicer, the Depositor and each Rating Agency a statement statement, based on the Servicer Remittance Report, setting forth with respect to the related distribution:
(i) the actual amount thereof allocable to principal, separately identifying the aggregate amount of any Principal Prepayments, Liquidation Proceeds and Subsequent Recoveries and, with respect to the Distribution DateDate in March 2005 only, the related Record Dateportion of the Closing Date Deposit Amount allocable to principal, the Interest Accrual Period(s) for each Class for such Distribution Date and the LIBOR Determination Date for such Interest Accrual Periodincluded therein;
(ii) the amount of Available Funds;
(iii) the amount of Available Funds thereof allocable to principalinterest, the Principal Remittance Amount (separately identifying the components thereof) and the Principal Distribution Amount (separately identifying the components thereof);
(iv) the amount of Available Funds allocable to interest and each Interest Remittance Amount;
(v) the amount of any Unpaid Interest Amount for each Class Amounts included in such distribution and any remaining Unpaid Interest Amounts after giving effect to such distribution, any Basis Risk CarryForward Carry Forward Amount for each Class such Distribution Date and the amount of such all Basis Risk CarryForward Carry Forward Amount covered by withdrawals from the Excess Reserve Fund Account on such Distribution Date;
(viiii) if the distribution to the Holders of such Class of Certificates is less than the full amount that would be distributable to such Holders if there were sufficient funds available therefor, the amount of the shortfall and the allocation of the shortfall thereof as between principal and interest, including any Basis Risk CarryForward Carry Forward Amount not covered by amounts in the Excess Reserve Fund Account;
(viiiv) the Class Certificate Balance of each Class of Certificates before and after giving effect to the distribution of principal on such Distribution Date;
(viiiv) the Pool Stated Principal Balance for the following Distribution Date;
(ixvi) the amount of the Expense Fees (in the aggregate and separately stated) paid to or retained by the Servicers and Servicer or Subservicer or the Trustee (stated separately and with respect to the Subservicers, in the aggregate) with respect to such Distribution Date;
(xvii) the Pass-Through Rate for each such Class of Certificates with respect to such Distribution Date;
(xiviii) the amount of P&I Advances included in the distribution on such Distribution Date and the aggregate amount of P&I Advances reported by the Servicers (and the Trustee Servicer as successor Servicer and any other successor Servicer, if applicable) outstanding as of the close of business on the Determination Date immediately preceding such Distribution Date;
(xiiix) the number and aggregate outstanding principal balances of Mortgage Loans (1) as to which the Scheduled Payment is delinquent 31 to 60 days, 61 to 90 days and 91 or more days, (2) that have become REO Property, (3) that are in foreclosure and (4) that are in bankruptcy, in each case as of the close of business on the last Business Day of the immediately preceding month;
(xiiix) for each of the preceding 12 calendar months, or all calendar months since the related Cut-off Date, whichever is less, the aggregate dollar amount of the Scheduled Payments (A) due on all Outstanding Mortgage Loans on each of the Due Dates in each such month and (B) delinquent 60 days or more on each of the Due Dates in each such month;
(xi) with respect to any Mortgage Loans that became REO Properties during the preceding calendar month, the aggregate number of such Mortgage Loans and the aggregate Stated Principal Balance of such Mortgage Loans as of the close of business on the last Business Day Determination Date preceding such Distribution Date and the date of the immediately preceding monthacquisition thereof;
(xivxii) the total number and outstanding aggregate principal balance of any REO Properties (and market value, if available) as of the close of business on the last Business Day of the immediately Determination Date preceding monthsuch Distribution Date;
(xvxiii) whether a Trigger Event has occurred and is continuing (including the calculation demonstrating thereof and the existence aggregate outstanding balance of the Trigger Eventall 60+ Day Delinquent Mortgage Loans);
(xvixiv) the amount on deposit in the Excess Reserve Fund Account (after giving effect to distributions on such Distribution Date);
(xviixv) in the aggregate and for each Class of Certificates, the aggregate amount of Applied Realized Loss Amounts incurred during the preceding calendar month and aggregate Applied Realized Loss Amounts through such Distribution Date;
(xviiixvi) the amount of any Net Monthly Excess Cash Flow on such Distribution Date and the allocation of it thereof to the Certificateholders with respect to Unpaid Interest Amounts, Unpaid Applied Realized Loss Amounts or Basis Risk CarryForward and Unpaid Interest Amounts;
(xix) the amount of any Net Swap Payments, Net Swap Receipts, Swap Termination Payments or Defaulted Swap Termination Payments;
(xx) the calculations of LIBOR and Swap LIBOR;
(xxixvii) the Subordinated Amount and Specified Subordinated Amount;
(xxiixviii) Prepayment Charges collected or paid (pursuant to Section 3.07(a)) by the ServicersServicer;
(xxiiixix) the Interest Rate Cap Payment, if any, for such Distribution Date; and
(xx) the Cumulative Loss Percentage and the aggregate amount of Realized Losses used to calculate the Cumulative Loss Percentage;
(xxiv) the amount distributed on the Class X Certificates;
(xxv) the amount of any Subsequent Recoveries for such Distribution Date;
(xxvi) the Pre-Funded Amount as of the end of the prior Due Period;
(xxvii) the amount of any principal prepayment on the Certificates resulting from the application of unused moneys in the Pre-Funding Account; and
(xxviii) the number of Mortgage Loans at the end of the applicable reporting period, the pool factor (being the Stated Principal Balance of the Mortgage Loans for the related Distribution Date divided by the Cut-off Date Principal Balance), and the weighted average interest rate, and weighted average remaining term; In addition, each Form 10-D prepared and filed by the Trustee pursuant to Section 8.12 shall include the following information with respect to the related distribution:
(i) material breaches of Mortgage Loan representations and warranties under this Agreement of which the Trustee has actual knowledge or has received written notice; and
(ii) material breaches of any covenants under this Agreement of which the Trustee has actual knowledge or received written notice.
(b) The Trustee's responsibility for providing the above statement to the Certificateholders, each Rating Agency Agency, the Servicer and the Depositor is limited, if applicable, limited to the availability, timeliness and accuracy of the information derived from the Servicers and the Swap ProviderServicer. The Trustee shall make available will provide the above statement via the Trustee's internet website. The Trustee's website will initially be located at https://www.tss.db.com/invr https:\\www.jpmorgan.com/sfr and assistance in using the website can be xxxxxxxx obtainex xx xxxxxxx xxx Xxxstee's investor relations customer service desk at 1(877) 722-800-735-77771095. Parties that are unable to use the website are entitled xx xxxx x xxxer above distribution mxxxxx xxx xxxxtled to have a paper copy mailed to them via first class mail by calling the investor relations customer service desk and indicating such. The Trustee may shall have the right to change the way manner in which the monthly statements to Certificateholders are above statement is distributed in order to make such distribution more convenient and/or more accessible to the above parties accessible, and the Trustee shall provide timely and adequate notification to all above the Certificateholders and the parties hereto regarding any such changes. As a condition to access A paper copy of the Trustee's internet website, the Trustee may require registration and the acceptance of a disclaimer. The Trustee will not be liable for the dissemination of information in accordance with this Agreement. The Trustee shall make available to each Analytics Company, either electronically or via the Trustee's internet website, each statement to Certificateholders prepared pursuant to Section 4.03(a). The Trustee (and the applicable Servicer, if such discrepancy results from or arises out of any information provided by the applicable Servicer pursuant to this Agreement) shall cooperate in good faith with the Depositor to reconcile any discrepancies in such statements, and the Trustee shall provide any corrections to such statements to each Analytics Company as soon as reasonably practicable after the related Distribution Date. The Trustee will also be entitled to rely on but shall not be responsible for the content or accuracy of any information provided by third parties for purposes of preparing the monthly statement to Certificateholders and may affix thereto any disclaimer it deems appropriate in its reasonable discretion (without suggesting liability on the part of any other party hereto)made available upon request.
(c) Within a reasonable period of time after the end of each calendar year, the Trustee shall cause to be furnished to each Person who at any time during the calendar year was a Certificateholder, a statement containing the information set forth in clauses (a)(i), (a)(ii) and (a)(iia)(vi) of this Section 4.03 aggregated for such calendar year or applicable portion thereof during which such Person was a Certificateholder. Such obligation of the Trustee shall be deemed to have been satisfied to the extent that substantially comparable information shall be have previously been provided by the Trustee pursuant to any requirements of the Code as from time to time in effect.
(d) Not later than two Business Days after the Determination Date for each Distribution Date, each the Servicer shall furnish to the Trustee, Trustee a monthly remittance advice statement (the "Servicer Remittance Report") containing the data fields set forth on Exhibit X attached hereto (in each case, in a format mutually agreed upon by such the Servicer and the Trustee) with respect to HomEq, containing the data fields set forth on Exhibit Y attached hereto with respect to Wells Fargo (in each case, in a format mutually agreed upon by such Serxxxxx and the Trustee) and containing the data fields set forth on Exhibit Z attached hereto with respect Countrywide Servicing (in each case, in a format mutually agreed upon by such Servicer and the Trustee) and such information as shall be reasonably requested (i) by the Depositor to enable the Depositor to disclose "static pool information", as required by Item 1105 of Regulation AB, with respect to the Mortgage Loans, and (ii) by the Trustee to enable the Trustee to provide the reports required by Section 4.03(a) as to the accompanying remittance and applicable Due Period and Prepayment Period to which such remittance relatesthe period ending on the close of business on the last Business Day of the immediately preceding month (the "Servicer Remittance Report"). The Servicer Remittance Report shallshall furnish to the Trustee an individual loan accounting report, at a minimum, document, on such as of the related Determination Date, to document Mortgage Loan payment activity on an individual Mortgage Loan basis. With respect to each month, as followsthe corresponding individual loan accounting report (in electronic format) shall be received by the Trustee no later than two Business Days after the related Determination Date, which report shall contain (without limitation) the following:
(i) with respect to each Scheduled Payment, the amount of such remittance allocable to principal (including a separate breakdown of any Principal Prepayment, including the date of such prepayment, and any Prepayment Charges, received during the related Prepayment Period along with a detailed report of interest on principal prepayment amounts remitted in accordance with Section 3.25);
(ii) with respect to each Scheduled Payment, the amount of such remittance allocable to interest;
(iii) the amount of servicing compensation received by such the Servicer during the prior current distribution period;
(iv) the individual and aggregate Stated Principal Balance of the Mortgage Loans;
(v) the aggregate of any expenses reimbursed to such the Servicer during the prior current distribution period pursuant to Section 3.11; and
(vi) the number and aggregate outstanding principal balances of Mortgage Loans (a) delinquent (1) 31 to 60 days, (2) 61 to 90 days, (3) 91 days and 91 or more daysmore; (b) as to which foreclosure or bankruptcy proceedings of the related mortgagor have has commenced; and (c) as to which REO Property has been acquired. Concurrently with each delivery of a Servicer Remittance Report to the Trustee, Wells Fargo, acting as a Servicer, shall provide, in a manner consistenx xxxh the preceding paragraph, a supplemental statement (to the extent not previously provided) setting forth information in subclauses (v) and (vi). The Trustee shall promptly forward the Servicer Remittance Report and the related supplemental statement to the Depositor.
(e) Notwithstanding anything in Section 4.03(d) to the contrary, the Servicers shall be deemed to have satisfied the requirement to timely deliver the Servicer Remittance Report if such report is received by the Trustee on or prior to the 18th calendar day of such month in which the related Determination Date occurs; provided, however, that if such 18th calendar day is a Sunday or a Monday which is not a Business Day, the Servicers shall be deemed to have satisfied the requirement to timely deliver the Servicer Remittance Report if the Trustee and the Depositor receive such report (i) on the next Business Day succeeding such 18th calendar day, or (ii) on the Business Day immediately preceding such 18th calendar day, if such succeeding Business Day is later than the 20th calendar day of such calendar month.
(f) For all purposes of this Agreement, with respect to any Mortgage Loan, delinquencies shall be determined by the Trustee from information provided by the Servicers and reported by the Trustee based on the "OTS" methodology for determining delinquencies on mortgage loans similar to the Mortgage Loans. By way of example, a Mortgage Loan would be delinquent with respect to a Scheduled Payment due on a Due Date if such Scheduled Payment is not made by the close of business on the Mortgage Loan's next succeeding Due Date, and a Mortgage Loan would be more than 30-days Delinquent with respect to such Scheduled Payment if such Scheduled Payment were not made by the close of business on the Mortgage Loan's second succeeding Due Date. Each Servicer hereby represents and warrants to the Depositor that such Servicer is not subject to any delinquency recognition policy established by the primary safety and soundness regulator, if any, of such Servicer, that is more restrictive than the foregoing delinquency recognition policy.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (First Franklin Mortgage Loan Trust 2005-Ff1)
Monthly Statements to Certificateholders. (a) Not later than each Distribution Date, the Trustee shall make available to each Certificateholder, the ServicersServicer, the Depositor and each Rating Agency a statement based in part on information provided by the Servicer setting forth with respect to the related distribution:
(i) the actual Distribution Date, the related Record Date, the Interest Accrual Period(s) for each Class for such Distribution Date and the LIBOR Determination Date for such Interest Accrual Period;
(ii) the amount of Available Funds;
(iii) the amount of Available Funds allocable to principal, the Principal Remittance Amount (separately identifying the components thereof) and the Principal Distribution Amount (separately identifying and the components calculation thereof);
(iv) the amount of Available Funds allocable to interest and each Interest Remittance Amount;
(v) the amount of any Unpaid Interest Amount for each Class included in such distribution and any remaining Unpaid Interest Amounts after giving effect to such distribution, any Basis Risk CarryForward Carry Forward Amount for each Class and the amount of such Basis Risk CarryForward Carry Forward Amount covered by withdrawals from the Excess Reserve Fund Account on such Distribution Date;
(vi) if the distribution to the Holders of such Class of Certificates is less than the full amount that would be distributable to such Holders if there were sufficient funds available therefor, the amount of the shortfall and the allocation of the shortfall as between principal and interest, including any Basis Risk CarryForward Carry Forward Amount not covered by amounts in the Excess Reserve Fund Account;
(vii) the Class Certificate Balance of each Class of Certificates before and after giving effect to the distribution of principal on such Distribution Date;
(viii) the Pool Stated Principal Balance for the related Distribution Date;
(ix) the amount of the Expense Fees paid to or retained by the Servicers Servicer and paid to or retained by the Trustee or the Custodian (stated separately and in the aggregate) with respect to such Distribution Date;
(x) the Pass-Through Rate for each such Class of Certificates with respect to such Distribution Date;
(xi) the amount of P&I Advances included in the distribution on such Distribution Date reported by the Servicers Servicer (and the Trustee as successor Servicer servicer and any other successor Servicerservicer, if applicable) as of the close of business on the Determination Date immediately preceding such Distribution Date;
(xii) the number and aggregate outstanding principal balances of Mortgage Loans (1) as to which the Scheduled Payment is delinquent 31 to 60 days, 61 to 90 days and days, 91 or more days, and in such other periods and for such times as required by Regulation AB, (2) that have become REO Property, (3) that are in foreclosure and (4) that are in bankruptcy, in each case as of the close of business on the last Business Day of the immediately preceding month;
(xiii) for each of the preceding 12 calendar months, or all calendar months since the related Cut-off Date, whichever is less, the aggregate dollar amount of the Scheduled Payments (A) due on all outstanding Mortgage Loans on each of the Due Dates in each such month and (B) delinquent 60 days or more on each of the Due Dates in each such month;
(xiv) with respect to any Mortgage Loans that became REO Properties during the preceding calendar month, the aggregate number of such Mortgage Loans and the aggregate Stated Principal Balance outstanding principal balance of such Mortgage Loans as of the close of business on the last Business Day of the immediately preceding monthmonth and the month and year of acquisition of such REO Properties;
(xivxv) the total number and outstanding principal balance of any REO Properties (and market value, if available) as of the close of business on the last Business Day of the immediately preceding month;
(xvxvi) whether a Trigger Event has occurred and is continuing (including the calculation demonstrating the existence of the Trigger Event);
(xvixvii) the amount on deposit in the Excess Reserve Fund Account (after giving effect to distributions on such Distribution Date);
(xviixviii) in the aggregate and for each Class of Certificates, the aggregate amount of Applied Realized Loss Amounts incurred during the preceding calendar month and aggregate Applied Realized Loss Amounts through such Distribution Date;
(xviiixix) the amount of any Net Monthly Excess Cash Flow on such Distribution Date and the allocation of it to the Certificateholders with respect to Unpaid Interest Amounts, Unpaid Applied Realized Loss Amounts or and Basis Risk CarryForward Carry Forward Amounts;
(xixxx) the amount of any Net Swap Payments, Net Swap Receipts, Swap Termination Payments or and Defaulted Swap Termination Payments;
(xxxxi) the calculations of LIBOR and Swap LIBOR;
(xxixxii) the Subordinated Amount and Specified Subordinated Amount;
(xxiixxiii) Prepayment Charges collected or paid (pursuant to Section 3.07(a)) by the ServicersServicer;
(xxiiixxiv) the Cumulative Loss Percentage and the aggregate amount of Realized Losses used to calculate the Cumulative Loss Percentage;
(xxivxxv) the amount distributed on the Class X Certificates;
(xxvxxvi) the amount of any Subsequent Recoveries for such Distribution Date;
(xxvi) the Pre-Funded Amount as of the end of the prior Due Period;
(xxvii) the amount of any principal prepayment on the Certificates resulting from the application of unused moneys in the Pre-Funding Account; and
(xxviii) the number of Mortgage Loans at the beginning and end of the applicable reporting period, the pool factor (being the Stated Principal Balance of the Mortgage Loans for the related Distribution Date divided by the Cut-off Date Principal Balance)factor, and the weighted average interest rate, and weighted average remaining term;
(xxviii) if applicable, the amount distributed to the Supplemental Float Account; and
(xxix) if applicable, the amount distributed to the Class R-I Certificates. In addition, each Form 10-D prepared and filed by the Trustee pursuant to Section 8.12 shall include the following information with respect to the related distribution:
(iA) material breaches of Mortgage Loan representations and warranties under this Agreement of which the Trustee has actual knowledge or has received written notice; and
(iiB) material breaches of any covenants under this Agreement of which the Trustee has actual knowledge or has received written notice.
(b) The Trustee's responsibility for providing the above statement to the Certificateholders, each Rating Agency and the Depositor is limited, if applicable, to the availability, timeliness and accuracy of the information derived from the Servicers and the Swap ProviderServicer. The Trustee shall make available the above statement via the Trustee's internet website. The Trustee's website will initially be located at https://www.tss.db.com/invr and assistance in using the website can be xxxxxxxx oxxxxxxx xx xxxxxxx xxx XxxsteeXxxxtee's investor relations desk at 1-800-735-7777. A paper copy of the above statement will also be made avxxxxxxx xxxx xequest. Parties that are unable to use the website are entitled xx xxxx x xxxer to have a paper copy mailed to them via first class mail by calling the investor relations customer service desk and indicating such. The Trustee may change the way the monthly statements to Certificateholders are distributed in order to make such distribution more convenient and/or more accessible to the above parties and the Trustee shall provide timely and adequate notification to all above parties regarding any such changes. As a condition to access the Trustee's internet website, the Trustee may require registration and the acceptance of a disclaimer. The Trustee will not be liable for the dissemination of information in accordance with this Agreement. The Trustee shall make available to each Analytics Company, either electronically or Company via the Trustee's internet website, website each statement to Certificateholders prepared pursuant to this Section 4.03(a). The Trustee (and the applicable Servicer, if such discrepancy results from or arises out of any information provided by the applicable Servicer pursuant to this Agreement) shall cooperate in good faith with the Depositor to reconcile any discrepancies in such statements, and the Trustee shall provide any corrections to such statements to each Analytics Company as soon as reasonably practicable after the related Distribution Date. The Trustee will also be entitled to rely on but shall not be responsible for the content or accuracy of any information provided by third parties for purposes of preparing the monthly statement to Certificateholders and may affix thereto any disclaimer it deems appropriate in its reasonable discretion (without suggesting liability on the part of any other party hereto).
(c) Within a reasonable period of time after the end of each calendar year, the Trustee shall cause to be furnished to each Person who at any time during the calendar year was a Certificateholder, a statement containing the information set forth in clauses (a)(i) and (a)(ii) of this Section 4.03 aggregated for such calendar year or applicable portion thereof during which such Person was a Certificateholder. Such obligation of the Trustee shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Trustee pursuant to any requirements of the Code as from time to time in effect.
(d) Not later than three Business Days following the Determination Date for and in no event later than the 20th calendar day of each Distribution Datemonth, each the Servicer shall furnish to the TrusteeDepositor with respect to clause (i) below and the Trustee with respect to clause (ii) below, a monthly remittance advice statement (the "Servicer Remittance Report") containing the data fields set forth on Exhibit X attached hereto (in each case, in a format mutually agreed upon by such Servicer the Servicer, the Trustee and the TrusteeDepositor) with respect to HomEq, containing the data fields set forth on Exhibit Y attached hereto with respect to Wells Fargo (in each case, in a format mutually agreed upon by such Serxxxxx and the Trustee) and containing the data fields set forth on Exhibit Z attached hereto with respect Countrywide Servicing (in each case, in a format mutually agreed upon by such Servicer and the Trustee) and such information as shall be reasonably requested (i) by the Depositor to enable the Depositor to disclose "static pool information", as required by Item 1105 of Regulation AB, with respect to the Mortgage Loans, and (ii) by the Trustee to enable the Trustee to provide the reports required by Section 4.03(a) as to the accompanying remittance remittance. The Servicer shall concurrently deliver to the Depositor a data tape, in form and applicable Due Period substance reasonably satisfactory to the Depositor and Prepayment Period the Servicer, containing the information required pursuant to which such remittance relatesthis Section 4.03(d) on a loan-by-loan basis for all of the Mortgage Loans. The Servicer Remittance Report shall, at a minimum, document, on such Determination Date, Mortgage Loan payment activity on an individual Mortgage Loan basis, as follows:
(i) with respect to each Scheduled Payment, the amount of such remittance allocable to principal (including a separate breakdown of any Principal Prepayment, including the date of such prepayment, and any Prepayment Charges, received during the related Prepayment Period along with a detailed report of interest on principal prepayment amounts remitted in accordance with Section 3.25);
(ii) with respect to each Scheduled Payment, the amount of such remittance allocable to interest;
(iii) the amount of servicing compensation Servicing Fees received by such the Servicer during the prior distribution period;
(iv) the individual and aggregate Stated Principal Balance of the Mortgage Loans;
(v) the aggregate expenses reimbursed to such the Servicer during the prior distribution period pursuant to Section 3.11; and;
(vi) the number and aggregate outstanding principal balances of Mortgage Loans (a) delinquent 31 to 60 days, 61 to 90 days and days, 91 or more days, and in such other periods and for such times as required by Regulation AB; (b) as to which foreclosure or bankruptcy proceedings of the related mortgagor have commenced; and (c) as to which REO Property has been acquired. Concurrently with each delivery ;
(vii) the amount of a Servicer Remittance Report to the Trustee, Wells Fargo, acting as a Servicer, shall provide, in a manner consistenx xxxh the preceding paragraph, a supplemental statement (to the extent not previously provided) setting forth information in subclauses (v) and (vi). The Trustee shall promptly forward any interest expense incurred by the Servicer Remittance Report in connection with funding P&I Advances pursuant to Section 4.01; and
(viii) the balance of the Supplemental Float Reserve Account and the related supplemental statement amount necessary to the Depositorfund such account an amount equal to $6,000.
(e) Notwithstanding anything in Section 4.03(d) to the contrary, the Servicers shall be deemed to have satisfied the requirement to timely deliver the Servicer Remittance Report if such report is received by the Trustee on or prior to the 18th calendar day of such month in which the related Determination Date occurs; provided, however, that if such 18th calendar day is a Sunday or a Monday which is not a Business Day, the Servicers shall be deemed to have satisfied the requirement to timely deliver the Servicer Remittance Report if the Trustee and the Depositor receive such report (i) on the next Business Day succeeding such 18th calendar day, or (ii) on the Business Day immediately preceding such 18th calendar day, if such succeeding Business Day is later than the 20th calendar day of such calendar month.
(f) For all purposes of this Agreement, with respect to any Mortgage Loan, delinquencies shall be determined by the Trustee from information provided by the Servicers and reported by the Trustee based on the so-called "OTS" methodology for determining delinquencies on mortgage loans similar to the Mortgage Loans. By way of example, a Mortgage Loan would be delinquent with respect to a Scheduled Payment due on a Due Date if such Scheduled Payment is not made by the close of business on the Mortgage Loan's next succeeding Due Date, and a Mortgage Loan would be more than 30-days Delinquent with respect to such Scheduled Payment if such Scheduled Payment were not made by the close of business on the Mortgage Loan's second succeeding Due Date. Each The Servicer hereby represents and warrants to the Depositor that such Servicer this delinquency recognition policy is not subject to less restrictive than any delinquency recognition policy established by the primary safety and soundness regulator, if any, of such Servicer, that is more restrictive than the foregoing delinquency recognition policyServicer with respect to mortgage loans similar to the Mortgage Loans.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (EquiFirst Loan Securitization Trust 2007-1)
Monthly Statements to Certificateholders. (a) Not later than each Distribution Date, the Trustee shall make available to each Certificateholder, the ServicersServicer, the Depositor Depositor, the Unaffiliated Seller and each Rating Agency a statement statement, based solely on the information provided by the Servicer, setting forth with respect to the related distribution:
(i) the actual Distribution Dateamount thereof allocable to principal, separately identifying the related Record Date, the Interest Accrual Period(s) for each Class for such Distribution Date aggregate amount of any Principal Prepayments and the LIBOR Determination Date for such Interest Accrual PeriodLiquidation Proceeds included therein;
(ii) the amount of Available Funds;
(iii) the amount of Available Funds thereof allocable to principalinterest, the Principal Remittance Amount (separately identifying the components thereof) and the Principal Distribution Amount (separately identifying the components thereof);
(iv) the amount of Available Funds allocable to interest and each Interest Remittance Amount;
(v) the amount of any Unpaid Interest Amount for each Class Amounts included in such distribution and any remaining Unpaid Interest Amounts after giving effect to such distribution, any Basis Risk CarryForward Carry Forward Amount for each Class such Distribution Date and the amount of such all Basis Risk CarryForward Carry Forward Amount covered by withdrawals from the Excess Reserve Fund Account on such Distribution Date;
(viiii) if the distribution to the Holders of such Class of Certificates is less than the full amount that would be distributable to such Holders if there were sufficient funds available therefor, the amount of the shortfall and the allocation of the shortfall thereof as between principal and interest, including any Basis Risk CarryForward Carry Forward Amount not covered by amounts in the Excess Reserve Fund Account;; 100
(viiiv) the Class Certificate Balance of each Class of Certificates before and after giving effect to the distribution of principal on such Distribution Date;
(viiiv) the Pool Stated Principal Balance for the following Distribution Date;
(ixvi) the amount of the Expense Fees paid to or retained by the Servicers and Servicer or the Trustee (stated separately and in the aggregate) with respect to such Distribution Date;
(xvii) the Pass-Through Rate for each such Class of Certificates with respect to such Distribution Date;
(xiviii) the amount of P&I Advances included in the distribution on such Distribution Date and the aggregate amount of Advances reported by the Servicers (and the Trustee Servicer as successor Servicer and any other successor Servicer, if applicable) outstanding as of the close of business on the Determination Date immediately preceding such Distribution Date;
(xiiix) the number and aggregate outstanding principal balances Scheduled Principal Balances of Mortgage Loans (1) as to which the Scheduled Payment is delinquent 31 to 60 days, 61 to 90 days and 91 or more days, (2) that have become REO Property, (3) that are in foreclosure and (4) that are in bankruptcy, in each case as of the close of business on the last Business Day of the immediately preceding month;
(xiiix) with respect to any Mortgage Loans Loan that became an REO Properties Property during the preceding calendar month, the aggregate loan number of such Mortgage Loans and the aggregate Stated Principal Balance of such Mortgage Loans Loan as of the close of business on the last Business Day Determination Date preceding such Distribution Date and the date of the immediately preceding monthacquisition thereof;
(xivxi) the total number and outstanding aggregate principal balance of any REO Properties (and market value, if available) as of the close of business on the last Business Day of the immediately Determination Date preceding monthsuch Distribution Date;
(xvxii) whether a Trigger Event has occurred and is continuing (including the calculation demonstrating of thereof and the existence aggregate outstanding balance of the Trigger Eventall 60+ Day Delinquent Loans);
(xvixiii) the amount on deposit in the Excess Reserve Fund Account (after giving effect to distributions on such Distribution Date);
(xviixiv) in the aggregate and for each Class of Certificates, the aggregate amount of Applied Realized Loss Amounts incurred during the preceding calendar month and aggregate Applied Realized Loss Amounts through such Distribution Date;
(xviiixv) the aggregate amount of Subsequent Recoveries incurred during the preceding calendar month and aggregate Subsequent Recoveries through such Distribution Date;
(xvi) the amount of any Net Monthly Excess Cash Flow on such Distribution Date and the allocation of it thereof to the Certificateholders with respect to Applied Realized Loss Amounts and Unpaid Interest Amounts, Unpaid Realized Loss Amounts or Basis Risk CarryForward Amounts;; 101
(xix) the amount of any Net Swap Payments, Net Swap Receipts, Swap Termination Payments or Defaulted Swap Termination Payments;
(xx) the calculations of LIBOR and Swap LIBOR;
(xxixvii) the Subordinated Amount and Specified Subordinated Amount;
(xxiixviii) the Interest Remittance Amount, the Principal Remittance Amount and the Prepayment Charges collected or paid (pursuant remitted by Servicer with respect to Section 3.07(a)) by the Servicers;
(xxiii) the Cumulative Loss Percentage and the aggregate amount of Realized Losses used to calculate the Cumulative Loss Percentage;
(xxiv) the amount distributed on the Class X Certificates;
(xxv) the amount of any Subsequent Recoveries for such that Distribution Date;
(xxvixix) the Pre-Funded Amount as of the end of the prior Due Period;
(xxviixx) the amount of any principal prepayment on the Certificates resulting from the application of unused moneys in the Pre-Funding Account; and
(xxviiixxi) the number of Mortgage Loans at the end of the applicable reporting periodClass A Certificates Interest Rate Cap Payment, if any, the pool factor (being the Stated Principal Balance of the Mortgage Loans for the related Distribution Date divided by the Cut-off Date Principal Balance)Class M Certificates Interest Rate Cap Payment, if any, and the weighted average interest rateClass B Certificates Interest Rate Cap Payment, and weighted average remaining term; In additionif any, each Form 10-D prepared and filed by the Trustee pursuant to Section 8.12 shall include the following information with respect to the related distribution:
(i) material breaches of Mortgage Loan representations and warranties under this Agreement of which the Trustee has actual knowledge or has received written notice; and
(ii) material breaches of any covenants under this Agreement of which the Trustee has actual knowledge or received written noticefor such Distribution Date.
(b) The Trustee's responsibility for providing the above statement to the Certificateholders, each Rating Agency and the Depositor is limited, if applicable, limited to the availability, timeliness and accuracy of the information derived from the Servicers and the Swap ProviderServicer pursuant to Section 4.03(d) below. The Trustee shall make available will provide the above statement via the Trustee's internet websitewebsite on each Distribution Date. The Trustee's website will initially be located at https://www.tss.db.com/invr xxxxx://xxx.xxx.xx.xxx/invr and assistance in using the website can be xxxxxxxx xx xxxxxxx xxx Xxxsteeobtained by calling the Trustee's investor relations desk at 10-800000-735000-77770000. Parties that are unable to use A paper copy of the website are entitled xx xxxx x xxxer copy mailed to them via first class mail by calling the investor relations desk and indicating such. The Trustee may change the way the monthly statements to Certificateholders are distributed in order to make such distribution more convenient and/or more accessible to the above parties and the Trustee shall provide timely and adequate notification to all above parties regarding any such changes. As a condition to access the Trustee's internet website, the Trustee may require registration and the acceptance of a disclaimer. The Trustee will not be liable for the dissemination of information in accordance with this Agreement. The Trustee shall make available to each Analytics Company, either electronically or via the Trustee's internet website, each statement to Certificateholders prepared pursuant to Section 4.03(a). The Trustee (and the applicable Servicer, if such discrepancy results from or arises out of any information provided by the applicable Servicer pursuant to this Agreement) shall cooperate in good faith with the Depositor to reconcile any discrepancies in such statements, and the Trustee shall provide any corrections to such statements to each Analytics Company as soon as reasonably practicable after the related Distribution Date. The Trustee will also be entitled to rely on but shall not be responsible for the content or accuracy of any information provided by third parties for purposes of preparing the monthly statement to Certificateholders and may affix thereto any disclaimer it deems appropriate in its reasonable discretion (without suggesting liability on the part of any other party hereto)made available upon request.
(c) Within a reasonable period of time after the end of each calendar year, the Trustee shall cause to be furnished made available to each Person who at any time during the calendar year was a Certificateholder, a statement containing the information set forth in clauses (a)(i) and (a)(ii) of this Section 4.03 aggregated for such calendar year or applicable portion thereof during which such Person was a Certificateholder. Such obligation of the Trustee shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Trustee pursuant to any requirements of the Code as from time to time in effect.
(d) Not later than the Determination Date for each Distribution Date, each the Servicer shall furnish to the Trustee, Trustee a monthly remittance advice statement (the "Servicer Remittance Report") containing the data fields set forth on Exhibit X attached hereto (in each case, in a format mutually agreed upon by such Servicer and the Trustee) with respect to HomEq, containing the data fields set forth on Exhibit Y attached hereto with respect to Wells Fargo (in each case, in a format mutually agreed upon by such Serxxxxx and the Trustee) and containing the data fields set forth on Exhibit Z attached hereto with respect Countrywide Servicing (in each case, in a format mutually agreed upon by such Servicer and the Trustee) and such information as shall be reasonably requested (i) by the Depositor to enable the Depositor to disclose "static pool information", as required by Item 1105 of Regulation AB, with respect to the Mortgage Loans, and (ii) by the Trustee to enable the Trustee to provide the reports required by Section 4.03(a) as to the accompanying remittance and applicable Due Period and the period ending on the close of business on the last day of the related Prepayment Period to which such remittance relates(the "Servicer Remittance Report"). The Servicer Remittance Report shallshall furnish to the Trustee an individual loan accounting report, at a minimumas of the last Business Day of each month, document, on such Determination Date, to document Mortgage Loan payment activity on an individual Mortgage Loan basis. With respect to each month, as followsthe corresponding individual loan accounting report (in electronic format) shall be received by the Trustee no later than the related Determination Date, which report shall contain the following:
(i) with respect to each Scheduled Payment, the amount of such remittance allocable to principal (including a separate breakdown of any Principal Prepayment, including the date of such prepayment, and any Prepayment Charges, received during the related Prepayment Period along with a detailed report of interest on principal prepayment amounts remitted in accordance with Section 3.25);
(ii) with respect to each Scheduled Payment, the amount of such remittance allocable to interestinterest and assumption fees;
(iii) the amount of servicing compensation received by such the Servicer during the prior distribution period;
(iv) the individual and aggregate Stated Principal Balance of the Mortgage Loans;
(v) the individual and aggregate Scheduled Principal Balances of the Mortgage Loans;
(vi) the aggregate of any expenses reimbursed to such the Servicer during the prior distribution period pursuant to Section 3.05 and 3.11; and
(vivii) the number and aggregate outstanding principal balances Scheduled Principal Balances of Mortgage Loans (a) as to which the Scheduled Payment is delinquent (1) 31 to 60 days, (2) 61 to 90 days and (3) 91 days or more daysmore; (b) as to which foreclosure or bankruptcy proceedings of the related mortgagor have has commenced; and (c) as to which REO Property has been acquired. Concurrently with each delivery of a Servicer Remittance Report to the Trustee, Wells Fargo, acting as a Servicer, shall provide, in a manner consistenx xxxh the preceding paragraph, a supplemental statement (to the extent not previously provided) setting forth information in subclauses (v) acquired and (vi). The Trustee shall promptly forward the Servicer Remittance Report and the related supplemental statement to the Depositord) that are in bankruptcy.
(e) Notwithstanding anything in Section 4.03(d) to the contrary, the Servicers shall be deemed to have satisfied the requirement to timely deliver the Servicer Remittance Report if such report is received by the Trustee on or prior to the 18th calendar day of such month in which the related Determination Date occurs; provided, however, that if such 18th calendar day is a Sunday or a Monday which is not a Business Day, the Servicers shall be deemed to have satisfied the requirement to timely deliver the Servicer Remittance Report if the Trustee and the Depositor receive such report (i) on the next Business Day succeeding such 18th calendar day, or (ii) on the Business Day immediately preceding such 18th calendar day, if such succeeding Business Day is later than the 20th calendar day of such calendar month.
(f) For all purposes of this Agreement, with respect to any Mortgage Loan, delinquencies shall be determined by the Trustee from information provided by the Servicers and reported by the Trustee based on the "OTS" methodology for determining delinquencies on mortgage loans similar to the Mortgage Loans. By way of example, a Mortgage Loan would be delinquent with respect to a Scheduled Payment due on a Due Date if such Scheduled Payment is not made by the close of business on the Mortgage Loan's next succeeding Due Date, and a Mortgage Loan would be more than 30-days Delinquent with respect to such Scheduled Payment if such Scheduled Payment were not made by the close of business on the Mortgage Loan's second succeeding Due Date. Each Servicer hereby represents and warrants to the Depositor that such Servicer is not subject to any delinquency recognition policy established by the primary safety and soundness regulator, if any, of such Servicer, that is more restrictive than the foregoing delinquency recognition policy.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Morgan Stanley Abs Capital I Inc)
Monthly Statements to Certificateholders. (a) Not later than each Distribution Date, the Trustee shall make available to each Certificateholder, the ServicersServicer, the Backup Servicer, the Depositor and each Rating Agency a statement based substantially on information provided by the Servicer in the related Servicer Remittance Reports setting forth with respect to the related distribution:
(i) the actual Distribution Dateamount thereof allocable to principal, separately identifying the related Record Date, the Interest Accrual Period(s) for each Class for such Distribution Date aggregate amount of any Principal Prepayments and the LIBOR Determination Date for such Interest Accrual PeriodLiquidation Proceeds included therein;
(ii) the amount of Available Funds;
(iii) the amount of Available Funds thereof allocable to principalinterest, the Principal Remittance Amount (separately identifying the components thereof) and the Principal Distribution Amount (separately identifying the components thereof);
(iv) the amount of Available Funds allocable to interest and each Interest Remittance Amount;
(v) the amount of any Unpaid Interest Amount for each Class Amounts included in such distribution and any remaining Unpaid Interest Amounts after giving effect to such distribution, any Basis Risk CarryForward Carry Forward Amount for each Class such Distribution Date and the amount of such all Basis Risk CarryForward Carry Forward Amount covered by withdrawals from the Excess Reserve Fund Account on such Distribution Date;
(viiii) if the distribution to the Holders of such Class of Certificates is less than the full amount that would be distributable to such Holders if there were sufficient funds available therefor, the amount of the shortfall and the allocation of the shortfall thereof as between principal and interest, including any Basis Risk CarryForward Carry Forward Amount not covered by amounts in the Excess Reserve Fund Account;
(viiiv) the Class Certificate Balance of each Class of Certificates before and after giving effect to the distribution of principal on such Distribution Date;
(viiiv) the Pool Stated Principal Balance for the following Distribution Date;
(ixvi) the amount of the Expense Servicing Fees paid to or retained by the Servicers and Servicer or Subservicer (with respect to the Trustee (stated separately and Subservicers, in the aggregate) with respect to such Distribution Date;
(xvii) the Pass-Through Rate for each such Class of Certificates with respect to such Distribution Date;
(xiviii) the amount of P&I Interest Advances included in the distribution on such Distribution Date and the aggregate amount of Interest Advances reported by the Servicers (and the Trustee Servicer as successor Servicer and any other successor Servicer, if applicable) outstanding as of the close of business on the Determination Date immediately preceding such Distribution Date;
(xiiix) the number and aggregate outstanding principal balances of Mortgage Loans (1) as to which the Scheduled Payment is delinquent 31 to 60 days, 61 to 90 days and 91 or more days, (2) that have become REO Property, (3) that are in foreclosure and (4) that are in bankruptcy, in each case as of the close of business on the last Business Day of the immediately preceding month;
(xiiix) For each of the preceding 12 calendar months, or all calendar months since the related Cut-off Date, whichever is less, the aggregate dollar amount of the Scheduled Payments (A) due on all Outstanding Mortgage Loans on each of the Due Dates in each such month and (B) delinquent 60 days or more on each of the Due Dates in each such month;
(xi) with respect to any all Mortgage Loans that became REO Properties during the preceding calendar month, the aggregate number of such Mortgage Loans and the aggregate Stated Principal Balance of such Mortgage Loans as of the close of business on the last Business Day Determination Date preceding such Distribution Date and the date of the immediately preceding monthacquisition thereof;
(xivxii) the total number and outstanding principal balance of any REO Properties (and market value, if available) as of the close of business on the last Business Day of the immediately Determination Date preceding monthsuch Distribution Date;
(xvxiii) whether a Trigger Event has occurred and is continuing (including the calculation demonstrating of thereof and the existence aggregate outstanding balance of the Trigger Eventall 60+ Day Delinquent Mortgage Loans);
(xvixiv) the amount on deposit in the Excess Reserve Fund Account (after giving effect to distributions on such Distribution Date);
(xviixv) in the aggregate and for each Class of Certificates, the aggregate amount of Applied Realized Loss Amounts incurred during the preceding calendar month and aggregate Applied Realized Loss Amounts through such Distribution Date;
(xviiixvi) the amount of any Net Monthly Excess Cash Flow on such Distribution Date and the allocation of it thereof to the Certificateholders with respect to Applied Realized Loss Amounts and Unpaid Interest Amounts;
(xvii) the Overcollateralized Amount and Specified Overcollateralized Amount;
(xviii) the Interest Cap Payment, Unpaid Realized Loss Amounts or Basis Risk CarryForward Amountsif any, for such Distribution Date;
(xix) the amount of any Net Swap Payments, Net Swap Receipts, Swap Termination Payments or Defaulted Swap Termination Payments;
(xx) the calculations of LIBOR and Swap LIBOR;
(xxi) the Subordinated Amount and Specified Subordinated Amount;
(xxii) Prepayment Charges collected or paid (pursuant to Section 3.07(a)) by the Servicers;
(xxiii) the Cumulative Loss Percentage and the aggregate amount of Realized Losses used to calculate the Cumulative Loss Percentage;
(xxivxx) the amount distributed on the Class X Certificates;; and
(xxvxxi) the amount of any Subsequent Recoveries for such Distribution Date;
(xxvi) the Pre-Funded Amount as of the end of the prior Due Period;
(xxvii) the amount of any principal prepayment on the Certificates resulting from the application of unused moneys in the Pre-Funding Account; and
(xxviii) the number of Mortgage Loans at the end of the applicable reporting period, the pool factor (being the Stated Principal Balance of the Mortgage Loans for the related Distribution Date divided by the Cut-off Date Principal Balance), and the weighted average interest rate, and weighted average remaining term; In addition, each Form 10-D prepared and filed by the Trustee pursuant to Section 8.12 shall include the following information with respect to the related distribution:
(i) material breaches of Mortgage Loan representations and warranties under this Agreement of which the Trustee has actual knowledge or has received written notice; and
(ii) material breaches of any covenants under this Agreement of which the Trustee has actual knowledge or received written notice.
(b) The Trustee's responsibility for providing the above statement to the Certificateholders, each Rating Agency Agency, the Servicer, the Backup Servicer and the Depositor is limited, if applicable, limited to the availability, timeliness and accuracy of the information derived from the Servicers and Servicer or the Swap ProviderResponsible Party. The Trustee shall make available will provide the above statement via the Trustee's internet website. The Trustee's website will initially be located at https://www.tss.db.com/invr https:\\www.jpmorgan.com/sfr and assistance in using the website can be xxxxxxxx obtainex xx xxxxxxx xxx Xxxstee's investor relations desk at 1(877) 722-800-735-77771095. Parties that are unable to use A paper copy of the website are entitled above statement will axxx xx xxxx x xxxer copy mailed to them via first class mail by calling the investor relations desk and indicating suchxxailable upon request. The Trustee may change the way the monthly statements to Certificateholders are distributed in order to make such distribution more convenient and/or more accessible to the above parties and Upon written request from any Certificateholder, the Trustee shall provide timely the information provided for in Sections 4.03(e) and adequate notification 4.03(f) to all above parties regarding any such changesCertificateholder, at the expense of the requesting Certificateholder. As a condition to access the The Trustee's internet website, responsibility for providing the Trustee may require registration information provided for in Sections 4.03(e) and 4.03(f) to the acceptance Certificateholders is limited to the availability and timeliness of a disclaimer. The Trustee will not be liable for the dissemination of information in accordance with this Agreementprovided by the Servicer. The Trustee shall make available provide the information provided for in Sections 4.03(e) and 4.03(f) in the same format as received from the Servicer upon request by the Certificateholders. The Trustee shall have no duty or obligation to each Analytics Companymonitor, either electronically review or via the Trustee's internet website, each statement to Certificateholders prepared take any action regarding such information received pursuant to Section 4.03(a)4.03(e) and/or 4.03(f) other than forwarding copies to Certificateholders. The Trustee (and the applicable Servicer, if such discrepancy results from or arises out of any information provided by the applicable Servicer pursuant to this Agreement) shall cooperate in good faith with the Depositor to reconcile any discrepancies in such statements, and the Trustee shall provide any corrections to such statements to each Analytics Company as soon as reasonably practicable after the related Distribution Date. The Trustee will also be entitled to rely on but shall not be responsible have no liability for the content accuracy, completeness or accuracy of any information provided by third parties otherwise for purposes of preparing the monthly statement to Certificateholders and may affix thereto any disclaimer it deems appropriate in its reasonable discretion (without suggesting liability on the part of any other party hereto)such information.
(c) Within Upon request, within a reasonable period of time after the end of each calendar year, the Trustee shall cause to be furnished to each Person who at any time during the calendar year was a Certificateholder, a statement containing the information set forth in clauses (a)(i) and (a)(ii) of this Section 4.03 aggregated for such calendar year or applicable portion thereof during which such Person was a Certificateholder. Such obligation of the Trustee shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Trustee pursuant to any requirements of the Code as from time to time in effect.
(d) Not later than the Determination Date for each Distribution Reporting Date, each the Servicer shall furnish to the Trustee, Trustee and Backup Servicer a monthly remittance advice statement (the "Servicer Remittance Report") containing the data fields set forth on Exhibit X attached hereto (in each case, in a format mutually agreed upon by such the Servicer and the Trustee) with respect to HomEq, containing the data fields set forth on Exhibit Y attached hereto with respect to Wells Fargo (in each case, in a format mutually agreed upon by such Serxxxxx and the Trustee) and containing the data fields set forth on Exhibit Z attached hereto with respect Countrywide Servicing (in each case, in a format mutually agreed upon by such Servicer and the Trustee) and such information as shall be reasonably requested (i) by the Depositor to enable the Depositor to disclose "static pool information", as required by Item 1105 of Regulation AB, with respect to the Mortgage Loans, and (ii) by the Trustee to enable the Trustee to provide the reports required by Section 4.03(a) or perform the calculations referred to in Section 4.02 as to the accompanying remittance and applicable Due Period and Prepayment Period to which such remittance relatesthe period ending on the close of business on the last Business Day of the immediately preceding month (the "Servicer Remittance Report"). The Servicer Remittance Report shallshall furnish to the Backup Servicer an individual loan accounting report, at a minimumas of the last Business Day of each week (for the 90 day period commencing on the Servicing Transfer Date) and month (and monthly to the Trustee), document, on such Determination Date, to document Mortgage Loan payment activity on an individual Mortgage Loan basis. With respect to each month, as followsthe corresponding individual loan accounting report (in electronic format) shall be received by the Backup Servicer no later than the Reporting Date, which report shall contain the following:
(i) with respect to each Scheduled Payment, the amount of such remittance allocable to principal (including a separate breakdown of any Principal Prepayment, including the date of such prepayment, and any Prepayment Charges, received during the related Prepayment Period along with a detailed report of interest on principal prepayment amounts remitted in accordance with Section 3.25);
(ii) with respect to each Scheduled Payment, the amount of such remittance allocable to interest;
(iii) the amount of servicing compensation received by such the Servicer during the prior distribution period;
(iv) the individual and aggregate Stated Principal Balance of the Mortgage Loans;
(v) the aggregate of any expenses reimbursed to such the Servicer during the prior distribution period pursuant to Section 3.11; and;
(vi) the number and aggregate outstanding principal balances of Mortgage Loans (a) delinquent (1) 31 to 60 days, (2) 61 to 90 days, or (3) 91 days and 91 or more daysmore; (b) as to which foreclosure or bankruptcy proceedings of the related mortgagor have has commenced; and (c) as to which REO Property has been acquired. Concurrently with ;
(vii) each delivery of a Servicer Remittance Report to the TrusteeMortgage Loan which has been altered, Wells Fargomodified or varied during such month, acting as a Servicer, shall provide, in a manner consistenx xxxh the preceding paragraph, a supplemental statement (to the extent not previously provided) setting forth information in subclauses (v) and (vi). The Trustee shall promptly forward the Servicer Remittance Report and the related supplemental reason for such modification (i.e., extension of maturity date, Mortgage Interest Rate);
(viii) with respect to each Mortgage Loan, the amount of any Realized Losses for such Mortgage Loan; and
(ix) any other information reasonably required by the Trustee to enable it to prepare the monthly statement referred to in Section 4.03(a) or perform the Depositorcalculations referred to in Section 4.02.
(e) Notwithstanding anything The Servicer shall provide the Trustee, the Backup Servicer and the Depositor with full, continuous read-only access to its online mortgage loan servicing data system (Datamart) (the "Data System") with respect to the Mortgage Loans. To the extent that the Data System is not available or otherwise accessible, or the information in the following documents is not available on the Data System or the Servicer fails to provide any report set forth in Section 4.03(d4.03(f) or Exhibit L hereto in a timely manner, the Servicer, upon request, shall provide the documentation listed below to the contraryDepositor, the Servicers shall be deemed Backup Servicer and the Trustee in an electronic format acceptable to have satisfied the requirement to timely deliver Trustee, Backup Servicer and the Depositor:
(i) Initiation of foreclosure - the Servicer Remittance Report if such report is received by shall deliver to the Depositor, the Backup Servicer and the Trustee a copy of the collection comments and a current BPO;
(ii) Deed-in-lieu of foreclosure - the Servicer shall deliver to the Depositor, the Backup Servicer and the Trustee a copy of current value and a copy of a title report showing clean title;
(iii) Bidding instructions at foreclosure sale - the Servicer shall deliver to the Depositor, the Backup Servicer and the Trustee a statement of total debt and current BPO;
(iv) Short sale - the Servicer shall deliver to the Depositor, the Backup Servicer and the Trustee a statement of the Mortgagor's hardship, current BPO, and statement detailing net proceeds to the Depositor and the Trustee;
(v) REO Property list price - the Servicer shall deliver to the Depositor, the Backup Servicer and the Trustee a current BPO done at the time of taking title to the REO Property and broker's recommendation for list price;
(vi) REO Property sales price - the Servicer shall deliver to the Depositor, the Backup Servicer and the Trustee a summary of the REO contract being proposed; and
(vii) REO Property net proceeds - the Servicer shall deliver to the Depositor, the Backup Servicer and the Trustee a copy of the HUD-1 statement prior to closing.
(f) On the 5th Business Day of each month (the "Data File Delivery Date"), the Servicer shall deliver to the Trustee, the Backup Servicer and the Depositor a data file incorporating the fields set forth in the data file layout set forth on Exhibit L hereto (the "Data File") and shall deliver to the Depositor a Market Value Change Report. In the event that the Servicer is unable to provide the complete data file on such Data File Delivery Date, the Servicer shall provide to the Trustee, the Backup Servicer and the Depositor additional reports as set forth on Exhibit L hereto (the "Backup Reports") on or prior to the 18th calendar day 8th Business Day of such month (the "Backup Report Delivery Date") in which an electronic format acceptable to the related Determination Date occurs; provided, however, that if such 18th calendar day is a Sunday or a Monday which is not a Business DayTrustee, the Servicers shall be deemed to have satisfied the requirement to timely deliver the Backup Servicer Remittance Report if the Trustee and the Depositor receive such report (i) on the next Business Day succeeding such 18th calendar day, or (ii) on the Business Day immediately preceding such 18th calendar day, if such succeeding Business Day is later than the 20th calendar day of such calendar monthDepositor.
(f) For all purposes of this Agreement, with respect to any Mortgage Loan, delinquencies shall be determined by the Trustee from information provided by the Servicers and reported by the Trustee based on the "OTS" methodology for determining delinquencies on mortgage loans similar to the Mortgage Loans. By way of example, a Mortgage Loan would be delinquent with respect to a Scheduled Payment due on a Due Date if such Scheduled Payment is not made by the close of business on the Mortgage Loan's next succeeding Due Date, and a Mortgage Loan would be more than 30-days Delinquent with respect to such Scheduled Payment if such Scheduled Payment were not made by the close of business on the Mortgage Loan's second succeeding Due Date. Each Servicer hereby represents and warrants to the Depositor that such Servicer is not subject to any delinquency recognition policy established by the primary safety and soundness regulator, if any, of such Servicer, that is more restrictive than the foregoing delinquency recognition policy.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (GS Mortgage GSAMP Trust 2004-Sea2)
Monthly Statements to Certificateholders. (a) Not later than each Distribution Date, the Trustee shall make available to each Certificateholder, the Servicers, the Depositor Depositor, and each Rating Agency a statement setting forth with respect to the related distribution:
(i) the actual Distribution Date, the related Record Date, the Interest Accrual Period(s) for each Class for such Distribution Date and the LIBOR Determination Date for such Interest Accrual Period;
(ii) the amount of Available Funds;
(iii) the amount of Available Funds allocable to principal, the Principal Remittance Amount (separately identifying the components thereof) and the Principal Distribution Amount (separately identifying the components thereof);
(iv) the amount of Available Funds allocable to interest and each Interest Remittance Amount;
(v) the amount of any Unpaid Interest Amount for each Class included in such distribution and any remaining Unpaid Interest Amounts after giving effect to such distribution, any Basis Risk CarryForward Amount for each Class and the amount of such Basis Risk CarryForward Amount covered by withdrawals from the Excess Reserve Fund Account on such Distribution Date;
(vi) if the distribution to the Holders of such Class of Certificates is less than the full amount that would be distributable to such Holders if there were sufficient funds available therefor, the amount of the shortfall and the allocation of the shortfall as between principal and interest, including any Basis Risk CarryForward Amount not covered by amounts in the Excess Reserve Fund Account;
(vii) the Class Certificate Balance of each Class of Certificates before and after giving effect to the distribution of principal on such Distribution Date;
(viii) the Pool Stated Principal Balance for the Distribution Date;
(ix) the amount of the Expense Fees paid to or retained by the Servicers and the Trustee (stated separately and in the aggregate) with respect to such Distribution Date;
(x) the Pass-Through Rate for each such Class of Certificates with respect to such Distribution Date;
(xi) the amount of P&I Advances included in the distribution on such Distribution Date reported by the Servicers (and the Trustee as successor Servicer and any other successor Servicer, if applicable) as of the close of business on the Determination Date immediately preceding such Distribution Date;
(xii) the number and aggregate outstanding principal balances of Mortgage Loans (1) as to which the Scheduled Payment is delinquent 31 to 60 days, 61 to 90 days and 91 or more days, (2) that have become REO Property, (3) that are in foreclosure and (4) that are in bankruptcy, in each case as of the close of business on the last Business Day of the immediately preceding month;
(xiii) with respect to any Mortgage Loans that became REO Properties during the preceding calendar month, the aggregate number of such Mortgage Loans and the aggregate Stated Principal Balance of such Mortgage Loans as of the close of business on the last Business Day of the immediately preceding month;
(xiv) the total number and outstanding principal balance of any REO Properties (and market value, if available) as of the close of business on the last Business Day of the immediately preceding month;
(xv) whether a Trigger Event has occurred and is continuing (including the calculation demonstrating the existence of the Trigger Event);
(xvi) the amount on deposit in the Excess Reserve Fund Account (after giving effect to distributions on such Distribution Date);
(xvii) in the aggregate and for each Class of Certificates, the aggregate amount of Applied Realized Loss Amounts incurred during the preceding calendar month and aggregate Applied Realized Loss Amounts through such Distribution Date;
(xviii) the amount of any Net Monthly Excess Cash Flow on such Distribution Date and the allocation of it to the Certificateholders with respect to Unpaid Interest Amounts, Unpaid Realized Loss Amounts or Basis Risk CarryForward Amounts;
(xix) the amount of any Net Swap Payments, Net Swap Receipts, Swap Termination Payments or Defaulted Swap Termination Payments;
(xx) the calculations of LIBOR and Swap LIBOR;
(xxi) the Subordinated Amount and Specified Subordinated Amount;
(xxii) Prepayment Charges collected or paid (pursuant to Section 3.07(a)) by the Servicers;
(xxiii) the Cumulative Loss Percentage and the aggregate amount of Realized Losses used to calculate the Cumulative Loss Percentage;
(xxiv) the amount distributed on the Class X Certificates;
(xxv) the amount of any Subsequent Recoveries for such Distribution Date;
(xxvi) the Pre-Funded Amount as of the end of the prior Due Period;
(xxvii) the amount of any principal prepayment on the Certificates resulting from the application of unused moneys in the Pre-Funding Account; and
(xxviii) the number of Mortgage Loans at the end of the applicable reporting period, the pool factor (being the Stated Principal Balance of the Mortgage Loans for the related Distribution Date divided by the Cut-off Date Principal Balance), and the weighted average interest rate, and weighted average remaining term; and
(xxvii) the Interest Rate Cap Payment, if any, for such Distribution Date. In addition, each Form 10-D prepared and filed by the Trustee pursuant to Section 8.12 shall include the following information with respect to the related distribution:
(i) material breaches of Mortgage Loan representations and warranties under this Agreement of which the Trustee has actual knowledge or has received written notice; and
(ii) material breaches of any covenants under this Agreement of which the Trustee has actual knowledge or received written notice.; provided that, if the Trustee receives written notice of the events described in (i) and/or (ii) above from any Servicer, such Servicer shall be responsible for providing information to the Trustee for inclusion in the applicable Form 10-D.
(b) The Trustee's responsibility for providing the above statement to the Certificateholders, each Rating Agency and the Depositor is limited, if applicable, to the availability, timeliness and accuracy of the information derived from the Servicers and the Swap Provider. The Trustee shall make available the above statement via the Trustee's internet website. The Trustee's website will initially be located at https://www.tss.db.com/invr https: www.tss.db.com/invr and assistance in using the website can be xxxxxxxx obtained xx xxxxxxx xxx Xxxstee's investor relations desk at 1-800-735-7777. Parties that are unable to use the website are entitled xx xxxx x xxxer copy mailed to them via first class mail by calling the investor relations desk and indicating such. The Trustee may change the way the monthly statements to Certificateholders are distributed in order to make such distribution more convenient and/or more accessible to the above parties and the Trustee shall provide timely and adequate notification to all above parties regarding any such changes. As a condition to access the Trustee's internet website, the Trustee may require registration and the acceptance of a disclaimer. The Trustee will not be liable for the dissemination of information in accordance with this Agreement. The Trustee shall make available to each Analytics Company, either electronically or via the Trustee's internet website, each statement to Certificateholders prepared pursuant to Section 4.03(a). The Trustee (and the applicable Servicer, if such discrepancy results from or arises out of any information provided by the applicable Servicer pursuant to this Agreement) shall cooperate in good faith with the Depositor to reconcile any discrepancies in such statements, and the Trustee shall provide any corrections to such statements to each Analytics Company as soon as reasonably practicable after the related Distribution Date. The Trustee will also be entitled to rely on but shall not be responsible for the content or accuracy of any information provided by third parties for purposes of preparing the monthly statement to Certificateholders and may affix thereto any disclaimer it deems appropriate in its reasonable discretion (without suggesting liability on the part of any other party hereto).
(c) Within a reasonable period of time after the end of each calendar year, the Trustee shall cause to be furnished to each Person who at any time during the calendar year was a Certificateholder, a statement containing the information set forth in clauses (a)(i) and (a)(ii) of this Section 4.03 aggregated for such calendar year or applicable portion thereof during which such Person was a Certificateholder. Such obligation of the Trustee shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Trustee pursuant to any requirements of the Code as from time to time in effect.
(d) Not The Trustee shall be entitled to rely on information provided by third parties for purposes of preparing the foregoing report, but shall not be responsible for the accuracy of such information.
(e) No later than the Determination Date for 18th day of each Distribution Datemonth, or if such date is not a Business Day, the next succeeding Business Day (but in no event later than the 20th day of each month), each Servicer shall furnish to the Trustee, a monthly remittance advice statement (the "Servicer Remittance Report") containing the data fields set forth on Exhibit X X-1 attached hereto (in the case of Saxon, or Exhibit X-2 attached hereto in the case of Countrywide Servicing in the case of each caseExhibit specified in this Section 4.03(e), in a format mutually agreed upon by such the applicable Servicer and the Trustee) with respect to HomEq, containing the data fields set forth on Exhibit Y attached hereto with respect to Wells Fargo (in each case, in a format mutually agreed upon by such Serxxxxx and the Trustee) and containing the data fields set forth on Exhibit Z attached hereto with respect Countrywide Servicing (in each case, in a format mutually agreed upon by such Servicer and the Trustee) Trustee and such information as shall be reasonably requested (i) by the Depositor to enable the Depositor to disclose "static pool information", as required by Item 1105 of Regulation AB, with respect to the Mortgage Loans, and (ii) by the Trustee to enable the Trustee to provide the reports required by Section 4.03(a) as to the accompanying remittance and applicable Due Period and Prepayment Period to which such remittance relates. The Servicer Remittance Report shall, at a minimum, document, on such Determination Date, Mortgage Loan payment activity on an individual Mortgage Loan basis, as follows:
(i) with respect to each Scheduled Payment, the amount of such remittance allocable to principal (including a separate breakdown of any Principal Prepayment, including the date of such prepayment, and any Prepayment Charges, received during the related Prepayment Period along with a detailed report of interest on principal prepayment amounts remitted in accordance with Section 3.25);
(ii) with respect to each Scheduled Payment, the amount of such remittance allocable to interest;
(iii) the amount of servicing compensation received by such Servicer during the prior current distribution period;
(iv) the individual and aggregate Stated Principal Balance of the Mortgage Loans;
(v) the aggregate expenses reimbursed to such Servicer during the prior distribution period pursuant to Section 3.11; and
(vi) the number and aggregate outstanding principal balances of Mortgage Loans (a) delinquent 31 to 60 days, 61 to 90 days and 91 or more days; (b) as to which foreclosure or bankruptcy proceedings of the related mortgagor have commenced; and (c) as to which REO Property has been acquired. Concurrently with each delivery of a Servicer Remittance Report to the Trustee, Wells Fargo, acting as a Servicer, shall provide, in a manner consistenx xxxh the preceding paragraph, a supplemental statement (to the extent not previously provided) setting forth information in subclauses (v) and (vi). The Trustee shall promptly forward make available the Servicer Remittance Report and the related supplemental statement to the Depositor.
(ef) Notwithstanding anything in Section 4.03(d) to the contrary, the Servicers shall be deemed to have satisfied the requirement to timely deliver the Servicer Remittance Report if such report is received by the Trustee on or prior to the 18th calendar day of such month in which the related Determination Date occurs; provided, however, that if such 18th calendar day is a Sunday or a Monday which is not a Business Day, the Servicers shall be deemed to have satisfied the requirement to timely deliver the Servicer Remittance Report if the Trustee and the Depositor receive such report (i) on the next Business Day succeeding such 18th calendar day, or (ii) on the Business Day immediately preceding such 18th calendar day, if such succeeding Business Day is later than the 20th calendar day of such calendar month[Reserved].
(fg) For all purposes of this Agreement, with respect to any Mortgage Loan, delinquencies shall be determined by the Trustee from information provided by the Servicers and reported by the Trustee based on the "OTS" methodology for determining delinquencies on mortgage loans similar to the Mortgage Loans. By way of example, a Mortgage Loan would be delinquent with respect to a Scheduled Payment due on a Due Date if such Scheduled Payment is not made by the close of business on the Mortgage Loan's next succeeding Due Date, and a Mortgage Loan would be more than 30-days Delinquent with respect to such Scheduled Payment if such Scheduled Payment were not made by the close of business on the Mortgage Loan's second succeeding Due Date. Each Servicer hereby represents and warrants to the Depositor that such Servicer is not subject to any delinquency recognition policy established by the primary safety and soundness regulator, if any, of such Servicer, that is more restrictive than the foregoing delinquency recognition policy.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Morgan Stanley ABS Capital I Inc. Trust 2007-He1)
Monthly Statements to Certificateholders. (a) Not later than each Distribution Date, the Trustee Trust Administrator shall make available to each Certificateholder, the ServicersServicer, the Master Servicer, the Trustee, the Depositor and each Rating Agency a statement setting forth with respect to the related distribution:
(i) the actual Distribution Dateamount thereof allocable to principal, separately identifying the related Record Date, the Interest Accrual Period(s) for each Class for such Distribution Date aggregate amount of any Principal Prepayments and the LIBOR Determination Date for such Interest Accrual PeriodLiquidation Proceeds included therein;
(ii) the amount of Available Funds;
(iii) the amount of Available Funds thereof allocable to principalinterest, the Principal Remittance Amount (separately identifying the components thereof) and the Principal Distribution Amount (separately identifying the components thereof);
(iv) the amount of Available Funds allocable to interest and each Interest Remittance Amount;
(v) the amount of any Unpaid Interest Amount for each Class Amounts included in such distribution and any remaining Unpaid Interest Amounts after giving effect to such distribution, any Basis Risk CarryForward Net WAC Rate Carryover Amount for each Class such Distribution Date and the amount of such Basis Risk CarryForward all Net WAC Rate Carryover Amount covered by withdrawals from the Excess Net WAC Rate Carryover Reserve Fund Account on such Distribution Date;
(viiii) if the distribution to the Holders of such Class of Certificates is less than the full amount that would be distributable to such Holders if there were sufficient funds available therefor, the amount of the shortfall and the allocation of the shortfall thereof as between principal and interest, including any Basis Risk CarryForward Net WAC Rate Carryover Amount not covered by amounts in the Excess Net WAC Rate Carryover Reserve Fund Account;
(viiiv) the Class Certificate Balance of each Class of Certificates before and after giving effect to the distribution of principal on such Distribution Date;
(viiiv) the Pool Stated Principal Balance for the following Distribution Date;
(ixvi) the amount of the Expense Servicing Fees paid to or retained by the Servicers and Servicer or any Subservicer (with respect to the Trustee (stated separately and Subservicers, in the aggregate) with respect to such Distribution Date;
(xvii) the amount of the Master Servicing Fees to be paid to or retained by the Master Servicer with respect to such Distribution Date;
(viii) the amount of the Trust Administration Fees to be paid to or retained by the Trust Administrator with respect to such Distribution Date;
(ix) the Pass-Through Rate for each such Class of Certificates with respect to such Distribution Date;
(xix) the amount of P&I Advances included in the distribution on such Distribution Date and the aggregate amount of P&I Advances reported by the Servicers (and the Trustee Servicer as successor Servicer and any other successor Servicer, if applicable) outstanding as of the close of business on the Determination Date immediately preceding such Distribution Date;
(xiixi) the number and aggregate outstanding principal balances of Mortgage Loans (1) as to which the Scheduled Payment is delinquent 31 to 60 days, 61 to 90 days and 91 or more days, (2) that have become REO Property, (3) that are in foreclosure and (4) that are in bankruptcy, in each case as of the close of business on the last Business Day of the immediately preceding month;
(xiii) with respect to any Mortgage Loans that became REO Properties during the preceding calendar month, the aggregate number of such Mortgage Loans and the aggregate Stated Principal Balance of such Mortgage Loans as of the close of business on the last Business Day of the immediately preceding month;
(xiv) the total number and outstanding principal balance of any REO Properties (and market value, if available) as of the close of business on the last Business Day of the immediately preceding month;
(xv) whether a Trigger Event has occurred and is continuing (including the calculation demonstrating the existence of the Trigger Event;
(xvi) the amount on deposit in the Excess Reserve Fund Account (after giving effect to distributions on such Distribution Date);
(xvii) in the aggregate and for each Class of Certificates, the aggregate amount of Applied Realized Loss Amounts incurred during the preceding calendar month and aggregate Applied Realized Loss Amounts through such Distribution Date;
(xviii) the amount of any Net Monthly Excess Cash Flow on such Distribution Date and the allocation of it to the Certificateholders with respect to Unpaid Interest Amounts, Unpaid Realized Loss Amounts or Basis Risk CarryForward Amounts;
(xix) the amount of any Net Swap Payments, Net Swap Receipts, Swap Termination Payments or Defaulted Swap Termination Payments;
(xx) the calculations of LIBOR and Swap LIBOR;
(xxi) the Subordinated Amount and Specified Subordinated Amount;
(xxii) Prepayment Charges collected or paid (pursuant to Section 3.07(a)) by the Servicers;
(xxiii) the Cumulative Loss Percentage and the aggregate amount of Realized Losses used to calculate the Cumulative Loss Percentage;
(xxiv) the amount distributed on the Class X Certificates;
(xxv) the amount of any Subsequent Recoveries for such Distribution Date;
(xxvi) the PreFremont 2005-Funded Amount as of the end of the prior Due Period;
(xxvii) the amount of any principal prepayment on the Certificates resulting from the application of unused moneys in the Pre-Funding Account; and
(xxviii) the number of Mortgage Loans at the end of the applicable reporting period, the pool factor (being the Stated Principal Balance of the Mortgage Loans for the related Distribution Date divided by the Cut-off Date Principal Balance), and the weighted average interest rate, and weighted average remaining term; In addition, each Form 10-D prepared and filed by the Trustee pursuant to Section 8.12 shall include the following information with respect to the related distribution:
(i) material breaches of Mortgage Loan representations and warranties under this Agreement of which the Trustee has actual knowledge or has received written notice; and
(ii) material breaches of any covenants under this Agreement of which the Trustee has actual knowledge or received written notice.
(b) The Trustee's responsibility for providing the above statement to the Certificateholders, each Rating Agency and the Depositor is limited, if applicable, to the availability, timeliness and accuracy of the information derived from the Servicers and the Swap Provider. The Trustee shall make available the above statement via the Trustee's internet website. The Trustee's website will initially be located at https://www.tss.db.com/invr and assistance in using the website can be xxxxxxxx xx xxxxxxx xxx Xxxstee's investor relations desk at 1-800-735-7777. Parties that are unable to use the website are entitled xx xxxx x xxxer copy mailed to them via first class mail by calling the investor relations desk and indicating such. The Trustee may change the way the monthly statements to Certificateholders are distributed in order to make such distribution more convenient and/or more accessible to the above parties and the Trustee shall provide timely and adequate notification to all above parties regarding any such changes. As a condition to access the Trustee's internet website, the Trustee may require registration and the acceptance of a disclaimer. The Trustee will not be liable for the dissemination of information in accordance with this B Pooling & Servicing Agreement. The Trustee shall make available to each Analytics Company, either electronically or via the Trustee's internet website, each statement to Certificateholders prepared pursuant to Section 4.03(a). The Trustee (and the applicable Servicer, if such discrepancy results from or arises out of any information provided by the applicable Servicer pursuant to this Agreement) shall cooperate in good faith with the Depositor to reconcile any discrepancies in such statements, and the Trustee shall provide any corrections to such statements to each Analytics Company as soon as reasonably practicable after the related Distribution Date. The Trustee will also be entitled to rely on but shall not be responsible for the content or accuracy of any information provided by third parties for purposes of preparing the monthly statement to Certificateholders and may affix thereto any disclaimer it deems appropriate in its reasonable discretion (without suggesting liability on the part of any other party hereto).
(c) Within a reasonable period of time after the end of each calendar year, the Trustee shall cause to be furnished to each Person who at any time during the calendar year was a Certificateholder, a statement containing the information set forth in clauses (a)(i) and (a)(ii) of this Section 4.03 aggregated for such calendar year or applicable portion thereof during which such Person was a Certificateholder. Such obligation of the Trustee shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Trustee pursuant to any requirements of the Code as from time to time in effect.
(d) Not later than the Determination Date for each Distribution Date, each Servicer shall furnish to the Trustee, a monthly remittance advice statement (the "Servicer Remittance Report") containing the data fields set forth on Exhibit X attached hereto (in each case, in a format mutually agreed upon by such Servicer and the Trustee) with respect to HomEq, containing the data fields set forth on Exhibit Y attached hereto with respect to Wells Fargo (in each case, in a format mutually agreed upon by such Serxxxxx and the Trustee) and containing the data fields set forth on Exhibit Z attached hereto with respect Countrywide Servicing (in each case, in a format mutually agreed upon by such Servicer and the Trustee) and such information as shall be reasonably requested (i) by the Depositor to enable the Depositor to disclose "static pool information", as required by Item 1105 of Regulation AB, with respect to the Mortgage Loans, and (ii) by the Trustee to enable the Trustee to provide the reports required by Section 4.03(a) as to the accompanying remittance and applicable Due Period and Prepayment Period to which such remittance relates. The Servicer Remittance Report shall, at a minimum, document, on such Determination Date, Mortgage Loan payment activity on an individual Mortgage Loan basis, as follows:
(i) with respect to each Scheduled Payment, the amount of such remittance allocable to principal (including a separate breakdown of any Principal Prepayment, including the date of such prepayment, and any Prepayment Charges, received during the related Prepayment Period along with a detailed report of interest on principal prepayment amounts remitted in accordance with Section 3.25);
(ii) with respect to each Scheduled Payment, the amount of such remittance allocable to interest;
(iii) the amount of servicing compensation received by such Servicer during the prior distribution period;
(iv) the individual and aggregate Stated Principal Balance of the Mortgage Loans;
(v) the aggregate expenses reimbursed to such Servicer during the prior distribution period pursuant to Section 3.11; and
(vi) the number and aggregate outstanding principal balances of Mortgage Loans (a) delinquent 31 to 60 days, 61 to 90 days and 91 or more days; (b) as to which foreclosure or bankruptcy proceedings of the related mortgagor have commenced; and (c) as to which REO Property has been acquired. Concurrently with each delivery of a Servicer Remittance Report to the Trustee, Wells Fargo, acting as a Servicer, shall provide, in a manner consistenx xxxh the preceding paragraph, a supplemental statement (to the extent not previously provided) setting forth information in subclauses (v) and (vi). The Trustee shall promptly forward the Servicer Remittance Report and the related supplemental statement to the Depositor.
(e) Notwithstanding anything in Section 4.03(d) to the contrary, the Servicers shall be deemed to have satisfied the requirement to timely deliver the Servicer Remittance Report if such report is received by the Trustee on or prior to the 18th calendar day of such month in which the related Determination Date occurs; provided, however, that if such 18th calendar day is a Sunday or a Monday which is not a Business Day, the Servicers shall be deemed to have satisfied the requirement to timely deliver the Servicer Remittance Report if the Trustee and the Depositor receive such report (i) on the next Business Day succeeding such 18th calendar day, or (ii) on the Business Day immediately preceding such 18th calendar day, if such succeeding Business Day is later than the 20th calendar day of such calendar month.
(f) For all purposes of this Agreement, with respect to any Mortgage Loan, delinquencies shall be determined by the Trustee from information provided by the Servicers and reported by the Trustee based on the "OTS" methodology for determining delinquencies on mortgage loans similar to the Mortgage Loans. By way of example, a Mortgage Loan would be delinquent with respect to a Scheduled Payment due on a Due Date if such Scheduled Payment is not made by the close of business on the Mortgage Loan's next succeeding Due Date, and a Mortgage Loan would be more than 30-days Delinquent with respect to such Scheduled Payment if such Scheduled Payment were not made by the close of business on the Mortgage Loan's second succeeding Due Date. Each Servicer hereby represents and warrants to the Depositor that such Servicer is not subject to any delinquency recognition policy established by the primary safety and soundness regulator, if any, of such Servicer, that is more restrictive than the foregoing delinquency recognition policy.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Fremont Mortgage Securities Corp)
Monthly Statements to Certificateholders. (a) Not later than each Distribution Date, the Trustee Trust Administrator shall make available to each Certificateholder, the ServicersServicer, the Master Servicer, the Trustee, the Depositor and each Rating Agency a statement setting forth with respect to the related distribution:
(i) the actual Distribution Dateamount thereof allocable to principal, separately identifying the related Record Date, the Interest Accrual Period(s) for each Class for such Distribution Date aggregate amount of any Principal Prepayments and the LIBOR Determination Date for such Interest Accrual PeriodLiquidation Proceeds included therein;
(ii) the amount of Available Funds;
(iii) the amount of Available Funds thereof allocable to principalinterest, the Principal Remittance Amount (separately identifying the components thereof) and the Principal Distribution Amount (separately identifying the components thereof);
(iv) the amount of Available Funds allocable to interest and each Interest Remittance Amount;
(v) the amount of any Unpaid Interest Amount for each Class Amounts included in such distribution and any remaining Unpaid Interest Amounts after giving effect to such distribution, any Basis Risk CarryForward Net WAC Rate Carryover Amount for each Class such Distribution Date and the amount of such Basis Risk CarryForward all Net WAC Rate Carryover Amount covered by withdrawals from the Excess Net WAC Rate Carryover Reserve Fund Account on such Distribution Date;
(viiii) if the distribution to the Holders of such Class of Certificates is less than the full amount that would be distributable to such Holders if there were sufficient funds Fremont 2005-A Pooling & Servicing Agreement 106 available therefor, the amount of the shortfall and the allocation of the shortfall thereof as between principal and interest, including any Basis Risk CarryForward Net WAC Rate Carryover Amount not covered by amounts in the Excess Net WAC Rate Carryover Reserve Fund Account;
(viiiv) the Class Certificate Balance of each Class of Certificates before and after giving effect to the distribution of principal on such Distribution Date;
(viiiv) the Pool Stated Principal Balance for the following Distribution Date;
(ixvi) the amount of the Expense Servicing Fees paid to or retained by the Servicers and Servicer or any Subservicer (with respect to the Trustee (stated separately and Subservicers, in the aggregate) with respect to such Distribution Date;
(xvii) the amount of the Master Servicing Fees to be paid to or retained by the Master Servicer with respect to such Distribution Date;
(viii) the amount of the Trust Administration Fees to be paid to or retained by the Trust Administrator with respect to such Distribution Date;
(ix) the Pass-Through Rate for each such Class of Certificates with respect to such Distribution Date;
(xix) the amount of P&I Advances included in the distribution on such Distribution Date and the aggregate amount of P&I Advances reported by the Servicers (and the Trustee Servicer as successor Servicer and any other successor Servicer, if applicable) outstanding as of the close of business on the Determination Date immediately preceding such Distribution Date;
(xiixi) the number and aggregate outstanding principal balances of Mortgage Loans (1) as to which the Scheduled Payment is delinquent 31 to 60 days, 61 to 90 days and 91 or more days, (2) that have become REO Property, (3) that are in foreclosure and (4) that are in bankruptcy, in each case as of the close of business on the last Business Day of the immediately preceding month;
(xii) For each of the preceding 12 calendar months, or all calendar months since the related Cut-off Date, whichever is less, the aggregate dollar amount of the Scheduled Payments (A) due on all Outstanding Mortgage Loans on each of the Due Dates in each such month and (B) delinquent 60 days or more on each of the Due Dates in each such month;
(xiii) with respect to any all Mortgage Loans that became REO Properties during the preceding calendar month, the aggregate number of such Mortgage Loans and the aggregate Stated Principal Balance of such Mortgage Loans as of the close of business on the last Business Day Determination Date preceding such Distribution Date and on the date of the immediately preceding monthacquisition thereof;
(xiv) the total number and outstanding principal balance of any REO Properties (and market value, if available) as of the close of business on the last Business Day of the immediately Determination Date preceding month;such Distribution Date; Fremont 2005-A Pooling & Servicing Agreement 107
(xv) whether a Trigger Event has occurred and is continuing (including the calculation demonstrating thereof and the existence aggregate outstanding balance of the Trigger Eventall 60+ Day Delinquent Mortgage Loans);
(xvi) the amount on deposit in the Excess Net WAC Rate Carryover Reserve Fund Account (after giving effect to distributions on such Distribution Date);
(xvii) in the aggregate and for each Class of Certificates, the aggregate amount of Applied Realized Loss Amounts or Applied Class 2-A Realized Loss Amounts incurred during the preceding calendar month and aggregate Applied Realized Loss Amounts or Applied Class 2-A Realized Loss Amounts through such Distribution Date;
(xviii) the amount of any Net Monthly Excess Cash Flow on such Distribution Date and the allocation of it thereof to the Certificateholders with respect to Unpaid Interest Amounts, Unpaid Applied Realized Loss Amounts or Basis Risk CarryForward and Unpaid Interest Amounts;
(xix) the amount of any Net Swap Payments, Net Swap Receipts, Swap Termination Payments or Defaulted Swap Termination PaymentsOvercollateralized Amount and Overcollateralization Target Amount;
(xx) Prepayment Premiums collected by the calculations of LIBOR and Swap LIBORServicer;
(xxi) the Subordinated Amount and Specified Subordinated Amount;Certificate Cap Agreement Payments, if any, for such Distribution Date; and
(xxii) Prepayment Charges collected or paid (pursuant to Section 3.07(a)) by the Servicers;
(xxiii) the Cumulative Loss Percentage and the aggregate amount of Realized Losses used to calculate the Cumulative Loss Percentage;
(xxiv) the amount distributed on the Class X C Certificates;
(xxv) the amount of any Subsequent Recoveries for such Distribution Date;
(xxvi) the Pre-Funded Amount as of the end of the prior Due Period;
(xxvii) the amount of any principal prepayment on the Certificates resulting from the application of unused moneys in the Pre-Funding Account; and
(xxviii) the number of Mortgage Loans at the end of the applicable reporting period, the pool factor (being the Stated Principal Balance of the Mortgage Loans for the related Distribution Date divided by the Cut-off Date Principal Balance), and the weighted average interest rate, and weighted average remaining term; In addition, each Form 10-D prepared and filed by the Trustee pursuant to Section 8.12 shall include the following information with respect to the related distribution:
(i) material breaches of Mortgage Loan representations and warranties under this Agreement of which the Trustee has actual knowledge or has received written notice; and
(ii) material breaches of any covenants under this Agreement of which the Trustee has actual knowledge or received written notice.
(b) The TrusteeTrust Administrator's responsibility for providing the above statement to the Certificateholders, each Rating Agency Agency, the Servicer, the Originator and the Depositor is limited, if applicable, limited to the availability, timeliness and accuracy of the information derived from the Servicers and the Swap ProviderServicer. The Trustee shall Trust Administrator will make available the above statement available via the TrusteeTrust Administrator's internet website. The TrusteeTrust Administrator's website will initially be located at https://www.tss.db.com/invr xxxx://xxx.xxxxxxx.xxx and assistance in using the website can be xxxxxxxx xx xxxxxxx xxx Xxxsteeobtained by calling the Trust Administrator's investor relations customer service desk at 10-800000-735000-77770000. Parties that are unable to use the website above distribution method are entitled xx xxxx x xxxer to have a paper copy mailed to them via first class mail by calling the investor relations customer service desk and indicating such. The Trustee may Trust Administrator shall have the right to change the way manner in which the monthly statements to Certificateholders are above statement is distributed in order to make such distribution more convenient and/or more accessible to the above parties accessible, and the Trustee Trust Administrator shall provide timely and adequate notification to all above the Certificateholders and the parties hereto regarding any such changes. As a condition to access the Trustee's internet website, the Trustee may require registration and the acceptance of a disclaimer. The Trustee will not be liable for the dissemination of information in accordance with this Agreement. The Trustee Trust Administrator shall make available to each Analytics Company, either electronically or via the Trustee's internet website, each statement to Certificateholders prepared pursuant to Section 4.03(a). The Trustee (and the applicable Servicer, if such discrepancy results from or arises out of any information provided by the applicable Servicer pursuant to this Agreement) shall cooperate in good faith with the Depositor to reconcile any discrepancies in such statements, and the Trustee shall provide any corrections to such statements to each Analytics Company as soon as reasonably practicable after the related Distribution Date. The Trustee will also be entitled to rely on on, but shall not be responsible for the content or accuracy of of, any information provided by third parties the Servicer for purposes of preparing the monthly above statement to Certificateholders and may affix thereto any disclaimer it deems appropriate in its reasonable discretion (without suggesting liability on the part of any other party hereto). As a condition to access the Trust Administrator's internet website, the Trust Administrator may require registration and the acceptance of a disclaimer. The Trust Administrator will not be liable for the dissemination of information in accordance with this Agreement. Fremont 2005-A Pooling & Servicing Agreement 108 Upon written request from any Certificateholder, the Trust Administrator shall provide the information provided for in Sections 4.03(d) to such Certificateholder, at the expense of the requesting Certificateholder. The Trust Administrator's responsibility for providing the information provided for in Sections 4.03(d) to the Certificateholders is limited to the availability and timeliness of the information provided by the Servicer. The Trust Administrator shall provide the information provided for in Sections 4.03(d) in the same format as received from the Servicer upon request by the Certificateholders. The Trust Administrator shall have no duty or obligation to monitor, review or take any action regarding such information received pursuant to Section 4.03(d) other than forwarding copies to Certificateholders. The Trust Administrator shall have no liability for the accuracy, completeness or otherwise for such information.
(c) Within Upon request, within a reasonable period of time after the end of each calendar year, the Trustee Trust Administrator shall cause to be furnished to each Person who at any time during the calendar year was a Certificateholder, a statement containing the information set forth in clauses (a)(i) and (a)(ii) of this Section 4.03 aggregated for such calendar year or applicable portion thereof during which such Person was a Certificateholder. Such obligation of the Trustee Trust Administrator shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Trustee Trust Administrator pursuant to any requirements of the Code as are from time to time in effect.
(d) Not later than the Determination Date for each Distribution Reporting Date, each the Servicer shall furnish to the Trustee, Trust Administrator and the Master Servicer a monthly remittance advice statement (the "Servicer Remittance Report") containing the data fields set forth on Exhibit X attached hereto (in each case, in a format mutually agreed upon by such the Servicer and the TrusteeTrust Administrator) with respect to HomEq, containing the data fields set forth on Exhibit Y attached hereto with respect to Wells Fargo (in each case, in a format mutually agreed upon by such Serxxxxx and the Trustee) and containing the data fields set forth on Exhibit Z attached hereto with respect Countrywide Servicing (in each case, in a format mutually agreed upon by such Servicer and the Trustee) and such information as shall be reasonably requested (i) by the Depositor to enable the Depositor to disclose "static pool information", as required by Item 1105 of Regulation AB, with respect to the Mortgage Loans, and (ii) by the Trustee to enable the Trustee Trust Administrator to provide the reports required by Section 4.03(a) as to the accompanying remittance and applicable Due Period and Prepayment Period to which such remittance relatesthe period ending on the close of business on the last Business Day of the immediately preceding month (the "Servicer Remittance Report"). The Servicer Remittance Report shallshall furnish to the Trust Administrator an individual loan accounting report, at a minimumas of the last Business Day of each month, document, on such Determination Date, to document Mortgage Loan payment activity on an individual Mortgage Loan basis. With respect to each month, as followsthe corresponding individual loan accounting report (in electronic format) shall be received by the Trust Administrator no later than the Reporting Date, which report shall contain the following:
(i) with respect to each Scheduled Payment, the amount of such remittance allocable to principal (including a separate breakdown of any Principal Prepayment, including the date of such prepayment, and any Prepayment ChargesPremiums, received during the related Prepayment Period along with a detailed report of interest on principal prepayment amounts remitted in accordance with Section 3.25);
(ii) with respect to each Scheduled Payment, the amount of such remittance allocable to interest;
(iii) the amount of servicing compensation received by such the Servicer during the prior distribution period;; Fremont 2005-A Pooling & Servicing Agreement 109
(iv) the individual and aggregate Stated Principal Balance of the Mortgage Loans;
(v) the aggregate of any expenses reimbursed to such the Servicer during the prior distribution period pursuant to Section 3.11; and;
(vi) the number and aggregate outstanding principal balances of Mortgage Loans (a) delinquent (1) 31 to 60 days, (2) 61 to 90 days, or (3) 91 days and 91 or more daysmore; (b) as to which foreclosure or bankruptcy proceedings of the related mortgagor have has commenced; and (c) as to which REO Property has been acquired. Concurrently with ;
(vii) each delivery of a Servicer Remittance Report to the TrusteeMortgage Loan which has been altered, Wells Fargomodified or varied during such month, acting as a Servicer, shall provide, in a manner consistenx xxxh the preceding paragraph, a supplemental statement (to the extent not previously provided) setting forth information in subclauses (v) and (vi). The Trustee shall promptly forward the Servicer Remittance Report and the related supplemental statement to the Depositor.reason for such modification (i.e., extension of maturity date, Mortgage Interest Rate);
(eviii) Notwithstanding anything in Section 4.03(d) to the contrary, the Servicers shall be deemed to have satisfied the requirement to timely deliver the Servicer Remittance Report if such report is received by the Trustee on or prior to the 18th calendar day of such month in which the related Determination Date occurs; provided, however, that if such 18th calendar day is a Sunday or a Monday which is not a Business Day, the Servicers shall be deemed to have satisfied the requirement to timely deliver the Servicer Remittance Report if the Trustee and the Depositor receive such report (i) on the next Business Day succeeding such 18th calendar day, or (ii) on the Business Day immediately preceding such 18th calendar day, if such succeeding Business Day is later than the 20th calendar day of such calendar month.
(f) For all purposes of this Agreement, with respect to any each Mortgage Loan, delinquencies shall be determined the amount of any Realized Losses for such Mortgage Loan; and
(ix) any other information reasonably required by the Trustee from information provided by Trust Administrator to enable it to prepare the Servicers and reported by the Trustee based on the "OTS" methodology for determining delinquencies on mortgage loans similar monthly statement referred to the Mortgage Loans. By way of example, a Mortgage Loan would be delinquent with respect to a Scheduled Payment due on a Due Date if such Scheduled Payment is not made by the close of business on the Mortgage Loan's next succeeding Due Date, and a Mortgage Loan would be more than 30-days Delinquent with respect to such Scheduled Payment if such Scheduled Payment were not made by the close of business on the Mortgage Loan's second succeeding Due Date. Each Servicer hereby represents and warrants to the Depositor that such Servicer is not subject to any delinquency recognition policy established by the primary safety and soundness regulator, if any, of such Servicer, that is more restrictive than the foregoing delinquency recognition policyin Section 4.03(a).
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Fremont Mortgage Securities Corp)
Monthly Statements to Certificateholders. (a) Not later than each Distribution Date, the Trustee shall make available to each Certificateholder, the ServicersServicer, the Depositor and each Rating Agency a statement based in part on information provided by the Servicer setting forth with respect to the related distribution:
(i) the actual Distribution Date, the related Record Date, the Interest Accrual Period(s) for each Class for such Distribution Date and the LIBOR Determination Date for such Interest Accrual Period;
(ii) the amount of Available Funds;
(iii) the amount of Available Funds allocable to principal, the Principal Remittance Amount (separately identifying the components thereof) and the Principal Distribution Amount (separately identifying and the components calculation thereof);
(iv) the amount of Available Funds allocable to interest and each Interest Remittance Amount;
(v) the amount of any Unpaid Interest Amount for each Class included in such distribution and any remaining Unpaid Interest Amounts after giving effect to such distribution, any Basis Risk CarryForward Carry Forward Amount for each Class and the amount of such Basis Risk CarryForward Carry Forward Amount covered by withdrawals from the Excess Reserve Fund Account on such Distribution Date;
(vi) if the distribution to the Holders of such Class of Certificates is less than the full amount that would be distributable to such Holders if there were sufficient funds available therefor, the amount of the shortfall and the allocation of the shortfall as between principal and interest, including any Basis Risk CarryForward Carry Forward Amount not covered by amounts in the Excess Reserve Fund Account;
(vii) the Class Certificate Balance of each Class of Certificates before and after giving effect to the distribution of principal on such Distribution Date;
(viii) the Pool Stated Principal Balance for the related Distribution Date;
(ix) the amount of the Expense Fees paid to or retained by the Servicers Servicer and paid to or retained by the Trustee (stated separately and in the aggregate) with respect to such Distribution Date;
(x) the Pass-Through Rate for each such Class of Certificates with respect to such Distribution Date;
(xi) the amount of P&I Advances included in the distribution on such Distribution Date reported by the Servicers Servicer (and the Trustee as successor Servicer servicer and any other successor Servicerservicer, if applicable) as of the close of business on the Determination Date immediately preceding such Distribution Date;
(xii) the number and aggregate outstanding principal balances of Mortgage Loans (1) as to which the Scheduled Payment is delinquent 31 to 60 days, 61 to 90 days and days, 91 or more days, and in such other periods and for such times as required by Regulation AB, (2) that have become REO Property, (3) that are in foreclosure and (4) that are in bankruptcy, in each case as of the close of business on the last Business Day of the immediately preceding month;
(xiii) for each of the preceding 12 calendar months, or all calendar months since the related Cut-off Date, whichever is less, the aggregate dollar amount of the Scheduled Payments (A) due on all outstanding Mortgage Loans on each of the Due Dates in each such month and (B) delinquent 60 days or more on each of the Due Dates in each such month;
(xiv) with respect to any Mortgage Loans that became REO Properties during the preceding calendar month, the aggregate number of such Mortgage Loans and the aggregate Stated Principal Balance outstanding principal balance of such Mortgage Loans as of the close of business on the last Business Day of the immediately preceding monthmonth and the month and year of acquisition of such REO Properties;
(xivxv) the total number and outstanding principal balance of any REO Properties (and market value, if available) as of the close of business on the last Business Day of the immediately preceding month;
(xvxvi) whether a Trigger Event has occurred and is continuing (including the calculation demonstrating the existence of the Trigger Event);
(xvixvii) the amount on deposit in the Excess Reserve Fund Account (after giving effect to distributions on such Distribution Date);
(xviixviii) in the aggregate and for each Class of Certificates, the aggregate amount of Applied Realized Loss Amounts incurred during the preceding calendar month and aggregate Applied Realized Loss Amounts through such Distribution Date;
(xviiixix) the amount of any Net Monthly Excess Cash Flow on such Distribution Date and the allocation of it to the Certificateholders with respect to Unpaid Interest Amounts, Unpaid Applied Realized Loss Amounts or and Basis Risk CarryForward Carry Forward Amounts;
(xixxx) the amount of any Net Swap Payments, Net Swap Receipts, Swap Termination Payments or Defaulted Swap Termination Payments;
(xxxxi) the calculations of LIBOR and Swap LIBOR;
(xxixxii) the Subordinated Amount and Specified Subordinated Amount;
(xxiixxiii) Prepayment Charges collected or paid (pursuant to Section 3.07(a)) by the ServicersServicer;
(xxiiixxiv) the Cumulative Loss Percentage and the aggregate amount of Realized Losses used to calculate the Cumulative Loss Percentage;
(xxivxxv) the amount distributed on the Class X Certificates;
(xxvxxvi) the amount of any Subsequent Recoveries for such Distribution Date;
(xxvi) the Pre-Funded Amount as of the end of the prior Due Period;
(xxvii) the amount of any principal prepayment on the Certificates resulting from the application of unused moneys in the Pre-Funding Account; and
(xxviii) the number of Mortgage Loans at the beginning and end of the applicable reporting period, the pool factor (being the Stated Principal Balance of the Mortgage Loans for the related Distribution Date divided by the Cut-off Date Principal Balance)factor, and the weighted average interest rate, and weighted average remaining term;
(xxviii) if applicable, the amount distributed to the Supplemental Float Account; and
(xxix) if applicable, the amount distributed to the Class R-I Certificates. In addition, each Form 10-D prepared and filed by the Trustee pursuant to Section 8.12 shall include the following information with respect to the related distribution:
(iA) material breaches of Mortgage Loan representations and warranties under this Agreement of which the Trustee has actual knowledge or has received written notice; and
(iiB) material breaches of any covenants under this Agreement of which the Trustee has actual knowledge or has received written notice.
(b) The Trustee's responsibility for providing the above statement to the Certificateholders, each Rating Agency and the Depositor is limited, if applicable, to the availability, timeliness and accuracy of the information derived from the Servicers and the Swap ProviderServicer. The Trustee shall make available the above statement via the Trustee's internet website. The Trustee's website will initially be located at https://www.tss.db.com/invr and assistance in using the website can be xxxxxxxx xx xxxxxxx xxx Xxxstee's investor relations desk at 1-800-735-7777. A paper copy of the above statement will also be made axxxxxxxx xxxx request. Parties that are unable to use the website are entitled xx xxxx x xxxer to have a paper copy mailed to them via first class mail by calling the investor relations customer service desk and indicating such. The Trustee may change the way the monthly statements to Certificateholders are distributed in order to make such distribution more convenient and/or more accessible to the above parties and the Trustee shall provide timely and adequate notification to all above parties regarding any such changes. As a condition to access the Trustee's internet website, the Trustee may require registration and the acceptance of a disclaimer. The Trustee will not be liable for the dissemination of information in accordance with this Agreement. The Trustee shall make available to each Analytics Company, either electronically or Company via the Trustee's internet website, website each statement to Certificateholders prepared pursuant to this Section 4.03(a). The Trustee (and the applicable Servicer, if such discrepancy results from or arises out of any information provided by the applicable Servicer pursuant to this Agreement) shall cooperate in good faith with the Depositor to reconcile any discrepancies in such statements, and the Trustee shall provide any corrections to such statements to each Analytics Company as soon as reasonably practicable after the related Distribution Date. The Trustee will also be entitled to rely on but shall not be responsible for the content or accuracy of any information provided by third parties for purposes of preparing the monthly statement to Certificateholders and may affix thereto any disclaimer it deems appropriate in its reasonable discretion (without suggesting liability on the part of any other party hereto).
(c) Within a reasonable period of time after the end of each calendar year, the Trustee shall cause to be furnished to each Person who at any time during the calendar year was a Certificateholder, a statement containing the information set forth in clauses (a)(i) and (a)(ii) of this Section 4.03 aggregated for such calendar year or applicable portion thereof during which such Person was a Certificateholder. Such obligation of the Trustee shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Trustee pursuant to any requirements of the Code as from time to time in effect.
(d) Not later than three Business Days following the Determination Date for and in no event later than the 20th calendar day of each Distribution Datemonth, each the Servicer shall furnish to the TrusteeDepositor with respect to clause (i) below and the Trustee with respect to clause (ii) below, a monthly remittance advice statement (the "Servicer Remittance Report") containing the data fields set forth on Exhibit X attached hereto (in each case, in a format mutually agreed upon by such Servicer the Servicer, the Trustee and the TrusteeDepositor) with respect to HomEq, containing the data fields set forth on Exhibit Y attached hereto with respect to Wells Fargo (in each case, in a format mutually agreed upon by such Serxxxxx and the Trustee) and containing the data fields set forth on Exhibit Z attached hereto with respect Countrywide Servicing (in each case, in a format mutually agreed upon by such Servicer and the Trustee) and such information as shall be reasonably requested (i) by the Depositor to enable the Depositor to disclose "static pool information", as required by Item 1105 of Regulation AB, with respect to the Mortgage Loans, and (ii) by the Trustee to enable the Trustee to provide the reports required by Section 4.03(a) as to the accompanying remittance remittance. The Servicer shall concurrently deliver to the Depositor a data tape, in form and applicable Due Period substance reasonably satisfactory to the Depositor and Prepayment Period the Servicer, containing the information required pursuant to which such remittance relatesthis Section 4.03(d) on a loan-by-loan basis for all of the Mortgage Loans. The Servicer Remittance Report shall, at a minimum, document, on such Determination Date, Mortgage Loan payment activity on an individual Mortgage Loan basis, as follows:
(i) with respect to each Scheduled Payment, the amount of such remittance allocable to principal (including a separate breakdown of any Principal Prepayment, including the date of such prepayment, and any Prepayment Charges, received during the related Prepayment Period along with a detailed report of interest on principal prepayment amounts remitted in accordance with Section 3.25);
(ii) with respect to each Scheduled Payment, the amount of such remittance allocable to interest;
(iii) the amount of servicing compensation Servicing Fees received by such the Servicer during the prior distribution period;
(iv) the individual and aggregate Stated Principal Balance of the Mortgage Loans;
(v) the aggregate expenses reimbursed to such the Servicer during the prior distribution period pursuant to Section 3.11; and
(vi) the number and aggregate outstanding principal balances of Mortgage Loans (a) delinquent 31 to 60 days, 61 to 90 days and days, 91 or more days, and in such other periods and for such times as required by Regulation AB; (b) as to which foreclosure or bankruptcy proceedings of the related mortgagor have commenced; and (c) as to which REO Property has been acquired. Concurrently with each delivery of a Servicer Remittance Report to the Trustee, Wells Fargo, acting as a Servicer, shall provide, in a manner consistenx xxxh the preceding paragraph, a supplemental statement (to the extent not previously provided) setting forth information in subclauses (v) and (vi). The Trustee shall promptly forward the Servicer Remittance Report and the related supplemental statement to the Depositor.
(e) Notwithstanding anything in Section 4.03(d) to the contrary, the Servicers shall be deemed to have satisfied the requirement to timely deliver the Servicer Remittance Report if such report is received by the Trustee on or prior to the 18th calendar day of such month in which the related Determination Date occurs; provided, however, that if such 18th calendar day is a Sunday or a Monday which is not a Business Day, the Servicers shall be deemed to have satisfied the requirement to timely deliver the Servicer Remittance Report if the Trustee and the Depositor receive such report (i) on the next Business Day succeeding such 18th calendar day, or (ii) on the Business Day immediately preceding such 18th calendar day, if such succeeding Business Day is later than the 20th calendar day of such calendar month.
(f) For all purposes of this Agreement, with respect to any Mortgage Loan, delinquencies shall be determined by the Trustee from information provided by the Servicers and reported by the Trustee based on the so-called "OTS" methodology for determining delinquencies on mortgage loans similar to the Mortgage Loans. By way of example, a Mortgage Loan would be delinquent with respect to a Scheduled Payment due on a Due Date if such Scheduled Payment is not made by the close of business on the Mortgage Loan's next succeeding Due Date, and a Mortgage Loan would be more than 30-days Delinquent with respect to such Scheduled Payment if such Scheduled Payment were not made by the close of business on the Mortgage Loan's second succeeding Due Date. Each The Servicer hereby represents and warrants to the Depositor that such Servicer this delinquency recognition policy is not subject to less restrictive than any delinquency recognition policy established by the primary safety and soundness regulator, if any, of such Servicer, that is more restrictive than the foregoing delinquency recognition policyServicer with respect to mortgage loans similar to the Mortgage Loans.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Securitized Asset Backed Receivables LLC Trust 2006-Wm3)
Monthly Statements to Certificateholders. (a) Not later than each Distribution Date, the Trustee shall make available to each Certificateholder, the ServicersDepositor, the Depositor Trustee and each Rating Agency a statement based, in part, upon the information provided by the Servicer setting forth with respect to the related distribution:
(i) the actual Distribution Dateamount thereof allocable to principal, separately identifying the related Record Date, the Interest Accrual Period(s) for each Class for such Distribution Date aggregate amount of any Principal Prepayments and the LIBOR Determination Date for such Interest Accrual PeriodLiquidation Proceeds included therein;
(ii) the amount of Available Funds;
(iii) the amount of Available Funds thereof allocable to principalinterest, the Principal Remittance Amount (separately identifying the components thereof) and the Principal Distribution Amount (separately identifying the components thereof);
(iv) the amount of Available Funds allocable to interest and each Interest Remittance Amount;
(v) the amount of any Unpaid Interest Amount for each Class included in such distribution and any remaining Unpaid Interest Amounts Amount after giving effect to such distribution, any Basis Risk CarryForward Carry Forward Amount for each Class such Distribution Date and the amount of such all Basis Risk CarryForward Carry Forward Amount covered by withdrawals from the Excess Reserve Fund Account on such Distribution Date;
(viiii) if the distribution to the Holders of such Class of Certificates is less than the full amount that would be distributable to such Holders if there were sufficient funds available therefor, the amount of the shortfall and the allocation of the shortfall thereof as between principal and interest, including any Basis Risk CarryForward Carry Forward Amount not covered by amounts in the Excess Reserve Fund Account;
(viiiv) the Class Certificate Balance of each Class of Certificates before and the notional amount of the Class P Certificates after giving effect to the distribution of principal on such Distribution Date;
(viiiv) the Pool aggregate Stated Principal Balance of the Mortgage Loans for the following Distribution Date;
(ixvi) the amount of the Expense Fees expenses and fees paid to or retained by the Servicers Servicer and paid to or retained by the Trustee (stated separately and in the aggregate) with respect to such Distribution Date;
(xvii) the amount of the Expense Fees (in the aggregate and separately stated) paid to or retained by the Trustee with respect to such Distribution Date;
(viii) the Pass-Through Rate for each such Class of Certificates with respect to such Distribution Date;
(xiix) the amount of P&I Monthly Advances included in the distribution on such Distribution Date and the aggregate amount of Monthly Advances reported by the Servicers Servicer (and the Trustee as successor Servicer and any other successor Servicer, if applicableservicer or as required under Section 8.02) as outstanding as of the close of business on the Determination Date immediately preceding such Distribution Date;
(xiix) the number and aggregate outstanding principal balances Stated Principal Balances of Mortgage Loans as reported to the Trustee by the applicable Servicer, (1i) as to which the Scheduled Monthly Payment is delinquent 31 to 60 days, 61 to 90 days and 91 or more daysdays (each to be calculated using the OTS method), (2) that have become REO Property, (3) that are in foreclosure and (4) that are in bankruptcy, in each case as of the close of business on the last Business Day of the immediately preceding month;
(xiii) with respect to any Mortgage Loans that became REO Properties during the preceding calendar month, the aggregate number of such Mortgage Loans and the aggregate Stated Principal Balance of such Mortgage Loans as of the close of business on the last Business Day of the immediately preceding month;
(xivxi) the total number and outstanding principal balance of any REO Properties (and market value, if available) as of the close of business on the last Business Day of the immediately Determination Date preceding monthsuch Distribution Date;
(xvxii) whether a Trigger Event has occurred and is continuing (including the calculation demonstrating the existence of the Trigger EventEvent and the aggregate outstanding balance of all 60+ Day Delinquent Mortgage Loans);
(xvixiii) the amount on deposit in the Excess Reserve Fund Account (after giving effect to distributions on such Distribution Date);
(xviixiv) in the aggregate and for each Class of Certificates, the aggregate amount of Applied Realized Loss Amounts incurred during the preceding calendar month and aggregate Applied Realized Loss Amounts through such Distribution Date;
(xviiixv) the amount of any Net Monthly Excess Cash Flow on such Distribution Date and the allocation of it thereof to the Certificateholders with respect to Unpaid Interest Amounts, Unpaid Realized Loss Amounts ;
(xvi) the Overcollateralized Amount and Specified Overcollateralized Amount;
(xvii) the Prepayment Premiums collected by or Basis Risk CarryForward Amountspaid by the Servicer;
(xviii) the percentage equal to the aggregate realized losses divided by the aggregate Stated Principal Balance of the Mortgage Loans as of the Cut-off Date;
(xix) the amount of any Net Swap Payments, Net Swap Receipts, Swap Termination Payments or Defaulted Swap Termination Payments;
(xx) the calculations of LIBOR and Swap LIBOR;
(xxi) the Subordinated Amount and Specified Subordinated Amount;
(xxii) Prepayment Charges collected or paid (pursuant to Section 3.07(a)) by the Servicers;
(xxiii) the Cumulative Loss Percentage and the aggregate amount of Realized Losses used to calculate the Cumulative Loss Percentage;
(xxiv) the amount distributed on the Class X and Class P Certificates;
(xxvxx) the amount of any Subsequent Recoveries for such Distribution Date;
(xxvi) during the Pre-Funded Amount as of the end of the prior related Due Period;
(xxviixxi) the amount of any principal prepayment on the Certificates resulting from the application of unused moneys in the Pre-Funding Account; and
(xxviii) the number of updated Mortgage Loans at the end of the applicable reporting periodLoan information, the pool factor (being the Stated Principal Balance of the Mortgage Loans for the related Distribution Date divided by the Cut-off Date Principal Balance), and the such as weighted average interest rate, and weighted average remaining term; In addition, each Form 10-D prepared term and filed such other information regarding the Mortgage Loans as may be agreed by the Trustee pursuant to Section 8.12 shall include Depositor and the following information with respect to Trustee;
(xxii) the related distribution:Record Date;
(ixxiii) material breaches of Mortgage Loan representations and warranties under this Agreement of which the Trustee has actual knowledge or has received written noticerelated Interest Accrual Period;
(xxiv) the related Determination Date; and
(iixxv) material breaches of any covenants under this Agreement of which the Trustee has actual knowledge or received written noticerelated Distribution Date.
(b) The Trustee's responsibility for providing the above statement to the Certificateholders, each Rating Agency Agency, the Trustee and the Depositor is limited, if applicable, limited to the availability, timeliness and accuracy of the information derived from the Servicers Servicer and the Swap ProviderResponsible Party. The Trustee shall make available provide the above statement via the Trustee's internet website. The Trustee's website will initially be , currently located at https://www.tss.db.com/invr and assistance http://www.usbank.com/abs. Assistance in using the website can be xxxxxxxx xx xxxxxxx xxx XxxsteeXrustee's investor relations desk at 1(800) 934-800-735-7777. Parties that are unable to use the website are entitled xx xxxx x xxxer copy mailed to them via first class mail by calling the investor relations desk and indicating such. The Trustee may change the way the monthly statements to Certificateholders are distributed in order to make such distribution more convenient and/or more accessible to the above parties and the Trustee shall provide timely and adequate notification to all above parties regarding any such changes. As a condition to access the Trustee's internet website, the Trustee may require registration and the acceptance of a disclaimer. The Trustee will not be liable for the dissemination of information in accordance with this Agreement. The Trustee shall make available to each Analytics Company, either electronically or via the Trustee's internet website, each statement to Certificateholders prepared pursuant to Section 4.03(a). The Trustee (and the applicable Servicer, if such discrepancy results from or arises out of any information provided by the applicable Servicer pursuant to this Agreement) shall cooperate in good faith with the Depositor to reconcile any discrepancies in such statements, and the Trustee shall provide any corrections to such statements to each Analytics Company as soon as reasonably practicable after the related Distribution Date6802. The Trustee will also be entitled to rely on but shall not be responsible for make a paper copy of the content or accuracy of any information provided by third parties for purposes of preparing the monthly statement to Certificateholders and may affix thereto any disclaimer it deems appropriate in its reasonable discretion (without suggesting liability on the part of any other party hereto)aboxx xxxxxxxxx xvailable upon request.
(c) Within Upon request, within a reasonable period of time after the end of each calendar year, the Trustee shall cause to be furnished to each Person who at any time during the calendar year was a Certificateholder, a statement containing the information set forth in clauses (a)(i), (a)(ii), (a)(iii) and (a)(iia)(vii) of this Section 4.03 4.02 aggregated for such calendar year or applicable portion thereof during which such Person was a Certificateholder. Such obligation of the Trustee shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Trustee pursuant to any requirements of the Code as from time to time in effect. The Trustee shall be entitled to rely on information provided by third parties for purposes of preparing the foregoing report, but shall not be responsible for the accuracy of such information.
(d) Not later than Pursuant to the Determination Date for each Distribution DateServicing Agreement, each the Servicer has agreed to provide certain monthly information to the Trustee. Pursuant to the Assignment Agreements, the Servicer shall furnish deliver to the Trustee, on a monthly basis, no later than each Remittance Advice Date a monthly remittance advice statement containing the information required by the Trustee to calculate and provide the reports required by Section 4.02(a) as to the accompanying remittance and the period ending on the close of business on the last Business Day of the immediately preceding month (or the last day of the Due Period, as applicable) (the "Servicer Remittance Report") containing ). On an ongoing basis, the data fields set forth on Exhibit X attached hereto (Trustee may reasonably request the Servicer to provide additional information to be included in each casesubsequent Servicer Remittance Reports. On the Closing Date, in a format mutually agreed upon by such Servicer and the Trustee) with respect to HomEq, containing the data fields set forth on Exhibit Y attached hereto with respect to Wells Fargo (in each case, in a format mutually agreed upon by such Serxxxxx and the Trustee) and containing the data fields set forth on Exhibit Z attached hereto with respect Countrywide Servicing (in each case, in a format mutually agreed upon by such Servicer and the Trustee) and such information as shall be reasonably requested (i) by the Depositor shall request the Servicer to enable the Depositor to disclose "static pool information"furnish an individual loan accounting report, as required by Item 1105 of Regulation AB, with respect to the Mortgage Loans, and (ii) by last day of the Trustee to enable the Trustee to provide the reports required by Section 4.03(a) as to the accompanying remittance and applicable Due Period and Prepayment Period of each month, to which such remittance relates. The Servicer Remittance Report shall, at a minimum, document, on such Determination Date, document Mortgage Loan payment activity on an individual Mortgage Loan basis. With respect to each month, as followsthe Trustee shall request the Servicer to furnish the corresponding individual loan accounting report (in electronic format) to be received by the Trustee no later than the Remittance Advice Date, which report shall contain the following:
(i) with respect to each Scheduled Monthly Payment, the amount of such remittance allocable to principal (including a separate breakdown of any Principal Prepayment, including the date of such prepayment, and any Prepayment ChargesPremiums, received during the related Prepayment Period along with a detailed report of interest on principal prepayment amounts remitted in accordance with Section 3.25the Servicing Agreement);
(ii) with respect to each Scheduled Monthly Payment, the amount of such remittance allocable to interest;
(iii) the amount of servicing compensation received by such Servicer during the prior distribution period;
(iv) the individual and aggregate Stated Principal Balance of the Mortgage Loans;
(viv) the aggregate of any expenses reimbursed to such the Servicer during the prior distribution period pursuant to Section 3.11; andthe Servicing Agreement;
(viv) the number and aggregate outstanding principal balances of Mortgage Loans (a) delinquent (1) 31 to 60 days, (2) 61 to 90 days, or (3) 91 days and 91 or more daysmore; (b) as to which foreclosure or bankruptcy proceedings of the related mortgagor have has commenced; and (c) as to which REO Property has been acquired. Concurrently with each delivery of a Servicer Remittance Report to the Trustee, Wells Fargo, acting as a Servicer, shall provide, in a manner consistenx xxxh the preceding paragraph, a supplemental statement (to the extent not previously provided) setting forth information in subclauses (v) and ; and
(vi). The Trustee shall promptly forward the Servicer Remittance Report and the related supplemental statement to the Depositor.
(e) Notwithstanding anything in Section 4.03(d) to the contrary, the Servicers shall be deemed to have satisfied the requirement to timely deliver the Servicer Remittance Report if such report is received any other information reasonably required by the Trustee on or prior to enable it to prepare the 18th calendar day of such month monthly statements referred to in which the related Determination Date occurs; provided, however, that if such 18th calendar day is a Sunday or a Monday which is not a Business Day, the Servicers shall be deemed to have satisfied the requirement to timely deliver the Servicer Remittance Report if the Trustee and the Depositor receive such report (i) on the next Business Day succeeding such 18th calendar day, or (ii) on the Business Day immediately preceding such 18th calendar day, if such succeeding Business Day is later than the 20th calendar day of such calendar monthSection 4.02(a).
(f) For all purposes of this Agreement, with respect to any Mortgage Loan, delinquencies shall be determined by the Trustee from information provided by the Servicers and reported by the Trustee based on the "OTS" methodology for determining delinquencies on mortgage loans similar to the Mortgage Loans. By way of example, a Mortgage Loan would be delinquent with respect to a Scheduled Payment due on a Due Date if such Scheduled Payment is not made by the close of business on the Mortgage Loan's next succeeding Due Date, and a Mortgage Loan would be more than 30-days Delinquent with respect to such Scheduled Payment if such Scheduled Payment were not made by the close of business on the Mortgage Loan's second succeeding Due Date. Each Servicer hereby represents and warrants to the Depositor that such Servicer is not subject to any delinquency recognition policy established by the primary safety and soundness regulator, if any, of such Servicer, that is more restrictive than the foregoing delinquency recognition policy.
Appears in 1 contract
Samples: Trust Agreement (New Century Alternative Mortgage Loan Trust 2006-Alt2)
Monthly Statements to Certificateholders. (a) Not later than each Distribution Date, the Trustee shall make available to each Certificateholder, the ServicersServicer, the Depositor and each Rating Agency a statement setting forth with respect to the related distribution:
(i) the actual Distribution Date, the related Record Date, the Interest Accrual Period(s) for each Class for such Distribution Date and the LIBOR Determination Date for such Interest Accrual Period;
(ii) the amount of Available Funds;
(iii) the amount of Available Funds allocable to principal, the Principal Remittance Amount (separately identifying the components thereof) and the Principal Distribution Amount (separately identifying the components thereof);
(iv) the amount of Available Funds allocable to interest and each Interest Remittance Amount;
(v) the amount of any Unpaid Interest Amount for each Class included in such distribution and any remaining Unpaid Interest Amounts after giving effect to such distribution, any Basis Risk CarryForward Amount for each Class and the amount of such Basis Risk CarryForward Amount covered by withdrawals from the Excess Reserve Fund Account on such Distribution Date;
(vi) if the distribution to the Holders of such Class of Certificates is less than the full amount that would be distributable to such Holders if there were sufficient funds available therefor, the amount of the shortfall and the allocation of the shortfall as between principal and interest, including any Basis Risk CarryForward Amount not covered by amounts in the Excess Reserve Fund Account;
(vii) the Class Certificate Balance of each Class of Certificates before and after giving effect to the distribution of principal on such Distribution Date;
(viii) the Pool Stated Principal Balance for the Distribution Date;
(ix) the amount of the Expense Fees paid to or retained by the Servicers Servicer or the Countrywide Servicer and the Trustee (stated separately and in the aggregate) with respect to such Distribution Date;
(x) the Pass-Through Rate for each such Class of Certificates with respect to such Distribution Date;
(xi) the amount of P&I Advances included in the distribution on such Distribution Date reported by the Servicers Servicer and the Countrywide Servicer (and the Trustee as successor Servicer servicer and any other successor Servicerservicer, if applicable) as of the close of business on the Determination Date immediately preceding such Distribution Date;
(xii) the number and aggregate outstanding principal balances of Mortgage Loans (1) as to which the Scheduled Payment is delinquent 31 to 60 days, 61 to 90 days and 91 or more days, (2) that have become REO Property, (3) that are in foreclosure and (4) that are in bankruptcy, in each case as of the close of business on the last Business Day of the immediately preceding month;
(xiii) with respect to any Mortgage Loans that became REO Properties during the preceding calendar month, the aggregate number of such Mortgage Loans and the aggregate Stated Principal Balance of such Mortgage Loans as of the close of business on the last Business Day of the immediately preceding month;
(xiv) the total number and outstanding principal balance of any REO Properties (and market value, if available) as of the close of business on the last Business Day of the immediately preceding month;
(xv) whether a Trigger Event has occurred and is continuing (including the calculation demonstrating the existence of the Trigger Event;
(xvi) the amount on deposit in the Excess Reserve Fund Account (after giving effect to distributions on such Distribution Date);
(xvii) in the aggregate and for each Class of Certificates, the aggregate amount of Applied Realized Loss Amounts incurred during the preceding calendar month and aggregate Applied Realized Loss Amounts through such Distribution Date;
(xviii) the amount of any Net Monthly Excess Cash Flow on such Distribution Date and the allocation of it to the Certificateholders with respect to Unpaid Interest Amounts, Unpaid Realized Loss Amounts or Basis Risk CarryForward Amounts;
(xix) the amount of any Net Swap Payments, Net Swap Receipts, Swap Termination Payments or Defaulted Swap Termination Payments;
(xx) the calculations of LIBOR and Swap LIBOR;
(xxi) the Subordinated Amount and Specified Subordinated Amount;
(xxii) Prepayment Charges collected or paid (pursuant to Section 3.07(a)) or the Countrywide Servicing Agreement, as applicable) by the ServicersServicer and the Countrywide Servicer;
(xxiii) the Cumulative Loss Percentage and the aggregate amount of Realized Losses used to calculate the Cumulative Loss Percentage;
(xxiv) the amount distributed on the Class X Certificates;
(xxv) the amount of any Subsequent Recoveries for such Distribution Date;
(xxvi) the Pre-Funded Amount as of the end of the prior Due Period;
(xxvii) the amount of any principal prepayment on the Certificates resulting from the application of unused moneys in the Pre-Funding Account; and
(xxviiixxvi) the number of Mortgage Loans at the end of the applicable reporting period, the pool factor (being the Stated Principal Balance of the Mortgage Loans for the related Distribution Date divided by the Cut-off Date Principal Balance), and the weighted average interest rate, and weighted average remaining term; In addition, each Form 10-D prepared and filed by the Trustee pursuant to Section 8.12 shall include the following information with respect to the related distribution:
(i) material breaches of Mortgage Loan representations and warranties under this Agreement of which the Trustee has actual knowledge or has received written notice; and
(ii) material breaches of any covenants under this Agreement of which the Trustee has actual knowledge or received written notice.
(b) The Trustee's responsibility for providing the above statement to the Certificateholders, each Rating Agency and the Depositor is limited, if applicable, to the availability, timeliness and accuracy of the information derived from the Servicers Servicer or the Countrywide Servicer and the Swap Provider. The Trustee shall make available the above statement via the Trustee's internet website. The Trustee's website will initially be located at https://www.tss.db.com/invr and assistance in using the website can be xxxxxxxx xx xxxxxxx xxx Xxxstee's investor relations desk at 1-800-735-7777. Parties that are unable to use the website are entitled xx xxxx x xxxer copy mailed to them via first class mail by calling the investor relations desk and indicating such. The Trustee may change the way the monthly statements to Certificateholders are distributed in order to make such distribution more convenient and/or more accessible to the above parties and the Trustee shall provide timely and adequate notification to all above parties regarding any such changes. As a condition to access the Trustee's internet website, the Trustee may require registration and the acceptance of a disclaimer. The Trustee will not be liable for the dissemination of information in accordance with this Agreement. The Trustee shall make available to each Analytics Company, either electronically or via the Trustee's internet website, each statement to Certificateholders prepared pursuant to Section 4.03(a). The Trustee (and the applicable Servicer, if such discrepancy results from or arises out of any information provided by the applicable Servicer pursuant to this Agreement) shall cooperate in good faith with the Depositor to reconcile any discrepancies in such statements, and the Trustee shall provide any corrections to such statements to each Analytics Company as soon as reasonably practicable after the related Distribution Date. The Trustee will also be entitled to rely on but shall not be responsible for the content or accuracy of any information provided by third parties for purposes of preparing the monthly statement to Certificateholders and may affix thereto any disclaimer it deems appropriate in its reasonable discretion (without suggesting liability on the part of any other party hereto).
(c) Within a reasonable period of time after the end of each calendar year, the Trustee shall cause to be furnished to each Person who at any time during the calendar year was a Certificateholder, a statement containing the information set forth in clauses (a)(i) and (a)(ii) of this Section 4.03 aggregated for such calendar year or applicable portion thereof during which such Person was a Certificateholder. Such obligation of the Trustee shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Trustee pursuant to any requirements of the Code as from time to time in effect.
(d) Not later than the Determination Date for each Distribution Date, each the Servicer shall furnish to the Trustee, a monthly remittance advice statement (the "Servicer Remittance Report") containing the data fields set forth on Exhibit X Y attached hereto (in each case, in a format mutually agreed upon by such Servicer and the Trustee) with respect to HomEq, containing the data fields set forth on Exhibit Y attached hereto with respect to Wells Fargo (in each case, in a format mutually agreed upon by such Serxxxxx and the Trustee) and containing the data fields set forth on Exhibit Z attached hereto with respect Countrywide Servicing (in each case, in a format mutually agreed upon by such Servicer and the Trustee) and such information as shall be reasonably requested (i) by the Depositor to enable the Depositor to disclose "static pool information", as required by Item 1105 of Regulation AB, with respect to the Mortgage Loans, and (ii) by the Trustee to enable the Trustee to provide the reports required by Section 4.03(a) as to the accompanying remittance and applicable Due Period and Prepayment Period to which such remittance relates. The Servicer Remittance Report shall, at a minimum, document, on such Determination Date, Mortgage Loan payment activity on an individual Mortgage Loan basis, as follows:
(i) with respect to each Scheduled Payment, the amount of such remittance allocable to principal (including a separate breakdown of any Principal Prepayment, including the date of such prepayment, and any Prepayment Charges, received during the related Prepayment Period along with a detailed report of interest on principal prepayment amounts remitted in accordance with Section 3.25);
(ii) with respect to each Scheduled Payment, the amount of such remittance allocable to interest;
(iii) the amount of servicing compensation received by such the Servicer during the prior distribution period;
(iv) the individual and aggregate Stated Principal Balance of the Mortgage Loans;
(v) the aggregate expenses reimbursed to such the Servicer during the prior distribution period pursuant to Section 3.11; and
(vi) the number and aggregate outstanding principal balances of Mortgage Loans (a) delinquent 31 to 60 days, 61 to 90 days and 91 or more days; (b) as to which foreclosure or bankruptcy proceedings of the related mortgagor have commenced; and (c) as to which REO Property has been acquired. Concurrently with each delivery of a the Servicer Remittance Report to the Trustee, Wells Fargo, acting as a the Servicer, shall provide, in a manner consistenx xxxh consistxxx xith the preceding paragraph, a supplemental statement (to the extent not previously provided) setting forth information in subclauses (v) and (vi). The Trustee shall promptly forward the Servicer Remittance Report and the related supplemental statement to the Depositor.
(e) Notwithstanding anything in Section 4.03(d) to the contrary, the Servicers Servicer shall be deemed to have satisfied the requirement to timely deliver the Servicer Remittance Report if such report is received by the Trustee on or prior to the 18th calendar day of such month in which the related Determination Date occurs; provided, however, that if such 18th calendar day is a Sunday or a Monday which is not a Business Day, the Servicers Servicer shall be deemed to have satisfied the requirement to timely deliver the Servicer Remittance Report if the Trustee and the Depositor receive such report (i) on the next Business Day succeeding such 18th calendar day, or (ii) on the Business Day immediately preceding such 18th calendar day, if such succeeding Business Day is later than the 20th calendar day of such calendar month.
(f) For all purposes of this Agreement, with respect to any Mortgage Loan, delinquencies shall be determined by the Trustee from information provided by the Servicers Servicer and reported by the Trustee based on the "OTS" methodology for determining delinquencies on mortgage loans similar to the Mortgage Loans. By way of example, a Mortgage Loan would be delinquent with respect to a Scheduled Payment due on a Due Date if such Scheduled Payment is not made by the close of business on the Mortgage Loan's next succeeding Due Date, and a Mortgage Loan would be more than 30-days Delinquent with respect to such Scheduled Payment if such Scheduled Payment were not made by the close of business on the Mortgage Loan's second succeeding Due Date. Each The Servicer hereby represents and warrants to the Depositor that such the Servicer is not subject to any delinquency recognition policy established by the primary safety and soundness regulator, if any, of such the Servicer, that is more restrictive than the foregoing delinquency recognition policy.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Morgan Stanley ABS Capital I Inc. Trust 2006-He4)
Monthly Statements to Certificateholders. (a) Not later than each Distribution Date, the Trustee shall make available to each Certificateholder, the Servicers, the Depositor and each Rating Agency a statement setting forth with respect to the related distribution:
(i) the actual Distribution Date, the related Record Date, the Interest Accrual Period(s) for each Class for such Distribution Date and the LIBOR Determination Date for such Interest Accrual Period;
(ii) the amount of Available Funds;
(iii) the amount of Available Funds allocable to principal, the Principal Remittance Amount (separately identifying the components thereof) and the Principal Distribution Amount (separately identifying the components thereof);
(iv) the amount of Available Funds allocable to interest and each Interest Remittance Amount;
(v) the amount of any Unpaid Interest Amount for each Class included in such distribution and any remaining Unpaid Interest Amounts after giving effect to such distribution, any Basis Risk CarryForward Amount for each Class and the amount of such Basis Risk CarryForward Amount covered by withdrawals from the Excess Reserve Fund Account on such Distribution Date;
(vi) if the distribution to the Holders of such Class of Certificates is less than the full amount that would be distributable to such Holders if there were sufficient funds available therefor, the amount of the shortfall and the allocation of the shortfall as between principal and interest, including any Basis Risk CarryForward Amount not covered by amounts in the Excess Reserve Fund Account;
(vii) the Class Certificate Balance of each Class of Certificates before and after giving effect to the distribution of principal on such Distribution Date;
(viii) the Pool Stated Principal Balance for the related Distribution Date;
(ix) the amount of the Expense Fees paid to or retained by the Servicers and the Trustee (stated separately and in the aggregate) with respect to such Distribution Date;
(x) the Pass-Through Rate for each such Class of Certificates with respect to such Distribution Date;
(xi) the amount of P&I Advances included in the distribution on such Distribution Date reported by the Servicers (and the Trustee as successor Servicer servicer and any other successor Servicerservicer, if applicable) as of the close of business on the Determination Date immediately preceding such Distribution Date;
(xii) the number and aggregate outstanding principal balances of Mortgage Loans (1) as to which the Scheduled Payment is delinquent 31 to 60 days, 61 to 90 days and 91 or more days, (2) that have become REO Property, (3) that are in foreclosure and (4) that are in bankruptcy, in each case as of the close of business on the last Business Day of the immediately preceding month;
(xiii) with respect to any Mortgage Loans that became REO Properties during the preceding calendar month, the aggregate number of such Mortgage Loans and the aggregate Stated Principal Balance of such Mortgage Loans as of the close of business on the last Business Day of the immediately preceding month;
(xiv) the total number and outstanding principal balance of any REO Properties (and market value, if available) as of the close of business on the last Business Day of the immediately preceding month;
(xv) whether a Trigger Event has occurred and is continuing (including separately identifying the components of the calculation demonstrating resulting in the existence of the Trigger EventEvent and the aggregate outstanding balance of all 60+ Day Delinquent Mortgage Loans);
(xvi) the amount on deposit in the Excess Reserve Fund Account (after giving effect to distributions on such Distribution Date);
(xvii) in the aggregate and for each Class of Certificates, the aggregate amount of Applied Realized Loss Amounts incurred during the preceding calendar month and aggregate Applied Realized Loss Amounts through such Distribution Date;
(xviii) the amount of any Net Monthly Excess Cash Flow on such Distribution Date and the allocation of it to the Certificateholders with respect to Unpaid Interest Amounts, Unpaid Realized Loss Amounts or Amounts, and Basis Risk CarryForward Amounts;
(xix) the amount of any Net Swap Payments, Net Swap Receipts, Swap Termination Payments or Defaulted Swap Termination Payments;
(xx) the calculations rates of LIBOR and Swap LIBOR, as calculated by or provided to the Trustee, as applicable;
(xxi) the Subordinated Amount and Specified Subordinated Amount;
(xxii) Prepayment Charges collected or paid (pursuant to Section 3.07(a)) by the Servicers;
(xxiii) the Cumulative Loss Percentage and the aggregate amount of Realized Losses used to calculate the Cumulative Loss Percentage;
(xxiv) the amount distributed on the Class X Certificates;
(xxv) the amount of any Subsequent Recoveries for such Distribution Date;
(xxvi) the Pre-Funded Amount as of the end of the prior Due Period;
(xxvii) the amount of any principal prepayment on the Certificates resulting from the application of unused moneys in the Pre-Funding Account; and
(xxviii) the number of Mortgage Loans at the beginning and end of the applicable reporting period, the pool factor (being the Stated Principal Balance of the Mortgage Loans for the related Distribution Date divided by the Cut-off Date Principal Balance), and the weighted average interest rate, and weighted average remaining term; and
(xxvii) the Interest Rate Cap Payment, if any, for such Distribution Date. In addition, each Form 10-D prepared and filed by the Trustee pursuant to Section 8.12 shall include the following information with respect to the related distribution:
(i) material breaches of Mortgage Loan representations and warranties under this Agreement of which the Trustee has actual knowledge or has received written notice; and
(ii) material breaches of any covenants under this Agreement of which the Trustee has actual knowledge or has received written notice.; provided that, if the Trustee receives written notice of the events described in (i) and/or (ii) above from any Servicer, such Servicer shall be responsible for providing information to the Trustee for inclusion in the applicable Form 10-D.
(b) The Trustee's ’s responsibility for providing the above statement to the Certificateholders, each Rating Agency Agency, and the Depositor is limited, if applicable, to the availability, timeliness and accuracy of the information derived from the Swap Provider, the Servicers and the Swap ProviderResponsible Party. The Trustee shall make available the above statement via the Trustee's ’s internet website. The Trustee's ’s website will initially be located at https://www.tss.db.com/invr hxxxx://xxx.xxx.xx.xxx/xxxx and assistance in using the website can be xxxxxxxx xx xxxxxxx xxx Xxxstee's obtained by calling the Trustee’s investor relations desk at 1-800000-735000-77770000. Parties that are unable to use the website are entitled xx xxxx x xxxer to have a paper copy mailed to them via first class mail by calling the investor relations desk and indicating such. The Trustee may change the way the monthly statements to Certificateholders are distributed in order to make such distribution more convenient and/or more accessible to the above parties and the Trustee shall provide timely and adequate notification to all above parties regarding any such changes. As a condition to access the Trustee's ’s internet website, the Trustee may require registration and the acceptance of a disclaimer. The Trustee will not be liable for the dissemination of information in accordance with this Agreement. The Trustee shall make available to each Analytics Company, either electronically or via the Trustee's ’s internet website, each statement to Certificateholders prepared pursuant to Section 4.03(a4.03(b). The Trustee (and the applicable Servicer, if such discrepancy results from or arises out of any information provided by the applicable Servicer pursuant to this Agreement) shall cooperate in good faith with the Depositor to reconcile any discrepancies in such statements, and the Trustee shall provide any corrections to such statements to each Analytics Company as soon as reasonably practicable after the related Distribution Date. The Trustee will also be entitled to rely on but shall not be responsible for the content or accuracy of any information provided by third parties for purposes of preparing the monthly statement to Certificateholders and may affix thereto any disclaimer it deems appropriate in its reasonable discretion (without suggesting liability on the part of any other party hereto).
(c) Within a reasonable period of time after the end of each calendar year, the Trustee shall cause to be furnished to each Person who at any time during the calendar year was a Certificateholder, a statement containing the information set forth in clauses (a)(i) and (a)(ii) of this Section 4.03 aggregated for such calendar year or applicable portion thereof during which such Person was a Certificateholder. Such obligation of the Trustee shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Trustee pursuant to any requirements of the Code as from time to time in effect.
(d) Not On the 18th day of each month, or if such date is not a Business Day, the next succeeding Business Day (but in no event later than the Determination Date for 20th day of each Distribution Datemonth), each Servicer shall furnish to the Trustee, a monthly remittance advice statement (the "“Servicer Remittance Report"”) containing the data fields set forth on Exhibit X W-1 attached hereto (hereto, in each casethe case of Saxon, or Exhibit W-2 attached hereto, in the case of Countrywide Servicing, in a format mutually agreed upon by such Servicer and the Trustee) with respect to HomEq, containing the data fields set forth on Exhibit Y attached hereto with respect to Wells Fargo (in each case, in a format mutually agreed upon by such Serxxxxx and the Trustee) and containing the data fields set forth on Exhibit Z attached hereto with respect Countrywide Servicing (in each case, in a format mutually agreed upon by such Servicer and the Trustee) Trustee and such information as shall be reasonably requested (i) by the Depositor to enable the Depositor to disclose "“static pool information"”, as required by Item 1105 of Regulation AB, with respect to the Mortgage Loans, and (ii) by the Trustee to enable the Trustee to provide the reports required by Section 4.03(a) as to the accompanying remittance and applicable Due Period and Prepayment Period to which such remittance relates. The Servicer Remittance Report shall, at a minimum, document, on such Determination Date, Mortgage Loan payment activity on an individual Mortgage Loan basis, as follows:
(i) with respect to each Scheduled Payment, the amount of such remittance allocable to principal (including a separate breakdown of any Principal Prepayment, including the date of such prepayment, and any Prepayment Charges, received during the related Prepayment Period along with a detailed report of interest on principal prepayment amounts remitted in accordance with Section 3.25);
(ii) with respect to each Scheduled Payment, the amount of such remittance allocable to interest;
(iii) the amount of servicing compensation received by such Servicer during the prior current distribution period;
(iv) the individual and aggregate Stated Principal Balance of the Mortgage Loans;
(v) the aggregate expenses reimbursed to such Servicer during the prior distribution period pursuant to Section 3.11; and
(vi) the number and aggregate outstanding principal balances of Mortgage Loans (a) delinquent 31 to 60 days, 61 to 90 days and 91 or more days; (b) as to which foreclosure or bankruptcy proceedings of the related mortgagor have commenced; and (c) as to which REO Property has been acquired. Concurrently with each delivery of a Servicer Remittance Report to the Trustee, Wells Fargo, acting as a Servicer, shall provide, in a manner consistenx xxxh the preceding paragraph, a supplemental statement (to the extent not previously provided) setting forth information in subclauses (v) and (vi). The Trustee shall promptly forward the Servicer Remittance Report and the related supplemental statement to the Depositor.
(e) Notwithstanding anything in Section 4.03(d) to the contrary, the Servicers each Servicer shall be deemed to have satisfied the requirement to timely deliver the Servicer Remittance Report if such report is received by the Trustee on or prior to the 18th calendar day of such month in which the related Determination Date occurs; provided, however, that if such 18th calendar day is a Sunday or a Monday which is not a Business Day, the Servicers each Servicer shall be deemed to have satisfied the requirement to timely deliver the Servicer Remittance Report if the Trustee and the Depositor receive such report (i) on the next Business Day succeeding such 18th calendar day, or (ii) on the Business Day immediately preceding such 18th calendar day, if such succeeding Business Day is later than the 20th calendar day of such calendar month.
(f) For all purposes of this Agreement, with respect to any Mortgage Loan, delinquencies shall be determined by the Trustee from information provided by the Servicers each Servicer and reported by the Trustee based on the "OTS" OTS methodology for determining delinquencies on mortgage loans similar to the Mortgage Loans. By way of example, a Mortgage Loan would be delinquent with respect to a Scheduled Payment due on a Due Date if such Scheduled Payment is not made by the close of business on the Mortgage Loan's next succeeding Due Date, and a Mortgage Loan would be more than 30-days Delinquent with respect to such Scheduled Payment if such Scheduled Payment were not made by the close of business on the Mortgage Loan's ’s second succeeding Due Date. Each Servicer hereby represents and warrants to the Depositor that such Servicer is not subject to any delinquency recognition policy established by the primary safety and soundness regulator, if any, of such Servicer, that is more restrictive than the foregoing delinquency recognition policy.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Morgan Stanley ABS Capital I Inc. Trust 2007-Nc1)
Monthly Statements to Certificateholders. (a) Not later than each Distribution Date, the Trustee Securities Administrator shall make available to each Certificateholder, the Servicers, the Depositor Depositor, the Master Servicer and each Rating Agency a statement setting forth with respect to the related distribution:
(i) the actual Distribution Date, the related Record Date, the Interest Accrual Period(s) for each Class for such Distribution Date and the LIBOR Determination Date for such Interest Accrual Period;
(ii) the amount of Available Funds;
(iii) the amount of Available Funds allocable to principal, the Principal Remittance Amount (separately identifying the components thereof) and the Principal Distribution Amount (separately identifying the components thereof);
(iv) the amount of Available Funds allocable to interest and each Interest Remittance Amount;
(v) the amount of any Unpaid Interest Amount for each Class included in such distribution and any remaining Unpaid Interest Amounts after giving effect to such distribution, any Basis Risk CarryForward Amount for each Class and the amount of such Basis Risk CarryForward Amount covered by withdrawals from the Excess Reserve Fund Account on such Distribution Date;
(vi) if the distribution to the Holders of such Class of Certificates is less than the full amount that would be distributable to such Holders if there were sufficient funds available therefor, the amount of the shortfall and the allocation of the shortfall as between principal and interest, including any Basis Risk CarryForward Amount not covered by amounts in the Excess Reserve Fund Account;
(vii) the Class Certificate Balance of each Class of Certificates before and after giving effect to the distribution of principal on such Distribution Date;
(viii) the Pool Stated Principal Balance for the Distribution Date;
(ix) the amount of the Expense Fees paid to or retained by the Servicers and the Trustee Securities Administrator and the Master Servicer (stated separately and in the aggregate) with respect to such Distribution Date;
(x) the Pass-Through Rate for each such Class of Certificates with respect to such Distribution Date;
(xi) the amount of P&I Advances included in the distribution on such Distribution Date reported by the Servicers (and the Trustee Master Servicer as successor Servicer and any other successor Servicer, if applicable) as of the close of business on the Determination Date immediately preceding such Distribution Date;
(xii) the number and aggregate outstanding principal balances of Mortgage Loans (1) as to which the Scheduled Payment is delinquent 31 to 60 days, 61 to 90 days and 91 or more days, (2) that have become REO Property, (3) that are in foreclosure and (4) that are in bankruptcy, in each case as of the close of business on the last Business Day of the immediately preceding month;
(xiii) with respect to any Mortgage Loans that became REO Properties during the preceding calendar month, the aggregate number of such Mortgage Loans and the aggregate Stated Principal Balance of such Mortgage Loans as of the close of business on the last Business Day of the immediately preceding month;
(xiv) the total number and outstanding principal balance of any REO Properties (and market value, if available) as of the close of business on the last Business Day of the immediately preceding month;
(xv) whether a Trigger Event has occurred and is continuing (including the calculation demonstrating the existence of the Trigger Event);
(xvi) the amount on deposit in the Excess Reserve Fund Account (after giving effect to distributions on such Distribution Date);
(xvii) in the aggregate and for each Class of Certificates, the aggregate amount of Applied Realized Loss Amounts incurred during the preceding calendar month and aggregate Applied Realized Loss Amounts through such Distribution Date;
(xviii) the amount of any Net Monthly Excess Cash Flow on such Distribution Date and the allocation of it to the Certificateholders with respect to Unpaid Interest Amounts, Unpaid Realized Loss Amounts or Basis Risk CarryForward Amounts;
(xix) the amount of any Net Swap Payments, Net Swap Receipts, Swap Termination Payments or Defaulted Swap Termination Payments;
(xx) the calculations of LIBOR and Swap LIBOR;
(xxi) the Subordinated Amount and Specified Subordinated Amount;
(xxii) Prepayment Charges collected or paid (pursuant to Section 3.07(a)) by the Servicers;
(xxiii) the Cumulative Loss Percentage and the aggregate amount of Realized Losses used to calculate the Cumulative Loss Percentage;
(xxiv) the amount distributed on the Class X Certificates;
(xxv) the amount of any Subsequent Recoveries for such Distribution Date;
(xxvi) the Pre-Funded Amount as of the end of the prior Due Period;
(xxvii) the amount of any principal prepayment on the Certificates resulting from the application of unused moneys in the Pre-Funding Account; and
(xxviii) the number of Mortgage Loans at the end of the applicable reporting period, the pool factor (being the Stated Principal Balance of the Mortgage Loans for the related Distribution Date divided by the Cut-off Date Principal Balance), and the weighted average interest rate, and weighted average remaining term; and
(xxvii) the Interest Rate Cap Payment, if any, for such Distribution Date. In addition, each Form 10-D prepared and filed by the Trustee Securities Administrator pursuant to Section 8.12 shall include the following information with respect to the related distribution:distribution (including to the extent such information is provided by the Trustee to the Securities Administrator):
(i) material breaches of Mortgage Loan representations and warranties under this Agreement of which the Trustee Securities Administrator has actual knowledge or has received written notice; and
(ii) material breaches of any covenants under this Agreement of which the Trustee Securities Administrator has actual knowledge or received written notice.; provided that, if the Securities Administrator receives written notice of the events described in (i) and/or (ii) above from any Servicer, such Servicer shall be responsible for providing information to the Securities Administrator for inclusion in the applicable Form 10-D.
(b) The TrusteeSecurities Administrator's responsibility for providing the above statement to the Certificateholders, each Rating Agency Agency, the Master Servicer and the Depositor is limited, if applicable, to the availability, timeliness and accuracy of the information derived from the Servicers Servicers, the Master Servicer and the Swap Provider. The Trustee Securities Administrator shall make available the above statement via the TrusteeSecurities Administrator's internet website. The TrusteeSecurities Administrator's website will initially be located at https://www.tss.db.com/invr http://www.ctslink.com and assistance in using the website can be xxxxxxxx obtaixxx xx xxxxxxx xxx XxxsteeXxxurities Administrator's investor relations customer service desk at 1(301) 815-800-735-77776600. Parties that are unable to use the website are entitled xx xxxx x xxxer copy mailed to them via first class mail by calling the investor relations customer service desk and indicating such. The Trustee Securities Administrator may change the way the monthly statements to Certificateholders are distributed in order to make such distribution more convenient and/or more accessible to the above parties and the Trustee Securities Administrator shall provide timely and adequate notification to all above parties regarding any such changes. As a condition to access the Trustee's internet website, the Trustee may require registration and the acceptance of a disclaimer. The Trustee Securities Administrator will not be liable for the dissemination of information in accordance with this Agreement. The Trustee Securities Administrator shall make available to each Analytics Company, either electronically or via the TrusteeSecurities Administrator's internet website, each statement to Certificateholders prepared pursuant to Section 4.03(a). The Trustee Securities Administrator (and the applicable Servicer, if such discrepancy results from or arises out of any information provided by the applicable Servicer pursuant to this Agreement) shall cooperate in good faith with the Depositor to reconcile any discrepancies in such statements, and the Trustee Securities Administrator shall provide any corrections to such statements to each Analytics Company as soon as reasonably practicable after the related Distribution Date. The Trustee Securities Administrator will also be entitled to rely on but shall not be responsible for the content or accuracy of any information provided by third parties for purposes of preparing the monthly statement to Certificateholders and may affix thereto any disclaimer it deems appropriate in its reasonable discretion (without suggesting liability on the part of any other party hereto).
(c) Within a reasonable period of time after the end of each calendar year, the Trustee Securities Administrator shall cause to be furnished to each Person who at any time during the calendar year was a Certificateholder, a statement containing the information set forth in clauses (a)(i) and (a)(ii) of this Section 4.03 aggregated for such calendar year or applicable portion thereof during which such Person was a Certificateholder. Such obligation of the Trustee Securities Administrator shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Trustee Securities Administrator pursuant to any requirements of the Code as from time to time in effect.
(d) Not The Securities Administrator shall be entitled to rely on information provided by third parties for purposes of preparing the foregoing report, but shall not be responsible for the accuracy of such information.
(e) No later than the Determination Date for each Distribution DateDate with respect to New Century, and on 18th day of each month, or if such date is not a Business Day, the next succeeding Business Day (but in no event later than the 20th day of each month) with respect to Saxon and Countrywide Servicing, each Servicer shall furnish to the TrusteeMaster Servicer, a monthly remittance advice statement (the "Servicer Remittance Report") containing the data fields set forth on Exhibit X X-1 attached hereto (or, in the case of Countrywide Servicing, Exhibit X-2 attached hereto), a monthly defaulted loan report containing the data fields set forth on Exhibit Y-1 attached hereto (or, in the case of Countrywide Servicing, Exhibit Y-2 attached hereto) in the case of each caseExhibit specified in this Section 4.03(e), in a format mutually agreed upon by such the applicable Servicer and the Trustee) with respect to HomEq, containing the data fields set forth on Exhibit Y attached hereto with respect to Wells Fargo (in each case, in a format mutually agreed upon by such Serxxxxx and the Trustee) and containing the data fields set forth on Exhibit Z attached hereto with respect Countrywide Servicing (in each case, in a format mutually agreed upon by such Master Servicer and the Trustee) and such information as shall be reasonably requested (i) by the Depositor to enable the Depositor to disclose "static pool information", as required by Item 1105 of Regulation AB, with respect to the Mortgage Loans, and (ii) by the Trustee Master Servicer to enable the Trustee Securities Administrator to provide the reports required by Section 4.03(a) as to the accompanying remittance and applicable Due Period and Prepayment Period to which such remittance relates. The Servicer Remittance Report shall, at a minimum, document, on such Determination Date, Mortgage Loan payment activity on an individual Mortgage Loan basis, as follows:
(i) with respect to each Scheduled Payment, the amount of such remittance allocable to principal (including a separate breakdown of any Principal Prepayment, including the date of such prepayment, and any Prepayment Charges, received during the related Prepayment Period along with a detailed report of interest on principal prepayment amounts remitted in accordance with Section 3.25);
(ii) with respect to each Scheduled Payment, the amount of such remittance allocable to interest;
(iii) the amount of servicing compensation received by such Servicer during the prior current distribution period;
(iv) the individual and aggregate Stated Principal Balance of the Mortgage Loans;
(v) the aggregate expenses reimbursed to such Servicer during the prior distribution period pursuant to Section 3.11; and
(vi) the number and aggregate outstanding principal balances of Mortgage Loans (a) delinquent 31 to 60 days, 61 to 90 days and 91 or more days; (b) as to which foreclosure or bankruptcy proceedings of the related mortgagor have commenced; and (c) as to which REO Property has been acquired. Concurrently with each delivery of a The Master Servicer Remittance Report to the Trustee, Wells Fargo, acting as a Servicer, shall provide, in a manner consistenx xxxh the preceding paragraph, a supplemental statement (to the extent not previously provided) setting forth information in subclauses (v) and (vi). The Trustee shall promptly forward make available the Servicer Remittance Report and the related supplemental statement to the Depositor.
(e) Notwithstanding anything in Section 4.03(d) to the contrary, the Servicers shall be deemed to have satisfied the requirement to timely deliver the Servicer Remittance Report if such report is received by the Trustee on or prior to the 18th calendar day of such month in which the related Determination Date occurs; provided, however, that if such 18th calendar day is a Sunday or a Monday which is not a Business Day, the Servicers shall be deemed to have satisfied the requirement to timely deliver the Servicer Remittance Report if the Trustee Depositor and the Depositor receive such report (i) on the next Business Day succeeding such 18th calendar day, or (ii) on the Business Day immediately preceding such 18th calendar day, if such succeeding Business Day is later than the 20th calendar day of such calendar monthSecurities Administrator.
(f) [Reserved].
(g) For all purposes of this Agreement, with respect to any Mortgage Loan, delinquencies shall be determined by the Trustee Securities Administrator from information provided by the Servicers and reported by the Trustee Securities Administrator based on the "OTS" methodology for determining delinquencies on mortgage loans similar to the Mortgage Loans. By way of example, a Mortgage Loan would be delinquent with respect to a Scheduled Payment due on a Due Date if such Scheduled Payment is not made by the close of business on the Mortgage Loan's next succeeding Due Date, and a Mortgage Loan would be more than 30-days Delinquent with respect to such Scheduled Payment if such Scheduled Payment were not made by the close of business on the Mortgage Loan's second succeeding Due Date. Each Servicer hereby represents and warrants to the Depositor that such Servicer is not subject to any delinquency recognition policy established by the primary safety and soundness regulator, if any, of such Servicer, that is more restrictive than the foregoing delinquency recognition policy.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Morgan Stanley ABS Capital I Inc. Trust 2006-He8)
Monthly Statements to Certificateholders. (a) Not later than each Distribution Date, the Trustee shall make available to each Certificateholder, the Servicers, the Depositor Depositor, and each Rating Agency a statement setting forth with respect to the related distribution:
(i) the actual Distribution Date, the related Record Date, the Interest Accrual Period(s) for each Class for such Distribution Date and the LIBOR Determination Date for such Interest Accrual Period;
(ii) the amount of Available Funds;
(iii) the amount of Available Funds allocable to principal, the Principal Remittance Amount (separately identifying the components thereof) and the Principal Distribution Amount (separately identifying the components thereof);
(iv) the amount of Available Funds allocable to interest and each Interest Remittance Amount;
(v) the amount of any Unpaid Interest Amount for each Class included in such distribution and any remaining Unpaid Interest Amounts after giving effect to such distribution, any Basis Risk CarryForward Amount for each Class and the amount of such Basis Risk CarryForward Amount covered by withdrawals from the Excess Reserve Fund Account on such Distribution Date;
(vi) if the distribution to the Holders of such Class of Certificates is less than the full amount that would be distributable to such Holders if there were sufficient funds available therefor, the amount of the shortfall and the allocation of the shortfall as between principal and interest, including any Basis Risk CarryForward Amount not covered by amounts in the Excess Reserve Fund Account;
(vii) the Class Certificate Balance of each Class of Certificates before and after giving effect to the distribution of principal on such Distribution Date;
(viii) the Pool Stated Principal Balance for the Distribution Date;
(ix) the amount of the Expense Fees paid to or retained by the Servicers and the Trustee (stated separately and in the aggregate) with respect to such Distribution Date;
(x) the Pass-Through Rate for each such Class of Certificates with respect to such Distribution Date;
(xi) the amount of P&I Advances included in the distribution on such Distribution Date reported by the Servicers (and the Trustee as successor Servicer and any other successor Servicer, if applicable) as of the close of business on the Determination Date immediately preceding such Distribution Date;
(xii) the number and aggregate outstanding principal balances of Mortgage Loans (1) as to which the Scheduled Payment is delinquent 31 to 60 days, 61 to 90 days and 91 or more days, (2) that have become REO Property, (3) that are in foreclosure and (4) that are in bankruptcy, in each case as of the close of business on the last Business Day of the immediately preceding month;
(xiii) with respect to any Mortgage Loans that became REO Properties during the preceding calendar month, the aggregate number of such Mortgage Loans and the aggregate Stated Principal Balance of such Mortgage Loans as of the close of business on the last Business Day of the immediately preceding month;
(xiv) the total number and outstanding principal balance of any REO Properties (and market value, if available) as of the close of business on the last Business Day of the immediately preceding month;
(xv) whether a Trigger Event has occurred and is continuing (including the calculation demonstrating the existence of the Trigger Event);
(xvi) the amount on deposit in the Excess Reserve Fund Account (after giving effect to distributions on such Distribution Date);
(xvii) in the aggregate and for each Class of Certificates, the aggregate amount of Applied Realized Loss Amounts incurred during the preceding calendar month and aggregate Applied Realized Loss Amounts through such Distribution Date;
(xviii) the amount of any Net Monthly Excess Cash Flow on such Distribution Date and the allocation of it to the Certificateholders with respect to Unpaid Interest Amounts, Unpaid Realized Loss Amounts or Basis Risk CarryForward Amounts;
(xix) the amount of any Net Swap Payments, Net Swap Receipts, Swap Termination Payments or Defaulted Swap Termination Payments;
(xx) the calculations of LIBOR and Swap LIBOR;
(xxi) the Subordinated Amount and Specified Subordinated Amount;
(xxii) Prepayment Charges collected or paid (pursuant to Section 3.07(a)) by the Servicers;
(xxiii) the Cumulative Loss Percentage and the aggregate amount of Realized Losses used to calculate the Cumulative Loss Percentage;
(xxiv) the amount distributed on the Class X Certificates;
(xxv) the amount of any Subsequent Recoveries for such Distribution Date;
(xxvi) the Pre-Funded Amount as of the end of the prior Due Period;
(xxvii) the amount of any principal prepayment on the Certificates resulting from the application of unused moneys in the Pre-Funding Account; and
(xxviiixxvi) the number of Mortgage Loans at the end of the applicable reporting period, the pool factor (being the Stated Principal Balance of the Mortgage Loans for the related Distribution Date divided by the Cut-off Date Principal Balance), and the weighted average interest rate, and weighted average remaining term; . In addition, each Form 10-D prepared and filed by the Trustee pursuant to Section 8.12 shall include the following information with respect to the related distribution:
(i) material breaches of Mortgage Loan representations and warranties under this Agreement of which the Trustee has actual knowledge or has received written notice; and
(ii) material breaches of any covenants under this Agreement of which the Trustee has actual knowledge or received written notice.; provided that, if the Trustee receives written notice of the events described in (i) and/or (ii) above from any Servicer, such Servicer shall be responsible for providing information to the Trustee for inclusion in the applicable Form 10-D.
(b) The Trustee's responsibility for providing the above statement to the Certificateholders, each Rating Agency and the Depositor is limited, if applicable, to the availability, timeliness and accuracy of the information derived from the Servicers and the Swap Provider. The Trustee shall make available the above statement via the Trustee's internet website. The Trustee's website will initially be located at https://www.tss.db.com/invr https: www.tss.db.com/invr and assistance in using the website can be xxxxxxxx obtained xx xxxxxxx xxx Xxxstee's investor relations desk at 1-800-735-7777. Parties that are unable to use the website are entitled xx xxxx x xxxer copy mailed to them via first class mail by calling the investor relations desk and indicating such. The Trustee may change the way the monthly statements to Certificateholders are distributed in order to make such distribution more convenient and/or more accessible to the above parties and the Trustee shall provide timely and adequate notification to all above parties regarding any such changes. As a condition to access the Trustee's internet website, the Trustee may require registration and the acceptance of a disclaimer. The Trustee will not be liable for the dissemination of information in accordance with this Agreement. The Trustee shall make available to each Analytics Company, either electronically or via the Trustee's internet website, each statement to Certificateholders prepared pursuant to Section 4.03(a). The Trustee (and the applicable Servicer, if such discrepancy results from or arises out of any information provided by the applicable Servicer pursuant to this Agreement) shall cooperate in good faith with the Depositor to reconcile any discrepancies in such statements, and the Trustee shall provide any corrections to such statements to each Analytics Company as soon as reasonably practicable after the related Distribution Date. The Trustee will also be entitled to rely on but shall not be responsible for the content or accuracy of any information provided by third parties for purposes of preparing the monthly statement to Certificateholders and may affix thereto any disclaimer it deems appropriate in its reasonable discretion (without suggesting liability on the part of any other party hereto).
(c) Within a reasonable period of time after the end of each calendar year, the Trustee shall cause to be furnished to each Person who at any time during the calendar year was a Certificateholder, a statement containing the information set forth in clauses (a)(i) and (a)(ii) of this Section 4.03 aggregated for such calendar year or applicable portion thereof during which such Person was a Certificateholder. Such obligation of the Trustee shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Trustee pursuant to any requirements of the Code as from time to time in effect.
(d) Not The Trustee shall be entitled to rely on information provided by third parties for purposes of preparing the foregoing report, but shall not be responsible for the accuracy of such information.
(e) No later than the Determination Date for 18th day of each Distribution Datemonth, or if such date is not a Business Day, the next succeeding Business Day (but in no event later than the 20th day of each month), each Servicer shall furnish to the Trustee, a monthly remittance advice statement (the "Servicer Remittance Report") containing the data fields set forth on Exhibit X W-1 attached hereto (in the case of Saxon, or Exhibit W-2 attached hereto in the case of Countrywide Servicing, in the case of each caseExhibit specified in this Section 4.03(e), in a format mutually agreed upon by such the applicable Servicer and the Trustee) with respect to HomEq, containing the data fields set forth on Exhibit Y attached hereto with respect to Wells Fargo (in each case, in a format mutually agreed upon by such Serxxxxx and the Trustee) and containing the data fields set forth on Exhibit Z attached hereto with respect Countrywide Servicing (in each case, in a format mutually agreed upon by such Servicer and the Trustee) Trustee and such information as shall be reasonably requested (i) by the Depositor to enable the Depositor to disclose "static pool information", as required by Item 1105 of Regulation AB, with respect to the Mortgage Loans, and (ii) by the Trustee to enable the Trustee to provide the reports required by Section 4.03(a) as to the accompanying remittance and applicable Due Period and Prepayment Period to which such remittance relates. The Servicer Remittance Report shall, at a minimum, document, on such Determination Date, Mortgage Loan payment activity on an individual Mortgage Loan basis, as follows:
(i) with respect to each Scheduled Payment, the amount of such remittance allocable to principal (including a separate breakdown of any Principal Prepayment, including the date of such prepayment, and any Prepayment Charges, received during the related Prepayment Period along with a detailed report of interest on principal prepayment amounts remitted in accordance with Section 3.25);
(ii) with respect to each Scheduled Payment, the amount of such remittance allocable to interest;
(iii) the amount of servicing compensation received by such Servicer during the prior current distribution period;
(iv) the individual and aggregate Stated Principal Balance of the Mortgage Loans;
(v) the aggregate expenses reimbursed to such Servicer during the prior distribution period pursuant to Section 3.11; and
(vi) the number and aggregate outstanding principal balances of Mortgage Loans (a) delinquent 31 to 60 days, 61 to 90 days and 91 or more days; (b) as to which foreclosure or bankruptcy proceedings of the related mortgagor have commenced; and (c) as to which REO Property has been acquired. Concurrently with each delivery of a Servicer Remittance Report to the Trustee, Wells Fargo, acting as a Servicer, shall provide, in a manner consistenx xxxh the preceding paragraph, a supplemental statement (to the extent not previously provided) setting forth information in subclauses (v) and (vi). The Trustee shall promptly forward make available the Servicer Remittance Report and the related supplemental statement to the Depositor.
(ef) Notwithstanding anything in Section 4.03(d) to the contrary, the Servicers shall be deemed to have satisfied the requirement to timely deliver the Servicer Remittance Report if such report is received by the Trustee on or prior to the 18th calendar day of such month in which the related Determination Date occurs; provided, however, that if such 18th calendar day is a Sunday or a Monday which is not a Business Day, the Servicers shall be deemed to have satisfied the requirement to timely deliver the Servicer Remittance Report if the Trustee and the Depositor receive such report (i) on the next Business Day succeeding such 18th calendar day, or (ii) on the Business Day immediately preceding such 18th calendar day, if such succeeding Business Day is later than the 20th calendar day of such calendar month[Reserved].
(fg) For all purposes of this Agreement, with respect to any Mortgage Loan, delinquencies shall be determined by the Trustee from information provided by the Servicers and reported by the Trustee based on the "OTS" methodology for determining delinquencies on mortgage loans similar to the Mortgage Loans. By way of example, a Mortgage Loan would be delinquent with respect to a Scheduled Payment due on a Due Date if such Scheduled Payment is not made by the close of business on the Mortgage Loan's next succeeding Due Date, and a Mortgage Loan would be more than 30-days Delinquent with respect to such Scheduled Payment if such Scheduled Payment were not made by the close of business on the Mortgage Loan's second succeeding Due Date. Each Servicer hereby represents and warrants to the Depositor that such Servicer is not subject to any delinquency recognition policy established by the primary safety and soundness regulator, if any, of such Servicer, that is more restrictive than the foregoing delinquency recognition policy.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Morgan Stanley ABS Capital I Inc. Trust 2007-He3)
Monthly Statements to Certificateholders. (a) Not later than each Distribution Date, the Trustee shall make available to each Certificateholder, the ServicersServicer, the Depositor and each Rating Agency a statement statement, based on information provided by the Servicer, setting forth with respect to the related distribution:
(i) the actual Distribution Dateamount thereof allocable to principal, separately identifying the related Record Dateaggregate amount of any Principal Prepayments, the Interest Accrual Period(s) for each Class for such Distribution Date Liquidation Proceeds and the LIBOR Determination Date for such Interest Accrual PeriodSubsequent Recoveries;
(ii) the amount of Available Funds;
(iii) the amount of Available Funds thereof allocable to principalinterest, the Principal Remittance Amount (separately identifying the components thereof) and the Principal Distribution Amount (separately identifying the components thereof);
(iv) the amount of Available Funds allocable to interest and each Interest Remittance Amount;
(v) the amount of any Unpaid Interest Amount for each Class Amounts included in such distribution and any remaining Unpaid Interest Amounts after giving effect to such distribution, any Basis Risk CarryForward Carry Forward Amount for each Class such Distribution Date and the amount of such all Basis Risk CarryForward Carry Forward Amount covered by withdrawals from the Excess Reserve Fund Account or, in the case of the LIBOR Certificates, the Supplemental Interest Trust Account on such Distribution Date;
(viiii) if the distribution to the Holders of such Class of Certificates is less than the full amount that would be distributable to such Holders if there were sufficient funds available therefor, the amount of the shortfall and the allocation of the shortfall thereof as between principal and interest, including any Basis Risk CarryForward Carry Forward Amount not covered by amounts in the Excess Reserve Fund Account or, in the case of the LIBOR Certificates, the Supplemental Interest Trust Account;
(viiiv) the Class Certificate Balance of each Class of Certificates before and after giving effect to the distribution of principal on such Distribution Date;
(viiiv) the Pool Stated Principal Balance for the following Distribution Date;
(ixvi) the amount of the Expense Fees (in the aggregate and separately stated) paid to or retained by the Servicers and Servicer or Subservicer or the Trustee (stated separately and with respect to the Subservicers, in the aggregate) with respect to such Distribution Date;
(xvii) the Pass-Through Rate for each such Class of Certificates with respect to such Distribution Date;
(xiviii) the amount of P&I Advances included in the distribution on such Distribution Date and the aggregate amount of P&I Advances reported by the Servicers (and the Trustee Servicer as successor Servicer and any other successor Servicer, if applicable) outstanding as of the close of business on the Determination Date immediately preceding such Distribution Date;
(xiiix) the number and aggregate outstanding principal balances of Mortgage Loans (1) as to which the Scheduled Payment is delinquent 31 to 60 days, 61 to 90 days, 91 days and 91 or more daysmore, (2) that have become REO Property, (3) that are in foreclosure and (4) that are in bankruptcy, in each case as of the close of business on the last Business Day of the immediately preceding month;
(xiiix) with respect to any Mortgage Loans that became REO Properties during the preceding calendar month, the aggregate number of such Mortgage Loans and the aggregate Stated Principal Balance of such Mortgage Loans as of the close of business on the last Business Day Determination Date preceding such Distribution Date and the date of the immediately preceding monthacquisition thereof;
(xivxi) the total number and outstanding aggregate principal balance of any REO Properties (and market value, if availableupon request) as of the close of business on the last Business Day of the immediately Determination Date preceding monthsuch Distribution Date;
(xvxii) whether a Trigger Event has occurred and is continuing (including the calculation demonstrating thereof and the existence aggregate outstanding balance of the Trigger Eventall 60+ Day Delinquent Mortgage Loans);
(xvixiii) the amount on deposit in of any Basis Risk Carry Forward Amounts paid from the Excess Reserve Fund Account (after giving effect to distributions on such Distribution Date)or, in the case of the LIBOR Certificates, from the Supplemental Interest Trust Account;
(xviixiv) in the aggregate and for each Class of Certificates, the aggregate amount of Applied Realized Loss Amounts and the aggregate amount of Special Hazard Losses incurred during the preceding calendar month and aggregate Applied Realized Loss Amounts and aggregate Reimbursable Loss Amounts through such Distribution Date;
(xviiixv) the amount of any Net Monthly Excess Cash Flow on such Distribution Date and the allocation of it thereof to the Certificateholders with respect to Reimbursable Loss Amounts and Unpaid Interest Amounts, Unpaid Realized Loss Amounts or Basis Risk CarryForward Amounts;
(xixxvi) the Overcollateralized Amount and Specified Overcollateralized Amount;
(xvii) Prepayment Charges collected by the Servicer;
(xviii) the amount of any Net Swap Payments, Net Swap Receipts, Cap Payments, Swap Termination Payments or Defaulted Swap Termination Payments;
(xxxix) the calculations of LIBOR and Swap LIBOR;
(xx) the Cumulative Loss Percentage;;
(xxi) the Subordinated Amount and Specified Subordinated Amountrelated Record Date;
(xxii) Prepayment Charges collected or paid (pursuant to Section 3.07(a)) by the Servicersrelated Accrual Period;
(xxiii) the Cumulative Loss Percentage and the aggregate amount of Realized Losses used to calculate the Cumulative Loss Percentagerelated Determination Date;
(xxiv) the amount distributed on the Class X Certificatesrelated Distribution Date;
(xxv) the amount of any Subsequent Recoveries for such Distribution Datecash received with respect to the related Accrual Period;
(xxvi) the Pre-Funded Amount as of the end of the prior Due Period;
(xxvii) the amount of any principal prepayment distributed on the Certificates resulting from the application of unused moneys in the Pre-Funding AccountClass CE-1 Certificates; and
(xxviiixxvii) the number of Mortgage Loans at the end of the applicable reporting period, the pool factor (being the Stated Principal Balance of the Mortgage Loans for the related Distribution Date divided by the Cut-off Date Principal Balance)factor, and the weighted average interest rate, and weighted average remaining term; In addition, each Form 10-D prepared and filed by the Trustee pursuant to Section 8.12 shall include the following information with respect to the related distribution:
(i) material breaches of Mortgage Loan representations and warranties under this Agreement of which the Trustee has actual knowledge or has received written notice; and
(ii) material breaches of any covenants under this Agreement of which the Trustee has actual knowledge or received written notice.;
(b) The Trustee's responsibility for providing the above statement to the Certificateholders, each Rating Agency Agency, the Servicer and the Depositor is limited, if applicable, limited to the availability, timeliness and accuracy of the information derived from the Servicers and the Swap ProviderServicer. The Trustee may fully rely upon and shall make available have no liability with respect to information regarding the Mortgage Loans provided by the Servicer. The Trustee will provide the above statement via the Trustee's internet website. The Trustee's website will initially be located at https://www.tss.db.com/invr http://www.etrustee.net and assistance in using the website can be xxxxxxxx obtaxxxx xx xxxxxxx xxx Xxxstee's investor relations desk Xxxstee at 1(312) 904-800-735-77776257. Parties that are unable to use the website are entitled xx xxxx x xxxer above distribution mxxxxx xxx xxxxtled to have a paper copy mailed to them via first class mail by calling the investor relations customer service desk and indicating such. The Trustee may shall have the right to change the way manner in which the monthly statements to Certificateholders are above statement is distributed in order to make such distribution more convenient and/or more accessible to the above parties accessible, and the Trustee shall provide timely and adequate notification to all above the Certificateholders and the parties hereto regarding any such changes. As a condition to access A paper copy of the Trustee's internet website, the Trustee may require registration and the acceptance of a disclaimer. The Trustee statement will not also be liable for the dissemination of information in accordance with this Agreementmade available upon request. The Trustee shall make available not be responsible to each Analytics Companyrecompute, either electronically recalculate or via the Trustee's internet website, each statement to Certificateholders prepared pursuant to Section 4.03(a). The Trustee (and the applicable Servicer, if such discrepancy results from or arises out of verify any information provided to it by the applicable Servicer pursuant to this Agreement) shall cooperate in good faith with the Depositor to reconcile any discrepancies in such statements, and the Trustee shall provide any corrections to such statements to each Analytics Company as soon as reasonably practicable after the related Distribution Date. The Trustee will also be entitled to rely on but shall not be responsible for the content or accuracy of any information provided by third parties for purposes of preparing the monthly statement to Certificateholders and may affix thereto any disclaimer it deems appropriate in its reasonable discretion (without suggesting liability on the part of any other party hereto)Servicer.
(c) Within a reasonable period of time after the end of each calendar year, the Trustee shall cause to be furnished to each Person who at any time during the calendar year was a Certificateholder, if requested in writing by such Person, a statement containing the information set forth in clauses (a)(i), (a)(ii) and (a)(iia)(vi) of this Section 4.03 aggregated for such calendar year or applicable portion thereof during which such Person was a Certificateholder. Such obligation of the Trustee shall be deemed to have been satisfied to the extent that substantially comparable information shall be have previously been provided by the Trustee pursuant to any requirements of the Code as from time to time in effect.
(d) Not later than three Business Days following the Determination Date for and in no event later than the 20th calendar day of each Distribution Datemonth, each the Servicer shall furnish to the Trustee, Trustee a monthly remittance advice statement (the "Servicer Remittance Report") containing the data fields set forth on Exhibit X attached hereto (in each case, in a format mutually agreed upon by such the Servicer and the Trustee) with respect to HomEq, containing the data fields set forth on Exhibit Y attached hereto with respect to Wells Fargo (in each case, in a format mutually agreed upon by such Serxxxxx and the Trustee) and containing the data fields set forth on Exhibit Z attached hereto with respect Countrywide Servicing (in each case, in a format mutually agreed upon by such Servicer and the Trustee) and such information as shall be reasonably requested (i) by the Depositor to enable the Depositor to disclose "static pool information", as required by Item 1105 of Regulation AB, with respect to the Mortgage Loans, and (ii) by the Trustee to enable the Trustee to provide the reports required by Section 4.03(a) as to the accompanying remittance and applicable Due Period and Prepayment Period to which such remittance relates(the "Servicer Remittance Report"). The Servicer Remittance Report shallshall furnish to the Trustee an individual loan accounting report, at a minimum, document, on such as of the related Determination Date, to document Mortgage Loan payment activity on an individual Mortgage Loan basis. With respect to each month, as followsthe corresponding individual loan accounting report (in electronic format) shall be received by the Trustee no later than three Business Days following the related Determination Date and in no event later than the 20th calendar day of each month, which report shall contain (without limitation) the following:
(i) with respect to each Scheduled Payment, the amount of such remittance allocable to principal (including a separate breakdown of any Principal Prepayment, including the date of such prepayment, and any Prepayment Charges, received during the related Prepayment Period along with a detailed report of interest on principal prepayment amounts remitted in accordance with Section 3.25);
(ii) with respect to each Scheduled Payment, the amount of such remittance allocable to interest;
(iii) the amount of servicing compensation Servicing Fees received by such the Servicer during the prior distribution period;
(iv) the individual and aggregate Stated Principal Balance of the Mortgage Loans;
(v) the aggregate of any expenses reimbursed to such the Servicer during the prior distribution period pursuant to Section 3.11; and
(vi) the number and aggregate outstanding principal balances of Mortgage Loans (a) delinquent (1) 31 to 60 days, (2) 61 to 90 days, (3) 91 days and 91 or more daysmore; (b) as to which foreclosure or bankruptcy proceedings of the related mortgagor have has commenced; and (c) as to which REO Property has been acquired. Concurrently with each delivery of a Servicer Remittance Report to the Trustee, Wells Fargo, acting as a Servicer, shall provide, in a manner consistenx xxxh the preceding paragraph, a supplemental statement (to the extent not previously provided) setting forth information in subclauses (v) and (vi). The Trustee shall promptly forward the Servicer Remittance Report and the related supplemental statement to the Depositor.
(e) Notwithstanding anything in Section 4.03(d) to the contrary, the Servicers shall be deemed to have satisfied the requirement to timely deliver the Servicer Remittance Report if such report is received by the Trustee on or prior to the 18th calendar day of such month in which the related Determination Date occurs; provided, however, that if such 18th calendar day is a Sunday or a Monday which is not a Business Day, the Servicers shall be deemed to have satisfied the requirement to timely deliver the Servicer Remittance Report if the Trustee and the Depositor receive such report (i) on the next Business Day succeeding such 18th calendar day, or (ii) on the Business Day immediately preceding such 18th calendar day, if such succeeding Business Day is later than the 20th calendar day of such calendar month.
(f) For all purposes of this Agreement, with respect to any Mortgage Loan, delinquencies shall be determined by the Trustee from information provided by the Servicers and reported by the Trustee based on the "OTS" methodology for determining delinquencies on mortgage loans similar to the Mortgage Loans. By way of example, a Mortgage Loan would be delinquent with respect to a Scheduled Payment due on a Due Date if such Scheduled Payment is not made by the close of business on the Mortgage Loan's next succeeding Due Date, and a Mortgage Loan would be more than 30-days Delinquent with respect to such Scheduled Payment if such Scheduled Payment were not made by the close of business on the Mortgage Loan's second succeeding Due Date. Each Servicer hereby represents and warrants to the Depositor that such Servicer is not subject to any delinquency recognition policy established by the primary safety and soundness regulator, if any, of such Servicer, that is more restrictive than the foregoing delinquency recognition policy.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Gs Mortgage Securities Corp)
Monthly Statements to Certificateholders. (a) Not later than each Distribution Date, the Trustee shall make available to each Certificateholder, the ServicersServicer, the Depositor and each Rating Agency a statement statement, based on information provided by the Servicer, setting forth with respect to the related distribution:
(i) the actual Distribution Dateamount thereof allocable to principal, separately identifying the related Record Dateaggregate amount of any Principal Prepayments, the Interest Accrual Period(s) for each Class for such Distribution Date Liquidation Proceeds and the LIBOR Determination Date for such Interest Accrual PeriodSubsequent Recoveries;
(ii) the amount of Available Funds;
(iii) the amount of Available Funds thereof allocable to principalinterest, the Principal Remittance Amount (separately identifying the components thereof) and the Principal Distribution Amount (separately identifying the components thereof);
(iv) the amount of Available Funds allocable to interest and each Interest Remittance Amount;
(v) the amount of any Unpaid Interest Amount for each Class Amounts included in such distribution and any remaining Unpaid Interest Amounts after giving effect to such distribution, any Basis Risk CarryForward Carry Forward Amount for each Class such Distribution Date and the amount of such all Basis Risk CarryForward Carry Forward Amount covered by withdrawals from the Excess Reserve Fund Account on such Distribution Date;
(viiii) if the distribution to the Holders of such Class of Certificates is less than the full amount that would be distributable to such Holders if there were sufficient funds available therefor, the amount of the shortfall and the allocation of the shortfall thereof as between principal and interest, including any Basis Risk CarryForward Carry Forward Amount not covered by amounts in the Excess Reserve Fund AccountAccount or the Swap Agreement;
(viiiv) the Class Certificate Balance of each Class of Certificates before and after giving effect to the distribution of principal on such Distribution Date;
(viiiv) the Pool Stated Principal Balance for the following Distribution Date;
(ixvi) the amount of the Expense Fees (in the aggregate and separately stated) paid to or retained by the Servicers and Servicer or Subservicer or the Trustee (stated separately and with respect to the Subservicers, in the aggregate) with respect to such Distribution Date;
(xvii) the Pass-Through Rate for each such Class of Certificates with respect to such Distribution Date;
(xiviii) the amount of P&I Advances included in the distribution on such Distribution Date and the aggregate amount of P&I Advances reported by the Servicers (and the Trustee Servicer as successor Servicer and any other successor Servicer, if applicable) outstanding as of the close of business on the Determination Date immediately preceding such Distribution Date;
(xiiix) the number and aggregate outstanding principal balances of Mortgage Loans (1) as to which the Scheduled Payment is delinquent 31 to 60 days, 61 to 90 days and 91 or more days, (2) that have become REO Property, (3) that are in foreclosure and (4) that are in bankruptcy, in each case as of the close of business on the last Business Day of the immediately preceding month;
(xiiix) for each of the preceding 12 calendar months, or all calendar months since the related Cut-off Date, whichever is less, the aggregate dollar amount of the Scheduled Payments (A) due on all Outstanding Mortgage Loans on each of the Due Dates in each such month and (B) delinquent 60 days or more on each of the Due Dates in each such month;
(xi) with respect to any Mortgage Loans that became REO Properties during the preceding calendar month, the aggregate number of such Mortgage Loans and the aggregate Stated Principal Balance of such Mortgage Loans as of the close of business on the last Business Day Determination Date preceding such Distribution Date and the date of the immediately preceding monthacquisition thereof;
(xivxii) the total number and outstanding aggregate principal balance of any REO Properties (and market value, if availableupon request) as of the close of business on the last Business Day of the immediately Determination Date preceding monthsuch Distribution Date;
(xvxiii) whether a Trigger Event has occurred and is continuing (including the calculation demonstrating thereof and the existence aggregate outstanding balance of the Trigger Eventall 60+ Day Delinquent Mortgage Loans);
(xvixiv) the amount on deposit in the Excess Reserve Fund Account (after giving effect to distributions on such Distribution Date);
(xviixv) in the aggregate and for each Class of Certificates, the aggregate amount of Applied Realized Loss Amounts incurred during the preceding calendar month and aggregate Applied Realized Loss Amounts through such Distribution Date;
(xviiixvi) the amount of any Net Monthly Excess Cash Flow on such Distribution Date and the allocation of it thereof to the Certificateholders with respect to Unpaid Interest Amounts, Unpaid Applied Realized Loss Amounts or Basis Risk CarryForward and Unpaid Interest Amounts;
(xvii) the Subordinated Amount and Specified Subordinated Amount;
(xviii) Prepayment Charges collected by the Servicer;
(xix) the Interest Rate Cap Payments (stated separately), if any, for such Distribution Date;
(xx) the Cumulative Loss Percentage;
(xxi) the amount of any Net Swap Payments, Net Swap Receipts, Swap Termination Payments or Defaulted Swap Termination Payments;; and
(xxxxii) the calculations of LIBOR and Swap LIBOR;
(xxi) the Subordinated Amount and Specified Subordinated Amount;
(xxii) Prepayment Charges collected or paid (pursuant to Section 3.07(a)) by the Servicers;
(xxiii) the Cumulative Loss Percentage and the aggregate amount of Realized Losses used to calculate the Cumulative Loss Percentage;
(xxiv) the amount distributed on the Class X Certificates;
(xxv) the amount of any Subsequent Recoveries for such Distribution Date;
(xxvi) the Pre-Funded Amount as of the end of the prior Due Period;
(xxvii) the amount of any principal prepayment on the Certificates resulting from the application of unused moneys in the Pre-Funding Account; and
(xxviii) the number of Mortgage Loans at the end of the applicable reporting period, the pool factor (being the Stated Principal Balance of the Mortgage Loans for the related Distribution Date divided by the Cut-off Date Principal Balance), and the weighted average interest rate, and weighted average remaining term; In addition, each Form 10-D prepared and filed by the Trustee pursuant to Section 8.12 shall include the following information with respect to the related distribution:
(i) material breaches of Mortgage Loan representations and warranties under this Agreement of which the Trustee has actual knowledge or has received written notice; and
(ii) material breaches of any covenants under this Agreement of which the Trustee has actual knowledge or received written notice.
(b) The Trustee's responsibility for providing the above statement to the Certificateholders, each Rating Agency Agency, the Servicer and the Depositor is limited, if applicable, limited to the availability, timeliness and accuracy of the information derived from the Servicers and the Swap ProviderServicer. The Trustee shall make available will provide the above statement via the Trustee's internet website. The Trustee's website will initially be located at https://www.tss.db.com/invr https://www.ctslink.com and assistance in using the website can be xxxxxxxx obtaxxxx xx xxxxxxx xxx Xxxstee's investor relations customer service desk at 1(301) 815-800-735-77776600. Parties that are unable to use the website are entitled xx xxxx x xxxer above distribution mxxxxx xxx xxxxtled to have a paper copy mailed to them via first class mail by calling the investor relations customer service desk and indicating such. The Trustee may shall have the right to change the way manner in which the monthly statements to Certificateholders are above statement is distributed in order to make such distribution more convenient and/or more accessible to the above parties accessible, and the Trustee shall provide timely and adequate notification to all above the Certificateholders and the parties hereto regarding any such changes. As a condition to access A paper copy of the Trustee's internet website, the Trustee may require registration and the acceptance of a disclaimer. The Trustee will not be liable for the dissemination of information in accordance with this Agreement. The Trustee shall make available to each Analytics Company, either electronically or via the Trustee's internet website, each statement to Certificateholders prepared pursuant to Section 4.03(a). The Trustee (and the applicable Servicer, if such discrepancy results from or arises out of any information provided by the applicable Servicer pursuant to this Agreement) shall cooperate in good faith with the Depositor to reconcile any discrepancies in such statements, and the Trustee shall provide any corrections to such statements to each Analytics Company as soon as reasonably practicable after the related Distribution Date. The Trustee will also be entitled to rely on but shall not be responsible for the content or accuracy of any information provided by third parties for purposes of preparing the monthly statement to Certificateholders and may affix thereto any disclaimer it deems appropriate in its reasonable discretion (without suggesting liability on the part of any other party hereto)made available upon request.
(c) Within a reasonable period of time after the end of each calendar year, the Trustee shall cause to be furnished to each Person who at any time during the calendar year was a Certificateholder, a statement containing the information set forth in clauses (a)(i), (a)(ii) and (a)(iia)(vi) of this Section 4.03 aggregated for such calendar year or applicable portion thereof during which such Person was a Certificateholder. Such obligation of the Trustee shall be deemed to have been satisfied to the extent that substantially comparable information shall be have previously been provided by the Trustee pursuant to any requirements of the Code as from time to time in effect.
(d) Not later than the Determination Date for each Distribution Datethird Business Day after the end of the Prepayment Period, each the Servicer shall furnish to the Trustee, Trustee a monthly remittance advice statement (the "Servicer Remittance Report") containing the data fields set forth on Exhibit X attached hereto (in each case, in a format mutually agreed upon by such the Servicer and the Trustee) with respect to HomEq, containing the data fields set forth on Exhibit Y attached hereto with respect to Wells Fargo (in each case, in a format mutually agreed upon by such Serxxxxx and the Trustee) and containing the data fields set forth on Exhibit Z attached hereto with respect Countrywide Servicing (in each case, in a format mutually agreed upon by such Servicer and the Trustee) and such information as shall be reasonably requested (i) by the Depositor to enable the Depositor to disclose "static pool information", as required by Item 1105 of Regulation AB, with respect to the Mortgage Loans, and (ii) by the Trustee to enable the Trustee to provide the reports required by Section 4.03(a) as to the accompanying remittance and applicable Due Period and Prepayment Period to which such remittance relatesthe period ending on the close of business on the last Business Day of the immediately preceding month (the "Servicer Remittance Report"). The Servicer Remittance Report shallshall furnish to the Trustee an individual loan accounting report, at a minimum, document, on such as of the related Determination Date, to document Mortgage Loan payment activity on an individual Mortgage Loan basis. With respect to each month, as followsthe corresponding individual loan accounting report (in electronic format) shall be received by the Trustee no later than the third Business Day after the end of the related Prepayment Period, which report shall contain (without limitation) the following:
(i) with respect to each Scheduled Payment, the amount of such remittance allocable to principal (including a separate breakdown of any Principal Prepayment, including the date of such prepayment, and any Prepayment Charges, received during the related Prepayment Period along with a detailed report of interest on principal prepayment amounts remitted in accordance with Section 3.25);
(ii) with respect to each Scheduled Payment, the amount of such remittance allocable to interest;
(iii) the amount of servicing compensation received by such the Servicer during the prior current distribution period;
(iv) the individual and aggregate Stated Principal Balance of the Mortgage Loans;
(v) the aggregate of any expenses reimbursed to such the Servicer during the prior current distribution period pursuant to Section 3.11; and
(vi) the number and aggregate outstanding principal balances of Mortgage Loans (a) delinquent (1) 31 to 60 days, (2) 61 to 90 days, (3) 91 days and 91 or more daysmore; (b) as to which foreclosure or bankruptcy proceedings of the related mortgagor have has commenced; and (c) as to which REO Property has been acquired. Concurrently with each delivery of a Servicer Remittance Report to the Trustee, Wells Fargo, acting as a Servicer, shall provide, in a manner consistenx xxxh the preceding paragraph, a supplemental statement (to the extent not previously provided) setting forth information in subclauses (v) and (vi). The Trustee shall promptly forward the Servicer Remittance Report and the related supplemental statement to the Depositor.
(e) Notwithstanding anything in Section 4.03(d) to the contrary, the Servicers shall be deemed to have satisfied the requirement to timely deliver the Servicer Remittance Report if such report is received by the Trustee on or prior to the 18th calendar day of such month in which the related Determination Date occurs; provided, however, that if such 18th calendar day is a Sunday or a Monday which is not a Business Day, the Servicers shall be deemed to have satisfied the requirement to timely deliver the Servicer Remittance Report if the Trustee and the Depositor receive such report (i) on the next Business Day succeeding such 18th calendar day, or (ii) on the Business Day immediately preceding such 18th calendar day, if such succeeding Business Day is later than the 20th calendar day of such calendar month.
(f) For all purposes of this Agreement, with respect to any Mortgage Loan, delinquencies shall be determined by the Trustee from information provided by the Servicers and reported by the Trustee based on the "OTS" methodology for determining delinquencies on mortgage loans similar to the Mortgage Loans. By way of example, a Mortgage Loan would be delinquent with respect to a Scheduled Payment due on a Due Date if such Scheduled Payment is not made by the close of business on the Mortgage Loan's next succeeding Due Date, and a Mortgage Loan would be more than 30-days Delinquent with respect to such Scheduled Payment if such Scheduled Payment were not made by the close of business on the Mortgage Loan's second succeeding Due Date. Each Servicer hereby represents and warrants to the Depositor that such Servicer is not subject to any delinquency recognition policy established by the primary safety and soundness regulator, if any, of such Servicer, that is more restrictive than the foregoing delinquency recognition policy.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Sabr Trust 2005-Fr3)
Monthly Statements to Certificateholders. (a) Not later than each Distribution Date, the Trustee shall prepare and make available to each Certificateholder, the ServicersMaster Servicer, the Depositor Depositor, the NIM Insurer, and each Rating Agency on its Internet website a statement setting forth with respect to for the related distributiondistribution of:
(i) the actual Distribution Dateamount of the distribution allocable to principal, separately identifying the related Record Date, the Interest Accrual Period(s) for each Class for such Distribution Date aggregate amount of any Principal Prepayments and the LIBOR Determination Date for such Interest Accrual PeriodLiquidation Proceeds included therein;
(ii) the amount of Available Funds;
(iii) the amount of Available Funds distribution allocable to principalinterest, the Principal Remittance Amount (separately identifying the components thereof) and the Principal Distribution Amount (separately identifying the components thereof);
(iv) the amount of Available Funds allocable to interest and each Interest Remittance Amount;
(v) the amount of any Unpaid Interest Amount for each Class Amounts included in such the distribution and any remaining Unpaid Interest Amounts after giving effect to such the distribution, any Basis Risk CarryForward Net WAC Cap Carry Forward Amount for each Class the Distribution Date, and the amount of such Basis Risk CarryForward all Net WAC Cap Carry Forward Amount covered by withdrawals from the Excess Reserve Fund Account on such the Distribution Date;
(viiii) if the distribution to the Holders of such any Class of Certificates is less than the full amount that would be distributable to such Holders them if there were sufficient funds available thereforwere available, the amount of the shortfall and the allocation of the shortfall as between principal and interest, including any Basis Risk CarryForward Net WAC Cap Carry Forward Amount not covered by amounts in the Excess Reserve Fund Account;
(viiiv) the Class Certificate Balance of each Class of Certificates before and after giving effect to the distribution of principal on such the Distribution Date;
(v) the Pool Stated Principal Balance;
(vi) the amount of the Master Servicing Fees paid to or retained by the Master Servicer or Subservicer (with respect to the Subservicers, in the aggregate) with respect to the Distribution Date;
(vii) the Pass-Through Rate for each Class of Certificates with respect to the Distribution Date;
(viii) the Pool Stated Principal Balance for amount of Advances included in the distribution on the Distribution Date and the aggregate amount of Advances outstanding as of the close of business on the Distribution Date;
(ix) the amount number and aggregate outstanding balance of Closing Date Mortgage Loans and Subsequent Mortgage Loans in each Loan Group as of the Expense Fees paid end of the preceding calendar month
(A) delinquent (exclusive of Mortgage Loans in foreclosure) (1) 30 to 59 days, (2) 60 to 89 days, and (3) 90 or retained by more days and
(B) in foreclosure and delinquent (1) 30 to 59 days, (2) 60 to 89 days, and (3) 90 or more days, as of the Servicers and close of business on the Trustee (stated separately and in last day of the aggregate) with respect to such calendar month preceding the Distribution Date;
(x) the Pass-Through Rate for each such Class of Certificates with respect to such Distribution the preceding 12 calendar months, or all calendar months since the Cut-off Date, whichever is less, the aggregate dollar amount of the Scheduled Payments (A) due on all Outstanding Mortgage Loans on the Due Date in the month and (B) delinquent 60 days or more (determined in the same manner as for determining Scheduled Payment delinquencies that result in a Mortgage Loan being a 60+ Day Delinquent Loan) on the Due Date in the month;
(xi) with respect to any Mortgage Loan that became an REO Property during the amount preceding calendar month, the loan number and Stated Principal Balance of P&I Advances included in the distribution on such Distribution Date reported by the Servicers (and the Trustee as successor Servicer and any other successor Servicer, if applicable) Mortgage Loan as of the close of business on the Determination Date immediately preceding such the Distribution DateDate and the date of acquisition thereof;
(xii) the number and aggregate outstanding principal balances of Mortgage Loans (1) as to which the Scheduled Payment is delinquent 31 to 60 days, 61 to 90 days and 91 or more days, (2) that have become REO Property, (3) that are in foreclosure and (4) that are in bankruptcy, in each case as of the close of business on the last Business Day of the immediately preceding month;
(xiii) with respect to any Mortgage Loans that became REO Properties during the preceding calendar month, the aggregate number of such Mortgage Loans and the aggregate Stated Principal Balance of such Mortgage Loans as of the close of business on the last Business Day of the immediately preceding month;
(xiv) the total number and outstanding principal balance of any REO Properties (and market value, if available) as of the close of business on the last Business Day of Determination Date preceding the immediately preceding monthDistribution Date;
(xvxiii) whether a Trigger Event has occurred and is continuing in effect (including the calculation demonstrating of thereof and the existence aggregate outstanding balance of the Trigger Eventall 60+ Day Delinquent Loans);
(xvixiv) the amount on deposit in the Excess Reserve Fund Account (after giving effect to distributions on such the Distribution Date);
(xviixv) in the aggregate and for each Class of Certificates, the aggregate amount of Applied Realized Loss Amounts incurred during the preceding calendar month and aggregate Applied Unpaid Realized Loss Amounts through such the Distribution Date;
(xviiixvi) the aggregate amount due under the Cap Contracts and amounts received under the Cap Contracts;
(xvii) the amount of any Net Total Monthly Excess Cash Flow Spread on such the Distribution Date and the allocation of it thereof to the Certificateholders with respect to Unpaid Interest Amounts, Unpaid Realized Loss Amounts or Basis Risk CarryForward and Unpaid Interest Amounts;
(xviii) with respect to the second Distribution Date, the number and aggregate balance of any Delayed Delivery Mortgage Loans not delivered within the time periods specified in the definition of Delayed Delivery Mortgage Loans;
(xix) the amount of any Net Swap Payments, Net Swap Receipts, Swap Termination Payments or Defaulted Swap Termination PaymentsOvercollateralization Amount and the Overcollateralization Target Amount;
(xx) Prepayment Charges collected, waived, and paid by the calculations of LIBOR and Swap LIBORMaster Servicer;
(xxi) the Subordinated Amount and Specified Subordinated Amount;
(xxii) Prepayment Charges collected or paid (pursuant to Section 3.07(a)) by the Servicers;
(xxiii) the Cumulative Loss Percentage and the aggregate The amount of Realized Losses used to calculate the Cumulative Loss Percentage;
(xxiv) the amount distributed on the Class X Certificates;
(xxv) the amount of any Subsequent Recoveries for such Distribution Date;
(xxvi) the Pre-Funded Amount as of the end of the prior Due Period;
(xxvii) the amount of any principal prepayment on the Certificates resulting from the application of unused moneys deposit in the Pre-Funding AccountAccounts; and
(xxviiixxii) For the number of Mortgage Loans at distribution occurring on the Distribution Date immediately following the end of the applicable reporting periodFunding Period, the pool factor balance on deposit in the Group I Pre-Funding Account and/or the Group II Pre-Funding Account that has not been used to purchase Subsequent Mortgage Loans and that is being distributed to the Certificateholders on such Distribution Date. For the purposes of determining delinquency periods in reporting under (being the Stated Principal Balance ix) above, for any monthly statement a Mortgage Loan's delinquency period shall be determined as of the Due Date falling in the month in which the monthly statement is provided and a Mortgage Loans Loan is first delinquent only after the first Due Date following the Due Date for which any part of a Scheduled Payment has not been paid, and each calendar month shall be treated as having 30 days. Thus, for the related Distribution October monthly statement a Mortgage Loan whose September Due Date divided payment has not been paid by the Cut-off October Due Date Principal Balance)is not delinquent. On the day after the October Due Date it would be one day delinquent. A Mortgage Loan whose August Due Date payment has not been paid by the October Due Date is 30 days past due as of the October Due Date, and would be reported as such in the weighted average interest rate, and weighted average remaining term; In addition, each Form 10-D prepared and filed by October monthly statement. If the Trustee pursuant statement is not accessible to Section 8.12 shall include the following information with respect to the related distribution:
(i) material breaches any of Mortgage Loan representations and warranties under this Agreement of which the Trustee has actual knowledge or has received written notice; and
(ii) material breaches of any covenants under this Agreement of which the Trustee has actual knowledge or received written notice.
(b) The Trustee's responsibility for providing the above statement to the Certificateholders, the Master Servicer, the Depositor, the NIM Insurer, or any Rating Agency on the Trustee's Internet website, the Trustee shall forward a hard copy of it to each Certificateholder, the Master Servicer, the Depositor, the NIM Insurer, and each Rating Agency and immediately after the Depositor Trustee becomes aware that it is limited, if applicable, not accessible to the availability, timeliness and accuracy any of them via its website. The address of the information derived from Trustee's Internet website where the Servicers and statement will be accessible is XXXXX://XXX.XXXXXXXXXXXXXX.XX.XXX/ invr. Assistance in using the Swap ProviderTrustee's Internet website may be obtained by calling the Trustee's customer service desk at (000) 000-0000. The Trustee shall make available notify each Certificateholder, the above statement via Master Servicer, the Trustee's internet website. The Trustee's website will initially be located at https://www.tss.db.com/invr Depositor, the NIM Insurer, and assistance each Rating Agency in using writing of any change in the website can be xxxxxxxx xx xxxxxxx xxx Xxxstee's investor relations desk at 1-800-735-7777. Parties that are unable to use the website are entitled xx xxxx x xxxer copy mailed to them via first class mail by calling the investor relations desk and indicating such. The Trustee may change the way the monthly statements to Certificateholders are distributed in order to make such distribution more convenient and/or more accessible address or means of access to the above parties and Internet website where the Trustee shall provide timely and adequate notification to all above parties regarding any such changes. As a condition to access the Trustee's internet website, the Trustee may require registration and the acceptance of a disclaimer. The Trustee will not be liable for the dissemination of information in accordance with this Agreement. The Trustee shall make available to each Analytics Company, either electronically or via the Trustee's internet website, each statement to Certificateholders prepared pursuant to Section 4.03(a). The Trustee (and the applicable Servicer, if such discrepancy results from or arises out of any information provided by the applicable Servicer pursuant to this Agreement) shall cooperate in good faith with the Depositor to reconcile any discrepancies in such statements, and the Trustee shall provide any corrections to such statements to each Analytics Company as soon as reasonably practicable after the related Distribution Date. The Trustee will also be entitled to rely on but shall not be responsible for the content or accuracy of any information provided by third parties for purposes of preparing the monthly statement to Certificateholders and may affix thereto any disclaimer it deems appropriate in its reasonable discretion (without suggesting liability on the part of any other party hereto)is accessible.
(c) Within a reasonable period of time after the end of each calendar year, the Trustee shall cause to be furnished to each Person who at any time during the calendar year was a Certificateholder, a statement containing the information set forth in clauses (a)(i) and (a)(ii) of this Section 4.03 aggregated for such calendar year or applicable portion thereof during which such Person was a Certificateholder. Such obligation of the Trustee shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Trustee pursuant to any requirements of the Code as from time to time in effect.
(d) Not later than the Determination Date for each Distribution Date, each Servicer shall furnish to the Trustee, a monthly remittance advice statement (the "Servicer Remittance Report") containing the data fields set forth on Exhibit X attached hereto (in each case, in a format mutually agreed upon by such Servicer and the Trustee) with respect to HomEq, containing the data fields set forth on Exhibit Y attached hereto with respect to Wells Fargo (in each case, in a format mutually agreed upon by such Serxxxxx and the Trustee) and containing the data fields set forth on Exhibit Z attached hereto with respect Countrywide Servicing (in each case, in a format mutually agreed upon by such Servicer and the Trustee) and such information as shall be reasonably requested (i) by the Depositor to enable the Depositor to disclose "static pool information", as required by Item 1105 of Regulation AB, with respect to the Mortgage Loans, and (ii) by the Trustee to enable the Trustee to provide the reports required by Section 4.03(a) as to the accompanying remittance and applicable Due Period and Prepayment Period to which such remittance relates. The Servicer Remittance Report shall, at a minimum, document, on such Determination Date, Mortgage Loan payment activity on an individual Mortgage Loan basis, as follows:
(i) with respect to each Scheduled Payment, the amount of such remittance allocable to principal (including a separate breakdown of any Principal Prepayment, including the date of such prepayment, and any Prepayment Charges, received during the related Prepayment Period along with a detailed report of interest on principal prepayment amounts remitted in accordance with Section 3.25);
(ii) with respect to each Scheduled Payment, the amount of such remittance allocable to interest;
(iii) the amount of servicing compensation received by such Servicer during the prior distribution period;
(iv) the individual and aggregate Stated Principal Balance of the Mortgage Loans;
(v) the aggregate expenses reimbursed to such Servicer during the prior distribution period pursuant to Section 3.11; and
(vi) the number and aggregate outstanding principal balances of Mortgage Loans (a) delinquent 31 to 60 days, 61 to 90 days and 91 or more days; (b) as to which foreclosure or bankruptcy proceedings of the related mortgagor have commenced; and (c) as to which REO Property has been acquired. Concurrently with each delivery of a Servicer Remittance Report to the Trustee, Wells Fargo, acting as a Servicer, shall provide, in a manner consistenx xxxh the preceding paragraph, a supplemental statement (to the extent not previously provided) setting forth information in subclauses (v) and (vi). The Trustee shall promptly forward the Servicer Remittance Report and the related supplemental statement to the Depositor.
(e) Notwithstanding anything in Section 4.03(d) to the contrary, the Servicers shall be deemed to have satisfied the requirement to timely deliver the Servicer Remittance Report if such report is received by the Trustee on or prior to the 18th calendar day of such month in which the related Determination Date occurs; provided, however, that if such 18th calendar day is a Sunday or a Monday which is not a Business Day, the Servicers shall be deemed to have satisfied the requirement to timely deliver the Servicer Remittance Report if the Trustee and the Depositor receive such report (i) on the next Business Day succeeding such 18th calendar day, or (ii) on the Business Day immediately preceding such 18th calendar day, if such succeeding Business Day is later than the 20th calendar day of such calendar month.
(f) For all purposes of this Agreement, with respect to any Mortgage Loan, delinquencies shall be determined by the Trustee from information provided by the Servicers and reported by the Trustee based on the "OTS" methodology for determining delinquencies on mortgage loans similar to the Mortgage Loans. By way of example, a Mortgage Loan would be delinquent with respect to a Scheduled Payment due on a Due Date if such Scheduled Payment is not made by the close of business on the Mortgage Loan's next succeeding Due Date, and a Mortgage Loan would be more than 30-days Delinquent with respect to such Scheduled Payment if such Scheduled Payment were not made by the close of business on the Mortgage Loan's second succeeding Due Date. Each Servicer hereby represents and warrants to the Depositor that such Servicer is not subject to any delinquency recognition policy established by the primary safety and soundness regulator, if any, of such Servicer, that is more restrictive than the foregoing delinquency recognition policy.
Appears in 1 contract
Monthly Statements to Certificateholders. (a) Not later than each Distribution Date, the Trustee shall make available to each Certificateholder, the Servicers, the Depositor and each Rating Agency a statement setting forth with respect to the related distribution:
(i) the actual Distribution Date, the related Record Date, the Interest Accrual Period(s) for each Class for such Distribution Date and the LIBOR Determination Date for such Interest Accrual Period;
(ii) the amount of Available Funds;
(iii) the amount of Available Funds allocable to principal, the Principal Remittance Amount (separately identifying the components thereof) and the Principal Distribution Amount (separately identifying the components thereof);
(iv) the amount of Available Funds allocable to interest and each Interest Remittance Amount;
(v) the amount of any Unpaid Interest Amount for each Class included in such distribution and any remaining Unpaid Interest Amounts after giving effect to such distribution, any Basis Risk CarryForward Amount for each Class and the amount of such Basis Risk CarryForward Amount covered by withdrawals from the Excess Reserve Fund Account on such Distribution Date;
(vi) if the distribution to the Holders of such Class of Certificates is less than the full amount that would be distributable to such Holders if there were sufficient funds available therefor, the amount of the shortfall and the allocation of the shortfall as between principal and interest, including any Basis Risk CarryForward Amount not covered by amounts in the Excess Reserve Fund Account;
(vii) the Class Certificate Balance of each Class of Certificates before and after giving effect to the distribution of principal on such Distribution Date;
(viii) the Pool Stated Principal Balance for the related Distribution Date;
(ix) the amount of the Expense Fees paid to or retained by the Servicers and the Trustee (stated separately and in the aggregate) with respect to such Distribution Date;
(x) the Pass-Through Rate for each such Class of Certificates with respect to such Distribution Date;
(xi) the amount of P&I Advances included in the distribution on such Distribution Date reported by the Servicers (and the Trustee as successor Servicer servicer and any other successor Servicerservicer, if applicable) as of the close of business on the Determination Date immediately preceding such Distribution Date;
(xii) the number and aggregate outstanding principal balances of Mortgage Loans (1) as to which the Scheduled Payment is delinquent 31 to 60 days, 61 to 90 days, 91 to 120 days, 121 to 150 days, 151 to 180 days, 181 to 210 days, 211 to 240 days and 91 or more 240+ days, (2) that have become REO Property, (3) that are in foreclosure and (4) that are in bankruptcy, in each case as of the close of business on the last Business Day day of the immediately related Due Period;
(xiii) for each of the preceding 12 calendar months, or all calendar months since the related Cut-off Date, whichever is less, the aggregate dollar amount of the Scheduled Payments (A) due on all outstanding Mortgage Loans on each of the Due Dates in each such month and (B) delinquent 60 days or more on each of the Due Dates in each such month;
(xiiixiv) with respect to any Mortgage Loans that became REO Properties during the preceding calendar month, the aggregate number of such Mortgage Loans and the aggregate Stated Principal Balance outstanding principal balance of such Mortgage Loans as of the close of business on the last Business Day day of the immediately preceding monthrelated Due Period;
(xivxv) the total number and outstanding principal balance of any REO Properties (and market value, if available) as of the close of business on the last Business Day of the immediately preceding monthrelated Due Period;
(xvxvi) whether a Trigger Event has occurred and is continuing (including separately identifying the components of the calculation demonstrating resulting in the existence of the Trigger EventEvent and the aggregate outstanding balance of all 60+ Day Delinquent Mortgage Loans);
(xvixvii) the amount on deposit in the Excess Reserve Fund Account (after giving effect to distributions on such Distribution Date);
(xviixviii) in the aggregate and for each Class of Certificates, the aggregate amount of Applied Realized Loss Amounts incurred during the preceding calendar month and aggregate Applied Realized Loss Amounts through such Distribution Date;
(xviiixix) the amount of any Net Monthly Excess Cash Flow on such Distribution Date and the allocation of it to the Certificateholders with respect to Unpaid Interest Amounts, Unpaid Applied Realized Loss Amounts or Amounts, and Basis Risk CarryForward Amounts;
(xixxx) the amount of any Net Swap Payments, Net Swap Receipts, Swap Termination Payments or Defaulted Swap Termination Payments;
(xxxxi) the calculations of LIBOR and Swap LIBOR;
(xxixxii) the Subordinated Amount and Specified Subordinated Amount;
(xxiixxiii) Prepayment Charges collected or paid (pursuant to Section 3.07(a)) by the Servicers;
(xxiiixxiv) the Cumulative Loss Percentage and the aggregate amount of Realized Losses used to calculate the Cumulative Loss Percentage;
(xxivxxv) the amount distributed on the Class X Certificates;
(xxvxxvi) the amount of any Subsequent Recoveries for such Distribution Date;
(xxvi) the Pre-Funded Amount as of the end of the prior Due Period;
(xxvii) the amount of any principal prepayment on the Certificates resulting from the application of unused moneys in the Pre-Funding Account; and
(xxviiixxvii) the number of Mortgage Loans at the beginning and end of the applicable reporting period, the pool factor (being the Stated Principal Balance of the Mortgage Loans for the related Distribution Date divided by the Cut-off Date Principal Balance), and the weighted average interest rate, and weighted average remaining term; . In addition, each Form 10-D prepared and filed by the Trustee pursuant to Section 8.12 shall include the following information with respect to the related distribution:
(i) material breaches of Mortgage Loan representations and warranties under this Agreement of which the Trustee has actual knowledge or has received written notice; and
(ii) material breaches of any covenants under this Agreement of which the Trustee has actual knowledge or has received written notice.
(b) The Trustee's responsibility for providing the above statement to the Certificateholders, each Rating Agency Agency, and the Depositor is limited, if applicable, to the availability, timeliness and accuracy of the information derived from the Servicers and the Swap ProviderResponsible Parties. The Trustee shall make available the above statement via the Trustee's internet website. The Trustee's website will initially be located at https://www.tss.db.com/invr and assistance in using the website can be xxxxxxxx xx xxxxxxx xxx Xxxstee's investor relations desk at 1-800-735-7777. Parties that are unable to use the website are entitled xx xxxx x xxxer copy mailed to them via first class mail by calling the investor relations desk and indicating such. The Trustee may change the way the monthly statements to Certificateholders are distributed in order to make such distribution more convenient and/or more accessible to the above parties and the Trustee shall provide timely and adequate notification to all above parties regarding any such changes. As a condition to access the Trustee's internet website, the Trustee may require registration and the acceptance of a disclaimer. The Trustee will not be liable for the dissemination of information in accordance with this Agreement. The Trustee shall make available to each Analytics Company, either electronically or via the Trustee's internet website, each statement to Certificateholders prepared pursuant to this Section 4.03(a). The Trustee (and the applicable Servicer, if such discrepancy discrepany results from or arises out of any information provided by the applicable Servicer pursuant to this Agreement) shall cooperate in good faith with the Depositor to reconcile any discrepancies in such statements, and the Trustee shall provide any corrections to such statements to each Analytics Company as soon as reasonably practicable after the related Distribution Date. The Trustee will also be entitled to rely on but shall not be responsible for the content or accuracy of any information provided by third parties for purposes of preparing the monthly statement to Certificateholders and may affix thereto any disclaimer it deems appropriate in its reasonable discretion (without suggesting liability on the part of any other party hereto).
(c) Within a reasonable period of time after the end of each calendar year, the Trustee shall cause to be furnished to each Person who at any time during the calendar year was a Certificateholder, a statement containing the information set forth in clauses (a)(i) and (a)(ii) of this Section 4.03 aggregated for such calendar year or applicable portion thereof during which such Person was a Certificateholder. Such obligation of the Trustee shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Trustee pursuant to any requirements of the Code as from time to time in effect.
(d) Not later than the Determination Date for each Distribution Date, each Servicer shall furnish to the Depositor with respect to clause (i) below and to the Trustee, the Depositor and the Responsible Party with respect to clause (ii) below, a monthly remittance advice statement (the "Servicer Remittance Report") containing the data fields set forth on Exhibit X attached hereto (in each case, in a format mutually agreed upon by such Servicer Servicer, the Trustee and the TrusteeDepositor) with respect to HomEq, containing the data fields set forth on Exhibit Y attached hereto with respect to Wells Fargo (in each case, in a format mutually agreed upon by such Serxxxxx and the Trustee) and containing the data fields set forth on Exhibit Z attached hereto with respect Countrywide Servicing (in each case, in a format mutually agreed upon by such Servicer and the Trustee) and such information as shall be reasonably requested (i) by the Depositor and the Responsible Party to enable the Depositor to disclose "static pool information", as required by Item 1105 of Regulation AB, with respect to the Mortgage Loans, and (ii) by the Trustee to enable the Trustee to provide the reports required by Section 4.03(a) as to the accompanying remittance and applicable Due Period and the period ending on the close of business on the last day of the related Prepayment Period to which such remittance relatesPeriod. The Servicer Remittance Report shall, at a minimum, document, on such Determination Date, Mortgage Loan payment activity on an individual Mortgage Loan basis, as follows:
(i) with respect to each Scheduled Payment, the amount of such remittance allocable to principal (including a separate breakdown of any Principal Prepayment, including the date of such prepayment, and any Prepayment Charges, received during the related Prepayment Period along with a detailed report of interest on principal prepayment amounts remitted in accordance with Section 3.25);
(ii) with respect to each Scheduled Payment, the amount of such remittance allocable to interest;
(iii) the amount of servicing compensation received by such Servicer during the prior distribution period;
(iv) the individual and aggregate Stated Principal Balance of the Mortgage Loans;
(v) the aggregate expenses reimbursed to such Servicer during the prior distribution period pursuant to Section 3.11; and
(vi) the number and aggregate outstanding principal balances of Mortgage Loans (a) delinquent 31 to 60 days, 61 to 90 days, 91 to 120 days, 121 to 150 days, 151 to 180 days, 181 to 210 days, 211 to 240 days and 91 or more 240+ days; (b) as to which foreclosure or bankruptcy proceedings of the related mortgagor have commenced; and (c) as to which REO Property has been acquired. Concurrently with each delivery of a Servicer Remittance Report to the Trustee, Wells Fargo, acting as a Servicer, shall provide, in a manner consistenx xxxh the preceding paragraph, a supplemental statement (to the extent not previously provided) setting forth information in subclauses (v) and (vi). The Trustee shall promptly forward the Servicer Remittance Report and the related supplemental statement to the Depositor.
(e) Notwithstanding anything in Section 4.03(d) to the contrary, the Servicers JPMorgan shall be deemed to have satisfied the requirement to timely deliver the Servicer Remittance Report set forth in Section 4.03(d) above if the Trustee and the Depositor receive such report is received by the Trustee on or prior to the 18th calendar day of such the calendar month in which the related Determination Date occurs; provided, however, that if such 18th calendar day is a Sunday or a Monday which is not a Business Day, the Servicers JPMorgan shall be deemed to have satisfied the requirement to timely deliver the Servicer Remittance Report set forth in Section 4.03(d) above if the Trustee and the Depositor receive such report (i) on the next Business Day succeeding such 18th calendar day, if such succeeding Business Day is not later than the 20th day of such calendar month or (ii) on the Business Day immediately preceding such 18th calendar day, if such succeeding Business Day is later than the 20th calendar day of such calendar month.
(f) For all purposes of this Agreement, with respect to any Mortgage Loan, delinquencies shall be determined by the Trustee from information provided by the Servicers and reported by the Trustee based on the so-called "OTS" methodology for determining delinquencies on mortgage loans similar to the Mortgage Loans. By way of example, a Mortgage Loan would be delinquent with respect to a Scheduled Payment due on a Due Date if such Scheduled Payment is not made by the close of business on the Mortgage Loan's next succeeding Due Date, and a Mortgage Loan would be more than 30-days Delinquent with respect to such Scheduled Payment if such Scheduled Payment were not made by the close of business on the Mortgage Loan's second succeeding Due Date. Each Servicer hereby represents and warrants to the Depositor that such Servicer this delinquency recognition policy is not subject to less restrictive than any delinquency recognition policy established by the primary safety and soundness regulator, if any, of such Servicer, that is more restrictive than the foregoing delinquency recognition policy.
Appears in 1 contract
Monthly Statements to Certificateholders. (a) Not later than each Distribution Date, the Trustee shall make available to each Certificateholder, the Servicers, the Depositor and each Rating Agency a statement setting forth with respect to the related distribution:
(i) the actual Distribution Date, the related Record Date, the Interest Accrual Period(s) for each Class for such Distribution Date and the LIBOR Determination Date for such Interest Accrual Period;
(ii) the amount of Available Funds;
(iii) the amount of Available Funds allocable to principal, the Principal Remittance Amount (separately identifying the components thereof) and the Principal Distribution Amount (separately identifying the components thereof);
(iv) the amount of Available Funds allocable to interest and each Interest Remittance Amount;
(v) the amount of any Unpaid Interest Amount for each Class included in such distribution and any remaining Unpaid Interest Amounts after giving effect to such distribution, any Basis Risk CarryForward Carry Forward Amount for each Class and the amount of such Basis Risk CarryForward Carry Forward Amount covered by withdrawals from the Excess Reserve Fund Account on such Distribution Date;
(vi) if the distribution to the Holders of such Class of Certificates is less than the full amount that would be distributable to such Holders if there were sufficient funds available therefor, the amount of the shortfall and the allocation of the shortfall as between principal and interest, including any Basis Risk CarryForward Carry Forward Amount not covered by amounts in the Excess Reserve Fund Account;
(vii) the Class Certificate Balance of each Class of Certificates before and after giving effect to the distribution of principal on such Distribution Date;
(viii) the Pool Stated Principal Balance for the related Distribution Date;
(ix) the amount of the Expense Fees paid to or retained by the Servicers and the Trustee (stated separately and in the aggregate) with respect to such Distribution Date;
(x) the Pass-Through Rate for each such Class of Certificates with respect to such Distribution Date;
(xi) the amount of P&I Advances included in the distribution on such Distribution Date reported by the Servicers (and the Trustee as successor Servicer servicer and any other successor Servicerservicer, if applicable) as of the close of business on the Determination Date immediately preceding such Distribution Date;
(xii) the number and aggregate outstanding principal balances of Mortgage Loans (1) as to which the Scheduled Payment is delinquent 31 to 60 days, 61 to 90 days, 91 to 120 days, 121 to 150 days, 151 to 180 days, 181 to 210 days, 211 to 240 days and 91 or more 240+ days, (2) that have become REO Property, (3) that are in foreclosure and (4) that are in bankruptcy, in each case as of the close of business on the last Business Day day of the immediately related Due Period;
(xiii) for each of the preceding 12 calendar months, or all calendar months since the related Cut-off Date, whichever is less, the aggregate dollar amount of the Scheduled Payments (A) due on all outstanding Mortgage Loans on each of the Due Dates in each such month and (B) delinquent 60 days or more on each of the Due Dates in each such month;
(xiiixiv) with respect to any Mortgage Loans that became REO Properties during the preceding calendar month, the aggregate number of such Mortgage Loans and the aggregate Stated Principal Balance outstanding principal balance of such Mortgage Loans as of the close of business on the last Business Day day of the immediately preceding monthrelated Due Period;
(xivxv) the total number and outstanding principal balance of any REO Properties (and market value, if available) as of the close of business on the last Business Day of the immediately preceding monthrelated Due Period;
(xvxvi) whether a Trigger Event has occurred and is continuing (including separately identifying the components of the calculation demonstrating resulting in the existence of the Trigger EventEvent and the aggregate outstanding balance of all 60+ Day Delinquent Mortgage Loans);
(xvixvii) the amount on deposit in the Excess Reserve Fund Account (after giving effect to distributions on such Distribution Date);
(xviixviii) in the aggregate and for each Class of Certificates, the aggregate amount of Applied Realized Loss Amounts incurred during the preceding calendar month and aggregate Applied Realized Loss Amounts through such Distribution Date;
(xviiixix) the amount of any Net Monthly Excess Cash Flow on such Distribution Date and the allocation of it to the Certificateholders with respect to Unpaid Interest Amounts, Unpaid Applied Realized Loss Amounts or Amounts, and Basis Risk CarryForward Carry Forward Amounts;
(xixxx) the amount of any Net Swap Payments, Net Swap Receipts, Swap Termination Payments or Defaulted Swap Termination Payments;
(xxxxi) the calculations of LIBOR and Swap LIBOR;
(xxixxii) the Subordinated Amount and Specified Subordinated Amount;
(xxiixxiii) Prepayment Charges collected or paid (pursuant to Section 3.07(a)) by the Servicers;
(xxiiixxiv) the Cumulative Loss Percentage and the aggregate amount of Realized Losses used to calculate the Cumulative Loss Percentage;
(xxivxxv) the amount distributed on the Class X Certificates;
(xxvxxvi) the amount of any Subsequent Recoveries for such Distribution Date;
(xxvi) the Pre-Funded Amount as of the end of the prior Due Period;
(xxvii) the amount of any principal prepayment on the Certificates resulting from the application of unused moneys in the Pre-Funding Account; and
(xxviiixxvii) the number of Mortgage Loans at the beginning and end of the applicable reporting period, the pool factor (being the Stated Principal Balance of the Mortgage Loans for the related Distribution Date divided by the Cut-off Date Principal Balance), and the weighted average interest rate, and weighted average remaining term; . In addition, each Form 10-D prepared and filed by the Trustee pursuant to Section 8.12 shall include the following information with respect to the related distribution:
(i) material breaches of Mortgage Loan representations and warranties under this Agreement of which the Trustee has actual knowledge or has received written notice; and
(ii) material breaches of any covenants under this Agreement of which the Trustee has actual knowledge or has received written notice.
(b) The Trustee's responsibility for providing the above statement to the Certificateholders, each Rating Agency Agency, and the Depositor is limited, if applicable, to the availability, timeliness and accuracy of the information derived from the Servicers and the Swap ProviderResponsible Parties. The Trustee shall make available the above statement via the Trustee's internet website. The Trustee's website will initially be located at https://www.tss.db.com/invr [________] and assistance in using the website can be xxxxxxxx xx xxxxxxx xxx Xxxsteeobtained by calling the Trustee's investor relations desk at 1-800-735-7777[________]. Parties that are unable to use the website are entitled xx xxxx x xxxer to have a paper copy mailed to them via first class mail by calling the investor relations desk and indicating such. The Trustee may change the way the monthly statements to Certificateholders are distributed in order to make such distribution more convenient and/or more accessible to the above parties and the Trustee shall provide timely and adequate notification to all above parties regarding any such changes. As a condition to access the Trustee's internet website, the Trustee may require registration and the acceptance of a disclaimer. The Trustee will not be liable for the dissemination of information in accordance with this Agreement. The Trustee shall make available to each Analytics Company, either electronically or via the Trustee's internet website, each statement to Certificateholders prepared pursuant to this Section 4.03(a). The Trustee (and the applicable Servicer, if such discrepancy discrepany results from or arises out of any information provided by the applicable Servicer pursuant to this Agreement) shall cooperate in good faith with the Depositor to reconcile any discrepancies in such statements, and the Trustee shall provide any corrections to such statements to each Analytics Company as soon as reasonably practicable after the related Distribution Date. The Trustee will also be entitled to rely on but shall not be responsible for the content or accuracy of any information provided by third parties for purposes of preparing the monthly statement to Certificateholders and may affix thereto any disclaimer it deems appropriate in its reasonable discretion (without suggesting liability on the part of any other party hereto).
(c) Within a reasonable period of time after the end of each calendar year, the Trustee shall cause to be furnished to each Person who at any time during the calendar year was a Certificateholder, a statement containing the information set forth in clauses (a)(i) and (a)(ii) of this Section 4.03 aggregated for such calendar year or applicable portion thereof during which such Person was a Certificateholder. Such obligation of the Trustee shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Trustee pursuant to any requirements of the Code as from time to time in effect.
(d) Not later than the Determination Date for each Distribution Date, each Servicer shall furnish to the Depositor with respect to clause (i) below and to the Trustee, the Depositor and the Responsible Party with respect to clause (ii) below, a monthly remittance advice statement (the "Servicer Remittance Report") containing the data fields set forth on Exhibit X attached hereto (in each case, in a format mutually agreed upon by such Servicer Servicer, the Trustee and the TrusteeDepositor) with respect to HomEq, containing the data fields set forth on Exhibit Y attached hereto with respect to Wells Fargo (in each case, in a format mutually agreed upon by such Serxxxxx and the Trustee) and containing the data fields set forth on Exhibit Z attached hereto with respect Countrywide Servicing (in each case, in a format mutually agreed upon by such Servicer and the Trustee) and such information as shall be reasonably requested (i) by the Depositor and the Responsible Party to enable the Depositor to disclose "static pool information", as required by Item 1105 of Regulation AB, with respect to the Mortgage Loans, and (ii) by the Trustee to enable the Trustee to provide the reports required by Section 4.03(a) as to the accompanying remittance and applicable Due Period and the period ending on the close of business on the last day of the related Prepayment Period to which such remittance relatesPeriod. The Servicer Remittance Report shall, at a minimum, document, on such Determination Date, Mortgage Loan payment activity on an individual Mortgage Loan basis, as follows:
(i) with respect to each Scheduled Payment, the amount of such remittance allocable to principal (including a separate breakdown of any Principal Prepayment, including the date of such prepayment, and any Prepayment Charges, received during the related Prepayment Period along with a detailed report of interest on principal prepayment amounts remitted in accordance with Section 3.25);
(ii) with respect to each Scheduled Payment, the amount of such remittance allocable to interest;
(iii) the amount of servicing compensation received by such Servicer during the prior distribution period;
(iv) the individual and aggregate Stated Principal Balance of the Mortgage Loans;
(v) the aggregate expenses reimbursed to such Servicer during the prior distribution period pursuant to Section 3.11; and
(vi) the number and aggregate outstanding principal balances of Mortgage Loans (a) delinquent 31 to 60 days, 61 to 90 days, 91 to 120 days, 121 to 150 days, 151 to 180 days, 181 to 210 days, 211 to 240 days and 91 or more 240+ days; (b) as to which foreclosure or bankruptcy proceedings of the related mortgagor have commenced; and (c) as to which REO Property has been acquired. Concurrently with each delivery of a Servicer Remittance Report to the Trustee, Wells Fargo, acting as a Servicer, shall provide, in a manner consistenx xxxh the preceding paragraph, a supplemental statement (to the extent not previously provided) setting forth information in subclauses (v) and (vi). The Trustee shall promptly forward the Servicer Remittance Report and the related supplemental statement to the Depositor.
(e) Notwithstanding anything in Section 4.03(d) to the contrary, the Servicers [_________] shall be deemed to have satisfied the requirement to timely deliver the Servicer Remittance Report set forth in Section 4.03(d) above if the Trustee and the Depositor receive such report is received by the Trustee on or prior to the 18th calendar [__] day of such the calendar month in which the related Determination Date occurs; provided, however, that if such 18th calendar day is a Sunday or a Monday which is not a Business Day, the Servicers [_________] shall be deemed to have satisfied the requirement to timely deliver the Servicer Remittance Report set forth in Section 4.03(d) above if the Trustee and the Depositor receive such report (i) on the next Business Day succeeding such 18th calendar [__] day, if such succeeding Business Day is not later than the [__] day of such calendar month or (ii) on the Business Day immediately preceding such 18th calendar [__] day, if such succeeding Business Day is later than the 20th calendar [__] day of such calendar month.
(f) For all purposes of this Agreement, with respect to any Mortgage Loan, delinquencies shall be determined by the Trustee from information provided by the Servicers and reported by the Trustee based on the so-called "OTS" methodology for determining delinquencies on mortgage loans similar to the Mortgage Loans. By way of example, a Mortgage Loan would be delinquent with respect to a Scheduled Payment due on a Due Date if such Scheduled Payment is not made by the close of business on the Mortgage Loan's next succeeding Due Date, and a Mortgage Loan would be more than 30-days Delinquent with respect to such Scheduled Payment if such Scheduled Payment were not made by the close of business on the Mortgage Loan's second succeeding Due Date. Each Servicer hereby represents and warrants to the Depositor that such Servicer this delinquency recognition policy is not subject to less restrictive than any delinquency recognition policy established by the primary safety and soundness regulator, if any, of such Servicer, that is more restrictive than the foregoing delinquency recognition policy.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Morgan Stanley Abs Capital I Inc)
Monthly Statements to Certificateholders. (a) Not later than each Distribution Date, the Trustee shall make available to each Certificateholder, the ServicersServicer, the Depositor Depositor, the Certificate Insurer and each Rating Agency a statement setting forth with respect to the related distributiondistribution and/or the related group of Mortgage Loans:
(i) the actual Distribution Date, the related Record Date, the Interest Accrual Period(s) for each Class for such Distribution Date and the LIBOR Determination Date for such Interest Accrual Period;
(ii) the amount of Available Funds;
(iii) the amount of Available Funds allocable to principal, the Principal Remittance Amount (separately identifying the components thereof) aggregate amount of any Principal Prepayments and the Principal Distribution Amount (separately identifying the components thereof)Liquidation Proceeds included therein;
(ivii) the amount of Available Funds allocable to interest and each Interest Remittance Amount;
(v) the amount of interest, any Unpaid Interest Amount for each Class Amounts included in such distribution and any remaining Unpaid Interest Amounts after giving effect to such distribution, any Basis Risk CarryForward Carry Forward Amount for each Class such Distribution Date and the amount of such all Basis Risk CarryForward Carry Forward Amount covered by withdrawals from the Excess Reserve Fund Account on such Distribution Date;
(viiii) if the distribution to the Holders of such Class of Certificates is less than the full amount that would be distributable to such Holders if there were sufficient funds available therefor, the amount of the shortfall and the allocation of the shortfall as between principal and interest, including any Basis Risk CarryForward Carry Forward Amount not covered by amounts in the Excess Reserve Fund AccountAccount ;
(viiiv) the Class Certificate Balance of each Class of Certificates before and after giving effect to the distribution of principal on such Distribution Date;
(viiiv) the Pool Stated Principal Balance with respect to the related Mortgage Loans for the following Distribution Date;
(ixvi) the amount of the Expense Fees expenses and fees paid to or retained by the Servicers and Servicer or paid to or retained by the Trustee (stated separately and in the aggregate) with respect to such Distribution Date;
(xvii) the Pass-Through Rate for each such Class of Certificates with respect to such Distribution Date;
(xiviii) the amount of P&I Advances included in the distribution on such Distribution Date and the aggregate amount of Advances reported by the Servicers Servicer (and the Trustee as successor Servicer servicer and any other successor Servicerservicer, if applicable) as outstanding (if reported by the Servicer) as of the close of business on the Determination Date immediately preceding such Distribution Date;
(xiiix) the amount, if any, paid by the Certificate Insurer under the Policy for such Distribution Date and the aggregate amounts for all prior Distibution Dates paid by the Certificate Insurer under the Policy and not yet reimbursed;
(x) the number and aggregate outstanding principal balances of related Mortgage Loans (1) as to which the Scheduled Payment is delinquent Delinquent 31 to 60 days, 61 to 90 days, 91 to 120 days, 121 to 150 days, 151 to 180 days and 91 or more 180+ days, (2) that have become REO Property, (3) that are in foreclosure and (4) that are in bankruptcy, in each case as of the close of business on the last Business Day of the immediately preceding month;
(xiiixi) for each of the preceding 12 calendar months, or all calendar months since the related Cut-off Date, whichever is less, the aggregate dollar amount of the Scheduled Payments (A) due on all related Outstanding Mortgage Loans on each of the Due Dates in each such month and (B) Delinquent 60 days or more on each of the Due Dates in each such month;
(xii) with respect to any all Mortgage Loans that became REO Properties during the preceding calendar month, the aggregate number of such Mortgage Loans and the aggregate Stated Principal Balance of such Mortgage Loans as of the close of business on the last Business Day of the immediately preceding month;
(xivxiii) the total number and outstanding principal balance of any REO Properties (and market value, if available) as of the close of business on the last Business Day of the immediately preceding month;
(xvxiv) whether a Trigger Event has occurred and is continuing (including the calculation demonstrating the existence separate components of the Trigger Eventcalculation and the aggregate outstanding balance of all 60+ Day Delinquent Mortgage Loans);
(xvixv) the amount on deposit in the Excess Reserve Fund Account (after giving effect to distributions on such Distribution Date);
(xviixvi) in the aggregate and for each Class of Certificates, the aggregate amount of Applied Realized Loss Amounts incurred during the preceding calendar month and aggregate Applied Realized Loss Amounts through such Distribution Date;
(xviiixvii) the amount of any Net Monthly Excess Cash Flow on such Distribution Date and the allocation of it thereof to the related Certificateholders with respect to Applied Realized Loss Amounts and Unpaid Interest Amounts, Unpaid Realized Loss Amounts or Basis Risk CarryForward Amounts;
(xviii) the Overcollateralized Amount and Specified Overcollateralized Amount;
(xix) Prepayment Premiums collected by or paid by the amount of any Net Swap Payments, Net Swap Receipts, Swap Termination Payments or Defaulted Swap Termination PaymentsServicer;
(xx) the calculations of LIBOR and Swap LIBOR;
(xxi) the Subordinated Amount and Specified Subordinated Amount;
(xxii) Prepayment Charges collected or paid (pursuant to Section 3.07(a)) by the Servicers;
(xxiii) the Cumulative Loss Percentage and the aggregate amount of Realized Losses used to calculate the Cumulative Loss Percentage;
(xxivxxi) the amount distributed on the Class X Certificates, as applicable;
(xxvxxii) the amount of any Subsequent Recoveries for such Distribution Date;
(xxiii) the Record Date for such Distribution Date;
(xxiv) each Mortgage Loan that has been released to the Class X-1 Certificateholder pursuant to Section 3.15;
(xxv) one-month, three-month and twelve-month CPR;
(xxvi) the Pre-Funded Amount as cumulative amount of Realized Losses on the end of the prior Due Period;related Mortgage Loans; and
(xxvii) the amount of any principal prepayment on the Certificates resulting from the application of unused moneys in the Pre-Funding Account; and
(xxviii) the number of Mortgage Loans at the end of the applicable reporting period, the pool factor (being the Stated Principal Balance of the Mortgage Loans Net Swap Receipts or Net Swap Payments for the related such Distribution Date divided by the Cut-off Date Principal Balance), and the weighted average interest rate, and weighted average remaining term; In addition, each Form 10-D prepared and filed by the Trustee pursuant to Section 8.12 shall include the following information with respect to the related distribution:
(i) material breaches of Mortgage Loan representations and warranties under this Agreement of which the Trustee has actual knowledge or has received written notice; and
(ii) material breaches of any covenants under this Agreement of which the Trustee has actual knowledge or received written noticeDate.
(b) The Trustee's ’s responsibility for providing the above statement to the Certificateholders, each Rating Agency Agency, the Servicer, the Certificate Insurer and the Depositor is limited, if applicable, limited to the availability, timeliness and accuracy of the information derived from the Servicers and Servicer or the Swap Providerrelated Responsible Party. The Trustee shall make available will provide the above statement via the Trustee's ’s internet website. The Trustee's ’s website will initially be located at https://www.tss.db.com/invr xxxxx://xxx.xxx.xx.xxx/invr and assistance in using the website can be xxxxxxxx xx xxxxxxx xxx Xxxstee's obtained by calling the Trustee’s investor relations desk at 10-800000-735000-77770000. Parties that are unable to use the website are entitled xx xxxx x xxxer A paper copy mailed to them via first class mail by calling the investor relations desk and indicating such. The Trustee may change the way the monthly statements to Certificateholders are distributed in order to make such distribution more convenient and/or more accessible to of the above parties and the Trustee shall provide timely and adequate notification to all above parties regarding any such changes. As a condition to access the Trustee's internet website, the Trustee may require registration and the acceptance of a disclaimer. The Trustee will not be liable for the dissemination of information in accordance with this Agreement. The Trustee shall make available to each Analytics Company, either electronically or via the Trustee's internet website, each statement to Certificateholders prepared pursuant to Section 4.03(a). The Trustee (and the applicable Servicer, if such discrepancy results from or arises out of any information provided by the applicable Servicer pursuant to this Agreement) shall cooperate in good faith with the Depositor to reconcile any discrepancies in such statements, and the Trustee shall provide any corrections to such statements to each Analytics Company as soon as reasonably practicable after the related Distribution Date. The Trustee will also be entitled to rely on but shall not be responsible for the content or accuracy of any information provided by third parties for purposes of preparing the monthly statement to Certificateholders and may affix thereto any disclaimer it deems appropriate in its reasonable discretion (without suggesting liability on the part of any other party hereto)made available upon request.
(c) Within a reasonable period of time after the end of each calendar year, the Trustee shall cause to be furnished to each Person who at any time during the calendar year was a Certificateholder, a statement containing the information set forth in clauses (a)(i) and (a)(ii) of this Section 4.03 4.04 aggregated for such calendar year or or, with respect to the Certificateholders, applicable portion thereof during which such Person was a Certificateholder. Such obligation of the Trustee shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Trustee pursuant to any requirements of the Code as from time to time in effect.
(d) Not later than the Determination Date for each Distribution related Reporting Date, each the Servicer shall furnish to the Trustee, Trustee a monthly remittance advice statement (the "Servicer Remittance Report") containing the data fields set forth on Exhibit X attached hereto (in each case, in a format mutually agreed upon by such the Servicer and the TrusteeTrustee and upon which the Trustee may rely) with respect to HomEq, containing the data fields set forth on Exhibit Y attached hereto with respect to Wells Fargo (in each case, in a format mutually agreed upon by such Serxxxxx and the Trustee) and containing the data fields set forth on Exhibit Z attached hereto with respect Countrywide Servicing (in each case, in a format mutually agreed upon by such Servicer and the Trustee) and such information as shall be reasonably requested (i) by the Depositor to enable the Depositor to disclose "static pool information", as required by Item 1105 of Regulation AB, with respect to the Mortgage Loans, and (ii) by the Trustee to enable the Trustee to provide the reports required by Section 4.03(a4.04(a) as to the accompanying remittance and applicable Due Period and Prepayment Period to which such remittance relatesthe period ending on the close of business on the last Business Day of the immediately preceding month (the “Servicer Remittance Report”). The Servicer Remittance Report shallshall furnish to the Trustee (with a copy to the Certificate Insurer) an individual loan accounting report, at a minimumas of the last Business Day of each month, document, on such Determination Date, to document Mortgage Loan payment activity on an individual Mortgage Loan basis. With respect to each month, as followsthe corresponding individual loan accounting report (in electronic format) shall be received by the Trustee no later than the Reporting Date, which report shall contain the following:
(i) with respect to each Scheduled Payment, the amount of such remittance allocable to principal (including a separate breakdown of any Principal Prepayment, including the date of such prepayment, Prepayment and any Prepayment Charges, received during the related Prepayment Period along with a detailed report of interest on principal prepayment amounts remitted in accordance with Section 3.25Premiums);
(ii) with respect to each Scheduled Payment, the amount of such remittance allocable to interest;
(iii) the amount of servicing compensation received by such the Servicer during the prior distribution period;
(iv) the individual and aggregate Stated Principal Balance of the related Mortgage Loans;
(v) the aggregate of any expenses reimbursed to such the Servicer during the prior distribution period pursuant to Section 3.11; and;
(vi) the number and aggregate outstanding principal balances of related Mortgage Loans (a1) delinquent as to which the Scheduled Payment is Delinquent 31 to 60 days, 61 to 90 days, 91 to 120 days, 121 to 150 days, 151 to 180 days and 91 or more 180+ days; , (b2) that have become REO Property, (3) that are in foreclosure and (4) that are in bankruptcy, in each case as to which foreclosure or bankruptcy proceedings of the close of business on the last Business Day of the immediately preceding month;
(vii) each related mortgagor have commenced; and (c) as to Mortgage Loan which REO Property has been acquired. Concurrently altered, modified or varied during such month, and the reason for such modification (i.e., extension of maturity date, Mortgage Interest Rate);
(viii) with respect to each delivery related Mortgage Loan, the amount of a Servicer Remittance Report any Realized Losses for such Mortgage Loan;
(ix) each related Mortgage Loan that will be released to the TrusteeClass X Certificateholder, Wells Fargo, acting as a Servicer, shall provide, in a manner consistenx xxxh the preceding paragraph, a supplemental statement (pursuant to the extent not previously provided) setting forth information in subclauses (v) and (vi). The Trustee shall promptly forward the Servicer Remittance Report and the related supplemental statement to the Depositor.Section 3.15; and
(ex) Notwithstanding anything in Section 4.03(d) to the contrary, the Servicers shall be deemed to have satisfied the requirement to timely deliver the Servicer Remittance Report if such report is received any other information reasonably required by the Trustee on or prior to enable it to prepare the 18th calendar day of such month monthly statement referred to in which the related Determination Date occurs; provided, however, that if such 18th calendar day is a Sunday or a Monday which is not a Business Day, the Servicers shall be deemed to have satisfied the requirement to timely deliver the Servicer Remittance Report if the Trustee and the Depositor receive such report (i) on the next Business Day succeeding such 18th calendar day, or (ii) on the Business Day immediately preceding such 18th calendar day, if such succeeding Business Day is later than the 20th calendar day of such calendar month.
(f) Section 4.04(a). For all purposes of this Agreement, with respect to any Mortgage Loan, delinquencies shall be determined by the Trustee from information provided by the Servicers and reported by the Trustee based on the "“OTS" ” methodology for determining delinquencies on mortgage loans similar to the Mortgage Loans. By way Loans as described in the definition of example, a Mortgage Loan would be delinquent with respect to a Scheduled Payment due on a Due Date if such Scheduled Payment is not made by the close of business on the Mortgage Loan's next succeeding Due Date, and a Mortgage Loan would be more than 30-days Delinquent with respect to such Scheduled Payment if such Scheduled Payment were not made by the close of business on the Mortgage Loan's second succeeding Due Date. Each Servicer hereby represents and warrants to the Depositor that such Servicer is not subject to any delinquency recognition policy established by the primary safety and soundness regulator, if any, of such Servicer, that is more restrictive than the foregoing delinquency recognition policy“Delinquent.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (FFMLT 2007 FFB-Ss)
Monthly Statements to Certificateholders. (a) Not later than each Distribution Date, the Trustee Securities Administrator shall make available to each Certificateholder, the ServicersDepositor, the Depositor Trustee and each Rating Agency a statement based, in part, upon the information provided by the Servicers setting forth with respect to the related distribution:
(i) the actual Distribution Dateamount thereof allocable to principal, separately identifying the related Record Date, the Interest Accrual Period(s) for each Class for such Distribution Date aggregate amount of any Principal Prepayments and the LIBOR Determination Date for such Interest Accrual PeriodLiquidation Proceeds included therein;
(ii) the amount of Available Funds;
(iii) the amount of Available Funds thereof allocable to principalinterest, the Principal Remittance Amount (separately identifying the components thereof) and the Principal Distribution Amount (separately identifying the components thereof);
(iv) the amount of Available Funds allocable to interest and each Interest Remittance Amount;
(v) the amount of any Unpaid Interest Amount for each Class included in such distribution and any remaining Unpaid Interest Amounts Amount after giving effect to such distribution, any Basis Risk CarryForward Carry Forward Amount for each Class such Distribution Date and the amount of such all Basis Risk CarryForward Carry Forward Amount covered by withdrawals from the Excess Reserve Fund Account and the Supplemental Interest Trust on such Distribution Date;
(viiii) if the distribution to the Holders of such Class of Certificates is less than the full amount that would be distributable to such Holders if there were sufficient funds available therefor, the amount of the shortfall and the allocation of the shortfall thereof as between principal and interest, including any Basis Risk CarryForward Carry Forward Amount not covered by amounts in the Excess Reserve Fund AccountAccount and the Supplemental Interest Trust;
(viiiv) the Class Certificate Balance of each Class of Certificates before and the notional amount of the Class P Certificates after giving effect to the distribution of principal on such Distribution Date;
(viiiv) the Pool aggregate Stated Principal Balance of the Mortgage Loans for the following Distribution Date;
(ixvi) the amount of the Expense Fees expenses and fees paid to or retained by the Servicers Servicer and paid to or retained by the Trustee with respect to such Distribution Date, in each case, identifying the general purpose of such fees;
(stated separately vii) the amount of the expenses and in fees paid to the aggregate) Master Servicer or Securities Administrator with respect to such Distribution Date;;
(xviii) the Pass-Through Rate for each such Class of Certificates with respect to such Distribution Date;
(xiix) the amount of P&I Advances included in the distribution on such Distribution Date and the aggregate amount of Advances reported by the Servicers (and the Master Servicer, the Trustee as successor Servicer master servicer and any other successor Servicermaster servicer, if applicable) as outstanding as of the close of business on the Determination Date immediately preceding such Distribution Date;
(xiix) the number and aggregate outstanding principal balances of Mortgage Loans (1) as to which the Scheduled Payment scheduled payment is delinquent 31 to 60 days, 61 to 90 days and 91 or more days, (2) that have become REO Propertyproperty, (3) that are in foreclosure and (4) that are in bankruptcy, in each case as of the close of business on the last Business Day business day of the immediately preceding month;
(xiiixi) for each of the preceding 12 calendar months, or all calendar months since the related Cut-off date, whichever is less, the aggregate dollar amount of the scheduled payments (A) due on all Outstanding Mortgage Loans on each of the Due Dates in each such month and (B) delinquent sixty (60) days or more on each of the Due Dates in each such month;
(xii) with respect to any all Mortgage Loans that became REO Properties properties during the preceding calendar month, the aggregate number of such Mortgage Loans mortgage loans and the aggregate Stated Principal Balance of such Mortgage Loans as of the close of business on the last Business Day Determination Date preceding such Distribution Date and the date of acquisition of the immediately preceding monthREO properties;
(xivxiii) the total number and outstanding principal balance of any REO Properties properties (and market value, if available) as of the close of business on the last Business Day of the immediately Determination Date preceding monthsuch Distribution Date;
(xvxiv) whether a Trigger Event has occurred and is continuing (including the calculation demonstrating the existence of the Trigger EventEvent and the aggregate outstanding balance of all 60+ Day Delinquent Mortgage Loans);
(xvixv) the amount on deposit in the Excess Reserve Fund Account (after giving effect to distributions on such Distribution Date);
(xviixvi) in the aggregate and for each Class of Certificates, the aggregate amount of Applied Realized Loss Amounts incurred during the preceding calendar month and aggregate Applied Realized Loss Amounts through such Distribution Date;
(xviiixvii) the amount of any Net Monthly Excess Cash Flow on such Distribution Date and the allocation of it thereof to the Certificateholders with respect to Unpaid Interest Amounts, Unpaid Realized Loss Amounts or Basis Risk CarryForward Amounts;
(xviii) the Overcollateralized Amount and Specified Overcollateralized Amount;
(xix) the amount of any Net Swap Payments, Net Swap Receipts, Swap Termination Payments Prepayment Premiums collected by or Defaulted Swap Termination Paymentspaid by the Servicers;
(xx) the calculations percentage equal to the aggregate realized losses divided by the aggregate Stated Principal Balance of LIBOR and Swap LIBORthe Mortgage Loans as of the Cut-off date;
(xxi) the Subordinated Amount and Specified Subordinated Amount;
(xxii) Prepayment Charges collected or paid (pursuant to Section 3.07(a)) by the Servicers;
(xxiii) the Cumulative Loss Percentage and the aggregate amount of Realized Losses used to calculate the Cumulative Loss Percentage;
(xxiv) the amount distributed on the Class X and Class P Certificates;
(xxvxxii) the amount of any Subsequent Recoveries for such Distribution Date;
(xxvixxiii) the Pre-Funded Amount as of the end of the prior Due PeriodRecord Date for such Distribution Date;
(xxviixxiv) the amount of any principal prepayment on the Certificates resulting from the application of unused moneys in the Pre-Funding Account; and
(xxviii) the number of updated Mortgage Loans at the end of the applicable reporting periodLoan information, the pool factor (being the Stated Principal Balance of the Mortgage Loans for the related Distribution Date divided by the Cut-off Date Principal Balance), and the such as weighted average interest rate, and weighted average remaining term; In addition, each Form 10-D prepared and filed by the Trustee pursuant to Section 8.12 shall include the following information with respect to the related distribution:;
(ixxv) material breaches of Mortgage Loan representations and of warranties under this Agreement of which the Trustee Trustee, Master Servicer or any Servicer has actual knowledge or has received written notice; and
(iixxvi) material breaches of any covenants under this Agreement of which the Trustee Trustee, Master Servicer or any Servicer has actual knowledge or received written notice.
(b) The TrusteeSecurities Administrator's responsibility for providing the above statement to the Certificateholders, each Rating Agency Agency, the Trustee and the Depositor is limited, if applicable, limited to the availability, timeliness and accuracy of the information derived from the Master Servicer, the Servicers and the Swap ProviderResponsible Parties. The Trustee Securities Administrator shall make available provide the above statement via the TrusteeSecurities Administrator's internet website. The Trustee's website will initially be located at https://www.tss.db.com/invr and assistance Assistance in using the website can be xxxxxxxx xx xxxxxxx xxx Xxxsteeobtained by calling the Securities Administrator's investor relations desk at 1-800877-735722-7777. Parties that are unable to use the website are entitled xx xxxx x xxxer copy mailed to them via first class mail by calling the investor relations desk and indicating such1095. The Trustee may change the way the monthly statements to Certificateholders are distributed in order to Securities Adxxxxxxxxxxx xxll also make such distribution more convenient and/or more accessible to a paper copy of the above parties and the Trustee shall provide timely and adequate notification to all above parties regarding any such changes. As a condition to access the Trustee's internet website, the Trustee may require registration and the acceptance of a disclaimer. The Trustee will not be liable for the dissemination of information in accordance with this Agreement. The Trustee shall make statement available to each Analytics Company, either electronically or via the Trustee's internet website, each statement to Certificateholders prepared pursuant to Section 4.03(a). The Trustee (and the applicable Servicer, if such discrepancy results from or arises out of any information provided by the applicable Servicer pursuant to this Agreement) shall cooperate in good faith with the Depositor to reconcile any discrepancies in such statements, and the Trustee shall provide any corrections to such statements to each Analytics Company as soon as reasonably practicable after the related Distribution Date. The Trustee will also be entitled to rely on but shall not be responsible for the content or accuracy of any information provided by third parties for purposes of preparing the monthly statement to Certificateholders and may affix thereto any disclaimer it deems appropriate in its reasonable discretion (without suggesting liability on the part of any other party hereto)upon request.
(c) Within Upon request, within a reasonable period of time after the end of each calendar year, the Trustee Securities Administrator shall cause to be furnished to each Person who at any time during the calendar year was a Certificateholder, a statement containing the information set forth in clauses (a)(i), (a)(ii), (a)(iii) and (a)(iia)(vii) of this Section 4.03 4.02 aggregated for such calendar year or applicable portion thereof during which such Person was a Certificateholder. Such obligation of the Trustee Securities Administrator shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Trustee Securities Administrator pursuant to any requirements of the Code as from time to time in effect.
(d) Not later than the Determination Date for each Distribution Date, each Servicer shall furnish to the Trustee, a monthly remittance advice statement (the "Servicer Remittance Report") containing the data fields set forth on Exhibit X attached hereto (in each case, in a format mutually agreed upon by such Servicer and the Trustee) with respect to HomEq, containing the data fields set forth on Exhibit Y attached hereto with respect to Wells Fargo (in each case, in a format mutually agreed upon by such Serxxxxx and the Trustee) and containing the data fields set forth on Exhibit Z attached hereto with respect Countrywide Servicing (in each case, in a format mutually agreed upon by such Servicer and the Trustee) and such information as . The Securities Administrator shall be reasonably requested (i) by the Depositor entitled to enable the Depositor to disclose "static pool information", as required by Item 1105 of Regulation AB, with respect to the Mortgage Loans, and (ii) by the Trustee to enable the Trustee to provide the reports required by Section 4.03(a) as to the accompanying remittance and applicable Due Period and Prepayment Period to which such remittance relates. The Servicer Remittance Report shall, at a minimum, document, rely on such Determination Date, Mortgage Loan payment activity on an individual Mortgage Loan basis, as follows:
(i) with respect to each Scheduled Payment, the amount of such remittance allocable to principal (including a separate breakdown of any Principal Prepayment, including the date of such prepayment, and any Prepayment Charges, received during the related Prepayment Period along with a detailed report of interest on principal prepayment amounts remitted in accordance with Section 3.25);
(ii) with respect to each Scheduled Payment, the amount of such remittance allocable to interest;
(iii) the amount of servicing compensation received by such Servicer during the prior distribution period;
(iv) the individual and aggregate Stated Principal Balance of the Mortgage Loans;
(v) the aggregate expenses reimbursed to such Servicer during the prior distribution period pursuant to Section 3.11; and
(vi) the number and aggregate outstanding principal balances of Mortgage Loans (a) delinquent 31 to 60 days, 61 to 90 days and 91 or more days; (b) as to which foreclosure or bankruptcy proceedings of the related mortgagor have commenced; and (c) as to which REO Property has been acquired. Concurrently with each delivery of a Servicer Remittance Report to the Trustee, Wells Fargo, acting as a Servicer, shall provide, in a manner consistenx xxxh the preceding paragraph, a supplemental statement (to the extent not previously provided) setting forth information in subclauses (v) and (vi). The Trustee shall promptly forward the Servicer Remittance Report and the related supplemental statement to the Depositor.
(e) Notwithstanding anything in Section 4.03(d) to the contrary, the Servicers shall be deemed to have satisfied the requirement to timely deliver the Servicer Remittance Report if such report is received by the Trustee on or prior to the 18th calendar day of such month in which the related Determination Date occurs; provided, however, that if such 18th calendar day is a Sunday or a Monday which is not a Business Day, the Servicers shall be deemed to have satisfied the requirement to timely deliver the Servicer Remittance Report if the Trustee and the Depositor receive such report (i) on the next Business Day succeeding such 18th calendar day, or (ii) on the Business Day immediately preceding such 18th calendar day, if such succeeding Business Day is later than the 20th calendar day of such calendar month.
(f) For all purposes of this Agreement, with respect to any Mortgage Loan, delinquencies shall be determined by the Trustee from information provided by third parties for purposes of preparing the Servicers and reported by foregoing report, but shall not be responsible for the Trustee based on the "OTS" methodology for determining delinquencies on mortgage loans similar to the Mortgage Loans. By way of example, a Mortgage Loan would be delinquent with respect to a Scheduled Payment due on a Due Date if such Scheduled Payment is not made by the close of business on the Mortgage Loan's next succeeding Due Date, and a Mortgage Loan would be more than 30-days Delinquent with respect to such Scheduled Payment if such Scheduled Payment were not made by the close of business on the Mortgage Loan's second succeeding Due Date. Each Servicer hereby represents and warrants to the Depositor that such Servicer is not subject to any delinquency recognition policy established by the primary safety and soundness regulator, if any, accuracy of such Servicer, that is more restrictive than the foregoing delinquency recognition policyinformation.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (GSAA Home Equity Trust 2006-3)
Monthly Statements to Certificateholders. (a) Not later than each Distribution Date, the Trustee Securities Administrator shall make available to each Certificateholder, the Master Servicer, the Servicers, the Depositor Credit Risk Manager, the Depositor, the Trustee, the Derivative Counterparty and each Rating Agency a statement statement, based on information provided by the Servicers and the Derivative Counterparty, setting forth with respect to the related distribution:
(i) the actual Distribution Dateamount thereof allocable to principal (other than with respect to the Interest-Only Certificates), separately identifying the related Record Dateaggregate amount of any Principal Prepayments, the Interest Accrual Period(s) for each Class for such Distribution Date Liquidation Proceeds and the LIBOR Determination Date for such Interest Accrual PeriodSubsequent Recoveries;
(ii) the amount of Available Funds;
(iii) the amount of Available Funds thereof allocable to principalinterest, the Principal Remittance Amount (separately identifying the components thereof) and the Principal Distribution Amount (separately identifying the components thereof);
(iv) the amount of Available Funds allocable to interest and each any Interest Remittance Amount;
(v) the amount of any Unpaid Interest Amount for each Class Carry Forward Amounts included in such distribution and any remaining Unpaid Interest Carry Forward Amounts after giving effect to such distribution, any Basis Risk CarryForward Carryover Amount for each Class such Distribution Date and the amount of such all Basis Risk CarryForward Carryover Amount covered by withdrawals from the Excess Reserve Fund Account on such Distribution Date;
(viiii) if the distribution to the Holders of such Class of Certificates is less than the full amount that would be distributable to such Holders if there were sufficient funds available therefor, the amount of the shortfall and the allocation of the shortfall thereof as between principal and interest, including any Basis Risk CarryForward Carryover Amount not covered by amounts in the Excess Reserve Fund Account;
(viiiv) the Class Certificate Balance of each Class of Certificates before and after giving effect to the distribution of principal on such Distribution Date;
(viiiv) the Pool Stated Principal Balance for the following Distribution Date;
(ixvi) the amount of the Expense Fees (in the aggregate and separately stated) paid to or retained by the Servicers and the Trustee (stated separately and in the aggregate) any Subservicer with respect to such Distribution Date;
(xvii) the Pass-Through Interest Rate for each such Class of Certificates with respect to such Distribution Date;
(xiviii) the amount of P&I Advances included in the distribution on such Distribution Date reported by the Servicers (and the Trustee as successor Servicer and any other successor Servicer, if applicable) aggregate amount of P&I Advances outstanding as of the close of business on the Determination Date immediately preceding such Distribution Date;
(xiiix) by Loan Group and in the aggregate, the number and aggregate outstanding principal balances of Mortgage Loans (except those Mortgage Loans that are liquidated as of the end of the related Prepayment Period) (1) as to which the Scheduled Payment is delinquent 31 to 60 days, 61 to 90 days and 91 or more days, (2) that have become REO Property, (3) that are in foreclosure and (4) that are in bankruptcy, in each case as of the close of business on the last Business Day of the immediately preceding month;
(xiiix) by Loan Group and in the aggregate, with respect to any Mortgage Loans that became REO Properties during the preceding calendar month, the aggregate number of such Mortgage Loans and the aggregate Stated Principal Balance of such Mortgage Loans as of the close of business on the last Business Day Determination Date preceding such Distribution Date and the date of the immediately preceding monthacquisition thereof;
(xivxi) by Loan Group and in the aggregate, the total number and outstanding aggregate principal balance of any REO Properties (and market value, if available) as of the close of business on the last Business Day of the immediately Determination Date preceding monthsuch Distribution Date;
(xvxii) whether a Trigger Event has occurred and is continuing (including the calculation demonstrating the existence of the Trigger Eventcontinuing;
(xvixiii) whether the Final Maturity OC Trigger is in effect;
(xiv) the amount on deposit in the Final Maturity Reserve Fund, and the amount of deposits into, and distributions from, the Final Maturity Reserve Fund for such Distribution Date;
(xv) the amount on deposit in the Excess Reserve Fund Account (after giving effect to distributions on such Distribution Date);
(xviixvi) in the aggregate and for each Class of Certificates, the aggregate amount of Applied Realized Loss Amounts incurred during the preceding calendar month and aggregate Applied Realized Loss Amounts through such Distribution Date;
(xviiixvii) the amount of any Net Monthly Excess Cash Flow on such Distribution Date and the allocation of it thereof to the Certificateholders with respect to Unpaid Interest Amounts, Unpaid Applied Realized Loss Amounts or Basis Risk CarryForward and Interest Carry Forward Amounts;
(xix) the amount of any Net Swap Payments, Net Swap Receipts, Swap Termination Payments or Defaulted Swap Termination Payments;
(xx) the calculations of LIBOR and Swap LIBOR;
(xxi) the Subordinated Amount and Specified Subordinated Amount;
(xxii) Prepayment Charges collected or paid (pursuant to Section 3.07(a)) by the Servicers;
(xxiii) the Cumulative Loss Percentage and the aggregate amount of Realized Losses used to calculate the Cumulative Loss Percentage;
(xxiv) the amount distributed on the Class X Certificates;
(xxv) the amount of any Subsequent Recoveries for such Distribution Date;
(xxvi) the Pre-Funded Amount as of the end of the prior Due Period;
(xxvii) the amount of any principal prepayment on the Certificates resulting from the application of unused moneys in the Pre-Funding Account; and
(xxviii) the number of Mortgage Loans at the end of the applicable reporting period, the pool factor (being the Stated Principal Balance of the Mortgage Loans for the related Distribution Date divided by the Cut-off Date Principal Balance), and the weighted average interest rate, and weighted average remaining term; In addition, each Form 10-D prepared and filed by the Trustee pursuant to Section 8.12 shall include the following information with respect to the related distribution:
(i) material breaches of Mortgage Loan representations and warranties under this Agreement of which the Trustee has actual knowledge or has received written notice; and
(ii) material breaches of any covenants under this Agreement of which the Trustee has actual knowledge or received written notice.
(b) The Trustee's responsibility for providing the above statement to the Certificateholders, each Rating Agency and the Depositor is limited, if applicable, to the availability, timeliness and accuracy of the information derived from the Servicers and the Swap Provider. The Trustee shall make available the above statement via the Trustee's internet website. The Trustee's website will initially be located at https://www.tss.db.com/invr and assistance in using the website can be xxxxxxxx xx xxxxxxx xxx Xxxstee's investor relations desk at 1-800-735-7777. Parties that are unable to use the website are entitled xx xxxx x xxxer copy mailed to them via first class mail by calling the investor relations desk and indicating such. The Trustee may change the way the monthly statements to Certificateholders are distributed in order to make such distribution more convenient and/or more accessible to the above parties and the Trustee shall provide timely and adequate notification to all above parties regarding any such changes. As a condition to access the Trustee's internet website, the Trustee may require registration and the acceptance of a disclaimer. The Trustee will not be liable for the dissemination of information in accordance with this Agreement. The Trustee shall make available to each Analytics Company, either electronically or via the Trustee's internet website, each statement to Certificateholders prepared pursuant to Section 4.03(a). The Trustee (and the applicable Servicer, if such discrepancy results from or arises out of any information provided by the applicable Servicer pursuant to this Agreement) shall cooperate in good faith with the Depositor to reconcile any discrepancies in such statements, and the Trustee shall provide any corrections to such statements to each Analytics Company as soon as reasonably practicable after the related Distribution Date. The Trustee will also be entitled to rely on but shall not be responsible for the content or accuracy of any information provided by third parties for purposes of preparing the monthly statement to Certificateholders and may affix thereto any disclaimer it deems appropriate in its reasonable discretion (without suggesting liability on the part of any other party hereto).
(c) Within a reasonable period of time after the end of each calendar year, the Trustee shall cause to be furnished to each Person who at any time during the calendar year was a Certificateholder, a statement containing the information set forth in clauses (a)(i) and (a)(ii) of this Section 4.03 aggregated for such calendar year or applicable portion thereof during which such Person was a Certificateholder. Such obligation of the Trustee shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Trustee pursuant to any requirements of the Code as from time to time in effect.
(d) Not later than the Determination Date for each Distribution Date, each Servicer shall furnish to the Trustee, a monthly remittance advice statement (the "Servicer Remittance Report") containing the data fields set forth on Exhibit X attached hereto (in each case, in a format mutually agreed upon by such Servicer and the Trustee) with respect to HomEq, containing the data fields set forth on Exhibit Y attached hereto with respect to Wells Fargo (in each case, in a format mutually agreed upon by such Serxxxxx and the Trustee) and containing the data fields set forth on Exhibit Z attached hereto with respect Countrywide Servicing (in each case, in a format mutually agreed upon by such Servicer and the Trustee) and such information as shall be reasonably requested (i) by the Depositor to enable the Depositor to disclose "static pool information", as required by Item 1105 of Regulation AB, with respect to the Mortgage Loans, and (ii) by the Trustee to enable the Trustee to provide the reports required by Section 4.03(a) as to the accompanying remittance and applicable Due Period and Prepayment Period to which such remittance relates. The Servicer Remittance Report shall, at a minimum, document, on such Determination Date, Mortgage Loan payment activity on an individual Mortgage Loan basis, as follows:
(i) with respect to each Scheduled Payment, the amount of such remittance allocable to principal (including a separate breakdown of any Principal Prepayment, including the date of such prepayment, and any Prepayment Charges, received during the related Prepayment Period along with a detailed report of interest on principal prepayment amounts remitted in accordance with Section 3.25);
(ii) with respect to each Scheduled Payment, the amount of such remittance allocable to interest;
(iii) the amount of servicing compensation received by such Servicer during the prior distribution period;
(iv) the individual and aggregate Stated Principal Balance of the Mortgage Loans;
(v) the aggregate expenses reimbursed to such Servicer during the prior distribution period pursuant to Section 3.11; and
(vi) the number and aggregate outstanding principal balances of Mortgage Loans (a) delinquent 31 to 60 days, 61 to 90 days and 91 or more days; (b) as to which foreclosure or bankruptcy proceedings of the related mortgagor have commenced; and (c) as to which REO Property has been acquired. Concurrently with each delivery of a Servicer Remittance Report to the Trustee, Wells Fargo, acting as a Servicer, shall provide, in a manner consistenx xxxh the preceding paragraph, a supplemental statement (to the extent not previously provided) setting forth information in subclauses (v) and (vi). The Trustee shall promptly forward the Servicer Remittance Report and the related supplemental statement to the Depositor.
(e) Notwithstanding anything in Section 4.03(d) to the contrary, the Servicers shall be deemed to have satisfied the requirement to timely deliver the Servicer Remittance Report if such report is received by the Trustee on or prior to the 18th calendar day of such month in which the related Determination Date occurs; provided, however, that if such 18th calendar day is a Sunday or a Monday which is not a Business Day, the Servicers shall be deemed to have satisfied the requirement to timely deliver the Servicer Remittance Report if the Trustee and the Depositor receive such report (i) on the next Business Day succeeding such 18th calendar day, or (ii) on the Business Day immediately preceding such 18th calendar day, if such succeeding Business Day is later than the 20th calendar day of such calendar month.
(f) For all purposes of this Agreement, with respect to any Mortgage Loan, delinquencies shall be determined by the Trustee from information provided by the Servicers and reported by the Trustee based on the "OTS" methodology for determining delinquencies on mortgage loans similar to the Mortgage Loans. By way of example, a Mortgage Loan would be delinquent with respect to a Scheduled Payment due on a Due Date if such Scheduled Payment is not made by the close of business on the Mortgage Loan's next succeeding Due Date, and a Mortgage Loan would be more than 30-days Delinquent with respect to such Scheduled Payment if such Scheduled Payment were not made by the close of business on the Mortgage Loan's second succeeding Due Date. Each Servicer hereby represents and warrants to the Depositor that such Servicer is not subject to any delinquency recognition policy established by the primary safety and soundness regulator, if any, of such Servicer, that is more restrictive than the foregoing delinquency recognition policy.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (HSI Asset Securitization CORP Trust 2006-He2)
Monthly Statements to Certificateholders. (a) Not later than each Distribution Date, the Trustee shall make available to each Certificateholder, the ServicersServicer, the Depositor Depositor, the NIM Insurer and each Rating Agency a statement setting forth with respect to the related distribution:
(i) the actual Distribution Dateamount thereof allocable to principal, separately identifying the related Record Date, the Interest Accrual Period(s) for each Class for such Distribution Date aggregate amount of any Principal Prepayments and the LIBOR Determination Date for such Interest Accrual PeriodLiquidation Proceeds included therein;
(ii) the amount of Available Funds;
(iii) the amount of Available Funds thereof allocable to principalinterest, the Principal Remittance Amount (separately identifying the components thereof) and the Principal Distribution Amount (separately identifying the components thereof);
(iv) the amount of Available Funds allocable to interest and each Interest Remittance Amount;
(v) the amount of any Unpaid Interest Amount for each Class Amounts included in such distribution and any remaining Unpaid Interest Amounts after giving effect to such distribution, any Upper Tier Carry Forward Amount or Basis Risk CarryForward Carry Forward Amount for each Class such Distribution Date and the amount of such all Upper Tier Carry Forward Amounts or Basis Risk CarryForward Amount Carry Forward Amounts covered by withdrawals from the Excess Reserve Fund Account or the Supplemental Interest Trust on such Distribution Date;
(viiii) if the distribution to the Holders of such Class of Certificates is less than the full amount that would be distributable to such Holders if there were sufficient funds available therefor, the amount of the shortfall and the allocation of the shortfall thereof as between principal and interest, including any Basis Risk CarryForward Carry Forward Amount not covered by amounts in the Excess Reserve Fund AccountAccount or the Supplemental Interest Trust;
(viiiv) the Class Certificate Balance of each Class of Certificates before and after giving effect to the distribution of principal on such Distribution Date;
(viiiv) the Pool Stated Principal Balance for the following Distribution Date;
(ixvi) the amount of the Expense Fees paid to or retained by the Servicers and Servicer or the Trustee (stated separately and in the aggregate) with respect to such Distribution Date, in the aggregate and separately stated;
(xvii) the Pass-Through Rate for each such Class of Certificates with respect to such Distribution Date;
(xiviii) the amount of P&I Advances included in the distribution on such Distribution Date and the aggregate amount of Advances reported by the Servicers (and the Trustee Servicer as successor Servicer and any other successor Servicer, if applicable) outstanding as of the close of business on the Determination Date immediately preceding such Distribution Date;
(xiiix) the number and aggregate outstanding principal balances of Mortgage Loans (1) as to which the Scheduled Payment is delinquent 31 to 60 days, 61 to 90 days and 91 or more days, (2) that have become REO Property, (3) that are in foreclosure and (4) that are in bankruptcy, in each case as of the close of business on the last Business Day of the immediately preceding month;
(xiiix) for each of the preceding 12 calendar months, or all calendar months since the related Cut-off Date, whichever is less, the aggregate dollar amount of the Scheduled Payments (A) due on all Outstanding Mortgage Loans on each of the Due Dates in each such month and (B) delinquent 60 days or more on each of the Due Dates in each such month;
(xi) with respect to any all Mortgage Loans that became REO Properties during the preceding calendar month, the aggregate number of such Mortgage Loans and the aggregate Stated Principal Balance of such Mortgage Loans as of the close of business on the last Business Day Determination Date preceding such Distribution Date and the date of the immediately preceding monthacquisition thereof;
(xivxii) the total number and outstanding principal balance of any REO Properties (and market value, if available) as of the close of business on the last Business Day of the immediately Determination Date preceding monthsuch Distribution Date;
(xvxiii) whether a Trigger Event has occurred and is continuing (including the calculation demonstrating of thereof and the existence aggregate outstanding balance of the Trigger Event;
(xvi) the amount on deposit in the Excess Reserve Fund Account (after giving effect to distributions on such Distribution Dateall 60+ Day Delinquent Mortgage Loans);
(xviixiv) in the aggregate and for each Class of Certificates, the aggregate amount of Applied Realized Loss Amounts incurred during the preceding calendar month and aggregate Applied Realized Loss Amounts through such Distribution Date;
(xviiixv) the amount of any Net Monthly Excess Cash Flow on such Distribution Date and the allocation of it thereof to the Certificateholders with respect to Unpaid Interest Amounts, Unpaid Realized Loss Amounts or Basis Risk CarryForward Amounts;
(xixxvi) the amount of any Net Swap Payments, Net Swap Receipts, Swap Termination Payments or Defaulted Swap Termination Payments;
(xx) the calculations of LIBOR and Swap LIBOR;
(xxi) the Subordinated Overcollateralized Amount and Specified Subordinated Overcollateralized Amount;
(xxiixvii) Prepayment Charges Premiums collected or paid (pursuant to Section 3.07(a)) by the ServicersServicer;
(xxiii) the Cumulative Loss Percentage and the aggregate amount of Realized Losses used to calculate the Cumulative Loss Percentage;
(xxivxviii) the amount distributed on the Class X Certificates;
(xxvxix) the amount of any Subsequent Recoveries for such Distribution Date;
(xxvi) the Pre-Funded Amount as of the end of the prior Due Period;
(xxvii) the amount of any principal prepayment on the Certificates resulting from the application of unused moneys in the Pre-Funding Account; and
(xxviiixx) the number of Mortgage Loans at the end of the applicable reporting period, the pool factor (being the Stated Principal Balance of the Mortgage Loans Upper-Tier REMIC WAC Rate for the related such Distribution Date divided by the Cut-off Date Principal Balance), and the weighted average interest rate, and weighted average remaining term; In addition, each Form 10-D prepared and filed by the Trustee pursuant to Section 8.12 shall include the following information with respect to the related distribution:
(i) material breaches of Mortgage Loan representations and warranties under this Agreement of which the Trustee has actual knowledge or has received written notice; and
(ii) material breaches of any covenants under this Agreement of which the Trustee has actual knowledge or received written noticeDate.
(b) The Trustee's responsibility for providing the above statement to the Certificateholders, each Rating Agency Agency, the Servicer, the Responsible Party and the Depositor is limited, if applicable, limited to the availability, timeliness and accuracy of the information derived from the Servicers and Servicer or the Swap ProviderResponsible Party. The Trustee shall make available will provide the above statement via the Trustee's internet website. The Trustee's website will initially be located at https://www.tss.db.com/invr and assistance in using the website can be xxxxxxxx xx xxxxxxx xxx Xxxstee's investor relations desk at 1-800-735-7777. Parties that are unable to use the website are entitled xx xxxx x xxxer A paper copy mailed to them via first class mail by calling the investor relations desk and indicating such. The Trustee may change the way the monthly statements to Certificateholders are distributed in order to make such distribution more convenient and/or more accessible to of the above parties and the Trustee shall provide timely and adequate notification to all above parties regarding any such changes. As a condition to access the Trustee's internet website, the Trustee may require registration and the acceptance of a disclaimer. The Trustee will not be liable for the dissemination of information in accordance with this Agreement. The Trustee shall make available to each Analytics Company, either electronically or via the Trustee's internet website, each statement to Certificateholders prepared pursuant to Section 4.03(a). The Trustee (and the applicable Servicer, if such discrepancy results from or arises out of any information provided by the applicable Servicer pursuant to this Agreement) shall cooperate in good faith with the Depositor to reconcile any discrepancies in such statements, and the Trustee shall provide any corrections to such statements to each Analytics Company as soon as reasonably practicable after the related Distribution Date. The Trustee will also be entitled to rely on but shall not be responsible for the content or accuracy of any information provided by third parties for purposes of preparing the monthly statement to Certificateholders and may affix thereto any disclaimer it deems appropriate in its reasonable discretion (without suggesting liability on the part of any other party hereto)made axxxxxxxx xxxx request.
(c) Within a reasonable period of time after the end of each calendar year, the Trustee shall cause to be furnished to each Person who at any time during the calendar year was a Certificateholder, a statement containing the information set forth in clauses (a)(i) and (a)(ii) of this Section 4.03 aggregated for such calendar year or applicable portion thereof during which such Person was a Certificateholder. Such obligation of the Trustee shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Trustee pursuant to any requirements of the Code as from time to time in effect.
(d) Not later than the Determination Date for each Distribution Reporting Date, each the Servicer shall furnish to the Trustee, Trustee a monthly remittance advice statement (the "Servicer Remittance Report") containing the data fields set forth on Exhibit X attached hereto (in each case, in a format mutually agreed upon by such the Servicer and the Trustee) with respect to HomEq, containing the data fields set forth on Exhibit Y attached hereto with respect to Wells Fargo (in each case, in a format mutually agreed upon by such Serxxxxx and the Trustee) and containing the data fields set forth on Exhibit Z attached hereto with respect Countrywide Servicing (in each case, in a format mutually agreed upon by such Servicer and the Trustee) and such information as shall be reasonably requested (i) by the Depositor to enable the Depositor to disclose "static pool information", as required by Item 1105 of Regulation AB, with respect to the Mortgage Loans, and (ii) by the Trustee to enable the Trustee to provide the reports required by Section 4.03(a) as to the accompanying remittance and applicable Due Period and Prepayment Period to which such remittance relatesthe period ending on the close of business on the last Business Day of the immediately preceding month (the "Servicer Remittance Report"). The Servicer Remittance Report shallshall furnish to the Trustee an individual loan accounting report, at a minimumas of the last Business Day of each month, document, on such Determination Date, to document Mortgage Loan payment activity on an individual Mortgage Loan basis. With respect to each month, as followsthe corresponding individual loan accounting report (in electronic format) shall be received by the Trustee no later than the Reporting Date, which report shall contain the following:
(i) with respect to each Scheduled Payment, the amount of such remittance allocable to principal (including a separate breakdown of any Principal Prepayment, including the date of such prepayment, and any Prepayment ChargesPremiums, received during the related Prepayment Period along with a detailed report of interest on principal prepayment amounts remitted in accordance with Section 3.25);
(ii) with respect to each Scheduled Payment, the amount of such remittance allocable to interest;
(iii) the amount of servicing compensation received by such the Servicer during the prior distribution period;
(iv) the individual and aggregate Stated Principal Balance of the Mortgage Loans;
(v) the aggregate of any expenses reimbursed to such the Servicer during the prior distribution period pursuant to Section 3.11; and;
(vi) the number and aggregate outstanding principal balances of Mortgage Loans (a) delinquent (1) 31 to 60 days, (2) 61 to 90 days, or (3) 91 days and 91 or more daysmore; (b) as to which foreclosure or bankruptcy proceedings of the related mortgagor have has commenced; and (c) as to which REO Property has been acquired. Concurrently with each delivery of a Servicer Remittance Report to the Trustee, Wells Fargo, acting as a Servicer, shall provide, in a manner consistenx xxxh the preceding paragraph, a supplemental statement (to the extent not previously provided) setting forth information in subclauses (v) and (vi). The Trustee shall promptly forward the Servicer Remittance Report and the related supplemental statement to the Depositor.;
(evii) Notwithstanding anything in Section 4.03(d) with respect to the contraryeach Liquidated Mortgage Loan, the Servicers shall be deemed to have satisfied the requirement to timely deliver the Servicer Remittance Report if amount of any Realized Losses for such report is received Mortgage Loan; and
(viii) any other information reasonably required by the Trustee on or prior to enable it to prepare the 18th calendar day of such month monthly statement referred to in which the related Determination Date occurs; provided, however, that if such 18th calendar day is a Sunday or a Monday which is not a Business Day, the Servicers shall be deemed to have satisfied the requirement to timely deliver the Servicer Remittance Report if the Trustee and the Depositor receive such report (i) on the next Business Day succeeding such 18th calendar day, or (ii) on the Business Day immediately preceding such 18th calendar day, if such succeeding Business Day is later than the 20th calendar day of such calendar monthSection 4.03(a).
(f) For all purposes of this Agreement, with respect to any Mortgage Loan, delinquencies shall be determined by the Trustee from information provided by the Servicers and reported by the Trustee based on the "OTS" methodology for determining delinquencies on mortgage loans similar to the Mortgage Loans. By way of example, a Mortgage Loan would be delinquent with respect to a Scheduled Payment due on a Due Date if such Scheduled Payment is not made by the close of business on the Mortgage Loan's next succeeding Due Date, and a Mortgage Loan would be more than 30-days Delinquent with respect to such Scheduled Payment if such Scheduled Payment were not made by the close of business on the Mortgage Loan's second succeeding Due Date. Each Servicer hereby represents and warrants to the Depositor that such Servicer is not subject to any delinquency recognition policy established by the primary safety and soundness regulator, if any, of such Servicer, that is more restrictive than the foregoing delinquency recognition policy.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (GS Mortgage GSAMP Trust 2004-Opt)
Monthly Statements to Certificateholders. (a) Not later than each Distribution Date, the Trustee shall prepare and make available on its website at https://www.tss.db.com/invr to each CertificateholderXxxxxxxxxxxxxxxxx, the Servicers, xxx Xxxxicer and the Depositor and each Rating Agency a statement setting forth with respect to for the related distributiondistribution of:
(i) the actual applicable Record Dates, Interest Accrual Periods and Determination Dates for calculating distributions for the Distribution Date, the related Record Date, the Interest Accrual Period(s) for each Class for such Distribution Date and the LIBOR Determination Date for such Interest Accrual Period;
(ii) the amount of Available Fundsfunds received from the Servicer for the Distribution Date separately identifying amounts received in respect of the Mortgage Loans and the amount of Advances included in the distribution on the Distribution Date;
(iii) the amount Servicing Fee and the amounts of Available Funds allocable any additional servicing compensation received by the Servicer attributable to principalpenalties, fees, Excess Proceeds or other similar charges or fees and items with respect to the Distribution Date, and, with respect to Lender PMI Loans, the Principal Remittance Amount (separately identifying interest premium charged the components thereof) and the Principal Distribution Amount (separately identifying the components thereof)related borrower for primary mortgage guaranty insurance;
(iv) the amount of Available Funds allocable to interest and each Interest Remittance AmountTrustee Fee for the Distribution Date;
(v) the aggregate amount of expenses paid from amounts on deposit in the Distribution Account;
(vi) the aggregate amount on deposit in the Distribution Account as of the beginning and end of the related Due Period;
(vii) the amount of the distribution allocable to principal, separately identifying the aggregate amount of any Principal Prepayments and Liquidation Proceeds included therein;
(viii) the amount of the distribution allocable to interest, any Class Unpaid Interest Amount for each Class Amounts included in such the distribution and any remaining Class Unpaid Interest Amounts after giving effect to such the distribution, any Basis Risk CarryForward Amount for each Class and the amount of such Basis Risk CarryForward Amount covered by withdrawals from the Excess Reserve Fund Account on such Distribution Date;
(viix) if the distribution to the Holders of such any Class of Certificates is less than the full amount that would be distributable to such Holders them if there were sufficient funds available thereforwere available, the amount of the shortfall and the allocation of the shortfall as between principal and interest, including any Basis Risk CarryForward Amount not covered by amounts in the Excess Reserve Fund Account;
(viix) the aggregate amount of Realized Losses incurred and Subsequent Recoveries, if any, received during the preceding calendar month and aggregate Realized Losses through the Distribution Date;
(xi) the Class Certificate Balance or Notional Amount of each Class of Certificates before and after giving effect to the distribution of principal on such Distribution Date;
(viii) the Pool Stated Principal Balance for the Distribution Date;
(ix) the amount of the Expense Fees paid to or retained by the Servicers and the Trustee (stated separately and in the aggregate) with respect to such Distribution Date;
(xxii) the Pass-Through Rate for each such Class of Certificates with respect to such the Distribution Date;
(xixiii) the amount of P&I Advances included in the distribution on such Distribution Date reported by the Servicers (and the Trustee as successor Servicer and any other successor Servicer, if applicable) as of the close of business on the Determination Date immediately preceding such LIBOR rate applicable for that Distribution Date;
(xiixiv) the number of Mortgage Loans and the aggregate Stated Principal Balance of the Mortgage Loans as the first day of the related Due Period and the last day of the related Due Period;
(xv) as of the last day of the related Due Period:
(A) the weighted average Mortgage Rate of the Mortgage Loans, and
(B) the weighted average remaining term to maturity of the Mortgage Loans;
(xvi) the number and aggregate outstanding principal balances Stated Principal Balance of the Mortgage Loans as of the end of the preceding calendar month:
(A) delinquent (exclusive of Mortgage Loans in foreclosure) (1) as 30 to which the Scheduled Payment is delinquent 31 to 60 days, 61 to 90 days and 91 or more 59 days, (2) that have become REO Property, 60 to 89 days and (3) that are 90 or more days and
(B) in foreclosure and delinquent (41) that are in bankruptcy30 to 59 days, (2) 60 to 89 days and (3) 90 or more days, in each case as of the close of business on the last Business Day day of the immediately calendar month preceding the Distribution Date;
(xvii) for each of the preceding 12 calendar months, or all calendar months since the Cut-off Date, whichever is less, the aggregate dollar amount of the Scheduled Payments (A) due on all Outstanding Mortgage Loans on the Due Date in each such month and (B) delinquent sixty (60) days or more on the Due Date in each such month;
(xiiixviii) with respect to any Mortgage Loans Loan that became an REO Properties Property during the preceding calendar month, the aggregate loan number of such Mortgage Loans and the aggregate Stated Principal Balance of such the Mortgage Loans Loan as of the close of business on the last Business Day of Determination Date preceding the immediately preceding monthDistribution Date;
(xivxix) the total number and outstanding principal balance of any REO Properties (and market value, if available) as of the close of business on the last Business Day of Determination Date preceding the immediately preceding month;
(xv) whether a Trigger Event has occurred and is continuing (including the calculation demonstrating the existence of the Trigger Event;
(xvi) the amount on deposit in the Excess Reserve Fund Account (after giving effect to distributions on such Distribution Date);
(xvii) in the aggregate and for each Class of Certificates, the aggregate amount of Applied Realized Loss Amounts incurred during the preceding calendar month and aggregate Applied Realized Loss Amounts through such Distribution Date;
(xviii) the amount of any Net Monthly Excess Cash Flow on such Distribution Date and the allocation of it to the Certificateholders with respect to Unpaid Interest Amounts, Unpaid Realized Loss Amounts or Basis Risk CarryForward Amounts;
(xix) the amount of any Net Swap Payments, Net Swap Receipts, Swap Termination Payments or Defaulted Swap Termination Payments;
(xx) the calculations aggregate amount of LIBOR Principal Prepayments received during the related Prepayment Period and Swap LIBORthe number of Mortgage Loans subject to such Principal Prepayments;
(xxi) the Subordinated Amount amount of Advances included in the distribution on the Distribution Date and Specified Subordinated Amountthe aggregate amount of Advances outstanding as of the close of business on the Determination Date;
(xxii) Prepayment Charges collected or paid (pursuant to Section 3.07(a)) by the Servicersaggregate amount of Advances reimbursed during the related Due Period, the general source of funds for such reimbursements and the aggregate amount of Advances outstanding as of the close of business on the Determination Date;
(xxiii) the Cumulative Loss Percentage aggregate amount of Servicing Advances reimbursed during the related Due Period, the general source of funds for such reimbursements and the aggregate amount of Realized Losses used to calculate Servicing Advances outstanding as of the Cumulative Loss Percentageclose of business on the Determination Date;
(xxiv) the amount distributed on aggregate number and outstanding Stated Principal Balance of Mortgage Loans repurchased during the Class X Certificatesrelated Due Period due to material breaches of representations and warranties regarding such Mortgage Loans;
(xxv) the amount of any Subsequent Recoveries Senior Prepayment Percentage and Subordinated Prepayment Percentage for such the Distribution Date;
(xxvi) the Pre-Funded Amount as of Senior Percentage and Subordinated Percentage for the end of the prior Due PeriodDistribution Date;
(xxvii) the amount Special Hazard Loss Coverage Amount, the Fraud Loss Coverage Amount and the Bankruptcy Loss Coverage Amount, in each case as of any principal prepayment on the Certificates resulting from the application of unused moneys in the Pre-Funding Account; andrelated Determination Date;
(xxviii) with respect to the second Distribution Date, the number and aggregate balance of any Delayed Delivery Mortgage Loans at not delivered within the end time periods specified in the definition of Delayed Delivery Mortgage Loans;
(xxix) Prepayment Charges collected or waived by the applicable reporting period, Servicer;
(xxx) Late Payment Fees collected or waived by the pool factor Servicer;
(being xxxi) the aggregate Stated Principal Balance of the Mortgage Loans for that became Liquidated Mortgage Loans in the related Distribution Date divided by prior month and since the Cut-off Date (in each case immediately prior to the Stated Principal BalanceBalance being reduced to zero), and ;
(xxxii) [reserved];
(xxxiii) the weighted average interest rate, and weighted average remaining term; In addition, each Form 10-D prepared and filed Stated Principal Balance of any Mortgage Loan that has been repurchased by the Trustee pursuant to Servicer in accordance with Section 8.12 shall include the following information with respect to the related distribution:
(i) material breaches of Mortgage Loan representations and warranties under this Agreement of which the Trustee has actual knowledge 2.02, 2.03 or has received written notice3.12; and
(iixxxiv) material breaches the Stated Principal Balance of any covenants under this Agreement Substitute Mortgage Loan provided by the Seller and the Stated Principal Balance of which the Trustee any Mortgage Loan that has actual knowledge or received written notice.
(b) been replaced by a Substitute Mortgage Loan in accordance with Section 2.03. The Trustee's responsibility for providing disbursing the above statement information to the Certificateholders, each Rating Agency and the Depositor Certificateholders is limited, if applicable, limited to the availability, timeliness and accuracy of the information derived from the Servicers and Servicer. By the Swap Provider. The Trustee Reporting Date, the Servicer shall make available the above statement via the Trustee's internet website. The Trustee's website will initially be located at https://www.tss.db.com/invr and assistance in using the website can be xxxxxxxx xx xxxxxxx xxx Xxxstee's investor relations desk at 1-800-735-7777. Parties that are unable to use the website are entitled xx xxxx x xxxer copy mailed to them via first class mail by calling the investor relations desk and indicating such. The Trustee may change the way the monthly statements to Certificateholders are distributed in order to make such distribution more convenient and/or more accessible provide to the above parties Trustee in electronic form the information needed to determine the distributions to be made pursuant to Section 4.02 and any other information on which the Servicer and the Trustee shall provide timely and adequate notification mutually agree.
(b) On or before the fifth Business Day following the end of each Prepayment Period (but in no event later than the third Business Day prior to all above parties regarding any such changes. As a condition to access the Trustee's internet website, the Trustee may require registration and the acceptance of a disclaimer. The Trustee will not be liable for the dissemination of information in accordance with this Agreement. The Trustee shall make available to each Analytics Company, either electronically or via the Trustee's internet website, each statement to Certificateholders prepared pursuant to Section 4.03(a). The Trustee (and the applicable Servicer, if such discrepancy results from or arises out of any information provided by the applicable Servicer pursuant to this Agreement) shall cooperate in good faith with the Depositor to reconcile any discrepancies in such statements, and the Trustee shall provide any corrections to such statements to each Analytics Company as soon as reasonably practicable after the related Distribution Date. The ), the Servicer shall deliver to the Trustee will also (which delivery may be entitled to rely on but shall not be responsible for by electronic data transmission) a report in substantially the content or accuracy of any information provided by third parties for purposes of preparing the monthly statement to Certificateholders and may affix thereto any disclaimer it deems appropriate in its reasonable discretion (without suggesting liability on the part of any other party hereto).form set forth as Schedule V.
(c) Within a reasonable period of time after the end of each calendar year, the Trustee shall cause to be furnished to each Person who at any time during the calendar year was a Certificateholder, a statement containing the information set forth in clauses (a)(ia)(v) and (a)(iia)(vi) of this Section 4.03 4.06 aggregated for such calendar year or applicable portion thereof during which such Person was a Certificateholder. Such obligation of the Trustee shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Trustee pursuant to any requirements of the Code as from time to time in effect.
(d) Not later than the Determination Date for each Distribution Date, each Servicer shall furnish to the Trustee, a monthly remittance advice statement (the "Servicer Remittance Report") containing the data fields set forth on Exhibit X attached hereto (in each case, in a format mutually agreed upon by such Servicer and the Trustee) with respect to HomEq, containing the data fields set forth on Exhibit Y attached hereto with respect to Wells Fargo (in each case, in a format mutually agreed upon by such Serxxxxx and the Trustee) and containing the data fields set forth on Exhibit Z attached hereto with respect Countrywide Servicing (in each case, in a format mutually agreed upon by such Servicer and the Trustee) and such information as shall be reasonably requested (i) by the Depositor to enable the Depositor to disclose "static pool information", as required by Item 1105 of Regulation AB, with respect to the Mortgage Loans, and (ii) by the Trustee to enable the Trustee to provide the reports required by Section 4.03(a) as to the accompanying remittance and applicable Due Period and Prepayment Period to which such remittance relates. The Servicer Remittance Report shall, at a minimum, document, on such Determination Date, Mortgage Loan payment activity on an individual Mortgage Loan basis, as follows:
(i) with respect to each Scheduled Payment, the amount of such remittance allocable to principal (including a separate breakdown of any Principal Prepayment, including the date of such prepayment, and any Prepayment Charges, received during the related Prepayment Period along with a detailed report of interest on principal prepayment amounts remitted in accordance with Section 3.25);
(ii) with respect to each Scheduled Payment, the amount of such remittance allocable to interest;
(iii) the amount of servicing compensation received by such Servicer during the prior distribution period;
(iv) the individual and aggregate Stated Principal Balance of the Mortgage Loans;
(v) the aggregate expenses reimbursed to such Servicer during the prior distribution period pursuant to Section 3.11; and
(vi) the number and aggregate outstanding principal balances of Mortgage Loans (a) delinquent 31 to 60 days, 61 to 90 days and 91 or more days; (b) as to which foreclosure or bankruptcy proceedings of the related mortgagor have commenced; and (c) as to which REO Property has been acquired. Concurrently with each delivery of a Servicer Remittance Report to the Trustee, Wells Fargo, acting as a Servicer, shall provide, in a manner consistenx xxxh the preceding paragraph, a supplemental statement (to the extent not previously provided) setting forth information in subclauses (v) and (vi). The Trustee shall promptly forward the Servicer Remittance Report and the related supplemental statement to the Depositor.
(e) Notwithstanding anything in Section 4.03(d) to the contrary, the Servicers shall be deemed to have satisfied the requirement to timely deliver the Servicer Remittance Report if such report is received by the Trustee on or prior to the 18th calendar day of such month in which the related Determination Date occurs; provided, however, that if such 18th calendar day is a Sunday or a Monday which is not a Business Day, the Servicers shall be deemed to have satisfied the requirement to timely deliver the Servicer Remittance Report if the Trustee and the Depositor receive such report (i) on the next Business Day succeeding such 18th calendar day, or (ii) on the Business Day immediately preceding such 18th calendar day, if such succeeding Business Day is later than the 20th calendar day of such calendar month.
(f) For all purposes of this Agreement, with respect to any Mortgage Loan, delinquencies shall be determined by the Trustee from information provided by the Servicers and reported by the Trustee based on the "OTS" methodology for determining delinquencies on mortgage loans similar to the Mortgage Loans. By way of example, a Mortgage Loan would be delinquent with respect to a Scheduled Payment due on a Due Date if such Scheduled Payment is not made by the close of business on the Mortgage Loan's next succeeding Due Date, and a Mortgage Loan would be more than 30-days Delinquent with respect to such Scheduled Payment if such Scheduled Payment were not made by the close of business on the Mortgage Loan's second succeeding Due Date. Each Servicer hereby represents and warrants to the Depositor that such Servicer is not subject to any delinquency recognition policy established by the primary safety and soundness regulator, if any, of such Servicer, that is more restrictive than the foregoing delinquency recognition policy.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (IndyMac IMJA Mortgage Loan Trust 2007-A1)
Monthly Statements to Certificateholders. (a) Not later than each Distribution Date, the Trustee shall make available to each Certificateholder, the ServicersServicer, the Depositor and each Rating Agency a statement statement, based substantially on information provided by the Servicer, setting forth with respect to the related distribution:
(i) the actual Distribution Dateamount of Available Funds allocable to principal, separately identifying the related Record Date, the Interest Accrual Period(s) for each Class for such Distribution Date aggregate amount of any Principal Prepayments and the LIBOR Determination Date for such Interest Accrual PeriodLiquidation Proceeds included therein;
(ii) the amount of Available Funds;
(iii) the amount of Available Funds allocable to principalinterest, the Principal Remittance Amount (separately identifying the components thereof) and the Principal Distribution Amount (separately identifying the components thereof);
(iv) the amount of Available Funds allocable to interest and each Interest Remittance Amount;
(v) the amount of any Unpaid Interest Amount for each Class Amounts included in such distribution and any remaining Unpaid Interest Amounts after giving effect to such distribution, any Basis Risk CarryForward Carry Forward Amount for each Class such Distribution Date and the amount of such all Basis Risk CarryForward Carry Forward Amount covered by withdrawals from the Excess Reserve Fund Account on such Distribution Date;
(viiii) if the distribution to the Holders of such Class of Certificates is less than the full amount that would be distributable to such Holders if there were sufficient funds available therefor, the amount of the shortfall and the allocation of the shortfall as between principal and interest, including any Basis Risk CarryForward Carry Forward Amount not covered by amounts in the Excess Reserve Fund Account;
(viiiv) the Class Certificate Balance of each Class of Certificates before and after giving effect to the distribution of principal on such Distribution Date;
(viiiv) the Pool Stated Principal Balance for the following Distribution Date;
(ixvi) the amount of the Expense Fees expenses and fees paid to or retained by the Servicers and Servicer or paid to or retained by the Trustee (stated separately and in the aggregate) with respect to such Distribution Date;
(xvii) the Pass-Through Rate for each such Class of Certificates with respect to such Distribution Date;
(xiviii) the amount of P&I Advances included in the distribution on such Distribution Date and the aggregate amount of Advances reported by the Servicers Servicer (and the Trustee as successor Servicer servicer and any other successor Servicerservicer, if applicable) as outstanding (if reported by the Servicer) as of the close of business on the Determination Date immediately preceding such Distribution Date;
(xiiix) the number and aggregate outstanding principal balances of Mortgage Loans (1) as to which the Scheduled Payment is delinquent Delinquent 31 to 60 days, 61 to 90 days, 91 to 120 days, 121 to 150 days, 151 to 180 days and 91 or more 180+ days, (2) that have become REO Property, (3) that are in foreclosure and (4) that are in bankruptcy, in each case as of the close of business on the last Business Day of the immediately preceding month;
(xiiix) for each of the preceding 12 calendar months, or all calendar months since the related Cut-off Date, whichever is less, the aggregate dollar amount of the Scheduled Payments (A) due on all Outstanding Mortgage Loans on each of the Due Dates in each such month and (B) Delinquent 60 days or more on each of the Due Dates in each such month;
(xi) with respect to any all Mortgage Loans that became REO Properties during the preceding calendar month, the aggregate number of such Mortgage Loans and the aggregate Stated Principal Balance of such Mortgage Loans as of the close of business on the last Business Day of the immediately preceding month;
(xivxii) the total number and outstanding principal balance of any REO Properties (and market value, if available) as of the close of business on the last Business Day of the immediately preceding month;
(xvxiii) whether a Trigger Event has occurred and is continuing (including the calculation demonstrating the existence separate components of the Trigger Eventcalculation and the aggregate outstanding balance of all 60+ Day Delinquent Mortgage Loans);
(xvixiv) the amount on deposit in the Excess Reserve Fund Account (after giving effect to distributions on such Distribution Date);
(xviixv) in the aggregate and for each Class of Certificates, the aggregate amount of Applied Realized Loss Amounts incurred during the preceding calendar month and aggregate Applied Realized Loss Amounts through such Distribution Date;
(xviiixvi) the amount of any Net Monthly Excess Cash Flow on such Distribution Date and the allocation of it thereof to the Certificateholders with respect to Applied Realized Loss Amounts and Unpaid Interest Amounts, Unpaid Realized Loss Amounts ;
(xvii) the Overcollateralized Amount and Specified Overcollateralized Amount;
(xviii) Prepayment Premiums collected by or Basis Risk CarryForward Amountspaid by the Servicer;
(xix) the amount of any Net Swap Payments, Net Swap Receipts, Swap Termination Payments or Defaulted Swap Termination Payments;
(xx) the calculations of LIBOR and Swap LIBOR;
(xxi) the Subordinated Amount and Specified Subordinated Amount;
(xxii) Prepayment Charges collected or paid (pursuant to Section 3.07(a)) by the Servicers;
(xxiii) the Cumulative Loss Percentage and the aggregate amount of Realized Losses used to calculate the Cumulative Loss Percentage;
(xxivxx) the amount distributed on the Class X Certificates;
(xxvxxi) the amount of any Subsequent Recoveries for such Distribution Date;
(xxvixxii) the Pre-Funded Amount as of the end of the prior Due PeriodRecord Date for such Distribution Date;
(xxviixxiii) each Mortgage Loan that has been released to the Class X-1 Certificateholder pursuant to Section 3.15(b);
(xxiv) one-month, three-month and twelve-month CPR;
(xxv) the cumulative amount of Realized Losses on the Mortgage Loans; and
(xxvi) the amount of any principal prepayment on the Certificates resulting from the application of unused moneys in the Pre-Funding Account; and
(xxviii) the number of Mortgage Loans at the end of the applicable reporting period, the pool factor (being the Stated Principal Balance of the Mortgage Loans Yield Maintenance Agreement Payment and any Net Swap Receipts or Net Swap Payments for the related such Distribution Date divided by the Cut-off Date Principal Balance), and the weighted average interest rate, and weighted average remaining term; In addition, each Form 10-D prepared and filed by the Trustee pursuant to Section 8.12 shall include the following information with respect to the related distribution:
(i) material breaches of Mortgage Loan representations and warranties under this Agreement of which the Trustee has actual knowledge or has received written notice; and
(ii) material breaches of any covenants under this Agreement of which the Trustee has actual knowledge or received written noticeDate.
(b) The Trustee's responsibility for providing the above statement to the Certificateholders, each Rating Agency Agency, the Servicer and the Depositor is limited, if applicable, limited to the availability, timeliness and accuracy of the information derived from the Servicers and the Swap ProviderServicer. The Trustee shall make available will provide the above statement via the Trustee's internet website. The Trustee's website will initially be located at https://www.tss.db.com/invr and assistance in using the website can be xxxxxxxx xx xxxxxxx xxx Xxxstee's investor relations desk at 1-800-735-7777. Parties that are unable to use the website are entitled xx xxxx x xxxer A paper copy mailed to them via first class mail by calling the investor relations desk and indicating such. The Trustee may change the way the monthly statements to Certificateholders are distributed in order to make such distribution more convenient and/or more accessible to of the above parties and the Trustee shall provide timely and adequate notification to all above parties regarding any such changes. As a condition to access the Trustee's internet website, the Trustee may require registration and the acceptance of a disclaimer. The Trustee will not be liable for the dissemination of information in accordance with this Agreement. The Trustee shall make available to each Analytics Company, either electronically or via the Trustee's internet website, each statement to Certificateholders prepared pursuant to Section 4.03(a). The Trustee (and the applicable Servicer, if such discrepancy results from or arises out of any information provided by the applicable Servicer pursuant to this Agreement) shall cooperate in good faith with the Depositor to reconcile any discrepancies in such statements, and the Trustee shall provide any corrections to such statements to each Analytics Company as soon as reasonably practicable after the related Distribution Date. The Trustee will also be entitled to rely on but shall not be responsible for the content or accuracy of any information provided by third parties for purposes of preparing the monthly statement to Certificateholders and may affix thereto any disclaimer it deems appropriate in its reasonable discretion (without suggesting liability on the part of any other party hereto)made axxxxxxxx xxxx request.
(c) Within Upon request, within a reasonable period of time after the end of each calendar year, the Trustee shall cause to be furnished to each Person who at any time during the calendar year was a Certificateholder, a statement containing the information set forth in clauses (a)(i) and (a)(ii) of this Section 4.03 aggregated for such calendar year or applicable portion thereof during which such Person was a Certificateholder. Such obligation of the Trustee shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Trustee pursuant to any requirements of the Code as from time to time in effect.
(d) Not later than the Determination Date for each Distribution Reporting Date, each the Servicer shall furnish to the Trustee, Trustee a monthly remittance advice statement (the "Servicer Remittance Report") containing the data fields set forth on Exhibit X attached hereto (in each case, in a format mutually agreed upon by such the Servicer and the Trustee) with respect to HomEq, containing the data fields set forth on Exhibit Y attached hereto with respect to Wells Fargo (in each case, in a format mutually agreed upon by such Serxxxxx and the Trustee) and containing the data fields set forth on Exhibit Z attached hereto with respect Countrywide Servicing (in each case, in a format mutually agreed upon by such Servicer and the Trustee) and such information as shall be reasonably requested (i) by the Depositor to enable the Depositor to disclose "static pool information", as required by Item 1105 of Regulation AB, with respect to the Mortgage Loans, and (ii) by the Trustee to enable the Trustee to provide the reports required by Section 4.03(a) as to the accompanying remittance and applicable Due Period and Prepayment Period to which such remittance relatesthe period ending on the close of business on the last Business Day of the immediately preceding month (the "Servicer Remittance Report"). The Servicer Remittance Report shallshall furnish to the Trustee an individual loan accounting report, at a minimumas of the last Business Day of each month, document, on such Determination Date, to document Mortgage Loan payment activity on an individual Mortgage Loan basis. With respect to each month, as followsthe corresponding individual loan accounting report (in electronic format) shall be received by the Trustee no later than the Reporting Date, which report shall contain the following:
(i) with respect to each Scheduled Payment, the amount of such remittance allocable to principal (including a separate breakdown of any Principal Prepayment, including the date of such prepayment, and any Prepayment ChargesPremiums, received during the related Prepayment Period along with a detailed report of interest on principal prepayment Principal Prepayment amounts remitted in accordance with Section 3.25);
(ii) with respect to each Scheduled Payment, the amount of such remittance allocable to interest;
(iii) the amount of servicing compensation received by such the Servicer during the prior distribution period;
(iv) the individual and aggregate Stated Principal Balance of the Mortgage Loans;
(v) the aggregate of any expenses reimbursed to such the Servicer during the prior distribution period pursuant to Section 3.11; and;
(vi) the number and aggregate outstanding principal balances of Mortgage Loans (a) delinquent (1) 31 to 60 days, (2) 61 to 90 days, (3) 91 to 120 days, (4) 121 to 150 days, (5) 151 to 180 days and 91 (6) 181 days or more daysmore; (b) as to which foreclosure or bankruptcy proceedings of the related mortgagor have has commenced; and (c) as to which REO Property has been acquired. Concurrently ;
(vii) each Mortgage Loan which has been altered, modified or varied during such month, and the reason for such modification (i.e., extension of maturity date, Mortgage Interest Rate);
(viii) with respect to each delivery Liquidated Mortgage Loan, the amount of a Servicer Remittance Report any Realized Losses for such Mortgage Loan;
(ix) each Mortgage Loan that has been released to the Trustee, Wells Fargo, acting as a Servicer, shall provide, in a manner consistenx xxxh the preceding paragraph, a supplemental statement (Class X-1 Certificateholder pursuant to the extent not previously provided) setting forth information in subclauses (v) and (viSection 3.15(b). The Trustee shall promptly forward the Servicer Remittance Report and the related supplemental statement to the Depositor.; and
(ex) Notwithstanding anything in Section 4.03(d) to the contrary, the Servicers shall be deemed to have satisfied the requirement to timely deliver the Servicer Remittance Report if such report is received any other information reasonably required by the Trustee on or prior to enable it to prepare the 18th calendar day of such month Monthly Statement referred to in which the related Determination Date occurs; provided, however, that if such 18th calendar day is a Sunday or a Monday which is not a Business Day, the Servicers shall be deemed to have satisfied the requirement to timely deliver the Servicer Remittance Report if the Trustee and the Depositor receive such report (i) on the next Business Day succeeding such 18th calendar day, or (ii) on the Business Day immediately preceding such 18th calendar day, if such succeeding Business Day is later than the 20th calendar day of such calendar month.
(f) Section 4.03(a). For all purposes of this Agreement, with respect to any Mortgage Loan, delinquencies shall be determined by the Trustee from information provided by the Servicers and reported by the Trustee based on the "OTS" methodology for determining delinquencies on mortgage loans similar to the Mortgage Loans. By way Loans as described in the definition of example, a Mortgage Loan would be delinquent with respect to a Scheduled Payment due on a Due Date if such Scheduled Payment is not made by the close of business on the Mortgage Loan's next succeeding Due Date, and a Mortgage Loan would be more than 30-days Delinquent with respect to such Scheduled Payment if such Scheduled Payment were not made by the close of business on the Mortgage Loan's second succeeding Due Date. Each Servicer hereby represents and warrants to the Depositor that such Servicer is not subject to any delinquency recognition policy established by the primary safety and soundness regulator, if any, of such Servicer, that is more restrictive than the foregoing delinquency recognition policy"Delinquent."
Appears in 1 contract
Samples: Pooling and Servicing Agreement (GSAMP Trust 2006-S6)
Monthly Statements to Certificateholders. (a) Not later than each Distribution Date, the Trustee Securities Administrator shall make available to each Certificateholder, the Servicers, the Depositor Depositor, the Master Servicer, the Swap Provider and each Rating Agency a statement setting forth with respect to the related distribution:
(i) the actual Distribution Date, the related Record Date, the Interest Accrual Period(s) for each Class for such Distribution Date and the LIBOR Determination Date for such Interest Accrual Period;
(ii) the amount of Available Funds;
(iii) the amount of Available Funds allocable to principal, the Principal Remittance Amount (separately identifying the components thereof) and the Principal Distribution Amount (separately identifying the components thereof);
(iv) the amount of Available Funds allocable to interest and each Interest Remittance Amount;
(v) the amount of any Unpaid Interest Amount for each Class included in such distribution and any remaining Unpaid Interest Amounts after giving effect to such distribution, any Basis Risk CarryForward Amount for each Class and the amount of such Basis Risk CarryForward Amount covered by withdrawals from the Excess Reserve Fund Account on such Distribution Date;
(vi) if the distribution to the Holders of such Class of Certificates is less than the full amount that would be distributable to such Holders if there were sufficient funds available therefor, the amount of the shortfall and the allocation of the shortfall as between principal and interest, including any Basis Risk CarryForward Amount not covered by amounts in the Excess Reserve Fund Account;
(vii) the Class Certificate Balance of each Class of Certificates before and after giving effect to the distribution of principal on such Distribution Date;
(viii) the Pool Stated Principal Balance for the following Distribution Date;
(ix) the amount of the Expense Fees paid to or retained by the Servicers Servicers, the Countrywide Servicer, the Securities Administrator and the Trustee Master Servicer (stated separately and in the aggregate) with respect to such Distribution Date;
(x) the Pass-Through Rate for each such Class of Certificates with respect to such Distribution Date;
(xi) the amount of P&I Advances included in the distribution on such Distribution Date reported by the Servicers and the Countrywide Servicer (and the Trustee Master Servicer as successor Servicer servicer and any other successor Servicerservicer, if applicable) as of the close of business on the Determination Date immediately preceding such Distribution Date;
(xii) the number and aggregate outstanding principal balances of Mortgage Loans (1) as to which the Scheduled Payment is delinquent 31 to 60 days, 61 to 90 days and 91 or more 90+ days, (2) that have become REO Property, (3) that are in foreclosure and (4) that are in bankruptcy, in each case as of the close of business on the last Business Day of the immediately preceding month;
(xiii) with respect to any Mortgage Loans that became REO Properties during the preceding calendar month, the aggregate number of such Mortgage Loans and the aggregate Stated Principal Balance of such Mortgage Loans as of the close of business on the last Business Day of the immediately preceding month;
(xiv) the total number and outstanding principal balance of any REO Properties (and market value, if available) as of the close of business on the last Business Day of the immediately preceding month;
(xv) whether a Trigger Event has occurred and is continuing (continuing, including the calculation demonstrating resulting in the existence of the Trigger Event;
(xvi) the amount on deposit in the Excess Reserve Fund Account (after giving effect to distributions on such Distribution Date);
(xvii) in the aggregate and for each Class of Certificates, the aggregate amount of Applied Realized Loss Amounts incurred during the preceding calendar month and aggregate Applied Realized Loss Amounts through such Distribution Date;
(xviii) the amount of any Net Monthly Excess Cash Flow on such Distribution Date and the allocation of it to the Certificateholders with respect to Unpaid Interest Amounts, Unpaid Realized Loss Amounts or Amounts, and Basis Risk CarryForward Amounts;
(xix) the amount of any Net Swap Payments, Net Swap Receipts, Swap Termination Payments or Defaulted Swap Termination Payments;
(xx) the calculations of LIBOR and Swap LIBOR;
; (xxi) the Subordinated Amount and Specified Subordinated Amount;
(xxii) Prepayment Charges collected or paid (pursuant to Section 3.07(a)) by the Servicers;
(xxiii) the Cumulative Loss Percentage and the aggregate amount of Realized Losses used to calculate the Cumulative Loss Percentage;
(xxiv) the amount distributed on the Class X Certificates;
(xxv) the amount of any Subsequent Recoveries for such Distribution Date;
(xxvi) the Pre-Funded Amount as of the end of the prior Due Period;
(xxvii) the amount of any principal prepayment on the Certificates resulting from the application of unused moneys in the Pre-Funding Account; and
(xxviii) the number of Mortgage Loans at the end of the applicable reporting period, the pool factor (being the Stated Principal Balance of the Mortgage Loans for the related Distribution Date divided by the Cut-off Date Principal Balance), and the weighted average interest rate, and weighted average remaining term; In addition, each Form 10-D prepared and filed by the Trustee pursuant to Section 8.12 shall include the following information with respect to the related distribution:
(i) material breaches of Mortgage Loan representations and warranties under this Agreement of which the Trustee has actual knowledge or has received written notice; and
(ii) material breaches of any covenants under this Agreement of which the Trustee has actual knowledge or received written notice.
(b) The Trustee's responsibility for providing the above statement to the Certificateholders, each Rating Agency and the Depositor is limited, if applicable, to the availability, timeliness and accuracy of the information derived from the Servicers and the Swap Provider. The Trustee shall make available the above statement via the Trustee's internet website. The Trustee's website will initially be located at https://www.tss.db.com/invr and assistance in using the website can be xxxxxxxx xx xxxxxxx xxx Xxxstee's investor relations desk at 1-800-735-7777. Parties that are unable to use the website are entitled xx xxxx x xxxer copy mailed to them via first class mail by calling the investor relations desk and indicating such. The Trustee may change the way the monthly statements to Certificateholders are distributed in order to make such distribution more convenient and/or more accessible to the above parties and the Trustee shall provide timely and adequate notification to all above parties regarding any such changes. As a condition to access the Trustee's internet website, the Trustee may require registration and the acceptance of a disclaimer. The Trustee will not be liable for the dissemination of information in accordance with this Agreement. The Trustee shall make available to each Analytics Company, either electronically or via the Trustee's internet website, each statement to Certificateholders prepared pursuant to Section 4.03(a). The Trustee (and the applicable Servicer, if such discrepancy results from or arises out of any information provided by the applicable Servicer pursuant to this Agreement) shall cooperate in good faith with the Depositor to reconcile any discrepancies in such statements, and the Trustee shall provide any corrections to such statements to each Analytics Company as soon as reasonably practicable after the related Distribution Date. The Trustee will also be entitled to rely on but shall not be responsible for the content or accuracy of any information provided by third parties for purposes of preparing the monthly statement to Certificateholders and may affix thereto any disclaimer it deems appropriate in its reasonable discretion (without suggesting liability on the part of any other party hereto).
(c) Within a reasonable period of time after the end of each calendar year, the Trustee shall cause to be furnished to each Person who at any time during the calendar year was a Certificateholder, a statement containing the information set forth in clauses (a)(i) and (a)(ii) of this Section 4.03 aggregated for such calendar year or applicable portion thereof during which such Person was a Certificateholder. Such obligation of the Trustee shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Trustee pursuant to any requirements of the Code as from time to time in effect.
(d) Not later than the Determination Date for each Distribution Date, each Servicer shall furnish to the Trustee, a monthly remittance advice statement (the "Servicer Remittance Report") containing the data fields set forth on Exhibit X attached hereto (in each case, in a format mutually agreed upon by such Servicer and the Trustee) with respect to HomEq, containing the data fields set forth on Exhibit Y attached hereto with respect to Wells Fargo (in each case, in a format mutually agreed upon by such Serxxxxx and the Trustee) and containing the data fields set forth on Exhibit Z attached hereto with respect Countrywide Servicing (in each case, in a format mutually agreed upon by such Servicer and the Trustee) and such information as shall be reasonably requested (i) by the Depositor to enable the Depositor to disclose "static pool information", as required by Item 1105 of Regulation AB, with respect to the Mortgage Loans, and (ii) by the Trustee to enable the Trustee to provide the reports required by Section 4.03(a) as to the accompanying remittance and applicable Due Period and Prepayment Period to which such remittance relates. The Servicer Remittance Report shall, at a minimum, document, on such Determination Date, Mortgage Loan payment activity on an individual Mortgage Loan basis, as follows:
(i) with respect to each Scheduled Payment, the amount of such remittance allocable to principal (including a separate breakdown of any Principal Prepayment, including the date of such prepayment, and any Prepayment Charges, received during the related Prepayment Period along with a detailed report of interest on principal prepayment amounts remitted in accordance with Section 3.25);
(ii) with respect to each Scheduled Payment, the amount of such remittance allocable to interest;
(iii) the amount of servicing compensation received by such Servicer during the prior distribution period;
(iv) the individual and aggregate Stated Principal Balance of the Mortgage Loans;
(v) the aggregate expenses reimbursed to such Servicer during the prior distribution period pursuant to Section 3.11; and
(vi) the number and aggregate outstanding principal balances of Mortgage Loans (a) delinquent 31 to 60 days, 61 to 90 days and 91 or more days; (b) as to which foreclosure or bankruptcy proceedings of the related mortgagor have commenced; and (c) as to which REO Property has been acquired. Concurrently with each delivery of a Servicer Remittance Report to the Trustee, Wells Fargo, acting as a Servicer, shall provide, in a manner consistenx xxxh the preceding paragraph, a supplemental statement (to the extent not previously provided) setting forth information in subclauses (v) and (vi). The Trustee shall promptly forward the Servicer Remittance Report and the related supplemental statement to the Depositor.
(e) Notwithstanding anything in Section 4.03(d) to the contrary, the Servicers shall be deemed to have satisfied the requirement to timely deliver the Servicer Remittance Report if such report is received by the Trustee on or prior to the 18th calendar day of such month in which the related Determination Date occurs; provided, however, that if such 18th calendar day is a Sunday or a Monday which is not a Business Day, the Servicers shall be deemed to have satisfied the requirement to timely deliver the Servicer Remittance Report if the Trustee and the Depositor receive such report (i) on the next Business Day succeeding such 18th calendar day, or (ii) on the Business Day immediately preceding such 18th calendar day, if such succeeding Business Day is later than the 20th calendar day of such calendar month.
(f) For all purposes of this Agreement, with respect to any Mortgage Loan, delinquencies shall be determined by the Trustee from information provided by the Servicers and reported by the Trustee based on the "OTS" methodology for determining delinquencies on mortgage loans similar to the Mortgage Loans. By way of example, a Mortgage Loan would be delinquent with respect to a Scheduled Payment due on a Due Date if such Scheduled Payment is not made by the close of business on the Mortgage Loan's next succeeding Due Date, and a Mortgage Loan would be more than 30-days Delinquent with respect to such Scheduled Payment if such Scheduled Payment were not made by the close of business on the Mortgage Loan's second succeeding Due Date. Each Servicer hereby represents and warrants to the Depositor that such Servicer is not subject to any delinquency recognition policy established by the primary safety and soundness regulator, if any, of such Servicer, that is more restrictive than the foregoing delinquency recognition policy.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Morgan Stanley IXIS Real Estate Capital Trust 2006-1)
Monthly Statements to Certificateholders. (a) Not later than each Distribution Date, the Trustee Securities Administrator shall make available to each Certificateholder, the Master Servicer, the Servicers, the Depositor Depositor, the Trustee and each Rating Agency a statement setting forth with respect to the related distribution:
(i) the actual Distribution Date, the related Record Date, the Interest Accrual Period(s) for each Class for such Distribution Date and the LIBOR Determination Date for such Interest Accrual Period;
(ii) the amount of Available Funds;
(iii) the amount of Available Funds allocable to principal, the Principal Remittance Amount (separately identifying the components thereof) and the Principal Distribution Amount (separately identifying the components thereof);
(iv) the amount of Available Funds allocable to interest and each Interest Remittance Amount;
(v) the amount of any Unpaid Interest Amount for each Class included in such distribution and any remaining Unpaid Interest Amounts after giving effect to such distribution, any Basis Risk CarryForward Carry Forward Amount for each Class and the amount of such Basis Risk CarryForward Carry Forward Amount covered by withdrawals from the Excess Reserve Fund Account on such Distribution Date;
(vi) if the distribution to the Holders of such Class of Certificates is less than the full amount that would be distributable to such Holders if there were sufficient funds available therefor, the amount of the shortfall and the allocation of the shortfall as between principal and interest, including any Basis Risk CarryForward Carry Forward Amount not covered by amounts in the Excess Reserve Fund Account;
(vii) the Class Certificate Balance of each Class of Certificates before and after giving effect to the distribution of principal on such Distribution Date;
(viii) the Pool Stated Principal Balance for the related Distribution Date;
(ix) the amount of the Expense Fees paid to or retained by the Servicers Servicers, the Securities Administrator and the Trustee Master Servicer (stated separately and in the aggregate) with respect to such Distribution Date;
(x) the Pass-Through Rate for each such Class of Certificates with respect to such Distribution Date;
(xi) the amount of P&I Advances included in the distribution on such Distribution Date reported by the Servicers (and the Trustee Master Servicer as successor Servicer servicer and any other successor Servicerservicer, if applicable) as of the close of business on the Determination Date immediately preceding such Distribution Date;
(xii) the number and aggregate outstanding principal balances Stated Principal Balance of such Mortgage Loans (1) as to which the Scheduled Payment is delinquent 31 to 60 days, 61 to 90 days days, and 91 or more 90+ days, (2) that have become REO Property, (3) that are in foreclosure and (4) that are in bankruptcy, in each case as of the close of business on the last Business Day day of the immediately preceding monthrelated Due Period;
(xiii) with respect to any Mortgage Loans that became REO Properties during for each of the preceding 12 calendar monthmonths, or all calendar months since the related Cut-off Date, whichever is less, the aggregate number dollar amount of such the Scheduled Payments (A) due on all Outstanding Mortgage Loans and the aggregate Stated Principal Balance of such Mortgage Loans as on each of the close of business Due Dates in each such month and (B) delinquent 60 days or more on the last Business Day each of the immediately preceding Due Dates in each such month;
(xiv) the total number and outstanding principal balance of any REO Properties (and market value, if available) as of the close of business on the last Business Day of the immediately preceding monthrelated Due Period;
(xv) whether a Trigger Event has occurred and is continuing (including the calculation demonstrating the existence of the Trigger EventEvent and the aggregate outstanding principal balance of all 60+ Day Delinquent Mortgage Loans);
(xvi) the amount on deposit in the Excess Reserve Fund Account (after giving effect to distributions on such Distribution Date);
(xvii) in the aggregate and for each Class of Certificates, the aggregate amount of Applied Realized Loss Amounts incurred during the preceding calendar month and aggregate Applied Realized Loss Amounts through such Distribution Date;
(xviii) the amount of any Net Monthly Excess Cash Flow on such Distribution Date and the allocation of it to the Certificateholders with respect to Unpaid Interest Amounts, Unpaid Applied Realized Loss Amounts or and Basis Risk CarryForward Carry Forward Amounts;
(xix) the amount of any Cap Payments, Net Swap Payments, Net Swap Receipts, Swap Termination Payments or Defaulted Swap Termination Payments;
(xx) the calculations of LIBOR and Swap LIBORLIBOR rates (and the calculation thereof, if applicable);
(xxi) the Subordinated Overcollateralized Amount and Specified Subordinated Overcollateralized Amount;
(xxii) Prepayment Charges collected or paid (pursuant to Section 3.07(a)) by the Servicers;
(xxiii) the Cumulative Realized Loss Percentage and the aggregate amount of Realized Losses used to calculate the Cumulative Realized Loss Percentage;
(xxiv) the amount distributed on the Class X Certificates;
(xxv) the amount of any Subsequent Recoveries for such Distribution Date;
(xxvi) the Pre-Funded Amount as of the end of the prior Due Period;
(xxvii) the amount of any principal prepayment on the Certificates resulting from the application of unused moneys in the Pre-Funding Account; and
(xxviiixxvi) the number of Mortgage Loans at the beginning and end of the applicable reporting period, the pool factor (being the Stated Principal Balance of the Mortgage Loans for the related Distribution Date divided by the Cut-off Date Principal Balance), and the weighted average interest rate, and the weighted average remaining term; . In addition, each Form 10-D prepared and filed by the Trustee Securities Administrator pursuant to Section 8.12 shall include the following information with respect to the related distribution:
(i1) material breaches of Mortgage Loan representations and warranties under this Agreement of which the Trustee Securities Administrator has actual knowledge or has received written notice; and
(ii2) material breaches of any covenants under this Agreement of which the Trustee Securities Administrator has actual knowledge or has received written notice.; provided, that, if the Securities Administrator receives written notice of events described in (1) and/or (2) above from the Servicers, the Servicers shall be responsible for providing information to the Securities Administrator for inclusion in the applicable Form 10-D.
(b) The TrusteeSecurities Administrator's responsibility for providing the above statement to the Certificateholders, each Rating Agency Agency, the Trustee, the Master Servicer, the Servicers and the Depositor is limited, if applicable, to the availability, timeliness and accuracy of the information derived from the Servicers Responsible Party, the Master Servicer and the Swap ProviderServicers. The Trustee Securities Administrator shall make available the above statement via the TrusteeSecurities Administrator's internet website. The TrusteeSecurities Administrator's website will initially be located at https://www.tss.db.com/invr http://www.ctslink.com and assistance in using the website can be xxxxxxxx obtaixxx xx xxxxxxx xxx XxxsteeXxxurities Administrator's investor relations customer service desk at 1(301) 815-800-735-77776600. Parties that are unable to use A paper copy of the website are entitled xx above statement will also be made axxxxxxxx xxxx x xxxer copy mailed to them via first class mail by calling the investor relations desk and indicating suchrequest. The Trustee may change the way the monthly statements to Certificateholders are distributed in order to make such distribution more convenient and/or more accessible to the above parties and the Trustee shall provide timely and adequate notification to all above parties regarding any such changes. As a condition to access the Trustee's internet website, the Trustee may require registration and the acceptance of a disclaimer. The Trustee will not be liable for the dissemination of information in accordance with this Agreement. The Trustee Securities Administrator shall make available to each Analytics Company, either electronically or via the TrusteeSecurities Administrator's internet website, each statement to Certificateholders prepared pursuant to Section 4.03(a). The Trustee (Securities Administrator and the applicable Servicer, if such discrepancy results from or arises out of any information provided by the applicable Servicer pursuant to this Agreement) shall cooperate in good faith with the Depositor to reconcile any discrepancies in such statements, and the Trustee Securities Administrator shall provide make available via its Internet website any corrections to such statements to each Analytics Company as soon as reasonably practicable after the related Distribution Date. The Trustee will also be entitled to rely on but shall not be responsible for the content or accuracy of any information provided by third parties for purposes of preparing the monthly statement to Certificateholders and may affix thereto any disclaimer it deems appropriate in its reasonable discretion (without suggesting liability on the part of any other party hereto).
(c) Within Upon request, within a reasonable period of time after the end of each calendar year, the Trustee Securities Administrator shall cause to be furnished to each Person who at any time during the calendar year was a Certificateholder, a statement containing the information set forth in clauses (a)(ia)(1) and (a)(iia)(2) of this Section 4.03 aggregated for such calendar year or applicable portion thereof during which such Person was a Certificateholder. Such obligation of the Trustee Securities Administrator shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Trustee Securities Administrator pursuant to any requirements of the Code as from time to time in effect.
(d) Not later than the Determination Date for each Distribution Date, each the applicable Servicer shall furnish to the TrusteeDepositor with respect to clause (i) below and the Securities Administrator with respect to clause (ii) below, a monthly remittance advice statement (the "Servicer Remittance Report") containing substantially similar to the data fields format set forth on in Exhibit X attached Y hereto, a monthly defaulted loan report substantially similar to the format set forth in Exhibit Z hereto and a realized loss report substantially similar to the format set forth in Exhibit AA hereto (or in each case, in a such other format mutually agreed upon by such Servicer to among the Depositor, the Servicers, and the TrusteeMaster Servicer) with respect relating to HomEq, the period ending on the last day of the preceding calendar month containing the data fields set forth on Exhibit Y attached hereto with respect to Wells Fargo (in each case, in a format mutually agreed upon by such Serxxxxx and the Trustee) and containing the data fields set forth on Exhibit Z attached hereto with respect Countrywide Servicing (in each case, in a format mutually agreed upon by such Servicer and the Trustee) and such information as shall be reasonably requested (i) by the Depositor to enable the Depositor to disclose "static pool information", as required by Item 1105 of Regulation AB, with respect to the Mortgage Loans, and (ii) by the Trustee Securities Administrator to enable the Trustee Securities Administrator to provide the reports required by Section 4.03(a) as to the accompanying remittance and applicable Due Period and the period ending on the close of business on the last day of the related Prepayment Period to which such remittance relatesPeriod. The applicable Servicer Remittance Report shallshall concurrently deliver to the Depositor a data tape, at in form and substance reasonably satisfactory to the Depositor, containing the information required pursuant to this Section 4.03(d) on a minimumloan-by-loan basis for all of the Mortgage Loans. The Depositor will use the information required pursuant to this Section 4.03(d) in compliance with applicable law. Each Servicer shall furnish to the Securities Administrator an individual loan accounting report, documentas of the last Business Day of each month, on such Determination Date, to document Mortgage Loan payment activity on an individual Mortgage Loan basis. With respect to each month, as followsthe corresponding individual loan accounting report (in electronic format) shall be received by the Securities Administrator no later than the Reporting Date, which report shall, at a minimum, contain the following:
(i) with respect to each Scheduled Payment, the amount of such remittance allocable to principal (including a separate breakdown of any Principal Prepayment, including the date of such prepayment, and any Prepayment ChargesPremiums, received during the related Prepayment Period along with a detailed report of interest on principal prepayment Principal Prepayment amounts remitted in accordance with Section 3.25);
(ii) with respect to each Scheduled Payment, the amount of such remittance allocable to interest;
(iii) the amount of servicing compensation received by such Servicer during the prior distribution period;
(iv) the individual and aggregate Stated Principal Balance of the Mortgage Loans;
(v) the aggregate of any expenses reimbursed to such Servicer during the prior distribution period pursuant to Section 3.11; and;
(vi) the number and aggregate outstanding principal balances of Mortgage Loans (a) delinquent 31 to 60 days, 61 to 90 days and 91 or more 90+ days; (b) as to which foreclosure or bankruptcy proceedings of the related mortgagor have commenced; and (c) as to which REO Property has been acquired. Concurrently with ;
(vii) each delivery of a Servicer Remittance Report to the TrusteeMortgage Loan which has been altered, Wells Fargomodified or varied during such month, acting as a Servicer, shall provide, in a manner consistenx xxxh the preceding paragraph, a supplemental statement (to the extent not previously provided) setting forth information in subclauses (v) and (vi). The Trustee shall promptly forward the Servicer Remittance Report and the related supplemental statement reason for such modification (i.e., extension of maturity date, Mortgage Interest Rate);
(viii) with respect to each Liquidated Mortgage Loan, the Depositoramount of any Realized Losses for such Mortgage Loan; and
(ix) any other information reasonably required by the Securities Administrator to enable it to prepare the Monthly Statement referred to in Section 4.03(a).
(e) Notwithstanding anything in Section 4.03(d) to the contrary, the Servicers shall be deemed to have satisfied the requirement to timely deliver the Servicer Remittance Report if such report is received by the Trustee on or prior to the 18th calendar day of such month in which the related Determination Date occurs; provided, however, that if such 18th calendar day is a Sunday or a Monday which is not a Business Day, the Servicers shall be deemed to have satisfied the requirement to timely deliver the Servicer Remittance Report if the Trustee and the Depositor receive such report (i) on the next Business Day succeeding such 18th calendar day, or (ii) on the Business Day immediately preceding such 18th calendar day, if such succeeding Business Day is later than the 20th calendar day of such calendar month.
(f) For all purposes of this Agreement, with respect to any Mortgage Loan, delinquencies shall be determined by the Trustee from information provided by the Servicers and reported by the Trustee based on the so-called "OTS" methodology for determining delinquencies on mortgage loans similar to the Mortgage Loans. By way of example, a Mortgage Loan would be delinquent with respect to a Scheduled Payment due on a Due Date if such Scheduled Payment is not made by the close of business on the Mortgage Loan's next succeeding Due Date, and a Mortgage Loan would be more than 30-days Delinquent with respect to such Scheduled Payment if such Scheduled Payment were not made by the close of business on the Mortgage Loan's second succeeding Due Date. Each Servicer hereby represents and warrants to that, as of the Depositor that Closing Date, such Servicer is does not subject have a safety and soundness regulator that requires such Servicer to conform to any delinquency recognition policy established by the primary safety and soundness regulator, if any, of such Servicer, that is more restrictive than the foregoing delinquency recognition policy.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (GSAMP Trust 2007-Nc1)
Monthly Statements to Certificateholders. (a) Not later than each Distribution Date, the Trustee shall make available to each Certificateholder, the Servicers, the Depositor and each Rating Agency a statement based upon the information provided by the Servicers setting forth with respect to the related distribution:
(i) the actual Distribution Dateamount thereof allocable to principal, separately identifying the related Record Dateaggregate amount of any Principal Prepayments, the Interest Accrual Period(s) for each Class for such Distribution Date Insurance Proceeds, Condemnation Proceeds and the LIBOR Determination Date for such Interest Accrual PeriodLiquidation Proceeds included therein;
(ii) the amount of Available Funds;
(iii) the amount of Available Funds thereof allocable to principalinterest, the Principal Remittance Amount (separately identifying the components thereof) and the Principal Distribution Amount (separately identifying the components thereof);
(iv) the amount of Available Funds allocable to interest and each Interest Remittance Amount;
(v) the amount of any Unpaid Interest Amount for each Class included in such distribution and any remaining Unpaid Interest Amounts Amount after giving effect to such distribution, any Basis Risk CarryForward Carry Forward Amount for each Class such Distribution Date and the amount of such all Basis Risk CarryForward Carry Forward Amount covered by withdrawals from the Excess Reserve Fund Account on such Distribution Date;
(viiii) if the distribution to the Holders of such Class of Certificates is less than the full amount that would be distributable to such Holders if there were sufficient funds available therefor, the amount of the shortfall and the allocation of the shortfall thereof as between principal and interest, including any Basis Risk CarryForward Carry Forward Amount not covered by amounts in the Excess Reserve Fund Account;
(viiiv) the Class Certificate Balance of each Class of Certificates before and after giving effect to the distribution of principal on such Distribution Date;
(viiiv) the Pool Stated Principal Balance for the following Distribution Date;
(ixvi) the amount of the Expense Fees (in the aggregate and separately stated) paid to or retained by the Servicers Trustee and the Trustee (stated separately and in the aggregate) Servicers with respect to such Distribution DateDate or any amount paid to any lender-paid mortgage insurance;
(xvii) the Pass-Through Rate for each such Class of Certificates with respect to such Distribution Date;
(xiviii) the amount of P&I Advances included in the distribution on such Distribution Date and the aggregate amount of Advances reported by the Servicers (and the Trustee as successor Servicer and any other successor Servicer, if applicable) outstanding as of the close of business on the Determination Date immediately preceding such Distribution Date;
(xiiix) the number and aggregate outstanding principal balances of Mortgage Loans (1) as to which the Scheduled Monthly Payment is delinquent 31 to 60 days, 61 to 90 days and 91 or more days, (2) that have become REO Property, (3) that are in foreclosure and (4) that are in bankruptcy, in each case as of the close of business on the last Business Day of the immediately preceding month;
(xiiix) for each of the preceding 12 calendar months, or all calendar months since the related Cut-off Date, whichever is less, the aggregate dollar amount of the Monthly Payments (A) due on all Outstanding Mortgage Loans on each of the Due Dates in each such month and (B) delinquent 60 days or more on each of the Due Dates in each such month;
(xi) with respect to any each Mortgage Loans Loan that became an REO Properties Property during the preceding calendar month, the aggregate loan number of such Mortgage Loans and the aggregate Stated Principal Balance of such Mortgage Loans Loan as of the close of business on the last Business Day of the immediately preceding monthmonth prior to such Distribution Date and the date of acquisition thereof;
(xivxii) the total number and outstanding principal balance of any REO Properties (and market value, if available) as of the close of business on the last Business Day of the immediately preceding monthmonth prior to such Distribution Date;
(xvxiii) whether a Trigger Event has occurred and is continuing (including the calculation demonstrating of thereof and the existence aggregate outstanding balance of the Trigger Eventall 60+ Day Delinquent Mortgage Loans);
(xvixiv) the amount on deposit in the Excess Reserve Fund Account (after giving effect to distributions on such Distribution Date);
(xviixv) in the aggregate and for each Class of Certificates, the aggregate amount of Applied Realized Loss Amounts incurred during the preceding calendar month and aggregate Applied Realized Loss Amounts through such Distribution Date;
(xviiixvi) the amount of any Net Monthly Excess Cash Flow on such Distribution Date and the allocation of it thereof to the Certificateholders with respect to Unpaid Interest Amounts, Unpaid Realized Loss Amounts ;
(xvii) the Overcollateralized Amount and Specified Overcollateralized Amount;
(xviii) Prepayment Premiums collected by or Basis Risk CarryForward Amountspaid by the applicable Servicer;
(xix) the amount of any Net Swap Payments, Net Swap Receipts, Swap Termination Payments or Defaulted Swap Termination Payments;
(xx) the calculations of LIBOR and Swap LIBOR;
(xxi) the Subordinated Amount and Specified Subordinated Amount;
(xxii) Prepayment Charges collected or paid (pursuant to Section 3.07(a)) by the Servicers;
(xxiii) the Cumulative Loss Percentage and the aggregate amount of Realized Losses used to calculate the Cumulative Loss Percentage;
(xxiv) the amount distributed on the Class X Certificates;; and
(xxvxx) the amount of any Subsequent Recoveries for such Distribution Date;
(xxvi) the Pre-Funded Amount as of the end of the prior Due Period;
(xxvii) the amount of any principal prepayment on the Certificates resulting from the application of unused moneys in the Pre-Funding Account; and
(xxviii) the number of Mortgage Loans at the end of the applicable reporting period, the pool factor (being the Stated Principal Balance of the Mortgage Loans for the related Distribution Date divided by the Cut-off Date Principal Balance), and the weighted average interest rate, and weighted average remaining term; In addition, each Form 10-D prepared and filed by the Trustee pursuant to Section 8.12 shall include the following information with respect to the related distribution:
(i) material breaches of Mortgage Loan representations and warranties under this Agreement of which the Trustee has actual knowledge or has received written notice; and
(ii) material breaches of any covenants under this Agreement of which the Trustee has actual knowledge or received written notice.
(b) The Trustee's responsibility for providing the above statement to the Certificateholders, each Rating Agency Agency, the Trustee and the Depositor is limited, if applicable, limited to the availability, timeliness and accuracy of the information derived from the Servicers and the Swap ProviderResponsible Parties. The Trustee shall make available provide the above statement via the Trustee's internet website. The Trustee's website will initially be located at https://www.tss.db.com/invr and assistance in using the website assixxxxxx xx xxxxx xxx xxxxxxx can be xxxxxxxx xx xxxxxxx xxx Xxxsteeobtained by calling the Trustee's investor relations desk at 1-800-735-7777. Parties that are unable to use A paper copy of the website are entitled xx xxxx x xxxer copy mailed to them via first class mail by calling the investor relations desk and indicating such. The Trustee may change the way the monthly statements to Certificateholders are distributed in order to make such distribution more convenient and/or more accessible to the above parties and the Trustee shall provide timely and adequate notification to all above parties regarding any such changes. As a condition to access the Trustee's internet website, the Trustee may require registration and the acceptance of a disclaimer. The Trustee will not be liable for the dissemination of information in accordance with this Agreement. The Trustee shall make available to each Analytics Company, either electronically or via the Trustee's internet website, each statement to Certificateholders prepared pursuant to Section 4.03(a). The Trustee (and the applicable Servicer, if such discrepancy results from or arises out of any information provided by the applicable Servicer pursuant to this Agreement) shall cooperate in good faith with the Depositor to reconcile any discrepancies in such statements, and the Trustee shall provide any corrections to such statements to each Analytics Company as soon as reasonably practicable after the related Distribution Date. The Trustee xxxxx xxxxxxxxt will also be entitled to rely on but shall not be responsible for the content or accuracy of any information provided by third parties for purposes of preparing the monthly statement to Certificateholders and may affix thereto any disclaimer it deems appropriate in its reasonable discretion (without suggesting liability on the part of any other party hereto)made available upon request.
(c) Within Upon request, within a reasonable period of time after the end of each calendar year, the Trustee shall cause to be furnished to each Person who at any time during the calendar year was a Certificateholder, a statement containing the information set forth in clauses (a)(i) ), and (a)(ii) of this Section 4.03 4.02 aggregated for such calendar year or applicable portion thereof during which such Person was a Certificateholder. Such obligation of the Trustee shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Trustee pursuant to any requirements of the Code as from time to time in effect.
(d) Not later than Pursuant to Section 4.2 of the Determination Date for each Distribution DateServicing Agreements, each Servicer shall furnish of the Servicers has agreed to provide monthly information reports to the Trustee. On the Closing Date, the Trustee shall request the Servicers to deliver, on a monthly basis, no later than each Remittance Advice Date a monthly remittance advice statement containing the information required by the Trustee to calculate and provide the reports required by Section 4.02(a) as to the accompanying remittance and the period ending on the close of business on the last Business Day of the immediately preceding month (or the last day of the Due Period, as applicable) (the "Servicer Remittance Report") containing ). On an on-going basis, the data fields set forth on Exhibit X attached hereto (Trustee may reasonably request each Servicer to provide additional information to be included in subsequent Servicer Remittance Reports. On the Closing Date, the Trustee shall request each case, in a format mutually agreed upon by such Servicer and the Trustee) with respect to HomEq, containing the data fields set forth on Exhibit Y attached hereto with respect to Wells Fargo (in each case, in a format mutually agreed upon by such Serxxxxx and the Trustee) and containing the data fields set forth on Exhibit Z attached hereto with respect Countrywide Servicing (in each case, in a format mutually agreed upon by such Servicer and the Trustee) and such information as shall be reasonably requested (i) by the Depositor to enable the Depositor to disclose "static pool information"furnish an individual loan accounting report, as required by Item 1105 of Regulation AB, with respect to the Mortgage Loans, and (ii) by last day of the Trustee to enable the Trustee to provide the reports required by Section 4.03(a) as to the accompanying remittance and applicable Due Period and Prepayment Period of each month, to which such remittance relates. The Servicer Remittance Report shall, at a minimum, document, on such Determination Date, document Mortgage Loan payment activity on an individual Mortgage Loan basis. With respect to each month, as followsthe Trustee shall request each Servicer to furnish the corresponding individual loan accounting report (in electronic format) to be received by the Trustee no later than the Remittance Advice Date, which report shall contain the following:
(i) with respect to each Scheduled Monthly Payment, the amount of such remittance allocable to principal (including a separate breakdown of any Principal Prepayment, including the date of such prepayment, and any Prepayment ChargesPremiums, received during the related Prepayment Period along with a detailed report of interest on principal prepayment amounts remitted in accordance with Section 3.25the applicable Servicing Agreements);
(ii) with respect to each Scheduled Monthly Payment, the amount of such remittance allocable to interest;
(iii) the amount of servicing compensation received by such Servicer during the prior distribution period;
(iv) the individual and aggregate Stated Principal Balance Balances of the Mortgage Loans;
(viv) the aggregate of any expenses reimbursed to such the Servicer during the prior distribution period pursuant to Section 3.11; andthe applicable Servicing Agreement;
(viv) the number and aggregate outstanding principal balances of Mortgage Loans (a) delinquent (1) 31 to 60 days, (2) 61 to 90 days, or (3) 91 days and 91 or more daysmore; (b) as to which foreclosure or bankruptcy proceedings of the related mortgagor have has commenced; and (c) as to which REO Property has been acquired. Concurrently with each delivery of a Servicer Remittance Report to the Trustee, Wells Fargo, acting as a Servicer, shall provide, in a manner consistenx xxxh the preceding paragraph, a supplemental statement (to the extent not previously provided) setting forth information in subclauses (v) and ; and
(vi). The Trustee shall promptly forward the Servicer Remittance Report and the related supplemental statement to the Depositor.
(e) Notwithstanding anything in Section 4.03(d) to the contrary, the Servicers shall be deemed to have satisfied the requirement to timely deliver the Servicer Remittance Report if such report is received any other information reasonably required by the Trustee on or prior to enable it to prepare the 18th calendar day of such month monthly statements referred to in which the related Determination Date occurs; provided, however, that if such 18th calendar day is a Sunday or a Monday which is not a Business Day, the Servicers shall be deemed to have satisfied the requirement to timely deliver the Servicer Remittance Report if the Trustee and the Depositor receive such report (i) on the next Business Day succeeding such 18th calendar day, or (ii) on the Business Day immediately preceding such 18th calendar day, if such succeeding Business Day is later than the 20th calendar day of such calendar monthSection 4.02(a).
(f) For all purposes of this Agreement, with respect to any Mortgage Loan, delinquencies shall be determined by the Trustee from information provided by the Servicers and reported by the Trustee based on the "OTS" methodology for determining delinquencies on mortgage loans similar to the Mortgage Loans. By way of example, a Mortgage Loan would be delinquent with respect to a Scheduled Payment due on a Due Date if such Scheduled Payment is not made by the close of business on the Mortgage Loan's next succeeding Due Date, and a Mortgage Loan would be more than 30-days Delinquent with respect to such Scheduled Payment if such Scheduled Payment were not made by the close of business on the Mortgage Loan's second succeeding Due Date. Each Servicer hereby represents and warrants to the Depositor that such Servicer is not subject to any delinquency recognition policy established by the primary safety and soundness regulator, if any, of such Servicer, that is more restrictive than the foregoing delinquency recognition policy.
Appears in 1 contract
Monthly Statements to Certificateholders. (a) Not later than each Distribution Date, the Trustee shall make available to each Certificateholder, the Servicers, the Depositor Depositor, and each Rating Agency a statement setting forth with respect to the related distribution:
(i) the actual Distribution Date, the related Record Date, the Interest Accrual Period(s) for each Class for such Distribution Date and the LIBOR Determination Date for such Interest Accrual Period;
(ii) the amount of Available Funds;
(iii) the amount of Available Funds allocable to principal, the Principal Remittance Amount (separately identifying the components thereof) and the Principal Distribution Amount (separately identifying the components thereof);
(iv) the amount of Available Funds allocable to interest and each Interest Remittance Amount;
(v) the amount of any Unpaid Interest Amount for each Class included in such distribution and any remaining Unpaid Interest Amounts after giving effect to such distribution, any Basis Risk CarryForward Amount for each Class and the amount of such Basis Risk CarryForward Amount covered by withdrawals from the Excess Reserve Fund Account on such Distribution Date;
(vi) if the distribution to the Holders of such Class of Certificates is less than the full amount that would be distributable to such Holders if there were sufficient funds available therefor, the amount of the shortfall and the allocation of the shortfall as between principal and interest, including any Basis Risk CarryForward Amount not covered by amounts in the Excess Reserve Fund Account;
(vii) the Class Certificate Balance of each Class of Certificates before and after giving effect to the distribution of principal on such Distribution Date;
(viii) the Pool Stated Principal Balance for the Distribution Date;
(ix) the amount of the Expense Fees paid to or retained by the Servicers and the Trustee (stated separately and in the aggregate) with respect to such Distribution Date;
(x) the Pass-Through Rate for each such Class of Certificates with respect to such Distribution Date;
(xi) the amount of P&I Advances included in the distribution on such Distribution Date reported by the Servicers (and the Trustee as successor Servicer and any other successor Servicer, if applicable) as of the close of business on the Determination Date immediately preceding such Distribution Date;
(xii) the number and aggregate outstanding principal balances of Mortgage Loans (1) as to which the Scheduled Payment is delinquent 31 to 60 days, 61 to 90 days and 91 or more days, (2) that have become REO Property, (3) that are in foreclosure and (4) that are in bankruptcy, in each case as of the close of business on the last Business Day of the immediately preceding month;
(xiii) with respect to any Mortgage Loans that became REO Properties during the preceding calendar month, the aggregate number of such Mortgage Loans and the aggregate Stated Principal Balance of such Mortgage Loans as of the close of business on the last Business Day of the immediately preceding month;
(xiv) the total number and outstanding principal balance of any REO Properties (and market value, if available) as of the close of business on the last Business Day of the immediately preceding month;
(xv) whether a Trigger Event has occurred and is continuing (including the calculation demonstrating the existence of the Trigger Event);
(xvi) the amount on deposit in the Excess Reserve Fund Account (after giving effect to distributions on such Distribution Date);
(xvii) in the aggregate and for each Class of Certificates, the aggregate amount of Applied Realized Loss Amounts incurred during the preceding calendar month and aggregate Applied Realized Loss Amounts through such Distribution Date;
(xviii) the amount of any Net Monthly Excess Cash Flow on such Distribution Date and the allocation of it to the Certificateholders with respect to Unpaid Interest Amounts, Unpaid Realized Loss Amounts or Basis Risk CarryForward Amounts;
(xix) the amount of any Net Swap Payments, Net Swap Receipts, Swap Termination Payments or Defaulted Swap Termination Payments;
(xx) the calculations of LIBOR and Swap LIBOR;
(xxi) the Subordinated Amount and Specified Subordinated Amount;
(xxii) Prepayment Charges collected or paid (pursuant to Section 3.07(a)) by the Servicers;
(xxiii) the Cumulative Loss Percentage and the aggregate amount of Realized Losses used to calculate the Cumulative Loss Percentage;
(xxiv) the amount distributed on the Class X Certificates;
(xxv) the amount of any Subsequent Recoveries for such Distribution Date;
(xxvi) the Pre-Funded Amount as of the end of the prior Due Period;
(xxvii) the amount of any principal prepayment on the Certificates resulting from the application of unused moneys in the Pre-Funding Account; and
(xxviiixxvi) the number of Mortgage Loans at the end of the applicable reporting period, the pool factor (being the Stated Principal Balance of the Mortgage Loans for the related Distribution Date divided by the Cut-off Date Principal Balance), and the weighted average interest rate, and weighted average remaining term; . In addition, each Form 10-D prepared and filed by the Trustee pursuant to Section 8.12 shall include the following information with respect to the related distribution:
(i) material breaches of Mortgage Loan representations and warranties under this Agreement of which the Trustee has actual knowledge or has received written notice; and
(ii) material breaches of any covenants under this Agreement of which the Trustee has actual knowledge or received written notice.; provided that, if the Trustee receives written notice of the events described in (i) and/or (ii) above from any Servicer, such Servicer shall be responsible for providing information to the Trustee for inclusion in the applicable Form 10-D.
(b) The Trustee's responsibility for providing the above statement to the Certificateholders, each Rating Agency and the Depositor is limited, if applicable, to the availability, timeliness and accuracy of the information derived from the Servicers and the Swap Provider. The Trustee shall make available the above statement via the Trustee's internet website. The Trustee's website will initially be located at https://www.tss.db.com/invr https: www.tss.db.com/invr and assistance in using the website can be xxxxxxxx obtained xx xxxxxxx xxx Xxxstee's investor relations desk at 1-800-735-7777. Parties that are unable to use the website are entitled xx xxxx x xxxer copy mailed to them via first class mail by calling the investor relations desk and indicating such. The Trustee may change the way the monthly statements to Certificateholders are distributed in order to make such distribution more convenient and/or more accessible to the above parties and the Trustee shall provide timely and adequate notification to all above parties regarding any such changes. As a condition to access the Trustee's internet website, the Trustee may require registration and the acceptance of a disclaimer. The Trustee will not be liable for the dissemination of information in accordance with this Agreement. The Trustee shall make available to each Analytics Company, either electronically or via the Trustee's internet website, each statement to Certificateholders prepared pursuant to Section 4.03(a). The Trustee (and the applicable Servicer, if such discrepancy results from or arises out of any information provided by the applicable Servicer pursuant to this Agreement) shall cooperate in good faith with the Depositor to reconcile any discrepancies in such statements, and the Trustee shall provide any corrections to such statements to each Analytics Company as soon as reasonably practicable after the related Distribution Date. The Trustee will also be entitled to rely on but shall not be responsible for the content or accuracy of any information provided by third parties for purposes of preparing the monthly statement to Certificateholders and may affix thereto any disclaimer it deems appropriate in its reasonable discretion (without suggesting liability on the part of any other party hereto).
(c) Within a reasonable period of time after the end of each calendar year, the Trustee shall cause to be furnished to each Person who at any time during the calendar year was a Certificateholder, a statement containing the information set forth in clauses (a)(i) and (a)(ii) of this Section 4.03 aggregated for such calendar year or applicable portion thereof during which such Person was a Certificateholder. Such obligation of the Trustee shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Trustee pursuant to any requirements of the Code as from time to time in effect.
(d) Not The Trustee shall be entitled to rely on information provided by third parties for purposes of preparing the foregoing report, but shall not be responsible for the accuracy of such information.
(e) No later than the Determination Date for 18th day of each Distribution Datemonth, or if such date is not a Business Day, the next succeeding Business Day (but in no event later than the 20th day of each month), each Servicer shall furnish to the Trustee, a monthly remittance advice statement (the "Servicer Remittance Report") containing the data fields set forth on Exhibit X X-1 attached hereto (in the case of Saxon and Wells Fargo, or Exhibit X-2 attached hereto in the case of Countrywide Xxxxxcing in the case of each caseExhibit specified in this Section 4.03(e), in a format mutually agreed upon by such the applicable Servicer and the Trustee) with respect to HomEq, containing the data fields set forth on Exhibit Y attached hereto with respect to Wells Fargo (in each case, in a format mutually agreed upon by such Serxxxxx and the Trustee) and containing the data fields set forth on Exhibit Z attached hereto with respect Countrywide Servicing (in each case, in a format mutually agreed upon by such Servicer and the Trustee) Trustee and such information as shall be reasonably requested (i) by the Depositor to enable the Depositor to disclose "static pool information", as required by Item 1105 of Regulation AB, with respect to the Mortgage Loans, and (ii) by the Trustee to enable the Trustee to provide the reports required by Section 4.03(a) as to the accompanying remittance and applicable Due Period and Prepayment Period to which such remittance relates. The Servicer Remittance Report shall, at a minimum, document, on such Determination Date, Mortgage Loan payment activity on an individual Mortgage Loan basis, as follows:
(i) with respect to each Scheduled Payment, the amount of such remittance allocable to principal (including a separate breakdown of any Principal Prepayment, including the date of such prepayment, and any Prepayment Charges, received during the related Prepayment Period along with a detailed report of interest on principal prepayment amounts remitted in accordance with Section 3.25);
(ii) with respect to each Scheduled Payment, the amount of such remittance allocable to interest;
(iii) the amount of servicing compensation received by such Servicer during the prior current distribution period;
(iv) the individual and aggregate Stated Principal Balance of the Mortgage Loans;
(v) the aggregate expenses reimbursed to such Servicer during the prior distribution period pursuant to Section 3.11; and
(vi) the number and aggregate outstanding principal balances of Mortgage Loans (a) delinquent 31 to 60 days, 61 to 90 days and 91 or more days; (b) as to which foreclosure or bankruptcy proceedings of the related mortgagor have commenced; and (c) as to which REO Property has been acquired. Concurrently with each delivery of a Servicer Remittance Report to the Trustee, Wells Fargo, acting as a Servicer, shall provide, in a manner consistenx xxxh the preceding paragraph, a supplemental statement (to the extent not previously provided) setting forth information in subclauses (v) and (vi)) of the preceding paragraph. The Trustee shall promptly forward make available the Servicer Remittance Report and the related supplemental statement to the Depositor.
(ef) Notwithstanding anything in Section 4.03(d) to the contrary, the Servicers shall be deemed to have satisfied the requirement to timely deliver the Servicer Remittance Report if such report is received by the Trustee on or prior to the 18th calendar day of such month in which the related Determination Date occurs; provided, however, that if such 18th calendar day is a Sunday or a Monday which is not a Business Day, the Servicers shall be deemed to have satisfied the requirement to timely deliver the Servicer Remittance Report if the Trustee and the Depositor receive such report (i) on the next Business Day succeeding such 18th calendar day, or (ii) on the Business Day immediately preceding such 18th calendar day, if such succeeding Business Day is later than the 20th calendar day of such calendar month[Reserved].
(fg) For all purposes of this Agreement, with respect to any Mortgage Loan, delinquencies shall be determined by the Trustee from information provided by the Servicers and reported by the Trustee based on the "OTS" methodology for determining delinquencies on mortgage loans similar to the Mortgage Loans. By way of example, a Mortgage Loan would be delinquent with respect to a Scheduled Payment due on a Due Date if such Scheduled Payment is not made by the close of business on the Mortgage Loan's next succeeding Due Date, and a Mortgage Loan would be more than 30-days Delinquent with respect to such Scheduled Payment if such Scheduled Payment were not made by the close of business on the Mortgage Loan's second succeeding Due Date. Each Servicer Servicer, other than Wells Fargo, hereby represents and warrants to the Depositor that such Servicer Xxxxxcer is not subject to any delinquency recognition policy established by the primary safety and soundness regulator, if any, of such Servicer, that is more restrictive than the foregoing delinquency recognition policy. Wells Fargo hereby represents and warrants to the Depositor that Wells Xxxxx is not subject to any delinquency recognition policy establxxxxx by its safety and soundness regulators.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Morgan Stanley ABS Capital I Inc. Trust 2007-He2)
Monthly Statements to Certificateholders. (a) Not later than each Distribution Date, the Trustee shall prepare and make available to each Certificateholder, the ServicersMaster Servicer, the Depositor Depositor, the NIM Insurer, and each Rating Agency on its Internet website a statement setting forth with respect to for the related distributiondistribution of:
(i) the actual Distribution Dateamount of the distribution allocable to principal, separately identifying the related Record Date, the Interest Accrual Period(s) for each Class for such Distribution Date aggregate amount of any Principal Prepayments and the LIBOR Determination Date for such Interest Accrual PeriodLiquidation Proceeds included therein;
(ii) the amount of Available Funds;
(iii) the amount of Available Funds distribution allocable to principalinterest, the Principal Remittance Amount (separately identifying the components thereof) and the Principal Distribution Amount (separately identifying the components thereof);
(iv) the amount of Available Funds allocable to interest and each Interest Remittance Amount;
(v) the amount of any Unpaid Interest Amount for each Class Amounts included in such the distribution and any remaining Unpaid Interest Amounts after giving effect to such the distribution, any Basis Risk CarryForward Net WAC Cap Carry Forward Amount for each Class the Distribution Date, and the amount of such Basis Risk CarryForward all Net WAC Cap Carry Forward Amount covered by withdrawals from the Excess Reserve Fund Account on such the Distribution Date;
(viiii) if the distribution to the Holders of such any Class of Certificates is less than the full amount that would be distributable to such Holders them if there were sufficient funds available thereforwere available, the amount of the shortfall and the allocation of the shortfall as between principal and interest, including any Basis Risk CarryForward Net WAC Cap Carry Forward Amount not covered by amounts in the Excess Reserve Fund Account;
(viiiv) the Class Certificate Balance of each Class of Certificates before and after giving effect to the distribution of principal on such the Distribution Date;
(v) the Pool Stated Principal Balance;
(vi) the amount of the Master Servicing Fees paid to or retained by the Master Servicer or Subservicer (with respect to the Subservicers, in the aggregate) with respect to the Distribution Date;
(vii) the Pass-Through Rate for each Class of Certificates with respect to the Distribution Date;
(viii) the Pool Stated Principal Balance for amount of Advances included in the distribution on the Distribution Date and the aggregate amount of Advances outstanding as of the close of business on the Distribution Date;
(ix) the amount number and aggregate outstanding balance of the Expense Fees paid Mortgage Loans in each Loan Group as of the end of the preceding calendar month
(A) delinquent (exclusive of Mortgage Loans in foreclosure) (1) 30 to 59 days, (2) 60 to 89 days, and (3) 90 or retained by more days and
(B) in foreclosure and delinquent (1) 30 to 59 days, (2) 60 to 89 days, and (3) 90 or more days, as of the Servicers and close of business on the Trustee (stated separately and in last day of the aggregate) with respect to such calendar month preceding the Distribution Date;
(x) the Pass-Through Rate for each such Class of Certificates with respect to such Distribution the preceding 12 calendar months, or all calendar months since the Cut-off Date, whichever is less, the aggregate dollar amount of the Scheduled Payments (A) due on all Outstanding Mortgage Loans on the Due Date in the month and (B) delinquent 60 days or more (determined in the same manner as for determining Scheduled Payment delinquencies that result in a Mortgage Loan being a 60+ Day Delinquent Loan) on the Due Date in the month;
(xi) with respect to any Mortgage Loan that became an REO Property during the amount preceding calendar month, the loan number and Stated Principal Balance of P&I Advances included in the distribution on such Distribution Date reported by the Servicers (and the Trustee as successor Servicer and any other successor Servicer, if applicable) Mortgage Loan as of the close of business on the Determination Date immediately preceding such the Distribution DateDate and the date of acquisition thereof;
(xii) the number and aggregate outstanding principal balances of Mortgage Loans (1) as to which the Scheduled Payment is delinquent 31 to 60 days, 61 to 90 days and 91 or more days, (2) that have become REO Property, (3) that are in foreclosure and (4) that are in bankruptcy, in each case as of the close of business on the last Business Day of the immediately preceding month;
(xiii) with respect to any Mortgage Loans that became REO Properties during the preceding calendar month, the aggregate number of such Mortgage Loans and the aggregate Stated Principal Balance of such Mortgage Loans as of the close of business on the last Business Day of the immediately preceding month;
(xiv) the total number and outstanding principal balance of any REO Properties (and market value, if available) as of the close of business on the last Business Day of Determination Date preceding the immediately preceding monthDistribution Date;
(xvxiii) whether a Trigger Event has occurred and is continuing in effect (including the calculation demonstrating of thereof and the existence aggregate outstanding balance of the Trigger Eventall 60+ Day Delinquent Loans);
(xvixiv) the amount on deposit in the Excess Reserve Fund Account (after giving effect to distributions on such the Distribution Date);
(xviixv) in the aggregate and for each Class of Certificates, the aggregate amount of Applied Realized Loss Amounts incurred during the preceding calendar month and aggregate Applied Unpaid Realized Loss Amounts through such the Distribution Date;
(xviiixvi) the aggregate amount due under the Cap Contracts and amounts received under the Cap Contracts;
(xvii) the amount of any Net Total Monthly Excess Cash Flow Spread on such the Distribution Date and the allocation of it thereof to the Certificateholders with respect to Unpaid Interest Amounts, Unpaid Realized Loss Amounts or Basis Risk CarryForward and Unpaid Interest Amounts;
(xviii) with respect to the second Distribution Date, the number and aggregate balance of any Delayed Delivery Mortgage Loans not delivered within the time periods specified in the definition of Delayed Delivery Mortgage Loans;
(xix) the amount of any Net Swap Payments, Net Swap Receipts, Swap Termination Payments or Defaulted Swap Termination PaymentsOvercollateralization Amount and the Overcollateralization Target Amount;
(xx) Prepayment Charges collected, waived, and paid by the calculations of LIBOR and Swap LIBORMaster Servicer;
(xxi) the Subordinated Amount and Specified Subordinated Amount;
(xxii) Prepayment Charges collected or paid (pursuant to Section 3.07(a)) by the Servicers;
(xxiii) the Cumulative Loss Percentage and the aggregate amount of Realized Losses used to calculate the Cumulative Loss Percentage;
(xxiv) the amount distributed on the Class X Certificates;
(xxv) the amount of any Subsequent Recoveries for such Distribution Date;
(xxvi) the Pre-Funded Amount as of the end of the prior Due Period;
(xxvii) the amount of any principal prepayment on the Certificates resulting from the application of unused moneys deposit in the Pre-Funding AccountAccounts; and
(xxviiixxii) for the number of Mortgage Loans at distribution occurring on the Distribution Date immediately following the end of the applicable reporting periodFunding Period, the pool factor balance on deposit in the Group I Pre-Funding Account and/or the Group II Pre-Funding Account that has not been used to purchase Subsequent Mortgage Loans and that is being distributed to the Certificateholders on such Distribution Date. For the purposes of determining delinquency periods in reporting under (being the Stated Principal Balance ix) above, for any monthly statement a Mortgage Loan's delinquency period shall be determined as of the Due Date falling in the month in which the monthly statement is provided and a Mortgage Loans Loan is first delinquent only after the first Due Date following the Due Date for which any part of a Scheduled Payment has not been paid, and each calendar month shall be treated as having 30 days. Thus, for the related Distribution January monthly statement a Mortgage Loan whose December Due Date divided payment has not been paid by the Cut-off January Due Date Principal Balance)is not delinquent. On the day after the January Due Date it would be one day delinquent. A Mortgage Loan whose November Due Date payment has not been paid by the January Due Date is 30 days past due as of the January Due Date, and would be reported as such in the weighted average interest rateJanuary monthly statement. If the statement is not accessible to any of the Certificateholders, the Master Servicer, the Depositor, the NIM Insurer, or any Rating Agency on the Trustee's Internet website, the Trustee shall forward a hard copy of it to each Certificateholder, the Master Servicer, the Depositor, the NIM Insurer, and weighted average remaining term; In addition, each Form 10-D prepared and filed by Rating Agency immediately after the Trustee pursuant becomes aware that it is not accessible to Section 8.12 any of them via its website. The address of the Trustee's Internet website where the statement will be accessible is xxxxx://xxx.xxx.xxx/invr. Assistance in using the Trustee's Internet website may be obtained by calling the Trustee's customer service desk at (000) 000-0000. The Trustee shall include notify each Certificateholder, the following information with respect Master Servicer, the Depositor, the NIM Insurer, and each Rating Agency in writing of any change in the address or means of access to the related distribution:
(i) material breaches of Mortgage Loan representations and warranties under this Agreement of which Internet website where the Trustee has actual knowledge or has received written notice; and
(ii) material breaches of any covenants under this Agreement of which the Trustee has actual knowledge or received written noticestatement is accessible.
(b) The Trustee's responsibility for providing disbursing the above statement information to the Certificateholders, each Rating Agency and the Depositor Certificateholders is limited, if applicable, limited to the availability, timeliness timeliness, and accuracy of the information derived from the Servicers and the Swap ProviderMaster Servicer. The Trustee is not responsible for any inaccuracies in or caused by the data provided by the Master Servicer. By each Determination Date the Master Servicer shall make available the above statement via the Trustee's internet website. The Trustee's website will initially be located at https://www.tss.db.com/invr and assistance in using the website can be xxxxxxxx xx xxxxxxx xxx Xxxstee's investor relations desk at 1-800-735-7777. Parties that are unable to use the website are entitled xx xxxx x xxxer copy mailed to them via first class mail by calling the investor relations desk and indicating such. The Trustee may change the way the monthly statements to Certificateholders are distributed in order to make such distribution more convenient and/or more accessible provide to the above parties Trustee in electronic form the information needed to determine the distributions to be made pursuant to Section 4.02 and 3.09(b)(ii) and any other information that the Master Servicer and the Trustee shall provide timely and adequate notification to all above parties regarding any such changes. As a condition to access the Trustee's internet website, the Trustee may require registration and the acceptance of a disclaimer. The Trustee will not be liable for the dissemination of information in accordance with this Agreement. The Trustee shall make available to each Analytics Company, either electronically or via the Trustee's internet website, each statement to Certificateholders prepared pursuant to Section 4.03(a). The Trustee (and the applicable Servicer, if such discrepancy results from or arises out of any information provided by the applicable Servicer pursuant to this Agreement) shall cooperate in good faith with the Depositor to reconcile any discrepancies in such statements, and the Trustee shall provide any corrections to such statements to each Analytics Company as soon as reasonably practicable after the related Distribution Date. The Trustee will also be entitled to rely on but shall not be responsible for the content or accuracy of any information provided by third parties for purposes of preparing the monthly statement to Certificateholders and may affix thereto any disclaimer it deems appropriate in its reasonable discretion (without suggesting liability on the part of any other party hereto)mutually agree on.
(c) Within a reasonable period of time after the end of each calendar year, the Trustee shall cause to be furnished to each Person who at any time during the calendar year was a Certificateholder, a statement containing the information set forth in clauses (a)(i) and (a)(ii) of this Section 4.03 aggregated for such the calendar year or applicable portion thereof during which such the Person was a Certificateholder. Such Within a reasonable period of time after the end of each calendar year, the Trustee shall cause to be furnished to the NIM Insurer, a statement containing the information in clauses (a)(i) and (a)(ii) of this Section 4.03 aggregated for the calendar year. This obligation of the Trustee shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Trustee pursuant to any requirements of the Code as from time to time in effect.
(d) Not later than the Determination Date for each Distribution Date, each Servicer shall furnish to the Trustee, a monthly remittance advice statement (the "Servicer Remittance Report") containing the data fields set forth on Exhibit X attached hereto (in each case, in a format mutually agreed upon by such Servicer and the Trustee) with respect to HomEq, containing the data fields set forth on Exhibit Y attached hereto with respect to Wells Fargo (in each case, in a format mutually agreed upon by such Serxxxxx and the Trustee) and containing the data fields set forth on Exhibit Z attached hereto with respect Countrywide Servicing (in each case, in a format mutually agreed upon by such Servicer and the Trustee) and such information as shall be reasonably requested (i) by the Depositor to enable the Depositor to disclose "static pool information", as required by Item 1105 of Regulation AB, with respect to the Mortgage Loans, and (ii) by the Trustee to enable the Trustee to provide the reports required by Section 4.03(a) as to the accompanying remittance and applicable Due Period and Prepayment Period to which such remittance relates. The Servicer Remittance Report shall, at a minimum, document, on such Determination Date, Mortgage Loan payment activity on an individual Mortgage Loan basis, as follows:
(i) with respect to each Scheduled Payment, the amount of such remittance allocable to principal (including a separate breakdown of any Principal Prepayment, including the date of such prepayment, and any Prepayment Charges, received during the related Prepayment Period along with a detailed report of interest on principal prepayment amounts remitted in accordance with Section 3.25);
(ii) with respect to each Scheduled Payment, the amount of such remittance allocable to interest;
(iii) the amount of servicing compensation received by such Servicer during the prior distribution period;
(iv) the individual and aggregate Stated Principal Balance of the Mortgage Loans;
(v) the aggregate expenses reimbursed to such Servicer during the prior distribution period pursuant to Section 3.11; and
(vi) the number and aggregate outstanding principal balances of Mortgage Loans (a) delinquent 31 to 60 days, 61 to 90 days and 91 or more days; (b) as to which foreclosure or bankruptcy proceedings of the related mortgagor have commenced; and (c) as to which REO Property has been acquired. Concurrently with each delivery of a Servicer Remittance Report to the Trustee, Wells Fargo, acting as a Servicer, shall provide, in a manner consistenx xxxh the preceding paragraph, a supplemental statement (to the extent not previously provided) setting forth information in subclauses (v) and (vi). The Trustee shall promptly forward the Servicer Remittance Report and the related supplemental statement to the Depositor.
(e) Notwithstanding anything in Section 4.03(d) to the contrary, the Servicers shall be deemed to have satisfied the requirement to timely deliver the Servicer Remittance Report if such report is received by the Trustee on or prior to the 18th calendar day of such month in which the related Determination Date occurs; provided, however, that if such 18th calendar day is a Sunday or a Monday which is not a Business Day, the Servicers shall be deemed to have satisfied the requirement to timely deliver the Servicer Remittance Report if the Trustee and the Depositor receive such report (i) on the next Business Day succeeding such 18th calendar day, or (ii) on the Business Day immediately preceding such 18th calendar day, if such succeeding Business Day is later than the 20th calendar day of such calendar month.
(f) For all purposes of this Agreement, with respect to any Mortgage Loan, delinquencies shall be determined by the Trustee from information provided by the Servicers and reported by the Trustee based on the "OTS" methodology for determining delinquencies on mortgage loans similar to the Mortgage Loans. By way of example, a Mortgage Loan would be delinquent with respect to a Scheduled Payment due on a Due Date if such Scheduled Payment is not made by the close of business on the Mortgage Loan's next succeeding Due Date, and a Mortgage Loan would be more than 30-days Delinquent with respect to such Scheduled Payment if such Scheduled Payment were not made by the close of business on the Mortgage Loan's second succeeding Due Date. Each Servicer hereby represents and warrants to the Depositor that such Servicer is not subject to any delinquency recognition policy established by the primary safety and soundness regulator, if any, of such Servicer, that is more restrictive than the foregoing delinquency recognition policy.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Home Equity Mortgage Loan Asset Backed Trust, SPMD 2004-C)
Monthly Statements to Certificateholders. (a) Not later than each Distribution Date, the Trustee shall make available to each Certificateholder, the ServicersServicer, the Depositor and each Rating Agency a statement setting forth with respect to the related distribution:
(i) the actual Distribution Date, the related Record Date, the Interest Accrual Period(s) for each Class for such Distribution Date and the LIBOR Determination Date for such Interest Accrual Period;
(ii) the amount of Available Funds;
(iii) the amount of Available Funds allocable to principal, the Principal Remittance Amount (separately identifying the components thereof) and the Principal Distribution Amount (separately identifying the components thereof);
(iv) the amount of Available Funds allocable to interest and each Interest Remittance Amount;
(v) the amount of any Unpaid Interest Amount for each Class included in such distribution and any remaining Unpaid Interest Amounts after giving effect to such distribution, any Basis Risk CarryForward Carry Forward Amount for each Class and the amount of such Basis Risk CarryForward Carry Forward Amount covered by withdrawals from the Excess Reserve Fund Account on such Distribution Date;
(vi) if the distribution to the Holders of such Class of Certificates is less than the full amount that would be distributable to such Holders if there were sufficient funds available therefor, the amount of the shortfall and the allocation of the shortfall as between principal and interest, including any Basis Risk CarryForward Carry Forward Amount not covered by amounts in the Excess Reserve Fund Account;
(vii) the Class Certificate Balance of each Class of Certificates before and after giving effect to the distribution of principal on such Distribution Date;
(viii) the Pool Stated Principal Balance for the related Distribution Date;
(ix) the amount of the Expense Fees paid to or retained by the Servicers Servicer and the Trustee (stated separately and in the aggregate) with respect to such Distribution Date;
(x) the Pass-Through Rate for each such Class of Certificates with respect to such Distribution Date;
(xi) the amount of P&I Advances included in the distribution on such Distribution Date reported by the Servicers Servicer (and the Trustee as successor Servicer servicer and any other successor Servicerservicer, if applicable) as of the close of business on the Determination Date immediately preceding such Distribution Date;
(xii) the number and aggregate outstanding principal balances of Mortgage Loans (1) as to which the Scheduled Payment is delinquent 31 to 60 days, 61 to 90 days, 91 to 120 days, 121 to 150 days, 151 to 180 days, 181 to 210 days, 211 to 240 days and 91 or more 240+ days, (2) that have become REO Property, (3) that are in foreclosure and (4) that are in bankruptcy, in each case as of the close of business on the last Business Day day of the immediately related Due Period;
(xiii) for each of the preceding 12 calendar months, or all calendar months since the related Cut-off Date, whichever is less, the aggregate dollar amount of the Scheduled Payments (A) due on all Outstanding Mortgage Loans on each of the Due Dates in each such month and (B) delinquent 60 days or more on each of the Due Dates in each such month;
(xiiixiv) with respect to any Mortgage Loans that became REO Properties during the preceding calendar month, the aggregate number of such Mortgage Loans and the aggregate Stated Principal Balance outstanding principal balance of such Mortgage Loans as of the close of business on the last Business Day day of the immediately preceding monthrelated Due Period;
(xivxv) the total number and outstanding principal balance of any REO Properties (and market value, if available) as of the close of business on the last Business Day of the immediately preceding monthrelated Due Period;
(xvxvi) whether a Trigger Event has occurred and is continuing (including the calculation demonstrating the existence of the Trigger EventEvent and the aggregate outstanding principal balance of all 60+ Day Delinquent Mortgage Loans);
(xvixvii) the amount on deposit in the Excess Reserve Fund Account (after giving effect to distributions on such Distribution Date);
(xviixviii) in the aggregate and for each Class of Certificates, the aggregate amount of Applied Realized Loss Amounts incurred during the preceding calendar month and aggregate Applied Realized Loss Amounts through such Distribution Date;
(xviiixix) the amount of any Net Monthly Excess Cash Flow on such Distribution Date and the allocation of it to the Certificateholders with respect to Unpaid Interest Amounts, Unpaid Applied Realized Loss Amounts or and Basis Risk CarryForward Carry Forward Amounts;
(xixxx) the amount of any Net Swap Payments, Net Swap Receipts, Swap Termination Payments or Defaulted Swap Termination Payments;
(xxxxi) the calculations of LIBOR and Swap LIBORLIBOR rates (and the calculation thereof, if applicable);
(xxixxii) the Subordinated Overcollateralized Amount and Specified Subordinated Overcollateralized Amount;
(xxiixxiii) Prepayment Charges collected or paid (pursuant to Section 3.07(a)) by the ServicersServicer;
(xxiiixxiv) the Cumulative Loss Percentage and the aggregate amount of Realized Losses used to calculate the Cumulative Loss Percentage;
(xxivxxv) the amount distributed on the Class X Certificates;
(xxvxxvi) the amount of any Subsequent Recoveries for such Distribution Date;
(xxvi) the Pre-Funded Amount as of the end of the prior Due Period;
(xxvii) the amount of any principal prepayment on the Certificates resulting from the application of unused moneys in the Pre-Funding Account; and
(xxviiixxvii) the number of Mortgage Loans at the beginning and end of the applicable reporting period, the pool factor (being the Stated Principal Balance of the Mortgage Loans for the related Distribution Date divided by the Cut-off Date Principal Balance), and the weighted average interest rate, and weighted average remaining term; . In addition, each Form 10-D prepared and filed by the Trustee pursuant to Section 8.12 shall include the following information with respect to the related distribution:
(i) material breaches of Mortgage Loan representations and warranties under this Agreement of which the Trustee has actual knowledge or has received written notice; and
(ii) material breaches of any covenants under this Agreement of which the Trustee has actual knowledge or has received written notice.; provided, that, if the Trustee receives written notice of events described in (i) and/or (ii) above from the Servicer, the Servicer shall be responsible for providing information to the Trustee for inclusion in the applicable Form 10-D.
(b) The Trustee's responsibility for providing the above statement to the Certificateholders, each Rating Agency Agency, the Servicer and the Depositor is limited, if applicable, to the availability, timeliness and accuracy of the information derived from the Servicers and the Swap ProviderServicer. The Trustee shall make available the above statement via the Trustee's internet website. The Trustee's website will initially be located at https://www.tss.db.com/invr and assistance in using the website can be xxxxxxxx xx xxxxxxx xxx XxxsteeXxustee's investor relations desk at 1-800-735-7777. Parties that are unable to use the website are entitled xx xxxx x xxxer A paper copy mailed to them via first class mail by calling the investor relations desk and indicating such. The Trustee may change the way the monthly statements to Certificateholders are distributed in order to make such distribution more convenient and/or more accessible to of the above parties and the Trustee shall provide timely and adequate notification to all above parties regarding any such changes. As a condition to access the Trustee's internet website, the Trustee may require registration and the acceptance of a disclaimer. The Trustee statement will not also be liable for the dissemination of information in accordance with this Agreementmade axxxxxxxx xxxx request. The Trustee shall make available to each Analytics Company, either electronically or via the Trustee's internet websitewebsite (or electronically upon request), each statement to Certificateholders prepared pursuant to this Section 4.03(a). The Trustee (and the applicable Servicer, if such discrepancy results from or arises out of any information provided by the applicable Servicer pursuant to this Agreement) shall cooperate in good faith with the Depositor to reconcile any discrepancies in such statements, and the Trustee shall provide any corrections to post such corrected statements on its internet website (or electronically upon request to each Analytics Company Company) as soon as reasonably practicable after the related Distribution Date. The Trustee will also be entitled to rely on but shall not be responsible for the content or accuracy of any information provided by third parties for purposes of preparing the monthly statement to Certificateholders and may affix thereto any disclaimer it deems appropriate in its reasonable discretion (without suggesting liability on the part of any other party hereto).
(c) Within Upon request, within a reasonable period of time after the end of each calendar year, the Trustee shall cause to be furnished to each Person who at any time during the calendar year was a Certificateholder, a statement containing the information set forth in clauses (a)(i) and (a)(ii) of this Section 4.03 aggregated for such calendar year or applicable portion thereof during which such Person was a Certificateholder. Such obligation of the Trustee shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Trustee pursuant to any requirements of the Code as from time to time in effect.
(d) Not later than the Determination Date for each Distribution Date, each the Servicer shall furnish to the TrusteeDepositor with respect to clause (i) below and the Trustee with respect to clause (ii) below, a monthly remittance advice statement (the "Servicer Remittance Report") containing the data fields set forth on Exhibit X attached hereto (in each case, in a format mutually agreed upon by such Servicer the Servicer, the Trustee and the TrusteeDepositor) with respect to HomEq, containing the data fields set forth on Exhibit Y attached hereto with respect to Wells Fargo (in each case, in a format mutually agreed upon by such Serxxxxx and the Trustee) and containing the data fields set forth on Exhibit Z attached hereto with respect Countrywide Servicing (in each case, in a format mutually agreed upon by such Servicer and the Trustee) and such information as shall be reasonably requested (i) by the Depositor to enable the Depositor to disclose "static pool information", as required by Item 1105 of Regulation AB, with respect to the Mortgage Loans, and (ii) by the Trustee to enable the Trustee to provide the reports required by Section 4.03(a) as to the accompanying remittance and applicable Due Period and the period ending on the close of business on the last day of the related Prepayment Period to which such remittance relatesPeriod. The Servicer Remittance Report shallshall concurrently deliver to the Depositor and the Responsible Party a data tape, at in form and substance reasonably satisfactory to the Depositor and the Responsible Party, containing the information required pursuant to this Section 4.03(d) on a minimumloan-by-loan basis for all of the Mortgage Loans (or, documentwith respect to the Responsible Party, the Mortgage Loans sold by such the Responsible Party to the Sponsor as identified on such Determination Datethe Mortgage Loan Schedule). The Servicer shall furnish to the Trustee an individual loan accounting report, as of the last Business Day of each month, to document Mortgage Loan payment activity on an individual Mortgage Loan basis. With respect to each month, as followsthe corresponding individual loan accounting report (in electronic format) shall be received by the Trustee no later than the Reporting Date, which report shall, at a minimum, contain the following:
(i) with respect to each Scheduled Payment, the amount of such remittance allocable to principal (including a separate breakdown of any Principal Prepayment, including the date of such prepayment, and any Prepayment ChargesPremiums, received during the related Prepayment Period along with a detailed report of interest on principal prepayment Principal Prepayment amounts remitted in accordance with Section 3.25);
(ii) with respect to each Scheduled Payment, the amount of such remittance allocable to interest;
(iii) the amount of servicing compensation received by such the Servicer during the prior distribution period;
(iv) the individual and aggregate Stated Principal Balance of the Mortgage Loans;
(v) the aggregate of any expenses reimbursed to such the Servicer during the prior distribution period pursuant to Section 3.11; and;
(vi) the number and aggregate outstanding principal balances of Mortgage Loans (a) delinquent 31 to 60 days, 61 to 90 days, or 91 to 120 days, 121 to 150 days, 151 to 180 days, 181 to 210 days, 211 days to 240 days and 91 or more 240+ days; (b) as to which foreclosure or bankruptcy proceedings of the related mortgagor have commenced; and (c) as to which REO Property has been acquired. Concurrently with ;
(vii) each delivery of a Servicer Remittance Report to the TrusteeMortgage Loan which has been altered, Wells Fargomodified or varied during such month, acting as a Servicer, shall provide, in a manner consistenx xxxh the preceding paragraph, a supplemental statement (to the extent not previously provided) setting forth information in subclauses (v) and (vi). The Trustee shall promptly forward the Servicer Remittance Report and the related supplemental statement reason for such modification (i.e., extension of maturity date, Mortgage Interest Rate);
(viii) with respect to each Liquidated Mortgage Loan, the Depositoramount of any Realized Losses for such Mortgage Loan; and
(ix) any other information reasonably required by the Trustee to enable it to prepare the Monthly Statement referred to in Section 4.03(a).
(e) Notwithstanding anything in Section 4.03(d) to the contrary, the Servicers shall be deemed to have satisfied the requirement to timely deliver the Servicer Remittance Report if such report is received by the Trustee on or prior to the 18th calendar day of such month in which the related Determination Date occurs; provided, however, that if such 18th calendar day is a Sunday or a Monday which is not a Business Day, the Servicers shall be deemed to have satisfied the requirement to timely deliver the Servicer Remittance Report if the Trustee and the Depositor receive such report (i) on the next Business Day succeeding such 18th calendar day, or (ii) on the Business Day immediately preceding such 18th calendar day, if such succeeding Business Day is later than the 20th calendar day of such calendar month.
(f) For all purposes of this Agreement, with respect to any Mortgage Loan, delinquencies shall be determined by the Trustee from information provided by the Servicers and reported by the Trustee based on the so-called "OTS" methodology for determining delinquencies on mortgage loans similar to the Mortgage Loans. By way of example, a Mortgage Loan would be delinquent with respect to a Scheduled Payment due on a Due Date if such Scheduled Payment is not made by the close of business on the Mortgage Loan's next succeeding Due Date, and a Mortgage Loan would be more than 30-days Delinquent with respect to such Scheduled Payment if such Scheduled Payment were not made by the close of business on the Mortgage Loan's second succeeding Due Date. Each The Servicer hereby represents and warrants to the Depositor that such Servicer this delinquency recognition policy is not subject to less restrictive than any delinquency recognition policy established by the primary safety and soundness regulator, if any, of such the Servicer, that is more restrictive than the foregoing delinquency recognition policy.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (FFMLT Trust 2006-Ff4)
Monthly Statements to Certificateholders. (a) Not later than each Distribution Date, the Trustee Securities Administrator shall make available to each Certificateholder, the Master Servicer, the Servicers, the Depositor Depositor, the Trustee and each Rating Agency a statement setting forth with respect to the related distribution:
(i) the actual Distribution Date, the related Record Date, the Interest Accrual Period(s) for each Class for such Distribution Date and the LIBOR Determination Date for such Interest Accrual Period;
(ii) the amount of Available Funds;
(iii) the amount of Available Funds allocable to principal, the Principal Remittance Amount (separately identifying the components thereof) and the Principal Distribution Amount (separately identifying the components thereof);
(iv) the amount of Available Funds allocable to interest and each Interest Remittance Amount;
(v) the amount of any Unpaid Interest Amount for each Class included in such distribution and any remaining Unpaid Interest Amounts after giving effect to such distribution, any Basis Risk CarryForward Carry Forward Amount for each Class and the amount of such Basis Risk CarryForward Carry Forward Amount covered by withdrawals from the Excess Reserve Fund Account on such Distribution Date;
(vi) if the distribution to the Holders of such Class of Certificates is less than the full amount that would be distributable to such Holders if there were sufficient funds available therefor, the amount of the shortfall and the allocation of the shortfall as between principal and interest, including any Basis Risk CarryForward Carry Forward Amount not covered by amounts in the Excess Reserve Fund Account;
(vii) the Class Certificate Balance of each Class of Certificates before and after giving effect to the distribution of principal on such Distribution Date;
(viii) the Pool Stated Principal Balance for the related Distribution Date;
(ix) the amount of the Expense Fees paid to or retained by the Servicers Servicer, the Securities Administrator and the Trustee Master Servicer (stated separately and in the aggregate) with respect to such Distribution Date;
(x) the Pass-Through Rate for each such Class of Certificates with respect to such Distribution Date;
(xi) the amount of P&I Advances included in the distribution on such Distribution Date reported by the Servicers Servicer (and the Trustee Master Servicer as successor Servicer servicer and any other successor Servicerservicer, if applicable) as of the close of business on the Determination Date immediately preceding such Distribution Date;
(xii) the number and aggregate outstanding principal balances Stated Principal Balance of such Mortgage Loans (1) as to which the Scheduled Payment is delinquent 31 to 60 days, 61 to 90 days days, and 91 or more 90+ days, (2) that have become REO Property, (3) that are in foreclosure and (4) that are in bankruptcy, in each case as of the close of business on the last Business Day day of the immediately preceding monthrelated Due Period;
(xiii) with respect to any Mortgage Loans that became REO Properties during for each of the preceding 12 calendar monthmonths, or all calendar months since the related Cut-off Date, whichever is less, the aggregate number dollar amount of such the Scheduled Payments (A) due on all Outstanding Mortgage Loans and the aggregate Stated Principal Balance of such Mortgage Loans as on each of the close of business Due Dates in each such month and (B) delinquent 60 days or more on the last Business Day each of the immediately preceding Due Dates in each such month;
(xiv) the total number and outstanding principal balance of any REO Properties (and market value, if available) as of the close of business on the last Business Day of the immediately preceding monthrelated Due Period;
(xv) whether a Trigger Event has occurred and is continuing (including the calculation demonstrating the existence of the Trigger EventEvent and the aggregate outstanding principal balance of all 60+ Day Delinquent Mortgage Loans);
(xvi) the amount on deposit in the Excess Reserve Fund Account (after giving effect to distributions on such Distribution Date);
(xvii) in the aggregate and for each Class of Certificates, the aggregate amount of Applied Realized Loss Amounts incurred during the preceding calendar month and aggregate Applied Realized Loss Amounts through such Distribution Date;
(xviii) the amount of any Net Monthly Excess Cash Flow on such Distribution Date and the allocation of it to the Certificateholders with respect to Unpaid Interest Amounts, Unpaid Applied Realized Loss Amounts or and Basis Risk CarryForward Carry Forward Amounts;
(xix) the amount of any Cap Payments, Net Swap Payments, Net Swap Receipts, Swap Termination Payments or Defaulted Swap Termination Payments;
(xx) the calculations of LIBOR and Swap LIBORLIBOR rates (and the calculation thereof, if applicable);
(xxi) the Subordinated Overcollateralized Amount and Specified Subordinated Overcollateralized Amount;
(xxii) Prepayment Charges collected or paid (pursuant to Section 3.07(a)) by the ServicersServicer;
(xxiii) the Cumulative Realized Loss Percentage and the aggregate amount of Realized Losses used to calculate the Cumulative Realized Loss Percentage;
(xxiv) the amount distributed on the Class X Certificates;
(xxv) the amount of any Subsequent Recoveries for such Distribution Date;
(xxvi) the Pre-Funded Amount as of the end of the prior Due Period;
(xxvii) the amount of any principal prepayment on the Certificates resulting from the application of unused moneys in the Pre-Funding Account; and
(xxviiixxvi) the number of Mortgage Loans at the beginning and end of the applicable reporting period, the pool factor (being the Stated Principal Balance of the Mortgage Loans for the related Distribution Date divided by the Cut-off Date Principal Balance), and the weighted average interest rate, and the weighted average remaining term; . In addition, each Form 10-D prepared and filed by the Trustee Securities Administrator pursuant to Section 8.12 shall include the following information with respect to the related distribution:
(i1) material breaches of Mortgage Loan representations and warranties under this Agreement of which the Trustee Securities Administrator has actual knowledge or has received written notice; and
(ii2) material breaches of any covenants under this Agreement of which the Trustee Securities Administrator has actual knowledge or has received written notice.; provided, that, if the Securities Administrator receives written notice of events described in (i) and/or (ii) above from the Servicer, the Servicer shall be responsible for providing information to the Securities Administrator for inclusion in the applicable Form 10-D.
(b) The TrusteeSecurities Administrator's responsibility for providing the above statement to the Certificateholders, each Rating Agency Agency, the Master Servicer, the Servicer and the Depositor is limited, if applicable, to the availability, timeliness and accuracy of the information derived from the Servicers Master Servicer and the Swap ProviderServicer. The Trustee Securities Administrator shall make available the above statement via the TrusteeSecurities Administrator's internet website. The TrusteeSecurities Administrator's website will initially be located at https://www.tss.db.com/invr http://www.ctslink.com and assistance in using the website can be xxxxxxxx obtaixxx xx xxxxxxx xxx XxxsteeXxxurities Administrator's investor relations customer service desk at 1(301) 815-800-735-77776600. Parties that are unable to use A paper copy of the website are entitled xx above statement will also be made axxxxxxxx xxxx x xxxer copy mailed to them via first class mail by calling the investor relations desk and indicating suchrequest. The Trustee may change the way the monthly statements to Certificateholders are distributed in order to make such distribution more convenient and/or more accessible to the above parties and the Trustee shall provide timely and adequate notification to all above parties regarding any such changes. As a condition to access the Trustee's internet website, the Trustee may require registration and the acceptance of a disclaimer. The Trustee will not be liable for the dissemination of information in accordance with this Agreement. The Trustee Securities Administrator shall make available to each Analytics Company, either electronically or via the TrusteeSecurities Administrator's internet website, each statement to Certificateholders prepared pursuant to Section 4.03(a). The Trustee (Securities Administrator and the applicable Servicer, if such discrepancy results from or arises out of any information provided by the applicable Servicer pursuant to this Agreement) shall cooperate in good faith with the Depositor to reconcile any discrepancies in such statements, and the Trustee Securities Administrator shall provide make available via its Internet website any corrections to such statements to each Analytics Company as soon as reasonably practicable after the related Distribution Date. The Trustee will also be entitled to rely on but shall not be responsible for the content or accuracy of any information provided by third parties for purposes of preparing the monthly statement to Certificateholders and may affix thereto any disclaimer it deems appropriate in its reasonable discretion (without suggesting liability on the part of any other party hereto).
(c) Within Upon request, within a reasonable period of time after the end of each calendar year, the Trustee Securities Administrator shall cause to be furnished to each Person who at any time during the calendar year was a Certificateholder, a statement containing the information set forth in clauses (a)(ia)(1) and (a)(iia)(2) of this Section 4.03 aggregated for such calendar year or applicable portion thereof during which such Person was a Certificateholder. Such obligation of the Trustee Securities Administrator shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Trustee Securities Administrator pursuant to any requirements of the Code as from time to time in effect.
(d) Not later than the Determination Date for each Distribution Date, each the Servicer shall furnish to the TrusteeDepositor with respect to clause (i) below and the Securities Administrator with respect to clause (ii) below, a monthly remittance advice statement (the "Servicer Remittance Report") containing substantially similar to the data fields format set forth on in Exhibit X attached CC hereto, a monthly defaulted loan report substantially similar to the format set forth in Exhibit DD hereto and a realized loss report substantially similar to the format set forth in Exhibit EE hereto (or in each case, in a such other format mutually agreed upon by such Servicer to among the Depositor, the Servicer, and the TrusteeMaster Servicer) with respect relating to HomEq, the period ending on the last day of the preceding calendar month containing the data fields set forth on Exhibit Y attached hereto with respect to Wells Fargo (in each case, in a format mutually agreed upon by such Serxxxxx and the Trustee) and containing the data fields set forth on Exhibit Z attached hereto with respect Countrywide Servicing (in each case, in a format mutually agreed upon by such Servicer and the Trustee) and such information as shall be reasonably requested (i) by the Depositor to enable the Depositor to disclose "static pool information", as required by Item 1105 of Regulation AB, with respect to the Mortgage Loans, and (ii) by the Trustee Securities Administrator to enable the Trustee Securities Administrator to provide the reports required by Section 4.03(a) as to the accompanying remittance and applicable Due Period and the period ending on the close of business on the last day of the related Prepayment Period to which such remittance relatesPeriod. The Servicer Remittance Report shallshall concurrently deliver to the Depositor a data tape, at in form and substance reasonably satisfactory to the Depositor, containing the information required pursuant to this Section 4.03(d) on a minimumloan-by-loan basis for all of the Mortgage Loans. The Depositor will use the information required pursuant to this Section 4.03(d) in compliance with applicable law. The Servicer shall furnish to the Securities Administrator an individual loan accounting report, documentas of the last Business Day of each month, on such Determination Date, to document Mortgage Loan payment activity on an individual Mortgage Loan basis. With respect to each month, as followsthe corresponding individual loan accounting report (in electronic format) shall be received by the Securities Administrator no later than the Reporting Date, which report shall, at a minimum, contain the following:
(i) with respect to each Scheduled Payment, the amount of such remittance allocable to principal (including a separate breakdown of any Principal Prepayment, including the date of such prepayment, and any Prepayment ChargesPremiums, received during the related Prepayment Period along with a detailed report of interest on principal prepayment Principal Prepayment amounts remitted in accordance with Section 3.25);
(ii) with respect to each Scheduled Payment, the amount of such remittance allocable to interest;
(iii) the amount of servicing compensation received by such the Servicer during the prior distribution period;
(iv) the individual and aggregate Stated Principal Balance of the Mortgage Loans;
(v) the aggregate of any expenses reimbursed to such the Servicer during the prior distribution period pursuant to Section 3.11; and;
(vi) the number and aggregate outstanding principal balances of Mortgage Loans (a) delinquent 31 to 60 days, 61 to 90 days and 91 or more 90+ days; (b) as to which foreclosure or bankruptcy proceedings of the related mortgagor have commenced; and (c) as to which REO Property has been acquired. Concurrently with ;
(vii) each delivery of a Servicer Remittance Report to the TrusteeMortgage Loan which has been altered, Wells Fargomodified or varied during such month, acting as a Servicer, shall provide, in a manner consistenx xxxh the preceding paragraph, a supplemental statement (to the extent not previously provided) setting forth information in subclauses (v) and (vi). The Trustee shall promptly forward the Servicer Remittance Report and the related supplemental statement reason for such modification (i.e., extension of maturity date, Mortgage Interest Rate);
(viii) with respect to each Liquidated Mortgage Loan, the Depositoramount of any Realized Losses for such Mortgage Loan; and
(ix) any other information reasonably required by the Securities Administrator to enable it to prepare the Monthly Statement referred to in Section 4.03(a).
(e) Notwithstanding anything in Section 4.03(d) to the contrary, the Servicers shall be deemed to have satisfied the requirement to timely deliver the Servicer Remittance Report if such report is received by the Trustee on or prior to the 18th calendar day of such month in which the related Determination Date occurs; provided, however, that if such 18th calendar day is a Sunday or a Monday which is not a Business Day, the Servicers shall be deemed to have satisfied the requirement to timely deliver the Servicer Remittance Report if the Trustee and the Depositor receive such report (i) on the next Business Day succeeding such 18th calendar day, or (ii) on the Business Day immediately preceding such 18th calendar day, if such succeeding Business Day is later than the 20th calendar day of such calendar month.
(f) For all purposes of this Agreement, with respect to any Mortgage Loan, delinquencies shall be determined by the Trustee from information provided by the Servicers and reported by the Trustee based on the so-called "OTS" methodology for determining delinquencies on mortgage loans similar to the Mortgage Loans. By way of example, a Mortgage Loan would be delinquent with respect to a Scheduled Payment due on a Due Date if such Scheduled Payment is not made by the close of business on the Mortgage Loan's next succeeding Due Date, and a Mortgage Loan would be more than 30-days Delinquent with respect to such Scheduled Payment if such Scheduled Payment were not made by the close of business on the Mortgage Loan's second succeeding Due Date. Each The Servicer hereby represents and warrants that, as of the Closing Date, the Servicer does not have a safety and soundness regulator that requires the Servicer to the Depositor that such Servicer is not subject conform to any delinquency recognition policy established by the primary safety and soundness regulator, if any, of such Servicer, that is more restrictive than the foregoing delinquency recognition policy.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (GSAMP Trust 2007-He1)
Monthly Statements to Certificateholders. (a) Not later than each Distribution Date, the Trustee shall prepare and make available on its website at https://www.tss.db.com/invr to each Certificateholdereacx Xxxxxxxxxxxxxxxxx, the Servicers, Servicer and the Depositor and each Rating Agency a statement setting forth with respect to for the related distributiondistribution of:
(i) the actual applicable Record Dates, Interest Accrual Periods and Determination Dates for calculating distributions for the Distribution Date, the related Record Date, the Interest Accrual Period(s) for each Class for such Distribution Date and the LIBOR Determination Date for such Interest Accrual Period;
(ii) the amount of Available Fundsfunds received from the Servicer for the Distribution Date separately identifying amounts received in respect of the Mortgage Loans and the amount of Advances included in the distribution on the Distribution Date;
(iii) the amount Servicing Fee and the amounts of Available Funds allocable any additional servicing compensation received by the Servicer attributable to principalpenalties, fees, Excess Proceeds or other similar charges or fees and items with respect to the Distribution Date, and, with respect to Lender PMI Loans, the Principal Remittance Amount (separately identifying interest premium charged the components thereof) and the Principal Distribution Amount (separately identifying the components thereof)related borrower for primary mortgage guaranty insurance;
(iv) the amount of Available Funds allocable to interest and each Interest Remittance AmountTrustee Fee for the Distribution Date;
(v) the aggregate amount of expenses paid from amounts on deposit in the Distribution Account;
(vi) the aggregate amount on deposit in the Distribution Account as of the beginning and end of the related Due Period;
(vii) the amount of the distribution allocable to principal, separately identifying the aggregate amount of any Principal Prepayments and Liquidation Proceeds included therein;
(viii) the amount of the distribution allocable to interest, any Class Unpaid Interest Amount for each Class Amounts included in such the distribution and any remaining Class Unpaid Interest Amounts after giving effect to such the distribution, any Basis Risk CarryForward Amount for each Class and the amount of such Basis Risk CarryForward Amount covered by withdrawals from the Excess Reserve Fund Account on such Distribution Date;
(viix) if the distribution to the Holders of such any Class of Certificates is less than the full amount that would be distributable to such Holders them if there were sufficient funds available thereforwere available, the amount of the shortfall and the allocation of the shortfall as between principal and interest, including any Basis Risk CarryForward Amount not covered by amounts in the Excess Reserve Fund Account;
(viix) the aggregate amount of Realized Losses incurred and Subsequent Recoveries, if any, received during the preceding calendar month and aggregate Realized Losses through the Distribution Date;
(xi) the Class Certificate Balance or Notional Amount of each Class of Certificates before and after giving effect to the distribution of principal on such Distribution Date;
(viii) the Pool Stated Principal Balance for the Distribution Date;
(ix) the amount of the Expense Fees paid to or retained by the Servicers and the Trustee (stated separately and in the aggregate) with respect to such Distribution Date;
(xxii) the Pass-Through Rate for each such Class of Certificates with respect to such the Distribution Date;
(xixiii) the amount of P&I Advances included in the distribution on such Distribution Date reported by the Servicers (and the Trustee as successor Servicer and any other successor Servicer, if applicable) as of the close of business on the Determination Date immediately preceding such LIBOR rate applicable for that Distribution Date;
(xiixiv) the number of Mortgage Loans and the aggregate Stated Principal Balance of the Mortgage Loans and the Pool Stated Principal Balance as the first day of the related Due Period and the last day of the related Due Period;
(xv) as of the last day of the related Due Period:
(A) the weighted average mortgage rate of the Mortgage Loans, and
(B) the weighted average remaining term to maturity of the Mortgage Loans;
(xvi) the number and aggregate outstanding principal balances Stated Principal Balance of the Mortgage Loans as of the end of the preceding calendar month:
(A) delinquent (exclusive of Mortgage Loans in foreclosure) (1) as 30 to which the Scheduled Payment is delinquent 31 to 60 days, 61 to 90 days and 91 or more 59 days, (2) that have become REO Property, 60 to 89 days and (3) that are 90 or more days and
(B) in foreclosure and delinquent (41) that are in bankruptcy30 to 59 days, (2) 60 to 89 days and (3) 90 or more days, in each case as of the close of business on the last Business Day day of the immediately calendar month preceding the Distribution Date;
(xvii) for each of the preceding 12 calendar months, or all calendar months since the Cut-off Date, whichever is less, the aggregate dollar amount of the Scheduled Payments (A) due on all Outstanding Mortgage Loans on the Due Date in each such month and (B) delinquent sixty (60) days or more on the Due Date in each such month;
(xiiixviii) with respect to any Mortgage Loans Loan that became an REO Properties Property during the preceding calendar month, the aggregate loan number of such Mortgage Loans and the aggregate Stated Principal Balance of such the Mortgage Loans Loan as of the close of business on the last Business Day of Determination Date preceding the immediately preceding monthDistribution Date;
(xivxix) the total number and outstanding principal balance of any REO Properties (and market value, if available) as of the close of business on the last Business Day of Determination Date preceding the immediately preceding month;
(xv) whether a Trigger Event has occurred and is continuing (including the calculation demonstrating the existence of the Trigger Event;
(xvi) the amount on deposit in the Excess Reserve Fund Account (after giving effect to distributions on such Distribution Date);
(xvii) in the aggregate and for each Class of Certificates, the aggregate amount of Applied Realized Loss Amounts incurred during the preceding calendar month and aggregate Applied Realized Loss Amounts through such Distribution Date;
(xviii) the amount of any Net Monthly Excess Cash Flow on such Distribution Date and the allocation of it to the Certificateholders with respect to Unpaid Interest Amounts, Unpaid Realized Loss Amounts or Basis Risk CarryForward Amounts;
(xix) the amount of any Net Swap Payments, Net Swap Receipts, Swap Termination Payments or Defaulted Swap Termination Payments;
(xx) the calculations aggregate amount of LIBOR Principal Prepayments received during the related Prepayment Period and Swap LIBORthe number of Mortgage Loans subject to such Principal Prepayments;
(xxi) the Subordinated Amount amount of Advances included in the distribution on the Distribution Date and Specified Subordinated Amountthe aggregate amount of Advances outstanding as of the close of business on the Distribution Date;
(xxii) Prepayment Charges collected or paid (pursuant to Section 3.07(a)) by the Servicersaggregate amount of Advances reimbursed during the related Due Period, the general source of funds for such reimbursements and the aggregate amount of Advances outstanding as of the close of business on the Distribution Date;
(xxiii) the Cumulative Loss Percentage aggregate amount of Servicing Advances reimbursed during the related Due Period, the general source of funds for such reimbursements and the aggregate amount of Realized Losses used to calculate Servicing Advances outstanding as of the Cumulative Loss Percentageclose of business on the Distribution Date;
(xxiv) the amount distributed on aggregate number and outstanding Stated Principal Balance of Mortgage Loans repurchased during the Class X Certificatesrelated Due Period due to material breaches of representations and warranties regarding such Mortgage Loans;
(xxv) the amount of any Subsequent Recoveries Senior Prepayment Percentage and Subordinated Prepayment Percentage for such the Distribution Date;
(xxvi) the Pre-Funded Amount as of Senior Percentage and Subordinated Percentage for the end of the prior Due PeriodDistribution Date;
(xxvii) the amount Special Hazard Loss Coverage Amount, the Fraud Loss Coverage Amount and the Bankruptcy Loss Coverage Amount, in each case as of any principal prepayment on the Certificates resulting from the application of unused moneys in the Pre-Funding Account; andrelated Determination Date;
(xxviii) with respect to the second Distribution Date, the number and aggregate balance of any Delayed Delivery Mortgage Loans at not delivered within the end time periods specified in the definition of Delayed Delivery Mortgage Loans;
(xxix) Prepayment Charges collected, waived, and paid by the applicable reporting period, Servicer;
(xxx) the pool factor (being the aggregate Stated Principal Balance of the Mortgage Loans for that became Liquidated Mortgage Loans in the related Distribution Date divided by prior month and since the Cut-off Date (in each case immediately prior to the Stated Principal BalanceBalance being reduced to zero), and ;
(xxxi) the weighted average interest rate, and weighted average remaining term; In addition, each Form 10-D prepared and filed Stated Principal Balance of any Mortgage Loan that has been repurchased by the Trustee pursuant to Servicer in accordance with Section 8.12 shall include the following information with respect to the related distribution:
(i) material breaches of Mortgage Loan representations and warranties under this Agreement of which the Trustee has actual knowledge 2.02, 2.03 or has received written notice3.12; and
(iixxxii) material breaches the Stated Principal Balance of any covenants under this Agreement Substitute Mortgage Loan provided by the Seller and the Stated Principal Balance of any Mortgage Loan that has been replaced by a Substitute Mortgage Loan in accordance with Section 2.03. By each Determination Date the Servicer shall provide to the Trustee in electronic form the information needed to determine the distributions to be made pursuant to Section 4.02 and any other information on which the Servicer and the Trustee has actual knowledge or received written notice.
(b) mutually agree. The Trustee's responsibility for providing disbursing the above statement information to the Certificateholders, each Rating Agency and the Depositor Certificateholders is limited, if applicable, limited to the availability, timeliness and accuracy of the information derived from the Servicers and Servicer.
(b) On or before the Swap Provider. The Trustee shall make available fifth Business Day following the above statement via end of each Prepayment Period (but in no event later than the Trustee's internet website. The Trustee's website will initially be located at https://www.tss.db.com/invr and assistance in using the website can be xxxxxxxx xx xxxxxxx xxx Xxxstee's investor relations desk at 1-800-735-7777. Parties that are unable third Business Day prior to use the website are entitled xx xxxx x xxxer copy mailed to them via first class mail by calling the investor relations desk and indicating such. The Trustee may change the way the monthly statements to Certificateholders are distributed in order to make such distribution more convenient and/or more accessible to the above parties and the Trustee shall provide timely and adequate notification to all above parties regarding any such changes. As a condition to access the Trustee's internet website, the Trustee may require registration and the acceptance of a disclaimer. The Trustee will not be liable for the dissemination of information in accordance with this Agreement. The Trustee shall make available to each Analytics Company, either electronically or via the Trustee's internet website, each statement to Certificateholders prepared pursuant to Section 4.03(a). The Trustee (and the applicable Servicer, if such discrepancy results from or arises out of any information provided by the applicable Servicer pursuant to this Agreement) shall cooperate in good faith with the Depositor to reconcile any discrepancies in such statements, and the Trustee shall provide any corrections to such statements to each Analytics Company as soon as reasonably practicable after the related Distribution Date. The ), the Servicer shall deliver to the Trustee will also (which delivery may be entitled to rely on but shall not be responsible for by electronic data transmission) a report in substantially the content or accuracy of any information provided by third parties for purposes of preparing the monthly statement to Certificateholders and may affix thereto any disclaimer it deems appropriate in its reasonable discretion (without suggesting liability on the part of any other party hereto).form set forth as Schedule V.
(c) Within a reasonable period of time after the end of each calendar year, the Trustee shall cause to be furnished to each Person who at any time during the calendar year was a Certificateholder, a statement containing the information set forth in clauses (a)(ia)(v) and (a)(iia)(vi) of this Section 4.03 4.06 aggregated for such calendar year or applicable portion thereof during which such Person was a Certificateholder. Such obligation of the Trustee shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Trustee pursuant to any requirements of the Code as from time to time in effect.
(d) Not later than the Determination Date for each Distribution Date, each Servicer shall furnish to the Trustee, a monthly remittance advice statement (the "Servicer Remittance Report") containing the data fields set forth on Exhibit X attached hereto (in each case, in a format mutually agreed upon by such Servicer and the Trustee) with respect to HomEq, containing the data fields set forth on Exhibit Y attached hereto with respect to Wells Fargo (in each case, in a format mutually agreed upon by such Serxxxxx and the Trustee) and containing the data fields set forth on Exhibit Z attached hereto with respect Countrywide Servicing (in each case, in a format mutually agreed upon by such Servicer and the Trustee) and such information as shall be reasonably requested (i) by the Depositor to enable the Depositor to disclose "static pool information", as required by Item 1105 of Regulation AB, with respect to the Mortgage Loans, and (ii) by the Trustee to enable the Trustee to provide the reports required by Section 4.03(a) as to the accompanying remittance and applicable Due Period and Prepayment Period to which such remittance relates. The Servicer Remittance Report shall, at a minimum, document, on such Determination Date, Mortgage Loan payment activity on an individual Mortgage Loan basis, as follows:
(i) with respect to each Scheduled Payment, the amount of such remittance allocable to principal (including a separate breakdown of any Principal Prepayment, including the date of such prepayment, and any Prepayment Charges, received during the related Prepayment Period along with a detailed report of interest on principal prepayment amounts remitted in accordance with Section 3.25);
(ii) with respect to each Scheduled Payment, the amount of such remittance allocable to interest;
(iii) the amount of servicing compensation received by such Servicer during the prior distribution period;
(iv) the individual and aggregate Stated Principal Balance of the Mortgage Loans;
(v) the aggregate expenses reimbursed to such Servicer during the prior distribution period pursuant to Section 3.11; and
(vi) the number and aggregate outstanding principal balances of Mortgage Loans (a) delinquent 31 to 60 days, 61 to 90 days and 91 or more days; (b) as to which foreclosure or bankruptcy proceedings of the related mortgagor have commenced; and (c) as to which REO Property has been acquired. Concurrently with each delivery of a Servicer Remittance Report to the Trustee, Wells Fargo, acting as a Servicer, shall provide, in a manner consistenx xxxh the preceding paragraph, a supplemental statement (to the extent not previously provided) setting forth information in subclauses (v) and (vi). The Trustee shall promptly forward the Servicer Remittance Report and the related supplemental statement to the Depositor.
(e) Notwithstanding anything in Section 4.03(d) to the contrary, the Servicers shall be deemed to have satisfied the requirement to timely deliver the Servicer Remittance Report if such report is received by the Trustee on or prior to the 18th calendar day of such month in which the related Determination Date occurs; provided, however, that if such 18th calendar day is a Sunday or a Monday which is not a Business Day, the Servicers shall be deemed to have satisfied the requirement to timely deliver the Servicer Remittance Report if the Trustee and the Depositor receive such report (i) on the next Business Day succeeding such 18th calendar day, or (ii) on the Business Day immediately preceding such 18th calendar day, if such succeeding Business Day is later than the 20th calendar day of such calendar month.
(f) For all purposes of this Agreement, with respect to any Mortgage Loan, delinquencies shall be determined by the Trustee from information provided by the Servicers and reported by the Trustee based on the "OTS" methodology for determining delinquencies on mortgage loans similar to the Mortgage Loans. By way of example, a Mortgage Loan would be delinquent with respect to a Scheduled Payment due on a Due Date if such Scheduled Payment is not made by the close of business on the Mortgage Loan's next succeeding Due Date, and a Mortgage Loan would be more than 30-days Delinquent with respect to such Scheduled Payment if such Scheduled Payment were not made by the close of business on the Mortgage Loan's second succeeding Due Date. Each Servicer hereby represents and warrants to the Depositor that such Servicer is not subject to any delinquency recognition policy established by the primary safety and soundness regulator, if any, of such Servicer, that is more restrictive than the foregoing delinquency recognition policy.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Residential Asset Securitization Trust 2006-A13)
Monthly Statements to Certificateholders. (a) Not later than each Distribution Date, the Trustee shall prepare and make available on its website at hxxxx://xxx.xxx.xx.xxx/xxxx to each Certificateholder, the Servicers, Servicer and the Depositor and each Rating Agency a statement setting forth with respect to for the related distributiondistribution of:
(i) the actual applicable Record Dates, Interest Accrual Periods and Determination Dates for calculating distributions for the Distribution Date, the related Record Date, the Interest Accrual Period(s) for each Class for such Distribution Date and the LIBOR Determination Date for such Interest Accrual Period;
(ii) the amount of Available Fundsfunds received from the Servicer for the Distribution Date separately identifying amounts received in respect of the Mortgage Loans and the amount of Advances included in the distribution on the Distribution Date;
(iii) the amount Servicing Fee and the amounts of Available Funds allocable any additional servicing compensation received by the Servicer attributable to principalpenalties, fees, Excess Proceeds or other similar charges or fees and items with respect to the Distribution Date, and, with respect to Lender PMI Loans, the Principal Remittance Amount (separately identifying interest premium charged the components thereof) and the Principal Distribution Amount (separately identifying the components thereof)related borrower for primary mortgage guaranty insurance;
(iv) the amount of Available Funds allocable to interest and each Interest Remittance AmountTrustee Fee for the Distribution Date;
(v) the aggregate amount of expenses paid from amounts on deposit in the Distribution Account;
(vi) the aggregate amount on deposit in the Distribution Account as of the beginning and end of the related Due Period;
(vii) the amount of the distribution allocable to principal, separately identifying the aggregate amount of any Principal Prepayments and Liquidation Proceeds included therein;
(viii) the amount of the distribution allocable to interest, any Class Unpaid Interest Amount for each Class Amounts included in such the distribution and any remaining Class Unpaid Interest Amounts after giving effect to such the distribution, any Basis Risk CarryForward Amount for each Class and the amount of such Basis Risk CarryForward Amount covered by withdrawals from the Excess Reserve Fund Account on such Distribution Date;
(viix) if the distribution to the Holders of such any Class of Certificates is less than the full amount that would be distributable to such Holders them if there were sufficient funds available thereforwere available, the amount of the shortfall and the allocation of the shortfall as between principal and interest, including any Basis Risk CarryForward Amount not covered by amounts in the Excess Reserve Fund Account;
(viix) the aggregate amount of Realized Losses incurred and Subsequent Recoveries, if any, received during the preceding calendar month and aggregate Realized Losses through the Distribution Date;
(xi) the Class Certificate Balance or Notional Amount of each Class of Certificates before and after giving effect to the distribution of principal on such Distribution Date;
(viii) the Pool Stated Principal Balance for the Distribution Date;
(ix) the amount of the Expense Fees paid to or retained by the Servicers and the Trustee (stated separately and in the aggregate) with respect to such Distribution Date;
(xxii) the Pass-Through Rate for each such Class of Certificates with respect to such the Distribution Date;
(xixiii) the amount of P&I Advances included in the distribution on such Distribution Date reported by the Servicers (and the Trustee as successor Servicer and any other successor Servicer, if applicable) as of the close of business on the Determination Date immediately preceding such LIBOR rate applicable for that Distribution Date;
(xiixiv) the number of Mortgage Loans and the aggregate Stated Principal Balance of the Mortgage Loans as the first day of the related Due Period and the last day of the related Due Period;
(xv) as of the last day of the related Due Period:
(A) the weighted average Mortgage Rate of the Mortgage Loans, and
(B) the weighted average remaining term to maturity of the Mortgage Loans;
(xvi) the number and aggregate outstanding principal balances Stated Principal Balance of the Mortgage Loans as of the end of the preceding calendar month:
(A) delinquent (exclusive of Mortgage Loans in foreclosure) (1) as 30 to which the Scheduled Payment is delinquent 31 to 60 days, 61 to 90 days and 91 or more 59 days, (2) that have become REO Property, 60 to 89 days and (3) that are 90 or more days and
(B) in foreclosure and delinquent (41) that are in bankruptcy30 to 59 days, (2) 60 to 89 days and (3) 90 or more days, in each case as of the close of business on the last Business Day day of the immediately calendar month preceding the Distribution Date;
(xvii) for each of the preceding 12 calendar months, or all calendar months since the Cut-off Date, whichever is less, the aggregate dollar amount of the Scheduled Payments (A) due on all Outstanding Mortgage Loans on the Due Date in each such month and (B) delinquent sixty (60) days or more on the Due Date in each such month;
(xiiixviii) with respect to any Mortgage Loans Loan that became an REO Properties Property during the preceding calendar month, the aggregate loan number of such Mortgage Loans and the aggregate Stated Principal Balance of such the Mortgage Loans Loan as of the close of business on the last Business Day of Determination Date preceding the immediately preceding monthDistribution Date;
(xivxix) the total number and outstanding principal balance of any REO Properties (and market value, if available) as of the close of business on the last Business Day of Determination Date preceding the immediately preceding month;
(xv) whether a Trigger Event has occurred and is continuing (including the calculation demonstrating the existence of the Trigger Event;
(xvi) the amount on deposit in the Excess Reserve Fund Account (after giving effect to distributions on such Distribution Date);
(xvii) in the aggregate and for each Class of Certificates, the aggregate amount of Applied Realized Loss Amounts incurred during the preceding calendar month and aggregate Applied Realized Loss Amounts through such Distribution Date;
(xviii) the amount of any Net Monthly Excess Cash Flow on such Distribution Date and the allocation of it to the Certificateholders with respect to Unpaid Interest Amounts, Unpaid Realized Loss Amounts or Basis Risk CarryForward Amounts;
(xix) the amount of any Net Swap Payments, Net Swap Receipts, Swap Termination Payments or Defaulted Swap Termination Payments;
(xx) the calculations aggregate amount of LIBOR Principal Prepayments received during the related Prepayment Period and Swap LIBORthe number of Mortgage Loans subject to such Principal Prepayments;
(xxi) the Subordinated Amount amount of Advances included in the distribution on the Distribution Date and Specified Subordinated Amountthe aggregate amount of Advances outstanding as of the close of business on the Determination Date;
(xxii) Prepayment Charges collected or paid (pursuant to Section 3.07(a)) by the Servicersaggregate amount of Advances reimbursed during the related Due Period, the general source of funds for such reimbursements and the aggregate amount of Advances outstanding as of the close of business on the Determination Date;
(xxiii) the Cumulative Loss Percentage aggregate amount of Servicing Advances reimbursed during the related Due Period, the general source of funds for such reimbursements and the aggregate amount of Realized Losses used to calculate Servicing Advances outstanding as of the Cumulative Loss Percentageclose of business on the Determination Date;
(xxiv) the amount distributed on aggregate number and outstanding Stated Principal Balance of Mortgage Loans repurchased during the Class X Certificatesrelated Due Period due to material breaches of representations and warranties regarding such Mortgage Loans;
(xxv) the amount of any Subsequent Recoveries Senior Prepayment Percentage and Subordinated Prepayment Percentage for such the Distribution Date;
(xxvi) the Pre-Funded Amount as of Senior Percentage and Subordinated Percentage for the end of the prior Due PeriodDistribution Date;
(xxvii) the amount Special Hazard Loss Coverage Amount, the Fraud Loss Coverage Amount and the Bankruptcy Loss Coverage Amount, in each case as of any principal prepayment on the Certificates resulting from the application of unused moneys in the Pre-Funding Account; andrelated Determination Date;
(xxviii) with respect to the second Distribution Date, the number and aggregate balance of any Delayed Delivery Mortgage Loans at not delivered within the end time periods specified in the definition of Delayed Delivery Mortgage Loans;
(xxix) Prepayment Charges collected or waived by the applicable reporting period, Servicer;
(xxx) Late Payment Fees collected or waived by the pool factor Servicer;
(being xxxi) the aggregate Stated Principal Balance of the Mortgage Loans for that became Liquidated Mortgage Loans in the related Distribution Date divided by prior month and since the Cut-off Date (in each case immediately prior to the Stated Principal BalanceBalance being reduced to zero), and ;
(xxxii) [reserved];
(xxxiii) the weighted average interest rate, and weighted average remaining term; In addition, each Form 10-D prepared and filed Stated Principal Balance of any Mortgage Loan that has been repurchased by the Trustee pursuant to Servicer in accordance with Section 8.12 shall include the following information with respect to the related distribution:
(i) material breaches of Mortgage Loan representations and warranties under this Agreement of which the Trustee has actual knowledge 2.02, 2.03 or has received written notice3.12; and
(iixxxiv) material breaches the Stated Principal Balance of any covenants under this Agreement Substitute Mortgage Loan provided by the Seller and the Stated Principal Balance of which the Trustee any Mortgage Loan that has actual knowledge or received written notice.
(b) been replaced by a Substitute Mortgage Loan in accordance with Section 2.03. The Trustee's ’s responsibility for providing disbursing the above statement information to the Certificateholders, each Rating Agency and the Depositor Certificateholders is limited, if applicable, limited to the availability, timeliness and accuracy of the information derived from the Servicers and Servicer. By the Swap Provider. The Trustee Reporting Date, the Servicer shall make available the above statement via the Trustee's internet website. The Trustee's website will initially be located at https://www.tss.db.com/invr and assistance in using the website can be xxxxxxxx xx xxxxxxx xxx Xxxstee's investor relations desk at 1-800-735-7777. Parties that are unable to use the website are entitled xx xxxx x xxxer copy mailed to them via first class mail by calling the investor relations desk and indicating such. The Trustee may change the way the monthly statements to Certificateholders are distributed in order to make such distribution more convenient and/or more accessible provide to the above parties Trustee in electronic form the information needed to determine the distributions to be made pursuant to Section 4.02 and any other information on which the Servicer and the Trustee shall provide timely and adequate notification mutually agree.
(b) On or before the fifth Business Day following the end of each Prepayment Period (but in no event later than the third Business Day prior to all above parties regarding any such changes. As a condition to access the Trustee's internet website, the Trustee may require registration and the acceptance of a disclaimer. The Trustee will not be liable for the dissemination of information in accordance with this Agreement. The Trustee shall make available to each Analytics Company, either electronically or via the Trustee's internet website, each statement to Certificateholders prepared pursuant to Section 4.03(a). The Trustee (and the applicable Servicer, if such discrepancy results from or arises out of any information provided by the applicable Servicer pursuant to this Agreement) shall cooperate in good faith with the Depositor to reconcile any discrepancies in such statements, and the Trustee shall provide any corrections to such statements to each Analytics Company as soon as reasonably practicable after the related Distribution Date. The ), the Servicer shall deliver to the Trustee will also (which delivery may be entitled to rely on but shall not be responsible for by electronic data transmission) a report in substantially the content or accuracy of any information provided by third parties for purposes of preparing the monthly statement to Certificateholders and may affix thereto any disclaimer it deems appropriate in its reasonable discretion (without suggesting liability on the part of any other party hereto).form set forth as Schedule V.
(c) Within a reasonable period of time after the end of each calendar year, the Trustee shall cause to be furnished to each Person who at any time during the calendar year was a Certificateholder, a statement containing the information set forth in clauses (a)(ia)(v) and (a)(iia)(vi) of this Section 4.03 4.06 aggregated for such calendar year or applicable portion thereof during which such Person was a Certificateholder. Such obligation of the Trustee shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Trustee pursuant to any requirements of the Code as from time to time in effect.
(d) Not later than the Determination Date for each Distribution Date, each Servicer shall furnish to the Trustee, a monthly remittance advice statement (the "Servicer Remittance Report") containing the data fields set forth on Exhibit X attached hereto (in each case, in a format mutually agreed upon by such Servicer and the Trustee) with respect to HomEq, containing the data fields set forth on Exhibit Y attached hereto with respect to Wells Fargo (in each case, in a format mutually agreed upon by such Serxxxxx and the Trustee) and containing the data fields set forth on Exhibit Z attached hereto with respect Countrywide Servicing (in each case, in a format mutually agreed upon by such Servicer and the Trustee) and such information as shall be reasonably requested (i) by the Depositor to enable the Depositor to disclose "static pool information", as required by Item 1105 of Regulation AB, with respect to the Mortgage Loans, and (ii) by the Trustee to enable the Trustee to provide the reports required by Section 4.03(a) as to the accompanying remittance and applicable Due Period and Prepayment Period to which such remittance relates. The Servicer Remittance Report shall, at a minimum, document, on such Determination Date, Mortgage Loan payment activity on an individual Mortgage Loan basis, as follows:
(i) with respect to each Scheduled Payment, the amount of such remittance allocable to principal (including a separate breakdown of any Principal Prepayment, including the date of such prepayment, and any Prepayment Charges, received during the related Prepayment Period along with a detailed report of interest on principal prepayment amounts remitted in accordance with Section 3.25);
(ii) with respect to each Scheduled Payment, the amount of such remittance allocable to interest;
(iii) the amount of servicing compensation received by such Servicer during the prior distribution period;
(iv) the individual and aggregate Stated Principal Balance of the Mortgage Loans;
(v) the aggregate expenses reimbursed to such Servicer during the prior distribution period pursuant to Section 3.11; and
(vi) the number and aggregate outstanding principal balances of Mortgage Loans (a) delinquent 31 to 60 days, 61 to 90 days and 91 or more days; (b) as to which foreclosure or bankruptcy proceedings of the related mortgagor have commenced; and (c) as to which REO Property has been acquired. Concurrently with each delivery of a Servicer Remittance Report to the Trustee, Wells Fargo, acting as a Servicer, shall provide, in a manner consistenx xxxh the preceding paragraph, a supplemental statement (to the extent not previously provided) setting forth information in subclauses (v) and (vi). The Trustee shall promptly forward the Servicer Remittance Report and the related supplemental statement to the Depositor.
(e) Notwithstanding anything in Section 4.03(d) to the contrary, the Servicers shall be deemed to have satisfied the requirement to timely deliver the Servicer Remittance Report if such report is received by the Trustee on or prior to the 18th calendar day of such month in which the related Determination Date occurs; provided, however, that if such 18th calendar day is a Sunday or a Monday which is not a Business Day, the Servicers shall be deemed to have satisfied the requirement to timely deliver the Servicer Remittance Report if the Trustee and the Depositor receive such report (i) on the next Business Day succeeding such 18th calendar day, or (ii) on the Business Day immediately preceding such 18th calendar day, if such succeeding Business Day is later than the 20th calendar day of such calendar month.
(f) For all purposes of this Agreement, with respect to any Mortgage Loan, delinquencies shall be determined by the Trustee from information provided by the Servicers and reported by the Trustee based on the "OTS" methodology for determining delinquencies on mortgage loans similar to the Mortgage Loans. By way of example, a Mortgage Loan would be delinquent with respect to a Scheduled Payment due on a Due Date if such Scheduled Payment is not made by the close of business on the Mortgage Loan's next succeeding Due Date, and a Mortgage Loan would be more than 30-days Delinquent with respect to such Scheduled Payment if such Scheduled Payment were not made by the close of business on the Mortgage Loan's second succeeding Due Date. Each Servicer hereby represents and warrants to the Depositor that such Servicer is not subject to any delinquency recognition policy established by the primary safety and soundness regulator, if any, of such Servicer, that is more restrictive than the foregoing delinquency recognition policy.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Residential Asset Securitization Trust 2007-A7)
Monthly Statements to Certificateholders. (a) Not later than each Distribution Date, the Trustee Securities Administrator shall make available to each Certificateholder, the ServicersDepositor, the Depositor Trustee and each Rating Agency a statement based upon the information provided by the Servicers setting forth with respect to the related distribution:
(i) the actual Distribution Dateamount thereof allocable to principal, separately identifying the related Record Date, the Interest Accrual Period(s) for each Class for such Distribution Date aggregate amount of any Principal Prepayments and the LIBOR Determination Date for such Interest Accrual PeriodLiquidation Proceeds included therein;
(ii) the amount of Available Funds;
(iii) the amount of Available Funds thereof allocable to principalinterest, the Principal Remittance Amount (separately identifying the components thereof) and the Principal Distribution Amount (separately identifying the components thereof);
(iv) the amount of Available Funds allocable to interest and each Interest Remittance Amount;
(v) the amount of any Unpaid Interest Amount for each Class included in such distribution and any remaining Unpaid Interest Amounts Amount after giving effect to such distribution, any Basis Risk CarryForward Carry Forward Amount for each Class such Distribution Date and the amount of such all Basis Risk CarryForward Carry Forward Amount covered by withdrawals from the Excess Reserve Fund Account and the Supplemental Interest Trust on such Distribution Date;
(viiii) if the distribution to the Holders of such Class of Certificates is less than the full amount that would be distributable to such Holders if there were sufficient funds available therefor, the amount of the shortfall and the allocation of the shortfall thereof as between principal and interest, including any Basis Risk CarryForward Carry Forward Amount not covered by amounts in the Excess Reserve Fund AccountAccount and the Supplemental Interest Trust;
(viiiv) the Class Certificate Balance of each Class of Certificates before and the notional amount of the Class P Certificates after giving effect to the distribution of principal on such Distribution Date;
(viiiv) the Pool aggregate Stated Principal Balance of the Mortgage Loans for the following Distribution Date;
(ixvi) the amount of the Expense Fees expenses and fees paid to or retained by the Servicers Servicer and paid to or retained by the Trustee with respect to such Distribution Date, in each case, identifying the general purpose of such fees;
(stated separately vii) the amount of the expenses and in fees paid to the aggregate) Master Servicer or Securities Administrator with respect to such Distribution Date;;
(xviii) the Pass-Through Rate for each such Class of Certificates with respect to such Distribution Date;
(xiix) the amount of P&I Advances included in the distribution on such Distribution Date and the aggregate amount of Advances reported by the Servicers (and the Master Servicer, the Trustee as successor Servicer master servicer and any other successor Servicermaster servicer, if applicable) as outstanding as of the close of business on the Determination Date immediately preceding such Distribution Date;
(xiix) the number and aggregate outstanding principal balances of Mortgage Loans (1) as to which the Scheduled Payment scheduled payment is delinquent 31 to 60 days, 61 to 90 days and 91 or more days, (2) that have become REO Propertyproperty, (3) that are in foreclosure and (4) that are in bankruptcy, in each case as of the close of business on the last Business Day business day of the immediately preceding month;
(xiiixi) for each of the preceding 12 calendar months, or all calendar months since the related Cut-off date, whichever is less, the aggregate dollar amount of the scheduled payments (A) due on all Outstanding Mortgage Loans on each of the Due Dates in each such month and (B) delinquent 60 days or more on each of the Due Dates in each such month;
(xii) with respect to any all Mortgage Loans that became REO Properties properties during the preceding calendar month, the aggregate number of such Mortgage Loans mortgage loans and the aggregate Stated Principal Balance of such Mortgage Loans as of the close of business on the last Business Day Determination Date preceding such Distribution Date and the date of acquisition of the immediately preceding monthREO properties;
(xivxiii) the total number and outstanding principal balance of any REO Properties properties (and market value, if available) as of the close of business on the last Business Day of the immediately Determination Date preceding monthsuch Distribution Date;
(xvxiv) whether a Trigger Event has occurred and is continuing (including the calculation demonstrating the existence of the Trigger EventEvent and the aggregate outstanding balance of all 60+ Day Delinquent Mortgage Loans);
(xvixv) the amount on deposit in the Excess Reserve Fund Account (after giving effect to distributions on such Distribution Date);
(xviixvi) in the aggregate and for each Class of Certificates, the aggregate amount of Applied Realized Loss Amounts incurred during the preceding calendar month and aggregate Applied Realized Loss Amounts through such Distribution Date;
(xviiixvii) the amount of any Net Monthly Excess Cash Flow on such Distribution Date and the allocation of it thereof to the Certificateholders with respect to Unpaid Interest Amounts, Unpaid Realized Loss Amounts or Basis Risk CarryForward Amounts;
(xviii) the Overcollateralized Amount and Specified Overcollateralized Amount;
(xix) the amount of any Net Swap Payments, Net Swap Receipts, Swap Termination Payments Prepayment Premiums collected by or Defaulted Swap Termination Paymentspaid by the Servicers;
(xx) the calculations percentage equal to the aggregate realized losses divided by the aggregate Stated Principal Balance of LIBOR and Swap LIBORthe Mortgage Loans as of the Cut-off date;
(xxi) the Subordinated Amount and Specified Subordinated Amount;
(xxii) Prepayment Charges collected or paid (pursuant to Section 3.07(a)) by the Servicers;
(xxiii) the Cumulative Loss Percentage and the aggregate amount of Realized Losses used to calculate the Cumulative Loss Percentage;
(xxiv) the amount distributed on the Class X and Class P Certificates;
(xxvxxii) the amount of any Subsequent Recoveries for such Distribution Date;
(xxvixxiii) the Pre-Funded Amount as of the end of the prior Due PeriodRecord Date for such Distribution Date;
(xxviixxiv) the amount of any principal prepayment on the Certificates resulting from the application of unused moneys in the Pre-Funding Account; and
(xxviii) the number of updated Mortgage Loans at the end of the applicable reporting periodLoan information, the pool factor (being the Stated Principal Balance of the Mortgage Loans for the related Distribution Date divided by the Cut-off Date Principal Balance), and the such as weighted average interest rate, and weighted average remaining term; In addition, each Form 10-D prepared and filed by the Trustee pursuant to Section 8.12 shall include the following information with respect to the related distribution:;
(ixxv) material breaches of Mortgage Loan representations and of warranties under this Agreement of which the Trustee Trustee, Master Servicer or any Servicer has actual knowledge or has received written notice; and
(iixxvi) material breaches of any covenants under this Agreement of which the Trustee Trustee, Master Servicer or any Servicer has actual knowledge or received written notice.
(b) The TrusteeSecurities Administrator's responsibility for providing the above statement to the Certificateholders, each Rating Agency Agency, the Trustee and the Depositor is limited, if applicable, limited to the availability, timeliness and accuracy of the information derived from the Master Servicer, the Servicers and the Swap ProviderResponsible Parties. The Trustee Securities Administrator shall make available provide the above statement via the TrusteeSecurities Administrator's internet website. The Trustee's website will initially be located at https://www.tss.db.com/invr and assistance Assistance in using the website can be xxxxxxxx xx xxxxxxx xxx Xxxsteeobtained by calling the Securities Administrator's investor relations desk at 1-800877-735722-7777. Parties that are unable to use the website are entitled xx xxxx x xxxer copy mailed to them via first class mail by calling the investor relations desk and indicating such1095. The Trustee may change the way the monthly statements to Certificateholders are distributed in order to make such distribution more convenient and/or more accessible to the above parties and the Trustee shall provide timely and adequate notification to all above parties regarding any such changes. As a condition to access the Trustee's internet website, the Trustee may require registration and the acceptance of a disclaimer. The Trustee will not be liable for the dissemination of information in accordance with this Agreement. The Trustee shall make available to each Analytics Company, either electronically or via the Trustee's internet website, each statement to Certificateholders prepared pursuant to Section 4.03(a). The Trustee (and the applicable Servicer, if such discrepancy results from or arises out of any information provided by the applicable Servicer pursuant to this Agreement) shall cooperate in good faith with the Depositor to reconcile any discrepancies in such statements, and the Trustee shall provide any corrections to such statements to each Analytics Company as soon as reasonably practicable after the related Distribution Date. The Trustee Securities Administrator will also be entitled to rely on but shall not be responsible for the content or accuracy of any information provided by third parties for purposes of preparing the monthly make a paxxx xxxx xx xxe above statement to Certificateholders and may affix thereto any disclaimer it deems appropriate in its reasonable discretion (without suggesting liability on the part of any other party hereto)available upon request.
(c) Within Upon request, within a reasonable period of time after the end of each calendar year, the Trustee Securities Administrator shall cause to be furnished to each Person who at any time during the calendar year was a Certificateholder, a statement containing the information set forth in clauses (a)(i), (a)(ii), (a)(iii) and (a)(iia)(vii) of this Section 4.03 4.02 aggregated for such calendar year or applicable portion thereof during which such Person was a Certificateholder. Such obligation of the Trustee Securities Administrator shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Trustee Securities Administrator pursuant to any requirements of the Code as from time to time in effect.
(d) Not later than the Determination Date for each Distribution Date, each Servicer shall furnish to the Trustee, a monthly remittance advice statement (the "Servicer Remittance Report") containing the data fields set forth on Exhibit X attached hereto (in each case, in a format mutually agreed upon by such Servicer and the Trustee) with respect to HomEq, containing the data fields set forth on Exhibit Y attached hereto with respect to Wells Fargo (in each case, in a format mutually agreed upon by such Serxxxxx and the Trustee) and containing the data fields set forth on Exhibit Z attached hereto with respect Countrywide Servicing (in each case, in a format mutually agreed upon by such Servicer and the Trustee) and such information as . The Securities Administrator shall be reasonably requested (i) by the Depositor entitled to enable the Depositor to disclose "static pool information", as required by Item 1105 of Regulation AB, with respect to the Mortgage Loans, and (ii) by the Trustee to enable the Trustee to provide the reports required by Section 4.03(a) as to the accompanying remittance and applicable Due Period and Prepayment Period to which such remittance relates. The Servicer Remittance Report shall, at a minimum, document, rely on such Determination Date, Mortgage Loan payment activity on an individual Mortgage Loan basis, as follows:
(i) with respect to each Scheduled Payment, the amount of such remittance allocable to principal (including a separate breakdown of any Principal Prepayment, including the date of such prepayment, and any Prepayment Charges, received during the related Prepayment Period along with a detailed report of interest on principal prepayment amounts remitted in accordance with Section 3.25);
(ii) with respect to each Scheduled Payment, the amount of such remittance allocable to interest;
(iii) the amount of servicing compensation received by such Servicer during the prior distribution period;
(iv) the individual and aggregate Stated Principal Balance of the Mortgage Loans;
(v) the aggregate expenses reimbursed to such Servicer during the prior distribution period pursuant to Section 3.11; and
(vi) the number and aggregate outstanding principal balances of Mortgage Loans (a) delinquent 31 to 60 days, 61 to 90 days and 91 or more days; (b) as to which foreclosure or bankruptcy proceedings of the related mortgagor have commenced; and (c) as to which REO Property has been acquired. Concurrently with each delivery of a Servicer Remittance Report to the Trustee, Wells Fargo, acting as a Servicer, shall provide, in a manner consistenx xxxh the preceding paragraph, a supplemental statement (to the extent not previously provided) setting forth information in subclauses (v) and (vi). The Trustee shall promptly forward the Servicer Remittance Report and the related supplemental statement to the Depositor.
(e) Notwithstanding anything in Section 4.03(d) to the contrary, the Servicers shall be deemed to have satisfied the requirement to timely deliver the Servicer Remittance Report if such report is received by the Trustee on or prior to the 18th calendar day of such month in which the related Determination Date occurs; provided, however, that if such 18th calendar day is a Sunday or a Monday which is not a Business Day, the Servicers shall be deemed to have satisfied the requirement to timely deliver the Servicer Remittance Report if the Trustee and the Depositor receive such report (i) on the next Business Day succeeding such 18th calendar day, or (ii) on the Business Day immediately preceding such 18th calendar day, if such succeeding Business Day is later than the 20th calendar day of such calendar month.
(f) For all purposes of this Agreement, with respect to any Mortgage Loan, delinquencies shall be determined by the Trustee from information provided by third parties for purposes of preparing the Servicers and reported by foregoing report, but shall not be responsible for the Trustee based on the "OTS" methodology for determining delinquencies on mortgage loans similar to the Mortgage Loans. By way of example, a Mortgage Loan would be delinquent with respect to a Scheduled Payment due on a Due Date if such Scheduled Payment is not made by the close of business on the Mortgage Loan's next succeeding Due Date, and a Mortgage Loan would be more than 30-days Delinquent with respect to such Scheduled Payment if such Scheduled Payment were not made by the close of business on the Mortgage Loan's second succeeding Due Date. Each Servicer hereby represents and warrants to the Depositor that such Servicer is not subject to any delinquency recognition policy established by the primary safety and soundness regulator, if any, accuracy of such Servicer, that is more restrictive than the foregoing delinquency recognition policyinformation.
Appears in 1 contract
Samples: Master Servicing and Trust Agreement (GSAA Home Equity Trust 2006-1)
Monthly Statements to Certificateholders. (a) Not later than each Distribution Date, the Trustee shall make available to each Certificateholder, the ServicersServicer, the Depositor Depositor, the Unaffiliated Seller, the Class A Certificate Insurer and each Rating Agency a statement setting forth with respect to the related distribution:
(i) the actual Distribution Dateamount thereof allocable to principal, separately identifying the related Record Date, the Interest Accrual Period(s) for each Class for such Distribution Date aggregate amount of any Principal Prepayments and the LIBOR Determination Date for such Interest Accrual PeriodLiquidation Proceeds included therein;
(ii) the amount of Available Funds;
(iii) the amount of Available Funds thereof allocable to principalinterest, the Principal Remittance Amount (separately identifying the components thereof) and the Principal Distribution Amount (separately identifying the components thereof);
(iv) the amount of Available Funds allocable to interest and each Interest Remittance Amount;
(v) the amount of any Unpaid Interest Amount for each Class Amounts included in such distribution and any remaining Unpaid Interest Amounts after giving effect to such distribution, any Basis Risk CarryForward Amount for each Class such Distribution Date and the amount of such all Basis Risk CarryForward Amount covered by withdrawals from the Excess Reserve Fund Account on such Distribution Date;
(viiii) if the distribution to the Holders of such Class of Certificates is less than the full amount that would be distributable to such Holders if there were sufficient funds available therefor, the amount of the shortfall and the allocation of the shortfall thereof as between principal and interest, including any Basis Risk CarryForward Amount not covered by amounts in the Excess Reserve Fund Account;
(viiiv) the Class Certificate Balance of each Class of Certificates before and after giving effect to the distribution of principal on such Distribution Date;
(viiiv) the Pool Stated Principal Balance for the following Distribution Date;
(ixvi) the amount of the Expense Servicing Fees paid to or retained by the Servicers and Servicer or Subservicer (with respect to the Trustee (stated separately and Subservicers, in the aggregate) with respect to such Distribution Date;
(xvii) the Pass-Through Rate for each such Class of Certificates with respect to such Distribution Date;
(xiviii) the amount of P&I Advances included in the distribution on such Distribution Date and the aggregate amount of Advances reported by the Servicers (and the Trustee servicer as successor Servicer and any other successor Servicer, if applicable) outstanding as of the close of business on the Determination Date immediately preceding such Distribution Date;
(xiiix) the number and aggregate outstanding principal balances Scheduled Principal Balances of Mortgage Loans (1) as to which the Scheduled Payment is delinquent 31 to 60 days, 61 to 90 days and 91 or more days, (2) that have become REO Property, (3) that are in foreclosure and (4) that are in bankruptcy, in each case as of the close of business on the last Business Day of the immediately preceding month;
(xiiix) with respect to any Mortgage Loans Loan that became an REO Properties Property during the preceding calendar month, the aggregate loan number of such Mortgage Loans and the aggregate Stated Principal Balance of such Mortgage Loans Loan as of the close of business on the last Business Day Determination Date preceding such Distribution Date and the date of the immediately preceding monthacquisition thereof;
(xivxi) the total number and outstanding principal balance of any REO Properties (and market value, if available) as of the close of business on the last Business Day of the immediately Determination Date preceding monthsuch Distribution Date;
(xvxii) whether a Trigger Event has occurred and is continuing (including the calculation demonstrating of thereof and the existence aggregate outstanding balance of the Trigger Eventall 60+ Day Delinquent Loans);
(xvixiii) the amount on deposit in the Excess Reserve Fund Account (after giving effect to distributions on such Distribution Date);
(xviixiv) in the aggregate and for each Class of Certificates, the aggregate amount of Applied Realized Loss Amounts incurred during the preceding calendar month and aggregate Applied Realized Loss Amounts through such Distribution Date;
(xviiixv) the amount of any Net Monthly Excess Cash Flow on such Distribution Date and the allocation of it thereof to the Certificateholders with respect to Applied Realized Losses and Unpaid Interest Amounts, Unpaid Realized Loss Amounts or Basis Risk CarryForward Amounts;
(xix) the amount of any Net Swap Payments, Net Swap Receipts, Swap Termination Payments or Defaulted Swap Termination Payments;
(xx) the calculations of LIBOR and Swap LIBOR;
(xxixvi) the Subordinated Amount and Specified Required Subordinated Amount;
(xxiixvii) the Interest Remittance Amount, the Principal Remittance Amount and the Prepayment Charges collected or paid (pursuant remitted by Servicer with respect to Section 3.07(a)) by the Servicers;
(xxiii) the Cumulative Loss Percentage and the aggregate amount of Realized Losses used to calculate the Cumulative Loss Percentage;
(xxiv) the amount distributed on the Class X Certificates;
(xxv) the amount of any Subsequent Recoveries for such that Distribution Date;
(xxvixviii) the Pre-Funded Amount as of the end of the prior Due Period;
(xxviixix) the amount of any principal prepayment on the Certificates resulting from the application of unused moneys in the Pre-Funding AccountAccount moneys;
(xx) the Class A Deficiency Amount and the Insured Payment for such Distribution Date;
(xxi) the Reimbursement Amount immediately prior to such Distribution Date, and the amount of any payments to the Class A Certificate Insurer on account thereof on such Distribution Date; and
(xxviiixxii) the number of Mortgage Loans at the end of the applicable reporting periodInterest Rate Cap Payment, the pool factor (being the Stated Principal Balance of the Mortgage Loans if any, for the related such Distribution Date divided by the Cut-off Date Principal Balance), and the weighted average interest rate, and weighted average remaining term; In addition, each Form 10-D prepared and filed by the Trustee pursuant to Section 8.12 shall include the following information with respect to the related distribution:
(i) material breaches of Mortgage Loan representations and warranties under this Agreement of which the Trustee has actual knowledge or has received written notice; and
(ii) material breaches of any covenants under this Agreement of which the Trustee has actual knowledge or received written noticeDate.
(b) The Trustee's responsibility for providing the above statement to the Certificateholders, each Rating Agency and the Depositor is limited, if applicable, limited to the availability, timeliness and accuracy of the information derived from the Servicers and Servicer or, in the Swap Providercase of the Reimbursement Amount, from the Class A Certificate Insurer. The Trustee shall make available will provide the above statement via the Trustee's internet website, except that the Trustee shall deliver a hard copy of such statement to the Class A Certificate Insurer on each Distribution Date. The Trustee's website will initially be located at https://www.tss.db.com/invr HTTP://WWW.CORPORATETRUST.DB.COM and assistance in using the website can be xxxxxxx xxx xx xxxxxxxx xx xxxxxxx xxx Xxxsteexxxling the Trustee's investor relations desk at 1-800-735-7777. Parties that are unable to use A paper copy of the website are entitled xx xxxx x xxxer copy mailed to them via first class mail by calling the investor relations desk and indicating such. The Trustee may change the way the monthly statements to Certificateholders are distributed in order to make such distribution more convenient and/or more accessible to the above parties and the Trustee shall provide timely and adequate notification to all above parties regarding any such changes. As a condition to access the Trustee's internet website, the Trustee may require registration and the acceptance of a disclaimer. The Trustee will not be liable for the dissemination of information in accordance with this Agreement. The Trustee shall make available to each Analytics Company, either electronically or via the Trustee's internet website, each statement to Certificateholders prepared pursuant to Section 4.03(a). The Trustee (and the applicable Servicer, if such discrepancy results from or arises out of any information provided by the applicable Servicer pursuant to this Agreement) shall cooperate in good faith with the Depositor to reconcile any discrepancies in such statements, and the Trustee shall provide any corrections to such statements to each Analytics Company as soon as reasonably practicable after the related Distribution Date. The Trustee will also be entitled to rely on but shall not be responsible for the content or accuracy of any information provided by third parties for purposes of preparing the monthly statement to Certificateholders and may affix thereto any disclaimer it deems appropriate in its reasonable discretion (without suggesting liability on the part of any other party hereto)made xxxxxxxxx xxxn request.
(c) Within a reasonable period of time after the end of each calendar year, the Trustee shall cause to be furnished to each Person who at any time during the calendar year was a Certificateholder, a statement containing the information set forth in clauses (a)(i), (a)(ii) and (a)(iia)(vii) of this Section 4.03 aggregated for such calendar year or applicable portion thereof during which such Person was a Certificateholder. Such obligation of the Trustee shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Trustee pursuant to any requirements of the Code as from time to time in effect.
(d) Not later than the Determination Date for each Distribution Date, each the Servicer shall furnish to the Trustee, Trustee a monthly remittance advice statement (the "Servicer Remittance Report") containing the data fields set forth on Exhibit X attached hereto (in each case, in a format mutually agreed upon by such Servicer and the Trustee) with respect to HomEq, containing the data fields set forth on Exhibit Y attached hereto with respect to Wells Fargo (in each case, in a format mutually agreed upon by such Serxxxxx and the Trustee) and containing the data fields set forth on Exhibit Z attached hereto with respect Countrywide Servicing (in each case, in a format mutually agreed upon by such Servicer and the Trustee) and such information as shall be reasonably requested (i) by the Depositor to enable the Depositor to disclose "static pool information", as required by Item 1105 of Regulation AB, with respect to the Mortgage Loans, and (ii) by the Trustee to enable the Trustee to provide the reports required by Section 4.03(a) as to the accompanying remittance and applicable Due Period and Prepayment Period to which such remittance relatesthe period ending on the close of business on the last Business Day of the immediately preceding month. The Servicer Remittance Report shallshall furnish to the Trustee an individual loan accounting report, at a minimumas of the last Business Day of each month, document, on such Determination Date, to document Mortgage Loan payment activity on an individual Mortgage Loan basis. With respect to each month, as followsthe corresponding individual loan accounting report (in electronic format) shall be received by the Trustee no later than the related Determination Date, which report shall contain the following:
(i) with respect to each Scheduled Payment, the amount of such remittance allocable to principal (including a separate breakdown of any Principal Prepayment, including the date of such prepayment, and any Prepayment Chargesprepayment penalties or premiums, received during the related Prepayment Period along with a detailed report of interest on principal prepayment amounts remitted in accordance with Section 3.25);
(ii) with respect to each Scheduled Payment, the amount of such remittance allocable to interestinterest and assumption fees;
(iii) the amount of servicing compensation received by such the Servicer during the prior distribution period;
(iv) the individual and aggregate Stated Principal Balance of the Mortgage Loans;
(v) the individual and aggregate Scheduled Principal Balances of the Mortgage Loans;
(vi) the aggregate of any expenses reimbursed to such the Servicer during the prior distribution period pursuant to Section 3.113.05; and
(vivii) the number and aggregate outstanding principal balances Scheduled Principal Balances of Mortgage Loans (a) as to which the Scheduled Payment is delinquent (1) 31 to 60 days, (2) 61 to 90 days and (3) 91 days or more daysmore; (b) as to which foreclosure or bankruptcy proceedings of the related mortgagor have has commenced; and (c) as to which REO Property has been acquired. Concurrently with each delivery of a Servicer Remittance Report to the Trustee, Wells Fargo, acting as a Servicer, shall provide, in a manner consistenx xxxh the preceding paragraph, a supplemental statement (to the extent not previously provided) setting forth information in subclauses (v) acquired and (vi). The Trustee shall promptly forward the Servicer Remittance Report and the related supplemental statement to the Depositord) that are in bankruptcy.
(e) Notwithstanding anything in Section 4.03(d) to the contrary, the Servicers shall be deemed to have satisfied the requirement to timely deliver the Servicer Remittance Report if such report is received by the Trustee on or prior to the 18th calendar day of such month in which the related Determination Date occurs; provided, however, that if such 18th calendar day is a Sunday or a Monday which is not a Business Day, the Servicers shall be deemed to have satisfied the requirement to timely deliver the Servicer Remittance Report if the Trustee and the Depositor receive such report (i) on the next Business Day succeeding such 18th calendar day, or (ii) on the Business Day immediately preceding such 18th calendar day, if such succeeding Business Day is later than the 20th calendar day of such calendar month.
(f) For all purposes of this Agreement, with respect to any Mortgage Loan, delinquencies shall be determined by the Trustee from information provided by the Servicers and reported by the Trustee based on the "OTS" methodology for determining delinquencies on mortgage loans similar to the Mortgage Loans. By way of example, a Mortgage Loan would be delinquent with respect to a Scheduled Payment due on a Due Date if such Scheduled Payment is not made by the close of business on the Mortgage Loan's next succeeding Due Date, and a Mortgage Loan would be more than 30-days Delinquent with respect to such Scheduled Payment if such Scheduled Payment were not made by the close of business on the Mortgage Loan's second succeeding Due Date. Each Servicer hereby represents and warrants to the Depositor that such Servicer is not subject to any delinquency recognition policy established by the primary safety and soundness regulator, if any, of such Servicer, that is more restrictive than the foregoing delinquency recognition policy.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Morgan Stanley Abs Cap I Inc MRT PSS THR Cert Se 2002-He3)
Monthly Statements to Certificateholders. (a) Not later than each Distribution Date, the Trustee Securities Administrator shall make available to each Certificateholder, the Servicers, the Depositor Depositor, the Master Servicer and each Rating Agency a statement setting forth with respect to the related distribution:
(i) the actual Distribution Date, the related Record Date, the Interest Accrual Period(s) for each Class for such Distribution Date and the LIBOR Determination Date for such Interest Accrual Period;
(ii) the amount of Available Funds;
(iii) the amount of Available Funds allocable to principal, the Principal Remittance Amount (separately identifying the components thereof) and the Principal Distribution Amount (separately identifying the components thereof);
(iv) the amount of Available Funds allocable to interest and each Interest Remittance Amount;
(v) the amount of any Unpaid Interest Amount for each Class included in such distribution and any remaining Unpaid Interest Amounts after giving effect to such distribution, any Basis Risk CarryForward Amount for each Class and the amount of such Basis Risk CarryForward Amount covered by withdrawals from the Excess Reserve Fund Account on such Distribution Date;
(vi) if the distribution to the Holders of such Class of Certificates is less than the full amount that would be distributable to such Holders if there were sufficient funds available therefor, the amount of the shortfall and the allocation of the shortfall as between principal and interest, including any Basis Risk CarryForward Amount not covered by amounts in the Excess Reserve Fund Account;
(vii) the Class Certificate Balance of each Class of Certificates before and after giving effect to the distribution of principal on such Distribution Date;
(viii) the Pool Stated Principal Balance for the Distribution Date;
(ix) the amount of the Expense Fees paid to or retained by the Servicers and the Trustee Securities Administrator and the Master Servicer (stated separately and in the aggregate) with respect to such Distribution Date;
(x) the Pass-Through Rate for each such Class of Certificates with respect to such Distribution Date;
(xi) the amount of P&I Advances included in the distribution on such Distribution Date reported by the Servicers (and the Trustee Master Servicer as successor Servicer and any other successor Servicer, if applicable) as of the close of business on the Determination Date immediately preceding such Distribution Date;
(xii) the number and aggregate outstanding principal balances of Mortgage Loans (1) as to which the Scheduled Payment is delinquent 31 to 60 days, 61 to 90 days and 91 or more days, (2) that have become REO Property, (3) that are in foreclosure and (4) that are in bankruptcy, in each case as of the close of business on the last Business Day of the immediately preceding month;
(xiii) with respect to any Mortgage Loans that became REO Properties during the preceding calendar month, the aggregate number of such Mortgage Loans and the aggregate Stated Principal Balance of such Mortgage Loans as of the close of business on the last Business Day of the immediately preceding month;
(xiv) the total number and outstanding principal balance of any REO Properties (and market value, if available) as of the close of business on the last Business Day of the immediately preceding month;
(xv) whether a Trigger Event has occurred and is continuing (including the calculation demonstrating the existence of the Trigger Event);
(xvi) the amount on deposit in the Excess Reserve Fund Account (after giving effect to distributions on such Distribution Date);
(xvii) in the aggregate and for each Class of Certificates, the aggregate amount of Applied Realized Loss Amounts incurred during the preceding calendar month and aggregate Applied Realized Loss Amounts through such Distribution Date;
(xviii) the amount of any Net Monthly Excess Cash Flow on such Distribution Date and the allocation of it to the Certificateholders with respect to Unpaid Interest Amounts, Unpaid Realized Loss Amounts or Basis Risk CarryForward Amounts;
(xix) the amount of any Net Swap Payments, Net Swap Receipts, Swap Termination Payments or Defaulted Swap Termination Payments;
(xx) the calculations of LIBOR and Swap LIBOR;
(xxi) the Subordinated Amount and Specified Subordinated Amount;
(xxii) Prepayment Charges collected or paid (pursuant to Section 3.07(a)) by the Servicers;
(xxiii) the Cumulative Loss Percentage and the aggregate amount of Realized Losses used to calculate the Cumulative Loss Percentage;
(xxiv) the amount distributed on the Class X Certificates;
(xxv) the amount of any Subsequent Recoveries for such Distribution Date;
(xxvi) the Pre-Funded Amount as of the end of the prior Due Period;
(xxvii) the amount of any principal prepayment on the Certificates resulting from the application of unused moneys in the Pre-Funding Account; and
(xxviii) the number of Mortgage Loans at the end of the applicable reporting period, the pool factor (being the Stated Principal Balance of the Mortgage Loans for the related Distribution Date divided by the Cut-off Date Principal Balance), and the weighted average interest rate, and weighted average remaining term; and
(xxvii) the Interest Rate Cap Payment, if any, for such Distribution Date. In addition, each Form 10-D prepared and filed by the Trustee Securities Administrator pursuant to Section 8.12 shall include the following information with respect to the related distribution:distribution (including to the extent such information is provided by the Trustee to the Securities Administrator):
(i) material breaches of Mortgage Loan representations and warranties under this Agreement of which the Trustee Securities Administrator has actual knowledge or has received written notice; and
(ii) material breaches of any covenants under this Agreement of which the Trustee Securities Administrator has actual knowledge or received written notice.; provided that, if the Securities Administrator receives written notice of the events described in (i) and/or (ii) above from any Servicer, such Servicer shall be responsible for providing information to the Securities Administrator for inclusion in the applicable Form 10-D.
(b) The TrusteeSecurities Administrator's responsibility for providing the above statement to the Certificateholders, each Rating Agency Agency, the Master Servicer and the Depositor is limited, if applicable, to the availability, timeliness and accuracy of the information derived from the Servicers Servicers, the Master Servicer and the Swap Provider. The Trustee Securities Administrator shall make available the above statement via the TrusteeSecurities Administrator's internet website. The TrusteeSecurities Administrator's website will initially be located at https://www.tss.db.com/invr http://www.ctslink.com and assistance in using the website can be xxxxxxxx obtaixxx xx xxxxxxx xxx XxxsteeXxxurities Administrator's investor relations customer service desk at 1-800866-735846-77774526. Parties that are unable to use the website are entitled xx xxxx x xxxer to have a paper copy mailed to them via first class mail by calling the investor relations customer service desk and indicating such. The Trustee Securities Administrator may change the way the monthly statements to Certificateholders are distributed in order to make such distribution more convenient and/or more accessible to the above parties and the Trustee Securities Administrator shall provide timely and adequate notification to all above parties regarding any such changes. As a condition to access the Trustee's internet website, the Trustee may require registration and the acceptance of a disclaimer. The Trustee Securities Administrator will not be liable for the dissemination of information in accordance with this Agreement. The Trustee Securities Administrator shall make available to each Analytics Company, either electronically or via the TrusteeSecurities Administrator's internet website, each statement to Certificateholders prepared pursuant to Section 4.03(a). The Trustee Securities Administrator (and the applicable Servicer, if such discrepancy results from or arises out of any information provided by the applicable Servicer pursuant to this Agreement) shall cooperate in good faith with the Depositor to reconcile any discrepancies in such statements, and the Trustee Securities Administrator shall provide any corrections to such statements to each Analytics Company as soon as reasonably practicable after the related Distribution Date. The Trustee Securities Administrator will also be entitled to rely on but shall not be responsible for the content or accuracy of any information provided by third parties for purposes of preparing the monthly statement to Certificateholders and may affix thereto any disclaimer it deems appropriate in its reasonable discretion (without suggesting liability on the part of any other party hereto).
(c) Within a reasonable period of time after the end of each calendar year, the Trustee Securities Administrator shall cause to be furnished to each Person who at any time during the calendar year was a Certificateholder, a statement containing the information set forth in clauses (a)(i) and (a)(ii) of this Section 4.03 aggregated for such calendar year or applicable portion thereof during which such Person was a Certificateholder. Such obligation of the Trustee Securities Administrator shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Trustee Securities Administrator pursuant to any requirements of the Code as from time to time in effect.
(d) Not The Securities Administrator shall be entitled to rely on information provided by third parties for purposes of preparing the foregoing report, but shall not be responsible for the accuracy of such information.
(e) No later than the Determination Date for 18th day of each Distribution Datemonth, or if such date is not a Business Day, the next succeeding Business Day (but in no event later than the 20th day of each month), each Servicer shall furnish to the TrusteeMaster Servicer, a monthly remittance advice statement (the "Servicer Remittance Report") in a format and containing the data fields set forth on Exhibit X X-1 attached hereto (in each caseor, in the case of Countrywide Servicing, Exhibit X-2 attached hereto), and a format mutually agreed upon by such Servicer and the Trustee) with respect to HomEq, monthly defaulted loan report containing the data fields set forth on Exhibit Y attached hereto with respect to Wells Fargo (in each caseor, in a the case of Countrywide Servicing, Exhibit Z attached hereto), or in such other format or containing such other data fields mutually agreed upon by such Serxxxxx and the Trustee) and containing the data fields set forth on Exhibit Z attached hereto with respect Countrywide Servicing (in each case, in a format mutually agreed upon by such applicable Servicer and the Trustee) Master Servicer, and such information as shall be reasonably requested (i) by the Depositor to enable the Depositor to disclose "static pool information", as required by Item 1105 of Regulation AB, with respect to the Mortgage Loans, and (ii) by the Trustee Master Servicer to enable the Trustee Securities Administrator to provide the reports required by Section 4.03(a) as to the accompanying remittance and applicable Due Period and Prepayment Period to which such remittance relates. The Servicer Remittance Report shall, at a minimum, document, on such Determination Date, Mortgage Loan payment activity on an individual Mortgage Loan basis, as follows:
(i) with respect to each Scheduled Payment, the amount of such remittance allocable to principal (including a separate breakdown of any Principal Prepayment, including the date of such prepayment, and any Prepayment Charges, received during the related Prepayment Period along with a detailed report of interest on principal prepayment amounts remitted in accordance with Section 3.25);
(ii) with respect to each Scheduled Payment, the amount of such remittance allocable to interest;
(iii) the amount of servicing compensation received by such Servicer during the prior current distribution period;
(iv) the individual and aggregate Stated Principal Balance of the Mortgage Loans;
(v) the aggregate expenses reimbursed to such Servicer during the prior distribution period pursuant to Section 3.11; and
(vi) the number and aggregate outstanding principal balances of Mortgage Loans (a) delinquent 31 to 60 days, 61 to 90 days and 91 or more days; (b) as to which foreclosure or bankruptcy proceedings of the related mortgagor have commenced; and (c) as to which REO Property has been acquired. Concurrently with each delivery of a The Master Servicer Remittance Report to the Trustee, Wells Fargo, acting as a Servicer, shall provide, in a manner consistenx xxxh the preceding paragraph, a supplemental statement (to the extent not previously provided) setting forth information in subclauses (v) and (vi). The Trustee shall promptly forward make available the Servicer Remittance Report and the related supplemental statement to the Depositor.
(e) Notwithstanding anything in Section 4.03(d) to the contrary, the Servicers shall be deemed to have satisfied the requirement to timely deliver the Servicer Remittance Report if such report is received by the Trustee on or prior to the 18th calendar day of such month in which the related Determination Date occurs; provided, however, that if such 18th calendar day is a Sunday or a Monday which is not a Business Day, the Servicers shall be deemed to have satisfied the requirement to timely deliver the Servicer Remittance Report if the Trustee Depositor and the Depositor receive such report (i) on the next Business Day succeeding such 18th calendar day, or (ii) on the Business Day immediately preceding such 18th calendar day, if such succeeding Business Day is later than the 20th calendar day of such calendar monthSecurities Administrator.
(f) [Reserved].
(g) For all purposes of this Agreement, with respect to any Mortgage Loan, delinquencies shall be determined by the Trustee Securities Administrator from information provided by the Servicers and reported by the Trustee Securities Administrator based on the "OTS" methodology for determining delinquencies on mortgage loans similar to the Mortgage Loans. By way of example, a Mortgage Loan would be delinquent with respect to a Scheduled Payment due on a Due Date if such Scheduled Payment is not made by the close of business on the Mortgage Loan's next succeeding Due Date, and a Mortgage Loan would be more than 30-days Delinquent with respect to such Scheduled Payment if such Scheduled Payment were not made by the close of business on the Mortgage Loan's second succeeding Due Date. Each Servicer hereby represents and warrants to the Depositor that such Servicer is not subject to any delinquency recognition policy established by the primary safety and soundness regulator, if any, of such Servicer, that is more restrictive than the foregoing delinquency recognition policy.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Morgan Stanley ABS Capital I Inc. Trust 2007-He5)
Monthly Statements to Certificateholders. (a) Not later than each Distribution Date, the Trustee shall make available to each Certificateholder, the ServicersServicer, the Depositor and each Rating Agency a statement setting forth with respect to the related distribution:
(i) the actual Distribution Date, the related Record Date, the Interest Accrual Period(s) for each Class for such Distribution Date and the LIBOR Determination Date for such Interest Accrual Period;
(ii) the amount of Available Funds;
(iii) the amount of Available Funds allocable to principal, the Principal Remittance Amount (separately identifying the components thereof) and the Principal Distribution Amount (separately identifying the components thereof);
(iv) the amount of Available Funds allocable to interest and each Interest Remittance Amount;
(v) the amount of any Unpaid Interest Amount for each Class included in such distribution and any remaining Unpaid Interest Amounts after giving effect to such distribution, any Basis Risk CarryForward Amount for each Class and the amount of such Basis Risk CarryForward Amount covered by withdrawals from the Excess Reserve Fund Account on such Distribution Date;
(vi) if the distribution to the Holders of such Class of Certificates is less than the full amount that would be distributable to such Holders if there were sufficient funds available therefor, the amount of the shortfall and the allocation of the shortfall as between principal and interest, including any Basis Risk CarryForward Amount not covered by amounts in the Excess Reserve Fund Account;
(vii) the Class Certificate Balance of each Class of Certificates before and after giving effect to the distribution of principal on such Distribution Date;
(viii) the Pool Stated Principal Balance for the related Distribution Date;
(ix) the amount of the Expense Fees paid to or retained by the Servicers Servicer and the Trustee (stated separately and in the aggregate) with respect to such Distribution Date;
(x) the Pass-Through Rate for each such Class of Certificates with respect to such Distribution Date;
(xi) the amount of P&I Advances included in the distribution on such Distribution Date reported by the Servicers Servicer (and the Trustee as successor Servicer servicer and any other successor Servicerservicer, if applicable) as of the close of business on the Determination Date immediately preceding such Distribution Date;
(xii) the number and aggregate outstanding principal balances of Mortgage Loans (1) as to which the Scheduled Payment is delinquent 31 to 60 days, 61 to 90 days and 91 or more days, (2) that have become REO Property, (3) that are in foreclosure and (4) that are in bankruptcy, in each case as of the close of business on the last Business Day of the immediately preceding month;
(xiii) with respect to any Mortgage Loans that became REO Properties during the preceding calendar month, the aggregate number of such Mortgage Loans and the aggregate Stated Principal Balance of such Mortgage Loans as of the close of business on the last Business Day of the immediately preceding month;
(xiv) the total number and outstanding principal balance of any REO Properties (and market value, if available) as of the close of business on the last Business Day of the immediately preceding month;
(xv) whether a Trigger Event has occurred and is continuing (including separately identifying the components of the calculation demonstrating resulting in the existence of the Trigger EventEvent and the aggregate outstanding balance of all 60+ Day Delinquent Mortgage Loans);
(xvi) the amount on deposit in the Excess Reserve Fund Account (after giving effect to distributions on such Distribution Date);
(xvii) in the aggregate and for each Class of Certificates, the aggregate amount of Applied Realized Loss Amounts incurred during the preceding calendar month and aggregate Applied Realized Loss Amounts through such Distribution Date;
(xviii) the amount of any Net Monthly Excess Cash Flow on such Distribution Date and the allocation of it to the Certificateholders with respect to Unpaid Interest Amounts, Unpaid Realized Loss Amounts or Amounts, and Basis Risk CarryForward Amounts;
(xix) the amount of any Net Swap Payments, Net Swap Receipts, Swap Termination Payments or Defaulted Swap Termination Payments;
(xx) the calculations rates of LIBOR and Swap LIBOR, as calculated by or provided to the Trustee, as applicable;
(xxi) the Subordinated Amount and Specified Subordinated Amount;
(xxii) Prepayment Charges collected or paid (pursuant to Section 3.07(a)) by the ServicersServicer;
(xxiii) the Cumulative Loss Percentage and the aggregate amount of Realized Losses used to calculate the Cumulative Loss Percentage;
(xxiv) the amount distributed on the Class X Certificates;
(xxv) the amount of any Subsequent Recoveries for such Distribution Date;
(xxvi) the Pre-Funded Amount as of the end of the prior Due PeriodInterest Rate Cap Payment, if any, for such Distribution Date;
(xxvii) the amount of any principal prepayment on the Certificates resulting from the application of unused moneys in the Pre-Funding Account; and
(xxviii) the number of Mortgage Loans at the beginning and end of the applicable reporting period, the pool factor (being the Stated Principal Balance of the Mortgage Loans for the related Distribution Date divided by the Cut-off Date Principal Balance), and the weighted average interest rate, and weighted average remaining term; . In addition, each Form 10-D prepared and filed by the Trustee pursuant to Section 8.12 shall include the following information with respect to the related distribution:
(i) material breaches of Mortgage Loan representations and warranties under this Agreement of which the Trustee has actual knowledge or has received written notice; and
(ii) material breaches of any covenants under this Agreement of which the Trustee has actual knowledge or has received written notice.
(b) The Trustee's ’s responsibility for providing the above statement to the Certificateholders, each Rating Agency Agency, and the Depositor is limited, if applicable, to the availability, timeliness and accuracy of the information derived from the Servicers Servicer, the Swap Provider and the Swap ProviderResponsible Parties. The Trustee shall make available the above statement via the Trustee's ’s internet website. The Trustee's ’s website will initially be located at https://www.tss.db.com/invr hxxxx://xxx.xxx.xx.xxx/xxxx and assistance in using the website can be xxxxxxxx xx xxxxxxx xxx Xxxstee's obtained by calling the Trustee’s investor relations desk at 1-800000-735000-77770000. Parties that are unable to use the website are entitled xx xxxx x xxxer to have a paper copy mailed to them via first class mail by calling the investor relations desk and indicating such. The Trustee may change the way the monthly statements to Certificateholders are distributed in order to make such distribution more convenient and/or more accessible to the above parties and the Trustee shall provide timely and adequate notification to all above parties regarding any such changes. As a condition to access the Trustee's ’s internet website, the Trustee may require registration and the acceptance of a disclaimer. The Trustee will not be liable for the dissemination of information in accordance with this Agreement. The Trustee shall make available to each Analytics Company, either electronically or via the Trustee's ’s internet website, each statement to Certificateholders prepared pursuant to Section 4.03(a4.03(b). The Trustee (and the applicable Servicer, if such discrepancy results from or arises out of any information provided by the applicable Servicer pursuant to this Agreement) shall cooperate in good faith with the Depositor to reconcile any discrepancies in such statements, and the Trustee shall provide any corrections to such statements to each Analytics Company as soon as reasonably practicable after the related Distribution Date. The Trustee will also be entitled to rely on but shall not be responsible for the content or accuracy of any information provided by third parties for purposes of preparing the monthly statement to Certificateholders and may affix thereto any disclaimer it deems appropriate in its reasonable discretion (without suggesting liability on the part of any other party hereto).
(c) Within a reasonable period of time after the end of each calendar year, the Trustee shall cause to be furnished to each Person who at any time during the calendar year was a Certificateholder, a statement containing the information set forth in clauses (a)(i) and (a)(ii) of this Section 4.03 aggregated for such calendar year or applicable portion thereof during which such Person was a Certificateholder. Such obligation of the Trustee shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Trustee pursuant to any requirements of the Code as from time to time in effect.
(d) Not later than the Determination Date for each Distribution Date, each the Servicer shall furnish to the Trustee, a monthly remittance advice statement (the "“Servicer Remittance Report"”) containing the data fields set forth on Exhibit X attached hereto (in each case, in a format mutually agreed upon by such Servicer and the Trustee) with respect to HomEq, containing the data fields set forth on Exhibit Y attached hereto with respect to Wells Fargo (in each case, in a format mutually agreed upon by such Serxxxxx and the Trustee) and containing the data fields set forth on Exhibit Z attached hereto with respect Countrywide Servicing (in each case, in a format mutually agreed upon by such Servicer and the Trustee) Trustee and such information as shall be reasonably requested (i) by the Depositor to enable the Depositor to disclose "“static pool information"”, as required by Item 1105 of Regulation AB, with respect to the Mortgage Loans, and (ii) by the Trustee to enable the Trustee to provide the reports required by Section 4.03(a) as to the accompanying remittance and applicable Due Period and Prepayment Period to which such remittance relates. The Servicer Remittance Report shall, at a minimum, document, on such Determination Date, Mortgage Loan payment activity on an individual Mortgage Loan basis, as follows:
(i) with respect to each Scheduled Payment, the amount of such remittance allocable to principal (including a separate breakdown of any Principal Prepayment, including the date of such prepayment, and any Prepayment Charges, received during the related Prepayment Period along with a detailed report of interest on principal prepayment amounts remitted in accordance with Section 3.25);
(ii) with respect to each Scheduled Payment, the amount of such remittance allocable to interest;
(iii) the amount of servicing compensation received by such the Servicer during the prior distribution period;
(iv) the individual and aggregate Stated Principal Balance of the Mortgage Loans;
(v) the aggregate expenses reimbursed to such the Servicer during the prior distribution period pursuant to Section 3.11; and
(vi) the number and aggregate outstanding principal balances of Mortgage Loans (a) delinquent 31 to 60 days, 61 to 90 days and 91 or more days; (b) as to which foreclosure or bankruptcy proceedings of the related mortgagor have commenced; and (c) as to which REO Property has been acquired. Concurrently with each delivery of a Servicer Remittance Report to the Trustee, Wells Fargo, acting as a Servicer, shall provide, in a manner consistenx xxxh the preceding paragraph, a supplemental statement (to the extent not previously provided) setting forth information in subclauses (v) and (vi). The Trustee shall promptly forward the Servicer Remittance Report and the related supplemental statement to the Depositor.
(e) Notwithstanding anything in Section 4.03(d) to the contrary, the Servicers Servicer shall be deemed to have satisfied the requirement to timely deliver the Servicer Remittance Report if such report is received by the Trustee on or prior to the 18th calendar day of such month in which the related Determination Date occurs; provided, however, that if such 18th calendar day is a Sunday or a Monday which is not a Business Day, the Servicers Servicer shall be deemed to have satisfied the requirement to timely deliver the Servicer Remittance Report if the Trustee and the Depositor receive such report (i) on the next Business Day succeeding such 18th calendar day, or (ii) on the Business Day immediately preceding such 18th calendar day, if such succeeding Business Day is later than the 20th calendar day of such calendar month.
(f) For all purposes of this Agreement, with respect to any Mortgage Loan, delinquencies shall be determined by the Trustee from information provided by the Servicers Servicer and reported by the Trustee based on the "OTS" OTS methodology for determining delinquencies on mortgage loans similar to the Mortgage Loans. By way of example, a Mortgage Loan would be delinquent with respect to a Scheduled Payment due on a Due Date if such Scheduled Payment is not made by the close of business on the Mortgage Loan's next succeeding Due Date, and a Mortgage Loan would be more than 30-days Delinquent with respect to such Scheduled Payment if such Scheduled Payment were not made by the close of business on the Mortgage Loan's ’s second succeeding Due Date. Each The Servicer hereby represents and warrants to the Depositor that such Servicer is not subject to any delinquency recognition policy established by the primary safety and soundness regulator, if any, of such the Servicer, that is more restrictive than the foregoing delinquency recognition policy.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Morgan Stanley ABS Capital I Inc. Trust 2006-He7)
Monthly Statements to Certificateholders. (a) Not later than each Distribution Date, the Trustee Securities Administrator shall make available to each Certificateholder, the Master Servicer, the Servicers, the Depositor Depositor, the Trustee and each Rating Agency a statement setting forth with respect to the related distribution:
(i) the actual Distribution Date, the related Record Date, the Interest Accrual Period(s) for each Class for such Distribution Date and the LIBOR Determination Date for such Interest Accrual Period;
(ii) the amount of Available Funds;
(iii) the amount of Available Funds allocable to principal, the Principal Remittance Amount (separately identifying the components thereof) and the Principal Distribution Amount (separately identifying the components thereof);
(iv) the amount of Available Funds allocable to interest and each Interest Remittance Amount;
(v) the amount of any Unpaid Interest Amount for each Class included in such distribution and any remaining Unpaid Interest Amounts after giving effect to such distribution, any Basis Risk CarryForward Carry Forward Amount for each Class and the amount of such Basis Risk CarryForward Carry Forward Amount covered by withdrawals from the Excess Reserve Fund Account on such Distribution Date;
(vi) if the distribution to the Holders of such Class of Certificates is less than the full amount that would be distributable to such Holders if there were sufficient funds available therefor, the amount of the shortfall and the allocation of the shortfall as between principal and interest, including any Basis Risk CarryForward Carry Forward Amount not covered by amounts in the Excess Reserve Fund Account;
(vii) the Class Certificate Balance of each Class of Certificates before and after giving effect to the distribution of principal on such Distribution Date;
(viii) the Pool Stated Principal Balance for the related Distribution Date;
(ix) the amount of the Expense Fees paid to or retained by the Servicers Servicer, the Securities Administrator and the Trustee Master Servicer (stated separately and in the aggregate) with respect to such Distribution Date;
(x) the Pass-Through Rate for each such Class of Certificates with respect to such Distribution Date;
(xi) the amount of P&I Advances included in the distribution on such Distribution Date reported by the Servicers Servicer (and the Trustee Master Servicer as successor Servicer servicer and any other successor Servicerservicer, if applicable) as of the close of business on the Determination Date immediately preceding such Distribution Date;
(xii) the number and aggregate outstanding principal balances Stated Principal Balance of such Mortgage Loans (1) as to which the Scheduled Payment is delinquent 31 to 60 days, 61 to 90 days days, and 91 or more 90+ days, (2) that have become REO Property, (3) that are in foreclosure and (4) that are in bankruptcy, in each case as of the close of business on the last Business Day day of the immediately preceding monthrelated Due Period;
(xiii) with respect to any Mortgage Loans that became REO Properties during for each of the preceding 12 calendar monthmonths, or all calendar months since the related Cut-off Date, whichever is less, the aggregate number dollar amount of such the Scheduled Payments (A) due on all Outstanding Mortgage Loans and the aggregate Stated Principal Balance of such Mortgage Loans as on each of the close of business Due Dates in each such month and (B) delinquent 60 days or more on the last Business Day each of the immediately preceding Due Dates in each such month;
(xiv) the total number and outstanding principal balance of any REO Properties (and market value, if available) as of the close of business on the last Business Day of the immediately preceding monthrelated Due Period;
(xv) whether a Trigger Event has occurred and is continuing (including the calculation demonstrating the existence of the Trigger EventEvent and the aggregate outstanding principal balance of all 60+ Day Delinquent Mortgage Loans);
(xvi) the amount on deposit in the Excess Reserve Fund Account (after giving effect to distributions on such Distribution Date);
(xvii) in the aggregate and for each Class of Certificates, the aggregate amount of Applied Realized Loss Amounts incurred during the preceding calendar month and aggregate Applied Realized Loss Amounts through such Distribution Date;
(xviii) the amount of any Net Monthly Excess Cash Flow on such Distribution Date and the allocation of it to the Certificateholders with respect to Unpaid Interest Amounts, Unpaid Applied Realized Loss Amounts or and Basis Risk CarryForward Carry Forward Amounts;
(xix) the amount of any Cap Payments, Net Swap Payments, Net Swap Receipts, Swap Termination Payments or Defaulted Swap Termination Payments;
(xx) the calculations of LIBOR and Swap LIBORLIBOR rates (and the calculation thereof, if applicable);
(xxi) the Subordinated Overcollateralized Amount and Specified Subordinated Overcollateralized Amount;
(xxii) Prepayment Charges collected or paid (pursuant to Section 3.07(a)) by the ServicersServicer;
(xxiii) the Cumulative Realized Loss Percentage and the aggregate amount of Realized Losses used to calculate the Cumulative Realized Loss Percentage;
(xxiv) the amount distributed on the Class X Certificates;
(xxv) the amount of any Subsequent Recoveries for such Distribution Date;
(xxvi) the Pre-Funded Amount as of the end of the prior Due Period;
(xxvii) the amount of any principal prepayment on the Certificates resulting from the application of unused moneys in the Pre-Funding Account; and
(xxviiixxvi) the number of Mortgage Loans at the beginning and end of the applicable reporting period, the pool factor (being the Stated Principal Balance of the Mortgage Loans for the related Distribution Date divided by the Cut-off Date Principal Balance), and the weighted average interest rate, and the weighted average remaining term; . In addition, each Form 10-D prepared and filed by the Trustee Securities Administrator pursuant to Section 8.12 shall include the following information with respect to the related distribution:
(i1) material breaches of Mortgage Loan representations and warranties under this Agreement of which the Trustee Securities Administrator has actual knowledge or has received written notice; and
(ii2) material breaches of any covenants under this Agreement of which the Trustee Securities Administrator has actual knowledge or has received written notice.; provided, that, if the Securities Administrator receives written notice of events described in (i) and/or (ii) above from the Servicer, the Servicer shall be responsible for providing information to the Securities Administrator for inclusion in the applicable Form 10-D.
(b) The TrusteeSecurities Administrator's responsibility for providing the above statement to the Certificateholders, each Rating Agency Agency, the Master Servicer, the Servicer and the Depositor is limited, if applicable, to the availability, timeliness and accuracy of the information derived from the Servicers Master Servicer and the Swap ProviderServicer. The Trustee Securities Administrator shall make available the above statement via the TrusteeSecurities Administrator's internet website. The TrusteeSecurities Administrator's website will initially be located at https://www.tss.db.com/invr http://www.ctslink.com and assistance in using the website can be xxxxxxxx obtaixxx xx xxxxxxx xxx XxxsteeXxxurities Administrator's investor relations customer service desk at 1-800866-735846-77774526. Parties that are unable to use A paper copy of the website are entitled xx xxxx x xxxer copy mailed to them via first class mail by calling the investor relations desk and indicating suchabove statement will also be made available upon request. The Trustee may change the way the monthly statements to Certificateholders are distributed in order to make such distribution more convenient and/or more accessible to the above parties and the Trustee shall provide timely and adequate notification to all above parties regarding any such changes. As a condition to access the Trustee's internet website, the Trustee may require registration and the acceptance of a disclaimer. The Trustee will not be liable for the dissemination of information in accordance with this Agreement. The Trustee Securities Administrator shall make available to each Analytics Company, either electronically or via the TrusteeSecurities Administrator's internet website, each statement to Certificateholders prepared pursuant to Section 4.03(a). The Trustee (Securities Administrator and the applicable Servicer, if such discrepancy results from or arises out of any information provided by the applicable Servicer pursuant to this Agreement) shall cooperate in good faith with the Depositor to reconcile any discrepancies in such statements, and the Trustee Securities Administrator shall provide make available via its Internet website any corrections to such statements to each Analytics Company as soon as reasonably practicable after the related Distribution Date. The Trustee will also be entitled to rely on but shall not be responsible for the content or accuracy of any information provided by third parties for purposes of preparing the monthly statement to Certificateholders and may affix thereto any disclaimer it deems appropriate in its reasonable discretion (without suggesting liability on the part of any other party hereto).
(c) Within Upon request, within a reasonable period of time after the end of each calendar year, the Trustee Securities Administrator shall cause to be furnished to each Person who at any time during the calendar year was a Certificateholder, a statement containing the information set forth in clauses (a)(ia)(1) and (a)(iia)(2) of this Section 4.03 aggregated for such calendar year or applicable portion thereof during which such Person was a Certificateholder. Such obligation of the Trustee Securities Administrator shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Trustee Securities Administrator pursuant to any requirements of the Code as from time to time in effect.
(d) Not later than the Determination Date for each Distribution Date, each the Servicer shall furnish to the TrusteeDepositor with respect to clause (i) below and the Securities Administrator with respect to clause (ii) below, a monthly remittance advice statement (the "Servicer Remittance Report") containing substantially similar to the data fields format set forth on in Exhibit X attached CC hereto, a monthly defaulted loan report substantially similar to the format set forth in Exhibit DD hereto and a realized loss report substantially similar to the format set forth in Exhibit EE hereto (or in each case, in a such other format mutually agreed upon by such Servicer to among the Depositor, the Servicer, and the TrusteeMaster Servicer) with respect relating to HomEq, the period ending on the last day of the preceding calendar month containing the data fields set forth on Exhibit Y attached hereto with respect to Wells Fargo (in each case, in a format mutually agreed upon by such Serxxxxx and the Trustee) and containing the data fields set forth on Exhibit Z attached hereto with respect Countrywide Servicing (in each case, in a format mutually agreed upon by such Servicer and the Trustee) and such information as shall be reasonably requested (i) by the Depositor to enable the Depositor to disclose "static pool information", as required by Item 1105 of Regulation AB, with respect to the Mortgage Loans, and (ii) by the Trustee Securities Administrator to enable the Trustee Securities Administrator to provide the reports required by Section 4.03(a) as to the accompanying remittance and applicable Due Period and the period ending on the close of business on the last day of the related Prepayment Period to which such remittance relatesPeriod. The Servicer Remittance Report shallshall concurrently deliver to the Depositor a data tape, at in form and substance reasonably satisfactory to the Depositor, containing the information required pursuant to this Section 4.03(d) on a minimumloan-by-loan basis for all of the Mortgage Loans. The Depositor will use the information required pursuant to this Section 4.03(d) in compliance with applicable law. The Servicer shall furnish to the Securities Administrator an individual loan accounting report, documentas of the last Business Day of each month, on such Determination Date, to document Mortgage Loan payment activity on an individual Mortgage Loan basis. With respect to each month, as followsthe corresponding individual loan accounting report (in electronic format) shall be received by the Securities Administrator no later than the Reporting Date, which report shall, at a minimum, contain the following:
(i) with respect to each Scheduled Payment, the amount of such remittance allocable to principal (including a separate breakdown of any Principal Prepayment, including the date of such prepayment, and any Prepayment ChargesPremiums, received during the related Prepayment Period along with a detailed report of interest on principal prepayment Principal Prepayment amounts remitted in accordance with Section 3.25);
(ii) with respect to each Scheduled Payment, the amount of such remittance allocable to interest;
(iii) the amount of servicing compensation received by such the Servicer during the prior distribution period;
(iv) the individual and aggregate Stated Principal Balance of the Mortgage Loans;
(v) the aggregate of any expenses reimbursed to such the Servicer during the prior distribution period pursuant to Section 3.11; and;
(vi) the number and aggregate outstanding principal balances of Mortgage Loans (a) delinquent 31 to 60 days, 61 to 90 days and 91 or more 90+ days; (b) as to which foreclosure or bankruptcy proceedings of the related mortgagor have commenced; and (c) as to which REO Property has been acquired. Concurrently with ;
(vii) each delivery of a Servicer Remittance Report to the TrusteeMortgage Loan which has been altered, Wells Fargomodified or varied during such month, acting as a Servicer, shall provide, in a manner consistenx xxxh the preceding paragraph, a supplemental statement (to the extent not previously provided) setting forth information in subclauses (v) and (vi). The Trustee shall promptly forward the Servicer Remittance Report and the related supplemental statement reason for such modification (i.e., extension of maturity date, Mortgage Interest Rate);
(viii) with respect to each Liquidated Mortgage Loan, the Depositoramount of any Realized Losses for such Mortgage Loan; and
(ix) any other information reasonably required by the Securities Administrator to enable it to prepare the Monthly Statement referred to in Section 4.03(a).
(e) Notwithstanding anything in Section 4.03(d) to the contrary, the Servicers shall be deemed to have satisfied the requirement to timely deliver the Servicer Remittance Report if such report is received by the Trustee on or prior to the 18th calendar day of such month in which the related Determination Date occurs; provided, however, that if such 18th calendar day is a Sunday or a Monday which is not a Business Day, the Servicers shall be deemed to have satisfied the requirement to timely deliver the Servicer Remittance Report if the Trustee and the Depositor receive such report (i) on the next Business Day succeeding such 18th calendar day, or (ii) on the Business Day immediately preceding such 18th calendar day, if such succeeding Business Day is later than the 20th calendar day of such calendar month.
(f) For all purposes of this Agreement, with respect to any Mortgage Loan, delinquencies shall be determined by the Trustee from information provided by the Servicers and reported by the Trustee based on the so-called "OTS" methodology for determining delinquencies on mortgage loans similar to the Mortgage Loans. By way of example, a Mortgage Loan would be delinquent with respect to a Scheduled Payment due on a Due Date if such Scheduled Payment is not made by the close of business on the Mortgage Loan's next succeeding Due Date, and a Mortgage Loan would be more than 30-days Delinquent with respect to such Scheduled Payment if such Scheduled Payment were not made by the close of business on the Mortgage Loan's second succeeding Due Date. Each The Servicer hereby represents and warrants that, as of the Closing Date, the Servicer does not have a safety and soundness regulator that requires the Servicer to the Depositor that such Servicer is not subject conform to any delinquency recognition policy established by the primary safety and soundness regulator, if any, of such Servicer, that is more restrictive than the foregoing delinquency recognition policy.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (GSAMP Trust 2007-He2)
Monthly Statements to Certificateholders. (a) Not later than each Distribution Date, the Trustee shall make available to each Certificateholder, the ServicersServicer, the Depositor and each Rating Agency a statement based in part on information provided by the Servicer setting forth with respect to the related distribution:
(i) the actual Distribution Date, the related Record Date, the Interest Accrual Period(s) for each Class for such Distribution Date and the LIBOR Determination Date for such Interest Accrual Period;
(ii) the amount of Available Funds;
(iii) the amount of Available Funds allocable to principal, the Principal Remittance Amount (separately identifying the components thereof) and the Principal Distribution Amount (separately identifying and the components calculation thereof);
(iv) the amount of Available Funds allocable to interest and each Interest Remittance Amount;
(v) the amount of any Unpaid Interest Amount for each Class included in such distribution and any remaining Unpaid Interest Amounts after giving effect to such distribution, any Basis Risk CarryForward Carry Forward Amount for each Class and the amount of such Basis Risk CarryForward Carry Forward Amount covered by withdrawals from the Excess Reserve Fund Account on such Distribution Date;
(vi) if the distribution to the Holders of such Class of Certificates is less than the full amount that would be distributable to such Holders if there were sufficient funds available therefor, the amount of the shortfall and the allocation of the shortfall as between principal and interest, including any Basis Risk CarryForward Carry Forward Amount not covered by amounts in the Excess Reserve Fund Account;
(vii) the Class Certificate Balance of each Class of Certificates before and after giving effect to the distribution of principal on such Distribution Date;
(viii) the Pool Stated Principal Balance for the related Distribution Date;
(ix) the amount of the Expense Fees paid to or retained by the Servicers Servicer and paid to or retained by the Trustee (stated separately and in the aggregate) with respect to such Distribution Date;
(x) the Pass-Through Rate for each such Class of Certificates with respect to such Distribution Date;
(xi) the amount of P&I Advances included in the distribution on such Distribution Date reported by the Servicers Servicer (and the Trustee as successor Servicer servicer and any other successor Servicerservicer, if applicable) as of the close of business on the Determination Date immediately preceding such Distribution Date;
(xii) the number and aggregate outstanding principal balances of Mortgage Loans (1) as to which the Scheduled Payment is delinquent 31 to 60 days, 61 to 90 days and days, 91 or more days, and in such other periods and for such times as required by Regulation AB, (2) that have become REO Property, (3) that are in foreclosure and (4) that are in bankruptcy, in each case as of the close of business on the last Business Day of the immediately preceding month;
(xiii) for each of the preceding 12 calendar months, or all calendar months since the related Cut-off Date, whichever is less, the aggregate dollar amount of the Scheduled Payments (A) due on all outstanding Mortgage Loans on each of the Due Dates in each such month and (B) delinquent 60 days or more on each of the Due Dates in each such month;
(xiv) with respect to any Mortgage Loans that became REO Properties during the preceding calendar month, the aggregate number of such Mortgage Loans and the aggregate Stated Principal Balance outstanding principal balance of such Mortgage Loans as of the close of business on the last Business Day of the immediately preceding monthmonth and the month and year of acquisition of such REO Properties;
(xivxv) the total number and outstanding principal balance of any REO Properties (and market value, if available) as of the close of business on the last Business Day of the immediately preceding month;
(xvxvi) whether a Trigger Event has occurred and is continuing (including the calculation demonstrating the existence of the Trigger Event);
(xvixvii) the amount on deposit in the Excess Reserve Fund Account (after giving effect to distributions on such Distribution Date);
(xviixviii) in the aggregate and for each Class of Certificates, the aggregate amount of Applied Realized Loss Amounts incurred during the preceding calendar month and aggregate Applied Realized Loss Amounts through such Distribution Date;
(xviiixix) the amount of any Net Monthly Excess Cash Flow on such Distribution Date and the allocation of it to the Certificateholders with respect to Unpaid Interest Amounts, Unpaid Applied Realized Loss Amounts or and Basis Risk CarryForward Carry Forward Amounts;
(xixxx) the amount of any Net Swap Payments, Net Swap Receipts, Swap Termination Payments or and Defaulted Swap Termination Payments;
(xxxxi) the calculations of LIBOR and Swap LIBOR;
(xxixxii) the Subordinated Amount and Specified Subordinated Amount;
(xxiixxiii) Prepayment Charges collected or paid (pursuant to Section 3.07(a)) by the ServicersServicer;
(xxiiixxiv) the Cumulative Loss Percentage and the aggregate amount of Realized Losses used to calculate the Cumulative Loss Percentage;
(xxivxxv) the amount distributed on the Class X Certificates;
(xxvxxvi) the amount of any Subsequent Recoveries for such Distribution Date;
(xxvi) the Pre-Funded Amount as of the end of the prior Due Period;
(xxvii) the amount of any principal prepayment on the Certificates resulting from the application of unused moneys in the Pre-Funding Account; and
(xxviii) the number of Mortgage Loans at the beginning and end of the applicable reporting period, the pool factor (being the Stated Principal Balance of the Mortgage Loans for the related Distribution Date divided by the Cut-off Date Principal Balance)factor, and the weighted average interest rate, and weighted average remaining term;
(xxviii) if applicable, the amount distributed to the Supplemental Float Account; and
(xxix) if applicable, the amount distributed to the Class R-I Certificates. In addition, each Form 10-D prepared and filed by the Trustee pursuant to Section 8.12 shall include the following information with respect to the related distribution:
(iA) material breaches of Mortgage Loan representations and warranties under this Agreement of which the Trustee has actual knowledge or has received written notice; and
(iiB) material breaches of any covenants under this Agreement of which the Trustee has actual knowledge or has received written notice.
(b) The Trustee's responsibility for providing the above statement to the Certificateholders, each Rating Agency and the Depositor is limited, if applicable, to the availability, timeliness and accuracy of the information derived from the Servicers and the Swap ProviderServicer. The Trustee shall make available the above statement via the Trustee's internet website. The Trustee's website will initially be located at https://www.tss.db.com/invr and assistance in using the website can be xxxxxxxx xx xxxxxxx xxx Xxxstee's investor relations desk at 1-800-735-7777. A paper copy of the above statement will also be made axxxxxxxx xxxx request. Parties that are unable to use the website are entitled xx xxxx x xxxer to have a paper copy mailed to them via first class mail by calling the investor relations customer service desk and indicating such. The Trustee may change the way the monthly statements to Certificateholders are distributed in order to make such distribution more convenient and/or more accessible to the above parties and the Trustee shall provide timely and adequate notification to all above parties regarding any such changes. As a condition to access the Trustee's internet website, the Trustee may require registration and the acceptance of a disclaimer. The Trustee will not be liable for the dissemination of information in accordance with this Agreement. The Trustee shall make available to each Analytics Company, either electronically or Company via the Trustee's internet website, website each statement to Certificateholders prepared pursuant to this Section 4.03(a). The Trustee (and the applicable Servicer, if such discrepancy results from or arises out of any information provided by the applicable Servicer pursuant to this Agreement) shall cooperate in good faith with the Depositor to reconcile any discrepancies in such statements, and the Trustee shall provide any corrections to such statements to each Analytics Company as soon as reasonably practicable after the related Distribution Date. The Trustee will also be entitled to rely on but shall not be responsible for the content or accuracy of any information provided by third parties for purposes of preparing the monthly statement to Certificateholders and may affix thereto any disclaimer it deems appropriate in its reasonable discretion (without suggesting liability on the part of any other party hereto).
(c) Within a reasonable period of time after the end of each calendar year, the Trustee shall cause to be furnished to each Person who at any time during the calendar year was a Certificateholder, a statement containing the information set forth in clauses (a)(i) and (a)(ii) of this Section 4.03 aggregated for such calendar year or applicable portion thereof during which such Person was a Certificateholder. Such obligation of the Trustee shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Trustee pursuant to any requirements of the Code as from time to time in effect.
(d) Not later than three Business Days following the Determination Date for and in no event later than the 20th calendar day of each Distribution Datemonth, each the Servicer shall furnish to the TrusteeDepositor with respect to clause (i) below and the Trustee with respect to clause (ii) below, a monthly remittance advice statement (the "Servicer Remittance Report") containing the data fields set forth on Exhibit X attached hereto (in each case, in a format mutually agreed upon by such Servicer the Servicer, the Trustee and the TrusteeDepositor) with respect to HomEq, containing the data fields set forth on Exhibit Y attached hereto with respect to Wells Fargo (in each case, in a format mutually agreed upon by such Serxxxxx and the Trustee) and containing the data fields set forth on Exhibit Z attached hereto with respect Countrywide Servicing (in each case, in a format mutually agreed upon by such Servicer and the Trustee) and such information as shall be reasonably requested (i) by the Depositor to enable the Depositor to disclose "static pool information", as required by Item 1105 of Regulation AB, with respect to the Mortgage Loans, and (ii) by the Trustee to enable the Trustee to provide the reports required by Section 4.03(a) as to the accompanying remittance remittance. The Servicer shall concurrently deliver to the Depositor a data tape, in form and applicable Due Period substance reasonably satisfactory to the Depositor and Prepayment Period the Servicer, containing the information required pursuant to which such remittance relatesthis Section 4.03(d) on a loan-by-loan basis for all of the Mortgage Loans. The Servicer Remittance Report shall, at a minimum, document, on such Determination Date, Mortgage Loan payment activity on an individual Mortgage Loan basis, as follows:
(i) with respect to each Scheduled Payment, the amount of such remittance allocable to principal (including a separate breakdown of any Principal Prepayment, including the date of such prepayment, and any Prepayment Charges, received during the related Prepayment Period along with a detailed report of interest on principal prepayment amounts remitted in accordance with Section 3.25);
(ii) with respect to each Scheduled Payment, the amount of such remittance allocable to interest;
(iii) the amount of servicing compensation Servicing Fees received by such the Servicer during the prior distribution period;
(iv) the individual and aggregate Stated Principal Balance of the Mortgage Loans;
(v) the aggregate expenses reimbursed to such the Servicer during the prior distribution period pursuant to Section 3.11; and
(vi) the number and aggregate outstanding principal balances of Mortgage Loans (a) delinquent 31 to 60 days, 61 to 90 days and days, 91 or more days, and in such other periods and for such times as required by Regulation AB; (b) as to which foreclosure or bankruptcy proceedings of the related mortgagor have commenced; and (c) as to which REO Property has been acquired. Concurrently with each delivery of a Servicer Remittance Report to the Trustee, Wells Fargo, acting as a Servicer, shall provide, in a manner consistenx xxxh the preceding paragraph, a supplemental statement (to the extent not previously provided) setting forth information in subclauses (v) and (vi). The Trustee shall promptly forward the Servicer Remittance Report and the related supplemental statement to the Depositor.
(e) Notwithstanding anything in Section 4.03(d) to the contrary, the Servicers shall be deemed to have satisfied the requirement to timely deliver the Servicer Remittance Report if such report is received by the Trustee on or prior to the 18th calendar day of such month in which the related Determination Date occurs; provided, however, that if such 18th calendar day is a Sunday or a Monday which is not a Business Day, the Servicers shall be deemed to have satisfied the requirement to timely deliver the Servicer Remittance Report if the Trustee and the Depositor receive such report (i) on the next Business Day succeeding such 18th calendar day, or (ii) on the Business Day immediately preceding such 18th calendar day, if such succeeding Business Day is later than the 20th calendar day of such calendar month.
(f) For all purposes of this Agreement, with respect to any Mortgage Loan, delinquencies shall be determined by the Trustee from information provided by the Servicers and reported by the Trustee based on the so-called "OTS" methodology for determining delinquencies on mortgage loans similar to the Mortgage Loans. By way of example, a Mortgage Loan would be delinquent with respect to a Scheduled Payment due on a Due Date if such Scheduled Payment is not made by the close of business on the Mortgage Loan's next succeeding Due Date, and a Mortgage Loan would be more than 30-days Delinquent with respect to such Scheduled Payment if such Scheduled Payment were not made by the close of business on the Mortgage Loan's second succeeding Due Date. Each The Servicer hereby represents and warrants to the Depositor that such Servicer this delinquency recognition policy is not subject to less restrictive than any delinquency recognition policy established by the primary safety and soundness regulator, if any, of such Servicer, that is more restrictive than the foregoing delinquency recognition policyServicer with respect to mortgage loans similar to the Mortgage Loans.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Securitized Asset Backed Receivables LLC Trust 2007-Br1)
Monthly Statements to Certificateholders. (a) Not later than each Distribution Date, the Trustee shall make available to each Certificateholder, the ServicersServicer, the Depositor and each Rating Agency a statement based in part on information provided by the Servicer setting forth with respect to the related distribution:
(i) the actual Distribution Date, the related Record Date, the Interest Accrual Period(s) for each Class for such Distribution Date and the LIBOR Determination Date for such Interest Accrual Period;
(ii) the amount of Available Funds;
(iii) the amount of Available Funds allocable to principal, the Principal Remittance Amount (separately identifying the components thereof) and the Principal Distribution Amount (separately identifying and the components calculation thereof);
(iv) the amount of Available Funds allocable to interest and each Interest Remittance Amount;
(v) the amount of any Unpaid Interest Amount for each Class included in such distribution and any remaining Unpaid Interest Amounts after giving effect to such distribution, any Basis Risk CarryForward Carry Forward Amount for each Class and the amount of such Basis Risk CarryForward Carry Forward Amount covered by withdrawals from the Excess Reserve Fund Account on such Distribution Date;
(vi) if the distribution to the Holders of such Class of Certificates is less than the full amount that would be distributable to such Holders if there were sufficient funds available therefor, the amount of the shortfall and the allocation of the shortfall as between principal and interest, including any Basis Risk CarryForward Carry Forward Amount not covered by amounts in the Excess Reserve Fund Account;
(vii) the Class Certificate Balance of each Class of Certificates before and after giving effect to the distribution of principal on such Distribution Date;
(viii) the Pool Stated Principal Balance for the related Distribution Date;
(ix) the amount of the Expense Fees paid to or retained by the Servicers Servicer and paid to or retained by the Trustee Custodian (stated separately and in the aggregate) with respect to such Distribution Date;
(x) the Pass-Through Rate for each such Class of Certificates with respect to such Distribution Date;
(xi) the amount of P&I Advances included in the distribution on such Distribution Date reported by the Servicers Servicer (and the Trustee as successor Servicer servicer and any other successor Servicerservicer, if applicable) as of the close of business on the Determination Date immediately preceding such Distribution Date;
(xii) the number and aggregate outstanding principal balances of Mortgage Loans (1) as to which the Scheduled Payment is delinquent 31 to 60 days, 61 to 90 days and days, 91 or more days, and in such other periods and for such times as required by Regulation AB, (2) that have become REO Property, (3) that are in foreclosure and (4) that are in bankruptcy, in each case as of the close of business on the last Business Day of the immediately preceding month;
(xiii) for each of the preceding 12 calendar months, or all calendar months since the related Cut-off Date, whichever is less, the aggregate dollar amount of the Scheduled Payments (A) due on all outstanding Mortgage Loans on each of the Due Dates in each such month and (B) delinquent 60 days or more on each of the Due Dates in each such month;
(xiv) with respect to any Mortgage Loans that became REO Properties during the preceding calendar month, the aggregate number of such Mortgage Loans and the aggregate Stated Principal Balance outstanding principal balance of such Mortgage Loans as of the close of business on the last Business Day of the immediately preceding monthmonth and the month and year of acquisition of such REO Properties;
(xivxv) the total number and outstanding principal balance of any REO Properties (and market value, if available) as of the close of business on the last Business Day of the immediately preceding month;
(xvxvi) whether a Trigger Event has occurred and is continuing (including the calculation demonstrating the existence of the Trigger Event);
(xvixvii) the amount on deposit in the Excess Reserve Fund Account (after giving effect to distributions on such Distribution Date);
(xviixviii) in the aggregate and for each Class of Certificates, the aggregate amount of Applied Realized Loss Amounts incurred during the preceding calendar month and aggregate Applied Realized Loss Amounts through such Distribution Date;
(xviiixix) the amount of any Net Monthly Excess Cash Flow on such Distribution Date and the allocation of it to the Certificateholders with respect to Unpaid Interest Amounts, Unpaid Applied Realized Loss Amounts or and Basis Risk CarryForward Carry Forward Amounts;
(xixxx) the amount of any Net Swap Payments, Net Swap Receipts, Swap Termination Payments or Defaulted Swap Termination Payments;
(xxxxi) the calculations of LIBOR and Swap LIBOR;
(xxixxii) the Subordinated Amount and Specified Subordinated Amount;
(xxiixxiii) Prepayment Charges collected or paid (pursuant to Section 3.07(a)) by the ServicersServicer;
(xxiiixxiv) the Cumulative Loss Percentage and the aggregate amount of Realized Losses used to calculate the Cumulative Loss Percentage;
(xxivxxv) the amount distributed on the Class X Certificates;
(xxvxxvi) the amount of any Subsequent Recoveries for such Distribution Date;
(xxvi) the Pre-Funded Amount as of the end of the prior Due Period;
(xxvii) the amount of any principal prepayment on the Certificates resulting from the application of unused moneys in the Pre-Funding Account; and
(xxviii) the number of Mortgage Loans at the beginning and end of the applicable reporting period, the pool factor (being the Stated Principal Balance of the Mortgage Loans for the related Distribution Date divided by the Cut-off Date Principal Balance)factor, and the weighted average interest rate, and weighted average remaining term;
(xxviii) if applicable, the amount distributed to the Supplemental Float Account; and
(xxix) if applicable, the amount distributed to the Class R-I Certificates. In addition, each Form 10-D prepared and filed by the Trustee pursuant to Section 8.12 shall include the following information with respect to the related distribution:
(iA) material breaches of Mortgage Loan representations and warranties under this Agreement of which the Trustee has actual knowledge or has received written notice; and
(iiB) material breaches of any covenants under this Agreement of which the Trustee has actual knowledge or has received written notice.
(b) The Trustee's responsibility for providing the above statement to the Certificateholders, each Rating Agency and the Depositor is limited, if applicable, to the availability, timeliness and accuracy of the information derived from the Servicers and the Swap ProviderServicer. The Trustee shall make available the above statement via the Trustee's internet website. The Trustee's website will initially be located at https://www.tss.db.com/invr and assistance in using the website can be xxxxxxxx xx xxxxxxx xxx Xxxstee's investor relations desk at 1-800-735-7777. A paper copy of the above statement will also be made axxxxxxxx xxxx request. Parties that are unable to use the website are entitled xx xxxx x xxxer to have a paper copy mailed to them via first class mail by calling the investor relations customer service desk and indicating such. The Trustee may change the way the monthly statements to Certificateholders are distributed in order to make such distribution more convenient and/or more accessible to the above parties and the Trustee shall provide timely and adequate notification to all above parties regarding any such changes. As a condition to access the Trustee's internet website, the Trustee may require registration and the acceptance of a disclaimer. The Trustee will not be liable for the dissemination of information in accordance with this Agreement. The Trustee shall make available to each Analytics Company, either electronically or Company via the Trustee's internet website, website each statement to Certificateholders prepared pursuant to this Section 4.03(a). The Trustee (and the applicable Servicer, if such discrepancy results from or arises out of any information provided by the applicable Servicer pursuant to this Agreement) shall cooperate in good faith with the Depositor to reconcile any discrepancies in such statements, and the Trustee shall provide any corrections to such statements to each Analytics Company as soon as reasonably practicable after the related Distribution Date. The Trustee will also be entitled to rely on but shall not be responsible for the content or accuracy of any information provided by third parties for purposes of preparing the monthly statement to Certificateholders and may affix thereto any disclaimer it deems appropriate in its reasonable discretion (without suggesting liability on the part of any other party hereto).
(c) Within a reasonable period of time after the end of each calendar year, the Trustee shall cause to be furnished to each Person who at any time during the calendar year was a Certificateholder, a statement containing the information set forth in clauses (a)(i) and (a)(ii) of this Section 4.03 aggregated for such calendar year or applicable portion thereof during which such Person was a Certificateholder. Such obligation of the Trustee shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Trustee pursuant to any requirements of the Code as from time to time in effect.
(d) Not later than three Business Days following the Determination Date for and in no event later than the 20th calendar day of each Distribution Datemonth, each the Servicer shall furnish to the TrusteeDepositor with respect to clause (i) below and the Trustee with respect to clause (ii) below, a monthly remittance advice statement (the "Servicer Remittance Report") containing the data fields set forth on Exhibit X attached hereto (in each case, in a format mutually agreed upon by such Servicer the Servicer, the Trustee and the TrusteeDepositor) with respect to HomEq, containing the data fields set forth on Exhibit Y attached hereto with respect to Wells Fargo (in each case, in a format mutually agreed upon by such Serxxxxx and the Trustee) and containing the data fields set forth on Exhibit Z attached hereto with respect Countrywide Servicing (in each case, in a format mutually agreed upon by such Servicer and the Trustee) and such information as shall be reasonably requested (i) by the Depositor to enable the Depositor to disclose "static pool information", as required by Item 1105 of Regulation AB, with respect to the Mortgage Loans, and (ii) by the Trustee to enable the Trustee to provide the reports required by Section 4.03(a) as to the accompanying remittance remittance. The Servicer shall concurrently deliver to the Depositor a data tape, in form and applicable Due Period substance reasonably satisfactory to the Depositor and Prepayment Period the Servicer, containing the information required pursuant to which such remittance relatesthis Section 4.03(d) on a loan-by-loan basis for all of the Mortgage Loans. The Servicer Remittance Report shall, at a minimum, document, on such Determination Date, Mortgage Loan payment activity on an individual Mortgage Loan basis, as follows:
(i) with respect to each Scheduled Payment, the amount of such remittance allocable to principal (including a separate breakdown of any Principal Prepayment, including the date of such prepayment, and any Prepayment Charges, received during the related Prepayment Period along with a detailed report of interest on principal prepayment amounts remitted in accordance with Section 3.25);
(ii) with respect to each Scheduled Payment, the amount of such remittance allocable to interest;
(iii) the amount of servicing compensation Servicing Fees received by such the Servicer during the prior distribution period;
(iv) the individual and aggregate Stated Principal Balance of the Mortgage Loans;
(v) the aggregate expenses reimbursed to such the Servicer during the prior distribution period pursuant to Section 3.11; and
(vi) the number and aggregate outstanding principal balances of Mortgage Loans (a) delinquent 31 to 60 days, 61 to 90 days and days, 91 or more days, and in such other periods and for such times as required by Regulation AB; (b) as to which foreclosure or bankruptcy proceedings of the related mortgagor have commenced; and (c) as to which REO Property has been acquired. Concurrently with each delivery of a Servicer Remittance Report to the Trustee, Wells Fargo, acting as a Servicer, shall provide, in a manner consistenx xxxh the preceding paragraph, a supplemental statement (to the extent not previously provided) setting forth information in subclauses (v) and (vi). The Trustee shall promptly forward the Servicer Remittance Report and the related supplemental statement to the Depositor.
(e) Notwithstanding anything in Section 4.03(d) to the contrary, the Servicers shall be deemed to have satisfied the requirement to timely deliver the Servicer Remittance Report if such report is received by the Trustee on or prior to the 18th calendar day of such month in which the related Determination Date occurs; provided, however, that if such 18th calendar day is a Sunday or a Monday which is not a Business Day, the Servicers shall be deemed to have satisfied the requirement to timely deliver the Servicer Remittance Report if the Trustee and the Depositor receive such report (i) on the next Business Day succeeding such 18th calendar day, or (ii) on the Business Day immediately preceding such 18th calendar day, if such succeeding Business Day is later than the 20th calendar day of such calendar month.
(f) For all purposes of this Agreement, with respect to any Mortgage Loan, delinquencies shall be determined by the Trustee from information provided by the Servicers and reported by the Trustee based on the so-called "OTS" methodology for determining delinquencies on mortgage loans similar to the Mortgage Loans. By way of example, a Mortgage Loan would be delinquent with respect to a Scheduled Payment due on a Due Date if such Scheduled Payment is not made by the close of business on the Mortgage Loan's next succeeding Due Date, and a Mortgage Loan would be more than 30-days Delinquent with respect to such Scheduled Payment if such Scheduled Payment were not made by the close of business on the Mortgage Loan's second succeeding Due Date. Each The Servicer hereby represents and warrants to the Depositor that such Servicer this delinquency recognition policy is not subject to less restrictive than any delinquency recognition policy established by the primary safety and soundness regulator, if any, of such Servicer, that is more restrictive than the foregoing delinquency recognition policyServicer with respect to mortgage loans similar to the Mortgage Loans.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Securitized Asset Backed Receivables LLC Trust 2006-Wm4)
Monthly Statements to Certificateholders. (a) Not later than each Distribution Date, the Trustee shall prepare and make available on its website at https://www.tss.db.com/invr to each Certificateholder, the Servicers, the Depositor and each Rating Agency a statement setting forth with respect to Servicer xxx xxx Xxxxxxxxx x xxxxxxxnt for the related distributiondistribution of:
(i) the actual applicable Record Dates, Interest Accrual Periods and Determination Dates for calculating distributions for the Distribution Date, the related Record Date, the Interest Accrual Period(s) for each Class for such Distribution Date and the LIBOR Determination Date for such Interest Accrual Period;
(ii) the amount of Available Fundsfunds received from the Servicer for the Distribution Date separately identifying amounts received in respect of the Mortgage Loans and the amount of Advances included in the distribution on the Distribution Date;
(iii) the amount Servicing Fee and the amounts of Available Funds allocable any additional servicing compensation received by the Servicer attributable to principalpenalties, fees, Excess Proceeds or other similar charges or fees and items with respect to the Distribution Date, and, with respect to Lender PMI Loans, the Principal Remittance Amount (separately identifying interest premium charged the components thereof) and the Principal Distribution Amount (separately identifying the components thereof)related borrower for primary mortgage guaranty insurance;
(iv) the amount of Available Funds allocable to interest and each Interest Remittance AmountTrustee Fee for the Distribution Date;
(v) the aggregate amount of expenses paid from amounts on deposit in the Distribution Account;
(vi) the aggregate amount on deposit in the Distribution Account, as of the beginning and end of the related Due Period;
(vii) the amount of the distribution allocable to principal, separately identifying the aggregate amount of any Principal Prepayments and Liquidation Proceeds included therein;
(viii) the amount of the distribution allocable to interest, any Class Unpaid Interest Amount for each Class Amounts included in such the distribution and any remaining Class Unpaid Interest Amounts after giving effect to such the distribution, any Basis Risk CarryForward Amount for each Class and the amount of such Basis Risk CarryForward Amount covered by withdrawals from the Excess Reserve Fund Account on such Distribution Date;
(viix) if the distribution to the Holders of such any Class of Certificates is less than the full amount that would be distributable to such Holders them if there were sufficient funds available thereforwere available, the amount of the shortfall and the allocation of the shortfall as between principal and interest, including any Basis Risk CarryForward Amount not covered by amounts in the Excess Reserve Fund Account;
(viix) the aggregate amount of Realized Losses in each Loan Group and in the aggregate incurred and Subsequent Recoveries, if any, received during the preceding calendar month and aggregate Realized Losses through the Distribution Date;
(xi) the Class Certificate Balance of each Class of Certificates before and after giving effect to the distribution of principal on such Distribution Date;
(viii) the Pool Stated Principal Balance for the Distribution Date;
(ix) the amount of the Expense Fees paid to or retained by the Servicers and the Trustee (stated separately and in the aggregate) with respect to such Distribution Date;
(xxii) the Pass-Through Rate for each such Class of Certificates with respect to such the Distribution Date;
(xixiii) the amount number of P&I Advances included Mortgage Loans in each Loan Group and in the distribution on such Distribution Date reported by the Servicers (aggregate and the Trustee aggregate Stated Principal Balance of the Mortgage Loans in each Loan Group and the Pool Stated Principal Balance as successor Servicer the first day of the related Due Period and any other successor Servicer, if applicablethe last day of the related Due Period;
(xiv) as of the close last day of business on the Determination Date immediately preceding such Distribution Daterelated Due Period:
(A) the weighted average mortgage rate of the Mortgage Loans in each Loan Group and in the aggregate, and
(B) the weighted average remaining term to maturity of the Mortgage Loans in each Loan Group and in the aggregate;
(xiixv) the number and aggregate outstanding principal balances Stated Principal Balance of the Mortgage Loans in each Loan Group and in the aggregate as of the end of the preceding calendar month:
(A) delinquent (exclusive of Mortgage Loans in foreclosure) (1) as 30 to which the Scheduled Payment is delinquent 31 to 60 days, 61 to 90 days and 91 or more 59 days, (2) that have become REO Property, 60 to 89 days and (3) that are 90 or more days and
(B) in foreclosure and delinquent (41) that are in bankruptcy30 to 59 days, (2) 60 to 89 days and (3) 90 or more days, in each case as of the close of business on the last Business Day day of the immediately calendar month preceding the Distribution Date;
(xvi) for each of the preceding 12 calendar months, or all calendar months since the Cut-off Date, whichever is less, the aggregate dollar amount of the Scheduled Payments (A) due on all Outstanding Mortgage Loans on the Due Date in each such month and (B) delinquent sixty (60) days or more on the Due Date in each such month;
(xiiixvii) with respect to any Mortgage Loans Loan that became an REO Properties Property during the preceding calendar month, the aggregate loan number of such Mortgage Loans and the aggregate Stated Principal Balance of such the Mortgage Loans Loan as of the close of business on the last Business Day of Determination Date preceding the immediately preceding monthDistribution Date;
(xivxviii) the total number and outstanding principal balance of any REO Properties in each Loan Group and in the aggregate (and market value, if available) as of the close of business on the last Business Day of Determination Date preceding the immediately preceding month;
(xv) whether a Trigger Event has occurred and is continuing (including the calculation demonstrating the existence of the Trigger Event;
(xvi) the amount on deposit in the Excess Reserve Fund Account (after giving effect to distributions on such Distribution Date);
(xvii) in the aggregate and for each Class of Certificates, the aggregate amount of Applied Realized Loss Amounts incurred during the preceding calendar month and aggregate Applied Realized Loss Amounts through such Distribution Date;
(xviii) the amount of any Net Monthly Excess Cash Flow on such Distribution Date and the allocation of it to the Certificateholders with respect to Unpaid Interest Amounts, Unpaid Realized Loss Amounts or Basis Risk CarryForward Amounts;
(xix) the aggregate amount of any Net Swap Payments, Net Swap Receipts, Swap Termination Payments or Defaulted Swap Termination PaymentsPrincipal Prepayments received during the related Prepayment Period and the number of Mortgage Loans subject to such Principal Prepayments;
(xx) the calculations amount of LIBOR Advances included in the distribution on the Distribution Date and Swap LIBORthe aggregate amount of Advances outstanding as of the close of business on the Distribution Date;
(xxi) the Subordinated Amount aggregate amount of Advances reimbursed during the related Due Period, the general source of funds for such reimbursements and Specified Subordinated Amountthe aggregate amount of Advances outstanding as of the close of business on the Distribution Date;
(xxii) Prepayment Charges collected or paid (pursuant to Section 3.07(a)) by the Servicersaggregate amount of Servicing Advances reimbursed during the related Due Period, the general source of funds for such reimbursements and the aggregate amount of Servicing Advances outstanding as of the close of business on the Distribution Date;
(xxiii) the Cumulative Loss Percentage aggregate number and outstanding Stated Principal Balance of Mortgage Loans in each Loan Group and in the aggregate amount repurchased during the related Due Period due to material breaches of Realized Losses used to calculate the Cumulative Loss Percentagerepresentations and warranties regarding such Mortgage Loans;
(xxiv) each Senior Prepayment Percentage and Subordinated Prepayment Percentage for the amount distributed on the Class X CertificatesDistribution Date;
(xxv) each Senior Percentage and Subordinated Percentage for the amount of any Subsequent Recoveries for such Distribution Date;
(xxvi) the Pre-Funded Special Hazard Loss Coverage Amount, the Fraud Loss Coverage Amount and the Bankruptcy Loss Coverage Amount, in each case as of the end of the prior Due Periodrelated Determination Date;
(xxvii) Prepayment Charges collected, waived, and paid by the amount of any principal prepayment on the Certificates resulting from the application of unused moneys in the Pre-Funding Account; andServicer;
(xxviii) the number of Mortgage Loans at the end of the applicable reporting period, the pool factor (being the aggregate Stated Principal Balance of the Mortgage Loans for in each Loan Group and in the related Distribution Date divided by aggregate that became Liquidated Mortgage Loans in the prior month and since the Cut-off Date (in each case immediately prior to the Stated Principal BalanceBalance being reduced to zero), and ;
(xxix) the weighted average interest rate, and weighted average remaining term; In addition, each Form 10-D prepared and filed Stated Principal Balance of any Mortgage Loan that has been repurchased by the Trustee pursuant to Servicer in accordance with Section 8.12 shall include the following information with respect to the related distribution:
(i) material breaches of Mortgage Loan representations and warranties under this Agreement of which the Trustee has actual knowledge 2.02, 2.03 or has received written notice3.12; and
(iixxx) material breaches the Stated Principal Balance of any covenants under this Agreement Substitute Mortgage Loan provided by the Seller and the Stated Principal Balance of which the Trustee any Mortgage Loan that has actual knowledge or received written notice.
(b) been replaced by a Substitute Mortgage Loan in accordance with Section 2.03. The Trustee's responsibility for providing disbursing the above statement information to the Certificateholders, each Rating Agency and the Depositor Certificateholders is limited, if applicable, limited to the availability, timeliness and accuracy of the information derived from the Servicers and Servicer. By each Determination Date the Swap Provider. The Trustee Servicer shall make available the above statement via the Trustee's internet website. The Trustee's website will initially be located at https://www.tss.db.com/invr and assistance in using the website can be xxxxxxxx xx xxxxxxx xxx Xxxstee's investor relations desk at 1-800-735-7777. Parties that are unable to use the website are entitled xx xxxx x xxxer copy mailed to them via first class mail by calling the investor relations desk and indicating such. The Trustee may change the way the monthly statements to Certificateholders are distributed in order to make such distribution more convenient and/or more accessible provide to the above parties Trustee in electronic form the information needed to determine the distributions to be made pursuant to Section 4.02 and any other information on which the Servicer and the Trustee shall provide timely and adequate notification mutually agree. On or before the fifth Business Day following the end of each Prepayment Period (but in no event later than the third Business Day prior to all above parties regarding any such changes. As a condition to access the Trustee's internet website, the Trustee may require registration and the acceptance of a disclaimer. The Trustee will not be liable for the dissemination of information in accordance with this Agreement. The Trustee shall make available to each Analytics Company, either electronically or via the Trustee's internet website, each statement to Certificateholders prepared pursuant to Section 4.03(a). The Trustee (and the applicable Servicer, if such discrepancy results from or arises out of any information provided by the applicable Servicer pursuant to this Agreement) shall cooperate in good faith with the Depositor to reconcile any discrepancies in such statements, and the Trustee shall provide any corrections to such statements to each Analytics Company as soon as reasonably practicable after the related Distribution Date. The ), the Servicer shall deliver to the Trustee will also (which delivery may be entitled to rely on but shall not be responsible for by electronic data transmission) a report in substantially the content or accuracy of any information provided by third parties for purposes of preparing the monthly statement to Certificateholders and may affix thereto any disclaimer it deems appropriate in its reasonable discretion (without suggesting liability on the part of any other party hereto).
(c) form set forth as Schedule V. Within a reasonable period of time after the end of each calendar year, the Trustee shall cause to be furnished to each Person who at any time during the calendar year was a Certificateholder, a statement containing the information set forth in clauses (a)(ia)(vii) and (a)(iia)(viii) of this Section 4.03 4.06 aggregated for such calendar year or applicable portion thereof during which such Person was a Certificateholder. Such obligation of the Trustee shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Trustee pursuant to any requirements of the Code as from time to time in effect.
(d) Not later than the Determination Date for each Distribution Date, each Servicer shall furnish to the Trustee, a monthly remittance advice statement (the "Servicer Remittance Report") containing the data fields set forth on Exhibit X attached hereto (in each case, in a format mutually agreed upon by such Servicer and the Trustee) with respect to HomEq, containing the data fields set forth on Exhibit Y attached hereto with respect to Wells Fargo (in each case, in a format mutually agreed upon by such Serxxxxx and the Trustee) and containing the data fields set forth on Exhibit Z attached hereto with respect Countrywide Servicing (in each case, in a format mutually agreed upon by such Servicer and the Trustee) and such information as shall be reasonably requested (i) by the Depositor to enable the Depositor to disclose "static pool information", as required by Item 1105 of Regulation AB, with respect to the Mortgage Loans, and (ii) by the Trustee to enable the Trustee to provide the reports required by Section 4.03(a) as to the accompanying remittance and applicable Due Period and Prepayment Period to which such remittance relates. The Servicer Remittance Report shall, at a minimum, document, on such Determination Date, Mortgage Loan payment activity on an individual Mortgage Loan basis, as follows:
(i) with respect to each Scheduled Payment, the amount of such remittance allocable to principal (including a separate breakdown of any Principal Prepayment, including the date of such prepayment, and any Prepayment Charges, received during the related Prepayment Period along with a detailed report of interest on principal prepayment amounts remitted in accordance with Section 3.25);
(ii) with respect to each Scheduled Payment, the amount of such remittance allocable to interest;
(iii) the amount of servicing compensation received by such Servicer during the prior distribution period;
(iv) the individual and aggregate Stated Principal Balance of the Mortgage Loans;
(v) the aggregate expenses reimbursed to such Servicer during the prior distribution period pursuant to Section 3.11; and
(vi) the number and aggregate outstanding principal balances of Mortgage Loans (a) delinquent 31 to 60 days, 61 to 90 days and 91 or more days; (b) as to which foreclosure or bankruptcy proceedings of the related mortgagor have commenced; and (c) as to which REO Property has been acquired. Concurrently with each delivery of a Servicer Remittance Report to the Trustee, Wells Fargo, acting as a Servicer, shall provide, in a manner consistenx xxxh the preceding paragraph, a supplemental statement (to the extent not previously provided) setting forth information in subclauses (v) and (vi). The Trustee shall promptly forward the Servicer Remittance Report and the related supplemental statement to the Depositor.
(e) Notwithstanding anything in Section 4.03(d) to the contrary, the Servicers shall be deemed to have satisfied the requirement to timely deliver the Servicer Remittance Report if such report is received by the Trustee on or prior to the 18th calendar day of such month in which the related Determination Date occurs; provided, however, that if such 18th calendar day is a Sunday or a Monday which is not a Business Day, the Servicers shall be deemed to have satisfied the requirement to timely deliver the Servicer Remittance Report if the Trustee and the Depositor receive such report (i) on the next Business Day succeeding such 18th calendar day, or (ii) on the Business Day immediately preceding such 18th calendar day, if such succeeding Business Day is later than the 20th calendar day of such calendar month.
(f) For all purposes of this Agreement, with respect to any Mortgage Loan, delinquencies shall be determined by the Trustee from information provided by the Servicers and reported by the Trustee based on the "OTS" methodology for determining delinquencies on mortgage loans similar to the Mortgage Loans. By way of example, a Mortgage Loan would be delinquent with respect to a Scheduled Payment due on a Due Date if such Scheduled Payment is not made by the close of business on the Mortgage Loan's next succeeding Due Date, and a Mortgage Loan would be more than 30-days Delinquent with respect to such Scheduled Payment if such Scheduled Payment were not made by the close of business on the Mortgage Loan's second succeeding Due Date. Each Servicer hereby represents and warrants to the Depositor that such Servicer is not subject to any delinquency recognition policy established by the primary safety and soundness regulator, if any, of such Servicer, that is more restrictive than the foregoing delinquency recognition policy.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (IndyMac INDA Mortgage Loan Trust 2006-Ar2)
Monthly Statements to Certificateholders. (a) Not later than each Distribution Date, the Trustee shall make available to each Certificateholder, the ServicersServicer, the Depositor and each Rating Agency a statement statement, based substantially on information provided by the Servicer, setting forth with respect to the related distribution:
(i) the actual Distribution Dateamount of Available Funds allocable to principal, separately identifying the related Record Date, the Interest Accrual Period(s) for each Class for such Distribution Date aggregate amount of any Principal Prepayments and the LIBOR Determination Date for such Interest Accrual PeriodLiquidation Proceeds included therein;
(ii) the amount of Available Funds;
(iii) the amount of Available Funds allocable to principalinterest, the Principal Remittance Amount (separately identifying the components thereof) and the Principal Distribution Amount (separately identifying the components thereof);
(iv) the amount of Available Funds allocable to interest and each Interest Remittance Amount;
(v) the amount of any Unpaid Interest Amount for each Class Amounts included in such distribution and any remaining Unpaid Interest Amounts after giving effect to such distribution, any Basis Risk CarryForward Carry Forward Amount for each Class such Distribution Date and the amount of such all Basis Risk CarryForward Carry Forward Amount covered by withdrawals from the Excess Reserve Fund Account on such Distribution Date;
(viiii) if the distribution to the Holders of such Class of Certificates is less than the full amount that would be distributable to such Holders if there were sufficient funds available therefor, the amount of the shortfall and the allocation of the shortfall as between principal and interest, including any Basis Risk CarryForward Carry Forward Amount not covered by amounts in the Excess Reserve Fund Account;
(viiiv) the Class Certificate Balance of each Class of Certificates before and after giving effect to the distribution of principal on such Distribution Date;
(viiiv) the Pool Stated Principal Balance for the following Distribution Date;
(ixvi) the amount of the Expense Fees expenses and fees paid to or retained by the Servicers and Servicer or paid to or retained by the Trustee (stated separately and in the aggregate) with respect to such Distribution Date;
(xvii) the Pass-Through Rate for each such Class of Certificates with respect to such Distribution Date;
(xiviii) the amount of P&I Advances included in the distribution on such Distribution Date and the aggregate amount of Advances reported by the Servicers Servicer (and the Trustee as successor Servicer servicer and any other successor Servicerservicer, if applicable) as outstanding (if reported by the Servicer) as of the close of business on the Determination Date immediately preceding such Distribution Date;
(xiiix) the number and aggregate outstanding principal balances of Mortgage Loans (1) as to which the Scheduled Payment is delinquent Delinquent 31 to 60 days, 61 to 90 days, 91 to 120 days, 121 to 150 days, 151 to 180 days and 91 or more 180+ days, (2) that have become REO Property, (3) that are in foreclosure and (4) that are in bankruptcy, in each case as of the close of business on the last Business Day of the immediately preceding month;
(xiiix) for each of the preceding 12 calendar months, or all calendar months since the related Cut-off Date, whichever is less, the aggregate dollar amount of the Scheduled Payments (A) due on all Outstanding Mortgage Loans on each of the Due Dates in each such month and (B) Delinquent 60 days or more on each of the Due Dates in each such month;
(xi) with respect to any all Mortgage Loans that became REO Properties during the preceding calendar month, the aggregate number of such Mortgage Loans and the aggregate Stated Principal Balance of such Mortgage Loans as of the close of business on the last Business Day of the immediately preceding month;
(xivxii) the total number and outstanding principal balance of any REO Properties (and market value, if available) as of the close of business on the last Business Day of the immediately preceding month;
(xvxiii) whether a Trigger Event has occurred and is continuing (including the calculation demonstrating the existence separate components of the Trigger Eventcalculation and the aggregate outstanding balance of all 60+ Day Delinquent Mortgage Loans);
(xvixiv) the amount on deposit in the Excess Reserve Fund Account (after giving effect to distributions on such Distribution Date);
(xviixv) in the aggregate and for each Class of Certificates, the aggregate amount of Applied Realized Loss Amounts incurred during the preceding calendar month and aggregate Applied Realized Loss Amounts through such Distribution Date;
(xviiixvi) the amount of any Net Monthly Excess Cash Flow on such Distribution Date and the allocation of it thereof to the Certificateholders with respect to Applied Realized Loss Amounts and Unpaid Interest Amounts, Unpaid Realized Loss Amounts ;
(xvii) the Overcollateralized Amount and Specified Overcollateralized Amount;
(xviii) Prepayment Premiums collected by or Basis Risk CarryForward Amountspaid by the Servicer;
(xix) the amount of any Net Swap Payments, Net Swap Receipts, Swap Termination Payments or Defaulted Swap Termination Payments;
(xx) the calculations of LIBOR and Swap LIBOR;
(xxi) the Subordinated Amount and Specified Subordinated Amount;
(xxii) Prepayment Charges collected or paid (pursuant to Section 3.07(a)) by the Servicers;
(xxiii) the Cumulative Loss Percentage and the aggregate amount of Realized Losses used to calculate the Cumulative Loss Percentage;
(xxivxx) the amount distributed on the Class X Certificates;
(xxvxxi) the amount of any Subsequent Recoveries for such Distribution Date;
(xxvixxii) the Pre-Funded Amount as of the end of the prior Due PeriodRecord Date for such Distribution Date;
(xxviixxiii) each Mortgage Loan that has been released to the Class X-1 Certificateholder pursuant to Section 3.15(b);
(xxiv) one-month, three-month and twelve-month CPR;
(xxv) the cumulative amount of Realized Losses on the Mortgage Loans; and
(xxvi) the amount of any principal prepayment on the Certificates resulting from the application of unused moneys in the Pre-Funding Account; and
(xxviii) the number of Mortgage Loans at the end of the applicable reporting period, the pool factor (being the Stated Principal Balance of the Mortgage Loans Yield Maintenance Agreement Payment for the related such Distribution Date divided by the Cut-off Date Principal Balance), and the weighted average interest rate, and weighted average remaining term; In addition, each Form 10-D prepared and filed by the Trustee pursuant to Section 8.12 shall include the following information with respect to the related distribution:
(i) material breaches of Mortgage Loan representations and warranties under this Agreement of which the Trustee has actual knowledge or has received written notice; and
(ii) material breaches of any covenants under this Agreement of which the Trustee has actual knowledge or received written noticeDate.
(b) The Trustee's ’s responsibility for providing the above statement to the Certificateholders, each Rating Agency Agency, the Servicer and the Depositor is limited, if applicable, limited to the availability, timeliness and accuracy of the information derived from the Servicers and the Swap ProviderServicer. The Trustee shall make available will provide the above statement via the Trustee's ’s internet website. The Trustee's ’s website will initially be located at https://www.tss.db.com/invr xxxxx://xxx.xxx.xx.xxx/invr and assistance in using the website can be xxxxxxxx xx xxxxxxx xxx Xxxstee's obtained by calling the Trustee’s investor relations desk at 10-800000-735000-77770000. Parties that are unable to use the website are entitled xx xxxx x xxxer A paper copy mailed to them via first class mail by calling the investor relations desk and indicating such. The Trustee may change the way the monthly statements to Certificateholders are distributed in order to make such distribution more convenient and/or more accessible to of the above parties and the Trustee shall provide timely and adequate notification to all above parties regarding any such changes. As a condition to access the Trustee's internet website, the Trustee may require registration and the acceptance of a disclaimer. The Trustee will not be liable for the dissemination of information in accordance with this Agreement. The Trustee shall make available to each Analytics Company, either electronically or via the Trustee's internet website, each statement to Certificateholders prepared pursuant to Section 4.03(a). The Trustee (and the applicable Servicer, if such discrepancy results from or arises out of any information provided by the applicable Servicer pursuant to this Agreement) shall cooperate in good faith with the Depositor to reconcile any discrepancies in such statements, and the Trustee shall provide any corrections to such statements to each Analytics Company as soon as reasonably practicable after the related Distribution Date. The Trustee will also be entitled to rely on but shall not be responsible for the content or accuracy of any information provided by third parties for purposes of preparing the monthly statement to Certificateholders and may affix thereto any disclaimer it deems appropriate in its reasonable discretion (without suggesting liability on the part of any other party hereto)made available upon request.
(c) Within Upon request, within a reasonable period of time after the end of each calendar year, the Trustee shall cause to be furnished to each Person who at any time during the calendar year was a Certificateholder, a statement containing the information set forth in clauses (a)(i) and (a)(ii) of this Section 4.03 aggregated for such calendar year or applicable portion thereof during which such Person was a Certificateholder. Such obligation of the Trustee shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Trustee pursuant to any requirements of the Code as from time to time in effect.
(d) Not later than the Determination Date for each Distribution Reporting Date, each the Servicer shall furnish to the Trustee, Trustee a monthly remittance advice statement (the "Servicer Remittance Report") containing the data fields set forth on Exhibit X attached hereto (in each case, in a format mutually agreed upon by such the Servicer and the Trustee) with respect to HomEq, containing the data fields set forth on Exhibit Y attached hereto with respect to Wells Fargo (in each case, in a format mutually agreed upon by such Serxxxxx and the Trustee) and containing the data fields set forth on Exhibit Z attached hereto with respect Countrywide Servicing (in each case, in a format mutually agreed upon by such Servicer and the Trustee) and such information as shall be reasonably requested (i) by the Depositor to enable the Depositor to disclose "static pool information", as required by Item 1105 of Regulation AB, with respect to the Mortgage Loans, and (ii) by the Trustee to enable the Trustee to provide the reports required by Section 4.03(a) as to the accompanying remittance and applicable Due Period and Prepayment Period to which such remittance relatesthe period ending on the close of business on the last Business Day of the immediately preceding month (the “Servicer Remittance Report”). The Servicer Remittance Report shallshall furnish to the Trustee an individual loan accounting report, at a minimumas of the last Business Day of each month, document, on such Determination Date, to document Mortgage Loan payment activity on an individual Mortgage Loan basis. With respect to each month, as followsthe corresponding individual loan accounting report (in electronic format) shall be received by the Trustee no later than the Reporting Date, which report shall contain the following:
(i) with respect to each Scheduled Payment, the amount of such remittance allocable to principal (including a separate breakdown of any Principal Prepayment, including the date of such prepayment, and any Prepayment ChargesPremiums, received during the related Prepayment Period along with a detailed report of interest on principal prepayment Principal Prepayment amounts remitted in accordance with Section 3.25);
(ii) with respect to each Scheduled Payment, the amount of such remittance allocable to interest;
(iii) the amount of servicing compensation received by such the Servicer during the prior distribution period;
(iv) the individual and aggregate Stated Principal Balance of the Mortgage Loans;
(v) the aggregate of any expenses reimbursed to such the Servicer during the prior distribution period pursuant to Section 3.11; and;
(vi) the number and aggregate outstanding principal balances of Mortgage Loans (a) delinquent (1) 31 to 60 days, (2) 61 to 90 days, (3) 91 to 120 days, (4) 121 to 150 days, (5) 151 to 180 days and 91 (6) 181 days or more daysmore; (b) as to which foreclosure or bankruptcy proceedings of the related mortgagor have has commenced; and (c) as to which REO Property has been acquired. Concurrently ;
(vii) each Mortgage Loan which has been altered, modified or varied during such month, and the reason for such modification (i.e., extension of maturity date, Mortgage Interest Rate);
(viii) with respect to each delivery Liquidated Mortgage Loan, the amount of a Servicer Remittance Report any Realized Losses for such Mortgage Loan;
(ix) each Mortgage Loan that has been released to the Trustee, Wells Fargo, acting as a Servicer, shall provide, in a manner consistenx xxxh the preceding paragraph, a supplemental statement (Class X-1 Certificateholder pursuant to the extent not previously provided) setting forth information in subclauses (v) and (viSection 3.15(d). The Trustee shall promptly forward the Servicer Remittance Report and the related supplemental statement to the Depositor.; and
(ex) Notwithstanding anything in Section 4.03(d) to the contrary, the Servicers shall be deemed to have satisfied the requirement to timely deliver the Servicer Remittance Report if such report is received any other information reasonably required by the Trustee on or prior to enable it to prepare the 18th calendar day of such month monthly statement referred to in which the related Determination Date occurs; provided, however, that if such 18th calendar day is a Sunday or a Monday which is not a Business Day, the Servicers shall be deemed to have satisfied the requirement to timely deliver the Servicer Remittance Report if the Trustee and the Depositor receive such report (i) on the next Business Day succeeding such 18th calendar day, or (ii) on the Business Day immediately preceding such 18th calendar day, if such succeeding Business Day is later than the 20th calendar day of such calendar monthSection 4.03(a).
(f) For all purposes of this Agreement, with respect to any Mortgage Loan, delinquencies shall be determined by the Trustee from information provided by the Servicers and reported by the Trustee based on the "OTS" methodology for determining delinquencies on mortgage loans similar to the Mortgage Loans. By way of example, a Mortgage Loan would be delinquent with respect to a Scheduled Payment due on a Due Date if such Scheduled Payment is not made by the close of business on the Mortgage Loan's next succeeding Due Date, and a Mortgage Loan would be more than 30-days Delinquent with respect to such Scheduled Payment if such Scheduled Payment were not made by the close of business on the Mortgage Loan's second succeeding Due Date. Each Servicer hereby represents and warrants to the Depositor that such Servicer is not subject to any delinquency recognition policy established by the primary safety and soundness regulator, if any, of such Servicer, that is more restrictive than the foregoing delinquency recognition policy.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (GSAMP Trust 2006-S3)
Monthly Statements to Certificateholders. (a) Not later than each Distribution Date, the Trustee shall make available to each Certificateholder, the ServicersServicer, the Depositor Depositor, the Unaffiliated Seller, the Swap Provider and each Rating Agency a statement statement, based solely on the information provided by the Servicer, setting forth with respect to the related distribution:
(i) the actual Distribution Dateamount thereof allocable to principal, separately identifying the related Record Date, the Interest Accrual Period(s) for each Class for such Distribution Date aggregate amount of any Principal Prepayments and the LIBOR Determination Date for such Interest Accrual PeriodLiquidation Proceeds included therein;
(ii) the amount of Available Funds;
(iii) the amount of Available Funds thereof allocable to principalinterest, the Principal Remittance Amount (separately identifying the components thereof) and the Principal Distribution Amount (separately identifying the components thereof);
(iv) the amount of Available Funds allocable to interest and each Interest Remittance Amount;
(v) the amount of any Unpaid Interest Amount for each Class Amounts included in such distribution and any remaining Unpaid Interest Amounts after giving effect to such distribution, any Basis Risk CarryForward Carry Forward Amount for each Class such Distribution Date and the amount of such all Basis Risk CarryForward Carry Forward Amount covered by withdrawals from the Excess Reserve Fund Account on such Distribution Date;
(viiii) if the distribution to the Holders of such Class of Certificates is less than the full amount that would be distributable to such Holders if there were sufficient funds available therefor, the amount of the shortfall and the allocation of the shortfall thereof as between principal and interest, including any Basis Risk CarryForward Carry Forward Amount not covered by amounts in the Excess Reserve Fund Account;
(viiiv) the Class Certificate Balance of each Class of Certificates before and after giving effect to the distribution of principal on such Distribution Date;
(viiiv) the Pool Stated Principal Balance for the following Distribution Date;
(ixvi) the amount of the Expense Fees paid to or retained by the Servicers and Servicer or the Trustee (stated separately and in the aggregate) with respect to such Distribution Date;
(xvii) the Pass-Through Rate for each such Class of Certificates with respect to such Distribution Date;
(xiviii) the amount of P&I Advances included in the distribution on such Distribution Date and the aggregate amount of Advances reported by the Servicers (and the Trustee Servicer as successor Servicer and any other successor Servicer, if applicable) outstanding as of the close of business on the Determination Date immediately preceding such Distribution Date;
(xiiix) the number and aggregate outstanding principal balances Scheduled Principal Balances of Mortgage Loans (1) as to which the Scheduled Payment is delinquent 31 to 60 days, 61 to 90 days and 91 or more days, (2) that have become REO Property, (3) that are in foreclosure and (4) that are in bankruptcy, in each case as of the close of business on the last Business Day of the immediately preceding month;
(xiiix) with respect to any Mortgage Loans Loan that became an REO Properties Property during the preceding calendar month, the aggregate loan number of such Mortgage Loans and the aggregate Stated Principal Balance of such Mortgage Loans Loan as of the close of business on the last Business Day Determination Date preceding such Distribution Date and the date of the immediately preceding monthacquisition thereof;
(xivxi) the total number and outstanding aggregate principal balance of any REO Properties (and market value, if available) as of the close of business on the last Business Day of the immediately Determination Date preceding monthsuch Distribution Date;
(xvxii) whether a Trigger Event has occurred and is continuing (including the calculation demonstrating of thereof and the existence aggregate outstanding balance of the Trigger Eventall 60+ Day Delinquent Loans);
(xvixiii) the amount on deposit in the Excess Reserve Fund Account (after giving effect to distributions on such Distribution Date);
(xviixiv) in the aggregate and for each Class of Certificates, the aggregate amount of Applied Realized Loss Amounts incurred during the preceding calendar month and aggregate Applied Realized Loss Amounts through such Distribution Date;
(xviiixv) the aggregate amount of Subsequent Recoveries incurred during the preceding calendar month and aggregate Subsequent Recoveries through such Distribution Date;
(xvi) the amount of any Net Monthly Excess Cash Flow on such Distribution Date and the allocation of it thereof to the Certificateholders with respect to Unpaid Interest Amounts, Unpaid Applied Realized Loss Amounts or Basis Risk CarryForward and Unpaid Interest Amounts;
(xix) the amount of any Net Swap Payments, Net Swap Receipts, Swap Termination Payments or Defaulted Swap Termination Payments;
(xx) the calculations of LIBOR and Swap LIBOR;
(xxixvii) the Subordinated Amount and Specified Subordinated Amount;
(xxiixviii) the Interest Remittance Amount, the Principal Remittance Amount and the Prepayment Charges collected or paid (pursuant to Section 3.07(a)) remitted by the Servicers;
(xxiii) the Cumulative Loss Percentage and the aggregate amount of Realized Losses used Servicer with respect to calculate the Cumulative Loss Percentage;
(xxiv) the amount distributed on the Class X Certificates;
(xxv) the amount of any Subsequent Recoveries for such that Distribution Date;
(xxvixix) the Pre-Funded Amount as of the end of the prior Due Period;
(xxviixx) the amount of any principal prepayment on the Certificates resulting from the application of unused moneys in the Pre-Funding Account; and
(xxviiixxi) the number of Mortgage Loans at the end of the applicable reporting periodNet Swap Payment or Net Swap Receipt, the pool factor (being the Stated Principal Balance of the Mortgage Loans for the related Distribution Date divided by the Cut-off Date Principal Balance), and the weighted average interest rate, and weighted average remaining term; In addition, each Form 10-D prepared and filed by the Trustee pursuant to Section 8.12 shall include the following information with respect to the related distribution:
(i) material breaches of Mortgage Loan representations and warranties under this Agreement of which the Trustee has actual knowledge or has received written notice; and
(ii) material breaches of any covenants under this Agreement of which the Trustee has actual knowledge or received written notice.
(b) The Trustee's responsibility for providing the above statement to the Certificateholders, each Rating Agency and the Depositor is limited, if as applicable, to the availability, timeliness and accuracy of the information derived from the Servicers and the or any Defaulted Swap Provider. The Trustee shall make available the above statement via the Trustee's internet website. The Trustee's website will initially be located at https://www.tss.db.com/invr and assistance in using the website can be xxxxxxxx xx xxxxxxx xxx Xxxstee's investor relations desk at 1-800-735-7777. Parties that are unable to use the website are entitled xx xxxx x xxxer copy mailed to them via first class mail by calling the investor relations desk and indicating such. The Trustee may change the way the monthly statements to Certificateholders are distributed in order to make such distribution more convenient and/or more accessible to the above parties and the Trustee shall provide timely and adequate notification to all above parties regarding any such changes. As a condition to access the Trustee's internet website, the Trustee may require registration and the acceptance of a disclaimer. The Trustee will not be liable for the dissemination of information in accordance with this Agreement. The Trustee shall make available to each Analytics Company, either electronically or via the Trustee's internet website, each statement to Certificateholders prepared pursuant to Section 4.03(a). The Trustee (and the applicable Servicer, if such discrepancy results from or arises out of any information provided by the applicable Servicer pursuant to this Agreement) shall cooperate in good faith with the Depositor to reconcile any discrepancies in such statements, and the Trustee shall provide any corrections to such statements to each Analytics Company as soon as reasonably practicable after the related Distribution Date. The Trustee will also be entitled to rely on but shall not be responsible for the content or accuracy of any information provided by third parties for purposes of preparing the monthly statement to Certificateholders and may affix thereto any disclaimer it deems appropriate in its reasonable discretion (without suggesting liability on the part of any other party hereto).
(c) Within a reasonable period of time after the end of each calendar year, the Trustee shall cause to be furnished to each Person who at any time during the calendar year was a Certificateholder, a statement containing the information set forth in clauses (a)(i) and (a)(ii) of this Section 4.03 aggregated for such calendar year or applicable portion thereof during which such Person was a Certificateholder. Such obligation of the Trustee shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Trustee pursuant to any requirements of the Code as from time to time in effect.
(d) Not later than the Determination Date for each Distribution Date, each Servicer shall furnish to the Trustee, a monthly remittance advice statement (the "Servicer Remittance Report") containing the data fields set forth on Exhibit X attached hereto (in each case, in a format mutually agreed upon by such Servicer and the Trustee) with respect to HomEq, containing the data fields set forth on Exhibit Y attached hereto with respect to Wells Fargo (in each case, in a format mutually agreed upon by such Serxxxxx and the Trustee) and containing the data fields set forth on Exhibit Z attached hereto with respect Countrywide Servicing (in each case, in a format mutually agreed upon by such Servicer and the Trustee) and such information as shall be reasonably requested (i) by the Depositor to enable the Depositor to disclose "static pool information", as required by Item 1105 of Regulation AB, with respect to the Mortgage Loans, and (ii) by the Trustee to enable the Trustee to provide the reports required by Section 4.03(a) as to the accompanying remittance and applicable Due Period and Prepayment Period to which such remittance relates. The Servicer Remittance Report shall, at a minimum, document, on such Determination Date, Mortgage Loan payment activity on an individual Mortgage Loan basis, as follows:
(i) with respect to each Scheduled Termination Payment, the amount of such remittance allocable to principal (including a separate breakdown of any Principal Prepayment, including the date of such prepayment, and any Prepayment Charges, received during the related Prepayment Period along with a detailed report of interest on principal prepayment amounts remitted in accordance with Section 3.25);
(ii) with respect to each Scheduled Payment, the amount of such remittance allocable to interest;
(iii) the amount of servicing compensation received by such Servicer during the prior distribution period;
(iv) the individual and aggregate Stated Principal Balance of the Mortgage Loans;
(v) the aggregate expenses reimbursed to such Servicer during the prior distribution period pursuant to Section 3.11; and
(vi) the number and aggregate outstanding principal balances of Mortgage Loans (a) delinquent 31 to 60 days, 61 to 90 days and 91 or more days; (b) as to which foreclosure or bankruptcy proceedings of the related mortgagor have commenced; and (c) as to which REO Property has been acquired. Concurrently with each delivery of a Servicer Remittance Report to the Trustee, Wells Fargo, acting as a Servicer, shall provide, in a manner consistenx xxxh the preceding paragraph, a supplemental statement (to the extent not previously provided) setting forth information in subclauses (v) and (vi). The Trustee shall promptly forward the Servicer Remittance Report and the related supplemental statement to the Depositor.
(e) Notwithstanding anything in Section 4.03(d) to the contrary, the Servicers shall be deemed to have satisfied the requirement to timely deliver the Servicer Remittance Report if such report is received by the Trustee on or prior to the 18th calendar day of such month in which the related Determination Date occurs; provided, however, that if such 18th calendar day is a Sunday or a Monday which is not a Business Day, the Servicers shall be deemed to have satisfied the requirement to timely deliver the Servicer Remittance Report if the Trustee and the Depositor receive such report (i) on the next Business Day succeeding such 18th calendar day, or (ii) on the Business Day immediately preceding such 18th calendar day, if such succeeding Business Day is later than the 20th calendar day of such calendar month.
(f) For all purposes of this Agreement, with respect to any Mortgage Loan, delinquencies shall be determined by the Trustee from information provided by the Servicers and reported by the Trustee based on the "OTS" methodology for determining delinquencies on mortgage loans similar to the Mortgage Loans. By way of example, a Mortgage Loan would be delinquent with respect to a Scheduled Payment due on a Due Date if such Scheduled Payment is not made by the close of business on the Mortgage Loan's next succeeding Due Date, and a Mortgage Loan would be more than 30-days Delinquent with respect to such Scheduled Payment if such Scheduled Payment were not made by the close of business on the Mortgage Loan's second succeeding Due Date. Each Servicer hereby represents and warrants to the Depositor that such Servicer is not subject to any delinquency recognition policy established by the primary safety and soundness regulator, if any, of for such Servicer, that is more restrictive than the foregoing delinquency recognition policyDistribution Date.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Morgan Stanley Abs Capital I Inc)
Monthly Statements to Certificateholders. (a) Not later than each Distribution Date, the Trustee shall make available to each Certificateholder, the Servicers, the Depositor and each Rating Agency a statement setting forth with respect to the related distribution:
(i) the actual Distribution Date, the related Record Date, the Interest Accrual Period(s) for each Class for such Distribution Date and the LIBOR Determination Date for such Interest Accrual Period;
(ii) the amount of Available Funds;
(iii) the amount of Available Funds allocable to principal, the Principal Remittance Amount (separately identifying the components thereof) and the Principal Distribution Amount (separately identifying the components thereof);
(iv) the amount of Available Funds allocable to interest and each Interest Remittance Amount;
(v) the amount of any Unpaid Interest Amount for each Class included in such distribution and any remaining Unpaid Interest Amounts after giving effect to such distribution, any Basis Risk CarryForward Amount for each Class and the amount of such Basis Risk CarryForward Amount covered by withdrawals from the Excess Reserve Fund Account on such Distribution Date;
(vi) if the distribution to the Holders of such Class of Certificates is less than the full amount that would be distributable to such Holders if there were sufficient funds available therefor, the amount of the shortfall and the allocation of the shortfall as between principal and interest, including any Basis Risk CarryForward Amount not covered by amounts in the Excess Reserve Fund Account;
(vii) the Class Certificate Balance of each Class of Certificates before and after giving effect to the distribution of principal on such Distribution Date;
(viii) the Pool Stated Principal Balance for the related Distribution Date;
(ix) the amount of the Expense Fees paid to or retained by the Servicers and the Trustee (stated separately and in the aggregate) with respect to such Distribution Date;
(x) the Pass-Through Rate for each such Class of Certificates with respect to such Distribution Date;
(xi) the amount of P&I Advances included in the distribution on such Distribution Date reported by the Servicers (and the Trustee as successor Servicer servicer and any other successor Servicerservicer, if applicable) as of the close of business on the Determination Date immediately preceding such Distribution Date;
(xii) the number and aggregate outstanding principal balances of Mortgage Loans (1) as to which the Scheduled Payment is delinquent 31 to 60 days, 61 to 90 days, 91 to 120 days, 121 to 150 days, 151 to 180 days, 181 to 210 days, 211 to 240 days and 91 or more 240+ days, (2) that have become REO Property, (3) that are in foreclosure and (4) that are in bankruptcy, in each case as of the close of business on the last Business Day day of the immediately related Due Period;
(xiii) for each of the preceding 12 calendar months, or all calendar months since the related Cut-off Date, whichever is less, the aggregate dollar amount of the Scheduled Payments (A) due on all outstanding Mortgage Loans on each of the Due Dates in each such month and (B) delinquent 60 days or more on each of the Due Dates in each such month;
(xiiixiv) with respect to any Mortgage Loans that became REO Properties during the preceding calendar month, the aggregate number of such Mortgage Loans and the aggregate Stated Principal Balance outstanding principal balance of such Mortgage Loans as of the close of business on the last Business Day day of the immediately preceding monthrelated Due Period;
(xivxv) the total number and outstanding principal balance of any REO Properties (and market value, if available) as of the close of business on the last Business Day of the immediately preceding monthrelated Due Period;
(xvxvi) whether a Trigger Event has occurred and is continuing (including separately identifying the components of the calculation demonstrating resulting in the existence of the Trigger EventEvent and the aggregate outstanding balance of all 60+ Day Delinquent Mortgage Loans);
(xvixvii) the amount on deposit in the Excess Reserve Fund Account (after giving effect to distributions on such Distribution Date);
(xviixviii) in the aggregate and for each Class of Certificates, the aggregate amount of Applied Realized Loss Amounts incurred during the preceding calendar month and aggregate Applied Realized Loss Amounts through such Distribution Date;
(xviiixix) the amount of any Net Monthly Excess Cash Flow on such Distribution Date and the allocation of it to the Certificateholders with respect to Unpaid Interest Amounts, Unpaid Applied Realized Loss Amounts or Amounts, and Basis Risk CarryForward Amounts;
(xixxx) the amount of any Net Swap Payments, Net Swap Receipts, Swap Termination Payments or Defaulted Swap Termination Payments;
(xxxxi) the calculations of LIBOR and Swap LIBOR;
(xxixxii) the Subordinated Amount and Specified Subordinated Amount;
(xxiixxiii) Prepayment Charges collected or paid (pursuant to Section 3.07(a)) by the Servicers;
(xxiiixxiv) the Cumulative Loss Percentage and the aggregate amount of Realized Losses used to calculate the Cumulative Loss Percentage;
(xxivxxv) the amount distributed on the Class X Certificates;
(xxvxxvi) the amount of any Subsequent Recoveries for such Distribution Date;
(xxvi) the Pre-Funded Amount as of the end of the prior Due Period;
(xxvii) the amount of any principal prepayment on the Certificates resulting from the application of unused moneys in the Pre-Funding Account; and
(xxviiixxvii) the number of Mortgage Loans at the beginning and end of the applicable reporting period, the pool factor (being the Stated Principal Balance of the Mortgage Loans for the related Distribution Date divided by the Cut-off Date Principal Balance), and the weighted average interest rate, and weighted average remaining term; . In addition, each Form 10-D prepared and filed by the Trustee pursuant to Section 8.12 shall include the following information with respect to the related distribution:
(i) material breaches of Mortgage Loan representations and warranties under this Agreement of which the Trustee has actual knowledge or has received written notice; and
(ii) material breaches of any covenants under this Agreement of which the Trustee has actual knowledge or has received written notice.
(b) The Trustee's responsibility for providing the above statement to the Certificateholders, each Rating Agency Agency, and the Depositor is limited, if applicable, to the availability, timeliness and accuracy of the information derived from the Servicers and the Swap ProviderResponsible Parties. The Trustee shall make available the above statement via the Trustee's internet website. The Trustee's website will initially be located at https://www.tss.db.com/invr and assistance in using the website assixxxxxx xx xxxxx xxx xxxxxxx can be xxxxxxxx xx xxxxxxx xxx Xxxsteeobtained by calling the Trustee's investor relations desk at 1-800-735-7777. Parties that are unable to use the unaxxx xx xxx xxx website are entitled xx xxxx x xxxer to have a paper copy mailed to them via first class mail by calling the investor relations desk and indicating such. The Trustee may change the way the monthly statements to Certificateholders are distributed in order to make such distribution more convenient and/or more accessible to the above parties and the Trustee shall provide timely and adequate notification to all above parties regarding any such changes. As a condition to access the Trustee's internet website, the Trustee may require registration and the acceptance of a disclaimer. The Trustee will not be liable for the dissemination of information in accordance with this Agreement. The Trustee shall make available to each Analytics Company, either electronically or via the Trustee's internet website, each statement to Certificateholders prepared pursuant to this Section 4.03(a). The Trustee (and the applicable Servicer, if such discrepancy discrepany results from or arises out of any information provided by the applicable Servicer pursuant to this Agreement) shall cooperate in good faith with the Depositor to reconcile any discrepancies in such statements, and the Trustee shall provide any corrections to such statements to each Analytics Company as soon as reasonably practicable after the related Distribution Date. The Trustee will also be entitled to rely on but shall not be responsible for the content or accuracy of any information provided by third parties for purposes of preparing the monthly statement to Certificateholders and may affix thereto any disclaimer it deems appropriate in its reasonable discretion (without suggesting liability on the part of any other party hereto).
(c) Within a reasonable period of time after the end of each calendar year, the Trustee shall cause to be furnished to each Person who at any time during the calendar year was a Certificateholder, a statement containing the information set forth in clauses (a)(i) and (a)(ii) of this Section 4.03 aggregated for such calendar year or applicable portion thereof during which such Person was a Certificateholder. Such obligation of the Trustee shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Trustee pursuant to any requirements of the Code as from time to time in effect.
(d) Not later than the Determination Date for each Distribution Date, each Servicer shall furnish to the Depositor with respect to clause (i) below and to the Trustee, the Depositor and the Responsible Party with respect to clause (ii) below, a monthly remittance advice statement (the "Servicer Remittance Report") containing the data fields set forth on Exhibit X attached hereto (in each case, in a format mutually agreed upon by such Servicer Servicer, the Trustee and the TrusteeDepositor) with respect to HomEq, containing the data fields set forth on Exhibit Y attached hereto with respect to Wells Fargo (in each case, in a format mutually agreed upon by such Serxxxxx and the Trustee) and containing the data fields set forth on Exhibit Z attached hereto with respect Countrywide Servicing (in each case, in a format mutually agreed upon by such Servicer and the Trustee) and such information as shall be reasonably requested (i) by the Depositor and the Responsible Party to enable the Depositor to disclose "static pool information", as required by Item 1105 of Regulation AB, with respect to the Mortgage Loans, and (ii) by the Trustee to enable the Trustee to provide the reports required by Section 4.03(a) as to the accompanying remittance and applicable Due Period and the period ending on the close of business on the last day of the related Prepayment Period to which such remittance relatesPeriod. The Servicer Remittance Report shall, at a minimum, document, on such Determination Date, Mortgage Loan payment activity on an individual Mortgage Loan basis, as follows:
(i) with respect to each Scheduled Payment, the amount of such remittance allocable to principal (including a separate breakdown of any Principal Prepayment, including the date of such prepayment, and any Prepayment Charges, received during the related Prepayment Period along with a detailed report of interest on principal prepayment amounts remitted in accordance with Section 3.25);
(ii) with respect to each Scheduled Payment, the amount of such remittance allocable to interest;
(iii) the amount of servicing compensation received by such Servicer during the prior distribution period;
(iv) the individual and aggregate Stated Principal Balance of the Mortgage Loans;
(v) the aggregate expenses reimbursed to such Servicer during the prior distribution period pursuant to Section 3.11; and
(vi) the number and aggregate outstanding principal balances of Mortgage Loans (a) delinquent 31 to 60 days, 61 to 90 days, 91 to 120 days, 121 to 150 days, 151 to 180 days, 181 to 210 days, 211 to 240 days and 91 or more 240+ days; (b) as to which foreclosure or bankruptcy proceedings of the related mortgagor have commenced; and (c) as to which REO Property has been acquired. Concurrently with each delivery of a Servicer Remittance Report to the Trustee, Wells Fargo, acting as a Servicer, shall provide, in a manner consistenx xxxh the preceding paragraph, a supplemental statement (to the extent not previously provided) setting forth information in subclauses (v) and (vi). The Trustee shall promptly forward the Servicer Remittance Report and the related supplemental statement to the Depositor.
(e) Notwithstanding anything in Section 4.03(d) to the contrary, the Servicers JPMorgan shall be deemed to have satisfied the requirement to timely deliver the Servicer Remittance Report set forth in Section 4.03(d) above if the Trustee and the Depositor receive such report is received by the Trustee on or prior to the 18th calendar day of such the calendar month in which the related Determination Date occurs; provided, however, that if such 18th calendar day is a Sunday or a Monday which is not a Business Day, the Servicers JPMorgan shall be deemed to have satisfied the requirement to timely deliver the Servicer Remittance Report set forth in Section 4.03(d) above if the Trustee and the Depositor receive such report (i) on the next Business Day succeeding such 18th calendar day, if such succeeding Business Day is not later than the 20th day of such calendar month or (ii) on the Business Day immediately preceding such 18th calendar day, if such succeeding Business Day is later than the 20th calendar day of such calendar month.
(f) For all purposes of this Agreement, with respect to any Mortgage Loan, delinquencies shall be determined by the Trustee from information provided by the Servicers and reported by the Trustee based on the so-called "OTS" methodology for determining delinquencies on mortgage loans similar to the Mortgage Loans. By way of example, a Mortgage Loan would be delinquent with respect to a Scheduled Payment due on a Due Date if such Scheduled Payment is not made by the close of business on the Mortgage Loan's next succeeding Due Date, and a Mortgage Loan would be more than 30-days Delinquent with respect to such Scheduled Payment if such Scheduled Payment were not made by the close of business on the Mortgage Loan's second succeeding Due Date. Each Servicer hereby represents and warrants to the Depositor that such Servicer this delinquency recognition policy is not subject to less restrictive than any delinquency recognition policy established by the primary safety and soundness regulator, if any, of such Servicer, that is more restrictive than the foregoing delinquency recognition policy.
Appears in 1 contract
Monthly Statements to Certificateholders. (a) Not later than each Distribution Date, the Trustee shall make available to each Certificateholder, the ServicersServicer, the Depositor and each Rating Agency a statement statement, based on information provided by the Servicer, setting forth with respect to the related distribution:
(i) the actual Distribution Dateamount thereof allocable to principal, separately identifying the related Record Dateaggregate amount of any Principal Prepayments, the Interest Accrual Period(s) for each Class for such Distribution Date Liquidation Proceeds and the LIBOR Determination Date for such Interest Accrual PeriodSubsequent Recoveries;
(ii) the amount of Available Funds;
(iii) the amount of Available Funds thereof allocable to principalinterest, the Principal Remittance Amount (separately identifying the components thereof) and the Principal Distribution Amount (separately identifying the components thereof);
(iv) the amount of Available Funds allocable to interest and each Interest Remittance Amount;
(v) the amount of any Unpaid Interest Amount for each Class Amounts included in such distribution and any remaining Unpaid Interest Amounts after giving effect to such distribution, any Basis Risk CarryForward Carry Forward Amount for each Class such Distribution Date and the amount of such all Basis Risk CarryForward Carry Forward Amount covered by withdrawals from the Excess Reserve Fund Account on such Distribution Date;
(viiii) if the distribution to the Holders of such Class of Certificates is less than the full amount that would be distributable to such Holders if there were sufficient funds available therefor, the amount of the shortfall and the allocation of the shortfall thereof as between principal and interest, including any Basis Risk CarryForward Carry Forward Amount not covered by amounts in the Excess Reserve Fund Account or Supplemental Interest Trust Account;
(viiiv) the Class Certificate Balance of each Class of Certificates and the Class CE Notional Amount before and after giving effect to the distribution of principal on such Distribution Date;
(viiiv) the Pool Stated Principal Balance for the following Distribution Date;
(ixvi) the amount of the Expense Fees (in the aggregate and separately stated) paid to or retained by the Servicers and Servicer or Subservicer or the Trustee (stated separately and with respect to the Subservicers, in the aggregate) with respect to such Distribution Date;
(xvii) the Pass-Through Rate for each such Class of Certificates with respect to such Distribution Date;
(xiviii) the amount of P&I Advances included in the distribution on such Distribution Date and the aggregate amount of P&I Advances reported by the Servicers (and the Trustee Servicer as successor Servicer and any other successor Servicer, if applicable) outstanding as of the close of business on the Determination Date immediately preceding such Distribution Date;
(xiiix) the number and aggregate outstanding principal balances of Mortgage Loans (1) as to which the Scheduled Payment is delinquent 31 to 60 days, 61 to 90 days, 91 days and 91 or more daysmore, (2) that have become REO Property, (3) that are in foreclosure and (4) that are in bankruptcy, in each case as of the close of business on the last Business Day of the immediately preceding month;
(xiiix) with respect to any Mortgage Loans that became REO Properties during the preceding calendar month, the aggregate number of such Mortgage Loans and the aggregate Stated Principal Balance of such Mortgage Loans as of the close of business on the last Business Day Determination Date preceding such Distribution Date and the date of the immediately preceding monthacquisition thereof;
(xivxi) the total number and outstanding aggregate principal balance of any REO Properties (and market value, if availableupon request) as of the close of business on the last Business Day of the immediately Determination Date preceding monthsuch Distribution Date;
(xvxii) whether a Trigger Event has occurred and is continuing (including the calculation demonstrating thereof and the existence aggregate outstanding balance of the Trigger Eventall 60+ Day Delinquent Mortgage Loans);
(xvixiii) the amount on deposit in the Excess Reserve Fund Account and Collection Account (before and after giving effect to distributions on such Distribution Date);
(xviixiv) in the aggregate and for each Class of Certificates, the aggregate amount of Applied Realized Loss Amounts incurred during the preceding calendar month and aggregate Applied Realized Loss Amounts through such Distribution Date;
(xviiixv) the amount of any Net Monthly Excess Cash Flow on such Distribution Date and the allocation of it thereof to the Certificateholders with respect to Unpaid Interest Amounts, Unpaid Applied Realized Loss Amounts or Basis Risk CarryForward and Unpaid Interest Amounts;
(xixxvi) the Subordinated Amount and Specified Subordinated Amount;
(xvii) Prepayment Charges collected by the Servicer;
(xviii) the amount of any Cap Payment, Net Swap Payments, Net Swap Receipts, Swap Termination Payments or Defaulted Swap Termination Payments, for such Distribution Date;
(xix) the Cumulative Loss Percentage;
(xx) the calculations of LIBOR and Swap LIBOR;
(xxi) the Subordinated Amount and Specified Subordinated Amountrelated Record Date;
(xxii) Prepayment Charges collected or paid (pursuant to Section 3.07(a)) by the Servicersrelated Accrual Period;
(xxiii) the Cumulative Loss Percentage and the aggregate amount of Realized Losses used to calculate the Cumulative Loss Percentagerelated Determination Date;
(xxiv) the amount distributed on the Class X Certificatesrelated Distribution Date;
(xxv) the amount of any Subsequent Recoveries for such Distribution Datecash received with respect to the related Accrual Period;
(xxvi) the Pre-Funded Amount as interest rates applicable to the Mortgage Loans in incremental ranges of the end of the prior Due Period;
(xxvii) the amount of any principal prepayment on the Certificates resulting from the application of unused moneys in the Pre-Funding Account0.50%; and
(xxviiixxvii) the number of Mortgage Loans at the end of the applicable reporting period, the pool factor (being the Stated Principal Balance of the Mortgage Loans for the related Distribution Date divided by the Cut-off Date Principal Balance)factor, and the weighted average interest rate, and weighted average remaining term; In addition, each Form 10-D prepared and filed by the Trustee pursuant to Section 8.12 shall include the following information with respect to the related distribution:
(i) material breaches of Mortgage Loan representations and warranties under this Agreement of which the Trustee has actual knowledge or has received written notice; and
(ii) material breaches of any covenants under this Agreement of which the Trustee has actual knowledge or received written notice.
(b) The Trustee's ’s responsibility for providing the above statement to the Certificateholders, each Rating Agency Agency, the Servicer and the Depositor is limited, if applicable, limited to the availability, timeliness and accuracy of the information derived from the Servicers and the Swap ProviderServicer. The Trustee shall make available will provide the above statement via the Trustee's ’s internet website. The Trustee's ’s website will initially be located at https://www.tss.db.com/invr xxxx://xxx.xxxxxx.xxx/mbs and assistance in using the website can be xxxxxxxx xx xxxxxxx xxx Xxxstee's investor relations obtained by calling the Trustee’s customer service desk at 1(000) 000-800-735-77770000. Parties that are unable to use the website above distribution method are entitled xx xxxx x xxxer to have a paper copy mailed to them via first class mail by calling the investor relations customer service desk and indicating such. The Trustee may shall have the right to change the way manner in which the monthly statements to Certificateholders are above statement is distributed in order to make such distribution more convenient and/or more accessible to the above parties accessible, and the Trustee shall provide timely and adequate notification to all above the Certificateholders and the parties hereto regarding any such changes. As a condition to access A paper copy of the Trustee's internet website, the Trustee may require registration and the acceptance of a disclaimer. The Trustee will not be liable for the dissemination of information in accordance with this Agreement. The Trustee shall make available to each Analytics Company, either electronically or via the Trustee's internet website, each statement to Certificateholders prepared pursuant to Section 4.03(a). The Trustee (and the applicable Servicer, if such discrepancy results from or arises out of any information provided by the applicable Servicer pursuant to this Agreement) shall cooperate in good faith with the Depositor to reconcile any discrepancies in such statements, and the Trustee shall provide any corrections to such statements to each Analytics Company as soon as reasonably practicable after the related Distribution Date. The Trustee will also be entitled to rely on but shall not be responsible for the content or accuracy of any information provided by third parties for purposes of preparing the monthly statement to Certificateholders and may affix thereto any disclaimer it deems appropriate in its reasonable discretion (without suggesting liability on the part of any other party hereto)made available upon request.
(c) Within a reasonable period of time after the end of each calendar year, the Trustee shall cause to be furnished to each Person who at any time during the calendar year was a Certificateholder, a statement containing the information set forth in clauses (a)(i), (a)(ii) and (a)(iia)(vi) of this Section 4.03 aggregated for such calendar year or applicable portion thereof during which such Person was a Certificateholder. Such obligation of the Trustee shall be deemed to have been satisfied to the extent that substantially comparable information shall be have previously been provided by the Trustee pursuant to any requirements of the Code as from time to time in effect.
(d) Not later than three Business Days following the Determination Date for and in no event later than the 20th calendar day of each Distribution Datemonth, each the Servicer shall furnish to the Trustee, Trustee a monthly remittance advice statement (the "Servicer Remittance Report") containing the data fields set forth on Exhibit X attached hereto (in each case, in a format mutually agreed upon by such the Servicer and the Trustee) with respect to HomEq, containing the data fields set forth on Exhibit Y attached hereto with respect to Wells Fargo (in each case, in a format mutually agreed upon by such Serxxxxx and the Trustee) and containing the data fields set forth on Exhibit Z attached hereto with respect Countrywide Servicing (in each case, in a format mutually agreed upon by such Servicer and the Trustee) and such information as shall be reasonably requested (i) by the Depositor to enable the Depositor to disclose "static pool information", as required by Item 1105 of Regulation AB, with respect to the Mortgage Loans, and (ii) by the Trustee to enable the Trustee to provide the reports required by Section 4.03(a) as to the accompanying remittance and applicable Due Period and Prepayment Period to which such remittance relates(the “Servicer Remittance Report”). The Servicer Remittance Report shallshall furnish to the Trustee an individual loan accounting report, at a minimum, document, on such as of the related Determination Date, to document Mortgage Loan payment activity on an individual Mortgage Loan basis. With respect to each month, as followsthe corresponding individual loan accounting report (in electronic format) shall be received by the Trustee no later than three Business Days following the related Determination Date and in no event later than the 20th calendar day of each month, which report shall contain (without limitation) the following:
(i) with respect to each Scheduled Payment, the amount of such remittance allocable to principal (including a separate breakdown of any Principal Prepayment, including the date of such prepayment, and any Prepayment Charges, received during the related Prepayment Period along with a detailed report of interest on principal prepayment amounts remitted in accordance with Section 3.25);
(ii) with respect to each Scheduled Payment, the amount of such remittance allocable to interest;
(iii) the amount of servicing compensation Servicing Fees received by such the Servicer during the prior distribution period;
(iv) the individual and aggregate Stated Principal Balance of the Mortgage Loans;
(v) the aggregate of any expenses reimbursed to such the Servicer during the prior distribution period pursuant to Section 3.11; and
(vi) the number and aggregate outstanding principal balances of Mortgage Loans (a) delinquent (1) 31 to 60 days, (2) 61 to 90 days, (3) 91 days and 91 or more daysmore; (b) as to which foreclosure or bankruptcy proceedings of the related mortgagor have has commenced; and (c) as to which REO Property has been acquired. Concurrently with each delivery of a Servicer Remittance Report to the Trustee, Wells Fargo, acting as a Servicer, shall provide, in a manner consistenx xxxh the preceding paragraph, a supplemental statement (to the extent not previously provided) setting forth information in subclauses (v) and (vi). The Trustee shall promptly forward the Servicer Remittance Report and the related supplemental statement to the Depositor.
(e) Notwithstanding anything in Section 4.03(d) to the contrary, the Servicers shall be deemed to have satisfied the requirement to timely deliver the Servicer Remittance Report if such report is received by the Trustee on or prior to the 18th calendar day of such month in which the related Determination Date occurs; provided, however, that if such 18th calendar day is a Sunday or a Monday which is not a Business Day, the Servicers shall be deemed to have satisfied the requirement to timely deliver the Servicer Remittance Report if the Trustee and the Depositor receive such report (i) on the next Business Day succeeding such 18th calendar day, or (ii) on the Business Day immediately preceding such 18th calendar day, if such succeeding Business Day is later than the 20th calendar day of such calendar month.
(f) For all purposes of this Agreement, with respect to any Mortgage Loan, delinquencies shall be determined by the Trustee from information provided by the Servicers and reported by the Trustee based on the "OTS" methodology for determining delinquencies on mortgage loans similar to the Mortgage Loans. By way of example, a Mortgage Loan would be delinquent with respect to a Scheduled Payment due on a Due Date if such Scheduled Payment is not made by the close of business on the Mortgage Loan's next succeeding Due Date, and a Mortgage Loan would be more than 30-days Delinquent with respect to such Scheduled Payment if such Scheduled Payment were not made by the close of business on the Mortgage Loan's second succeeding Due Date. Each Servicer hereby represents and warrants to the Depositor that such Servicer is not subject to any delinquency recognition policy established by the primary safety and soundness regulator, if any, of such Servicer, that is more restrictive than the foregoing delinquency recognition policy.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Securitized Asset Backed Receivables LLC Trust 2006-Cb5)
Monthly Statements to Certificateholders. (a) Not later than each Distribution Date, the Trustee shall make available to each Certificateholder, the ServicersServicer, the Depositor and each Rating Agency a statement statement, based on information provided by the Servicer, setting forth with respect to the related distribution:
(i) the actual Distribution Dateamount thereof allocable to principal, separately identifying the related Record Dateaggregate amount of any Principal Prepayments, the Interest Accrual Period(s) for each Class for such Distribution Date Liquidation Proceeds and the LIBOR Determination Date for such Interest Accrual PeriodSubsequent Recoveries;
(ii) the amount of Available Funds;
(iii) the amount of Available Funds thereof allocable to principalinterest, the Principal Remittance Amount (separately identifying the components thereof) and the Principal Distribution Amount (separately identifying the components thereof);
(iv) the amount of Available Funds allocable to interest and each Interest Remittance Amount;
(v) the amount of any Unpaid Interest Amount for each Class Amounts included in such distribution and any remaining Unpaid Interest Amounts after giving effect to such distribution, any Basis Risk CarryForward Carry Forward Amount for each Class such Distribution Date and the amount of such all Basis Risk CarryForward Carry Forward Amount covered by withdrawals from the Excess Reserve Fund Account on such Distribution Date;
(viiii) if the distribution to the Holders of such Class of Certificates is less than the full amount that would be distributable to such Holders if there were sufficient funds available therefor, the amount of the shortfall and the allocation of the shortfall thereof as between principal and interest, including any Basis Risk CarryForward Carry Forward Amount not covered by amounts in the Excess Reserve Fund Account;
(viiiv) the Class Certificate Balance of each Class of Certificates before and after giving effect to the distribution of principal on such Distribution Date;
(viiiv) the Pool Stated Principal Balance for the following Distribution Date;
(ixvi) the amount of the Expense Fees (in the aggregate and separately stated) paid to or retained by the Servicers and Servicer or Subservicer or the Trustee (stated separately and with respect to the Subservicers, in the aggregate) with respect to such Distribution Date;
(xvii) the Pass-Through Rate for each such Class of Certificates with respect to such Distribution Date;
(xiviii) the amount of P&I Advances included in the distribution on such Distribution Date and the aggregate amount of P&I Advances reported by the Servicers (and the Trustee Servicer as successor Servicer and any other successor Servicer, if applicable) outstanding as of the close of business on the Determination Date immediately preceding such Distribution Date;
(xiiix) the number and aggregate outstanding principal balances of Mortgage Loans (1) as to which the Scheduled Payment is delinquent 31 to 60 days, 61 to 90 days and 91 or more days, (2) that have become REO Property, (3) that are in foreclosure and (4) that are in bankruptcy, in each case as of the close of business on the last Business Day of the immediately preceding month;
(xiiix) for each of the preceding 12 calendar months, or all calendar months since the related Cut-off Date, whichever is less, the aggregate dollar amount of the Scheduled Payments (A) due on all Outstanding Mortgage Loans on each of the Due Dates in each such month and (B) delinquent 60 days or more on each of the Due Dates in each such month;
(xi) with respect to any Mortgage Loans that became REO Properties during the preceding calendar month, the aggregate number of such Mortgage Loans and the aggregate Stated Principal Balance of such Mortgage Loans as of the close of business on the last Business Day Determination Date preceding such Distribution Date and the date of the immediately preceding monthacquisition thereof;
(xivxii) the total number and outstanding aggregate principal balance of any REO Properties (and market value, if availableupon request) as of the close of business on the last Business Day of the immediately Determination Date preceding monthsuch Distribution Date;
(xvxiii) whether a Trigger Event has occurred and is continuing (including the calculation demonstrating thereof and the existence aggregate outstanding balance of the Trigger Eventall 60+ Day Delinquent Mortgage Loans);
(xvixiv) the amount on deposit in the Excess Reserve Fund Account (after giving effect to distributions on such Distribution Date);
(xviixv) in the aggregate and for each Class of Certificates, the aggregate amount of Applied Realized Loss Amounts incurred during the preceding calendar month and aggregate Applied Realized Loss Amounts through such Distribution Date;
(xviiixvi) the amount of any Net Monthly Excess Cash Flow on such Distribution Date and the allocation of it thereof to the Certificateholders with respect to Unpaid Interest Amounts, Unpaid Applied Realized Loss Amounts or Basis Risk CarryForward and Unpaid Interest Amounts;
(xix) the amount of any Net Swap Payments, Net Swap Receipts, Swap Termination Payments or Defaulted Swap Termination Payments;
(xx) the calculations of LIBOR and Swap LIBOR;
(xxixvii) the Subordinated Amount and Specified Subordinated Amount;
(xxiixviii) Prepayment Charges collected or paid (pursuant to Section 3.07(a)) by the ServicersServicer;
(xxiiixix) the Interest Rate Cap Payments (stated separately), if any, for such Distribution Date; and
(xx) the Cumulative Loss Percentage and the aggregate amount of Realized Losses used to calculate the Cumulative Loss Percentage;
(xxiv) the amount distributed on the Class X Certificates;
(xxv) the amount of any Subsequent Recoveries for such Distribution Date;
(xxvi) the Pre-Funded Amount as of the end of the prior Due Period;
(xxvii) the amount of any principal prepayment on the Certificates resulting from the application of unused moneys in the Pre-Funding Account; and
(xxviii) the number of Mortgage Loans at the end of the applicable reporting period, the pool factor (being the Stated Principal Balance of the Mortgage Loans for the related Distribution Date divided by the Cut-off Date Principal Balance), and the weighted average interest rate, and weighted average remaining term; In addition, each Form 10-D prepared and filed by the Trustee pursuant to Section 8.12 shall include the following information with respect to the related distribution:
(i) material breaches of Mortgage Loan representations and warranties under this Agreement of which the Trustee has actual knowledge or has received written notice; and
(ii) material breaches of any covenants under this Agreement of which the Trustee has actual knowledge or received written notice.
(b) The Trustee's responsibility for providing the above statement to the Certificateholders, each Rating Agency Agency, the Servicer and the Depositor is limited, if applicable, limited to the availability, timeliness and accuracy of the information derived from the Servicers and the Swap ProviderServicer. The Trustee shall make available will provide the above statement via the Trustee's internet website. The Trustee's website will initially be located at https://www.tss.db.com/invr https://www.ctslink.com and assistance in using the website can be xxxxxxxx obtaxxxx xx xxxxxxx xxx Xxxstee's investor relations customer service desk at 1(301) 815-800-735-77776600. Parties that are unable to use the website are entitled xx xxxx x xxxer above distribution mxxxxx xxx xxxxtled to have a paper copy mailed to them via first class mail by calling the investor relations customer service desk and indicating such. The Trustee may shall have the right to change the way manner in which the monthly statements to Certificateholders are above statement is distributed in order to make such distribution more convenient and/or more accessible to the above parties accessible, and the Trustee shall provide timely and adequate notification to all above the Certificateholders and the parties hereto regarding any such changes. As a condition to access A paper copy of the Trustee's internet website, the Trustee may require registration and the acceptance of a disclaimer. The Trustee will not be liable for the dissemination of information in accordance with this Agreement. The Trustee shall make available to each Analytics Company, either electronically or via the Trustee's internet website, each statement to Certificateholders prepared pursuant to Section 4.03(a). The Trustee (and the applicable Servicer, if such discrepancy results from or arises out of any information provided by the applicable Servicer pursuant to this Agreement) shall cooperate in good faith with the Depositor to reconcile any discrepancies in such statements, and the Trustee shall provide any corrections to such statements to each Analytics Company as soon as reasonably practicable after the related Distribution Date. The Trustee will also be entitled to rely on but shall not be responsible for the content or accuracy of any information provided by third parties for purposes of preparing the monthly statement to Certificateholders and may affix thereto any disclaimer it deems appropriate in its reasonable discretion (without suggesting liability on the part of any other party hereto)made available upon request.
(c) Within a reasonable period of time after the end of each calendar year, the Trustee shall cause to be furnished to each Person who at any time during the calendar year was a Certificateholder, a statement containing the information set forth in clauses (a)(i), (a)(ii) and (a)(iia)(vi) of this Section 4.03 aggregated for such calendar year or applicable portion thereof during which such Person was a Certificateholder. Such obligation of the Trustee shall be deemed to have been satisfied to the extent that substantially comparable information shall be have previously been provided by the Trustee pursuant to any requirements of the Code as from time to time in effect.
(d) Not later than two Business Days after the Determination Date for each Distribution Date, each the Servicer shall furnish to the Trustee, Trustee a monthly remittance advice statement (the "Servicer Remittance Report") containing the data fields set forth on Exhibit X attached hereto (in each case, in a format mutually agreed upon by such the Servicer and the Trustee) with respect to HomEq, containing the data fields set forth on Exhibit Y attached hereto with respect to Wells Fargo (in each case, in a format mutually agreed upon by such Serxxxxx and the Trustee) and containing the data fields set forth on Exhibit Z attached hereto with respect Countrywide Servicing (in each case, in a format mutually agreed upon by such Servicer and the Trustee) and such information as shall be reasonably requested (i) by the Depositor to enable the Depositor to disclose "static pool information", as required by Item 1105 of Regulation AB, with respect to the Mortgage Loans, and (ii) by the Trustee to enable the Trustee to provide the reports required by Section 4.03(a) as to the accompanying remittance and applicable Due Period and Prepayment Period to which such remittance relatesthe period ending on the close of business on the last Business Day of the immediately preceding month (the "Servicer Remittance Report"). The Servicer Remittance Report shallshall furnish to the Trustee an individual loan accounting report, at a minimum, document, on such as of the related Determination Date, to document Mortgage Loan payment activity on an individual Mortgage Loan basis. With respect to each month, as followsthe corresponding individual loan accounting report (in electronic format) shall be received by the Trustee no later than two Business Days after the related Determination Date, which report shall contain (without limitation) the following:
(i) with respect to each Scheduled Payment, the amount of such remittance allocable to principal (including a separate breakdown of any Principal Prepayment, including the date of such prepayment, and any Prepayment Charges, received during the related Prepayment Period along with a detailed report of interest on principal prepayment amounts remitted in accordance with Section 3.25);
(ii) with respect to each Scheduled Payment, the amount of such remittance allocable to interest;
(iii) the amount of servicing compensation received by such the Servicer during the prior current distribution period;
(iv) the individual and aggregate Stated Principal Balance of the Mortgage Loans;
(v) the aggregate of any expenses reimbursed to such the Servicer during the prior current distribution period pursuant to Section 3.11; and
(vi) the number and aggregate outstanding principal balances of Mortgage Loans (a) delinquent (1) 31 to 60 days, (2) 61 to 90 days, (3) 91 days and 91 or more daysmore; (b) as to which foreclosure or bankruptcy proceedings of the related mortgagor have has commenced; and (c) as to which REO Property has been acquired. Concurrently with each delivery of a Servicer Remittance Report to the Trustee, Wells Fargo, acting as a Servicer, shall provide, in a manner consistenx xxxh the preceding paragraph, a supplemental statement (to the extent not previously provided) setting forth information in subclauses (v) and (vi). The Trustee shall promptly forward the Servicer Remittance Report and the related supplemental statement to the Depositor.
(e) Notwithstanding anything in Section 4.03(d) to the contrary, the Servicers shall be deemed to have satisfied the requirement to timely deliver the Servicer Remittance Report if such report is received by the Trustee on or prior to the 18th calendar day of such month in which the related Determination Date occurs; provided, however, that if such 18th calendar day is a Sunday or a Monday which is not a Business Day, the Servicers shall be deemed to have satisfied the requirement to timely deliver the Servicer Remittance Report if the Trustee and the Depositor receive such report (i) on the next Business Day succeeding such 18th calendar day, or (ii) on the Business Day immediately preceding such 18th calendar day, if such succeeding Business Day is later than the 20th calendar day of such calendar month.
(f) For all purposes of this Agreement, with respect to any Mortgage Loan, delinquencies shall be determined by the Trustee from information provided by the Servicers and reported by the Trustee based on the "OTS" methodology for determining delinquencies on mortgage loans similar to the Mortgage Loans. By way of example, a Mortgage Loan would be delinquent with respect to a Scheduled Payment due on a Due Date if such Scheduled Payment is not made by the close of business on the Mortgage Loan's next succeeding Due Date, and a Mortgage Loan would be more than 30-days Delinquent with respect to such Scheduled Payment if such Scheduled Payment were not made by the close of business on the Mortgage Loan's second succeeding Due Date. Each Servicer hereby represents and warrants to the Depositor that such Servicer is not subject to any delinquency recognition policy established by the primary safety and soundness regulator, if any, of such Servicer, that is more restrictive than the foregoing delinquency recognition policy.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Sabr Trust 2005-Fr2)
Monthly Statements to Certificateholders. (a) Not later than each Distribution Date, the Trustee shall prepare and make available on its website at https://www.tss.db.com/invr to each Certificateholdereaxx Xxxxxxxxxxxxxxxxx, the Servicers, xxx Servicer and the Depositor and each Rating Agency a statement setting forth with respect to for the related distributiondistribution of:
(i) the actual applicable Record Dates, Interest Accrual Periods and Determination Dates for calculating distributions for the Distribution Date, the related Record Date, the Interest Accrual Period(s) for each Class for such Distribution Date and the LIBOR Determination Date for such Interest Accrual Period;
(ii) the amount of Available Fundsfunds received from the Servicer for the Distribution Date separately identifying amounts received in respect of the Mortgage Loans and the amount of Advances included in the distribution on the Distribution Date;
(iii) the amount Servicing Fee and the amounts of Available Funds allocable any additional servicing compensation received by the Servicer attributable to principalpenalties, fees, Excess Proceeds or other similar charges or fees and items with respect to the Distribution Date, and, with respect to Lender PMI Loans, the Principal Remittance Amount (separately identifying interest premium charged the components thereof) and the Principal Distribution Amount (separately identifying the components thereof)related borrower for primary mortgage guaranty insurance;
(iv) the amount of Available Funds allocable to interest and each Interest Remittance AmountTrustee Fee for the Distribution Date;
(v) the aggregate amount of expenses paid from amounts on deposit in the Distribution Account;
(vi) the aggregate amount on deposit in the Distribution Account, as of the beginning and end of the related Due Period;
(vii) the amount of the distribution allocable to principal, separately identifying the aggregate amount of any Principal Prepayments and Liquidation Proceeds included therein;
(viii) the amount of the distribution allocable to interest, any Class Unpaid Interest Amount for each Class Amounts included in such the distribution and any remaining Class Unpaid Interest Amounts after giving effect to such the distribution, any Basis Risk CarryForward Amount for each Class and the amount of such Basis Risk CarryForward Amount covered by withdrawals from the Excess Reserve Fund Account on such Distribution Date;
(viix) if the distribution to the Holders of such any Class of Certificates is less than the full amount that would be distributable to such Holders them if there were sufficient funds available thereforwere available, the amount of the shortfall and the allocation of the shortfall as between principal and interest, including any Basis Risk CarryForward Amount not covered by amounts in the Excess Reserve Fund Account;
(viix) the aggregate amount of Realized Losses in each Loan Group incurred and Subsequent Recoveries, if any, received during the preceding calendar month and aggregate Realized Losses through the Distribution Date;
(xi) the Class Certificate Balance or Notional Amount of each Class of Certificates before and after giving effect to the distribution of principal on such Distribution Date;
(viii) the Pool Stated Principal Balance for the Distribution Date;
(ix) the amount of the Expense Fees paid to or retained by the Servicers and the Trustee (stated separately and in the aggregate) with respect to such Distribution Date;
(xxii) the Pass-Through Rate for each such Class of Certificates with respect to such the Distribution Date;
(xixiii) the amount number of P&I Advances included Mortgage Loans in the distribution on such Distribution Date reported by the Servicers (each Loan Group and the Trustee aggregate Stated Principal Balance of the Mortgage Loans in each Loan Group as successor Servicer the first day of the related Due Period and any other successor Servicer, if applicablethe last day of the related Due Period;
(xiv) as of the close last day of business on the Determination Date immediately preceding such Distribution Daterelated Due Period:
(A) the weighted average mortgage rate of the Mortgage Loans in each Loan Group, and
(B) the weighted average remaining term to maturity of the Mortgage Loans in each Loan Group;
(xiixv) the number and aggregate outstanding principal balances Stated Principal Balance of the Mortgage Loans in each Loan Group and in the aggregate as of the end of the preceding calendar month:
(A) delinquent (exclusive of Mortgage Loans in foreclosure) (1) as 30 to which the Scheduled Payment is delinquent 31 to 60 days, 61 to 90 days and 91 or more 59 days, (2) that have become REO Property, 60 to 89 days and (3) that are 90 or more days and
(B) in foreclosure and delinquent (41) that are in bankruptcy30 to 59 days, (2) 60 to 89 days and (3) 90 or more days, in each case as of the close of business on the last Business Day day of the immediately calendar month preceding the Distribution Date;
(xvi) for each of the preceding 12 calendar months, or all calendar months since the Cut-off Date, whichever is less, the aggregate dollar amount of the Scheduled Payments (A) due on all Outstanding Mortgage Loans on the Due Date in each such month and (B) delinquent sixty (60) days or more on the Due Date in each such month;
(xiiixvii) with respect to any Mortgage Loans Loan that became an REO Properties Property during the preceding calendar month, the aggregate loan number of such Mortgage Loans and the aggregate Stated Principal Balance of such the Mortgage Loans Loan as of the close of business on the last Business Day of Determination Date preceding the immediately preceding monthDistribution Date;
(xivxviii) the total number and outstanding principal balance of any REO Properties in each Loan Group and in the aggregate (and market value, if available) as of the close of business on the last Business Day of Determination Date preceding the immediately preceding month;
(xv) whether a Trigger Event has occurred and is continuing (including the calculation demonstrating the existence of the Trigger Event;
(xvi) the amount on deposit in the Excess Reserve Fund Account (after giving effect to distributions on such Distribution Date);
(xvii) in the aggregate and for each Class of Certificates, the aggregate amount of Applied Realized Loss Amounts incurred during the preceding calendar month and aggregate Applied Realized Loss Amounts through such Distribution Date;
(xviii) the amount of any Net Monthly Excess Cash Flow on such Distribution Date and the allocation of it to the Certificateholders with respect to Unpaid Interest Amounts, Unpaid Realized Loss Amounts or Basis Risk CarryForward Amounts;
(xix) the aggregate amount of any Net Swap Payments, Net Swap Receipts, Swap Termination Payments or Defaulted Swap Termination PaymentsPrincipal Prepayments received during the related Prepayment Period and the number of Mortgage Loans subject to such Principal Prepayments;
(xx) the calculations amount of LIBOR Advances included in the distribution on the Distribution Date and Swap LIBORthe aggregate amount of Advances outstanding as of the close of business on the Distribution Date;
(xxi) the Subordinated Amount aggregate amount of Advances reimbursed during the related Due Period, the general source of funds for such reimbursements and Specified Subordinated Amountthe aggregate amount of Advances outstanding as of the close of business on the Distribution Date;
(xxii) Prepayment Charges collected or paid (pursuant to Section 3.07(a)) by the Servicersaggregate amount of Servicing Advances reimbursed during the related Due Period, the general source of funds for such reimbursements and the aggregate amount of Servicing Advances outstanding as of the close of business on the Distribution Date;
(xxiii) the Cumulative Loss Percentage aggregate number and outstanding Stated Principal Balance of Mortgage Loans in each Loan Group repurchased during the aggregate amount related Due Period due to material breaches of Realized Losses used to calculate the Cumulative Loss Percentagerepresentations and warranties regarding such Mortgage Loans;
(xxiv) each Senior Prepayment Percentage and Subordinated Prepayment Percentage for the amount distributed on the Class X CertificatesDistribution Date;
(xxv) each Senior Percentage and Subordinated Percentage for the amount of any Subsequent Recoveries for such Distribution Date;
(xxvi) the Pre-Funded Special Hazard Loss Coverage Amount, the Fraud Loss Coverage Amount and the Bankruptcy Loss Coverage Amount for the applicable Loan Group, in each case as of the end of the prior Due Periodrelated Determination Date;
(xxvii) Hard Prepayment Charges and Soft Prepayment Charges for each Loan Group collected, waived, and paid by the amount of any principal prepayment on the Certificates resulting from the application of unused moneys in the Pre-Funding Account; andServicer;
(xxviii) the number of Mortgage Loans at the end of the applicable reporting period, the pool factor (being the aggregate Stated Principal Balance of the Mortgage Loans for in each Loan Group that became Liquidated Mortgage Loans in the related Distribution Date divided by prior month and since the Cut-off Date (in each case immediately prior to the Stated Principal BalanceBalance being reduced to zero), and ;
(xxix) the weighted average interest rate, and weighted average remaining term; In addition, each Form 10-D prepared and filed Stated Principal Balance of any Mortgage Loan that has been repurchased by the Trustee pursuant to Servicer in accordance with Section 8.12 shall include the following information with respect to the related distribution:
(i) material breaches of Mortgage Loan representations and warranties under this Agreement of which the Trustee has actual knowledge 2.02, 2.03 or has received written notice3.12; and
(iixxx) material breaches the Stated Principal Balance of any covenants under this Agreement Substitute Mortgage Loan provided by the Seller and the Stated Principal Balance of which the Trustee any Mortgage Loan that has actual knowledge or received written notice.
(b) been replaced by a Substitute Mortgage Loan in accordance with Section 2.03. The Trustee's responsibility for providing disbursing the above statement information to the Certificateholders, each Rating Agency and the Depositor Certificateholders is limited, if applicable, limited to the availability, timeliness and accuracy of the information derived from the Servicers and Servicer. By each Determination Date the Swap Provider. The Trustee Servicer shall make available the above statement via the Trustee's internet website. The Trustee's website will initially be located at https://www.tss.db.com/invr and assistance in using the website can be xxxxxxxx xx xxxxxxx xxx Xxxstee's investor relations desk at 1-800-735-7777. Parties that are unable to use the website are entitled xx xxxx x xxxer copy mailed to them via first class mail by calling the investor relations desk and indicating such. The Trustee may change the way the monthly statements to Certificateholders are distributed in order to make such distribution more convenient and/or more accessible provide to the above parties Trustee in electronic form the information needed to determine the distributions to be made pursuant to Section 4.02 and any other information on which the Servicer and the Trustee shall provide timely and adequate notification mutually agree. On or before the fifth Business Day following the end of each Prepayment Period (but in no event later than the third Business Day prior to all above parties regarding any such changes. As a condition to access the Trustee's internet website, the Trustee may require registration and the acceptance of a disclaimer. The Trustee will not be liable for the dissemination of information in accordance with this Agreement. The Trustee shall make available to each Analytics Company, either electronically or via the Trustee's internet website, each statement to Certificateholders prepared pursuant to Section 4.03(a). The Trustee (and the applicable Servicer, if such discrepancy results from or arises out of any information provided by the applicable Servicer pursuant to this Agreement) shall cooperate in good faith with the Depositor to reconcile any discrepancies in such statements, and the Trustee shall provide any corrections to such statements to each Analytics Company as soon as reasonably practicable after the related Distribution Date. The ), the Servicer shall deliver to the Trustee will also (which delivery may be entitled to rely on but shall not be responsible for by electronic data transmission) a report in substantially the content or accuracy of any information provided by third parties for purposes of preparing the monthly statement to Certificateholders and may affix thereto any disclaimer it deems appropriate in its reasonable discretion (without suggesting liability on the part of any other party hereto).
(c) form set forth as Schedule V. Within a reasonable period of time after the end of each calendar year, the Trustee shall cause to be furnished to each Person who at any time during the calendar year was a Certificateholder, a statement containing the information set forth in clauses (a)(ia)(vii) and (a)(iia)(viii) of this Section 4.03 4.06 aggregated for such calendar year or applicable portion thereof during which such Person was a Certificateholder. Such obligation of the Trustee shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Trustee pursuant to any requirements of the Code as from time to time in effect.
(d) Not later than the Determination Date for each Distribution Date, each Servicer shall furnish to the Trustee, a monthly remittance advice statement (the "Servicer Remittance Report") containing the data fields set forth on Exhibit X attached hereto (in each case, in a format mutually agreed upon by such Servicer and the Trustee) with respect to HomEq, containing the data fields set forth on Exhibit Y attached hereto with respect to Wells Fargo (in each case, in a format mutually agreed upon by such Serxxxxx and the Trustee) and containing the data fields set forth on Exhibit Z attached hereto with respect Countrywide Servicing (in each case, in a format mutually agreed upon by such Servicer and the Trustee) and such information as shall be reasonably requested (i) by the Depositor to enable the Depositor to disclose "static pool information", as required by Item 1105 of Regulation AB, with respect to the Mortgage Loans, and (ii) by the Trustee to enable the Trustee to provide the reports required by Section 4.03(a) as to the accompanying remittance and applicable Due Period and Prepayment Period to which such remittance relates. The Servicer Remittance Report shall, at a minimum, document, on such Determination Date, Mortgage Loan payment activity on an individual Mortgage Loan basis, as follows:
(i) with respect to each Scheduled Payment, the amount of such remittance allocable to principal (including a separate breakdown of any Principal Prepayment, including the date of such prepayment, and any Prepayment Charges, received during the related Prepayment Period along with a detailed report of interest on principal prepayment amounts remitted in accordance with Section 3.25);
(ii) with respect to each Scheduled Payment, the amount of such remittance allocable to interest;
(iii) the amount of servicing compensation received by such Servicer during the prior distribution period;
(iv) the individual and aggregate Stated Principal Balance of the Mortgage Loans;
(v) the aggregate expenses reimbursed to such Servicer during the prior distribution period pursuant to Section 3.11; and
(vi) the number and aggregate outstanding principal balances of Mortgage Loans (a) delinquent 31 to 60 days, 61 to 90 days and 91 or more days; (b) as to which foreclosure or bankruptcy proceedings of the related mortgagor have commenced; and (c) as to which REO Property has been acquired. Concurrently with each delivery of a Servicer Remittance Report to the Trustee, Wells Fargo, acting as a Servicer, shall provide, in a manner consistenx xxxh the preceding paragraph, a supplemental statement (to the extent not previously provided) setting forth information in subclauses (v) and (vi). The Trustee shall promptly forward the Servicer Remittance Report and the related supplemental statement to the Depositor.
(e) Notwithstanding anything in Section 4.03(d) to the contrary, the Servicers shall be deemed to have satisfied the requirement to timely deliver the Servicer Remittance Report if such report is received by the Trustee on or prior to the 18th calendar day of such month in which the related Determination Date occurs; provided, however, that if such 18th calendar day is a Sunday or a Monday which is not a Business Day, the Servicers shall be deemed to have satisfied the requirement to timely deliver the Servicer Remittance Report if the Trustee and the Depositor receive such report (i) on the next Business Day succeeding such 18th calendar day, or (ii) on the Business Day immediately preceding such 18th calendar day, if such succeeding Business Day is later than the 20th calendar day of such calendar month.
(f) For all purposes of this Agreement, with respect to any Mortgage Loan, delinquencies shall be determined by the Trustee from information provided by the Servicers and reported by the Trustee based on the "OTS" methodology for determining delinquencies on mortgage loans similar to the Mortgage Loans. By way of example, a Mortgage Loan would be delinquent with respect to a Scheduled Payment due on a Due Date if such Scheduled Payment is not made by the close of business on the Mortgage Loan's next succeeding Due Date, and a Mortgage Loan would be more than 30-days Delinquent with respect to such Scheduled Payment if such Scheduled Payment were not made by the close of business on the Mortgage Loan's second succeeding Due Date. Each Servicer hereby represents and warrants to the Depositor that such Servicer is not subject to any delinquency recognition policy established by the primary safety and soundness regulator, if any, of such Servicer, that is more restrictive than the foregoing delinquency recognition policy.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (IndyMac INDX Mortgage Loan Trust 2006-Ar37)
Monthly Statements to Certificateholders. (a) Not later than each Distribution Date, the Trustee Securities Administrator shall make available to each Certificateholder, the ServicersServicer, the Depositor Depositor, the Unaffiliated Seller, the Trustee, the Master Servicer, the Swap Provider, the Cap Provider and each Rating Agency a statement (the "Monthly Statement"), based solely on the information provided by the Master Servicer two Business Days prior to the Distribution Date, setting forth with respect to the related distribution:
(i) the actual Distribution Dateamount thereof allocable to principal, separately identifying the related Record Date, the Interest Accrual Period(s) for each Class for such Distribution Date aggregate amount of any Principal Prepayments and the LIBOR Determination Date for such Interest Accrual PeriodLiquidation Proceeds included therein;
(ii) the amount of Available Funds;
(iii) the amount of Available Funds thereof allocable to principalinterest, the Principal Remittance Amount (separately identifying the components thereof) and the Principal Distribution Amount (separately identifying the components thereof);
(iv) the amount of Available Funds allocable to interest and each Interest Remittance Amount;
(v) the amount of any Unpaid Interest Amount for each Class Amounts included in such distribution and any remaining Unpaid Interest Amounts after giving effect to such distribution, any Basis Risk CarryForward Carry Forward Amount for each Class such Distribution Date and the amount of such all Basis Risk CarryForward Carry Forward Amount covered by withdrawals from the Excess Reserve Fund Account on such Distribution Date;
(viiii) if the distribution to the Holders of such Class of Certificates is less than the full amount that would be distributable to such Holders if there were sufficient funds available therefor, the amount of the shortfall and the allocation of the shortfall thereof as between principal and interest, including any Basis Risk CarryForward Carry Forward Amount not covered by amounts in the Excess Reserve Fund Account;
(viiiv) the Class Certificate Balance of each Class of Certificates before and after giving effect to the distribution of principal on such Distribution Date;
(viiiv) the Pool Stated Principal Balance for the following Distribution Date;
(ixvi) the amount of the Expense Fees paid to or retained by the Servicers and the Trustee (stated separately and in the aggregate) paid to or retained by (i) the Servicer with respect to such Distribution DateDate and (ii) the Master Servicer and the Securities Administrator;
(xvii) the Pass-Through Rate for each such Class of Certificates with respect to such Distribution Date;
(xiviii) the amount of P&I Advances included in the distribution on such Distribution Date and the aggregate amount of Advances reported by the Servicers (and the Trustee Servicer as successor Servicer and any other successor Servicer, if applicable) outstanding as of the close of business on the Determination Date immediately preceding such Distribution Date;
(xiiix) the number and aggregate outstanding principal balances Scheduled Principal Balances of Mortgage Loans (1) as to which the Scheduled Payment is delinquent Delinquent 31 to 60 days, 61 to 90 days and 91 or more days, (2) that have become REO Property, (3) that are in foreclosure and (4) that are in bankruptcy, in each case as of the close of business on the last Business Day of the immediately preceding monthcalendar month as reported in the OTS methodology;
(xiiix) with respect to any Mortgage Loans Loan that became an REO Properties Property during the preceding calendar month, the aggregate loan number of such Mortgage Loans and the aggregate Stated Principal Balance of such Mortgage Loans Loan as of the close of business on the last Business Day of the immediately preceding monthcalendar month and the date of acquisition thereof;
(xivxi) the total number and outstanding aggregate principal balance of any REO Properties (and market value, if available) as of the close of business on the last Business Day of the immediately preceding month;
(xvxii) whether a Trigger Event has occurred and is continuing (including the calculation demonstrating of thereof and the existence aggregate outstanding balance of the Trigger Eventall 60+ Day Delinquent Loans);
(xvixiii) the amount on deposit in the Excess Reserve Fund Account (after giving effect to distributions on such Distribution Date);
(xviixiv) in the aggregate and for each Class of Certificates, the aggregate amount of Applied Realized Loss Amounts incurred during the preceding calendar month and aggregate Applied Realized Loss Amounts through such Distribution Date;
(xviiixv) the aggregate amount of Subsequent Recoveries incurred during the preceding calendar month and aggregate Subsequent Recoveries through such Distribution Date;
(xvi) the amount of any Net Monthly Excess Cash Flow on such Distribution Date and the allocation of it thereof to the Certificateholders with respect to Unpaid Interest Amounts, Unpaid Applied Realized Loss Amounts or Basis Risk CarryForward and Unpaid Interest Amounts;
(xix) the amount of any Net Swap Payments, Net Swap Receipts, Swap Termination Payments or Defaulted Swap Termination Payments;
(xx) the calculations of LIBOR and Swap LIBOR;
(xxixvii) the Subordinated Amount and Specified Subordinated Amount;
(xxiixviii) the Interest Remittance Amount, the Principal Remittance Amount and the Prepayment Charges collected or paid (pursuant to Section 3.07(a)) remitted by the Servicers;
(xxiii) the Cumulative Loss Percentage and the aggregate amount of Realized Losses used Servicer with respect to calculate the Cumulative Loss Percentage;
(xxiv) the amount distributed on the Class X Certificates;
(xxv) the amount of any Subsequent Recoveries for such that Distribution Date;
(xxvixix) the Pre-Funded Amount as of the end of the prior Due Period;
(xxviixx) the amount of any principal prepayment on the Certificates resulting from the application of unused moneys in the Pre-Funding Account;
(xxi) the Net Swap Payment or Net Swap Receipt, as applicable, or any Defaulted Swap Termination Payment, if any, for such Distribution Date; and
(xxviiixxii) the number of Mortgage Loans at the end of the applicable reporting period, the pool factor (being the Stated Principal Balance of the Mortgage Loans any Interest Rate Cap Payments for the related such Distribution Date divided by the Cut-off Date Principal Balance), and the weighted average interest rate, and weighted average remaining term; Date. In addition, each Form 10-10 D prepared and filed by the Trustee Securities Administrator pursuant to Section 8.12 shall include the following information with respect to the related distribution:distribution (including to the extent such information is provided by the Trustee to the Securities Administrator):
(i) material breaches of Mortgage Loan representations and warranties under this Agreement of which the Trustee Securities Administrator has actual knowledge or has received written notice; and
(ii) material breaches of any covenants under this Agreement of which the Trustee Securities Administrator has actual knowledge or received written notice.
(b) The Trustee's responsibility for providing the above statement to the Certificateholders, each Rating Agency and the Depositor is limited, if applicable, to the availability, timeliness and accuracy of the information derived from the Servicers and the Swap Provider. The Trustee shall make available the above statement via the Trustee's internet website. The Trustee's website will initially be located at https://www.tss.db.com/invr and assistance in using the website can be xxxxxxxx xx xxxxxxx xxx Xxxstee's investor relations desk at 1-800-735-7777. Parties that are unable to use the website are entitled xx xxxx x xxxer copy mailed to them via first class mail by calling the investor relations desk and indicating such. The Trustee may change the way the monthly statements to Certificateholders are distributed in order to make such distribution more convenient and/or more accessible to the above parties and the Trustee shall provide timely and adequate notification to all above parties regarding any such changes. As a condition to access the Trustee's internet website, the Trustee may require registration and the acceptance of a disclaimer. The Trustee will not be liable for the dissemination of information in accordance with this Agreement. The Trustee shall make available to each Analytics Company, either electronically or via the Trustee's internet website, each statement to Certificateholders prepared pursuant to Section 4.03(a). The Trustee (and the applicable Servicer, if such discrepancy results from or arises out of any information provided by the applicable Servicer pursuant to this Agreement) shall cooperate in good faith with the Depositor to reconcile any discrepancies in such statements, and the Trustee shall provide any corrections to such statements to each Analytics Company as soon as reasonably practicable after the related Distribution Date. The Trustee will also be entitled to rely on but shall not be responsible for the content or accuracy of any information provided by third parties for purposes of preparing the monthly statement to Certificateholders and may affix thereto any disclaimer it deems appropriate in its reasonable discretion (without suggesting liability on the part of any other party hereto).
(c) Within a reasonable period of time after the end of each calendar year, the Trustee shall cause to be furnished to each Person who at any time during the calendar year was a Certificateholder, a statement containing the information set forth in clauses (a)(i) and (a)(ii) of this Section 4.03 aggregated for such calendar year or applicable portion thereof during which such Person was a Certificateholder. Such obligation of the Trustee shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Trustee pursuant to any requirements of the Code as from time to time in effect.
(d) Not later than the Determination Date for each Distribution Date, each Servicer shall furnish to the Trustee, a monthly remittance advice statement (the "Servicer Remittance Report") containing the data fields set forth on Exhibit X attached hereto (in each case, in a format mutually agreed upon by such Servicer and the Trustee) with respect to HomEq, containing the data fields set forth on Exhibit Y attached hereto with respect to Wells Fargo (in each case, in a format mutually agreed upon by such Serxxxxx and the Trustee) and containing the data fields set forth on Exhibit Z attached hereto with respect Countrywide Servicing (in each case, in a format mutually agreed upon by such Servicer and the Trustee) and such information as shall be reasonably requested (i) by the Depositor to enable the Depositor to disclose "static pool information", as required by Item 1105 of Regulation AB, with respect to the Mortgage Loans, and (ii) by the Trustee to enable the Trustee to provide the reports required by Section 4.03(a) as to the accompanying remittance and applicable Due Period and Prepayment Period to which such remittance relates. The Servicer Remittance Report shall, at a minimum, document, on such Determination Date, Mortgage Loan payment activity on an individual Mortgage Loan basis, as follows:
(i) with respect to each Scheduled Payment, the amount of such remittance allocable to principal (including a separate breakdown of any Principal Prepayment, including the date of such prepayment, and any Prepayment Charges, received during the related Prepayment Period along with a detailed report of interest on principal prepayment amounts remitted in accordance with Section 3.25);
(ii) with respect to each Scheduled Payment, the amount of such remittance allocable to interest;
(iii) the amount of servicing compensation received by such Servicer during the prior distribution period;
(iv) the individual and aggregate Stated Principal Balance of the Mortgage Loans;
(v) the aggregate expenses reimbursed to such Servicer during the prior distribution period pursuant to Section 3.11; and
(vi) the number and aggregate outstanding principal balances of Mortgage Loans (a) delinquent 31 to 60 days, 61 to 90 days and 91 or more days; (b) as to which foreclosure or bankruptcy proceedings of the related mortgagor have commenced; and (c) as to which REO Property has been acquired. Concurrently with each delivery of a Servicer Remittance Report to the Trustee, Wells Fargo, acting as a Servicer, shall provide, in a manner consistenx xxxh the preceding paragraph, a supplemental statement (to the extent not previously provided) setting forth information in subclauses (v) and (vi). The Trustee shall promptly forward the Servicer Remittance Report and the related supplemental statement to the Depositor.
(e) Notwithstanding anything in Section 4.03(d) to the contrary, the Servicers shall be deemed to have satisfied the requirement to timely deliver the Servicer Remittance Report if such report is received by the Trustee on or prior to the 18th calendar day of such month in which the related Determination Date occurs; provided, however, that if such 18th calendar day is a Sunday or a Monday which is not a Business Day, the Servicers shall be deemed to have satisfied the requirement to timely deliver the Servicer Remittance Report if the Trustee and the Depositor receive such report (i) on the next Business Day succeeding such 18th calendar day, or (ii) on the Business Day immediately preceding such 18th calendar day, if such succeeding Business Day is later than the 20th calendar day of such calendar month.
(f) For all purposes of this Agreement, with respect to any Mortgage Loan, delinquencies shall be determined by the Trustee from information provided by the Servicers and reported by the Trustee based on the "OTS" methodology for determining delinquencies on mortgage loans similar to the Mortgage Loans. By way of example, a Mortgage Loan would be delinquent with respect to a Scheduled Payment due on a Due Date if such Scheduled Payment is not made by the close of business on the Mortgage Loan's next succeeding Due Date, and a Mortgage Loan would be more than 30-days Delinquent with respect to such Scheduled Payment if such Scheduled Payment were not made by the close of business on the Mortgage Loan's second succeeding Due Date. Each Servicer hereby represents and warrants to the Depositor that such Servicer is not subject to any delinquency recognition policy established by the primary safety and soundness regulator, if any, of such Servicer, that is more restrictive than the foregoing delinquency recognition policy.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Natixis Real Estate Capital Trust 2007-He2)
Monthly Statements to Certificateholders. (a) Not later than each Distribution Date, the Trustee shall make available to each Certificateholder, the ServicersServicer, the Depositor and each Rating Agency a statement setting forth with respect to the related distribution:
(i) the actual Distribution Date, the related Record Date, the Interest Accrual Period(s) for each Class for such Distribution Date and the LIBOR Determination Date for such Interest Accrual Period;
(ii) the amount of Available Funds;
(iii) the amount of Available Funds allocable to principal, the Principal Remittance Amount (separately identifying the components thereof) and the Principal Distribution Amount (separately identifying the components thereof);
(iv) the amount of Available Funds allocable to interest and each Interest Remittance Amount;
(v) the amount of any Unpaid Interest Amount for each Class included in such distribution and any remaining Unpaid Interest Amounts after giving effect to such distribution, any Basis Risk CarryForward Amount for each Class and the amount of such Basis Risk CarryForward Amount covered by withdrawals from the Excess Reserve Fund Account on such Distribution Date;
(vi) if the distribution to the Holders of such Class of Certificates is less than the full amount that would be distributable to such Holders if there were sufficient funds available therefor, the amount of the shortfall and the allocation of the shortfall as between principal and interest, including any Basis Risk CarryForward Amount not covered by amounts in the Excess Reserve Fund Account;
(vii) the Class Certificate Balance of each Class of Certificates before and after giving effect to the distribution of principal on such Distribution Date;
(viii) the Pool Stated Principal Balance for the Distribution Date;
(ix) the amount of the Expense Fees paid to or retained by the Servicers Servicer or the Countrywide Servicer and the Trustee (stated separately and in the aggregate) with respect to such Distribution Date;
(x) the Pass-Through Rate for each such Class of Certificates with respect to such Distribution Date;
(xi) the amount of P&I Advances included in the distribution on such Distribution Date reported by the Servicers Servicer and the Countrywide Servicer (and the Trustee as successor Servicer servicer and any other successor Servicerservicer, if applicable) as of the close of business on the Determination Date immediately preceding such Distribution Date;
(xii) the number and aggregate outstanding principal balances of Mortgage Loans (1) as to which the Scheduled Payment is delinquent 31 to 60 days, 61 to 90 days and 91 or more days, (2) that have become REO Property, (3) that are in foreclosure and (4) that are in bankruptcy, in each case as of the close of business on the last Business Day of the immediately preceding month;
(xiii) with respect to any Mortgage Loans that became REO Properties during the preceding calendar month, the aggregate number of such Mortgage Loans and the aggregate Stated Principal Balance of such Mortgage Loans as of the close of business on the last Business Day of the immediately preceding month;
(xiv) the total number and outstanding principal balance of any REO Properties (and market value, if available) as of the close of business on the last Business Day of the immediately preceding month;
(xv) whether a Trigger Event has occurred and is continuing (including the calculation demonstrating the existence of the Trigger Event;
(xvi) the amount on deposit in the Excess Reserve Fund Account (after giving effect to distributions on such Distribution Date);
(xvii) in the aggregate and for each Class of Certificates, the aggregate amount of Applied Realized Loss Amounts incurred during the preceding calendar month and aggregate Applied Realized Loss Amounts through such Distribution Date;
(xviii) the amount of any Net Monthly Excess Cash Flow on such Distribution Date and the allocation of it to the Certificateholders with respect to Unpaid Interest Amounts, Unpaid Realized Loss Amounts or Basis Risk CarryForward Amounts;
(xix) the amount of any Net Swap Payments, Net Swap Receipts, Swap Termination Payments or Defaulted Swap Termination Payments;
(xx) the calculations of LIBOR and Swap LIBOR;
(xxi) the Subordinated Amount and Specified Subordinated Amount;
(xxii) Prepayment Charges collected or paid (pursuant to Section 3.07(a)) or the Countrywide Servicing Agreement, as applicable) by the ServicersServicer and the Countrywide Servicer;
(xxiii) the Cumulative Loss Percentage and the aggregate amount of Realized Losses used to calculate the Cumulative Loss Percentage;
(xxiv) the amount distributed on the Class X Certificates;
(xxv) the amount of any Subsequent Recoveries for such Distribution Date;
(xxvi) the Pre-Funded Amount as of the end of the prior Due Period;
(xxvii) the amount of any principal prepayment on the Certificates resulting from the application of unused moneys in the Pre-Funding Account; and
(xxviiixxvi) the number of Mortgage Loans at the end of the applicable reporting period, the pool factor (being the Stated Principal Balance of the Mortgage Loans for the related Distribution Date divided by the Cut-off Date Principal Balance), and the weighted average interest rate, and weighted average remaining term; In addition, each Form 10-D prepared and filed by the Trustee pursuant to Section 8.12 shall include the following information with respect to the related distribution:
(i) material breaches of Mortgage Loan representations and warranties under this Agreement of which the Trustee has actual knowledge or has received written notice; and
(ii) material breaches of any covenants under this Agreement of which the Trustee has actual knowledge or received written notice.
(b) The Trustee's responsibility for providing the above statement to the Certificateholders, each Rating Agency and the Depositor is limited, if applicable, to the availability, timeliness and accuracy of the information derived from the Servicers Servicer or the Countrywide Servicer and the Swap Provider. The Trustee shall make available the above statement via the Trustee's internet website. The Trustee's website will initially be located at https://www.tss.db.com/invr and assistance in using the website can be xxxxxxxx oxxxxxxx xx xxxxxxx xxx XxxsteeXxxxtee's investor relations desk at 1-800-735-7777. Parties that are unable to use the website are entitled xx xxxx x xxxer xxxxr copy mailed to them via first class mail by calling the investor relations desk and indicating such. The Trustee may change the way the monthly statements to Certificateholders are distributed in order to make such distribution more convenient and/or more accessible to the above parties and the Trustee shall provide timely and adequate notification to all above parties regarding any such changes. As a condition to access the Trustee's internet website, the Trustee may require registration and the acceptance of a disclaimer. The Trustee will not be liable for the dissemination of information in accordance with this Agreement. The Trustee shall make available to each Analytics Company, either electronically or via the Trustee's internet website, each statement to Certificateholders prepared pursuant to Section 4.03(a). The Trustee (and the applicable Servicer, if such discrepancy results from or arises out of any information provided by the applicable Servicer pursuant to this Agreement) shall cooperate in good faith with the Depositor to reconcile any discrepancies in such statements, and the Trustee shall provide any corrections to such statements to each Analytics Company as soon as reasonably practicable after the related Distribution Date. The Trustee will also be entitled to rely on but shall not be responsible for the content or accuracy of any information provided by third parties for purposes of preparing the monthly statement to Certificateholders and may affix thereto any disclaimer it deems appropriate in its reasonable discretion (without suggesting liability on the part of any other party hereto).
(c) Within a reasonable period of time after the end of each calendar year, the Trustee shall cause to be furnished to each Person who at any time during the calendar year was a Certificateholder, a statement containing the information set forth in clauses (a)(i) and (a)(ii) of this Section 4.03 aggregated for such calendar year or applicable portion thereof during which such Person was a Certificateholder. Such obligation of the Trustee shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Trustee pursuant to any requirements of the Code as from time to time in effect.
(d) Not later than the Determination Date for each Distribution Date, each the Servicer shall furnish to the Trustee, a monthly remittance advice statement (the "Servicer Remittance Report") containing the data fields set forth on Exhibit X Y attached hereto (in each case, in a format mutually agreed upon by such Servicer and the Trustee) with respect to HomEq, containing the data fields set forth on Exhibit Y attached hereto with respect to Wells Fargo (in each case, in a format mutually agreed upon by such Serxxxxx and the Trustee) and containing the data fields set forth on Exhibit Z attached hereto with respect Countrywide Servicing (in each case, in a format mutually agreed upon by such Servicer and the Trustee) and such information as shall be reasonably requested (i) by the Depositor to enable the Depositor to disclose "static pool information", as required by Item 1105 of Regulation AB, with respect to the Mortgage Loans, and (ii) by the Trustee to enable the Trustee to provide the reports required by Section 4.03(a) as to the accompanying remittance and applicable Due Period and Prepayment Period to which such remittance relates. The Servicer Remittance Report shall, at a minimum, document, on such Determination Date, Mortgage Loan payment activity on an individual Mortgage Loan basis, as follows:
(i) with respect to each Scheduled Payment, the amount of such remittance allocable to principal (including a separate breakdown of any Principal Prepayment, including the date of such prepayment, and any Prepayment Charges, received during the related Prepayment Period along with a detailed report of interest on principal prepayment amounts remitted in accordance with Section 3.25);
(ii) with respect to each Scheduled Payment, the amount of such remittance allocable to interest;
(iii) the amount of servicing compensation received by such the Servicer during the prior distribution period;
(iv) the individual and aggregate Stated Principal Balance of the Mortgage Loans;
(v) the aggregate expenses reimbursed to such the Servicer during the prior distribution period pursuant to Section 3.11; and
(vi) the number and aggregate outstanding principal balances of Mortgage Loans (a) delinquent 31 to 60 days, 61 to 90 days and 91 or more days; (b) as to which foreclosure or bankruptcy proceedings of the related mortgagor have commenced; and (c) as to which REO Property has been acquired. Concurrently with each delivery of a the Servicer Remittance Report to the Trustee, Wells Fargo, acting as a the Servicer, shall provide, in a manner consistenx xxxh consistexx xxth the preceding paragraph, a supplemental statement (to the extent not previously provided) setting forth information in subclauses (v) and (vi). The Trustee shall promptly forward the Servicer Remittance Report and the related supplemental statement to the Depositor.
(e) Notwithstanding anything in Section 4.03(d) to the contrary, the Servicers Servicer shall be deemed to have satisfied the requirement to timely deliver the Servicer Remittance Report if such report is received by the Trustee on or prior to the 18th calendar day of such month in which the related Determination Date occurs; provided, however, that if such 18th calendar day is a Sunday or a Monday which is not a Business Day, the Servicers Servicer shall be deemed to have satisfied the requirement to timely deliver the Servicer Remittance Report if the Trustee and the Depositor receive such report (i) on the next Business Day succeeding such 18th calendar day, or (ii) on the Business Day immediately preceding such 18th calendar day, if such succeeding Business Day is later than the 20th calendar day of such calendar month.
(f) For all purposes of this Agreement, with respect to any Mortgage Loan, delinquencies shall be determined by the Trustee from information provided by the Servicers Servicer and reported by the Trustee based on the "OTS" methodology for determining delinquencies on mortgage loans similar to the Mortgage Loans. By way of example, a Mortgage Loan would be delinquent with respect to a Scheduled Payment due on a Due Date if such Scheduled Payment is not made by the close of business on the Mortgage Loan's next succeeding Due Date, and a Mortgage Loan would be more than 30-days Delinquent with respect to such Scheduled Payment if such Scheduled Payment were not made by the close of business on the Mortgage Loan's second succeeding Due Date. Each The Servicer hereby represents and warrants to the Depositor that such the Servicer is not subject to any delinquency recognition policy established by the primary safety and soundness regulator, if any, of such the Servicer, that is more restrictive than the foregoing delinquency recognition policy.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Morgan Stanley ABS Capital I Inc. Trust 2006-He4)
Monthly Statements to Certificateholders. (a) Not later than each Distribution Date, the Trustee Securities Administrator shall make available to each Certificateholder, the ServicersMaster Servicer, the Depositor Servicer, the Depositor, the Trustee and each Rating Agency a statement statement, based on information provided by the Servicer and the Derivative Counterparty, setting forth with respect to the related distribution:
(i) the actual Distribution Dateamount thereof allocable to principal (other than the Interest-Only Certificates), separately identifying the related Record Dateaggregate amount of any Principal Prepayments, the Interest Accrual Period(s) for each Class for such Distribution Date Liquidation Proceeds and the LIBOR Determination Date for such Interest Accrual PeriodSubsequent Recoveries;
(ii) the amount of Available Funds;
(iii) the amount of Available Funds allocable to principal, the Principal Remittance Amount (separately identifying the components thereof) and the Principal Distribution Amount (separately identifying the components thereof);
(iv) the amount of Available Funds thereof allocable to interest and each (other than the Principal-Only Certificates), any Interest Remittance Amount;
(v) the amount of any Unpaid Interest Amount for each Class Carry Forward Amounts included in such distribution and any remaining Unpaid Interest Carry Forward Amounts after giving effect to such distribution, any Basis Risk CarryForward Carryover Amount for each Class such Distribution Date and the amount of such all Basis Risk CarryForward Carryover Amount covered by withdrawals from the Excess Reserve Fund Account on such Distribution Date;
(viiii) if the distribution to the Holders of such Class of Certificates is less than the full amount that would be distributable to such Holders if there were sufficient funds available therefor, the amount of the shortfall and the allocation of the shortfall thereof as between principal and interest, including any Basis Risk CarryForward Carryover Amount not covered by amounts in the Excess Reserve Fund Account;
(viiiv) the Class Certificate Balance of each Class of Certificates before and after giving effect to the distribution of principal on such Distribution Date;
(viiiv) the Pool Stated Principal Balance for the following Distribution Date;
(ixvi) the amount of the Expense Fees (in the aggregate and separately stated) paid to or retained by the Servicers Servicer, any Subservicer and the Trustee Master Servicer with respect to such Distribution Date;
(stated separately and in vii) the aggregateInterest Rate for each such Class of Certificates (other than the Principal-Only Certificates) with respect to such Distribution Date;
(x) the Pass-Through Rate for each such Class of Certificates with respect to such Distribution Date;
(xiviii) the amount of P&I Advances included in the distribution on such Distribution Date reported by the Servicers (and the Trustee as successor Servicer and any other successor Servicer, if applicable) aggregate amount of P&I Advances outstanding as of the close of business on the Determination Date immediately preceding such Distribution Date;
(xiiix) by Loan Group and in the aggregate, the number and aggregate outstanding principal balances of Mortgage Loans (1) as to which the Scheduled Payment is delinquent 31 to 60 days, 61 to 90 days and 91 or more days, (2) that have become REO Property, (3) that are in foreclosure and (4) that are in bankruptcy, in each case as of the close of business on the last Business Day of the immediately preceding month;
(xiiix) by Loan Group and in the aggregate, with respect to any Mortgage Loans that became REO Properties during the preceding calendar month, the aggregate number of such Mortgage Loans and the aggregate Stated Principal Balance of such Mortgage Loans as of the close of business on the last Business Day Determination Date preceding such Distribution Date and the date of the immediately preceding monthacquisition thereof;
(xivxi) by Loan Group and the aggregate, the total number and outstanding aggregate principal balance of any REO Properties (and market value, if available) as of the close of business on the last Business Day of the immediately Determination Date preceding monthsuch Distribution Date;
(xvxii) whether a Trigger Event has occurred and is continuing (including the calculation demonstrating the existence of the Trigger Eventcontinuing;
(xvixiii) the amount on deposit in the Excess Reserve Fund Account (after giving effect to distributions on such Distribution Date);
(xviixiv) in the aggregate and for each Class of Certificates, the aggregate amount of Applied Realized Loss Amounts incurred during the preceding calendar month and aggregate Applied Realized Loss Amounts through such Distribution Date.;
(xviiixv) the amount of any Net Monthly Excess Cash Flow on such Distribution Date and the allocation of it thereof to the Certificateholders with respect to Unpaid Interest Amounts, Unpaid Applied Realized Loss Amounts or Basis Risk CarryForward and Interest Carry Forward Amounts;
(xvi) the Overcollateralization Amount and Overcollateralization Target Amount;
(xvii) Prepayment Charges collected by the Servicer;
(xviii) the Cumulative Loss Percentage; and
(xix) the amount of any Net Swap Payments, Net Swap Receipts, Swap Termination Payments or Defaulted Swap Termination Payments;
(xx) Derivative Payment made to the calculations of LIBOR and Swap LIBOR;
(xxi) the Subordinated Amount and Specified Subordinated Amount;
(xxii) Prepayment Charges collected or paid (Supplemental Interest Trust pursuant to Section 3.07(a)) by 4.02, any Net Derivative Payment made to the Servicers;
(xxiii) the Cumulative Loss Percentage and the aggregate amount of Realized Losses used to calculate the Cumulative Loss Percentage;
(xxiv) the amount distributed on the Class X Certificates;
(xxv) the amount of any Subsequent Recoveries for such Distribution Date;
(xxvi) the Pre-Funded Amount as of the end of the prior Due Period;
(xxvii) the amount of any principal prepayment on the Certificates resulting from the application of unused moneys in the Pre-Funding Account; and
(xxviii) the number of Mortgage Loans at the end of the applicable reporting period, the pool factor (being the Stated Principal Balance of the Mortgage Loans for the related Distribution Date divided by the Cut-off Date Principal Balance), and the weighted average interest rate, and weighted average remaining term; In addition, each Form 10-D prepared and filed by the Trustee Derivative Counterparty pursuant to Section 8.12 shall include the following information with respect 4.02, any Swap Termination Payment or Cap Termination Payment made to the related distribution:
(i) material breaches of Mortgage Loan representations Supplemental Interest Trust pursuant to Section 4.02 and warranties under this Agreement of which any Swap Termination Payment made to the Trustee has actual knowledge or has received written notice; and
(ii) material breaches of any covenants under this Agreement of which the Trustee has actual knowledge or received written noticeSwap Counterparty pursuant to Section 4.02.
(ba) The Trustee's responsibility for providing the above statement to the Certificateholders, each Rating Agency and the Depositor is limited, if applicable, to the availability, timeliness and accuracy of the information derived from the Servicers and the Swap Provider. The Trustee shall make available the above statement via the Trustee's internet website. The Trustee's website will initially be located at https://www.tss.db.com/invr and assistance in using the website can be xxxxxxxx xx xxxxxxx xxx Xxxstee's investor relations desk at 1-800-735-7777. Parties that are unable to use the website are entitled xx xxxx x xxxer copy mailed to them via first class mail by calling the investor relations desk and indicating such. The Trustee may change the way the monthly statements to Certificateholders are distributed in order to make such distribution more convenient and/or more accessible to the above parties and the Trustee shall provide timely and adequate notification to all above parties regarding any such changes. As a condition to access the Trustee's internet website, the Trustee may require registration and the acceptance of a disclaimer. The Trustee will not be liable for the dissemination of information in accordance with this Agreement. The Trustee shall make available to each Analytics Company, either electronically or via the Trustee's internet website, each statement to Certificateholders prepared pursuant to Section 4.03(a). The Trustee (and the applicable Servicer, if such discrepancy results from or arises out of any information provided by the applicable Servicer pursuant to this Agreement) shall cooperate in good faith with the Depositor to reconcile any discrepancies in such statements, and the Trustee shall provide any corrections to such statements to each Analytics Company as soon as reasonably practicable after the related Distribution Date. The Trustee will also be entitled to rely on but shall not be responsible for the content or accuracy of any information provided by third parties for For purposes of preparing the monthly statement to Certificateholders and may affix thereto any disclaimer it deems appropriate in its reasonable discretion (without suggesting liability on the part of any other party hereto).
(c) Within a reasonable period of time after the end of each calendar year, the Trustee shall cause to be furnished to each Person who at any time during the calendar year was a Certificateholder, a statement containing the information set forth in clauses (a)(i) and (a)(ii) of this Section 4.03 aggregated for such calendar year or applicable portion thereof during which such Person was a Certificateholder. Such obligation of the Trustee shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Trustee pursuant to any requirements of the Code as from time to time in effect.
(d) Not later than the Determination Date for each Distribution Date, each Servicer shall furnish to the Trustee, a monthly remittance advice statement (the "Servicer Remittance Report") containing the data fields set forth on Exhibit X attached hereto (in each case, in a format mutually agreed upon by such Servicer and the Trustee) with respect to HomEq, containing the data fields set forth on Exhibit Y attached hereto with respect to Wells Fargo (in each case, in a format mutually agreed upon by such Serxxxxx and the Trustee) and containing the data fields set forth on Exhibit Z attached hereto with respect Countrywide Servicing (in each case, in a format mutually agreed upon by such Servicer and the Trustee) and such information as shall be reasonably requested (i) by the Depositor to enable the Depositor to disclose "static pool information", as required by Item 1105 of Regulation AB, with respect to the Mortgage Loans, and (ii) by the Trustee to enable the Trustee to provide the reports required by Section 4.03(a) as to the accompanying remittance and applicable Due Period and Prepayment Period to which such remittance relates. The Servicer Remittance Report shall, at a minimum, document, on such Determination Date, Mortgage Loan payment activity on an individual Mortgage Loan basis, as follows:
(i) with respect to each Scheduled Payment, the amount of such remittance allocable to principal (including a separate breakdown of any Principal Prepayment, including the date of such prepayment, and any Prepayment Charges, received during the related Prepayment Period along with a detailed report of interest on principal prepayment amounts remitted in accordance with Section 3.25);
(ii) with respect to each Scheduled Payment, the amount of such remittance allocable to interest;
(iii) the amount of servicing compensation received by such Servicer during the prior distribution period;
(iv) the individual and aggregate Stated Principal Balance of the Mortgage Loans;
(v) the aggregate expenses reimbursed to such Servicer during the prior distribution period pursuant to Section 3.11; and
(vi) the number and aggregate outstanding principal balances of Mortgage Loans (a) delinquent 31 to 60 days, 61 to 90 days and 91 or more days; (b) as to which foreclosure or bankruptcy proceedings of the related mortgagor have commenced; and (c) as to which REO Property has been acquired. Concurrently with each delivery of a Servicer Remittance Report to the Trustee, Wells Fargo, acting as a Servicer, shall provide, in a manner consistenx xxxh the preceding paragraph, a supplemental statement (to the extent not previously provided) setting forth information in subclauses (v) and (vi). The Trustee shall promptly forward the Servicer Remittance Report and the related supplemental statement to the Depositor.
(e) Notwithstanding anything in Section 4.03(d) to the contrary, the Servicers shall be deemed to have satisfied the requirement to timely deliver the Servicer Remittance Report if such report is received by the Trustee on or prior to the 18th calendar day of such month in which the related Determination Date occurs; provided, however, that if such 18th calendar day is a Sunday or a Monday which is not a Business Day, the Servicers shall be deemed to have satisfied the requirement to timely deliver the Servicer Remittance Report if the Trustee and the Depositor receive such report (i) on the next Business Day succeeding such 18th calendar day, or (ii) on the Business Day immediately preceding such 18th calendar day, if such succeeding Business Day is later than the 20th calendar day of such calendar month.
(f) For all purposes of this Agreement, with respect to any Mortgage LoanMonthly Statement, delinquencies shall be determined by the Trustee from information provided by the Servicers and reported by the Trustee Master Servicer based on the "so-called “OTS" ” methodology irrespective of the method for determining delinquencies utilized by the Servicer on mortgage loans similar to the Mortgage Loans. By way of example, a Mortgage Loan would be delinquent with respect to a Scheduled Payment due on a Due Date if such Scheduled Payment is not made by the close of business on the Mortgage Loan's ’s next succeeding Due Date, and a Mortgage Loan would be more than 30-days Delinquent with respect to such Scheduled Payment if such Scheduled Payment were not made by the close of business on the Mortgage Loan's ’s second succeeding Due Date. Each The Servicer hereby represents and warrants to the Depositor that such Servicer this delinquency recognition policy is not subject to less restrictive than any delinquency recognition policy established by the primary safety and soundness regulator, if any, of such the Servicer.
(b) The Securities Administrator’s responsibility for providing the above statement to the Certificateholders, each Rating Agency, the Master Servicer, the Servicer, the Trustee and the Depositor is limited to the availability, timeliness and accuracy of the information derived from the Master Servicer and the Servicer. The Securities Administrator will provide the above statement via the Securities Administrator’s internet website. The Securities Administrator’s website will initially be located at hxxxx://xxx.xxxxxxx.xxx and assistance in using the website can be obtained by calling the Securities Administrator’s customer service desk at (000) 000-0000. Parties that are unable to use the above distribution method are entitled to have a paper copy mailed to them via first Class mail by calling the customer service desk and indicating such. The Securities Administrator shall have the right to change the manner in which the above statement is distributed in order to make such distribution more restrictive convenient and/or more accessible, and the Securities Administrator shall provide timely and adequate notification to the Certificateholders and the parties hereto regarding any such changes. A paper copy of the statement will also be made available upon request.
(c) Within a reasonable period of time after the end of each calendar year, the Securities Administrator shall, upon request, cause to be furnished to each Person who at any time during the calendar year was a Certificateholder, a statement containing the information set forth in clauses (a)(i), (a)(ii) and (a)(vi) of this Section 4.03 aggregated for such calendar year or applicable portion thereof during which such Person was a Certificateholder. Such obligation of the Securities Administrator shall be deemed to have been satisfied to the extent that substantially comparable information shall have previously been provided by the Securities Administrator pursuant to any requirements of the Code as from time to time in effect.
(d) On the 10th day of each calendar month (or, if such 10th day is not a Business Day, then on the next succeeding Business Day), the Servicer shall furnish to the Master Servicer (i) a monthly remittance advice in the format set forth in Exhibit N-1 hereto, (ii) a monthly defaulted loan report in the format set forth in Exhibit N-2 hereto and (iii) a realized loss report in the format set forth in Exhibit N-3 hereto (or in such other format mutually agreed to between the Servicer and the Master Servicer) relating to the period ending on the last day of the preceding calendar month on a magnetic tape or other similar media reasonably acceptable to the Master Servicer. No later than two Business Days after the foregoing delinquency recognition policyfifteenth day of each calendar month, the Servicer shall furnish to the Master Servicer a monthly report containing such information regarding prepayments of Mortgage Loans during the applicable Prepayment Period and in a format as mutually agreed to between the Servicer and the Master Servicer. Such monthly remittance advice shall also be accompanied by a supplemental report provided to the Master Servicer which includes on an aggregate basis for the previous calendar month (i) the amount of any insurance claims filed, (ii) the amount of any claim payments made and (iii) the amount of claims denied or curtailed. The Master Servicer will convert such data into a format acceptable to the Securities Administrator and provide monthly reports to the Securities Administrator pursuant to this Agreement. Any report provided to the Master Servicer under this Section 4.03(d) shall also be provided by the Servicer to the Class X Certificate Service Provider on the Distribution Date immediately succeeding the applicable report date specified above.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (First Franklin Mortgage Loan Trust 2006-Ff5)
Monthly Statements to Certificateholders. (a) Not later than each Distribution Date, the Trustee shall make available to each Certificateholder, the ServicersServicer, the Depositor and each Rating Agency a statement (based solely on information derived from or contained in the Servicer Remittance Reports and monthly information reports provided by the Servicer pursuant to Section 4.03(d) below) setting forth with respect to the related distribution:
(i) the actual Distribution Dateamount thereof allocable to principal, separately identifying the related Record Date, the Interest Accrual Period(s) for each Class for such Distribution Date aggregate amount of any Principal Prepayments and the LIBOR Determination Date for such Interest Accrual PeriodLiquidation Proceeds included therein;
(ii) the amount of Available Funds;
(iii) the amount of Available Funds thereof allocable to principalinterest, the Principal Remittance Amount (separately identifying the components thereof) and the Principal Distribution Amount (separately identifying the components thereof);
(iv) the amount of Available Funds allocable to interest and each Interest Remittance Amount;
(v) the amount of any Unpaid Interest Amount for each Class Amounts included in such distribution and any remaining Unpaid Interest Amounts after giving effect to such distribution, any Basis Risk CarryForward Amount for each Class such Distribution Date and the amount of such all Basis Risk CarryForward Amount covered by withdrawals from the Excess Reserve Fund Account on such Distribution Date;
(viiii) if the distribution to the Holders of such Class of Certificates is less than the full amount that would be distributable to such Holders if there were sufficient funds available therefor, the amount of the shortfall and the allocation of the shortfall thereof as between principal and interest, including any Basis Risk CarryForward Amount not covered by amounts in the Excess Reserve Fund Account;
(viiiv) the Class Certificate Balance of each Class of Certificates before and after giving effect to the distribution of principal on such Distribution Date;
(viiiv) the Pool Stated Principal Balance for the following Distribution Date;
(ixvi) the amount of the Expense Fees paid to or retained by the Servicers and Servicer, the Custodian or Trustee (stated separately and in the aggregate) with respect to such Distribution Date;
(xvii) the Pass-Through Rate for each such Class of Certificates with respect to such Distribution Date;
(xiviii) the amount of P&I Advances included in the distribution on such Distribution Date and the aggregate amount of P&I Advances reported by the Servicers (and the Trustee Servicer as successor Servicer and any other successor Servicer, if applicable) outstanding as of the close of business on the Determination Date immediately preceding such Distribution Date;
(xiiix) the number and aggregate outstanding principal balances of Mortgage Loans (1) as to which the Scheduled Payment is delinquent 31 to 60 days, 61 to 90 days and 91 or more days, (2) that have become REO Property, (3) that are in foreclosure and (4) that are in bankruptcy, in each case as of the close of business on the last Business Day of the immediately preceding month;
(xiiix) for each of the preceding 12 calendar months, or all calendar months since the related Cut-off Date, whichever is less, the aggregate dollar amount of the Scheduled Payments (A) due on all Outstanding Mortgage Loans on each of the Due Dates in each such month and (B) delinquent 60 days or more on each of the Due Dates in each such month;
(xi) with respect to any Mortgage Loans Loan that became an REO Properties Property during the preceding calendar month, the aggregate loan number of such Mortgage Loans and the aggregate Stated Principal Balance of such Mortgage Loans Loan as of the close of business on the last Business Day Determination Date preceding such Distribution Date and the date of the immediately preceding monthacquisition thereof;
(xivxii) the total number and outstanding aggregate principal balance of any REO Properties (and market value, if available) as of the close of business on the last Business Day of the immediately Determination Date preceding monthsuch Distribution Date;
(xvxiii) whether a Trigger Event has occurred and is continuing (including the calculation demonstrating of thereof and the existence aggregate outstanding balance of the Trigger Eventall 60+ Day Delinquent Mortgage Loans);
(xvixiv) whether a Group I Sequential Trigger Event has occurred and is continuing;
(xv) the amount on deposit in the Excess Reserve Fund Account (after giving effect to distributions on such Distribution Date);
(xviixvi) in the aggregate and for each Class of Certificates, the aggregate amount of Applied Realized Loss Amounts incurred during the preceding calendar month and aggregate Applied Realized Loss Amounts through such Distribution Date;
(xviiixvii) the amount of any Net Monthly Excess Cash Flow on such Distribution Date and the allocation of it thereof to the Certificateholders with respect to Unpaid Interest Amounts, Unpaid Applied Realized Loss Amounts or Basis Risk CarryForward and Unpaid Interest Amounts;
(xix) the amount of any Net Swap Payments, Net Swap Receipts, Swap Termination Payments or Defaulted Swap Termination Payments;
(xx) the calculations of LIBOR and Swap LIBOR;
(xxixviii) the Subordinated Amount and Specified Subordinated Amount;
(xxiixix) Prepayment Charges collected or paid (pursuant to Section 3.07(a)) by the ServicersServicer;
(xxiiixx) the Interest Rate Cap Payments (stated separately), if any, for such Distribution Date; and
(xxi) the Cumulative Loss Percentage and the aggregate amount of Realized Losses used to calculate the Cumulative Loss Percentage;
(xxiv) the amount distributed on the Class X Certificates;
(xxv) the amount of any Subsequent Recoveries for such Distribution Date;
(xxvi) the Pre-Funded Amount as of the end of the prior Due Period;
(xxvii) the amount of any principal prepayment on the Certificates resulting from the application of unused moneys in the Pre-Funding Account; and
(xxviii) the number of Mortgage Loans at the end of the applicable reporting period, the pool factor (being the Stated Principal Balance of the Mortgage Loans for the related Distribution Date divided by the Cut-off Date Principal Balance), and the weighted average interest rate, and weighted average remaining term; In addition, each Form 10-D prepared and filed by the Trustee pursuant to Section 8.12 shall include the following information with respect to the related distribution:
(i) material breaches of Mortgage Loan representations and warranties under this Agreement of which the Trustee has actual knowledge or has received written notice; and
(ii) material breaches of any covenants under this Agreement of which the Trustee has actual knowledge or received written notice.
(b) The Trustee's responsibility for providing the above statement to the Certificateholders, each Rating Agency Agency, the Servicer and the Depositor is limited, if applicable, limited to the availability, timeliness and accuracy of the information derived from the Servicers and the Swap ProviderServicer. The Trustee shall make available will provide the above statement via the Trustee's internet website. The Trustee's website will initially be located at https://www.tss.db.com/invr http:\\www.ctslink.com and assistance in using the website can be xxxxxxxx xx obtained by xxxxxxx xxx Xxxstee's investor relations customer service desk at 1(301) 815-800-735-77776600. Parties that are unable to use the website are entitled xx xxxx x xxxer copy mailed to them via first class mail by calling the investor relations customer service desk and indicating such. The Trustee may change the way the monthly statements to Certificateholders are distributed in order to make such distribution more convenient and/or more accessible to the above parties and the Trustee shall provide timely and adequate notification to all above parties regarding any such changes. As a condition to access the Trustee's internet website, the Trustee may require registration and the acceptance of a disclaimer. The Trustee will not be liable for the dissemination of information in accordance with this Agreement. The Trustee shall make available to each Analytics Company, either electronically or via the Trustee's internet website, each statement to Certificateholders prepared pursuant to Section 4.03(a). The Trustee (and the applicable Servicer, if such discrepancy results from or arises out of any information provided by the applicable Servicer pursuant to this Agreement) shall cooperate in good faith with the Depositor to reconcile any discrepancies in such statements, and the Trustee shall provide any corrections to such statements to each Analytics Company as soon as reasonably practicable after the related Distribution Date. The Trustee will also be entitled to rely on but shall not be responsible for the content or accuracy of any information provided by third parties for purposes of preparing the monthly statement to Certificateholders and may affix thereto any disclaimer it deems appropriate in its reasonable discretion (without suggesting liability on the part of any other party hereto).
(c) Within a reasonable period of time after the end of each calendar year, the Trustee shall cause to be furnished to each Person who at any time during the calendar year was a Certificateholder, a statement containing the information set forth in clauses (a)(i) and (a)(ii) of this Section 4.03 aggregated for such calendar year or applicable portion thereof during which such Person was a Certificateholder. Such obligation of the Trustee shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Trustee pursuant to any requirements of the Code as from time to time in effect.
(d) Not later than the Determination Date for each Distribution Date, each the Servicer shall furnish to the Trustee, Trustee and the Depositor a monthly remittance advice statement (the "Servicer Remittance Report") containing the data fields set forth on Exhibit X attached hereto (in each case, in a format mutually agreed upon by such the Servicer and the Trustee) with respect to HomEq, containing the data fields set forth on Exhibit Y attached hereto with respect to Wells Fargo (in each case, in a format mutually agreed upon by such Serxxxxx and the Trustee) and containing the data fields set forth on Exhibit Z attached hereto with respect Countrywide Servicing (in each case, in a format mutually agreed upon by such Servicer and the Trustee) and such information as shall be reasonably requested (i) by the Depositor to enable the Depositor to disclose "static pool information", as required by Item 1105 of Regulation AB, with respect to the Mortgage Loans, and (ii) by the Trustee (including, without limitation, the Custodian Fee) to enable the Trustee to provide the reports required by Section 4.03(a) as to the accompanying remittance and applicable Due Period and the period ending on the close of business on the last day of the related Prepayment Period to which such remittance relates(the "Servicer Remittance Report"). The Servicer Remittance Report shallshall furnish to the Trustee monthly information reports on a loan level, at a minimum, document, on such as of the related Determination Date, to document Mortgage Loan payment activity on an individual Mortgage Loan basis. With respect to each month, as followsthe corresponding monthly information reports on a loan level (in electronic format) shall be received by the Trustee no later than the related Determination Date, which reports shall contain the following:
(i) with respect to each Scheduled Payment, the amount of such remittance allocable to principal (including a separate breakdown of any Principal Prepayment, including the date of such prepayment, and any Prepayment Charges, received during the related Prepayment Period along with a detailed report of interest on principal prepayment amounts remitted in accordance with Section 3.25);
(ii) with respect to each Scheduled Payment, the amount of such remittance allocable to interest;
(iii) the amount of servicing compensation received by such the Servicer during the prior distribution period;
(iv) the individual and aggregate Stated Principal Balance of the Mortgage Loans;
(v) the aggregate expenses reimbursed to such the Servicer during the prior distribution period pursuant to Section 3.11; and
(vi) the number and aggregate outstanding principal balances of Mortgage Loans (a) delinquent (1) 31 to 60 days, (2) 61 to 90 days, (3) 91 days and 91 or more daysmore; (b) as to which foreclosure or bankruptcy proceedings of the related mortgagor have has commenced; and (c) as to which REO Property has been acquired. Concurrently with each delivery of a Servicer Remittance Report to the Trustee, Wells Fargo, acting as a Servicer, shall provide, in a manner consistenx xxxh the preceding paragraph, a supplemental statement (to the extent not previously provided) setting forth information in subclauses (v) and (vi). The Trustee shall promptly forward the Servicer Remittance Report and the related supplemental statement to the Depositor.
(e) Notwithstanding anything in Section 4.03(d) to the contrary, the Servicers shall be deemed to have satisfied the requirement to timely deliver the Servicer Remittance Report if such report is received by the Trustee on or prior to the 18th calendar day of such month in which the related Determination Date occurs; provided, however, that if such 18th calendar day is a Sunday or a Monday which is not a Business Day, the Servicers shall be deemed to have satisfied the requirement to timely deliver the Servicer Remittance Report if the Trustee and the Depositor receive such report (i) on the next Business Day succeeding such 18th calendar day, or (ii) on the Business Day immediately preceding such 18th calendar day, if such succeeding Business Day is later than the 20th calendar day of such calendar month.
(f) For all purposes of this Agreement, with respect to any Mortgage Loan, delinquencies shall be determined by the Trustee from information provided by the Servicers and reported by the Trustee based on the "OTS" methodology for determining delinquencies on mortgage loans similar to the Mortgage Loans. By way of example, a Mortgage Loan would be delinquent with respect to a Scheduled Payment due on a Due Date if such Scheduled Payment is not made by the close of business on the Mortgage Loan's next succeeding Due Date, and a Mortgage Loan would be more than 30-days Delinquent with respect to such Scheduled Payment if such Scheduled Payment were not made by the close of business on the Mortgage Loan's second succeeding Due Date. Each Servicer hereby represents and warrants to the Depositor that such Servicer is not subject to any delinquency recognition policy established by the primary safety and soundness regulator, if any, of such Servicer, that is more restrictive than the foregoing delinquency recognition policy.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Morgan Stanley ABS Capital I Inc. Trust 2005-Wmc2)
Monthly Statements to Certificateholders. (a) Not later than each Distribution Date, the Trustee Securities Administrator shall make available to each Certificateholder, the ServicersMaster Servicer, the Depositor Servicer, the Depositor, the Trustee and each Rating Agency a statement based on information provided by the Servicer setting forth with respect to the related distribution:
(i) the actual Distribution Dateamount thereof allocable to principal, separately identifying the related Record Date, the Interest Accrual Period(s) for each Class for such Distribution Date aggregate amount of any Principal Prepayments and the LIBOR Determination Date for such Interest Accrual PeriodLiquidation Proceeds included therein;
(ii) the amount of Available Funds;
(iii) the amount of Available Funds thereof allocable to principalinterest, the Principal Remittance Amount (separately identifying the components thereof) and the Principal Distribution Amount (separately identifying the components thereof);
(iv) the amount of Available Funds allocable to interest and each Interest Remittance Amount;
(v) the amount of any Unpaid Interest Amount for each Class Amounts included in such distribution and any remaining Unpaid Interest Amounts after giving effect to such distribution, any Basis Risk CarryForward Carry Forward Amount for each Class such Distribution Date and the amount of such all Basis Risk CarryForward Amount Carry Forward Amounts covered by withdrawals from the Excess Reserve Fund Account on such Distribution Date;
(viiii) if the distribution to the Holders of such Class of Certificates is less than the full amount that would be distributable to such Holders if there were sufficient funds available therefor, the amount of the shortfall and the allocation of the shortfall thereof as between principal and interest, including any Basis Risk CarryForward Carry Forward Amount not covered by amounts in the Excess Reserve Fund Account;
(viiiv) the Class Certificate Balance of each Class of Certificates before and after giving effect to the distribution of principal on such Distribution Date;
(viiiv) the Pool Stated Principal Balance for the following Distribution Date;
(ixvi) the amount of the Expense Fees (in the aggregate and separately stated) paid to or retained by the Servicers and Servicer or Subservicer (with respect to the Trustee (stated separately and Subservicers, in the aggregate) and the Master Servicer with respect to such Distribution Date;
(xvii) the Pass-Through Rate for each such Class of Certificates with respect to such Distribution Date;
(xiviii) the amount of P&I Advances included in the distribution on such Distribution Date and the aggregate amount of Advances reported by the Servicers (and the Trustee Servicer as successor Servicer and any other successor Servicer, if applicable) outstanding as of the close of business on the Determination Date immediately preceding such Distribution Date;
(xiiix) the number and aggregate outstanding principal balances of Mortgage Loans (1) as to which the Scheduled Payment is delinquent 31 to 60 days, 61 to 90 days and 91 or more days, (2) that have become REO Property, (3) that are in foreclosure and (4) that are in bankruptcy, in each case as of the close of business on the last Business Day of the immediately preceding month;
(xiiix) for each of the preceding 12 calendar months, or all calendar months since the related Cut-off Date, whichever is less, the aggregate dollar amount of the Scheduled Payments (A) due on all Outstanding Mortgage Loans on each of the Due Dates in each such month and (B) delinquent 60 days or more on each of the Due Dates in each such month;
(xi) with respect to any all Mortgage Loans that became REO Properties during the preceding calendar month, the aggregate number of such Mortgage Loans and the aggregate Stated Principal Balance of such Mortgage Loans as of the close of business on the last Business Day Determination Date preceding such Distribution Date and the date of the immediately preceding monthacquisition thereof;
(xivxii) the total number and outstanding principal balance of any REO Properties (and market value, if available) as of the close of business on the last Business Day of the immediately Determination Date preceding monthsuch Distribution Date;
(xvxiii) whether a Trigger Event has occurred and is continuing (including the calculation demonstrating of thereof and the existence aggregate outstanding balance of the all 60+ Day Delinquent Mortgage Loans) and whether a Group I Sequential Trigger EventEvent has occurred and is continuing;
(xvixiv) the amount on deposit in of any Basis Risk Carry Forward Amounts paid from the Excess Reserve Fund Account (after giving effect to distributions on such Distribution Date)or the Supplemental Interest Trust and the amount of any Upper-Tier Carry Forward Amounts paid from the Supplemental Interest Trust;
(xviixv) in the aggregate and for each Class of Certificates, the aggregate amount of Applied Realized Loss Amounts incurred during the preceding calendar month and aggregate Applied Realized Loss Amounts through such Distribution Date;
(xviiixvi) the amount of any Net Monthly Excess Cash Flow on such Distribution Date and the allocation of it thereof to the Certificateholders with respect to Unpaid Interest Amounts, Unpaid Applied Realized Loss Amounts or Basis Risk CarryForward and Unpaid Interest Amounts;
(xvii) the Overcollateralized Amount and Specified Overcollateralized Amount;
(xviii) the amount distributed on the Class P Certificates;
(xix) the Cumulative Realized Loss Percentage;
(xx) the amount distributed on the Class X Certificates;
(xxi) the amount of any Subsequent Recoveries for such Distribution Date;
(xxii) the amount of any Net Swap Payments, Net Swap Receipts, Swap Termination Payments or Defaulted Swap Termination Payments;; and
(xxxxiii) the calculations of LIBOR and Swap LIBOR;
(xxi) the Subordinated Amount and Specified Subordinated Amount;
(xxii) Prepayment Charges collected or paid (pursuant to Section 3.07(a)) by the Servicers;
(xxiii) the Cumulative Loss Percentage and the aggregate amount of Realized Losses used to calculate the Cumulative Loss Percentage;
(xxiv) the amount distributed on the Class X Certificates;
(xxv) the amount of any Subsequent Recoveries for such Distribution Date;
(xxvi) the Pre-Funded Amount as of the end of the prior Due Period;
(xxvii) the amount of any principal prepayment on the Certificates resulting from the application of unused moneys in the Pre-Funding Account; and
(xxviii) the number of Mortgage Loans at the end of the applicable reporting period, the pool factor (being the Stated Principal Balance of the Mortgage Loans for the related Distribution Date divided by the Cut-off Date Principal Balance), and the weighted average interest rate, and weighted average remaining term; In addition, each Form 10-D prepared and filed by the Trustee pursuant to Section 8.12 shall include the following information with respect to the related distribution:
(i) material breaches of Mortgage Loan representations and warranties under this Agreement of which the Trustee has actual knowledge or has received written notice; and
(ii) material breaches of any covenants under this Agreement of which the Trustee has actual knowledge or received written notice.
(b) The TrusteeSecurities Administrator's responsibility for providing the above statement to the Certificateholders, each Rating Agency Agency, the Master Servicer, the Servicer, the Securities Administrator, the Trustee and the Depositor is limited, if applicable, limited to the availability, timeliness and accuracy of the information derived from the Servicers Master Servicer and the Swap ProviderServicer. The Trustee shall make available Securities Administrator will provide the above statement via the TrusteeSecurities Administrator's internet website. The TrusteeSecurities Administrator's website will initially be located at https://www.tss.db.com/invr https://www.ctslink.com and assistance in using the website can be xxxxxxxx obtaxxxx xx xxxxxxx xxx XxxsteeXxxurities Administrator's investor relations customer service desk at 1(301) 815-800-735-7777. Parties that are unable to use the website are entitled xx xxxx x xxxer copy mailed to them via first class mail by calling the investor relations desk and indicating such6600. The Trustee may change the way the monthly statements to Certificateholders are distributed in order to make such distribution more convenient and/or more accessible to the above parties and the Trustee shall provide timely and adequate notification to all above parties regarding any such changes. As a condition to access the Trustee's internet website, the Trustee may require registration and the acceptance of a disclaimer. The Trustee will not be liable for the dissemination of information in accordance with this Agreement. The Trustee shall make available to each Analytics Company, either electronically or via the Trustee's internet website, each statement to Certificateholders prepared pursuant to Section 4.03(a). The Trustee (and the applicable Servicer, if such discrepancy results from or arises out of any information provided by the applicable Servicer pursuant to this Agreement) shall cooperate in good faith with the Depositor to reconcile any discrepancies in such statements, and the Trustee shall provide any corrections to such statements to each Analytics Company as soon as reasonably practicable after the related Distribution Date. The Trustee Securities Administrator will also be entitled to rely on but shall not be responsible for the content or accuracy of any information provided by third parties for purposes of preparing the monthly make a paper copx xx xxx xxxxx statement to Certificateholders and may affix thereto any disclaimer it deems appropriate in its reasonable discretion (without suggesting liability on the part of any other party hereto)available upon request.
(c) Within Upon request, within a reasonable period of time after the end of each calendar year, the Trustee Securities Administrator shall cause to be furnished to each Person who at any time during the calendar year was a Certificateholder, a statement containing the information set forth in clauses (a)(i) and (a)(ii) of this Section 4.03 aggregated for such calendar year or applicable portion thereof during which such Person was a Certificateholder. Such obligation of the Trustee Securities Administrator shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Trustee Securities Administrator pursuant to any requirements of the Code as from time to time in effect.
(d) Not later than the Determination Date for each Distribution Reporting Date, each the Servicer shall furnish to the Trustee, Securities Administrator a monthly remittance advice statement (the "Servicer Remittance Report") containing the data fields set forth on Exhibit X attached hereto (in each case, in a format mutually agreed upon by such the Servicer and the TrusteeSecurities Administrator) with respect to HomEq, containing the data fields set forth on Exhibit Y attached hereto with respect to Wells Fargo (in each case, in a format mutually agreed upon by such Serxxxxx and the Trustee) and containing the data fields set forth on Exhibit Z attached hereto with respect Countrywide Servicing (in each case, in a format mutually agreed upon by such Servicer and the Trustee) and such information as shall be reasonably requested (i) by the Depositor to enable the Depositor to disclose "static pool information", as required by Item 1105 of Regulation AB, with respect to the Mortgage Loans, and (ii) by the Trustee to enable the Trustee Securities Administrator to provide the reports required by Section 4.03(a) as to the accompanying remittance and applicable Due Period and Prepayment Period to which such remittance relatesthe period ending on the close of business on the last Business Day of the immediately preceding month (the "Servicer Remittance Report"). The Servicer Remittance Report shallshall furnish to the Securities Administrator an individual loan accounting report, at a minimumas of the last Business Day of each month, document, on such Determination Date, to document Mortgage Loan payment activity on an individual Mortgage Loan basis. With respect to each month, as followsthe corresponding individual loan accounting report (in electronic format) shall be received by the Securities Administrator no later than the Reporting Date, which report shall contain the following:
(i) with respect to each Scheduled Payment, the amount of such remittance allocable to principal (including a separate breakdown of any Principal Prepayment, including the date of such prepayment, and any Prepayment ChargesPremiums, received during the related Prepayment Period along with a detailed report of interest on principal prepayment Principal Prepayment amounts remitted in accordance with Section 3.25);
(ii) with respect to each Scheduled Payment, the amount of such remittance allocable to interest;
(iii) the amount of servicing compensation received by such the Servicer during the prior distribution period;
(iv) the individual and aggregate Stated Principal Balance of the Mortgage Loans;
(v) the aggregate of any expenses reimbursed to such the Servicer during the prior distribution period pursuant to Section 3.11; and;
(vi) the number and aggregate outstanding principal balances of Mortgage Loans (a) delinquent (1) 31 to 60 days, (2) 61 to 90 days, or (3) 91 days and 91 or more daysmore; (b) as to which foreclosure or bankruptcy proceedings of the related mortgagor have has commenced; and (c) as to which REO Property has been acquired;
(vii) each Mortgage Loan which has been altered, modified or varied during such month, and the reason for such modification (i.e., extension of maturity date, Mortgage Interest Rate);
(viii) with respect to each Liquidated Mortgage Loan, the amount of any Realized Losses for such Mortgage Loan; and
(ix) any other information reasonably required by the Securities Administrator to enable it to prepare the Monthly Statement referred to in Section 4.03(a).
(e) In addition to clause (d) above, the Servicer shall provide the Depositor with full, continuous access to its online mortgage loan servicing data system (Datamart) (the "Data System") with respect to the Mortgage Loans. Concurrently with each delivery To the extent that the Data System is not available or otherwise accessible, or the information in the following documents is not available on the Data System or the Servicer fails to provide any report set forth in Section 4.03(f) or Exhibit N-1 hereto in a timely manner, the Servicer shall provide the documentation listed below to the Depositor and the Securities Administrator in an electronic format acceptable to the Securities Administrator and the Depositor:
(i) Initiation of foreclosure - The Servicer shall deliver to the Depositor and the Securities Administrator a copy of the collection comments and a current BPO;
(ii) Deed-in-lieu of foreclosure - The Servicer shall deliver to the Depositor and the Securities Administrator a copy of current value and a copy of a title report showing clean title;
(iii) Bidding instructions at foreclosure sale - The Servicer Remittance Report shall deliver to the Trustee, Wells Fargo, acting as Depositor and the Securities Administrator a Servicer, statement of total debt and current BPO;
(iv) Short sale - The Servicer shall provide, in a manner consistenx xxxh the preceding paragraph, a supplemental statement (deliver to the extent not previously provided) setting forth information in subclauses Depositor and the Securities Administrator a statement of the Mortgagor's hardship, current BPO, and statement detailing net proceeds to the Depositor and the Securities Administrator;
(v) REO Property list price - The Servicer shall deliver to the Depositor and the Securities Administrator a current BPO done at the time of taking title to the REO Property and broker's recommendation for list price;
(vi) REO Property sales price - The Servicer shall deliver to the Depositor and the Securities Administrator a summary of the REO contract being proposed; and
(vii) REO Property net proceeds - The Servicer shall deliver to the Depositor and the Securities Administrator a copy of the HUD-1 statement prior to closing.
(f) On the 5th Business Day of each month (the "Data File Delivery Date"), the Servicer shall deliver to the Depositor a Market Value Change Report and a data file incorporating the fields set forth in the data file layout set forth on Exhibit N-1 hereto (the "Data File"). The Trustee shall promptly forward In the event that the Servicer Remittance is unable to provide the complete data file on such Data File Delivery Date, the Servicer shall provide to the Depositor additional reports as set forth on Exhibit N-1 hereto (the "Back-up Reports") on or prior to the 8th Business Day of such month (the "Back-up Report and the related supplemental statement Delivery Date") in an electronic format acceptable to the Depositor.
(eg) Notwithstanding anything On the Reporting Date in Section 4.03(d) each calendar month, the Servicer shall furnish to the contrary, the Servicers shall be deemed to have satisfied the requirement to timely deliver the Master Servicer Remittance Report if such report is received by the Trustee on or prior to the 18th calendar day of such month in which the related Determination Date occurs; provided, however, that if such 18th calendar day is a Sunday or a Monday which is not a Business Day, the Servicers shall be deemed to have satisfied the requirement to timely deliver the Servicer Remittance Report if the Trustee and the Depositor receive such report (i) a monthly remittance advice in the format set forth in Exhibit N-2 hereto, a monthly defaulted loan report in the format set forth in Exhibit N-3 hereto and a realized loss report in the format set forth in Exhibit N-4 hereto (or in such other format mutually agreed to between the Servicer and the Master Servicer) relating to the period ending on the next Business Day succeeding such 18th last day of the preceding calendar day, or month and (ii) all such information required pursuant to clause (i) above on a magnetic tape or other similar media reasonably acceptable to the Business Day immediately preceding Master Servicer. Such monthly remittance advice shall also be accompanied by a supplemental report provided to the Master Servicer which includes on an aggregate basis for the previous calendar month (i) the amount of any insurance claims filed, (ii) the amount of any claim payments made and (iii) the amount of claims denied or curtailed. The Master Servicer will convert such 18th calendar day, if such succeeding Business Day is later than data into a format acceptable to the 20th calendar day of such calendar month.
(f) For all purposes of Securities Administrator and provide monthly reports to the Securities Administrator pursuant to this Agreement, with respect to any Mortgage Loan, delinquencies shall be determined by the Trustee from information provided by the Servicers and reported by the Trustee based on the "OTS" methodology for determining delinquencies on mortgage loans similar to the Mortgage Loans. By way of example, a Mortgage Loan would be delinquent with respect to a Scheduled Payment due on a Due Date if such Scheduled Payment is not made by the close of business on the Mortgage Loan's next succeeding Due Date, and a Mortgage Loan would be more than 30-days Delinquent with respect to such Scheduled Payment if such Scheduled Payment were not made by the close of business on the Mortgage Loan's second succeeding Due Date. Each Servicer hereby represents and warrants to the Depositor that such Servicer is not subject to any delinquency recognition policy established by the primary safety and soundness regulator, if any, of such Servicer, that is more restrictive than the foregoing delinquency recognition policy.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (GSAMP Trust 2005-Ahl2)
Monthly Statements to Certificateholders. (a) Not later than each Distribution Date, the Trustee Securities Administrator shall make available to each Certificateholder, the ServicersDepositor, the Depositor Trustee and each Rating Agency a statement based upon the information provided by the Servicer setting forth with respect to the related distribution:
(i) the actual Distribution Dateamount thereof allocable to principal, separately identifying the related Record Date, the Interest Accrual Period(s) for each Class for such Distribution Date aggregate amount of any Principal Prepayments and the LIBOR Determination Date for such Interest Accrual PeriodLiquidation Proceeds included therein;
(ii) the amount of Available Funds;
(iii) the amount of Available Funds thereof allocable to principalinterest, the Principal Remittance Amount (separately identifying the components thereof) and the Principal Distribution Amount (separately identifying the components thereof);
(iv) the amount of Available Funds allocable to interest and each Interest Remittance Amount;
(v) the amount of any Unpaid Interest Amount for each Class included in such distribution and any remaining Unpaid Interest Amounts Amount after giving effect to such distribution, any Basis Risk CarryForward Carry Forward Amount for each Class such Distribution Date and the amount of such all Basis Risk CarryForward Carry Forward Amount covered by withdrawals from the Excess Reserve Fund Account and the Supplemental Interest Trust on such Distribution Date;
(viiii) if the distribution to the Holders of such Class of Certificates is less than the full amount that would be distributable to such Holders if there were sufficient funds available therefor, the amount of the shortfall and the allocation of the shortfall thereof as between principal and interest, including any Basis Risk CarryForward Carry Forward Amount not covered by amounts in the Excess Reserve Fund AccountAccount and the Supplemental Interest Trust;
(viiiv) the Class Certificate Balance of each Class of Certificates before and the notional amount of the Class P Certificates after giving effect to the distribution of principal on such Distribution Date;
(viiiv) the Pool aggregate Stated Principal Balance of the Mortgage Loans for the following Distribution Date;
(ixvi) the amount of the Expense Fees expenses and fees paid to or retained by the Servicers Servicer and paid to or retained by the Trustee (stated separately and in the aggregate) with respect to such Distribution Date;
(xvii) the amount of any Administrative Fees paid to the Master Servicer or Securities Administrator with respect to such Distribution Date;
(viii) the Pass-Through Rate for each such Class of Certificates with respect to such Distribution Date;
(xiix) the amount of P&I Advances included in the distribution on such Distribution Date and the aggregate amount of Advances reported by the Servicers Servicer (and the Master Servicer, the Trustee as successor Servicer master servicer, and any other successor Servicermaster servicer, if applicable) as outstanding as of the close of business on the Determination Date immediately preceding such Distribution Date;
(xiix) the number and aggregate outstanding principal balances of Mortgage Loans (1) as to which the Scheduled Monthly Payment is delinquent 31 to 60 days, 61 to 90 days and 91 or more days, (2) that have become REO Property, (3) that are in foreclosure and (4) that are in bankruptcy, in each case as of the close of business on the last Business Day of the immediately preceding month;
(xiii) with respect to any Mortgage Loans that became REO Properties during the preceding calendar month, the aggregate number of such Mortgage Loans and the aggregate Stated Principal Balance of such Mortgage Loans as of the close of business on the last Business Day of the immediately preceding month;
(xiv) the total number and outstanding principal balance of any REO Properties (and market value, if available) as of the close of business on the last Business Day of the immediately preceding month;
(xv) whether a Trigger Event has occurred and is continuing (including the calculation demonstrating the existence of the Trigger Event;
(xvi) the amount on deposit in the Excess Reserve Fund Account (after giving effect to distributions on such Distribution Date);
(xvii) in the aggregate and for each Class of Certificates, the aggregate amount of Applied Realized Loss Amounts incurred during the preceding calendar month and aggregate Applied Realized Loss Amounts through such Distribution Date;
(xviii) the amount of any Net Monthly Excess Cash Flow on such Distribution Date and the allocation of it to the Certificateholders with respect to Unpaid Interest Amounts, Unpaid Realized Loss Amounts or Basis Risk CarryForward Amounts;
(xix) the amount of any Net Swap Payments, Net Swap Receipts, Swap Termination Payments or Defaulted Swap Termination Payments;
(xx) the calculations of LIBOR and Swap LIBOR;
(xxi) the Subordinated Amount and Specified Subordinated Amount;
(xxii) Prepayment Charges collected or paid (pursuant to Section 3.07(a)) by the Servicers;
(xxiii) the Cumulative Loss Percentage and the aggregate amount of Realized Losses used to calculate the Cumulative Loss Percentage;
(xxiv) the amount distributed on the Class X Certificates;
(xxv) the amount of any Subsequent Recoveries for such Distribution Date;
(xxvi) the Pre-Funded Amount as of the end of the prior Due Period;
(xxvii) the amount of any principal prepayment on the Certificates resulting from the application of unused moneys in the Pre-Funding Account; and
(xxviii) the number of Mortgage Loans at the end of the applicable reporting period, the pool factor (being the Stated Principal Balance of the Mortgage Loans for the related Distribution Date divided by the Cut-off Date Principal Balance), and the weighted average interest rate, and weighted average remaining term; In addition, each Form 10-D prepared and filed by the Trustee pursuant to Section 8.12 shall include the following information with respect to the related distribution:
(i) material breaches of Mortgage Loan representations and warranties under this Agreement of which the Trustee has actual knowledge or has received written notice; and
(ii) material breaches of any covenants under this Agreement of which the Trustee has actual knowledge or received written notice.
(b) The Trustee's responsibility for providing the above statement to the Certificateholders, each Rating Agency and the Depositor is limited, if applicable, to the availability, timeliness and accuracy of the information derived from the Servicers and the Swap Provider. The Trustee shall make available the above statement via the Trustee's internet website. The Trustee's website will initially be located at https://www.tss.db.com/invr and assistance in using the website can be xxxxxxxx xx xxxxxxx xxx Xxxstee's investor relations desk at 1-800-735-7777. Parties that are unable to use the website are entitled xx xxxx x xxxer copy mailed to them via first class mail by calling the investor relations desk and indicating such. The Trustee may change the way the monthly statements to Certificateholders are distributed in order to make such distribution more convenient and/or more accessible to the above parties and the Trustee shall provide timely and adequate notification to all above parties regarding any such changes. As a condition to access the Trustee's internet website, the Trustee may require registration and the acceptance of a disclaimer. The Trustee will not be liable for the dissemination of information in accordance with this Agreement. The Trustee shall make available to each Analytics Company, either electronically or via the Trustee's internet website, each statement to Certificateholders prepared pursuant to Section 4.03(a). The Trustee (and the applicable Servicer, if such discrepancy results from or arises out of any information provided by the applicable Servicer pursuant to this Agreement) shall cooperate in good faith with the Depositor to reconcile any discrepancies in such statements, and the Trustee shall provide any corrections to such statements to each Analytics Company as soon as reasonably practicable after the related Distribution Date. The Trustee will also be entitled to rely on but shall not be responsible for the content or accuracy of any information provided by third parties for purposes of preparing the monthly statement to Certificateholders and may affix thereto any disclaimer it deems appropriate in its reasonable discretion (without suggesting liability on the part of any other party hereto).
(c) Within a reasonable period of time after the end of each calendar year, the Trustee shall cause to be furnished to each Person who at any time during the calendar year was a Certificateholder, a statement containing the information set forth in clauses (a)(i) and (a)(ii) of this Section 4.03 aggregated for such calendar year or applicable portion thereof during which such Person was a Certificateholder. Such obligation of the Trustee shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Trustee pursuant to any requirements of the Code as from time to time in effect.
(d) Not later than the Determination Date for each Distribution Date, each Servicer shall furnish to the Trustee, a monthly remittance advice statement (the "Servicer Remittance Report") containing the data fields set forth on Exhibit X attached hereto (in each case, in a format mutually agreed upon by such Servicer and the Trustee) with respect to HomEq, containing the data fields set forth on Exhibit Y attached hereto with respect to Wells Fargo (in each case, in a format mutually agreed upon by such Serxxxxx and the Trustee) and containing the data fields set forth on Exhibit Z attached hereto with respect Countrywide Servicing (in each case, in a format mutually agreed upon by such Servicer and the Trustee) and such information as shall be reasonably requested (i) by the Depositor to enable the Depositor to disclose "static pool information", as required by Item 1105 of Regulation AB, with respect to the Mortgage Loans, and (ii) by the Trustee to enable the Trustee to provide the reports required by Section 4.03(a) as to the accompanying remittance and applicable Due Period and Prepayment Period to which such remittance relates. The Servicer Remittance Report shall, at a minimum, document, on such Determination Date, Mortgage Loan payment activity on an individual Mortgage Loan basis, as follows:
(i) with respect to each Scheduled Payment, the amount of such remittance allocable to principal (including a separate breakdown of any Principal Prepayment, including the date of such prepayment, and any Prepayment Charges, received during the related Prepayment Period along with a detailed report of interest on principal prepayment amounts remitted in accordance with Section 3.25);
(ii) with respect to each Scheduled Payment, the amount of such remittance allocable to interest;
(iii) the amount of servicing compensation received by such Servicer during the prior distribution period;
(iv) the individual and aggregate Stated Principal Balance of the Mortgage Loans;
(v) the aggregate expenses reimbursed to such Servicer during the prior distribution period pursuant to Section 3.11; and
(vi) the number and aggregate outstanding principal balances of Mortgage Loans (a) delinquent 31 to 60 days, 61 to 90 days and 91 or more days; (b) as to which foreclosure or bankruptcy proceedings of the related mortgagor have commenced; and (c) as to which REO Property has been acquired. Concurrently with each delivery of a Servicer Remittance Report to the Trustee, Wells Fargo, acting as a Servicer, shall provide, in a manner consistenx xxxh the preceding paragraph, a supplemental statement (to the extent not previously provided) setting forth information in subclauses (v) and (vi). The Trustee shall promptly forward the Servicer Remittance Report and the related supplemental statement to the Depositor.
(e) Notwithstanding anything in Section 4.03(d) to the contrary, the Servicers shall be deemed to have satisfied the requirement to timely deliver the Servicer Remittance Report if such report is received by the Trustee on or prior to the 18th calendar day of such month in which the related Determination Date occurs; provided, however, that if such 18th calendar day is a Sunday or a Monday which is not a Business Day, the Servicers shall be deemed to have satisfied the requirement to timely deliver the Servicer Remittance Report if the Trustee and the Depositor receive such report (i) on the next Business Day succeeding such 18th calendar day, or (ii) on the Business Day immediately preceding such 18th calendar day, if such succeeding Business Day is later than the 20th calendar day of such calendar month.
(f) For all purposes of this Agreement, with respect to any Mortgage Loan, delinquencies shall be determined by the Trustee from information provided by the Servicers and reported by the Trustee based on the "OTS" methodology for determining delinquencies on mortgage loans similar to the Mortgage Loans. By way of example, a Mortgage Loan would be delinquent with respect to a Scheduled Payment due on a Due Date if such Scheduled Payment is not made by the close of business on the Mortgage Loan's next succeeding Due Date, and a Mortgage Loan would be more than 30-days Delinquent with respect to such Scheduled Payment if such Scheduled Payment were not made by the close of business on the Mortgage Loan's second succeeding Due Date. Each Servicer hereby represents and warrants to the Depositor that such Servicer is not subject to any delinquency recognition policy established by the primary safety and soundness regulator, if any, of such Servicer, that is more restrictive than the foregoing delinquency recognition policy.
Appears in 1 contract
Samples: Master Servicing and Trust Agreement (GSAA Home Equity Trust 2006-2)
Monthly Statements to Certificateholders. (a) Not later than each Distribution Date, the Trustee shall make available to each Certificateholder, the ServicersServicer, the Depositor and each Rating Agency a statement based in part on information provided by the Servicer setting forth with respect to the related distribution:
(i) the actual Distribution Date, the related Record Date, the Interest Accrual Period(s) for each Class for such Distribution Date and the LIBOR Determination Date for such Interest Accrual Period;
(ii) the amount of Available Funds;
(iii) the amount of Available Funds allocable to principal, the Principal Remittance Amount (separately identifying the components thereof) and the Principal Distribution Amount (separately identifying and the components calculation thereof);
(iv) the amount of Available Funds allocable to interest and each Interest Remittance Amount;
(v) the amount of any Unpaid Interest Amount for each Class included in such distribution and any remaining Unpaid Interest Amounts after giving effect to such distribution, any Basis Risk CarryForward Carry Forward Amount for each Class and the amount of such Basis Risk CarryForward Carry Forward Amount covered by withdrawals from the Excess Reserve Fund Account on such Distribution Date;
(vi) if the distribution to the Holders of such Class of Certificates is less than the full amount that would be distributable to such Holders if there were sufficient funds available therefor, the amount of the shortfall and the allocation of the shortfall as between principal and interest, including any Basis Risk CarryForward Carry Forward Amount not covered by amounts in the Excess Reserve Fund Account;
(vii) the Class Certificate Balance of each Class of Certificates before and after giving effect to the distribution of principal on such Distribution Date;
(viii) the Pool Stated Principal Balance for the related Distribution Date;
(ix) the amount of the Expense Fees paid to or retained by the Servicers Servicer and paid to or retained by the Trustee (stated separately and in the aggregate) with respect to such Distribution Date;
(x) the Pass-Through Rate for each such Class of Certificates with respect to such Distribution Date;
(xi) the amount of P&I Advances included in the distribution on such Distribution Date reported by the Servicers Servicer (and the Trustee as successor Servicer servicer and any other successor Servicerservicer, if applicable) as of the close of business on the Determination Date immediately preceding such Distribution Date;
(xii) the number and aggregate outstanding principal balances of Mortgage Loans (1) as to which the Scheduled Payment is delinquent 31 to 60 days, 61 to 90 days and days, 91 or more days, and in such other periods and for such times as required by Regulation AB, (2) that have become REO Property, (3) that are in foreclosure and (4) that are in bankruptcy, in each case as of the close of business on the last Business Day of the immediately preceding month;
(xiii) for each of the preceding 12 calendar months, or all calendar months since the related Cut-off Date, whichever is less, the aggregate dollar amount of the Scheduled Payments (A) due on all outstanding Mortgage Loans on each of the Due Dates in each such month and (B) delinquent 60 days or more on each of the Due Dates in each such month;
(xiv) with respect to any Mortgage Loans that became REO Properties during the preceding calendar month, the aggregate number of such Mortgage Loans and the aggregate Stated Principal Balance outstanding principal balance of such Mortgage Loans as of the close of business on the last Business Day of the immediately preceding monthmonth and the month and year of acquisition of such REO Properties;
(xivxv) the total number and outstanding principal balance of any REO Properties (and market value, if available) as of the close of business on the last Business Day of the immediately preceding month;
(xvxvi) whether a Trigger Event has occurred and is continuing (including the calculation demonstrating the existence of the Trigger Event);
(xvixvii) the amount on deposit in the Excess Reserve Fund Account (after giving effect to distributions on such Distribution Date);
(xviixviii) in the aggregate and for each Class of Certificates, the aggregate amount of Applied Realized Loss Amounts incurred during the preceding calendar month and aggregate Applied Realized Loss Amounts through such Distribution Date;
(xviiixix) the amount of any Net Monthly Excess Cash Flow on such Distribution Date and the allocation of it to the Certificateholders with respect to Unpaid Interest Amounts, Unpaid Applied Realized Loss Amounts or and Basis Risk CarryForward Carry Forward Amounts;
(xixxx) the amount of any Net Swap Payments, Net Swap Receipts, Swap Termination Payments or Defaulted Swap Termination Payments;
(xxxxi) the calculations of LIBOR and Swap LIBOR;
(xxixxii) the Subordinated Amount and Specified Subordinated Amount;
(xxiixxiii) Prepayment Charges collected or paid (pursuant to Section 3.07(a)) by the ServicersServicer;
(xxiiixxiv) the Cumulative Loss Percentage and the aggregate amount of Realized Losses used to calculate the Cumulative Loss Percentage;
(xxivxxv) the amount distributed on the Class X Certificates;
(xxvxxvi) the amount of any Subsequent Recoveries for such Distribution Date;
(xxvi) the Pre-Funded Amount as of the end of the prior Due Period;
(xxvii) the amount of any principal prepayment on the Certificates resulting from the application of unused moneys in the Pre-Funding Account; and
(xxviii) the number of Mortgage Loans at the beginning and end of the applicable reporting period, the pool factor (being the Stated Principal Balance of the Mortgage Loans for the related Distribution Date divided by the Cut-off Date Principal Balance)factor, and the weighted average interest rate, and weighted average remaining term;
(xxviii) if applicable, the amount distributed to the Supplemental Float Account; and
(xxix) if applicable, the amount distributed to the Class R-1 Certificates. In addition, each Form 10-D prepared and filed by the Trustee pursuant to Section 8.12 shall include the following information with respect to the related distribution:
(iA) material breaches of Mortgage Loan representations and warranties under this Agreement of which the Trustee has actual knowledge or has received written notice; and
(iiB) material breaches of any covenants under this Agreement of which the Trustee has actual knowledge or has received written notice.
(b) The Trustee's responsibility for providing the above statement to the Certificateholders, each Rating Agency and the Depositor is limited, if applicable, to the availability, timeliness and accuracy of the information derived from the Servicers and the Swap ProviderServicer. The Trustee shall make available the above statement via the Trustee's internet website. The Trustee's website will initially be located at https://www.tss.db.com/invr and assistance in using the website can be xxxxxxxx xx xxxxxxx xxx Xxxstee's investor relations desk at 1-800-735-7777. A paper copy of the above statement will also be made axxxxxxxx xxxx request. Parties that are unable to use the website are entitled xx xxxx x xxxer to have a paper copy mailed to them via first class mail by calling the investor relations customer service desk and indicating such. The Trustee may change the way the monthly statements to Certificateholders are distributed in order to make such distribution more convenient and/or more accessible to the above parties and the Trustee shall provide timely and adequate notification to all above parties regarding any such changes. As a condition to access the Trustee's internet website, the Trustee may require registration and the acceptance of a disclaimer. The Trustee will not be liable for the dissemination of information in accordance with this Agreement. The Trustee shall make available to each Analytics Company, either electronically or Company via the Trustee's internet website, website each statement to Certificateholders prepared pursuant to this Section 4.03(a). The Trustee (and the applicable Servicer, if such discrepancy results from or arises out of any information provided by the applicable Servicer pursuant to this Agreement) shall cooperate in good faith with the Depositor to reconcile any discrepancies in such statements, and the Trustee shall provide any corrections to such statements to each Analytics Company as soon as reasonably practicable after the related Distribution Date. The Trustee will also be entitled to rely on but shall not be responsible for the content or accuracy of any information provided by third parties for purposes of preparing the monthly statement to Certificateholders and may affix thereto any disclaimer it deems appropriate in its reasonable discretion (without suggesting liability on the part of any other party hereto).
(c) Within a reasonable period of time after the end of each calendar year, the Trustee shall cause to be furnished to each Person who at any time during the calendar year was a Certificateholder, a statement containing the information set forth in clauses (a)(i) and (a)(ii) of this Section 4.03 aggregated for such calendar year or applicable portion thereof during which such Person was a Certificateholder. Such obligation of the Trustee shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Trustee pursuant to any requirements of the Code as from time to time in effect.
(d) Not later than three Business Days following the Determination Date for and in no event later than the 20th calendar day of each Distribution Datemonth, each the Servicer shall furnish to the TrusteeDepositor with respect to clause (i) below and the Trustee with respect to clause (ii) below, a monthly remittance advice statement (the "Servicer Remittance Report") containing the data fields set forth on Exhibit X attached hereto (in each case, in a format mutually agreed upon by such Servicer the Servicer, the Trustee and the TrusteeDepositor) with respect to HomEq, containing the data fields set forth on Exhibit Y attached hereto with respect to Wells Fargo (in each case, in a format mutually agreed upon by such Serxxxxx and the Trustee) and containing the data fields set forth on Exhibit Z attached hereto with respect Countrywide Servicing (in each case, in a format mutually agreed upon by such Servicer and the Trustee) and such information as shall be reasonably requested (i) by the Depositor to enable the Depositor to disclose "static pool information", as required by Item 1105 of Regulation AB, with respect to the Mortgage Loans, and (ii) by the Trustee to enable the Trustee to provide the reports required by Section 4.03(a) as to the accompanying remittance remittance. The Servicer shall concurrently deliver to the Depositor a data tape, in form and applicable Due Period substance reasonably satisfactory to the Depositor and Prepayment Period the Servicer, containing the information required pursuant to which such remittance relatesthis Section 4.03(d) on a loan-by-loan basis for all of the Mortgage Loans. The Servicer Remittance Report shall, at a minimum, document, on such Determination Date, Mortgage Loan payment activity on an individual Mortgage Loan basis, as follows:
(i) with respect to each Scheduled Payment, the amount of such remittance allocable to principal (including a separate breakdown of any Principal Prepayment, including the date of such prepayment, and any Prepayment Charges, received during the related Prepayment Period along with a detailed report of interest on principal prepayment amounts remitted in accordance with Section 3.25);
(ii) with respect to each Scheduled Payment, the amount of such remittance allocable to interest;
(iii) the amount of servicing compensation Servicing Fees received by such the Servicer during the prior distribution period;
(iv) the individual and aggregate Stated Principal Balance of the Mortgage Loans;
(v) the aggregate expenses reimbursed to such the Servicer during the prior distribution period pursuant to Section 3.11; and
(vi) the number and aggregate outstanding principal balances of Mortgage Loans (a) delinquent 31 to 60 days, 61 to 90 days and days, 91 or more days, and in such other periods and for such times as required by Regulation AB; (b) as to which foreclosure or bankruptcy proceedings of the related mortgagor have commenced; and (c) as to which REO Property has been acquired. Concurrently with each delivery of a Servicer Remittance Report to the Trustee, Wells Fargo, acting as a Servicer, shall provide, in a manner consistenx xxxh the preceding paragraph, a supplemental statement (to the extent not previously provided) setting forth information in subclauses (v) and (vi). The Trustee shall promptly forward the Servicer Remittance Report and the related supplemental statement to the Depositor.
(e) Notwithstanding anything in Section 4.03(d) to the contrary, the Servicers shall be deemed to have satisfied the requirement to timely deliver the Servicer Remittance Report if such report is received by the Trustee on or prior to the 18th calendar day of such month in which the related Determination Date occurs; provided, however, that if such 18th calendar day is a Sunday or a Monday which is not a Business Day, the Servicers shall be deemed to have satisfied the requirement to timely deliver the Servicer Remittance Report if the Trustee and the Depositor receive such report (i) on the next Business Day succeeding such 18th calendar day, or (ii) on the Business Day immediately preceding such 18th calendar day, if such succeeding Business Day is later than the 20th calendar day of such calendar month.
(f) For all purposes of this Agreement, with respect to any Mortgage Loan, delinquencies shall be determined by the Trustee from information provided by the Servicers and reported by the Trustee based on the so-called "OTS" methodology for determining delinquencies on mortgage loans similar to the Mortgage Loans. By way of example, a Mortgage Loan would be delinquent with respect to a Scheduled Payment due on a Due Date if such Scheduled Payment is not made by the close of business on the Mortgage Loan's next succeeding Due Date, and a Mortgage Loan would be more than 30-days Delinquent with respect to such Scheduled Payment if such Scheduled Payment were not made by the close of business on the Mortgage Loan's second succeeding Due Date. Each The Servicer hereby represents and warrants to the Depositor that such Servicer this delinquency recognition policy is not subject to less restrictive than any delinquency recognition policy established by the primary safety and soundness regulator, if any, of such Servicer, that is more restrictive than the foregoing delinquency recognition policyServicer with respect to mortgage loans similar to the Mortgage Loans.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Securitized Asset Backed Receivables LLC Trust 2006-Wm3)
Monthly Statements to Certificateholders. (a) Not later than each Distribution Date, the Trustee shall make available to each Certificateholder, the Servicers, the Depositor and each Rating Agency a statement setting forth with respect to the related distribution:
(i) the actual Distribution Date, the related Record Date, the Interest Accrual Period(s) for each Class for such Distribution Date and the LIBOR Determination Date for such Interest Accrual Period;
(ii) the amount of Available Funds;
(iii) the amount of Available Funds allocable to principal, the Principal Remittance Amount (separately identifying the components thereof) and the Principal Distribution Amount (separately identifying the components thereof);
(iv) the amount of Available Funds allocable to interest and each Interest Remittance Amount;
(v) the amount of any Unpaid Interest Amount for each Class included in such distribution and any remaining Unpaid Interest Amounts after giving effect to such distribution, any Basis Risk CarryForward Amount for each Class and the amount of such Basis Risk CarryForward Amount covered by withdrawals from the Excess Reserve Fund Account on such Distribution Date;
(vi) if the distribution to the Holders of such Class of Certificates is less than the full amount that would be distributable to such Holders if there were sufficient funds available therefor, the amount of the shortfall and the allocation of the shortfall as between principal and interest, including any Basis Risk CarryForward Amount not covered by amounts in the Excess Reserve Fund Account;
(vii) the Class Certificate Balance of each Class of Certificates before and after giving effect to the distribution of principal on such Distribution Date;
(viii) the Pool Stated Principal Balance for the related Distribution Date;
(ix) the amount of the Expense Fees paid to or retained by the Servicers and the Trustee (stated separately and in the aggregate) with respect to such Distribution Date;
(x) the Pass-Through Rate for each such Class of Certificates with respect to such Distribution Date;
(xi) the amount of P&I Advances included in the distribution on such Distribution Date reported by the Servicers (and the Trustee as successor Servicer servicer and any other successor Servicerservicer, if applicable) as of the close of business on the Determination Date immediately preceding such Distribution Date;
(xii) the number and aggregate outstanding principal balances of Mortgage Loans (1) as to which the Scheduled Payment is delinquent 31 to 60 days, 61 to 90 days, 91 to 120 days, 121 to 150 days, 151 to 180 days, 181 to 210 days, 211 to 240 days and 91 or more 240+ days, (2) that have become REO Property, (3) that are in foreclosure and (4) that are in bankruptcy, in each case as of the close of business on the last Business Day day of the immediately related Due Period;
(xiii) for each of the preceding 12 calendar months, or all calendar months since the related Cut-off Date, whichever is less, the aggregate dollar amount of the Scheduled Payments (A) due on all outstanding Mortgage Loans on each of the Due Dates in each such month and (B) delinquent 60 days or more on each of the Due Dates in each such month;
(xiiixiv) with respect to any Mortgage Loans that became REO Properties during the preceding calendar month, the aggregate number of such Mortgage Loans and the aggregate Stated Principal Balance outstanding principal balance of such Mortgage Loans as of the close of business on the last Business Day day of the immediately preceding monthrelated Due Period;
(xivxv) the total number and outstanding principal balance of any REO Properties (and market value, if available) as of the close of business on the last Business Day of the immediately preceding monthrelated Due Period;
(xvxvi) whether a Trigger Event has occurred and is continuing (including separately identifying the components of the calculation demonstrating resulting in the existence of the Trigger EventEvent and the aggregate outstanding balance of all 60+ Day Delinquent Mortgage Loans);
(xvixvii) the amount on deposit in the Excess Reserve Fund Account (after giving effect to distributions on such Distribution Date);
(xviixviii) in the aggregate and for each Class of Certificates, the aggregate amount of Applied Realized Loss Amounts incurred during the preceding calendar month and aggregate Applied Realized Loss Amounts through such Distribution Date;
(xviiixix) the amount of any Net Monthly Excess Cash Flow on such Distribution Date and the allocation of it to the Certificateholders with respect to Unpaid Interest Amounts, Unpaid Applied Realized Loss Amounts or Amounts, and Basis Risk CarryForward Amounts;
(xixxx) the amount of any Net Swap Payments, Net Swap Receipts, Swap Termination Payments or Defaulted Swap Termination Payments;
(xxxxi) the calculations of LIBOR and Swap LIBOR;
(xxixxii) the Subordinated Amount and Specified Subordinated Amount;
(xxiixxiii) Prepayment Charges collected or paid (pursuant to Section 3.07(a)) by the Servicers;
(xxiiixxiv) the Cumulative Loss Percentage and the aggregate amount of Realized Losses used to calculate the Cumulative Loss Percentage;
(xxivxxv) the amount distributed on the Class X Certificates;
(xxvxxvi) the amount of any Subsequent Recoveries for such Distribution Date;
(xxvi) the Pre-Funded Amount as of the end of the prior Due Period;
(xxvii) the amount of any principal prepayment on the Certificates resulting from the application of unused moneys in the Pre-Funding Account; and
(xxviiixxvii) the number of Mortgage Loans at the beginning and end of the applicable reporting period, the pool factor (being the Stated Principal Balance of the Mortgage Loans for the related Distribution Date divided by the Cut-off Date Principal Balance), and the weighted average interest rate, and weighted average remaining term; . In addition, each Form 10-D prepared and filed by the Trustee pursuant to Section 8.12 shall include the following information with respect to the related distribution:
(i) material breaches of Mortgage Loan representations and warranties under this Agreement of which the Trustee has actual knowledge or has received written notice; and
(ii) material breaches of any covenants under this Agreement of which the Trustee has actual knowledge or has received written notice.
(b) The Trustee's ’s responsibility for providing the above statement to the Certificateholders, each Rating Agency Agency, and the Depositor is limited, if applicable, to the availability, timeliness and accuracy of the information derived from the Servicers and the Swap ProviderResponsible Parties. The Trustee shall make available the above statement via the Trustee's ’s internet website. The Trustee's ’s website will initially be located at https://www.tss.db.com/invr xxxxx://xxx.xxx.xx.xxx/invr and assistance in using the website can be xxxxxxxx xx xxxxxxx xxx Xxxstee's obtained by calling the Trustee’s investor relations desk at 10-800000-735000-77770000. Parties that are unable to use the website are entitled xx xxxx x xxxer to have a paper copy mailed to them via first class mail by calling the investor relations desk and indicating such. The Trustee may change the way the monthly statements to Certificateholders are distributed in order to make such distribution more convenient and/or more accessible to the above parties and the Trustee shall provide timely and adequate notification to all above parties regarding any such changes. As a condition to access the Trustee's ’s internet website, the Trustee may require registration and the acceptance of a disclaimer. The Trustee will not be liable for the dissemination of information in accordance with this Agreement. The Trustee shall make available to each Analytics Company, either electronically or via the Trustee's ’s internet website, each statement to Certificateholders prepared pursuant to this Section 4.03(a). The Trustee (and the applicable Servicer, if such discrepancy results from or arises out of any information provided by the applicable Servicer pursuant to this Agreement) shall cooperate in good faith with the Depositor to reconcile any discrepancies in such statements, and the Trustee shall provide any corrections to such statements to each Analytics Company as soon as reasonably practicable after the related Distribution Date. The Trustee will also be entitled to rely on but shall not be responsible for the content or accuracy of any information provided by third parties for purposes of preparing the monthly statement to Certificateholders and may affix thereto any disclaimer it deems appropriate in its reasonable discretion (without suggesting liability on the part of any other party hereto).
(c) Within a reasonable period of time after the end of each calendar year, the Trustee shall cause to be furnished to each Person who at any time during the calendar year was a Certificateholder, a statement containing the information set forth in clauses (a)(i) and (a)(ii) of this Section 4.03 aggregated for such calendar year or applicable portion thereof during which such Person was a Certificateholder. Such obligation of the Trustee shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Trustee pursuant to any requirements of the Code as from time to time in effect.
(d) Not later than the Determination Detemination Date for each Distribution Date(and not later than three Business Days after the end of the related Prepayment Period in the case of any supplemental reporting of Principal Prepayments made during such Prepayment Period), each Servicer shall furnish to the Trustee, a monthly remittance advice statement (the "“Servicer Remittance Report"”) containing the data fields set forth on Exhibit X attached hereto (in each case, in a format mutually agreed upon by such Servicer and the Trustee) with respect to HomEq, containing the data fields set forth on Exhibit Y attached hereto with respect to Wells Fargo (in each case, in a format mutually agreed upon by such Serxxxxx and the Trustee) and containing the data fields set forth on Exhibit Z attached hereto with respect Countrywide Servicing (in each case, in a format mutually agreed upon by such Servicer and the Trustee) and such information as shall be reasonably requested (i) by the Depositor and the Responsible Party to enable the Depositor to disclose "“static pool information"”, as required by Item 1105 of Regulation AB, with respect to the Mortgage Loans, and (ii) by the Trustee to enable the Trustee to provide the reports required by Section 4.03(a) as to the accompanying remittance and applicable Due Period the period ending on the close of business on the last day of the preceding calendar month. Notwithstanding anything in this Section 4.03(d) to the contrary, HomEq shall be deemed to have satisfied the requirement to timely deliver the Servicer Remittance Report if such report is received by the Trustee and Prepayment Period the Depositor on or prior to the 18th day of the calendar month in which the related Determination Date occurs; provided however, that if such remittance relatesday is not a Business Day, HomEq shall be deemed to have satisfied the requirement to timely deliver the Servicer Remittance Report if the Trustee and the Depositor receive such report (i) on the next Business Day succeeding such 18th day, if such succeeding Business Day is not later than the 20th day of such calendar month or (ii) on the Business Day immediately preceding such 18th day, if such succeeding Business Day is later than the 20th day of such calendar month. The Servicer Remittance Report shall, at a minimum, document, on such Determination Date, Mortgage Loan payment activity on an individual Mortgage Loan basis, as follows:
(i) with respect to each Scheduled Payment, the amount of such remittance allocable to principal (including a separate breakdown of any Principal Prepayment, including the date of such prepayment, and any Prepayment Charges, received during the related Prepayment Period along with a detailed report of interest on principal prepayment amounts remitted by the related borrower and any Compensating Interest paid by the related Servicer in accordance with Section 3.25);
(ii) with respect to each Scheduled Payment, the amount of such remittance allocable to interest;
(iii) the amount of servicing compensation received by such Servicer during the prior distribution period;; and
(iv) the individual and aggregate Stated Principal Balance of the Mortgage Loans;. Concurrently with each delivery of a Servicer Remittance Report to the Trustee, the Servicer shall provide, in a manner consistent with the preceding paragraph, a supplemental statement setting forth:
(vi) the aggregate expenses reimbursed to such Servicer during the prior distribution period pursuant to Section 3.11; and
(viii) the number and aggregate outstanding principal balances of Mortgage Loans (a) delinquent 31 to 60 days, 61 to 90 days, 91 to 120 days, 121 to 150 days, 151 to 180 days, 181 to 210 days, 211 to 240 days and 91 or more 240+ days; (b) as to which foreclosure or bankruptcy proceedings of the related mortgagor have commenced; and (c) as to which REO Property has been acquired. Concurrently with each delivery of a Servicer Remittance Report to the Trustee, Wells Fargo, acting as a Servicer, shall provide, in a manner consistenx xxxh the preceding paragraph, a supplemental statement (to the extent not previously provided) setting forth information in subclauses (v) and (vi). The Trustee shall promptly forward the Servicer Remittance Report and the related supplemental statement to the Depositor.
(e) Notwithstanding anything in Section 4.03(d) to the contrary, the Servicers shall be deemed to have satisfied the requirement to timely deliver the Servicer Remittance Report if such report is received by the Trustee on or prior to the 18th calendar day of such month in which the related Determination Date occurs; provided, however, that if such 18th calendar day is a Sunday or a Monday which is not a Business Day, the Servicers shall be deemed to have satisfied the requirement to timely deliver the Servicer Remittance Report if the Trustee and the Depositor receive such report (i) on the next Business Day succeeding such 18th calendar day, or (ii) on the Business Day immediately preceding such 18th calendar day, if such succeeding Business Day is later than the 20th calendar day of such calendar month.
(f) For all purposes of this Agreement, with respect to any Mortgage Loan, delinquencies shall be determined and reported by the Trustee Trustee, from information provided by the Servicers and reported by the Trustee each Servicer, based on the "“OTS" ” methodology for determining delinquencies on mortgage loans similar to the Mortgage Loans. By way of example, a Mortgage Loan would be delinquent with respect to a Scheduled Payment due on a Due Date if such Scheduled Payment is not made by the close of business on the Mortgage Loan's next succeeding Due Date, and a Mortgage Loan would be more than 30-days Delinquent with respect to such Scheduled Payment if such Scheduled Payment were not made by the close of business on the Mortgage Loan's ’s second succeeding Due Date. Each Servicer hereby represents and warrants to the Depositor that such Servicer is not subject to any delinquency recognition policy established by the primary safety and soundness regulator, if any, of such the Servicer, that is more restrictive than the foregoing delinquency recognition policy.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Morgan Stanley ABS Capital I Inc. Trust 2006-Nc3)
Monthly Statements to Certificateholders. (a) Not later than each Distribution Date, the Trustee Securities Administrator shall make available to each Certificateholder, the ServicersMaster Servicer, the Depositor Servicer, the Depositor, the Trustee and each Rating Agency a statement statement, based on information provided by the Servicer and the Derivative Counterparty, setting forth with respect to the related distribution:
(i) the actual Distribution Dateamount thereof allocable to principal (other than the Interest-Only Certificates), separately identifying the related Record Dateaggregate amount of any Principal Prepayments, the Interest Accrual Period(s) for each Class for such Distribution Date Liquidation Proceeds and the LIBOR Determination Date for such Interest Accrual PeriodSubsequent Recoveries;
(ii) the amount of Available Funds;
(iii) the amount of Available Funds allocable to principal, the Principal Remittance Amount (separately identifying the components thereof) and the Principal Distribution Amount (separately identifying the components thereof);
(iv) the amount of Available Funds thereof allocable to interest and each (other than the Principal-Only Certificates), any Interest Remittance Amount;
(v) the amount of any Unpaid Interest Amount for each Class Carry Forward Amounts included in such distribution and any remaining Unpaid Interest Carry Forward Amounts after giving effect to such distribution, any Basis Risk CarryForward Carryover Amount for each Class such Distribution Date and the amount of such all Basis Risk CarryForward Carryover Amount covered by withdrawals from the Excess Reserve Fund Account on such Distribution Date;
(viiii) if the distribution to the Holders of such Class of Certificates is less than the full amount that would be distributable to such Holders if there were sufficient funds available therefor, the amount of the shortfall and the allocation of the shortfall thereof as between principal and interest, including any Basis Risk CarryForward Carryover Amount not covered by amounts in the Excess Reserve Fund Account;
(viiiv) the Class Certificate Balance of each Class of Certificates before and after giving effect to the distribution of principal on such Distribution Date;
(viiiv) the Pool Stated Principal Balance for the following Distribution Date;
(ixvi) the amount of the Expense Fees (in the aggregate and separately stated) paid to or retained by the Servicers Servicer, any Subservicer and the Trustee Master Servicer with respect to such Distribution Date;
(stated separately and in vii) the aggregateInterest Rate for each such Class of Certificates (other than the Principal-Only Certificates) with respect to such Distribution Date;
(x) the Pass-Through Rate for each such Class of Certificates with respect to such Distribution Date;
(xiviii) the amount of P&I Advances included in the distribution on such Distribution Date reported by the Servicers (and the Trustee as successor Servicer and any other successor Servicer, if applicable) aggregate amount of P&I Advances outstanding as of the close of business on the Determination Date immediately preceding such Distribution Date;
(xiiix) by Loan Group and in the aggregate, the number and aggregate outstanding principal balances of Mortgage Loans (1) as to which the Scheduled Payment is delinquent 31 to 60 days, 61 to 90 days and 91 or more days, (2) that have become REO Property, (3) that are in foreclosure and (4) that are in bankruptcy, in each case as of the close of business on the last Business Day of the immediately preceding month;
(xiiix) by Loan Group and in the aggregate, with respect to any Mortgage Loans that became REO Properties during the preceding calendar month, the aggregate number of such Mortgage Loans and the aggregate Stated Principal Balance of such Mortgage Loans as of the close of business on the last Business Day Determination Date preceding such Distribution Date and the date of the immediately preceding monthacquisition thereof;
(xivxi) by Loan Group and the aggregate, the total number and outstanding aggregate principal balance of any REO Properties (and market value, if available) as of the close of business on the last Business Day of the immediately Determination Date preceding monthsuch Distribution Date;
(xvxii) whether a Trigger Event has occurred and is continuing (including the calculation demonstrating the existence of the Trigger Eventcontinuing;
(xvixiii) the amount on deposit in the Excess Reserve Fund Account (after giving effect to distributions on such Distribution Date);
(xviixiv) in the aggregate and for each Class of Certificates, the aggregate amount of Applied Realized Loss Amounts incurred during the preceding calendar month and aggregate Applied Realized Loss Amounts through such Distribution Date.;
(xviiixv) the amount of any Net Monthly Excess Cash Flow on such Distribution Date and the allocation of it thereof to the Certificateholders with respect to Unpaid Interest Amounts, Unpaid Applied Realized Loss Amounts or Basis Risk CarryForward and Interest Carry Forward Amounts;
(xvi) the Overcollateralization Amount and Overcollateralization Target Amount;
(xvii) Prepayment Charges collected by the Servicer;
(xviii) the Cumulative Loss Percentage; and
(xix) the amount of any Net Swap Payments, Net Swap Receipts, Swap Termination Payments or Defaulted Swap Termination Payments;
(xx) Derivative Payment made to the calculations of LIBOR and Swap LIBOR;
(xxi) the Subordinated Amount and Specified Subordinated Amount;
(xxii) Prepayment Charges collected or paid (Supplemental Interest Trust pursuant to Section 3.07(a)) by 4.02, any Net Derivative Payment made to the Servicers;
(xxiii) the Cumulative Loss Percentage and the aggregate amount of Realized Losses used to calculate the Cumulative Loss Percentage;
(xxiv) the amount distributed on the Class X Certificates;
(xxv) the amount of any Subsequent Recoveries for such Distribution Date;
(xxvi) the Pre-Funded Amount as of the end of the prior Due Period;
(xxvii) the amount of any principal prepayment on the Certificates resulting from the application of unused moneys in the Pre-Funding Account; and
(xxviii) the number of Mortgage Loans at the end of the applicable reporting period, the pool factor (being the Stated Principal Balance of the Mortgage Loans for the related Distribution Date divided by the Cut-off Date Principal Balance), and the weighted average interest rate, and weighted average remaining term; In addition, each Form 10-D prepared and filed by the Trustee Derivative Counterparty pursuant to Section 8.12 shall include the following information with respect 4.02, any Swap Termination Payment or Cap Termination Payment made to the related distribution:
(i) material breaches of Mortgage Loan representations Supplemental Interest Trust pursuant to Section 4.02 and warranties under this Agreement of which any Swap Termination Payment made to the Trustee has actual knowledge or has received written notice; and
(ii) material breaches of any covenants under this Agreement of which the Trustee has actual knowledge or received written noticeSwap Counterparty pursuant to Section 4.02.
(ba) The Trustee's responsibility for providing the above statement to the Certificateholders, each Rating Agency and the Depositor is limited, if applicable, to the availability, timeliness and accuracy of the information derived from the Servicers and the Swap Provider. The Trustee shall make available the above statement via the Trustee's internet website. The Trustee's website will initially be located at https://www.tss.db.com/invr and assistance in using the website can be xxxxxxxx xx xxxxxxx xxx Xxxstee's investor relations desk at 1-800-735-7777. Parties that are unable to use the website are entitled xx xxxx x xxxer copy mailed to them via first class mail by calling the investor relations desk and indicating such. The Trustee may change the way the monthly statements to Certificateholders are distributed in order to make such distribution more convenient and/or more accessible to the above parties and the Trustee shall provide timely and adequate notification to all above parties regarding any such changes. As a condition to access the Trustee's internet website, the Trustee may require registration and the acceptance of a disclaimer. The Trustee will not be liable for the dissemination of information in accordance with this Agreement. The Trustee shall make available to each Analytics Company, either electronically or via the Trustee's internet website, each statement to Certificateholders prepared pursuant to Section 4.03(a). The Trustee (and the applicable Servicer, if such discrepancy results from or arises out of any information provided by the applicable Servicer pursuant to this Agreement) shall cooperate in good faith with the Depositor to reconcile any discrepancies in such statements, and the Trustee shall provide any corrections to such statements to each Analytics Company as soon as reasonably practicable after the related Distribution Date. The Trustee will also be entitled to rely on but shall not be responsible for the content or accuracy of any information provided by third parties for For purposes of preparing the monthly statement to Certificateholders and may affix thereto any disclaimer it deems appropriate in its reasonable discretion (without suggesting liability on the part of any other party hereto).
(c) Within a reasonable period of time after the end of each calendar year, the Trustee shall cause to be furnished to each Person who at any time during the calendar year was a Certificateholder, a statement containing the information set forth in clauses (a)(i) and (a)(ii) of this Section 4.03 aggregated for such calendar year or applicable portion thereof during which such Person was a Certificateholder. Such obligation of the Trustee shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Trustee pursuant to any requirements of the Code as from time to time in effect.
(d) Not later than the Determination Date for each Distribution Date, each Servicer shall furnish to the Trustee, a monthly remittance advice statement (the "Servicer Remittance Report") containing the data fields set forth on Exhibit X attached hereto (in each case, in a format mutually agreed upon by such Servicer and the Trustee) with respect to HomEq, containing the data fields set forth on Exhibit Y attached hereto with respect to Wells Fargo (in each case, in a format mutually agreed upon by such Serxxxxx and the Trustee) and containing the data fields set forth on Exhibit Z attached hereto with respect Countrywide Servicing (in each case, in a format mutually agreed upon by such Servicer and the Trustee) and such information as shall be reasonably requested (i) by the Depositor to enable the Depositor to disclose "static pool information", as required by Item 1105 of Regulation AB, with respect to the Mortgage Loans, and (ii) by the Trustee to enable the Trustee to provide the reports required by Section 4.03(a) as to the accompanying remittance and applicable Due Period and Prepayment Period to which such remittance relates. The Servicer Remittance Report shall, at a minimum, document, on such Determination Date, Mortgage Loan payment activity on an individual Mortgage Loan basis, as follows:
(i) with respect to each Scheduled Payment, the amount of such remittance allocable to principal (including a separate breakdown of any Principal Prepayment, including the date of such prepayment, and any Prepayment Charges, received during the related Prepayment Period along with a detailed report of interest on principal prepayment amounts remitted in accordance with Section 3.25);
(ii) with respect to each Scheduled Payment, the amount of such remittance allocable to interest;
(iii) the amount of servicing compensation received by such Servicer during the prior distribution period;
(iv) the individual and aggregate Stated Principal Balance of the Mortgage Loans;
(v) the aggregate expenses reimbursed to such Servicer during the prior distribution period pursuant to Section 3.11; and
(vi) the number and aggregate outstanding principal balances of Mortgage Loans (a) delinquent 31 to 60 days, 61 to 90 days and 91 or more days; (b) as to which foreclosure or bankruptcy proceedings of the related mortgagor have commenced; and (c) as to which REO Property has been acquired. Concurrently with each delivery of a Servicer Remittance Report to the Trustee, Wells Fargo, acting as a Servicer, shall provide, in a manner consistenx xxxh the preceding paragraph, a supplemental statement (to the extent not previously provided) setting forth information in subclauses (v) and (vi). The Trustee shall promptly forward the Servicer Remittance Report and the related supplemental statement to the Depositor.
(e) Notwithstanding anything in Section 4.03(d) to the contrary, the Servicers shall be deemed to have satisfied the requirement to timely deliver the Servicer Remittance Report if such report is received by the Trustee on or prior to the 18th calendar day of such month in which the related Determination Date occurs; provided, however, that if such 18th calendar day is a Sunday or a Monday which is not a Business Day, the Servicers shall be deemed to have satisfied the requirement to timely deliver the Servicer Remittance Report if the Trustee and the Depositor receive such report (i) on the next Business Day succeeding such 18th calendar day, or (ii) on the Business Day immediately preceding such 18th calendar day, if such succeeding Business Day is later than the 20th calendar day of such calendar month.
(f) For all purposes of this Agreement, with respect to any Mortgage LoanMonthly Statement, delinquencies shall be determined by the Trustee from information provided by the Servicers and reported by the Trustee Master Servicer based on the "so-called “OTS" ” methodology irrespective of the method for determining delinquencies utilized by the Servicer on mortgage loans similar to the Mortgage Loans. By way of example, a Mortgage Loan would be delinquent with respect to a Scheduled Payment due on a Due Date if such Scheduled Payment is not made by the close of business on the Mortgage Loan's ’s next succeeding Due Date, and a Mortgage Loan would be more than 30-days Delinquent with respect to such Scheduled Payment if such Scheduled Payment were not made by the close of business on the Mortgage Loan's ’s second succeeding Due Date. Each The Servicer hereby represents and warrants to the Depositor that such Servicer this delinquency recognition policy is not subject to less restrictive than any delinquency recognition policy established by the primary safety and soundness regulator, if any, of such the Servicer.
(b) The Securities Administrator’s responsibility for providing the above statement to the Certificateholders, each Rating Agency, the Master Servicer, the Servicer, the Trustee and the Depositor is limited to the availability, timeliness and accuracy of the information derived from the Master Servicer and the Servicer. The Securities Administrator will provide the above statement via the Securities Administrator’s internet website. The Securities Administrator’s website will initially be located at hxxxx://xxx.xxxxxxx.xxx and assistance in using the website can be obtained by calling the Securities Administrator’s customer service desk at (000) 000-0000. Parties that are unable to use the above distribution method are entitled to have a paper copy mailed to them via first Class mail by calling the customer service desk and indicating such. The Securities Administrator shall have the right to change the manner in which the above statement is distributed in order to make such distribution more restrictive convenient and/or more accessible, and the Securities Administrator shall provide timely and adequate notification to the Certificateholders and the parties hereto regarding any such changes. A paper copy of the statement will also be made available upon request.
(c) Within a reasonable period of time after the end of each calendar year, the Securities Administrator shall, upon request, cause to be furnished to each Person who at any time during the calendar year was a Certificateholder, a statement containing the information set forth in clauses (a)(i), (a)(ii) and (a)(vi) of this Section 4.03 aggregated for such calendar year or applicable portion thereof during which such Person was a Certificateholder. Such obligation of the Securities Administrator shall be deemed to have been satisfied to the extent that substantially comparable information shall have previously been provided by the Securities Administrator pursuant to any requirements of the Code as from time to time in effect.
(d) On the 10th day of each calendar month (or, if such 10th day is not a Business Day, then on the next succeeding Business Day), the Servicer shall furnish to the Master Servicer (i) a monthly remittance advice in the format set forth in Exhibit N-1 hereto, (ii) a monthly defaulted loan report in the format set forth in Exhibit N-2 hereto and (iii) a realized loss report in the format set forth in Exhibit N-3 hereto (or in such other format mutually agreed to between the Servicer and the Master Servicer) relating to the period ending on the last day of the preceding calendar month on a magnetic tape or other similar media reasonably acceptable to the Master Servicer. No later than two Business Days after the foregoing delinquency recognition policyfifteenth day of each calendar month, the Servicer shall furnish to the Master Servicer a monthly report containing such information regarding prepayments of Mortgage Loans during the applicable Prepayment Period and in a format as mutually agreed to between the Servicer and the Master Servicer. Such monthly remittance advice shall also be accompanied by a supplemental report provided to the Master Servicer which includes on an aggregate basis for the previous calendar month (i) the amount of any insurance claims filed, (ii) the amount of any claim payments made and (iii) the amount of claims denied or curtailed. The Master Servicer will convert such data into a format acceptable to the Securities Administrator and provide monthly reports to the Securities Administrator pursuant to this Agreement.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (First Franklin Mortgage Loan Trust 2006-Ff5)
Monthly Statements to Certificateholders. (a) Not later than each Distribution Date, the Trustee shall prepare and make available on its website at https://www.tss.db.com/invr to each Certificateholder, the Servicers, the Depositor and each Rating Agency a statement setting forth with respect to Servicer xxx xxx Xxxxxxxxx x xxxxxxxnt for the related distributiondistribution of:
(i) the actual applicable Record Dates, Interest Accrual Periods and Determination Dates for calculating distributions for the Distribution Date, the related Record Date, the Interest Accrual Period(s) for each Class for such Distribution Date and the LIBOR Determination Date for such Interest Accrual Period;
(ii) the amount of Available Fundsfunds received from the Servicer for the Distribution Date separately identifying amounts received in respect of the Mortgage Loans and the amount of Advances included in the distribution on the Distribution Date;
(iii) the amount Servicing Fee and the amounts of Available Funds allocable any additional servicing compensation received by the Servicer attributable to principalpenalties, fees, Excess Proceeds or other similar charges or fees and items with respect to the Distribution Date, and, with respect to Lender PMI Loans, the Principal Remittance Amount (separately identifying interest premium charged the components thereof) and the Principal Distribution Amount (separately identifying the components thereof)related borrower for primary mortgage guaranty insurance;
(iv) the amount of Available Funds allocable to interest and each Interest Remittance AmountTrustee Fee for the Distribution Date;
(v) the aggregate amount of expenses paid from amounts on deposit in the Distribution Account;
(vi) the aggregate amount on deposit in the Distribution Account as of the beginning and end of the related Due Period;
(vii) the amount of the distribution allocable to principal, separately identifying the aggregate amount of any Principal Prepayments and Liquidation Proceeds included therein;
(viii) the amount of the distribution allocable to interest, any Class Unpaid Interest Amount for each Class Amounts included in such the distribution and any remaining Class Unpaid Interest Amounts after giving effect to such the distribution, any Basis Risk CarryForward Amount for each Class and the amount of such Basis Risk CarryForward Amount covered by withdrawals from the Excess Reserve Fund Account on such Distribution Date;
(viix) if the distribution to the Holders of such any Class of Certificates is less than the full amount that would be distributable to such Holders them if there were sufficient funds available thereforwere available, the amount of the shortfall and the allocation of the shortfall as between principal and interest, including any Basis Risk CarryForward Amount not covered by amounts in the Excess Reserve Fund Account;
(viix) the aggregate amount of Realized Losses incurred and Subsequent Recoveries, if any, received during the preceding calendar month and aggregate Realized Losses through the Distribution Date;
(xi) the Class Certificate Balance of each Class of Certificates before and after giving effect to the distribution of principal on such Distribution Date;
(viii) the Pool Stated Principal Balance for the Distribution Date;
(ix) the amount of the Expense Fees paid to or retained by the Servicers and the Trustee (stated separately and in the aggregate) with respect to such Distribution Date;
(xxii) the Pass-Through Rate for each such Class of Certificates with respect to such the Distribution Date;
(xixiii) the amount of P&I Advances included in the distribution on such Distribution Date reported by the Servicers (and the Trustee as successor Servicer and any other successor Servicer, if applicable) as of the close of business on the Determination Date immediately preceding such LIBOR rate applicable for that Distribution Date;
(xiixiv) the number of Mortgage Loans and the aggregate Stated Principal Balance of the Mortgage Loans and the Pool Stated Principal Balance as the first day of the related Due Period and the last day of the related Due Period;
(xv) as of the last day of the related Due Period:
(A) the weighted average mortgage rate of the Mortgage Loans, and
(B) the weighted average remaining term to maturity of the Mortgage Loans;
(xvi) the number and aggregate outstanding principal balances Stated Principal Balance of the Mortgage Loans as of the end of the preceding calendar month:
(A) delinquent (exclusive of Mortgage Loans in foreclosure) (1) as 30 to which the Scheduled Payment is delinquent 31 to 60 days, 61 to 90 days and 91 or more 59 days, (2) that have become REO Property, 60 to 89 days and (3) that are 90 or more days and
(B) in foreclosure and delinquent (41) that are in bankruptcy30 to 59 days, (2) 60 to 89 days and (3) 90 or more days, in each case as of the close of business on the last Business Day day of the immediately calendar month preceding the Distribution Date;
(xvii) for each of the preceding 12 calendar months, or all calendar months since the Cut-off Date, whichever is less, the aggregate dollar amount of the Scheduled Payments (A) due on all Outstanding Mortgage Loans on the Due Date in each such month and (B) delinquent sixty (60) days or more on the Due Date in each such month;
(xiiixviii) with respect to any Mortgage Loans Loan that became an REO Properties Property during the preceding calendar month, the aggregate loan number of such Mortgage Loans and the aggregate Stated Principal Balance of such the Mortgage Loans Loan as of the close of business on the last Business Day of Determination Date preceding the immediately preceding monthDistribution Date;
(xivxix) the total number and outstanding principal balance of any REO Properties (and market value, if available) as of the close of business on the last Business Day of Determination Date preceding the immediately preceding month;
(xv) whether a Trigger Event has occurred and is continuing (including the calculation demonstrating the existence of the Trigger Event;
(xvi) the amount on deposit in the Excess Reserve Fund Account (after giving effect to distributions on such Distribution Date);
(xvii) in the aggregate and for each Class of Certificates, the aggregate amount of Applied Realized Loss Amounts incurred during the preceding calendar month and aggregate Applied Realized Loss Amounts through such Distribution Date;
(xviii) the amount of any Net Monthly Excess Cash Flow on such Distribution Date and the allocation of it to the Certificateholders with respect to Unpaid Interest Amounts, Unpaid Realized Loss Amounts or Basis Risk CarryForward Amounts;
(xix) the amount of any Net Swap Payments, Net Swap Receipts, Swap Termination Payments or Defaulted Swap Termination Payments;
(xx) the calculations aggregate amount of LIBOR Principal Prepayments received during the related Prepayment Period and Swap LIBORthe number of Mortgage Loans subject to such Principal Prepayments;
(xxi) the Subordinated Amount amount of Advances included in the distribution on the Distribution Date and Specified Subordinated Amountthe aggregate amount of Advances outstanding as of the close of business on the Distribution Date;
(xxii) Prepayment Charges collected or paid (pursuant to Section 3.07(a)) by the Servicersaggregate amount of Advances reimbursed during the related Due Period and the general source of funds for such reimbursements;
(xxiii) the Cumulative Loss Percentage aggregate amount of Servicing Advances reimbursed during the related Due Period, the general source of funds for such reimbursements and the aggregate amount of Realized Losses used to calculate Servicing Advances outstanding as of the Cumulative Loss Percentageclose of business on the Distribution Date;
(xxiv) the amount distributed on aggregate number and outstanding Stated Principal Balance of Mortgage Loans repurchased during the Class X Certificatesrelated Due Period due to material breaches of representations and warranties regarding such Mortgage Loans;
(xxv) the amount of any Subsequent Recoveries Senior Prepayment Percentage and Subordinated Prepayment Percentage for such the Distribution Date;
(xxvi) the Pre-Funded Amount as of Senior Percentage and Subordinated Percentage for the end of the prior Due PeriodDistribution Date;
(xxvii) the amount Special Hazard Loss Coverage Amount, the Fraud Loss Coverage Amount and the Bankruptcy Loss Coverage Amount, in each case as of any principal prepayment on the Certificates resulting from the application of unused moneys in the Pre-Funding Account; andrelated Determination Date;
(xxviii) Prepayment Charges collected, waived, and paid by the number of Mortgage Loans at Servicer;
(xxix) the end of the applicable reporting period, the pool factor (being the aggregate Stated Principal Balance of the Mortgage Loans for that became Liquidated Mortgage Loans in the related Distribution Date divided by prior month and since the Cut-off Date (in each case immediately prior to the Stated Principal BalanceBalance being reduced to zero), and ;
(xxx) [reserved];
(xxxi) [reserved];
(xxxii) the weighted average interest rate, and weighted average remaining term; In addition, each Form 10-D prepared and filed Stated Principal Balance of any Mortgage Loan that has been repurchased by the Trustee pursuant to Servicer in accordance with Section 8.12 shall include the following information with respect to the related distribution:
(i) material breaches of Mortgage Loan representations and warranties under this Agreement of which the Trustee has actual knowledge 2.02, 2.03 or has received written notice3.12; and
(iixxxiii) material breaches the Stated Principal Balance of any covenants under this Agreement Substitute Mortgage Loan provided by the Seller and the Stated Principal Balance of any Mortgage Loan that has been replaced by a Substitute Mortgage Loan in accordance with Section 2.03. By each Determination Date the Servicer shall provide to the Trustee in electronic form the information needed to determine the distributions to be made pursuant to Section 4.02 and any other information on which the Trustee has actual knowledge or received written notice.
(b) The Trustee's responsibility for providing the above statement to the Certificateholders, each Rating Agency and the Depositor is limited, if applicable, to the availability, timeliness and accuracy of the information derived from the Servicers and the Swap Provider. The Trustee shall make available the above statement via the Trustee's internet website. The Trustee's website will initially be located at https://www.tss.db.com/invr and assistance in using the website can be xxxxxxxx xx xxxxxxx xxx Xxxstee's investor relations desk at 1-800-735-7777. Parties that are unable to use the website are entitled xx xxxx x xxxer copy mailed to them via first class mail by calling the investor relations desk and indicating such. The Trustee may change the way the monthly statements to Certificateholders are distributed in order to make such distribution more convenient and/or more accessible to the above parties Servicer and the Trustee shall provide timely and adequate notification mutually agree. On or before the fifth Business Day following the end of each Prepayment Period (but in no event later than the third Business Day prior to all above parties regarding any such changes. As a condition to access the Trustee's internet website, the Trustee may require registration and the acceptance of a disclaimer. The Trustee will not be liable for the dissemination of information in accordance with this Agreement. The Trustee shall make available to each Analytics Company, either electronically or via the Trustee's internet website, each statement to Certificateholders prepared pursuant to Section 4.03(a). The Trustee (and the applicable Servicer, if such discrepancy results from or arises out of any information provided by the applicable Servicer pursuant to this Agreement) shall cooperate in good faith with the Depositor to reconcile any discrepancies in such statements, and the Trustee shall provide any corrections to such statements to each Analytics Company as soon as reasonably practicable after the related Distribution Date. The ), the Servicer shall deliver to the Trustee will also (which delivery may be entitled to rely on but shall not be responsible for by electronic data transmission) a report in substantially the content or accuracy of any information provided by third parties for purposes of preparing the monthly statement to Certificateholders and may affix thereto any disclaimer it deems appropriate in its reasonable discretion (without suggesting liability on the part of any other party hereto).
(c) form set forth as Schedule V. Within a reasonable period of time after the end of each calendar year, the Trustee shall cause to be furnished to each Person who at any time during the calendar year was a Certificateholder, a statement containing the information set forth in clauses (a)(ia)(vii) and (a)(iia)(viii) of this Section 4.03 4.06 aggregated for such calendar year or applicable portion thereof during which such Person was a Certificateholder. Such obligation of the Trustee shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Trustee pursuant to any requirements of the Code as from time to time in effect.
(d) Not later than the Determination Date for each Distribution Date, each Servicer shall furnish to the Trustee, a monthly remittance advice statement (the "Servicer Remittance Report") containing the data fields set forth on Exhibit X attached hereto (in each case, in a format mutually agreed upon by such Servicer and the Trustee) with respect to HomEq, containing the data fields set forth on Exhibit Y attached hereto with respect to Wells Fargo (in each case, in a format mutually agreed upon by such Serxxxxx and the Trustee) and containing the data fields set forth on Exhibit Z attached hereto with respect Countrywide Servicing (in each case, in a format mutually agreed upon by such Servicer and the Trustee) and such information as shall be reasonably requested (i) by the Depositor to enable the Depositor to disclose "static pool information", as required by Item 1105 of Regulation AB, with respect to the Mortgage Loans, and (ii) by the Trustee to enable the Trustee to provide the reports required by Section 4.03(a) as to the accompanying remittance and applicable Due Period and Prepayment Period to which such remittance relates. The Servicer Remittance Report shall, at a minimum, document, on such Determination Date, Mortgage Loan payment activity on an individual Mortgage Loan basis, as follows:
(i) with respect to each Scheduled Payment, the amount of such remittance allocable to principal (including a separate breakdown of any Principal Prepayment, including the date of such prepayment, and any Prepayment Charges, received during the related Prepayment Period along with a detailed report of interest on principal prepayment amounts remitted in accordance with Section 3.25);
(ii) with respect to each Scheduled Payment, the amount of such remittance allocable to interest;
(iii) the amount of servicing compensation received by such Servicer during the prior distribution period;
(iv) the individual and aggregate Stated Principal Balance of the Mortgage Loans;
(v) the aggregate expenses reimbursed to such Servicer during the prior distribution period pursuant to Section 3.11; and
(vi) the number and aggregate outstanding principal balances of Mortgage Loans (a) delinquent 31 to 60 days, 61 to 90 days and 91 or more days; (b) as to which foreclosure or bankruptcy proceedings of the related mortgagor have commenced; and (c) as to which REO Property has been acquired. Concurrently with each delivery of a Servicer Remittance Report to the Trustee, Wells Fargo, acting as a Servicer, shall provide, in a manner consistenx xxxh the preceding paragraph, a supplemental statement (to the extent not previously provided) setting forth information in subclauses (v) and (vi). The Trustee shall promptly forward the Servicer Remittance Report and the related supplemental statement to the Depositor.
(e) Notwithstanding anything in Section 4.03(d) to the contrary, the Servicers shall be deemed to have satisfied the requirement to timely deliver the Servicer Remittance Report if such report is received by the Trustee on or prior to the 18th calendar day of such month in which the related Determination Date occurs; provided, however, that if such 18th calendar day is a Sunday or a Monday which is not a Business Day, the Servicers shall be deemed to have satisfied the requirement to timely deliver the Servicer Remittance Report if the Trustee and the Depositor receive such report (i) on the next Business Day succeeding such 18th calendar day, or (ii) on the Business Day immediately preceding such 18th calendar day, if such succeeding Business Day is later than the 20th calendar day of such calendar month.
(f) For all purposes of this Agreement, with respect to any Mortgage Loan, delinquencies shall be determined by the Trustee from information provided by the Servicers and reported by the Trustee based on the "OTS" methodology for determining delinquencies on mortgage loans similar to the Mortgage Loans. By way of example, a Mortgage Loan would be delinquent with respect to a Scheduled Payment due on a Due Date if such Scheduled Payment is not made by the close of business on the Mortgage Loan's next succeeding Due Date, and a Mortgage Loan would be more than 30-days Delinquent with respect to such Scheduled Payment if such Scheduled Payment were not made by the close of business on the Mortgage Loan's second succeeding Due Date. Each Servicer hereby represents and warrants to the Depositor that such Servicer is not subject to any delinquency recognition policy established by the primary safety and soundness regulator, if any, of such Servicer, that is more restrictive than the foregoing delinquency recognition policy.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (IndyMac INDX Mortgage Loan Trust 2006-Ar23)
Monthly Statements to Certificateholders. (a) Not later than each Distribution Date, the Trustee Securities Administrator shall make available to each Certificateholder, the ServicersDepositor, the Depositor Trustee and each Rating Agency a statement based upon the information provided by the Servicers setting forth with respect to the related distribution:
(i) the actual Distribution Dateamount thereof allocable to principal, separately identifying the related Record Dateaggregate amount of any Principal Prepayments, the Interest Accrual Period(s) for each Class for such Distribution Date Insurance Proceeds, Condemnation Proceeds and the LIBOR Determination Date for such Interest Accrual PeriodLiquidation Proceeds included therein;
(ii) the amount of Available Funds;
(iii) the amount of Available Funds thereof allocable to principalinterest, the Principal Remittance Amount (separately identifying the components thereof) and the Principal Distribution Amount (separately identifying the components thereof);
(iv) the amount of Available Funds allocable to interest and each Interest Remittance Amount;
(v) the amount of any Unpaid Interest Amount for each Class included in such distribution and any remaining Unpaid Interest Amounts Amount after giving effect to such distribution, any Basis Risk CarryForward Carry Forward Amount for each Class such Distribution Date and the amount of such all Basis Risk CarryForward Carry Forward Amount covered by withdrawals from the Excess Reserve Fund Account on such Distribution Date;
(viiii) if the distribution to the Holders of such Class of Certificates is less than the full amount that would be distributable to such Holders if there were sufficient funds available therefor, the amount of the shortfall and the allocation of the shortfall thereof as between principal and interest, including any Basis Risk CarryForward Carry Forward Amount not covered by amounts in the Excess Reserve Fund Account;
(viiiv) the Class Certificate Balance of each Class of Certificates before and after giving effect to the distribution of principal on such Distribution Date;
(viiiv) the Pool Stated Principal Balance for the following Distribution Date;
(ixvi) the amount of the Expense Servicing Fees paid to or retained by the Servicers and the Trustee (stated separately and in the aggregate) with respect to such Distribution Date;
(xvii) the amount of any Administrative Fees paid to the Master Servicer or Securities Administrator with respect to such Distribution Date;
(viii) the Pass-Through Rate for each such Class of Certificates with respect to such Distribution Date;
(xiix) the amount of P&I Advances included in the distribution on such Distribution Date and the aggregate amount of Advances reported by the Servicers (and the Trustee as successor Servicer and any other successor Servicer, if applicable) outstanding as of the close of business on the Determination Date immediately preceding such Distribution Date;
(xiix) the number and aggregate outstanding principal balances of Mortgage Loans (1) as to which the Scheduled Monthly Payment is delinquent 31 to 60 days, 61 to 90 days and 91 or more days, (2) that have become REO Property, (3) that are in foreclosure and (4) that are in bankruptcy, in each case as of the close of business on the last Business Day of the immediately preceding month;
(xiii) with respect to any Mortgage Loans that became REO Properties during the preceding calendar month, the aggregate number of such Mortgage Loans and the aggregate Stated Principal Balance of such Mortgage Loans as of the close of business on the last Business Day of the immediately preceding month;
(xiv) the total number and outstanding principal balance of any REO Properties (and market value, if available) as of the close of business on the last Business Day of the immediately preceding month;
(xv) whether a Trigger Event has occurred and is continuing (including the calculation demonstrating the existence of the Trigger Event;
(xvi) the amount on deposit in the Excess Reserve Fund Account (after giving effect to distributions on such Distribution Date);
(xvii) in the aggregate and for each Class of Certificates, the aggregate amount of Applied Realized Loss Amounts incurred during the preceding calendar month and aggregate Applied Realized Loss Amounts through such Distribution Date;
(xviii) the amount of any Net Monthly Excess Cash Flow on such Distribution Date and the allocation of it to the Certificateholders with respect to Unpaid Interest Amounts, Unpaid Realized Loss Amounts or Basis Risk CarryForward Amounts;
(xix) the amount of any Net Swap Payments, Net Swap Receipts, Swap Termination Payments or Defaulted Swap Termination Payments;
(xx) the calculations of LIBOR and Swap LIBOR;
(xxi) the Subordinated Amount and Specified Subordinated Amount;
(xxii) Prepayment Charges collected or paid (pursuant to Section 3.07(a)) by the Servicers;
(xxiii) the Cumulative Loss Percentage and the aggregate amount of Realized Losses used to calculate the Cumulative Loss Percentage;
(xxiv) the amount distributed on the Class X Certificates;
(xxv) the amount of any Subsequent Recoveries for such Distribution Date;
(xxvi) the Pre-Funded Amount as of the end of the prior Due Period;
(xxvii) the amount of any principal prepayment on the Certificates resulting from the application of unused moneys in the Pre-Funding Account; and
(xxviii) the number of Mortgage Loans at the end of the applicable reporting period, the pool factor (being the Stated Principal Balance of the Mortgage Loans for the related Distribution Date divided by the Cut-off Date Principal Balance), and the weighted average interest rate, and weighted average remaining term; In addition, each Form 10-D prepared and filed by the Trustee pursuant to Section 8.12 shall include the following information with respect to the related distribution:
(i) material breaches of Mortgage Loan representations and warranties under this Agreement of which the Trustee has actual knowledge or has received written notice; and
(ii) material breaches of any covenants under this Agreement of which the Trustee has actual knowledge or received written notice.
(b) The Trustee's responsibility for providing the above statement to the Certificateholders, each Rating Agency and the Depositor is limited, if applicable, to the availability, timeliness and accuracy of the information derived from the Servicers and the Swap Provider. The Trustee shall make available the above statement via the Trustee's internet website. The Trustee's website will initially be located at https://www.tss.db.com/invr and assistance in using the website can be xxxxxxxx xx xxxxxxx xxx Xxxstee's investor relations desk at 1-800-735-7777. Parties that are unable to use the website are entitled xx xxxx x xxxer copy mailed to them via first class mail by calling the investor relations desk and indicating such. The Trustee may change the way the monthly statements to Certificateholders are distributed in order to make such distribution more convenient and/or more accessible to the above parties and the Trustee shall provide timely and adequate notification to all above parties regarding any such changes. As a condition to access the Trustee's internet website, the Trustee may require registration and the acceptance of a disclaimer. The Trustee will not be liable for the dissemination of information in accordance with this Agreement. The Trustee shall make available to each Analytics Company, either electronically or via the Trustee's internet website, each statement to Certificateholders prepared pursuant to Section 4.03(a). The Trustee (and the applicable Servicer, if such discrepancy results from or arises out of any information provided by the applicable Servicer pursuant to this Agreement) shall cooperate in good faith with the Depositor to reconcile any discrepancies in such statements, and the Trustee shall provide any corrections to such statements to each Analytics Company as soon as reasonably practicable after the related Distribution Date. The Trustee will also be entitled to rely on but shall not be responsible for the content or accuracy of any information provided by third parties for purposes of preparing the monthly statement to Certificateholders and may affix thereto any disclaimer it deems appropriate in its reasonable discretion (without suggesting liability on the part of any other party hereto).
(c) Within a reasonable period of time after the end of each calendar year, the Trustee shall cause to be furnished to each Person who at any time during the calendar year was a Certificateholder, a statement containing the information set forth in clauses (a)(i) and (a)(ii) of this Section 4.03 aggregated for such calendar year or applicable portion thereof during which such Person was a Certificateholder. Such obligation of the Trustee shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Trustee pursuant to any requirements of the Code as from time to time in effect.
(d) Not later than the Determination Date for each Distribution Date, each Servicer shall furnish to the Trustee, a monthly remittance advice statement (the "Servicer Remittance Report") containing the data fields set forth on Exhibit X attached hereto (in each case, in a format mutually agreed upon by such Servicer and the Trustee) with respect to HomEq, containing the data fields set forth on Exhibit Y attached hereto with respect to Wells Fargo (in each case, in a format mutually agreed upon by such Serxxxxx and the Trustee) and containing the data fields set forth on Exhibit Z attached hereto with respect Countrywide Servicing (in each case, in a format mutually agreed upon by such Servicer and the Trustee) and such information as shall be reasonably requested (i) by the Depositor to enable the Depositor to disclose "static pool information", as required by Item 1105 of Regulation AB, with respect to the Mortgage Loans, and (ii) by the Trustee to enable the Trustee to provide the reports required by Section 4.03(a) as to the accompanying remittance and applicable Due Period and Prepayment Period to which such remittance relates. The Servicer Remittance Report shall, at a minimum, document, on such Determination Date, Mortgage Loan payment activity on an individual Mortgage Loan basis, as follows:
(i) with respect to each Scheduled Payment, the amount of such remittance allocable to principal (including a separate breakdown of any Principal Prepayment, including the date of such prepayment, and any Prepayment Charges, received during the related Prepayment Period along with a detailed report of interest on principal prepayment amounts remitted in accordance with Section 3.25);
(ii) with respect to each Scheduled Payment, the amount of such remittance allocable to interest;
(iii) the amount of servicing compensation received by such Servicer during the prior distribution period;
(iv) the individual and aggregate Stated Principal Balance of the Mortgage Loans;
(v) the aggregate expenses reimbursed to such Servicer during the prior distribution period pursuant to Section 3.11; and
(vi) the number and aggregate outstanding principal balances of Mortgage Loans (a) delinquent 31 to 60 days, 61 to 90 days and 91 or more days; (b) as to which foreclosure or bankruptcy proceedings of the related mortgagor have commenced; and (c) as to which REO Property has been acquired. Concurrently with each delivery of a Servicer Remittance Report to the Trustee, Wells Fargo, acting as a Servicer, shall provide, in a manner consistenx xxxh the preceding paragraph, a supplemental statement (to the extent not previously provided) setting forth information in subclauses (v) and (vi). The Trustee shall promptly forward the Servicer Remittance Report and the related supplemental statement to the Depositor.
(e) Notwithstanding anything in Section 4.03(d) to the contrary, the Servicers shall be deemed to have satisfied the requirement to timely deliver the Servicer Remittance Report if such report is received by the Trustee on or prior to the 18th calendar day of such month in which the related Determination Date occurs; provided, however, that if such 18th calendar day is a Sunday or a Monday which is not a Business Day, the Servicers shall be deemed to have satisfied the requirement to timely deliver the Servicer Remittance Report if the Trustee and the Depositor receive such report (i) on the next Business Day succeeding such 18th calendar day, or (ii) on the Business Day immediately preceding such 18th calendar day, if such succeeding Business Day is later than the 20th calendar day of such calendar month.
(f) For all purposes of this Agreement, with respect to any Mortgage Loan, delinquencies shall be determined by the Trustee from information provided by the Servicers and reported by the Trustee based on the "OTS" methodology for determining delinquencies on mortgage loans similar to the Mortgage Loans. By way of example, a Mortgage Loan would be delinquent with respect to a Scheduled Payment due on a Due Date if such Scheduled Payment is not made by the close of business on the Mortgage Loan's next succeeding Due Date, and a Mortgage Loan would be more than 30-days Delinquent with respect to such Scheduled Payment if such Scheduled Payment were not made by the close of business on the Mortgage Loan's second succeeding Due Date. Each Servicer hereby represents and warrants to the Depositor that such Servicer is not subject to any delinquency recognition policy established by the primary safety and soundness regulator, if any, of such Servicer, that is more restrictive than the foregoing delinquency recognition policy.
Appears in 1 contract
Samples: Master Servicing and Trust Agreement (GSAA Home Equity Trust 2005-6)
Monthly Statements to Certificateholders. (ae) Not later than each Distribution Date, the Trustee Securities Administrator shall make available to each Certificateholder, the ServicersDepositor, the Depositor Trustee and each Rating Agency a statement based, in part, upon the information provided by the Servicers setting forth with respect to the related distribution:
(i) the actual Distribution Date, the related Record Date, the Interest Accrual Period(s) Class factor for each Class for such Distribution Date and the LIBOR Determination Date for such Interest Accrual Periodof Certificates;
(ii) the amount of Available FundsFunds for such Distribution Date;
(iii) the amount of Available Funds thereof allocable to principal, the Principal Remittance Amount (separately identifying the components thereof) aggregate amount of any Principal Prepayments and the Principal Distribution Amount (separately identifying the components thereof)Liquidation Proceeds included therein;
(iv) the amount of Available Funds thereof allocable to interest and each Interest Remittance Amount;
(v) the amount of interest, any Unpaid Interest Amount for each Class included in such distribution and any remaining Unpaid Interest Amounts Amount after giving effect to such distribution, any Basis Risk CarryForward Carry Forward Amount for each Class such Distribution Date and the amount of such all Basis Risk CarryForward Carry Forward Amount covered by withdrawals from the Excess Reserve Fund Account on such Distribution Date;
(viv) if the distribution to the Holders of such Class of Certificates is less than the full amount that would be distributable to such Holders if there were sufficient funds available therefor, the amount of the shortfall and the allocation of the shortfall thereof as between principal and interest, including any Basis Risk CarryForward Carry Forward Amount not covered by amounts in the Excess Reserve Fund Account;
(viivi) the Class Certificate Principal Balance of each Class of Certificates before and the notional amount of the Class P Certificates after giving effect to the distribution of principal on such Distribution Date;
(vii) the aggregate Stated Principal Balance of the Mortgage Loans for the following Distribution Date;
(viii) the Pool Stated Principal Balance for amount of the expenses and fees paid to or retained by the Servicer and paid to or retained by the Trustee with respect to such Distribution Date;
(ix) if any, the amount of the Expense any Administrative Fees paid to the Master Servicer or retained by the Servicers and the Trustee (stated separately and in the aggregate) Securities Administrator with respect to such Distribution Date;
(x) the Pass-Through Rate for each such Class of Certificates with respect to such Distribution Date;
(xi) the amount of P&I Delinquency Advances included in the distribution on such Distribution Date and the aggregate amount of Delinquency Advances reported by the Servicers (and the Master Servicer, the Trustee as successor Servicer master servicer and any other successor Servicermaster servicer, if applicable) as outstanding as of the close of business on the Determination Date immediately preceding such Distribution Date;
(xii) the number and aggregate outstanding principal balances Stated Principal Balances of Mortgage Loans as reported to the Securities Administrator by the applicable Servicer, (1i) that are current, 30 days contractually delinquent, 60 days contractually delinquent, 90 days contractually delinquent or 120 days or more contractually delinquent (each to be calculated using the Mortgage Bankers Association (MBA) method), (ii) that have become REO property, (iii) as to which foreclosure proceedings have been commenced and (iv) as to which the Scheduled Payment related borrower is delinquent 31 subject to 60 days, 61 to 90 days and 91 or more days, (2) that have become REO Property, (3) that are in foreclosure and (4) that are in bankruptcy, in each case as of the close of business on the last Business Day of the immediately preceding montha bankruptcy proceeding;
(xiii) with respect to any Mortgage Loans that became REO Properties Mortgaged Property acquired on behalf of Certificateholders through foreclosure or deed in lieu of foreclosure during the preceding calendar month, the aggregate number of such Mortgage Loans and the aggregate Stated Principal Balance of such the related Mortgage Loans Loan as of the close of business on the last Business Day of the immediately calendar month preceding monththe Distribution Date;
(xiv) the total number and outstanding principal balance of any REO Properties (and market value, if available) as of the close of business on the last Business Day of the immediately Determination Date preceding monthsuch Distribution Date;
(xv) whether a Trigger Event has occurred and is continuing (including the calculation demonstrating the existence of the Trigger EventEvent and the aggregate outstanding balance of all 60+ Day Delinquent Mortgage Loans);
(xvi) the amount on deposit in the Excess Reserve Fund Account (after giving effect to distributions on such Distribution Date);
(xvii) in the aggregate and for each Class of Certificates, the aggregate amount of Applied Realized Loss Amounts incurred during the preceding calendar month and aggregate Applied Realized Loss Amounts through such Distribution Date;
(xviii) the amount of any Net Monthly Excess Cash Flow on such Distribution Date and the allocation of it thereof to the Certificateholders with respect to Unpaid Interest Amounts, Unpaid Realized Loss Amounts or Basis Risk CarryForward Amounts;
(xix) the amount of any Net Swap Payments, Net Swap Receipts, Swap Termination Payments or Defaulted Swap Termination PaymentsOvercollateralized Amount and Specified Overcollateralized Amount;
(xx) the calculations of LIBOR and Swap LIBORPrepayment Premiums collected by or paid by the Servicers;
(xxi) the Subordinated Amount and Specified Subordinated Amountpercentage equal to the aggregate realized losses divided by the aggregate Stated Principal Balance of the Mortgage Loans as of the Cut-off Date;
(xxii) Prepayment Charges collected or paid (pursuant to Section 3.07(a)) by the Servicers;
(xxiii) the Cumulative Loss Percentage and the aggregate amount of Realized Losses used to calculate the Cumulative Loss Percentage;
(xxiv) the amount distributed on the Class X and Class P Certificates;
(xxvxxiii) the amount of any Subsequent Recoveries for such Distribution Date;
(xxvixxiv) the Pre-Funded Amount updated Mortgage Loan information, such as of the end of the prior Due Period;
(xxvii) the amount of any principal prepayment on the Certificates resulting from the application of unused moneys in the Pre-Funding Account; and
(xxviii) the number of Mortgage Loans at the end of the applicable reporting period, the pool factor (being the Stated Principal Balance of the Mortgage Loans for the related Distribution Date divided by the Cut-off Date Principal Balance), and the weighted average interest rate, and weighted average remaining term; In addition, each Form 10-D prepared and filed by the Trustee pursuant to Section 8.12 shall include the following information with respect to the related distribution:
(i) material breaches of Mortgage Loan representations and warranties under this Agreement of which the Trustee has actual knowledge or has received written notice; and
(ii) material breaches of any covenants under this Agreement of which the Trustee has actual knowledge or received written notice.
(b) The Trustee's responsibility for providing the above statement to the Certificateholders, each Rating Agency and the Depositor is limited, if applicable, to the availability, timeliness and accuracy of the information derived from the Servicers and the Swap Provider. The Trustee shall make available the above statement via the Trustee's internet website. The Trustee's website will initially be located at https://www.tss.db.com/invr and assistance in using the website can be xxxxxxxx xx xxxxxxx xxx Xxxstee's investor relations desk at 1-800-735-7777. Parties that are unable to use the website are entitled xx xxxx x xxxer copy mailed to them via first class mail by calling the investor relations desk and indicating such. The Trustee may change the way the monthly statements to Certificateholders are distributed in order to make such distribution more convenient and/or more accessible to the above parties and the Trustee shall provide timely and adequate notification to all above parties regarding any such changes. As a condition to access the Trustee's internet website, the Trustee may require registration and the acceptance of a disclaimer. The Trustee will not be liable for the dissemination of information in accordance with this Agreement. The Trustee shall make available to each Analytics Company, either electronically or via the Trustee's internet website, each statement to Certificateholders prepared pursuant to Section 4.03(a). The Trustee (and the applicable Servicer, if such discrepancy results from or arises out of any information provided by the applicable Servicer pursuant to this Agreement) shall cooperate in good faith with the Depositor to reconcile any discrepancies in such statements, and the Trustee shall provide any corrections to such statements to each Analytics Company as soon as reasonably practicable after the related Distribution Date. The Trustee will also be entitled to rely on but shall not be responsible for the content or accuracy of any information provided by third parties for purposes of preparing the monthly statement to Certificateholders and may affix thereto any disclaimer it deems appropriate in its reasonable discretion (without suggesting liability on the part of any other party hereto).
(c) Within a reasonable period of time after the end of each calendar year, the Trustee shall cause to be furnished to each Person who at any time during the calendar year was a Certificateholder, a statement containing the information set forth in clauses (a)(i) and (a)(ii) of this Section 4.03 aggregated for such calendar year or applicable portion thereof during which such Person was a Certificateholder. Such obligation of the Trustee shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Trustee pursuant to any requirements of the Code as from time to time in effect.
(d) Not later than the Determination Date for each Distribution Date, each Servicer shall furnish to the Trustee, a monthly remittance advice statement (the "Servicer Remittance Report") containing the data fields set forth on Exhibit X attached hereto (in each case, in a format mutually agreed upon by such Servicer and the Trustee) with respect to HomEq, containing the data fields set forth on Exhibit Y attached hereto with respect to Wells Fargo (in each case, in a format mutually agreed upon by such Serxxxxx and the Trustee) and containing the data fields set forth on Exhibit Z attached hereto with respect Countrywide Servicing (in each case, in a format mutually agreed upon by such Servicer and the Trustee) and such information as shall be reasonably requested (i) by the Depositor to enable the Depositor to disclose "static pool information", as required by Item 1105 of Regulation AB, with respect to the Mortgage Loans, and (ii) by the Trustee to enable the Trustee to provide the reports required by Section 4.03(a) as to the accompanying remittance and applicable Due Period and Prepayment Period to which such remittance relates. The Servicer Remittance Report shall, at a minimum, document, on such Determination Date, Mortgage Loan payment activity on an individual Mortgage Loan basis, as follows:
(i) with respect to each Scheduled Payment, the amount of such remittance allocable to principal (including a separate breakdown of any Principal Prepayment, including the date of such prepayment, and any Prepayment Charges, received during the related Prepayment Period along with a detailed report of interest on principal prepayment amounts remitted in accordance with Section 3.25);
(iixxv) with respect to each Scheduled Payment, the aggregate amount of such remittance allocable to interestany Mortgage Loan that has been repurchased from the Trust Fund;
(iii) the amount of servicing compensation received by such Servicer during the prior distribution period;
(iv) the individual and aggregate Stated Principal Balance of the Mortgage Loans;
(vxxvi) the aggregate expenses reimbursed to such Servicer during the prior distribution period pursuant to Section 3.11; and
(vi) the number and aggregate outstanding principal balances of Mortgage Loans (a) delinquent 31 to 60 days, 61 to 90 days and 91 or more days; (b) as to which foreclosure or bankruptcy proceedings of the related mortgagor have commenced; and (c) as to which REO Property has been acquired. Concurrently with each delivery of a Servicer Remittance Report to the Trustee, Wells Fargo, acting as a Servicer, shall provide, in a manner consistenx xxxh the preceding paragraph, a supplemental statement (to the extent not previously provided) setting forth information in subclauses (v) and (vi). The Trustee shall promptly forward the Servicer Remittance Report and the related supplemental statement to the Depositor.
(e) Notwithstanding anything in Section 4.03(d) to the contrary, the Servicers shall be deemed to have satisfied the requirement to timely deliver the Servicer Remittance Report if such report is received by the Trustee on or prior to the 18th calendar day of such month in which the related Determination Date occurs; provided, however, that if such 18th calendar day is a Sunday or a Monday which is not a Business Day, the Servicers shall be deemed to have satisfied the requirement to timely deliver the Servicer Remittance Report if the Trustee and the Depositor receive such report (i) on the next Business Day succeeding such 18th calendar day, or (ii) on the Business Day immediately preceding such 18th calendar dayshortfall, if such succeeding Business Day is later than the 20th calendar day any, allocated to each Class of such calendar month.
(f) For all purposes of this Agreement, with respect to any Mortgage Loan, delinquencies shall be determined by the Trustee from information provided by the Servicers and reported by the Trustee based on the "OTS" methodology for determining delinquencies on mortgage loans similar to the Mortgage Loans. By way of example, a Mortgage Loan would be delinquent with respect to a Scheduled Payment due on a Due Date if such Scheduled Payment is not made by Certificates at the close of business on such Distribution Date; and
(xxvii) the Mortgage Loan's next succeeding Due Date, and a Mortgage Loan would be more than 30-days Delinquent with respect Certificate Rate for each Class of Certificates applicable to such Scheduled Payment if such Scheduled Payment were not made by the close of business on the Mortgage Loan's second succeeding Due Distribution Date. Each Servicer hereby represents and warrants to the Depositor that such Servicer is not subject to any delinquency recognition policy established by the primary safety and soundness regulator, if any, of such Servicer, that is more restrictive than the foregoing delinquency recognition policy.
Appears in 1 contract
Monthly Statements to Certificateholders. (a) Not later than each Distribution Date, the Trustee Securities Administrator shall make available to each Certificateholder, the Master Servicer, the Servicers, the Depositor Depositor, the Trustee and each Rating Agency a statement setting forth with respect to the related distribution:
(i) the actual Distribution Date, the related Record Date, the Interest Accrual Period(s) for each Class for such Distribution Date and the LIBOR Determination Date for such Interest Accrual Period;
(ii) the amount of Available Funds;
(iii) the amount of Available Funds allocable to principal, the Principal Remittance Amount (separately identifying the components thereof) and the Principal Distribution Amount (separately identifying the components thereof);
(iv) the amount of Available Funds allocable to interest and each Interest Remittance Amount;
(v) the amount of any Unpaid Interest Amount for each Class included in such distribution and any remaining Unpaid Interest Amounts after giving effect to such distribution, any Basis Risk CarryForward Carry Forward Amount for each Class and the amount of such Basis Risk CarryForward Carry Forward Amount covered by withdrawals from the Excess Reserve Fund Account on such Distribution Date;
(vi) if the distribution to the Holders of such Class of Certificates is less than the full amount that would be distributable to such Holders if there were sufficient funds available therefor, the amount of the shortfall and the allocation of the shortfall as between principal and interest, including any Basis Risk CarryForward Carry Forward Amount not covered by amounts in the Excess Reserve Fund Account;
(vii) the Class Certificate Balance of each Class of Certificates before and after giving effect to the distribution of principal on such Distribution Date;
(viii) the Pool Stated Principal Balance for the related Distribution Date;
(ix) the amount of the Expense Fees paid to or retained by the Servicers Servicers, the Securities Administrator and the Trustee Master Servicer (stated separately and in the aggregate) with respect to such Distribution Date;
(x) the Pass-Through Rate for each such Class of Certificates with respect to such Distribution Date;
(xi) the amount of P&I Advances included in the distribution on such Distribution Date reported by the Servicers (and the Trustee Master Servicer as successor Servicer servicer and any other successor Servicerservicer, if applicable) as of the close of business on the Determination Date immediately preceding such Distribution Date;
(xii) the number and aggregate outstanding principal balances Stated Principal Balance of such Mortgage Loans (1) as to which the Scheduled Payment is delinquent 31 to 60 days, 61 to 90 days days, and 91 or more 90+ days, (2) that have become REO Property, (3) that are in foreclosure and (4) that are in bankruptcy, in each case as of the close of business on the last Business Day day of the immediately preceding monthrelated Due Period;
(xiii) with respect to any Mortgage Loans that became REO Properties during for each of the preceding 12 calendar monthmonths, or all calendar months since the related Cut-off Date, whichever is less, the aggregate number dollar amount of such the Scheduled Payments (A) due on all Outstanding Mortgage Loans and the aggregate Stated Principal Balance of such Mortgage Loans as on each of the close of business Due Dates in each such month and (B) delinquent 60 days or more on the last Business Day each of the immediately preceding Due Dates in each such month;
(xiv) the total number and outstanding principal balance of any REO Properties (and market value, if available) as of the close of business on the last Business Day of the immediately preceding monthrelated Due Period;
(xv) whether a Trigger Event has occurred and is continuing (including the calculation demonstrating the existence of the Trigger EventEvent and the aggregate outstanding principal balance of all 60+ Day Delinquent Mortgage Loans);
(xvi) the amount on deposit in the Excess Reserve Fund Account (after giving effect to distributions on such Distribution Date);
(xvii) in the aggregate and for each Class of Certificates, the aggregate amount of Applied Realized Loss Amounts incurred during the preceding calendar month and aggregate Applied Realized Loss Amounts through such Distribution Date;
(xviii) the amount of any Net Monthly Excess Cash Flow on such Distribution Date and the allocation of it to the Certificateholders with respect to Unpaid Interest Amounts, Unpaid Applied Realized Loss Amounts or and Basis Risk CarryForward Carry Forward Amounts;
(xix) the amount of any Cap Payments, Net Swap Payments, Net Swap Receipts, Swap Termination Payments or Defaulted Swap Termination Payments;
(xx) the calculations of LIBOR and Swap LIBORLIBOR rates (and the calculation thereof, if applicable);
(xxi) the Subordinated Overcollateralized Amount and Specified Subordinated Overcollateralized Amount;
(xxii) Prepayment Charges collected or paid (pursuant to Section 3.07(a)) by the Servicers;
(xxiii) the Cumulative Loss Percentage and the aggregate amount of Realized Losses used to calculate the Cumulative Loss Percentage;
(xxiv) the amount distributed on the Class X Certificates;
(xxv) the amount of any Subsequent Recoveries for such Distribution Date;
(xxvi) the Pre-Funded Amount as of the end of the prior Due Period;
(xxvii) the amount of any principal prepayment on the Certificates resulting from the application of unused moneys in the Pre-Funding Account; and
(xxviiixxvi) the number of Mortgage Loans at the beginning and end of the applicable reporting period, the pool factor (being the Stated Principal Balance of the Mortgage Loans for the related Distribution Date divided by the Cut-off Date Principal Balance), and the weighted average interest rate, and weighted average remaining term; . In addition, each Form 10-D prepared and filed by the Trustee Securities Administrator pursuant to Section 8.12 shall include the following information with respect to the related distribution:
(i) material breaches of Mortgage Loan representations and warranties under this Agreement of which the Trustee Securities Administrator has actual knowledge or has received written notice; and
(ii) material breaches of any covenants under this Agreement of which the Trustee Securities Administrator has actual knowledge or has received written notice.; provided, that, if the Securities Administrator receives written notice of events described in (i) and/or (ii) above from the Servicers, the Servicers shall be responsible for providing information to the Securities Administrator for inclusion in the applicable Form 10-D.
(b) The TrusteeSecurities Administrator's responsibility for providing the above statement to the Certificateholders, each Rating Agency Agency, the Master Servicer, the Servicers and the Depositor is limited, if applicable, to the availability, timeliness and accuracy of the information derived from the Servicers Master Servicer and the Swap ProviderServicers. The Trustee Securities Administrator shall make available the above statement via the TrusteeSecurities Administrator's internet website. The TrusteeSecurities Administrator's website will initially be located at https://www.tss.db.com/invr http://www.ctslink.com and assistance in using the xxxxxxxxxx xx xxxxx xxe website can be xxxxxxxx xx xxxxxxx xxx Xxxstee's investor relations desk at 1-800-735-7777. Parties that are unable to use the website are entitled xx xxxx x xxxer copy mailed to them via first class mail obtained by calling the investor relations Securities Administrator's customer service desk and indicating suchat (301) 815-6600. A paper copx xx xxx xxxxx statement will also be made available upon request. The Trustee may change the way the monthly statements to Certificateholders are distributed in order to make such distribution more convenient and/or more accessible to the above parties and the Trustee shall provide timely and adequate notification to all above parties regarding any such changes. As a condition to access the Trustee's internet website, the Trustee may require registration and the acceptance of a disclaimer. The Trustee will not be liable for the dissemination of information in accordance with this Agreement. The Trustee Securities Administrator shall make available to each Analytics Company, either electronically or via the TrusteeSecurities Administrator's internet website, each statement to Certificateholders prepared pursuant to this Section 4.03(a). The Trustee (Securities Administrator and the applicable Servicer, if such discrepancy results from or arises out of any information provided by the applicable Servicer pursuant to this Agreement) shall cooperate in good faith with the Depositor to reconcile any discrepancies in such statements, and the Trustee Securities Administrator shall provide make available via its Internet website any corrections to such statements to each Analytics Company as soon as reasonably practicable after the related Distribution Date. The Trustee will also be entitled to rely on but shall not be responsible for the content or accuracy of any information provided by third parties for purposes of preparing the monthly statement to Certificateholders and may affix thereto any disclaimer it deems appropriate in its reasonable discretion (without suggesting liability on the part of any other party hereto).
(c) Within Upon request, within a reasonable period of time after the end of each calendar year, the Trustee Securities Administrator shall cause to be furnished to each Person who at any time during the calendar year was a Certificateholder, a statement containing the information set forth in clauses (a)(i) and (a)(ii) of this Section 4.03 aggregated for such calendar year or applicable portion thereof during which such Person was a Certificateholder. Such obligation of the Trustee Securities Administrator shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Trustee Securities Administrator pursuant to any requirements of the Code as from time to time in effect.
(d) Not later than the Determination Date for each Distribution Date, each the applicable Servicer shall furnish to the TrusteeDepositor with respect to clause (i) below and the Securities Administrator with respect to clause (ii) below, a monthly remittance advice statement (the "Servicer Remittance Report") containing substantially similar to the data fields format set forth on in Exhibit X attached CC hereto, a monthly defaulted loan report substantially similar to the format set forth in Exhibit DD hereto and a realized loss report substantially similar to the format set forth in Exhibit EE hereto (or in each case, in a such other format mutually agreed upon by such Servicer to among the Depositor, the Servicers, and the TrusteeMaster Servicer) with respect relating to HomEq, the period ending on the last day of the preceding calendar month containing the data fields set forth on Exhibit Y attached hereto with respect to Wells Fargo (in each case, in a format mutually agreed upon by such Serxxxxx and the Trustee) and containing the data fields set forth on Exhibit Z attached hereto with respect Countrywide Servicing (in each case, in a format mutually agreed upon by such Servicer and the Trustee) and such information as shall be reasonably requested (i) by the Depositor to enable the Depositor to disclose "static pool information", as required by Item 1105 of Regulation AB, with respect to the Mortgage Loans, and (ii) by the Trustee Securities Administrator to enable the Trustee Securities Administrator to provide the reports required by Section 4.03(a) as to the accompanying remittance and applicable Due Period and the period ending on the close of business on the last day of the related Prepayment Period to which such remittance relatesPeriod. The applicable Servicer Remittance Report shallshall concurrently deliver to the Depositor a data tape, at in form and substance reasonably satisfactory to the Depositor, containing the information required pursuant to this Section 4.03(d) on a minimumloan-by-loan basis for all of the Mortgage Loans. The Depositor will use the information required pursuant to this Section 4.03(d) in compliance with applicable law. Each Servicer shall furnish to the Securities Administrator an individual loan accounting report, documentas of the last Business Day of each month, on such Determination Date, to document Mortgage Loan payment activity on an individual Mortgage Loan basis. With respect to each month, as followsthe corresponding individual loan accounting report (in electronic format) shall be received by the Securities Administrator no later than the Reporting Date, which report shall, at a minimum, contain the following:
(i) with respect to each Scheduled Payment, the amount of such remittance allocable to principal (including a separate breakdown of any Principal Prepayment, including the date of such prepayment, and any Prepayment ChargesPremiums, received during the related Prepayment Period along with a detailed report of interest on principal prepayment Principal Prepayment amounts remitted in accordance with Section 3.25);
(ii) with respect to each Scheduled Payment, the amount of such remittance allocable to interest;
(iii) the amount of servicing compensation received by such Servicer during the prior distribution period;
(iv) the individual and aggregate Stated Principal Balance of the Mortgage Loans;
(v) the aggregate of any expenses reimbursed to such Servicer during the prior distribution period pursuant to Section 3.11; and;
(vi) the number and aggregate outstanding principal balances of Mortgage Loans (a) delinquent 31 to 60 days, 61 to 90 days and 91 or more 90+ days; (b) as to which foreclosure or bankruptcy proceedings of the related mortgagor have commenced; and (c) as to which REO Property has been acquired. Concurrently with ;
(vii) each delivery of a Servicer Remittance Report to the TrusteeMortgage Loan which has been altered, Wells Fargomodified or varied during such month, acting as a Servicer, shall provide, in a manner consistenx xxxh the preceding paragraph, a supplemental statement (to the extent not previously provided) setting forth information in subclauses (v) and (vi). The Trustee shall promptly forward the Servicer Remittance Report and the related supplemental statement reason for such modification (i.e., extension of maturity date, Mortgage Interest Rate);
(viii) with respect to each Liquidated Mortgage Loan, the Depositoramount of any Realized Losses for such Mortgage Loan; and
(ix) any other information reasonably required by the Securities Administrator to enable it to prepare the Monthly Statement referred to in Section 4.03(a).
(e) Notwithstanding anything in Section 4.03(d) to the contrary, the Servicers shall be deemed to have satisfied the requirement to timely deliver the Servicer Remittance Report if such report is received by the Trustee on or prior to the 18th calendar day of such month in which the related Determination Date occurs; provided, however, that if such 18th calendar day is a Sunday or a Monday which is not a Business Day, the Servicers shall be deemed to have satisfied the requirement to timely deliver the Servicer Remittance Report if the Trustee and the Depositor receive such report (i) on the next Business Day succeeding such 18th calendar day, or (ii) on the Business Day immediately preceding such 18th calendar day, if such succeeding Business Day is later than the 20th calendar day of such calendar month.
(f) For all purposes of this Agreement, with respect to any Mortgage Loan, delinquencies shall be determined by the Trustee from information provided by the Servicers and reported by the Trustee based on the so-called "OTS" methodology for determining delinquencies on mortgage loans similar to the Mortgage Loans. By way of example, a Mortgage Loan would be delinquent with respect to a Scheduled Payment due on a Due Date if such Scheduled Payment is not made by the close of business on the Mortgage Loan's next succeeding Due Date, and a Mortgage Loan would be more than 30-days Delinquent with respect to such Scheduled Payment if such Scheduled Payment were not made by the close of business on the Mortgage Loan's second succeeding Due Date. Each Servicer hereby represents and warrants to that, as of the Depositor that Closing Date, such Servicer is does not subject have a safety and soundness regulator that requires such Servicer to conform to any delinquency recognition policy established by the primary safety and soundness regulator, if any, of such Servicer, that is more restrictive than the foregoing delinquency recognition policy.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (GSAMP Trust 2007-H1)
Monthly Statements to Certificateholders. (a) Not later than each Distribution Date, the Trustee shall make available to each Certificateholder, the Servicers, the Depositor Depositor, and each Rating Agency a statement setting forth with respect to the related distribution:
(i) the actual Distribution Date, the related Record Date, the Interest Accrual Period(s) for each Class for such Distribution Date and the LIBOR Determination Date for such Interest Accrual Period;
(ii) the amount of Available Funds;
(iii) the amount of Available Funds allocable to principal, the Principal Remittance Amount (separately identifying the components thereof) and the Principal Distribution Amount (separately identifying the components thereof);
(iv) the amount of Available Funds allocable to interest and each Interest Remittance Amount;
(v) the amount of any Unpaid Interest Amount for each Class included in such distribution and any remaining Unpaid Interest Amounts after giving effect to such distribution, any Basis Risk CarryForward Amount for each Class and the amount of such Basis Risk CarryForward Amount covered by withdrawals from the Excess Reserve Fund Account on such Distribution Date;
(vi) if the distribution to the Holders of such Class of Certificates is less than the full amount that would be distributable to such Holders if there were sufficient funds available therefor, the amount of the shortfall and the allocation of the shortfall as between principal and interest, including any Basis Risk CarryForward Amount not covered by amounts in the Excess Reserve Fund Account;
(vii) the Class Certificate Balance of each Class of Certificates before and after giving effect to the distribution of principal on such Distribution Date;
(viii) the Pool Stated Principal Balance for the Distribution Date;
(ix) the amount of the Expense Fees paid to or retained by the Servicers and the Trustee (stated separately and in the aggregate) with respect to such Distribution Date;
(x) the Pass-Through Rate for each such Class of Certificates with respect to such Distribution Date;
(xi) the amount of P&I Advances included in the distribution on such Distribution Date reported by the Servicers (and the Trustee as successor Servicer and any other successor Servicer, if applicable) as of the close of business on the Determination Date immediately preceding such Distribution Date;
(xii) the number and aggregate outstanding principal balances of Mortgage Loans (1) as to which the Scheduled Payment is delinquent 31 to 60 days, 61 to 90 days and 91 or more days, (2) that have become REO Property, (3) that are in foreclosure and (4) that are in bankruptcy, in each case as of the close of business on the last Business Day of the immediately preceding month;
(xiii) with respect to any Mortgage Loans that became REO Properties during the preceding calendar month, the aggregate number of such Mortgage Loans and the aggregate Stated Principal Balance of such Mortgage Loans as of the close of business on the last Business Day of the immediately preceding month;
(xiv) the total number and outstanding principal balance of any REO Properties (and market value, if available) as of the close of business on the last Business Day of the immediately preceding month;
(xv) whether a Trigger Event has occurred and is continuing (including the calculation demonstrating the existence of the Trigger Event);
(xvi) the amount on deposit in the Excess Reserve Fund Account (after giving effect to distributions on such Distribution Date);
(xvii) in the aggregate and for each Class of Certificates, the aggregate amount of Applied Realized Loss Amounts incurred during the preceding calendar month and aggregate Applied Realized Loss Amounts through such Distribution Date;
(xviii) the amount of any Net Monthly Excess Cash Flow on such Distribution Date and the allocation of it to the Certificateholders with respect to Unpaid Interest Amounts, Unpaid Realized Loss Amounts or Basis Risk CarryForward Amounts;
(xix) the amount of any Net Swap Payments, Net Swap Receipts, Swap Termination Payments or Defaulted Swap Termination Payments;
(xx) the calculations of LIBOR and Swap LIBOR;
(xxi) the Subordinated Amount and Specified Subordinated Amount;
(xxii) Prepayment Charges collected or paid (pursuant to Section 3.07(a)) by the Servicers;
(xxiii) the Cumulative Loss Percentage and the aggregate amount of Realized Losses used to calculate the Cumulative Loss Percentage;
(xxiv) the amount distributed on the Class X Certificates;
(xxv) the amount of any Subsequent Recoveries for such Distribution Date;
(xxvi) the Pre-Funded Amount as of the end of the prior Due Period;
(xxvii) the amount of any principal prepayment on the Certificates resulting from the application of unused moneys in the Pre-Funding Account; and
(xxviii) the number of Mortgage Loans at the end of the applicable reporting period, the pool factor (being the Stated Principal Balance of the Mortgage Loans for the related Distribution Date divided by the Cut-off Date Principal Balance), and the weighted average interest rate, and weighted average remaining term; and
(xxvii) the Interest Rate Cap Payment, if any, for such Distribution Date. In addition, each Form 10-D prepared and filed by the Trustee pursuant to Section 8.12 shall include the following information with respect to the related distribution:
(i) material breaches of Mortgage Loan representations and warranties under this Agreement of which the Trustee has actual knowledge or has received written notice; and
(ii) material breaches of any covenants under this Agreement of which the Trustee has actual knowledge or received written notice.; provided that, if the Trustee receives written notice of the events described in (i) and/or (ii) above from any Servicer, such Servicer shall be responsible for providing information to the Trustee for inclusion in the applicable Form 10-D.
(b) The Trustee's responsibility for providing the above statement to the Certificateholders, each Rating Agency and the Depositor is limited, if applicable, to the availability, timeliness and accuracy of the information derived from the Servicers and the Swap Provider. The Trustee shall make available the above statement via the Trustee's internet website. The Trustee's website will initially be located at https://www.tss.db.com/invr http://www.ctslink.com and assistance in using the website can be xxxxxxxx obtaixxx xx xxxxxxx xxx Xxxstee's investor relations customer service desk at 1(301) 815-800-735-77776600. Parties that are unable to use the website are entitled xx xxxx x xxxer copy mailed to them via first class mail by calling the investor relations customer service desk and indicating such. The Trustee may change the way the monthly statements to Certificateholders are distributed in order to make such distribution more convenient and/or more accessible to the above parties and the Trustee shall provide timely and adequate notification to all above parties regarding any such changes. As a condition to access the Trustee's internet website, the Trustee may require registration and the acceptance of a disclaimer. The Trustee will not be liable for the dissemination of information in accordance with this Agreement. The Trustee shall make available to each Analytics Company, either electronically or via the Trustee's internet website, each statement to Certificateholders prepared pursuant to Section 4.03(a). The Trustee (and the applicable Servicer, if such discrepancy results from or arises out of any information provided by the applicable Servicer pursuant to this Agreement) shall cooperate in good faith with the Depositor to reconcile any discrepancies in such statements, and the Trustee shall provide any corrections to such statements to each Analytics Company as soon as reasonably practicable after the related Distribution Date. The Trustee will also be entitled to rely on but shall not be responsible for the content or accuracy of any information provided by third parties for purposes of preparing the monthly statement to Certificateholders and may affix thereto any disclaimer it deems appropriate in its reasonable discretion (without suggesting liability on the part of any other party hereto).
(c) Within a reasonable period of time after the end of each calendar year, the Trustee shall cause to be furnished to each Person who at any time during the calendar year was a Certificateholder, a statement containing the information set forth in clauses (a)(i) and (a)(ii) of this Section 4.03 aggregated for such calendar year or applicable portion thereof during which such Person was a Certificateholder. Such obligation of the Trustee shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Trustee pursuant to any requirements of the Code as from time to time in effect.
(d) Not The Trustee shall be entitled to rely on information provided by third parties for purposes of preparing the foregoing report, but shall not be responsible for the accuracy of such information.
(e) No later than the Determination Date for 18th day of each Distribution Datemonth, or if such date is not a Business Day, the next succeeding Business Day (but in no event later than the 20th day of each month), each Servicer shall furnish to the Trustee, a monthly remittance advice statement (the "Servicer Remittance Report") containing the data fields set forth on Exhibit X attached hereto (in each case, in a format mutually agreed upon by such the applicable Servicer and the Trustee) with respect to HomEq, containing the data fields set forth on Exhibit Y attached hereto with respect to Wells Fargo (in each case, in a format mutually agreed upon by such Serxxxxx and the Trustee) and containing the data fields set forth on Exhibit Z attached hereto with respect Countrywide Servicing (in each case, in a format mutually agreed upon by such Servicer and the Trustee) Trustee and such information as shall be reasonably requested (i) by the Depositor to enable the Depositor to disclose "static pool information", as required by Item 1105 of Regulation AB, with respect to the Mortgage Loans, and (ii) by the Trustee to enable the Trustee to provide the reports required by Section 4.03(a) as to the accompanying remittance and applicable Due Period and Prepayment Period to which such remittance relates. The Servicer Remittance Report shall, at a minimum, document, on such Determination Date, Mortgage Loan payment activity on an individual Mortgage Loan basis, as follows:
(i) with respect to each Scheduled Payment, the amount of such remittance allocable to principal (including a separate breakdown of any Principal Prepayment, including the date of such prepayment, and any Prepayment Charges, received during the related Prepayment Period along with a detailed report of interest on principal prepayment amounts remitted in accordance with Section 3.25);
(ii) with respect to each Scheduled Payment, the amount of such remittance allocable to interest;
(iii) the amount of servicing compensation received by such Servicer during the prior current distribution period;
(iv) the individual and aggregate Stated Principal Balance of the Mortgage Loans;
(v) the aggregate expenses reimbursed to such Servicer during the prior distribution period pursuant to Section 3.11; and
(vi) the number and aggregate outstanding principal balances of Mortgage Loans (a) delinquent 31 to 60 days, 61 to 90 days and 91 or more days; (b) as to which foreclosure or bankruptcy proceedings of the related mortgagor have commenced; and (c) as to which REO Property has been acquired. Concurrently with each delivery of a Servicer Remittance Report to the Trustee, Wells Fargo, acting as a Servicer, shall provide, in a manner consistenx xxxh the preceding paragraph, a supplemental statement (to the extent not previously provided) setting forth information in subclauses (v) and (vi). The Trustee shall promptly forward make available the Servicer Remittance Report and the related supplemental statement to the Depositor.
(ef) Notwithstanding anything in Section 4.03(d) to the contrary, the Servicers shall be deemed to have satisfied the requirement to timely deliver the Servicer Remittance Report if such report is received by the Trustee on or prior to the 18th calendar day of such month in which the related Determination Date occurs; provided, however, that if such 18th calendar day is a Sunday or a Monday which is not a Business Day, the Servicers shall be deemed to have satisfied the requirement to timely deliver the Servicer Remittance Report if the Trustee and the Depositor receive such report (i) on the next Business Day succeeding such 18th calendar day, or (ii) on the Business Day immediately preceding such 18th calendar day, if such succeeding Business Day is later than the 20th calendar day of such calendar month[Reserved].
(fg) For all purposes of this Agreement, with respect to any Mortgage Loan, delinquencies shall be determined by the Trustee from information provided by the Servicers and reported by the Trustee based on the "OTS" methodology for determining delinquencies on mortgage loans similar to the Mortgage Loans. By way of example, a Mortgage Loan would be delinquent with respect to a Scheduled Payment due on a Due Date if such Scheduled Payment is not made by the close of business on the Mortgage Loan's next succeeding Due Date, and a Mortgage Loan would be more than 30-days Delinquent with respect to such Scheduled Payment if such Scheduled Payment were not made by the close of business on the Mortgage Loan's second succeeding Due Date. Each Servicer hereby represents and warrants to the Depositor that such Servicer is not subject to any delinquency recognition policy established by the primary safety and soundness regulator, if any, of such Servicer, that is more restrictive than the foregoing delinquency recognition policy.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Morgan Stanley ABS Capital I Inc. Trust 2007-He4)
Monthly Statements to Certificateholders. (a) Not later than each Distribution Date, the Trustee Securities Administrator shall make available to each Certificateholder, the ServicersMaster Servicer, the Depositor Servicer, the Depositor, the Trustee and each Rating Agency a statement statement, based on information provided by the Servicer, setting forth with respect to the related distribution:
(i) the actual Distribution Dateamount thereof allocable to principal, separately identifying the related Record Dateaggregate amount of any Principal Prepayments, the Interest Accrual Period(s) for each Class for such Distribution Date Liquidation Proceeds and the LIBOR Determination Date for such Interest Accrual PeriodSubsequent Recoveries;
(ii) the amount of Available Funds;
(iii) the amount of Available Funds thereof allocable to principalinterest, the Principal Remittance Amount (separately identifying the components thereof) and the Principal Distribution Amount (separately identifying the components thereof);
(iv) the amount of Available Funds allocable to interest and each any Interest Remittance Amount;
(v) the amount of any Unpaid Interest Amount for each Class Carry Forward Amounts included in such distribution and any remaining Unpaid Interest Carry Forward Amounts after giving effect to such distribution, any Basis Risk CarryForward Carryover Amount for each Class such Distribution Date and the amount of such all Basis Risk CarryForward Carryover Amount covered by withdrawals from the Excess Reserve Fund Account on such Distribution Date;
(viiii) if the distribution to the Holders of such Class of Certificates is less than the full amount that would be distributable to such Holders if there were sufficient funds available therefor, the amount of the shortfall and the allocation of the shortfall thereof as between principal and interest, including any Basis Risk CarryForward Carryover Amount not covered by amounts in the Excess Reserve Fund Account;
(viiiv) the Class Certificate Balance of each Class of Certificates before and after giving effect to the distribution of principal on such Distribution Date;
(viiiv) the Pool Stated Principal Balance for the following Distribution Date;
(ixvi) the amount of the Expense Fees (in the aggregate and separately stated) paid to or retained by the Servicers and Servicer or Subservicer (with respect to the Trustee (stated separately and Subservicers, in the aggregate) and the Master Servicer with respect to such Distribution Date;
(xvii) the Pass-Through Interest Rate for each such Class of Certificates with respect to such Distribution Date;
(xiviii) the amount of P&I Advances included in the distribution on such Distribution Date and the aggregate amount of P&I Advances reported by the Servicers (and the Trustee Servicer as successor Servicer and any other successor Servicer, if applicable) outstanding as of the close of business on the Determination Date immediately preceding such Distribution Date;
(xiiix) the number and aggregate outstanding principal balances of Mortgage Loans (1) as to which the Scheduled Payment is delinquent 31 to 60 days, 61 to 90 days and 91 or more days, (2) that have become REO Property, (3) that are in foreclosure and (4) that are in bankruptcy, in each case as of the close of business on the last Business Day of the immediately preceding month;
(xiiix) with respect to any Mortgage Loans that became REO Properties during the preceding calendar month, the aggregate number of such Mortgage Loans and the aggregate Stated Principal Balance of such Mortgage Loans as of the close of business on the last Business Day Determination Date preceding such Distribution Date and the date of the immediately preceding monthacquisition thereof;
(xivxi) the total number and outstanding aggregate principal balance of any REO Properties (and market value, if available) as of the close of business on the last Business Day of the immediately Determination Date preceding monthsuch Distribution Date;
(xvxii) whether a Trigger Event has occurred and is continuing (including the calculation demonstrating thereof and the existence aggregate outstanding balance of the all 60+ Day Delinquent Mortgage Loans), and whether a Sequential Trigger EventEvent has occurred and is continuing;
(xvixiii) the amount on deposit in the Excess Reserve Fund Account (after giving effect to distributions on such Distribution Date);
(xviixiv) in the aggregate and for each Class of Certificates, the aggregate amount of Applied Realized Loss Amounts incurred during the preceding calendar month and aggregate Applied Realized Loss Amounts through such Distribution Date;
(xviiixv) the amount of any Net Monthly Excess Cash Flow on such Distribution Date and the allocation of it thereof to the Certificateholders with respect to Unpaid Interest Amounts, Unpaid Applied Realized Loss Amounts or Basis Risk CarryForward and Interest Carry Forward Amounts;
(xvi) the Overcollateralization Amount and Overcollateralization Target Amount;
(xvii) Prepayment Charges collected by the Servicer;
(xviii) the Interest Rate Cap Payments (stated separately), if any, for such Distribution Date; and
(xix) the amount of any Net Swap Payments, Net Swap Receipts, Swap Termination Payments or Defaulted Swap Termination Payments;
(xx) the calculations of LIBOR and Swap LIBOR;
(xxi) the Subordinated Amount and Specified Subordinated Amount;
(xxii) Prepayment Charges collected or paid (pursuant to Section 3.07(a)) by the Servicers;
(xxiii) the Cumulative Loss Percentage and the aggregate amount of Realized Losses used to calculate the Cumulative Loss Percentage;
(xxiv) the amount distributed on the Class X Certificates;
(xxv) the amount of any Subsequent Recoveries for such Distribution Date;
(xxvi) the Pre-Funded Amount as of the end of the prior Due Period;
(xxvii) the amount of any principal prepayment on the Certificates resulting from the application of unused moneys in the Pre-Funding Account; and
(xxviii) the number of Mortgage Loans at the end of the applicable reporting period, the pool factor (being the Stated Principal Balance of the Mortgage Loans for the related Distribution Date divided by the Cut-off Date Principal Balance), and the weighted average interest rate, and weighted average remaining term; In addition, each Form 10-D prepared and filed by the Trustee pursuant to Section 8.12 shall include the following information with respect to the related distribution:
(i) material breaches of Mortgage Loan representations and warranties under this Agreement of which the Trustee has actual knowledge or has received written notice; and
(ii) material breaches of any covenants under this Agreement of which the Trustee has actual knowledge or received written notice.
(b) The TrusteeSecurities Administrator's responsibility for providing the above statement to the Certificateholders, each Rating Agency Agency, the Master Servicer, the Servicer, the Trustee and the Depositor is limited, if applicable, limited to the availability, timeliness and accuracy of the information derived from the Servicers Master Servicer and the Swap ProviderServicer. The Trustee shall make available Securities Administrator will provide the above statement via the TrusteeSecurities Administrator's internet website. The TrusteeSecurities Administrator's website will initially be located at https://www.tss.db.com/invr https://www.ctslink.com and assistance in using the website can be xxxxxxxx obtaxxxx xx xxxxxxx xxx XxxsteeXxxurities Administrator's investor relations customer service desk at 1(301) 815-800-735-77776600. Parties that are unable to use the website are entitled xx xxxx x xxxer above distribution mxxxxx xxx xxxxtled to have a paper copy mailed to them via first class mail by calling the investor relations customer service desk and indicating such. The Trustee may Securities Administrator shall have the right to change the way manner in which the monthly statements to Certificateholders are above statement is distributed in order to make such distribution more convenient and/or more accessible to the above parties accessible, and the Trustee Securities Administrator shall provide timely and adequate notification to all above the Certificateholders and the parties hereto regarding any such changes. As a condition to access A paper copy of the Trustee's internet website, the Trustee may require registration and the acceptance of a disclaimer. The Trustee will not be liable for the dissemination of information in accordance with this Agreement. The Trustee shall make available to each Analytics Company, either electronically or via the Trustee's internet website, each statement to Certificateholders prepared pursuant to Section 4.03(a). The Trustee (and the applicable Servicer, if such discrepancy results from or arises out of any information provided by the applicable Servicer pursuant to this Agreement) shall cooperate in good faith with the Depositor to reconcile any discrepancies in such statements, and the Trustee shall provide any corrections to such statements to each Analytics Company as soon as reasonably practicable after the related Distribution Date. The Trustee will also be entitled to rely on but shall not be responsible for the content or accuracy of any information provided by third parties for purposes of preparing the monthly statement to Certificateholders and may affix thereto any disclaimer it deems appropriate in its reasonable discretion (without suggesting liability on the part of any other party hereto)made available upon request.
(c) Within a reasonable period of time after the end of each calendar year, the Trustee Securities Administrator shall cause to be furnished to each Person who at any time during the calendar year was a Certificateholder, a statement containing the information set forth in clauses (a)(i), (a)(ii) and (a)(iia)(vi) of this Section 4.03 aggregated for such calendar year or applicable portion thereof during which such Person was a Certificateholder. Such obligation of the Trustee Securities Administrator shall be deemed to have been satisfied to the extent that substantially comparable information shall be have previously been provided by the Trustee Securities Administrator pursuant to any requirements of the Code as from time to time in effect.
(d) Not later than On the Determination Date for 10th day of each Distribution Datecalendar month (or, each if such 10th day is not a Business Day, then on the next succeeding Business Day), the Servicer shall furnish to the Trustee, Master Servicer (i) a monthly remittance advice statement (in the "Servicer Remittance Report") containing the data fields format set forth on in Exhibit X attached N-1 hereto, a monthly defaulted loan report in the format set forth in Exhibit N-2 hereto and a realized loss report in the format set forth in Exhibit N-3 hereto (or in each case, in a such other format mutually agreed upon by such to between the Servicer and the TrusteeMaster Servicer) with respect to HomEq, containing the data fields set forth on Exhibit Y attached hereto with respect to Wells Fargo (in each case, in a format mutually agreed upon by such Serxxxxx and the Trustee) and containing the data fields set forth on Exhibit Z attached hereto with respect Countrywide Servicing (in each case, in a format mutually agreed upon by such Servicer and the Trustee) and such information as shall be reasonably requested (i) by the Depositor to enable the Depositor to disclose "static pool information", as required by Item 1105 of Regulation AB, with respect relating to the Mortgage Loans, period ending on the last day of the preceding calendar month and (ii) by the Trustee all such information required pursuant to enable the Trustee to provide the reports required by Section 4.03(a) as to the accompanying remittance and applicable Due Period and Prepayment Period to which such remittance relates. The Servicer Remittance Report shall, at a minimum, document, on such Determination Date, Mortgage Loan payment activity on an individual Mortgage Loan basis, as follows:
clause (i) with respect above on a magnetic tape or other similar media reasonably acceptable to the Master Servicer. No later than three Business Days after the fifteenth day of each Scheduled Paymentcalendar month, the Servicer shall furnish to the Master Servicer a monthly report containing such information regarding prepayments of Mortgage Loans during the applicable Prepayment Period and in a format as mutually agreed to between the Servicer and the Master Servicer. Such monthly remittance advice shall also be accompanied by a supplemental report provided to the Master Servicer which includes on an aggregate basis for the previous calendar month (i) the amount of such remittance allocable to principal (including a separate breakdown of any Principal Prepaymentinsurance claims filed, including the date of such prepayment, and any Prepayment Charges, received during the related Prepayment Period along with a detailed report of interest on principal prepayment amounts remitted in accordance with Section 3.25);
(ii) with respect to each Scheduled Payment, the amount of such remittance allocable to interest;
any claim payments made and (iii) the amount of servicing compensation received by claims denied or curtailed. The Master Servicer will convert such Servicer during data into a format acceptable to the prior distribution period;
(iv) Securities Administrator and provide monthly reports to the individual and aggregate Stated Principal Balance of the Mortgage Loans;
(v) the aggregate expenses reimbursed to such Servicer during the prior distribution period Securities Administrator pursuant to Section 3.11; and
(vi) the number and aggregate outstanding principal balances of Mortgage Loans (a) delinquent 31 to 60 days, 61 to 90 days and 91 or more days; (b) as to which foreclosure or bankruptcy proceedings of the related mortgagor have commenced; and (c) as to which REO Property has been acquired. Concurrently with each delivery of a Servicer Remittance Report to the Trustee, Wells Fargo, acting as a Servicer, shall provide, in a manner consistenx xxxh the preceding paragraph, a supplemental statement (to the extent not previously provided) setting forth information in subclauses (v) and (vi). The Trustee shall promptly forward the Servicer Remittance Report and the related supplemental statement to the Depositor.
(e) Notwithstanding anything in Section 4.03(d) to the contrary, the Servicers shall be deemed to have satisfied the requirement to timely deliver the Servicer Remittance Report if such report is received by the Trustee on or prior to the 18th calendar day of such month in which the related Determination Date occurs; provided, however, that if such 18th calendar day is a Sunday or a Monday which is not a Business Day, the Servicers shall be deemed to have satisfied the requirement to timely deliver the Servicer Remittance Report if the Trustee and the Depositor receive such report (i) on the next Business Day succeeding such 18th calendar day, or (ii) on the Business Day immediately preceding such 18th calendar day, if such succeeding Business Day is later than the 20th calendar day of such calendar month.
(f) For all purposes of this Agreement, with respect to any Mortgage Loan, delinquencies shall be determined by the Trustee from information provided by the Servicers and reported by the Trustee based on the "OTS" methodology for determining delinquencies on mortgage loans similar to the Mortgage Loans. By way of example, a Mortgage Loan would be delinquent with respect to a Scheduled Payment due on a Due Date if such Scheduled Payment is not made by the close of business on the Mortgage Loan's next succeeding Due Date, and a Mortgage Loan would be more than 30-days Delinquent with respect to such Scheduled Payment if such Scheduled Payment were not made by the close of business on the Mortgage Loan's second succeeding Due Date. Each Servicer hereby represents and warrants to the Depositor that such Servicer is not subject to any delinquency recognition policy established by the primary safety and soundness regulator, if any, of such Servicer, that is more restrictive than the foregoing delinquency recognition policy.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (HASCO Trust 2005-Nc1)
Monthly Statements to Certificateholders. (a) Not later than each Distribution Date, the Trustee shall make available to each Certificateholder, the ServicersServicer, the Depositor and each Rating Agency a statement setting forth with respect to the related distribution:
(i) the actual Distribution Date, the related Record Date, the Interest Accrual Period(s) for each Class for such Distribution Date and the LIBOR Determination Date for such Interest Accrual Period;
(ii) the amount of Available Funds;
(iii) the amount of Available Funds allocable to principal, the Principal Remittance Amount (separately identifying the components thereof) and the Principal Distribution Amount (separately identifying the components thereof);
(iv) the amount of Available Funds allocable to interest and each Interest Remittance Amount;
(v) the amount of any Unpaid Interest Amount for each Class included in such distribution and any remaining Unpaid Interest Amounts after giving effect to such distribution, any Basis Risk CarryForward Carry Forward Amount for each Class and the amount of such Basis Risk CarryForward Carry Forward Amount covered by withdrawals from the Excess Reserve Fund Account on such Distribution Date;
(vi) if the distribution to the Holders of such Class of Certificates is less than the full amount that would be distributable to such Holders if there were sufficient funds available therefor, the amount of the shortfall and the allocation of the shortfall as between principal and interest, including any Basis Risk CarryForward Carry Forward Amount not covered by amounts in the Excess Reserve Fund Account;
(vii) the Class Certificate Balance of each Class of Certificates before and after giving effect to the distribution of principal on such Distribution Date;
(viii) the Pool Stated Principal Balance for the related Distribution Date;
(ix) the amount of the Expense Fees paid to or retained by the Servicers Servicer and the Trustee (stated separately and in the aggregate) with respect to such Distribution Date;
(x) the Pass-Through Rate for each such Class of Certificates with respect to such Distribution Date;
(xi) the amount of P&I Advances included in the distribution on such Distribution Date reported by the Servicers Servicer (and the Trustee as successor Servicer servicer and any other successor Servicerservicer, if applicable) as of the close of business on the Determination Date immediately preceding such Distribution Date;
(xii) the number and aggregate outstanding principal balances of Mortgage Loans (1) as to which the Scheduled Payment is delinquent 31 to 60 days, 61 to 90 days, 91 to 120 days, 121 to 150 days, 151 to 180 days, 181 to 210 days, 211 to 240 days and 91 or more 240+ days, (2) that have become REO Property, (3) that are in foreclosure and (4) that are in bankruptcy, in each case as of the close of business on the last Business Day day of the immediately related Due Period;
(xiii) for each of the preceding 12 calendar months, or all calendar months since the related Cut-off Date, whichever is less, the aggregate dollar amount of the Scheduled Payments (A) due on all Outstanding Mortgage Loans on each of the Due Dates in each such month and (B) delinquent 60 days or more on each of the Due Dates in each such month;
(xiiixiv) with respect to any Mortgage Loans that became REO Properties during the preceding calendar month, the aggregate number of such Mortgage Loans and the aggregate Stated Principal Balance outstanding principal balance of such Mortgage Loans as of the close of business on the last Business Day day of the immediately preceding monthrelated Due Period;
(xivxv) the total number and outstanding principal balance of any REO Properties (and market value, if available) as of the close of business on the last Business Day of the immediately preceding monthrelated Due Period;
(xvxvi) whether a Trigger Event has occurred and is continuing (including the calculation demonstrating the existence of the Trigger EventEvent and the aggregate outstanding principal balance of all 60+ Day Delinquent Mortgage Loans);
(xvixvii) the amount on deposit in the Excess Reserve Fund Account (after giving effect to distributions on such Distribution Date);
(xviixviii) in the aggregate and for each Class of Certificates, the aggregate amount of Applied Realized Loss Amounts incurred during the preceding calendar month and aggregate Applied Realized Loss Amounts through such Distribution Date;
(xviiixix) the amount of any Net Monthly Excess Cash Flow on such Distribution Date and the allocation of it to the Certificateholders with respect to Unpaid Interest Amounts, Unpaid Applied Realized Loss Amounts or and Basis Risk CarryForward Carry Forward Amounts;
(xixxx) the amount of any Net Swap Payments, Net Swap Receipts, Swap Termination Payments or Defaulted Swap Termination Payments;
(xxxxi) the calculations of LIBOR and Swap LIBOR;
(xxixxii) the Subordinated Amount and Specified Subordinated Amount;
(xxiixxiii) Prepayment Charges collected or paid (pursuant to Section 3.07(a)) by the ServicersServicer;
(xxiiixxiv) the Cumulative Loss Percentage and the aggregate amount of Realized Losses used to calculate the Cumulative Loss Percentage;
(xxivxxv) the amount distributed on the Class X Certificates;
(xxvxxvi) the amount of any Subsequent Recoveries for such Distribution Date;
(xxvi) the Pre-Funded Amount as of the end of the prior Due Period;
(xxvii) the amount of any principal prepayment on the Certificates resulting from the application of unused moneys in the Pre-Funding Account; and
(xxviiixxvii) the number of Mortgage Loans at the beginning and end of the applicable reporting period, the pool factor (being the Stated Principal Balance of the Mortgage Loans for the related Distribution Date divided by the Cut-off Date Principal Balance), and the weighted average interest rate, and weighted average remaining term; . In addition, each Form 10-D prepared and filed by the Trustee pursuant to Section 8.12 shall include the following information with respect to the related distribution:
(i) material breaches of Mortgage Loan representations and warranties under this Agreement of which the Trustee has actual knowledge or has received written notice; and
(ii) material breaches of any covenants under this Agreement of which the Trustee has actual knowledge or has received written notice.
(b) The Trustee's responsibility for providing the above statement to the Certificateholders, each Rating Agency Agency, the Servicer and the Depositor is limited, if applicable, to the availability, timeliness and accuracy of the information derived from the Servicers and the Swap ProviderServicer. The Trustee shall make available the above statement via the Trustee's internet website. The Trustee's website will initially be located at https://www.tss.db.com/invr and assistance in using the website can be bx xxxxxxxx xx xxxxxxx xxx XxxsteeTrustee's investor relations desk at 1-800-735-7777. Parties that are unable to use the website are entitled xx xxxx x xxxer A paper copy mailed to them via first class mail by calling the investor relations desk and indicating such. The Trustee may change the way the monthly statements to Certificateholders are distributed in order to make such distribution more convenient and/or more accessible to of the above parties and the Trustee shall provide timely and adequate notification to all above parties regarding any such changes. As a condition to access the Trustee's internet website, the Trustee may require registration and the acceptance of a disclaimer. The Trustee statement will not also be liable for the dissemination of information in accordance with this Agreementmade xxxxxxxxx xxxn request. The Trustee shall make available to each Analytics Company, either electronically or via the Trustee's internet website, each statement to Certificateholders prepared pursuant to this Section 4.03(a). The Trustee (and the applicable Servicer, if such discrepancy results from or arises out of any information provided by the applicable Servicer pursuant to this Agreement) shall cooperate in good faith with the Depositor to reconcile any discrepancies in such statements, and the Trustee shall provide any corrections to such statements to each Analytics Company as soon as reasonably practicable after the related Distribution Date. The Trustee will also be entitled to rely on but shall not be responsible for the content or accuracy of any information provided by third parties for purposes of preparing the monthly statement to Certificateholders and may affix thereto any disclaimer it deems appropriate in its reasonable discretion (without suggesting liability on the part of any other party hereto).
(c) Within Upon request, within a reasonable period of time after the end of each calendar year, the Trustee shall cause to be furnished to each Person who at any time during the calendar year was a Certificateholder, a statement containing the information set forth in clauses (a)(i) and (a)(ii) of this Section 4.03 aggregated for such calendar year or applicable portion thereof during which such Person was a Certificateholder. Such obligation of the Trustee shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Trustee pursuant to any requirements of the Code as from time to time in effect.
(d) Not later than the Determination Date for each Distribution Date, each the Servicer shall furnish to the TrusteeDepositor with respect to clause (i) below and the Trustee with respect to clause (ii) below, a monthly remittance advice statement (the "Servicer Remittance Report") containing the data fields set forth on Exhibit X attached hereto (in each case, in a format mutually agreed upon by such Servicer the Servicer, the Trustee and the TrusteeDepositor) with respect to HomEq, containing the data fields set forth on Exhibit Y attached hereto with respect to Wells Fargo (in each case, in a format mutually agreed upon by such Serxxxxx and the Trustee) and containing the data fields set forth on Exhibit Z attached hereto with respect Countrywide Servicing (in each case, in a format mutually agreed upon by such Servicer and the Trustee) and such information as shall be reasonably requested (i) by the Depositor to enable the Depositor to disclose "static pool information", as required by Item 1105 of Regulation AB, with respect to the Mortgage Loans, and (ii) by the Trustee to enable the Trustee to provide the reports required by Section 4.03(a) as to the accompanying remittance and applicable Due Period and the period ending on the close of business on the last day of the related Prepayment Period to which such remittance relatesPeriod. The Servicer Remittance Report shallshall concurrently deliver to the Depositor and the applicable Original Loan Seller a data tape, at in form and substance reasonably satisfactory to the Depositor and each Original Loan Seller, containing the information required pursuant to this Section 4.03(d) on a minimumloan-by-loan basis for all of the Mortgage Loans (or, documentwith respect to each Original Loan Seller, the Mortgage Loans sold by such Original Loan Seller to the Sponsor as identified on such Determination Datethe Mortgage Loan Schedule). The Servicer shall furnish to the Trustee an individual loan accounting report, as of the last Business Day of each month, to document Mortgage Loan payment activity on an individual Mortgage Loan basis. With respect to each month, as followsthe corresponding individual loan accounting report (in electronic format) shall be received by the Trustee no later than the Reporting Date, which report shall, at a minimum, contain the following:
(i) with respect to each Scheduled Payment, the amount of such remittance allocable to principal (including a separate breakdown of any Principal Prepayment, including the date of such prepayment, and any Prepayment ChargesPremiums, received during the related Prepayment Period along with a detailed report of interest on principal prepayment Principal Prepayment amounts remitted in accordance with Section 3.25);
(ii) with respect to each Scheduled Payment, the amount of such remittance allocable to interest;
(iii) the amount of servicing compensation received by such the Servicer during the prior distribution period;
(iv) the individual and aggregate Stated Principal Balance of the Mortgage Loans;
(v) the aggregate of any expenses reimbursed to such the Servicer during the prior distribution period pursuant to Section 3.11; and;
(vi) the number and aggregate outstanding principal balances of Mortgage Loans (a) delinquent 31 to 60 days, 61 to 90 days, or 91 to 120 days, 121 to 150 days, 151 to 180 days, 181 to 210 days, 211 days to 240 days and 91 or more 240+ days; (b) as to which foreclosure or bankruptcy proceedings of the related mortgagor have commenced; and (c) as to which REO Property has been acquired. Concurrently with ;
(vii) each delivery of a Servicer Remittance Report to the TrusteeMortgage Loan which has been altered, Wells Fargomodified or varied during such month, acting as a Servicer, shall provide, in a manner consistenx xxxh the preceding paragraph, a supplemental statement (to the extent not previously provided) setting forth information in subclauses (v) and (vi). The Trustee shall promptly forward the Servicer Remittance Report and the related supplemental statement reason for such modification (i.e., extension of maturity date, Mortgage Interest Rate);
(viii) with respect to each Liquidated Mortgage Loan, the Depositoramount of any Realized Losses for such Mortgage Loan; and
(ix) any other information reasonably required by the Trustee to enable it to prepare the Monthly Statement referred to in Section 4.03(a).
(e) Notwithstanding anything in Section 4.03(d) to the contrary, the Servicers shall be deemed to have satisfied the requirement to timely deliver the Servicer Remittance Report if such report is received by the Trustee on or prior to the 18th calendar day of such month in which the related Determination Date occurs; provided, however, that if such 18th calendar day is a Sunday or a Monday which is not a Business Day, the Servicers shall be deemed to have satisfied the requirement to timely deliver the Servicer Remittance Report if the Trustee and the Depositor receive such report (i) on the next Business Day succeeding such 18th calendar day, or (ii) on the Business Day immediately preceding such 18th calendar day, if such succeeding Business Day is later than the 20th calendar day of such calendar month.
(f) For all purposes of this Agreement, with respect to any Mortgage Loan, delinquencies shall be determined by the Trustee from information provided by the Servicers and reported by the Trustee based on the so-called "OTS" methodology for determining delinquencies on mortgage loans similar to the Mortgage Loans. By way of example, a Mortgage Loan would be delinquent with respect to a Scheduled Payment due on a Due Date if such Scheduled Payment is not made by the close of business on the Mortgage Loan's next succeeding Due Date, and a Mortgage Loan would be more than 30-days Delinquent with respect to such Scheduled Payment if such Scheduled Payment were not made by the close of business on the Mortgage Loan's second succeeding Due Date. Each The Servicer hereby represents and warrants to the Depositor that such Servicer this delinquency recognition policy is not subject to less restrictive than any delinquency recognition policy established by the primary safety and soundness regulator, if any, of such the Servicer, that is more restrictive than the foregoing delinquency recognition policy.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Gs Mortgage Securities Corp)
Monthly Statements to Certificateholders. (a) Not later than each Distribution Date, the Trustee shall make available to each Certificateholder, the Servicers, the Depositor and each Rating Agency a statement setting forth with respect to the related distribution:
(i) the actual Distribution Date, the related Record Date, the Interest Accrual Period(s) for each Class for such Distribution Date and the LIBOR Determination Date for such Interest Accrual Period;
(ii) the amount of Available Funds;
(iii) the amount of Available Funds allocable to principal, the Principal Remittance Amount (separately identifying the components thereof) and the Principal Distribution Amount (separately identifying the components thereof);
(iv) the amount of Available Funds allocable to interest and each Interest Remittance Amount;
(v) the amount of any Unpaid Interest Amount for each Class included in such distribution and any remaining Unpaid Interest Amounts after giving effect to such distribution, any Basis Risk CarryForward Amount for each Class and the amount of such Basis Risk CarryForward Amount covered by withdrawals from the Excess Reserve Fund Account on such Distribution Date;
(vi) if the distribution to the Holders of such Class of Certificates is less than the full amount that would be distributable to such Holders if there were sufficient funds available therefor, the amount of the shortfall and the allocation of the shortfall as between principal and interest, including any Basis Risk CarryForward Amount not covered by amounts in the Excess Reserve Fund Account;
(vii) the Class Certificate Balance of each Class of Certificates before and after giving effect to the distribution of principal on such Distribution Date;
(viii) the Pool Stated Principal Balance for the Distribution Date;
(ix) the amount of the Expense Fees paid to or retained by the Servicers and the Trustee (stated separately and in the aggregate) with respect to such Distribution Date;
(x) the Pass-Through Rate for each such Class of Certificates with respect to such Distribution Date;
(xi) the amount of P&I Advances included in the distribution on such Distribution Date reported by the Servicers (and the Trustee as successor Servicer and any other successor Servicer, if applicable) as of the close of business on the Determination Date immediately preceding such Distribution Date;
(xii) the number and aggregate outstanding principal balances of Mortgage Loans (1) as to which the Scheduled Payment is delinquent 31 to 60 days, 61 to 90 days and 91 or more days, (2) that have become REO Property, (3) that are in foreclosure and (4) that are in bankruptcy, in each case as of the close of business on the last Business Day of the immediately preceding month;
(xiii) with respect to any Mortgage Loans that became REO Properties during the preceding calendar month, the aggregate number of such Mortgage Loans and the aggregate Stated Principal Balance of such Mortgage Loans as of the close of business on the last Business Day of the immediately preceding month;
(xiv) the total number and outstanding principal balance of any REO Properties (and market value, if available) as of the close of business on the last Business Day of the immediately preceding month;
(xv) whether a Trigger Event has occurred and is continuing (including the calculation demonstrating the existence of the Trigger Event;
(xvi) the amount on deposit in the Excess Reserve Fund Account (after giving effect to distributions on such Distribution Date);
(xvii) in the aggregate and for each Class of Certificates, the aggregate amount of Applied Realized Loss Amounts incurred during the preceding calendar month and aggregate Applied Realized Loss Amounts through such Distribution Date;
(xviii) the amount of any Net Monthly Excess Cash Flow on such Distribution Date and the allocation of it to the Certificateholders with respect to Unpaid Interest Amounts, Unpaid Realized Loss Amounts or Basis Risk CarryForward Amounts;
(xix) the amount of any Net Swap Payments, Net Swap Receipts, Swap Termination Payments or Defaulted Swap Termination Payments;
(xx) the calculations of LIBOR and Swap LIBOR;
(xxi) the Subordinated Amount and Specified Subordinated Amount;
(xxii) Prepayment Charges collected or paid (pursuant to Section 3.07(a)) by the Servicers;
(xxiii) the Cumulative Loss Percentage and the aggregate amount of Realized Losses used to calculate the Cumulative Loss Percentage;
(xxiv) the amount distributed on the Class X Certificates;
(xxv) the amount of any Subsequent Recoveries for such Distribution Date;
(xxvi) the Pre-Funded Amount as of the end of the prior Due Period;
(xxvii) the amount of any principal prepayment on the Certificates resulting from the application of unused moneys in the Pre-Funding Account; and
(xxviiixxvi) the number of Mortgage Loans at the end of the applicable reporting period, the pool factor (being the Stated Principal Balance of the Mortgage Loans for the related Distribution Date divided by the Cut-off Date Principal Balance), and the weighted average interest rate, and weighted average remaining term; In addition, each Form 10-D prepared and filed by the Trustee pursuant to Section 8.12 shall include the following information with respect to the related distribution:
(i) material breaches of Mortgage Loan representations and warranties under this Agreement of which the Trustee has actual knowledge or has received written notice; and
(ii) material breaches of any covenants under this Agreement of which the Trustee has actual knowledge or received written notice.
(b) The Trustee's responsibility for providing the above statement to the Certificateholders, each Rating Agency and the Depositor is limited, if applicable, to the availability, timeliness and accuracy of the information derived from the Servicers and the Swap Provider. The Trustee shall make available the above statement via the Trustee's internet website. The Trustee's website will initially be located at https://www.tss.db.com/invr and assistance in using the website can be xxxxxxxx xx xxxxxxx xxx Xxxstee's investor relations desk at 1-800-735-7777. Parties that are unable to use the website are entitled xx xxxx x xxxer copy mailed to them via first class mail by calling the investor relations desk and indicating such. The Trustee may change the way the monthly statements to Certificateholders are distributed in order to make such distribution more convenient and/or more accessible to the above parties and the Trustee shall provide timely and adequate notification to all above parties regarding any such changes. As a condition to access the Trustee's internet website, the Trustee may require registration and the acceptance of a disclaimer. The Trustee will not be liable for the dissemination of information in accordance with this Agreement. The Trustee shall make available to each Analytics Company, either electronically or via the Trustee's internet website, each statement to Certificateholders prepared pursuant to Section 4.03(a). The Trustee (and the applicable Servicer, if such discrepancy results from or arises out of any information provided by the applicable Servicer pursuant to this Agreement) shall cooperate in good faith with the Depositor to reconcile any discrepancies in such statements, and the Trustee shall provide any corrections to such statements to each Analytics Company as soon as reasonably practicable after the related Distribution Date. The Trustee will also be entitled to rely on but shall not be responsible for the content or accuracy of any information provided by third parties for purposes of preparing the monthly statement to Certificateholders and may affix thereto any disclaimer it deems appropriate in its reasonable discretion (without suggesting liability on the part of any other party hereto).
(c) Within a reasonable period of time after the end of each calendar year, the Trustee shall cause to be furnished to each Person who at any time during the calendar year was a Certificateholder, a statement containing the information set forth in clauses (a)(i) and (a)(ii) of this Section 4.03 aggregated for such calendar year or applicable portion thereof during which such Person was a Certificateholder. Such obligation of the Trustee shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Trustee pursuant to any requirements of the Code as from time to time in effect.
(d) Not later than the Determination Date for each Distribution Date, each Servicer shall furnish to the Trustee, a monthly remittance advice statement (the "Servicer Remittance Report") containing the data fields set forth on Exhibit X attached hereto (in each case, in a format mutually agreed upon by such Servicer and the Trustee) with respect to HomEq, containing the data fields set forth on Exhibit Y attached hereto with respect to Wells Fargo (in each case, in a format mutually agreed upon by such Serxxxxx and the Trustee) and containing the data fields set forth on Exhibit Z Y attached hereto with respect Countrywide Servicing (in each case, in a format mutually agreed upon by such Servicer and the Trustee) and such information as shall be reasonably requested (i) by the Depositor to enable the Depositor to disclose "static pool information", as required by Item 1105 of Regulation AB, with respect to the Mortgage Loans, and (ii) by the Trustee to enable the Trustee to provide the reports required by Section 4.03(a) as to the accompanying remittance and applicable Due Period and Prepayment Period to which such remittance relates. The Servicer Remittance Report shall, at a minimum, document, on such Determination Date, Mortgage Loan payment activity on an individual Mortgage Loan basis, as follows:
(i) with respect to each Scheduled Payment, the amount of such remittance allocable to principal (including a separate breakdown of any Principal Prepayment, including the date of such prepayment, and any Prepayment Charges, received during the related Prepayment Period along with a detailed report of interest on principal prepayment amounts remitted in accordance with Section 3.25);
(ii) with respect to each Scheduled Payment, the amount of such remittance allocable to interest;
(iii) the amount of servicing compensation received by such Servicer during the prior distribution period;
(iv) the individual and aggregate Stated Principal Balance of the Mortgage Loans;
(v) the aggregate expenses reimbursed to such Servicer during the prior distribution period pursuant to Section 3.11; and
(vi) the number and aggregate outstanding principal balances of Mortgage Loans (a) delinquent 31 to 60 days, 61 to 90 days and 91 or more days; (b) as to which foreclosure or bankruptcy proceedings of the related mortgagor have commenced; and (c) as to which REO Property has been acquired. Concurrently with each delivery of a Servicer Remittance Report to the Trustee, Wells Fargo, acting as a Servicer, shall provide, in a manner consistenx xxxh the preceding paragraph, a supplemental statement (to the extent not previously provided) setting forth information in subclauses (v) and (vi). The Trustee shall promptly forward the Servicer Remittance Report and the related supplemental statement to the Depositor.
(e) Notwithstanding anything in Section 4.03(d) to the contrary, the Servicers shall be deemed to have satisfied the requirement to timely deliver the Servicer Remittance Report if such report is received by the Trustee on or prior to the 18th calendar day of such month in which the related Determination Date occurs; provided, however, that if such 18th calendar day is a Sunday or a Monday which is not a Business Day, the Servicers shall be deemed to have satisfied the requirement to timely deliver the Servicer Remittance Report if the Trustee and the Depositor receive such report (i) on the next Business Day succeeding such 18th calendar day, or (ii) on the Business Day immediately preceding such 18th calendar day, if such succeeding Business Day is later than the 20th calendar day of such calendar month.
(f) For all purposes of this Agreement, with respect to any Mortgage Loan, delinquencies shall be determined by the Trustee from information provided by the Servicers and reported by the Trustee based on the "OTS" methodology for determining delinquencies on mortgage loans similar to the Mortgage Loans. By way of example, a Mortgage Loan would be delinquent with respect to a Scheduled Payment due on a Due Date if such Scheduled Payment is not made by the close of business on the Mortgage Loan's next succeeding Due Date, and a Mortgage Loan would be more than 30-days Delinquent with respect to such Scheduled Payment if such Scheduled Payment were not made by the close of business on the Mortgage Loan's second succeeding Due Date. Each Servicer Servicer, other than Wells Fargo, hereby represents and warrants to the Depositor that such Servicer Xxxxxcer is not subject to any delinquency recognition policy established by the primary safety and soundness regulator, if any, of such Servicer, that is more restrictive than the foregoing delinquency recognition policy. Wells Fargo hereby represents and warrants to the Depositor that Wells Xxxxx is not subject to any delinquency recognition policy establxxxxx by its safety and soundness regulators.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Morgan Stanley ABS Capital I Inc. Trust 2006-He6)
Monthly Statements to Certificateholders. (a) Not later than each Distribution Date, the Trustee Securities Administrator shall make available to each Certificateholder, the ServicersServicer, the Depositor Depositor, the Trustee and each Rating Agency a statement based on information provided by the Servicer setting forth with respect to the related distribution:
(i) the actual Distribution Date, the related Record Date, the Interest Accrual Period(s) for each Class for such Distribution Date and the LIBOR Determination Date for such Interest Accrual Period;
(ii) the amount of Available Funds;
(iii) the amount of Available Funds allocable to principal, the Principal Remittance Amount (separately identifying the components thereof) and the Principal Distribution Amount (separately identifying and the components calculation thereof);
(iv) the amount of Available Funds allocable to interest and each Interest Remittance Amount;
(v) the amount of any Unpaid Interest Amount for each Class included in such distribution and any remaining Unpaid Interest Amounts after giving effect to such distribution, any Basis Risk CarryForward Carry Forward Amount for each Class and the amount of such Basis Risk CarryForward Carry Forward Amount covered by withdrawals from the Excess Reserve Fund Account on such Distribution Date;
(vi) if the distribution to the Holders of such Class of Certificates is less than the full amount that would be distributable to such Holders if there were sufficient funds available therefor, the amount of the shortfall and the allocation of the shortfall as between principal and interest, including any Basis Risk CarryForward Carry Forward Amount not covered by amounts in the Excess Reserve Fund Account;
(vii) the Class Certificate Balance of each Class of Certificates before and after giving effect to the distribution of principal on such Distribution Date;
(viii) the Pool Stated Principal Balance for the related Distribution Date;
(ix) the amount of the Expense Fees paid to or retained by the Servicers Servicer and paid to or retained by the Trustee Securities Administrator (stated separately and in the aggregate) with respect to such Distribution Date;
(x) the Pass-Through Rate for each such Class of Certificates with respect to such Distribution Date;
(xi) the amount of P&I Advances included in the distribution on such Distribution Date reported by the Servicers Servicer (and the Trustee as successor Servicer servicer and any other successor Servicerservicer, if applicable) as of the close of business on the Determination Date immediately preceding such Distribution Date;
(xii) the number and aggregate outstanding principal balances of Mortgage Loans (1) as to which the Scheduled Payment is delinquent 31 to 60 days, 61 to 90 days and days, 91 or more days, and in such other periods and for such times as required by Regulation AB, (2) that have become REO Property, (3) that are in foreclosure and (4) that are in bankruptcy, in each case as of the close of business on the last Business Day of the immediately preceding month;
(xiii) for each of the preceding 12 calendar months, or all calendar months since the related Cut-off Date, whichever is less, the aggregate dollar amount of the Scheduled Payments (A) due on all outstanding Mortgage Loans on each of the Due Dates in each such month and (B) delinquent 60 days or more on each of the Due Dates in each such month;
(xiv) with respect to any Mortgage Loans that became REO Properties during the preceding calendar month, the aggregate number of such Mortgage Loans and the aggregate Stated Principal Balance outstanding principal balance of such Mortgage Loans as of the close of business on the last Business Day of the immediately preceding monthmonth and the month and year of acquisition of such REO Properties;
(xivxv) the total number and outstanding principal balance of any REO Properties (and market value, if available) as of the close of business on the last Business Day of the immediately preceding month;
(xvxvi) whether a Trigger Event has occurred and is continuing (including the calculation demonstrating the existence of the Trigger Event);
(xvixvii) the amount on deposit in the Excess Reserve Fund Account (after giving effect to distributions on such Distribution Date);
(xviixviii) in the aggregate and for each Class of Certificates, the aggregate amount of Applied Realized Loss Amounts incurred during the preceding calendar month and aggregate Applied Realized Loss Amounts through such Distribution Date;
(xviiixix) the amount of any Net Monthly Excess Cash Flow on such Distribution Date and the allocation of it to the Certificateholders with respect to Unpaid Interest Amounts, Unpaid Applied Realized Loss Amounts or and Basis Risk CarryForward Carry Forward Amounts;
(xixxx) the amount of any Net Swap Payments, Net Swap Receipts, Swap Termination Payments or Defaulted Swap Termination Payments;
(xxxxi) the calculations of LIBOR and Swap LIBOR;
(xxixxii) the Subordinated Amount and Specified Subordinated Amount;
(xxiixxiii) Prepayment Charges collected or paid (pursuant to Section 3.07(a)) by the ServicersServicer;
(xxiiixxiv) the Cumulative Loss Percentage and the aggregate amount of Realized Losses used to calculate the Cumulative Loss Percentage;
(xxivxxv) the amount distributed on the Class X Certificates;
(xxvxxvi) the amount of any Subsequent Recoveries for such Distribution Date;
(xxvi) the Pre-Funded Amount as of the end of the prior Due Period;
; and (xxvii) the amount of any principal prepayment on the Certificates resulting from the application of unused moneys in the Pre-Funding Account; and
(xxviii) the number of Mortgage Loans at the beginning and end of the applicable reporting period, the pool factor (being the Stated Principal Balance of the Mortgage Loans for the related Distribution Date divided by the Cut-off Date Principal Balance)factor, and the weighted average interest rate, and weighted average remaining term; . In addition, each Form 10-D prepared and filed by the Trustee Securities Administrator pursuant to Section 8.12 shall include the following information with respect to the related distribution:
(iA) material breaches of Mortgage Loan representations and warranties under this Agreement of which the Trustee Securities Administrator has actual knowledge or has received written notice; and
(iiB) material breaches of any covenants under this Agreement of which the Trustee Securities Administrator has actual knowledge or has received written notice.
(b) The TrusteeSecurities Administrator's responsibility for providing the above statement to the Certificateholders, each Rating Agency and the Depositor is limited, if applicable, to the availability, timeliness and accuracy of the information derived received from the Servicers and the Swap ProviderServicer. The Trustee Securities Administrator shall make available the above statement via the TrusteeSecurities Administrator's internet website. The TrusteeSecurities Administrator's website will initially be located at https://www.tss.db.com/invr _______________ and assistance in using the website can be xxxxxxxx xx xxxxxxx xxx Xxxsteeobtained by calling the Securities Administrator's investor relations customer service desk at 1-800-735-7777_______________. Parties that are unable to use the website are entitled xx xxxx x xxxer to have a paper copy mailed to them via first class mail by calling the investor relations customer service desk and indicating such. The Trustee Securities Administrator may change the way the monthly statements to Certificateholders are distributed in order to make such distribution more convenient and/or more accessible to the above parties and the Trustee Securities Administrator shall provide timely and adequate notification to all above parties regarding any such changes. As a condition to access the TrusteeSecurities Administrator's internet website, the Trustee Securities Administrator may require registration and the acceptance of a disclaimer. The Trustee Securities Administrator will not be liable for the dissemination of information in accordance with this Agreement. The Trustee Securities Administrator shall make available to each Analytics Company, either electronically or Company via the TrusteeSecurities Administrator's internet website, website each statement to Certificateholders prepared pursuant to this Section 4.03(a). The Trustee (Securities Administrator and the applicable Servicer, if such discrepancy results from or arises out of any information provided by the applicable Servicer pursuant to this Agreement) shall cooperate in good faith with the Depositor to reconcile any discrepancies in such statements, and the Trustee Securities Administrator shall provide any corrections to such statements to each Analytics Company as soon as reasonably practicable after within ten Business Days of the related Distribution Date. The Trustee Securities Administrator will also be entitled to rely on but shall not be responsible for the content or accuracy of any information provided by third parties for purposes of preparing the monthly statement to Certificateholders and may affix thereto any disclaimer it deems appropriate in its reasonable discretion (without suggesting liability on the part of any other party hereto).
(c) Within a reasonable period of time after the end of each calendar year, the Trustee Securities Administrator shall cause to be furnished to each Person who at any time during the calendar year was a Certificateholder, a statement containing the information set forth in clauses (a)(i) and (a)(ii) of this Section 4.03 aggregated for such calendar year or applicable portion thereof during which such Person was a Certificateholder. Such obligation of the Trustee Securities Administrator shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Trustee Securities Administrator pursuant to any requirements of the Code as from time to time in effect.
(d) Not later than three Business Days following the Determination Date for and in no event later than the ___ calendar day of each Distribution Datemonth, each the Servicer shall furnish to the TrusteeDepositor with respect to clause (i) below and the Securities Administrator with respect to clause (ii) below, a monthly remittance advice statement (the "Servicer Remittance Report") containing the data fields set forth on Exhibit X attached hereto (in each case, in a format mutually agreed upon by such Servicer and the Trusteesubstantially similar to that attached as Exhibit V to this Agreement) with respect to HomEq, containing the data fields set forth on Exhibit Y attached hereto with respect to Wells Fargo (in each case, in a format mutually agreed upon by such Serxxxxx and the Trustee) and containing the data fields set forth on Exhibit Z attached hereto with respect Countrywide Servicing (in each case, in a format mutually agreed upon by such Servicer and the Trustee) and such information as shall be reasonably requested (to the extent such information is available to the Servicer), (i) by the Depositor or the Responsible Party to enable the Depositor to disclose "static pool information", as required by Item 1105 of Regulation AB, with respect to the Mortgage Loans, and (ii) by the Trustee Securities Administrator to enable the Trustee Securities Administrator to provide the reports required by Section 4.03(a) as to the accompanying remittance and applicable Due Period and Prepayment Period to which such remittance relatesremittance. The Servicer Remittance Report shallshall concurrently deliver to the Depositor and the Responsible Party a data tape, at in a minimumformat substantially similar to that attached as Exhibit V to this Agreement, document, containing the information required pursuant to this Section 4.03(d) on such Determination Date, Mortgage Loan payment activity on an individual Mortgage Loan basis, as follows:
(i) with respect to each Scheduled Payment, the amount of such remittance allocable to principal (including a separate breakdown of any Principal Prepayment, including the date of such prepayment, and any Prepayment Charges, received during the related Prepayment Period along with a detailed report of interest on principal prepayment amounts remitted in accordance with Section 3.25);
(ii) with respect to each Scheduled Payment, the amount of such remittance allocable to interest;
(iii) the amount of servicing compensation received by such Servicer during the prior distribution period;
(iv) the individual and aggregate Stated Principal Balance loan-by-loan basis for all of the Mortgage Loans;
(v) . Not later than three Business Days following the aggregate expenses reimbursed to such Servicer during Determination Date and in no event later than the prior distribution period pursuant to Section 3.11; and
(vi) the number and aggregate outstanding principal balances of Mortgage Loans (a) delinquent 31 to 60 days, 61 to 90 days and 91 or more days; (b) as to which foreclosure or bankruptcy proceedings of the related mortgagor have commenced; and (c) as to which REO Property has been acquired. Concurrently with each delivery of a Servicer Remittance Report to the Trustee, Wells Fargo, acting as a Servicer, shall provide, in a manner consistenx xxxh the preceding paragraph, a supplemental statement (to the extent not previously provided) setting forth information in subclauses (v) and (vi). The Trustee shall promptly forward the Servicer Remittance Report and the related supplemental statement to the Depositor.
(e) Notwithstanding anything in Section 4.03(d) to the contrary, the Servicers shall be deemed to have satisfied the requirement to timely deliver the Servicer Remittance Report if such report is received by the Trustee on or prior to the 18th ___ calendar day of such month in which the related Determination Date occurs; provided, however, that if such 18th calendar day is a Sunday or a Monday which is not a Business Dayeach month, the Servicers Servicer shall be deemed to have satisfied the requirement to timely deliver the Servicer Remittance Report if the Trustee and the Depositor receive such report (i) on the next Business Day succeeding such 18th calendar day, or (ii) on the Business Day immediately preceding such 18th calendar day, if such succeeding Business Day is later than the 20th calendar day of such calendar month.
(f) For all purposes of this Agreement, with respect to any Mortgage Loan, delinquencies shall be determined by the Trustee from information provided by the Servicers and reported by the Trustee based on the "OTS" methodology for determining delinquencies on mortgage loans similar to the Mortgage Loans. By way of example, a Mortgage Loan would be delinquent with respect to a Scheduled Payment due on a Due Date if such Scheduled Payment is not made by the close of business on the Mortgage Loan's next succeeding Due Date, and a Mortgage Loan would be more than 30-days Delinquent with respect to such Scheduled Payment if such Scheduled Payment were not made by the close of business on the Mortgage Loan's second succeeding Due Date. Each Servicer hereby represents and warrants furnish to the Depositor that such Servicer is not subject to any delinquency recognition policy established by a default report (the primary safety and soundness regulator, if any, of such Servicer, that is more restrictive than the foregoing delinquency recognition policy"Default Report").
Appears in 1 contract
Monthly Statements to Certificateholders. (a) Not later than each Distribution Date, the Trustee shall make available to each Certificateholder, the ServicersServicer, the Depositor and each Rating Agency a statement setting forth with respect to the related distribution:
(i) the actual Distribution Date, the related Record Date, the Interest Accrual Period(s) for each Class for such Distribution Date and the LIBOR Determination Date for such Interest Accrual Period;
(ii) the amount of Available Funds;
(iii) the amount of Available Funds allocable to principal, the Principal Remittance Amount (separately identifying the components thereof) and the Principal Distribution Amount (separately identifying the components thereof);
(iv) the amount of Available Funds allocable to interest and each Interest Remittance Amount;
(v) the amount of any Unpaid Interest Amount for each Class included in such distribution and any remaining Unpaid Interest Amounts after giving effect to such distribution, any Basis Risk CarryForward Amount for each Class and the amount of such Basis Risk CarryForward Amount covered by withdrawals from the Excess Reserve Fund Account on such Distribution Date;
(vi) if the distribution to the Holders of such Class of Certificates is less than the full amount that would be distributable to such Holders if there were sufficient funds available therefor, the amount of the shortfall and the allocation of the shortfall as between principal and interest, including any Basis Risk CarryForward Amount not covered by amounts in the Excess Reserve Fund Account;
(vii) the Class Certificate Balance of each Class of Certificates before and after giving effect to the distribution of principal on such Distribution Date;
(viii) the Pool Stated Principal Balance for the related Distribution Date;
(ix) the amount of the Expense Fees paid to or retained by the Servicers Servicer and the Trustee (stated separately and in the aggregate) with respect to such Distribution Date;
(x) the Pass-Through Rate for each such Class of Certificates with respect to such Distribution Date;
(xi) the amount of P&I Advances included in the distribution on such Distribution Date reported by the Servicers Servicer (and the Trustee as successor Servicer servicer and any other successor Servicerservicer, if applicable) as of the close of business on the Determination Date immediately preceding such Distribution Date;
(xii) the number and aggregate outstanding principal balances of Mortgage Loans (1) as to which the Scheduled Payment is delinquent 31 to 60 days, 61 to 90 days and 91 or more days, (2) that have become REO Property, (3) that are in foreclosure and (4) that are in bankruptcy, in each case as of the close of business on the last Business Day of the immediately preceding month;
(xiii) with respect to any Mortgage Loans that became REO Properties during the preceding calendar month, the aggregate number of such Mortgage Loans and the aggregate Stated Principal Balance of such Mortgage Loans as of the close of business on the last Business Day of the immediately preceding month;
(xiv) the total number and outstanding principal balance of any REO Properties (and market value, if available) as of the close of business on the last Business Day of the immediately preceding month;
(xv) whether a Trigger Event has occurred and is continuing (including separately identifying the components of the calculation demonstrating resulting in the existence of the Trigger EventEvent and the aggregate outstanding balance of all 60+ Day Delinquent Mortgage Loans);
(xvi) the amount on deposit in the Excess Reserve Fund Account (after giving effect to distributions on such Distribution Date);
(xvii) in the aggregate and for each Class of Certificates, the aggregate amount of Applied Realized Loss Amounts incurred during the preceding calendar month and aggregate Applied Realized Loss Amounts through such Distribution Date;
(xviii) the amount of any Net Monthly Excess Cash Flow on such Distribution Date and the allocation of it to the Certificateholders with respect to Unpaid Interest Amounts, Unpaid Realized Loss Amounts or Amounts, and Basis Risk CarryForward Amounts;
(xix) the amount of any Net Swap Payments, Net Swap Receipts, Swap Termination Payments or Defaulted Swap Termination Payments;
(xx) the calculations rates of LIBOR and Swap LIBOR, as calculated by or provided to the Trustee, as applicable;
(xxi) the Subordinated Amount and Specified Subordinated Amount;
(xxii) Prepayment Charges collected or paid (pursuant to Section 3.07(a)) by the ServicersServicer;
(xxiii) the Cumulative Loss Percentage and the aggregate amount of Realized Losses used to calculate the Cumulative Loss Percentage;
(xxiv) the amount distributed on the Class X Certificates;
(xxv) the amount of any Subsequent Recoveries for such Distribution Date;
(xxvi) the Pre-Funded Amount as of the end of the prior Due Period;
(xxvii) the amount of any principal prepayment on the Certificates resulting from the application of unused moneys in the Pre-Funding Account; and
(xxviiixxvi) the number of Mortgage Loans at the beginning and end of the applicable reporting period, the pool factor (being the Stated Principal Balance of the Mortgage Loans for the related Distribution Date divided by the Cut-off Date Principal Balance), and the weighted average interest rate, and weighted average remaining term; . In addition, each Form 10-D prepared and filed by the Trustee pursuant to Section 8.12 shall include the following information with respect to the related distribution:
(i) material breaches of Mortgage Loan representations and warranties under this Agreement of which the Trustee has actual knowledge or has received written notice; and
(ii) material breaches of any covenants under this Agreement of which the Trustee has actual knowledge or has received written notice.
(b) The Trustee's ’s responsibility for providing the above statement to the Certificateholders, each Rating Agency Agency, and the Depositor is limited, if applicable, to the availability, timeliness and accuracy of the information derived from the Servicers Swap Provider, the Servicer and the Swap ProviderResponsible Party. The Trustee shall make available the above statement via the Trustee's ’s internet website. The Trustee's ’s website will initially be located at https://www.tss.db.com/invr hxxxx://xxx.xxx.xx.xxx/xxxx and assistance in using the website can be xxxxxxxx xx xxxxxxx xxx Xxxstee's obtained by calling the Trustee’s investor relations desk at 1-800000-735000-77770000. Parties that are unable to use the website are entitled xx xxxx x xxxer to have a paper copy mailed to them via first class mail by calling the investor relations desk and indicating such. The Trustee may change the way the monthly statements to Certificateholders are distributed in order to make such distribution more convenient and/or more accessible to the above parties and the Trustee shall provide timely and adequate notification to all above parties regarding any such changes. As a condition to access the Trustee's ’s internet website, the Trustee may require registration and the acceptance of a disclaimer. The Trustee will not be liable for the dissemination of information in accordance with this Agreement. The Trustee shall make available to each Analytics Company, either electronically or via the Trustee's ’s internet website, each statement to Certificateholders prepared pursuant to Section 4.03(a4.03(b). The Trustee (and the applicable Servicer, if such discrepancy results from or arises out of any information provided by the applicable Servicer pursuant to this Agreement) shall cooperate in good faith with the Depositor to reconcile any discrepancies in such statements, and the Trustee shall provide any corrections to such statements to each Analytics Company as soon as reasonably practicable after the related Distribution Date. The Trustee will also be entitled to rely on but shall not be responsible for the content or accuracy of any information provided by third parties for purposes of preparing the monthly statement to Certificateholders and may affix thereto any disclaimer it deems appropriate in its reasonable discretion (without suggesting liability on the part of any other party hereto).
(c) Within a reasonable period of time after the end of each calendar year, the Trustee shall cause to be furnished to each Person who at any time during the calendar year was a Certificateholder, a statement containing the information set forth in clauses (a)(i) and (a)(ii) of this Section 4.03 aggregated for such calendar year or applicable portion thereof during which such Person was a Certificateholder. Such obligation of the Trustee shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Trustee pursuant to any requirements of the Code as from time to time in effect.
(d) Not On the 18th day of each month, or if such date is not a Business Day, the next succeeding Business Day (but in no event later than the Determination Date for 20th day of each Distribution Datemonth), each the Servicer shall furnish to the Trustee, a monthly remittance advice statement (the "“Servicer Remittance Report"”) containing the data fields set forth on Exhibit X W attached hereto (in each case, in a format mutually agreed upon by such the Servicer and the Trustee) with respect to HomEq, containing the data fields set forth on Exhibit Y attached hereto with respect to Wells Fargo (in each case, in a format mutually agreed upon by such Serxxxxx and the Trustee) and containing the data fields set forth on Exhibit Z attached hereto with respect Countrywide Servicing (in each case, in a format mutually agreed upon by such Servicer and the Trustee) Trustee and such information as shall be reasonably requested (i) by the Depositor to enable the Depositor to disclose "“static pool information"”, as required by Item 1105 of Regulation AB, with respect to the Mortgage Loans, and (ii) by the Trustee to enable the Trustee to provide the reports required by Section 4.03(a) as to the accompanying remittance and applicable Due Period and Prepayment Period to which such remittance relates. The Servicer Remittance Report shall, at a minimum, document, on such Determination Date, Mortgage Loan payment activity on an individual Mortgage Loan basis, as follows:
(i) with respect to each Scheduled Payment, the amount of such remittance allocable to principal (including a separate breakdown of any Principal Prepayment, including the date of such prepayment, and any Prepayment Charges, received during the related Prepayment Period along with a detailed report of interest on principal prepayment amounts remitted in accordance with Section 3.25);
(ii) with respect to each Scheduled Payment, the amount of such remittance allocable to interest;
(iii) the amount of servicing compensation received by such the Servicer during the prior distribution period;
(iv) the individual and aggregate Stated Principal Balance of the Mortgage Loans;
(v) the aggregate expenses reimbursed to such the Servicer during the prior distribution period pursuant to Section 3.11; and
(vi) the number and aggregate outstanding principal balances of Mortgage Loans (a) delinquent 31 to 60 days, 61 to 90 days and 91 or more days; (b) as to which foreclosure or bankruptcy proceedings of the related mortgagor have commenced; and (c) as to which REO Property has been acquired. Concurrently with each delivery of a Servicer Remittance Report to the Trustee, Wells Fargo, acting as a Servicer, shall provide, in a manner consistenx xxxh the preceding paragraph, a supplemental statement (to the extent not previously provided) setting forth information in subclauses (v) and (vi). The Trustee shall promptly forward the Servicer Remittance Report and the related supplemental statement to the Depositor.
(e) Notwithstanding anything in Section 4.03(d) to the contrary, the Servicers Servicer shall be deemed to have satisfied the requirement to timely deliver the Servicer Remittance Report if such report is received by the Trustee on or prior to the 18th calendar day of such month in which the related Determination Date occurs; provided, however, that if such 18th calendar day is a Sunday or a Monday which is not a Business Day, the Servicers Servicer shall be deemed to have satisfied the requirement to timely deliver the Servicer Remittance Report if the Trustee and the Depositor receive such report (i) on the next Business Day succeeding such 18th calendar day, or (ii) on the Business Day immediately preceding such 18th calendar day, if such succeeding Business Day is later than the 20th calendar day of such calendar month.
(f) For all purposes of this Agreement, with respect to any Mortgage Loan, delinquencies shall be determined by the Trustee from information provided by the Servicers Servicer and reported by the Trustee based on the "OTS" OTS methodology for determining delinquencies on mortgage loans similar to the Mortgage Loans. By way of example, a Mortgage Loan would be delinquent with respect to a Scheduled Payment due on a Due Date if such Scheduled Payment is not made by the close of business on the Mortgage Loan's next succeeding Due Date, and a Mortgage Loan would be more than 30-days Delinquent with respect to such Scheduled Payment if such Scheduled Payment were not made by the close of business on the Mortgage Loan's ’s second succeeding Due Date. Each The Servicer hereby represents and warrants to the Depositor that such Servicer is not subject to any delinquency recognition policy established by the primary safety and soundness regulator, if any, of such the Servicer, that is more restrictive than the foregoing delinquency recognition policy.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Morgan Stanley ABS Capital I Inc. Trust 2006-Nc5)
Monthly Statements to Certificateholders. (a) Not later than each Distribution Date, the Trustee shall prepare and make available to each Certificateholder, the ServicersMaster Servicer, the Depositor Depositor, the NIM Insurer and each Rating Agency on its Internet website a statement setting forth with respect to for the related distributiondistribution of:
(i) the actual Distribution Dateamount of the distribution allocable to principal, separately identifying the related Record Date, the Interest Accrual Period(s) for each Class for such Distribution Date aggregate amount of any Principal Prepayments and the LIBOR Determination Date for such Interest Accrual PeriodLiquidation Proceeds included therein;
(ii) the amount of Available Funds;
(iii) the amount of Available Funds distribution allocable to principalinterest, the Principal Remittance Amount (separately identifying the components thereof) and the Principal Distribution Amount (separately identifying the components thereof);
(iv) the amount of Available Funds allocable to interest and each Interest Remittance Amount;
(v) the amount of any Unpaid Interest Amount for each Class Amounts included in such the distribution and any remaining Unpaid Interest Amounts after giving effect to such the distribution, any Basis Risk CarryForward Net WAC Cap Carry Forward Amount for each Class the Distribution Date, and the amount of such Basis Risk CarryForward Amount all Net WAC Cap Carry Forward Amounts covered by withdrawals from the Excess Reserve Fund Account on such the Distribution Date;
(viiii) if the distribution to the Holders of such any Class of Certificates is less than the full amount that would be distributable to such Holders them if there were sufficient funds available thereforwere available, the amount of the shortfall and the allocation of the shortfall as between principal and interest, including any Basis Risk CarryForward Net WAC Cap Carry Forward Amount not covered by amounts in the Excess Reserve Fund Account;
(viiiv) the Class Certificate Balance of each Class of Certificates before and after giving effect to the distribution of principal on such the Distribution Date;
(v) the Pool Stated Principal Balance;
(vi) the amount of the Master Servicing Fees paid to or retained by the Master Servicer or Subservicer (with respect to the Subservicers, in the aggregate) with respect to the Distribution Date;
(vii) the Pass-Through Rate for each Class of Certificates with respect to the Distribution Date;
(viii) the Pool Stated Principal Balance for amount of Advances included in the distribution on the Distribution Date and the aggregate amount of Advances outstanding as of the close of business on the Distribution Date;
(ix) the amount number and aggregate outstanding balance of the Expense Fees paid Mortgage Loans in each Loan Group as of the end of the preceding calendar month:
(A) delinquent (exclusive of Mortgage Loans in foreclosure) (1) 30 to 59 days, (2) 60 to 89 days and (3) 90 or retained by more days and
(B) in foreclosure and delinquent (1) 30 to 59 days, (2) 60 to 89 days and (3) 90 or more days, as of the Servicers and close of business on the Trustee (stated separately and in last day of the aggregate) with respect to such calendar month preceding the Distribution Date;
(x) the Pass-Through Rate for each of the preceding 12 calendar months, or all calendar months since the Cut-off Date, whichever is less, the aggregate dollar amount of the Scheduled Payments (A) due on all Outstanding Mortgage Loans on the Due Date in such Class of Certificates with respect to month and (B) delinquent sixty (60) days or more (determined in the same manner as for determining Scheduled Payment delinquencies that result in a Mortgage Loan being a 60+ Day Delinquent Loan) on the Due Date in such Distribution Datemonth;
(xi) with respect to any Mortgage Loan that became an REO Property during the amount preceding calendar month, the loan number and Stated Principal Balance of P&I Advances included in the distribution on such Distribution Date reported by the Servicers (and the Trustee as successor Servicer and any other successor Servicer, if applicable) Mortgage Loan as of the close of business on the Determination Date immediately preceding such the Distribution DateDate and the date of acquisition thereof;
(xii) the number and aggregate outstanding principal balances of Mortgage Loans (1) as to which the Scheduled Payment is delinquent 31 to 60 days, 61 to 90 days and 91 or more days, (2) that have become REO Property, (3) that are in foreclosure and (4) that are in bankruptcy, in each case as of the close of business on the last Business Day of the immediately preceding month;
(xiii) with respect to any Mortgage Loans that became REO Properties during the preceding calendar month, the aggregate number of such Mortgage Loans and the aggregate Stated Principal Balance of such Mortgage Loans as of the close of business on the last Business Day of the immediately preceding month;
(xiv) the total number and outstanding principal balance of any REO Properties (and market value, if available) as of the close of business on the last Business Day of Determination Date preceding the immediately preceding monthDistribution Date;
(xvxiii) whether a Trigger Event has occurred and is continuing in effect (including the calculation demonstrating thereof and the existence aggregate outstanding balance of the Trigger Eventall 60+ Day Delinquent Loans);
(xvixiv) the amount on deposit in the Excess Reserve Fund Account (after giving effect to distributions on such the Distribution Date);
(xviixv) in the aggregate and for each Class of Certificates, the aggregate amount of Applied Realized Loss Amounts incurred during the preceding calendar month and the aggregate Applied Unpaid Realized Loss Amounts Amount through such the Distribution Date;
(xvi) the amount due under the Cap Contract and amounts received under the Cap Contract;
(xvii) the amount of any Net Swap Payment to the Supplemental Interest Trust from the Swap Provider and any Swap Termination Payment to the Supplemental Interest Trust from the Swap Provider;
(xviii) the amount of any Net Total Monthly Excess Cash Flow Spread on such the Distribution Date and the allocation of it thereof to the Certificateholders with respect to Unpaid Interest Amounts, Unpaid Realized Loss Amounts or Basis Risk CarryForward and Unpaid Interest Amounts;
(xix) with respect to the amount second Distribution Date, the number and aggregate balance of any Net Swap Payments, Net Swap Receipts, Swap Termination Payments or Defaulted Swap Termination PaymentsDelayed Delivery Mortgage Loans not delivered within the time periods specified in the definition of Delayed Delivery Mortgage Loans;
(xx) the calculations of LIBOR Overcollateralization Amount and Swap LIBORthe Overcollateralization Target Amount;
(xxi) Prepayment Charges collected, waived, and paid by the Subordinated Amount and Specified Subordinated AmountMaster Servicer;
(xxii) Prepayment Charges collected or paid (pursuant to Section 3.07(a)) by the Servicers;
(xxiii) the Cumulative Loss Percentage and the aggregate amount of Realized Losses used to calculate the Cumulative Loss Percentage;
(xxiv) the amount distributed on the Class X Certificates;
(xxv) the amount of any Subsequent Recoveries for such Distribution Date;
(xxvi) the Pre-Funded Amount as of the end of the prior Due Period;
(xxvii) the amount of any principal prepayment on the Certificates resulting from the application of unused moneys deposit in the Pre-Funding AccountAccounts and the Interest Coverage Accounts; and
(xxviiixxiii) for the number of Mortgage Loans at distribution occurring on the Distribution Date immediately following the end of the applicable reporting periodFunding Period, the pool factor balance on deposit in the Group I Pre-Funding Account and/or the Group II Pre-Funding Account that has not been used to purchase Subsequent Mortgage Loans and that is being distributed to the Certificateholders on such Distribution Date. For the purposes of determining delinquency periods in reporting under (being the Stated Principal Balance ix) above, for any monthly statement, a Mortgage Loan's delinquency period shall be determined as of the Due Date falling in the month in which the monthly statement is provided and a Mortgage Loans Loan is first delinquent only after the first Due Date following the Due Date for which any part of a Scheduled Payment has not been paid, and each calendar month shall be treated as having 30 days. Thus, for the related Distribution October monthly statement a Mortgage Loan whose September Due Date divided payment has not been paid by the Cut-off October Due Date Principal Balance)is not delinquent. On the day after the October Due Date, such Mortgage Loan would be one day delinquent. A Mortgage Loan whose September Due Date payment has not been paid by the October Due Date is 30 days past due as of the October Due Date, and would be reported as such in the weighted average interest rateOctober monthly statement. If the statement is not accessible to any of the Certificateholders, and weighted average remaining term; In additionthe Master Servicer, each Form 10-D prepared and filed by the Depositor, the NIM Insurer or any Rating Agency on the Trustee's Internet website, the Trustee pursuant shall forward a hard copy of it to Section 8.12 each Certificateholder, the Master Servicer, the Depositor, the NIM Insurer and each Rating Agency immediately after the Trustee becomes aware that it is not accessible to any of them via its website. The address of the Trustee's Internet website where the statement will be accessible is XXXXX://XXX.XXX.XX.XXX/INVR. Assistance in using the Trustee's Internet website may be obtained by calling the Trustee's customer service desk at (000) 000-0000. The Trustee shall include notify each Certificateholder, the following information with respect Master Servicer, the Depositor, the NIM Insurer and each Rating Agency in writing of any change in the address or means of access to the related distribution:
(i) material breaches of Mortgage Loan representations and warranties under this Agreement of which Internet website where the Trustee has actual knowledge or has received written notice; and
(ii) material breaches of any covenants under this Agreement of which the Trustee has actual knowledge or received written noticestatement is accessible.
(b) The Trustee's responsibility for providing disbursing the above statement information to the Certificateholders, each Rating Agency and the Depositor Certificateholders is limited, if applicable, limited to the availability, timeliness timeliness, and accuracy of the information derived from the Servicers and the Swap ProviderMaster Servicer. The Trustee is not responsible for any inaccuracies in or caused by the data provided by the Master Servicer. By each Determination Date, the Master Servicer shall make available the above statement via the Trustee's internet website. The Trustee's website will initially be located at https://www.tss.db.com/invr and assistance in using the website can be xxxxxxxx xx xxxxxxx xxx Xxxstee's investor relations desk at 1-800-735-7777. Parties that are unable to use the website are entitled xx xxxx x xxxer copy mailed to them via first class mail by calling the investor relations desk and indicating such. The Trustee may change the way the monthly statements to Certificateholders are distributed in order to make such distribution more convenient and/or more accessible provide to the above parties Trustee in electronic form the information needed to determine the distributions to be made pursuant to Section 4.02 and 3.09(b)(ii) and any other information that the Master Servicer and the Trustee shall provide timely and adequate notification to all above parties regarding any such changes. As a condition to access the Trustee's internet website, the Trustee may require registration and the acceptance of a disclaimer. The Trustee will not be liable for the dissemination of information in accordance with this Agreement. The Trustee shall make available to each Analytics Company, either electronically or via the Trustee's internet website, each statement to Certificateholders prepared pursuant to Section 4.03(a). The Trustee (and the applicable Servicer, if such discrepancy results from or arises out of any information provided by the applicable Servicer pursuant to this Agreement) shall cooperate in good faith with the Depositor to reconcile any discrepancies in such statements, and the Trustee shall provide any corrections to such statements to each Analytics Company as soon as reasonably practicable after the related Distribution Date. The Trustee will also be entitled to rely on but shall not be responsible for the content or accuracy of any information provided by third parties for purposes of preparing the monthly statement to Certificateholders and may affix thereto any disclaimer it deems appropriate in its reasonable discretion (without suggesting liability on the part of any other party hereto)mutually agree on.
(c) Within a reasonable period of time after the end of each calendar year, the Trustee shall cause to be furnished to each Person who at any time during the calendar year was a Certificateholder, a statement containing the information set forth in clauses (a)(i) and (a)(ii) of this Section 4.03 aggregated for such the calendar year or the applicable portion thereof during which such the Person was a Certificateholder. Such Within a reasonable period of time after the end of each calendar year, the Trustee shall cause to be furnished to the NIM Insurer, a statement containing the information in clauses (a)(i) and (a)(ii) of this Section 4.03 aggregated for the calendar year. This obligation of the Trustee shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Trustee pursuant to any requirements of the Code as from time to time in effect.
(d) Not later than the Determination Date for each Distribution Date, each Servicer shall furnish to the Trustee, a monthly remittance advice statement (the "Servicer Remittance Report") containing the data fields set forth on Exhibit X attached hereto (in each case, in a format mutually agreed upon by such Servicer and the Trustee) with respect to HomEq, containing the data fields set forth on Exhibit Y attached hereto with respect to Wells Fargo (in each case, in a format mutually agreed upon by such Serxxxxx and the Trustee) and containing the data fields set forth on Exhibit Z attached hereto with respect Countrywide Servicing (in each case, in a format mutually agreed upon by such Servicer and the Trustee) and such information as shall be reasonably requested (i) by the Depositor to enable the Depositor to disclose "static pool information", as required by Item 1105 of Regulation AB, with respect to the Mortgage Loans, and (ii) by the Trustee to enable the Trustee to provide the reports required by Section 4.03(a) as to the accompanying remittance and applicable Due Period and Prepayment Period to which such remittance relates. The Servicer Remittance Report shall, at a minimum, document, on such Determination Date, Mortgage Loan payment activity on an individual Mortgage Loan basis, as follows:
(i) with respect to each Scheduled Payment, the amount of such remittance allocable to principal (including a separate breakdown of any Principal Prepayment, including the date of such prepayment, and any Prepayment Charges, received during the related Prepayment Period along with a detailed report of interest on principal prepayment amounts remitted in accordance with Section 3.25);
(ii) with respect to each Scheduled Payment, the amount of such remittance allocable to interest;
(iii) the amount of servicing compensation received by such Servicer during the prior distribution period;
(iv) the individual and aggregate Stated Principal Balance of the Mortgage Loans;
(v) the aggregate expenses reimbursed to such Servicer during the prior distribution period pursuant to Section 3.11; and
(vi) the number and aggregate outstanding principal balances of Mortgage Loans (a) delinquent 31 to 60 days, 61 to 90 days and 91 or more days; (b) as to which foreclosure or bankruptcy proceedings of the related mortgagor have commenced; and (c) as to which REO Property has been acquired. Concurrently with each delivery of a Servicer Remittance Report to the Trustee, Wells Fargo, acting as a Servicer, shall provide, in a manner consistenx xxxh the preceding paragraph, a supplemental statement (to the extent not previously provided) setting forth information in subclauses (v) and (vi). The Trustee shall promptly forward the Servicer Remittance Report and the related supplemental statement to the Depositor.
(e) Notwithstanding anything in Section 4.03(d) to the contrary, the Servicers shall be deemed to have satisfied the requirement to timely deliver the Servicer Remittance Report if such report is received by the Trustee on or prior to the 18th calendar day of such month in which the related Determination Date occurs; provided, however, that if such 18th calendar day is a Sunday or a Monday which is not a Business Day, the Servicers shall be deemed to have satisfied the requirement to timely deliver the Servicer Remittance Report if the Trustee and the Depositor receive such report (i) on the next Business Day succeeding such 18th calendar day, or (ii) on the Business Day immediately preceding such 18th calendar day, if such succeeding Business Day is later than the 20th calendar day of such calendar month.
(f) For all purposes of this Agreement, with respect to any Mortgage Loan, delinquencies shall be determined by the Trustee from information provided by the Servicers and reported by the Trustee based on the "OTS" methodology for determining delinquencies on mortgage loans similar to the Mortgage Loans. By way of example, a Mortgage Loan would be delinquent with respect to a Scheduled Payment due on a Due Date if such Scheduled Payment is not made by the close of business on the Mortgage Loan's next succeeding Due Date, and a Mortgage Loan would be more than 30-days Delinquent with respect to such Scheduled Payment if such Scheduled Payment were not made by the close of business on the Mortgage Loan's second succeeding Due Date. Each Servicer hereby represents and warrants to the Depositor that such Servicer is not subject to any delinquency recognition policy established by the primary safety and soundness regulator, if any, of such Servicer, that is more restrictive than the foregoing delinquency recognition policy.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Home Equity Mortgage Loan Asset-Backed Trust, Series INABS 2005-C)
Monthly Statements to Certificateholders. (a) Not later than each Distribution Date, the Trustee shall make available to each Certificateholder, the ServicersServicer, the Depositor and each Rating Agency a statement setting forth with respect to the related distribution:
(i) the actual Distribution Date, the related Record Date, the Interest Accrual Period(s) for each Class for such Distribution Date and the LIBOR Determination Date for such Interest Accrual Period;
(ii) the amount of Available Funds;
(iii) the amount of Available Funds allocable to principal, the Principal Remittance Amount (separately identifying the components thereof) and the Principal Distribution Amount (separately identifying the components thereof);
(iv) the amount of Available Funds allocable to interest and each Interest Remittance Amount;
(v) the amount of any Unpaid Interest Amount for each Class included in such distribution and any remaining Unpaid Interest Amounts after giving effect to such distribution, any Basis Risk CarryForward Carry Forward Amount for each Class and the amount of such Basis Risk CarryForward Carry Forward Amount covered by withdrawals from the Excess Reserve Fund Account on such Distribution Date;
(vi) if the distribution to the Holders of such Class of Certificates is less than the full amount that would be distributable to such Holders if there were sufficient funds available therefor, the amount of the shortfall and the allocation of the shortfall as between principal and interest, including any Basis Risk CarryForward Carry Forward Amount not covered by amounts in the Excess Reserve Fund Account;
(vii) the Class Certificate Balance of each Class of Certificates before and after giving effect to the distribution of principal on such Distribution Date;
(viii) the Pool Stated Principal Balance for the related Distribution Date;
(ix) the amount of the Expense Fees paid to or retained by the Servicers Servicer and the Trustee (stated separately and in the aggregate) with respect to such Distribution Date;
(x) the Pass-Through Rate for each such Class of Certificates with respect to such Distribution Date;
(xi) the amount of P&I Advances included in the distribution on such Distribution Date reported by the Servicers Servicer (and the Trustee as successor Servicer servicer and any other successor Servicerservicer, if applicable) as of the close of business on the Determination Date immediately preceding such Distribution Date;
(xii) the number and aggregate outstanding principal balances of Mortgage Loans (1) as to which the Scheduled Payment is delinquent 31 to 60 days, 61 to 90 days days, and 91 or more 90+ days, (2) that have become REO Property, (3) that are in foreclosure and (4) that are in bankruptcy, in each case as of the close of business on the last Business Day day of the immediately related Due Period;
(xiii) for each of the preceding 12 calendar months, or all calendar months since the related Cut-off Date, whichever is less, the aggregate dollar amount of the Scheduled Payments (A) due on all Outstanding Mortgage Loans on each of the Due Dates in each such month and (B) delinquent 60 days or more on each of the Due Dates in each such month;
(xiiixiv) with respect to any Mortgage Loans that became REO Properties during the preceding calendar month, the aggregate number of such Mortgage Loans and the aggregate Stated Principal Balance outstanding principal balance of such Mortgage Loans as of the close of business on the last Business Day day of the immediately preceding monthrelated Due Period;
(xivxv) the total number and outstanding principal balance of any REO Properties (and market value, if available) as of the close of business on the last Business Day of the immediately preceding monthrelated Due Period;
(xvxvi) whether a Trigger Event has occurred and is continuing (including the calculation demonstrating the existence of the Trigger EventEvent and the aggregate outstanding principal balance of all 60+ Day Delinquent Mortgage Loans);
(xvixvii) the amount on deposit in the Excess Reserve Fund Account (after giving effect to distributions on such Distribution Date);
(xviixviii) in the aggregate and for each Class of Certificates, the aggregate amount of Applied Realized Loss Amounts incurred during the preceding calendar month and aggregate Applied Realized Loss Amounts through such Distribution Date;
(xviiixix) the amount of any Net Monthly Excess Cash Flow on such Distribution Date and the allocation of it to the Certificateholders with respect to Unpaid Interest Amounts, Unpaid Applied Realized Loss Amounts or and Basis Risk CarryForward Carry Forward Amounts;
(xixxx) the amount of any Net Swap Payments, Net Swap Receipts, Swap Termination Payments or Defaulted Swap Termination Payments;
(xxxxi) the calculations of LIBOR and Swap LIBORLIBOR rates (and the calculation thereof, if applicable);
(xxixxii) the Subordinated Overcollateralized Amount and Specified Subordinated Overcollateralized Amount;
(xxiixxiii) Prepayment Charges collected or paid (pursuant to Section 3.07(a)) by the ServicersServicer;
(xxiiixxiv) the Cumulative Loss Percentage and the aggregate amount of Realized Losses used to calculate the Cumulative Loss Percentage;
(xxivxxv) the amount distributed on the Class X Certificates;
(xxvxxvi) the amount of any Subsequent Recoveries for such Distribution Date;
(xxvi) the Pre-Funded Amount as of the end of the prior Due Period;
(xxvii) the amount of any principal prepayment on the Certificates resulting from the application of unused moneys in the Pre-Funding Account; and
(xxviiixxvii) the number of Mortgage Loans at the beginning and end of the applicable reporting period, the pool factor (being the Stated Principal Balance of the Mortgage Loans for the related Distribution Date divided by the Cut-off Date Principal Balance), and the weighted average interest rate, and weighted average remaining term; . In addition, each Form 10-D prepared and filed by the Trustee pursuant to Section 8.12 shall include the following information with respect to the related distribution:
(i) material breaches of Mortgage Loan representations and warranties under this Agreement of which the Trustee has actual knowledge or has received written notice; and
(ii) material breaches of any covenants under this Agreement of which the Trustee has actual knowledge or has received written notice.; provided, that, if the Trustee receives written notice of events described in (i) and/or (ii) above from the Servicer, the Servicer shall be responsible for providing information to the Trustee for inclusion in the applicable Form 10-D.
(b) The Trustee's responsibility for providing the above statement to the Certificateholders, each Rating Agency Agency, the Servicer and the Depositor is limited, if applicable, to the availability, timeliness and accuracy of the information derived from the Servicers and the Swap ProviderServicer. The Trustee shall make available the above statement via the Trustee's internet website. The Trustee's website will initially be located at https://www.tss.db.com/invr and assistance in using the website can be cxx xx xxxxxxxx xx xxxxxxx xxx Xxxsteexhe Trustee's investor relations desk at 1-800-735-7777. Parties that are unable to use the website are entitled xx xxxx x xxxer A paper copy mailed to them via first class mail by calling the investor relations desk and indicating such. The Trustee may change the way the monthly statements to Certificateholders are distributed in order to make such distribution more convenient and/or more accessible to of the above parties and the Trustee shall provide timely and adequate notification to all above parties regarding any such changes. As a condition to access the Trustee's internet website, the Trustee may require registration and the acceptance of a disclaimer. The Trustee statement will not also be liable for the dissemination of information in accordance with this Agreementxxxx xxxxxxxxx upon request. The Trustee shall make available to each Analytics Company, either electronically or via the Trustee's internet website, each statement to Certificateholders prepared pursuant to this Section 4.03(a). The Trustee (and the applicable Servicer, if such discrepancy results from or arises out of any information provided by the applicable Servicer pursuant to this Agreement) shall cooperate in good faith with the Depositor to reconcile any discrepancies in such statements, and the Trustee shall provide any corrections to such statements to each Analytics Company as soon as reasonably practicable after the related Distribution Date. The Trustee will also be entitled to rely on but shall not be responsible for the content or accuracy of any information provided by third parties for purposes of preparing the monthly statement to Certificateholders and may affix thereto any disclaimer it deems appropriate in its reasonable discretion (without suggesting liability on the part of any other party hereto).
(c) Within Upon request, within a reasonable period of time after the end of each calendar year, the Trustee shall cause to be furnished to each Person who at any time during the calendar year was a Certificateholder, a statement containing the information set forth in clauses (a)(i) and (a)(ii) of this Section 4.03 aggregated for such calendar year or applicable portion thereof during which such Person was a Certificateholder. Such obligation of the Trustee shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Trustee pursuant to any requirements of the Code as from time to time in effect.
(d) Not later than the Determination Date for each Distribution Date, each the Servicer shall furnish to the TrusteeDepositor with respect to clause (i) below and the Trustee with respect to clause (ii) below, a monthly remittance advice statement (the "Servicer Remittance Report") containing the data fields set forth on Exhibit X attached hereto (in each case, in a format mutually agreed upon by such Servicer the Servicer, the Trustee and the TrusteeDepositor) with respect to HomEq, containing the data fields set forth on Exhibit Y attached hereto with respect to Wells Fargo (in each case, in a format mutually agreed upon by such Serxxxxx and the Trustee) and containing the data fields set forth on Exhibit Z attached hereto with respect Countrywide Servicing (in each case, in a format mutually agreed upon by such Servicer and the Trustee) and such information as shall be reasonably requested (i) by the Depositor to enable the Depositor to disclose "static pool information", as required by Item 1105 of Regulation AB, with respect to the Mortgage Loans, and (ii) by the Trustee to enable the Trustee to provide the reports required by Section 4.03(a) as to the accompanying remittance and applicable Due Period and the period ending on the close of business on the last day of the related Prepayment Period to which such remittance relatesPeriod. The Servicer Remittance Report shallshall concurrently deliver to the Depositor a data tape, at in form and substance reasonably satisfactory to the Depositor, containing the information required pursuant to this Section 4.03(d) on a minimumloan-by-loan basis for all of the Mortgage Loans. The Depositor will use the information required pursuant to this Section 4.03(d) in compliance with applicable law. The Servicer shall furnish to the Trustee an individual loan accounting report, documentas of the last Business Day of each month, on such Determination Date, to document Mortgage Loan payment activity on an individual Mortgage Loan basis. With respect to each month, as followsthe corresponding individual loan accounting report (in electronic format) shall be received by the Trustee no later than the Reporting Date, which report shall, at a minimum, contain the following:
(i) with respect to each Scheduled Payment, the amount of such remittance allocable to principal (including a separate breakdown of any Principal Prepayment, including the date of such prepayment, and any Prepayment ChargesPremiums, received during the related Prepayment Period along with a detailed report of interest on principal prepayment Principal Prepayment amounts remitted in accordance with Section 3.25);
(ii) with respect to each Scheduled Payment, the amount of such remittance allocable to interest;
(iii) the amount of servicing compensation received by such the Servicer during the prior distribution period;
(iv) the individual and aggregate Stated Principal Balance of the Mortgage Loans;
(v) the aggregate of any expenses reimbursed to such the Servicer during the prior distribution period pursuant to Section 3.11; and;
(vi) the number and aggregate outstanding principal balances of Mortgage Loans (a) delinquent 31 to 60 days, 61 to 90 days and 91 or more 90+ days; (b) as to which foreclosure or bankruptcy proceedings of the related mortgagor have commenced; and (c) as to which REO Property has been acquired. Concurrently with ;
(vii) each delivery of a Servicer Remittance Report to the TrusteeMortgage Loan which has been altered, Wells Fargomodified or varied during such month, acting as a Servicer, shall provide, in a manner consistenx xxxh the preceding paragraph, a supplemental statement (to the extent not previously provided) setting forth information in subclauses (v) and (vi). The Trustee shall promptly forward the Servicer Remittance Report and the related supplemental statement reason for such modification (i.e., extension of maturity date, Mortgage Interest Rate);
(viii) with respect to each Liquidated Mortgage Loan, the Depositoramount of any Realized Losses for such Mortgage Loan; and
(ix) any other information reasonably required by the Trustee to enable it to prepare the Monthly Statement referred to in Section 4.03(a).
(e) Notwithstanding anything in Section 4.03(d) to the contrary, the Servicers shall be deemed to have satisfied the requirement to timely deliver the Servicer Remittance Report if such report is received by the Trustee on or prior to the 18th calendar day of such month in which the related Determination Date occurs; provided, however, that if such 18th calendar day is a Sunday or a Monday which is not a Business Day, the Servicers shall be deemed to have satisfied the requirement to timely deliver the Servicer Remittance Report if the Trustee and the Depositor receive such report (i) on the next Business Day succeeding such 18th calendar day, or (ii) on the Business Day immediately preceding such 18th calendar day, if such succeeding Business Day is later than the 20th calendar day of such calendar month.
(f) For all purposes of this Agreement, with respect to any Mortgage Loan, delinquencies shall be determined by the Trustee from information provided by the Servicers and reported by the Trustee based on the so-called "OTS" methodology for determining delinquencies on mortgage loans similar to the Mortgage Loans. By way of example, a Mortgage Loan would be delinquent with respect to a Scheduled Payment due on a Due Date if such Scheduled Payment is not made by the close of business on the Mortgage Loan's next succeeding Due Date, and a Mortgage Loan would be more than 30-days Delinquent with respect to such Scheduled Payment if such Scheduled Payment were not made by the close of business on the Mortgage Loan's second succeeding Due Date. Each The Servicer hereby represents and warrants to that, as of the Depositor that such Closing Date, the Servicer is does not subject to any delinquency recognition policy established by the primary have a safety and soundness regulator, if any, of such Servicer, regulator that is more restrictive than requires the foregoing Servicer to conform any delinquency recognition policy.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (GSAMP Trust 2006-He1)
Monthly Statements to Certificateholders. (a) Not later than each Distribution Date, the Trustee Securities Administrator shall make available to each Certificateholder, the ServicersDepositor, the Depositor Trustee and each Rating Agency a statement based upon the information provided by the Servicers setting forth with respect to the related distribution:
(i) the actual Distribution Dateamount thereof allocable to principal, separately identifying the related Record Dateaggregate amount of any Principal Prepayments, the Interest Accrual Period(s) for each Class for such Distribution Date Insurance Proceeds, Condemnation Proceeds and the LIBOR Determination Date for such Interest Accrual PeriodLiquidation Proceeds included therein;
(ii) the amount of Available Funds;
(iii) the amount of Available Funds thereof allocable to principalinterest, the Principal Remittance Amount (separately identifying the components thereof) and the Principal Distribution Amount (separately identifying the components thereof);
(iv) the amount of Available Funds allocable to interest and each Interest Remittance Amount;
(v) the amount of any Unpaid Interest Amount for each Class included in such distribution and any remaining Unpaid Interest Amounts Amount after giving effect to such distribution, any Basis Risk CarryForward Carry Forward Amount for each Class such Distribution Date and the amount of such all Basis Risk CarryForward Carry Forward Amount covered by withdrawals from the Excess Reserve Fund Account on such Distribution Date;
(viiii) if the distribution to the Holders of such Class of Certificates is less than the full amount that would be distributable to such Holders if there were sufficient funds available therefor, the amount of the shortfall and the allocation of the shortfall thereof as between principal and interest, including any Basis Risk CarryForward Carry Forward Amount not covered by amounts in the Excess Reserve Fund Account;
(viiiv) the Class Certificate Balance of each Class of Certificates before and after giving effect to the distribution of principal on such Distribution Date;
(viiiv) the Pool Stated Principal Balance for the following Distribution Date;
(ixvi) the amount of the Expense Servicing Fees paid to or retained by the Servicers and the Trustee (stated separately and in the aggregate) with respect to such Distribution Date;
(xvii) the amount of any Administrative Fees paid to the Master Servicer or Securities Administrator with respect to such Distribution Date;
(viii) the Pass-Through Rate for each such Class of Certificates with respect to such Distribution Date;
(xiix) the amount of P&I Advances included in the distribution on such Distribution Date and the aggregate amount of Advances reported by the Servicers (and the Trustee as successor Servicer and any other successor Servicer, if applicable) outstanding as of the close of business on the Determination Date immediately preceding such Distribution Date;
(xiix) the number and aggregate outstanding principal balances of Mortgage Loans (1) as to which the Scheduled Monthly Payment is delinquent 31 to 60 days, 61 to 90 days and 91 or more days, (2) that have become REO Property, (3) that are in foreclosure and (4) that are in bankruptcy, in each case as of the close of business on the last Business Day of the immediately preceding month;
(xiiixi) for each of the preceding 12 calendar months, or all calendar months since the related Cut-off Date, whichever is less, the aggregate dollar amount of the Monthly Payments (A) due on all Outstanding Mortgage Loans on each of the Due Dates in each such month and (B) delinquent 60 days or more on each of the Due Dates in each such month;
(xii) with respect to any each Mortgage Loans Loan that became an REO Properties Property during the preceding calendar month, the aggregate loan number of such Mortgage Loans and the aggregate Stated Principal Balance of such Mortgage Loans Loan as of the close of business on the last Business Day of the immediately preceding monthmonth prior to such Distribution Date and the date of acquisition thereof;
(xivxiii) the total number and outstanding principal balance of any REO Properties (and market value, if available) as of the close of business on the last Business Day of the immediately preceding monthmonth prior to such Distribution Date;
(xvxiv) whether a Trigger Event has occurred and is continuing (including the calculation demonstrating of thereof and the existence aggregate outstanding balance of the Trigger Eventall 60+ Day Delinquent Mortgage Loans);
(xvixv) the amount on deposit in the Excess Reserve Fund Account (after giving effect to distributions on such Distribution Date);
(xviixvi) in the aggregate and for each Class of Certificates, the aggregate amount of Applied Realized Loss Amounts incurred during the preceding calendar month and aggregate Applied Realized Loss Amounts through such Distribution Date;
(xviiixvii) the amount of any Net Monthly Excess Cash Flow on such Distribution Date and the allocation of it thereof to the Certificateholders with respect to Unpaid Interest Amounts, Unpaid Realized Loss Amounts or Basis Risk CarryForward Amounts;
(xviii) the Overcollateralized Amount and Specified Overcollateralized Amount;
(xix) the amount of any Net Swap Payments, Net Swap Receipts, Swap Termination Payments or Defaulted Swap Termination Payments;
(xx) the calculations of LIBOR and Swap LIBOR;
(xxi) the Subordinated Amount and Specified Subordinated Amount;
(xxii) Prepayment Charges Premiums collected or paid (pursuant to Section 3.07(a)) by the Servicers;
(xxiii) the Cumulative Loss Percentage and the aggregate amount of Realized Losses used to calculate the Cumulative Loss Percentage;
(xxivxx) the amount distributed on the Class X X, Class P and Class R Certificates;; and
(xxvxxi) the amount of any Subsequent Recoveries for such Distribution Date;
(xxvi) the Pre-Funded Amount as of the end of the prior Due Period;
(xxvii) the amount of any principal prepayment on the Certificates resulting from the application of unused moneys in the Pre-Funding Account; and
(xxviii) the number of Mortgage Loans at the end of the applicable reporting period, the pool factor (being the Stated Principal Balance of the Mortgage Loans for the related Distribution Date divided by the Cut-off Date Principal Balance), and the weighted average interest rate, and weighted average remaining term; In addition, each Form 10-D prepared and filed by the Trustee pursuant to Section 8.12 shall include the following information with respect to the related distribution:
(i) material breaches of Mortgage Loan representations and warranties under this Agreement of which the Trustee has actual knowledge or has received written notice; and
(ii) material breaches of any covenants under this Agreement of which the Trustee has actual knowledge or received written notice.
(b) The TrusteeSecurities Administrator's responsibility for providing the above statement to the Certificateholders, each Rating Agency Agency, the Trustee and the Depositor is limited, if applicable, limited to the availability, timeliness and accuracy of the information derived from the Master Servicer, the Servicers and the Swap ProviderResponsible Parties. The Trustee Securities Administrator shall make available provide the above statement via the TrusteeSecurities Administrator's internet website. The TrusteeSecurities Administrator's website will initially be located at https://www.tss.db.com/invr www.ctslink.com and assistance in using the website can be xxxxxxxx obtainxx xx xxxxxxx xxx Xxxsteexhe Securities Administrator's investor relations desk at 1(301) 815-800-735-7777. Parties that are unable to use the website are entitled xx xxxx x xxxer copy mailed to them via first class mail by calling the investor relations desk and indicating such6600. The Trustee may change the way the monthly statements to Certificateholders are distributed in order to make such distribution more convenient and/or more accessible to the above parties and the Trustee shall provide timely and adequate notification to all above parties regarding any such changes. As a condition to access the Trustee's internet website, the Trustee may require registration and the acceptance of a disclaimer. The Trustee will not be liable for the dissemination of information in accordance with this Agreement. The Trustee shall make available to each Analytics Company, either electronically or via the Trustee's internet website, each statement to Certificateholders prepared pursuant to Section 4.03(a). The Trustee (and the applicable Servicer, if such discrepancy results from or arises out of any information provided by the applicable Servicer pursuant to this Agreement) shall cooperate in good faith with the Depositor to reconcile any discrepancies in such statements, and the Trustee shall provide any corrections to such statements to each Analytics Company as soon as reasonably practicable after the related Distribution Date. The Trustee Securities Administrator will also be entitled to rely on but shall not be responsible for the content or accuracy of any information provided by third parties for purposes of preparing the monthly make a papxx xxxx xx xxx above statement to Certificateholders and may affix thereto any disclaimer it deems appropriate in its reasonable discretion (without suggesting liability on the part of any other party hereto)available upon request.
(c) Within Upon request, within a reasonable period of time after the end of each calendar year, the Trustee Securities Administrator shall cause to be furnished to each Person who at any time during the calendar year was a Certificateholder, a statement containing the information set forth in clauses (a)(i), (a)(ii), (a)(iii) and (a)(iia)(vii) of this Section 4.03 4.02 aggregated for such calendar year or applicable portion thereof during which such Person was a Certificateholder. Such obligation of the Trustee Securities Administrator shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Trustee Securities Administrator pursuant to any requirements of the Code as from time to time in effect.
(d) Not later than the Determination Date for each Distribution Date, each Servicer shall furnish to the Trustee, a monthly remittance advice statement (the "Servicer Remittance Report") containing the data fields set forth on Exhibit X attached hereto (in each case, in a format mutually agreed upon by such Servicer and the Trustee) with respect to HomEq, containing the data fields set forth on Exhibit Y attached hereto with respect to Wells Fargo (in each case, in a format mutually agreed upon by such Serxxxxx and the Trustee) and containing the data fields set forth on Exhibit Z attached hereto with respect Countrywide Servicing (in each case, in a format mutually agreed upon by such Servicer and the Trustee) and such information as . The Securities Administrator shall be reasonably requested (i) by the Depositor entitled to enable the Depositor to disclose "static pool information", as required by Item 1105 of Regulation AB, with respect to the Mortgage Loans, and (ii) by the Trustee to enable the Trustee to provide the reports required by Section 4.03(a) as to the accompanying remittance and applicable Due Period and Prepayment Period to which such remittance relates. The Servicer Remittance Report shall, at a minimum, document, rely on such Determination Date, Mortgage Loan payment activity on an individual Mortgage Loan basis, as follows:
(i) with respect to each Scheduled Payment, the amount of such remittance allocable to principal (including a separate breakdown of any Principal Prepayment, including the date of such prepayment, and any Prepayment Charges, received during the related Prepayment Period along with a detailed report of interest on principal prepayment amounts remitted in accordance with Section 3.25);
(ii) with respect to each Scheduled Payment, the amount of such remittance allocable to interest;
(iii) the amount of servicing compensation received by such Servicer during the prior distribution period;
(iv) the individual and aggregate Stated Principal Balance of the Mortgage Loans;
(v) the aggregate expenses reimbursed to such Servicer during the prior distribution period pursuant to Section 3.11; and
(vi) the number and aggregate outstanding principal balances of Mortgage Loans (a) delinquent 31 to 60 days, 61 to 90 days and 91 or more days; (b) as to which foreclosure or bankruptcy proceedings of the related mortgagor have commenced; and (c) as to which REO Property has been acquired. Concurrently with each delivery of a Servicer Remittance Report to the Trustee, Wells Fargo, acting as a Servicer, shall provide, in a manner consistenx xxxh the preceding paragraph, a supplemental statement (to the extent not previously provided) setting forth information in subclauses (v) and (vi). The Trustee shall promptly forward the Servicer Remittance Report and the related supplemental statement to the Depositor.
(e) Notwithstanding anything in Section 4.03(d) to the contrary, the Servicers shall be deemed to have satisfied the requirement to timely deliver the Servicer Remittance Report if such report is received by the Trustee on or prior to the 18th calendar day of such month in which the related Determination Date occurs; provided, however, that if such 18th calendar day is a Sunday or a Monday which is not a Business Day, the Servicers shall be deemed to have satisfied the requirement to timely deliver the Servicer Remittance Report if the Trustee and the Depositor receive such report (i) on the next Business Day succeeding such 18th calendar day, or (ii) on the Business Day immediately preceding such 18th calendar day, if such succeeding Business Day is later than the 20th calendar day of such calendar month.
(f) For all purposes of this Agreement, with respect to any Mortgage Loan, delinquencies shall be determined by the Trustee from information provided by third parties for purposes of preparing the Servicers and reported by foregoing report, but shall not be responsible for the Trustee based on the "OTS" methodology for determining delinquencies on mortgage loans similar to the Mortgage Loans. By way of example, a Mortgage Loan would be delinquent with respect to a Scheduled Payment due on a Due Date if such Scheduled Payment is not made by the close of business on the Mortgage Loan's next succeeding Due Date, and a Mortgage Loan would be more than 30-days Delinquent with respect to such Scheduled Payment if such Scheduled Payment were not made by the close of business on the Mortgage Loan's second succeeding Due Date. Each Servicer hereby represents and warrants to the Depositor that such Servicer is not subject to any delinquency recognition policy established by the primary safety and soundness regulator, if any, accuracy of such Servicer, that is more restrictive than the foregoing delinquency recognition policyinformation.
Appears in 1 contract
Samples: Master Servicing and Trust Agreement (GSAA Home Equity Trust 2005-7)
Monthly Statements to Certificateholders. (a) Not later than each Distribution Date, the Trustee shall make available to each Certificateholder, the ServicersServicer, the Depositor and each Rating Agency a statement based in part on information provided by the Servicer setting forth with respect to the related distribution:
(i) the actual Distribution Date, the related Record Date, the Interest Accrual Period(s) for each Class for such Distribution Date and the LIBOR Determination Date for such Interest Accrual Period;
(ii) the amount of Available Funds;
(iii) the amount of Available Funds allocable to principal, the Principal Remittance Amount (separately identifying the components thereof) and the Principal Distribution Amount (separately identifying and the components calculation thereof);
(iv) the amount of Available Funds allocable to interest and each Interest Remittance Amount;
(v) the amount of any Unpaid Interest Amount for each Class included in such distribution and any remaining Unpaid Interest Amounts after giving effect to such distribution, any Basis Risk CarryForward Carry Forward Amount for each Class and the amount of such Basis Risk CarryForward Carry Forward Amount covered by withdrawals from the Excess Reserve Fund Account on such Distribution Date;
(vi) if the distribution to the Holders of such Class of Certificates is less than the full amount that would be distributable to such Holders if there were sufficient funds available therefor, the amount of the shortfall and the allocation of the shortfall as between principal and interest, including any Basis Risk CarryForward Carry Forward Amount not covered by amounts in the Excess Reserve Fund Account;
(vii) the Class Certificate Balance of each Class of Certificates before and after giving effect to the distribution of principal on such Distribution Date;
(viii) the Pool Stated Principal Balance for the related Distribution Date;
(ix) the amount of the Expense Fees paid to or retained by the Servicers Servicer and paid to or retained by the Trustee (stated separately and in the aggregate) with respect to such Distribution Date;
(x) the Pass-Through Rate for each such Class of Certificates with respect to such Distribution Date;
(xi) the amount of P&I Advances included in the distribution on such Distribution Date reported by the Servicers Servicer (and the Trustee as successor Servicer servicer and any other successor Servicerservicer, if applicable) as of the close of business on the Determination Date immediately preceding such Distribution Date;
(xii) the number and aggregate outstanding principal balances of Mortgage Loans (1) as to which the Scheduled Payment is delinquent 31 to 60 days, 61 to 90 days and days, 91 or more days, and in such other periods and for such times as required by Regulation AB, (2) that have become REO Property, (3) that are in foreclosure and (4) that are in bankruptcy, in each case as of the close of business on the last Business Day of the immediately preceding month;
(xiii) for each of the preceding 12 calendar months, or all calendar months since the related Cut-off Date, whichever is less, the aggregate dollar amount of the Scheduled Payments (A) due on all outstanding Mortgage Loans on each of the Due Dates in each such month and (B) delinquent 60 days or more on each of the Due Dates in each such month;
(xiv) with respect to any Mortgage Loans that became REO Properties during the preceding calendar month, the aggregate number of such Mortgage Loans and the aggregate Stated Principal Balance outstanding principal balance of such Mortgage Loans as of the close of business on the last Business Day of the immediately preceding monthmonth and the month and year of acquisition of such REO Properties;
(xivxv) the total number and outstanding principal balance of any REO Properties (and market value, if available) as of the close of business on the last Business Day of the immediately preceding month;
(xvxvi) whether a Trigger Event has occurred and is continuing (including the calculation demonstrating the existence of the Trigger Event);
(xvixvii) the amount on deposit in the Excess Reserve Fund Account (after giving effect to distributions on such Distribution Date);
(xviixviii) in the aggregate and for each Class of Certificates, the aggregate amount of Applied Realized Loss Amounts incurred during the preceding calendar month and aggregate Applied Realized Loss Amounts through such Distribution Date;
(xviiixix) the amount of any Net Monthly Excess Cash Flow on such Distribution Date and the allocation of it to the Certificateholders with respect to Unpaid Interest Amounts, Unpaid Applied Realized Loss Amounts or and Basis Risk CarryForward Carry Forward Amounts;
(xixxx) the amount of any Net Swap Payments, Net Swap Receipts, Swap Termination Payments or and Defaulted Swap Termination Payments;
(xxxxi) the calculations of LIBOR and Swap LIBOR;
(xxixxii) the Subordinated Amount and Specified Subordinated Amount;
(xxiixxiii) Prepayment Charges collected or paid (pursuant to Section 3.07(a)) by the ServicersServicer;
(xxiiixxiv) the Cumulative Loss Percentage and the aggregate amount of Realized Losses used to calculate the Cumulative Loss Percentage;
(xxivxxv) the amount distributed on the Class X Certificates;
(xxvxxvi) the amount of any Subsequent Recoveries for such Distribution Date;
(xxvi) the Pre-Funded Amount as of the end of the prior Due Period;
(xxvii) the amount of any principal prepayment on the Certificates resulting from the application of unused moneys in the Pre-Funding Account; and
(xxviii) the number of Mortgage Loans at the beginning and end of the applicable reporting period, the pool factor (being the Stated Principal Balance of the Mortgage Loans for the related Distribution Date divided by the Cut-off Date Principal Balance)factor, and the weighted average interest rate, and weighted average remaining term;
(xxviii) if applicable, the amount distributed to the Supplemental Float Account; and
(xxix) if applicable, the amount distributed to the Class R-I Certificates. In addition, each Form 10-D prepared and filed by the Trustee pursuant to Section 8.12 shall include the following information with respect to the related distribution:
(iA) material breaches of Mortgage Loan representations and warranties under this Agreement of which the Trustee has actual knowledge or has received written notice; and
(iiB) material breaches of any covenants under this Agreement of which the Trustee has actual knowledge or has received written notice.
(b) The Trustee's responsibility for providing the above statement to the Certificateholders, each Rating Agency and the Depositor is limited, if applicable, to the availability, timeliness and accuracy of the information derived from the Servicers and the Swap ProviderServicer. The Trustee shall make available the above statement via the Trustee's internet website. The Trustee's website will initially be located at https://www.tss.db.com/invr and assistance in using the website can be xxxxxxxx oxxxxxxx xx xxxxxxx xxx XxxsteeXxxxtee's investor relations desk at 1-800-735-7777. A paper copy of the above statement will also be made avxxxxxxx xxxx xequest. Parties that are unable to use the website are entitled xx xxxx x xxxer to have a paper copy mailed to them via first class mail by calling the investor relations customer service desk and indicating such. The Trustee may change the way the monthly statements to Certificateholders are distributed in order to make such distribution more convenient and/or more accessible to the above parties and the Trustee shall provide timely and adequate notification to all above parties regarding any such changes. As a condition to access the Trustee's internet website, the Trustee may require registration and the acceptance of a disclaimer. The Trustee will not be liable for the dissemination of information in accordance with this Agreement. The Trustee shall make available to each Analytics Company, either electronically or Company via the Trustee's internet website, website each statement to Certificateholders prepared pursuant to this Section 4.03(a). The Trustee (and the applicable Servicer, if such discrepancy results from or arises out of any information provided by the applicable Servicer pursuant to this Agreement) shall cooperate in good faith with the Depositor to reconcile any discrepancies in such statements, and the Trustee shall provide any corrections to such statements to each Analytics Company as soon as reasonably practicable after the related Distribution Date. The Trustee will also be entitled to rely on but shall not be responsible for the content or accuracy of any information provided by third parties for purposes of preparing the monthly statement to Certificateholders and may affix thereto any disclaimer it deems appropriate in its reasonable discretion (without suggesting liability on the part of any other party hereto).
(c) Within a reasonable period of time after the end of each calendar year, the Trustee shall cause to be furnished to each Person who at any time during the calendar year was a Certificateholder, a statement containing the information set forth in clauses (a)(i) and (a)(ii) of this Section 4.03 aggregated for such calendar year or applicable portion thereof during which such Person was a Certificateholder. Such obligation of the Trustee shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Trustee pursuant to any requirements of the Code as from time to time in effect.
(d) Not later than three Business Days following the Determination Date for and in no event later than the 20th calendar day of each Distribution Datemonth, each the Servicer shall furnish to the TrusteeDepositor with respect to clause (i) below and the Trustee with respect to clause (ii) below, a monthly remittance advice statement (the "Servicer Remittance Report") containing the data fields set forth on Exhibit X attached hereto (in each case, in a format mutually agreed upon by such Servicer the Servicer, the Trustee and the TrusteeDepositor) with respect to HomEq, containing the data fields set forth on Exhibit Y attached hereto with respect to Wells Fargo (in each case, in a format mutually agreed upon by such Serxxxxx and the Trustee) and containing the data fields set forth on Exhibit Z attached hereto with respect Countrywide Servicing (in each case, in a format mutually agreed upon by such Servicer and the Trustee) and such information as shall be reasonably requested (i) by the Depositor to enable the Depositor to disclose "static pool information", as required by Item 1105 of Regulation AB, with respect to the Mortgage Loans, and (ii) by the Trustee to enable the Trustee to provide the reports required by Section 4.03(a) as to the accompanying remittance remittance. The Servicer shall concurrently deliver to the Depositor a data tape, in form and applicable Due Period substance reasonably satisfactory to the Depositor and Prepayment Period the Servicer, containing the information required pursuant to which such remittance relatesthis Section 4.03(d) on a loan-by-loan basis for all of the Mortgage Loans. The Servicer Remittance Report shall, at a minimum, document, on such Determination Date, Mortgage Loan payment activity on an individual Mortgage Loan basis, as follows:
(i) with respect to each Scheduled Payment, the amount of such remittance allocable to principal (including a separate breakdown of any Principal Prepayment, including the date of such prepayment, and any Prepayment Charges, received during the related Prepayment Period along with a detailed report of interest on principal prepayment amounts remitted in accordance with Section 3.25);
(ii) with respect to each Scheduled Payment, the amount of such remittance allocable to interest;
(iii) the amount of servicing compensation Servicing Fees received by such the Servicer during the prior distribution period;
(iv) the individual and aggregate Stated Principal Balance of the Mortgage Loans;
(v) the aggregate expenses reimbursed to such the Servicer during the prior distribution period pursuant to Section 3.11; and;
(vi) the number and aggregate outstanding principal balances of Mortgage Loans (a) delinquent 31 to 60 days, 61 to 90 days and days, 91 or more days, and in such other periods and for such times as required by Regulation AB; (b) as to which foreclosure or bankruptcy proceedings of the related mortgagor have commenced; and (c) as to which REO Property has been acquired. Concurrently with each delivery ;
(vii) the amount of a Servicer Remittance Report to the Trustee, Wells Fargo, acting as a Servicer, shall provide, in a manner consistenx xxxh the preceding paragraph, a supplemental statement (to the extent not previously provided) setting forth information in subclauses (v) and (vi). The Trustee shall promptly forward any interest expense incurred by the Servicer Remittance Report in connection with funding P&I Advances pursuant to Section 4.01; and
(viii) the balance of the Supplemental Float Reserve Account and the related supplemental statement amount necessary to the Depositorfund such account an amount equal to $6,000.
(e) Notwithstanding anything in Section 4.03(d) to the contrary, the Servicers shall be deemed to have satisfied the requirement to timely deliver the Servicer Remittance Report if such report is received by the Trustee on or prior to the 18th calendar day of such month in which the related Determination Date occurs; provided, however, that if such 18th calendar day is a Sunday or a Monday which is not a Business Day, the Servicers shall be deemed to have satisfied the requirement to timely deliver the Servicer Remittance Report if the Trustee and the Depositor receive such report (i) on the next Business Day succeeding such 18th calendar day, or (ii) on the Business Day immediately preceding such 18th calendar day, if such succeeding Business Day is later than the 20th calendar day of such calendar month.
(f) For all purposes of this Agreement, with respect to any Mortgage Loan, delinquencies shall be determined by the Trustee from information provided by the Servicers and reported by the Trustee based on the so-called "OTS" methodology for determining delinquencies on mortgage loans similar to the Mortgage Loans. By way of example, a Mortgage Loan would be delinquent with respect to a Scheduled Payment due on a Due Date if such Scheduled Payment is not made by the close of business on the Mortgage Loan's next succeeding Due Date, and a Mortgage Loan would be more than 30-days Delinquent with respect to such Scheduled Payment if such Scheduled Payment were not made by the close of business on the Mortgage Loan's second succeeding Due Date. Each The Servicer hereby represents and warrants to the Depositor that such Servicer this delinquency recognition policy is not subject to less restrictive than any delinquency recognition policy established by the primary safety and soundness regulator, if any, of such Servicer, that is more restrictive than the foregoing delinquency recognition policyServicer with respect to mortgage loans similar to the Mortgage Loans.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Securitized Asset Backed Receivables LLC Trust 2007-Br5)
Monthly Statements to Certificateholders. (a) Not later than each Distribution Date, the Trustee shall make available to each Certificateholder, the Servicerseach Servicer, the Depositor and Depositor, each Responsible Party, each Rating Agency and the Class A-1 Certificate Insurer a statement based solely upon the information provided to the Trustee from the Servicers setting forth with respect to the related distribution:
(i) the actual Distribution Dateamount thereof allocable to principal, separately identifying the related Record Date, the Interest Accrual Period(s) for each Class for such Distribution Date aggregate amount of any Principal Prepayments and the LIBOR Determination Date for such Interest Accrual PeriodLiquidation Proceeds included therein;
(ii) the amount of Available Funds;
(iii) the amount of Available Funds thereof allocable to principalinterest, the Principal Remittance Amount (separately identifying the components thereof) and the Principal Distribution Amount (separately identifying the components thereof);
(iv) the amount of Available Funds allocable to interest and each Interest Remittance Amount;
(v) the amount of any Unpaid Interest Amount for each Class Amounts included in such distribution and any remaining Unpaid Interest Amounts after giving effect to such distribution, any Basis Risk CarryForward Carry Forward Amount for each Class such Distribution Date and the amount of such all Basis Risk CarryForward Carry Forward Amount covered by withdrawals from the Excess Reserve Fund Account on such Distribution Date;
(viiii) if the distribution to the Holders of such Class of Certificates is less than the full amount that would be distributable to such Holders if there were sufficient funds available therefor, the amount of the shortfall and the allocation of the shortfall thereof as between principal and interest, including any Basis Risk CarryForward Carry Forward Amount not covered by amounts in the Excess Reserve Fund Account;
(viiiv) the Class Certificate Balance of each Class of Principal Certificates before and after giving effect to the distribution of principal on such Distribution Date;
(viiiv) the Pool Stated Scheduled Principal Balance for the following Distribution Date;
(ixvi) the amount of the Expense Servicing Fees paid to or retained by the Servicers and the Trustee (stated separately and in the aggregate) applicable Servicer with respect to such Distribution Date;
(xvii) the Pass-Through Rate for each such Class of Principal Certificates with respect to such Distribution Date;
(xiviii) the amount of P&I Advances included in the distribution on such Distribution Date and the aggregate amount of Advances reported by the Servicers (and applicable Servicer or the Trustee as successor Servicer and any other successor Servicer, if applicable) outstanding as of the close of business on the Determination Date last Business Day of the immediately preceding month prior to such Distribution Date;
(xiiix) the number and aggregate outstanding principal balances of Mortgage Loans (1) as to which the Scheduled Monthly Payment is delinquent 31 to 60 days, 61 to 90 days and 91 or more days, (2) that have become REO Property, (3) that are in foreclosure and (4) that are in bankruptcy, in each case as of the close of business on the last Business Day of the immediately preceding month;
(xiiix) for each of the preceding 12 calendar months, or all calendar months since the related Cut-off Date, whichever is less, the aggregate dollar amount of the Monthly Payments (A) due on all Outstanding Mortgage Loans on each of the Due Dates in each such month and (B) delinquent 60 days or more on each of the Due Dates in each such month;
(xi) with respect to any Mortgage Loans Loan that became an REO Properties Property during the preceding calendar month, the aggregate loan number of such Mortgage Loans and the aggregate Stated Scheduled Principal Balance of such Mortgage Loans Loan as of the close of business on the last Business Day of the immediately preceding monthmonth prior to such Distribution Date and the date of acquisition thereof;
(xivxii) the total number and outstanding principal balance of any REO Properties (and market value, if available) as of the close of business on the last Business Day of the immediately preceding monthmonth prior to such Distribution Date;
(xvxiii) whether a Trigger Event has occurred and is continuing (including the calculation demonstrating of thereof and the existence aggregate outstanding balance of the Trigger Eventall 60+ Day Delinquent Mortgage Loans);
(xvixiv) the amount on deposit in the Excess Reserve Fund Account (after giving effect to distributions on such Distribution Date);
(xviixv) in the aggregate and for each Class of Certificates, the aggregate amount of Applied Realized Loss Amounts incurred during the preceding calendar month and aggregate Applied Realized Loss Amounts through such Distribution Date;
(xviiixvi) the amount of any Net Monthly Excess Cash Flow on such Distribution Date and the allocation of it thereof to the Certificateholders with respect to Unpaid Interest Amounts, Unpaid Applied Realized Loss Amounts or Basis Risk CarryForward and Unpaid Interest Amounts;
(xixxvii) the amount of any Net Swap Payments, Net Swap Receipts, Swap Termination Payments or Defaulted Swap Termination Payments;
(xx) the calculations of LIBOR and Swap LIBOR;
(xxi) the Subordinated Overcollateralized Amount and Specified Subordinated Overcollateralized Amount;
(xxii) Prepayment Charges collected or paid (pursuant to Section 3.07(a)) by the Servicers;
(xxiii) the Cumulative Loss Percentage and the aggregate amount of Realized Losses used to calculate the Cumulative Loss Percentage;
(xxiv) the amount distributed on the Class X Certificates;
(xxv) the amount of any Subsequent Recoveries for such Distribution Date;
(xxvi) the Pre-Funded Amount as of the end of the prior Due Period;
(xxvii) the amount of any principal prepayment on the Certificates resulting from the application of unused moneys in the Pre-Funding Account; and
(xxviiixviii) the number of Mortgage Loans at the end of the applicable reporting period, the pool factor (being the Stated Principal Balance of the Mortgage Loans for the related Distribution Date divided by the Cut-off Date Principal Balance), and the weighted average interest rate, and weighted average remaining term; In addition, each Form 10-D prepared and filed by the Trustee pursuant to Section 8.12 shall include the following information with respect to the related distribution:
(i) material breaches of Mortgage Loan representations and warranties under this Agreement of which the Trustee whether a Wells Fargo Servicing Trigger has actual knowledge or has received written notice; and
(ii) material breaches of any covenants under this Agreement of which the Trustee has actual knowledge or received written noticeocxxxxxd.
(b) The Trustee's responsibility for providing the above statement to the Certificateholders, each Rating Agency Agency, each Servicer, the Responsible Party, the Class A-1 Certificate Insurer and the Depositor is limited, if applicable, limited to the availability, timeliness and accuracy of the information derived from the Servicers and the Swap ProviderServicers. The Trustee shall make available will provide the above statement via the Trustee's internet website. The Trustee's website will initially be located at https://www.tss.db.com/invr http:\\www.jpmorgan.com/sfr and assistance in using the website xx xxxxx xxx xxxxxxx can be xxxxxxxx xx xxxxxxx xxx Xxxsteeobtained by calling the Trustee's investor relations desk at 1(877) 722-800-735-77771095. Parties that are unable to use A paper copy of the website are entitled xx xxxx x xxxer copy mailed to them via first class mail by calling the investor relations desk and indicating such. The Trustee may change the way the monthly statements to Certificateholders are distributed in order to make such distribution more convenient and/or more accessible to the above parties and the Trustee shall provide timely and adequate notification to all above parties regarding any such changes. As a condition to access the Trustee's internet website, the Trustee may require registration and the acceptance of a disclaimer. The Trustee will not be liable for the dissemination of information in accordance with this Agreement. The Trustee shall make available to each Analytics Company, either electronically or via the Trustee's internet website, each statement to Certificateholders prepared pursuant to Section 4.03(a). The Trustee (and the applicable Servicer, if such discrepancy results from or arises out of any information provided by the applicable Servicer pursuant to this Agreement) shall cooperate in good faith with the Depositor to reconcile any discrepancies in such statements, and the Trustee shall provide any corrections to such statements to each Analytics Company as soon as reasonably practicable after the related Distribution Date. The Trustee xxxxx xxxxxxxxt will also be entitled to rely on but shall not be responsible for the content or accuracy of any information provided by third parties for purposes of preparing the monthly statement to Certificateholders and may affix thereto any disclaimer it deems appropriate in its reasonable discretion (without suggesting liability on the part of any other party hereto)made available upon request.
(c) Within a reasonable period of time after the end of each calendar year, the Trustee shall cause to be furnished to each Person who at any time during the calendar year was a Certificateholder, a statement containing the information set forth in clauses (a)(i), (a)(ii) and (a)(iia)(vii) of this Section 4.03 4.02 aggregated for such calendar year or applicable portion thereof during which such Person was a Certificateholder. Such obligation of the Trustee shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Trustee pursuant to any requirements of the Code as from time to time in effect.
(d) Not later than Pursuant to Section 11.16 of the Determination Date for Bank of America Sale and Servicing Agreement and Section 5.02 of each Distribution DateWells Fargo Sale and Servicing Agreexxxx, each Servicer shall furnish has agreed to provide monthly information reports to the Trustee. On the Closing Date, the Trustee shall request each Servicer to deliver, on a monthly basis, no later than each Remittance Advice Date a monthly remittance advice statement containing the information required by the Trustee to calculate and provide the reports required by Section 4.02(a) as to the accompanying remittance and the period ending on the close of business on the last Business Day of the immediately preceding month (or the last day of the Due Period, as applicable) (the "Servicer Remittance Report") containing ). On a on-going basis, the data fields set forth on Exhibit X attached hereto (Trustee may reasonably request each Servicer to provide additional information to be included in subsequent Servicer Remittance Reports. On the Closing Date, the Trustee shall request each case, in a format mutually agreed upon by such Servicer and the Trustee) with respect to HomEq, containing the data fields set forth on Exhibit Y attached hereto with respect to Wells Fargo (in each case, in a format mutually agreed upon by such Serxxxxx and the Trustee) and containing the data fields set forth on Exhibit Z attached hereto with respect Countrywide Servicing (in each case, in a format mutually agreed upon by such Servicer and the Trustee) and such information as shall be reasonably requested (i) by the Depositor to enable the Depositor to disclose "static pool information"furnish an individual loan accounting report, as required by Item 1105 of Regulation AB, with respect to the Mortgage Loans, and (ii) by last day of the Trustee to enable the Trustee to provide the reports required by Section 4.03(a) as to the accompanying remittance and applicable Due Period and Prepayment Period of each month, to which such remittance relates. The Servicer Remittance Report shall, at a minimum, document, on such Determination Date, document Mortgage Loan payment activity on an individual Mortgage Loan basis. With respect to each month, as followsthe Trustee shall request each Servicer to furnish the corresponding individual loan accounting report (in electronic format) to be received by the Trustee no later than the Remittance Advice Date, which report shall contain the following:
(i) with respect to each Scheduled Monthly Payment, the amount of such remittance allocable to principal (including a separate breakdown of any Principal Prepayment, including the date of such prepayment, and any Prepayment Charges, received during the related Prepayment Period along with a detailed report of interest on principal prepayment amounts remitted in accordance with Section 3.25the applicable Sale and Servicing Agreement);
(ii) with respect to each Scheduled Monthly Payment, the amount of such remittance allocable to interest;
(iii) the amount of servicing compensation received by such the applicable Servicer during the prior distribution period;
(iv) the individual and aggregate Stated Scheduled Principal Balance of the Mortgage Loans;
(v) the aggregate of any expenses reimbursed to such the Servicer during the prior distribution period pursuant to Section 3.11the applicable Sale and Servicing Agreement; and
(vi) the number and aggregate outstanding principal balances of Mortgage Loans (a) delinquent (1) 31 to 60 days, (2) 61 to 90 days, or (3) 91 days and 91 or more daysmore; (b) as to which foreclosure or bankruptcy proceedings of the related mortgagor have has commenced; and (c) as to which REO Property has been acquired. Concurrently with each delivery of a Servicer Remittance Report to the Trustee, Wells Fargo, acting as a Servicer, shall provide, in a manner consistenx xxxh the preceding paragraph, a supplemental statement (to the extent not previously provided) setting forth information in subclauses (v) and (vi). The Trustee shall promptly forward the Servicer Remittance Report and the related supplemental statement to the Depositor.
(e) Notwithstanding anything in Section 4.03(d) to the contrary, the Servicers shall be deemed to have satisfied the requirement to timely deliver the Servicer Remittance Report if such report is received by the Trustee on or prior to the 18th calendar day of such month in which the related Determination Date occurs; provided, however, that if such 18th calendar day is a Sunday or a Monday which is not a Business Day, the Servicers shall be deemed to have satisfied the requirement to timely deliver the Servicer Remittance Report if the Trustee and the Depositor receive such report (i) on the next Business Day succeeding such 18th calendar day, or (ii) on the Business Day immediately preceding such 18th calendar day, if such succeeding Business Day is later than the 20th calendar day of such calendar month.
(f) For all purposes of this Agreement, with respect to any Mortgage Loan, delinquencies shall be determined by the Trustee from information provided by the Servicers and reported by the Trustee based on the "OTS" methodology for determining delinquencies on mortgage loans similar to the Mortgage Loans. By way of example, a Mortgage Loan would be delinquent with respect to a Scheduled Payment due on a Due Date if such Scheduled Payment is not made by the close of business on the Mortgage Loan's next succeeding Due Date, and a Mortgage Loan would be more than 30-days Delinquent with respect to such Scheduled Payment if such Scheduled Payment were not made by the close of business on the Mortgage Loan's second succeeding Due Date. Each Servicer hereby represents and warrants to the Depositor that such Servicer is not subject to any delinquency recognition policy established by the primary safety and soundness regulator, if any, of such Servicer, that is more restrictive than the foregoing delinquency recognition policy.
Appears in 1 contract
Samples: Trust Agreement (Gs Mortgage Sec Corp Mort Pass THR Certs Ser 2003-Sea2)
Monthly Statements to Certificateholders. (a) Not later than each Distribution Date, the Trustee shall make available to each Certificateholder, the ServicersServicer, the Depositor Depositor, the Responsible Party and each Rating Agency a statement setting forth with respect to the related distribution:
(i) the actual Distribution Dateamount thereof allocable to principal, separately identifying the related Record Dateaggregate amount of any Principal Prepayments, the Interest Accrual Period(s) for each Class for such Distribution Date Insurance Proceeds, Condemnation Proceeds and the LIBOR Determination Date for such Interest Accrual PeriodLiquidation Proceeds included therein;
(ii) the amount of Available Funds;
(iii) the amount of Available Funds thereof allocable to principalinterest, the Principal Remittance Amount (separately identifying the components thereof) and the Principal Distribution Amount (separately identifying the components thereof);
(iv) the amount of Available Funds allocable to interest and each Interest Remittance Amount;
(v) the amount of any Unpaid Interest Amount for each Class Amounts included in such distribution and any remaining Unpaid Interest Amounts after giving effect to such distribution, any Basis Risk CarryForward Carry Forward Amount for each Class such Distribution Date and the amount of such all Basis Risk CarryForward Carry Forward Amount covered by withdrawals from the Excess Reserve Fund Account on such Distribution Date;
(viiii) if the distribution to the Holders of such Class of Certificates is less than the full amount that would be distributable to such Holders if there were sufficient funds available therefor, the amount of the shortfall and the allocation of the shortfall thereof as between principal and interest, including any Basis Risk CarryForward Carry Forward Amount not covered by amounts in the Excess Reserve Fund Account;
(viiiv) the Class Certificate Balance of each Class of Principal Certificates before and after giving effect to the distribution of principal on such Distribution Date;
(viiiv) the Pool Stated Principal Balance for the following Distribution Date;
(ixvi) the amount of the Expense Fees (in the aggregate and separately stated) paid to or retained by the Servicers Servicer, the Trustee and the Trustee (stated separately and in the aggregate) Transaction Oversight Manager with respect to such Distribution Date;
(xvii) the Pass-Through Rate for each such Class of LIBOR Certificates with respect to such Distribution Date;
(xiviii) the amount of P&I Advances included in the distribution on such Distribution Date and the aggregate amount of Advances reported by the Servicers (and the Trustee servicer as successor Servicer and any other successor Servicer, if applicable) outstanding as of the close of business on the Determination Date last Business Day of the immediately preceding month prior to such Distribution Date;
(xiiix) the number and aggregate outstanding principal balances of Mortgage Loans (1) as to which the Scheduled Monthly Payment is delinquent 31 to 60 days, 61 to 90 days and 91 or more days, (2) that have become REO Property, (3) that are in foreclosure and (4) that are in bankruptcy, in each case as of the close of business on the last Business Day of the immediately preceding month;
(xiiix) for each of the preceding 12 calendar months, or all calendar months since the related Cut-off Date, whichever is less, the aggregate dollar amount of the Monthly Payments (A) due on all Outstanding Mortgage Loans on each of the Due Dates in each such month and (B) delinquent 60 days or more on each of the Due Dates in each such month;
(xi) with respect to any Mortgage Loans Loan that became an REO Properties Property during the preceding calendar month, the aggregate loan number of such Mortgage Loans and the aggregate Stated Principal Balance of such Mortgage Loans Loan as of the close of business on the last Business Day of the immediately preceding monthmonth prior to such Distribution Date and the date of acquisition thereof;
(xivxii) the total number and outstanding principal balance of any REO Properties (and market value, if available) as of the close of business on the last Business Day of the immediately preceding monthmonth prior to such Distribution Date;
(xvxiii) whether a Trigger Event or a Class A-2A Turbo Trigger Event has occurred and is continuing (including the calculation demonstrating of thereof and the existence aggregate outstanding balance of the Trigger Eventall 60+ Day Delinquent Mortgage Loans);
(xvixiv) the amount on deposit in the Excess Reserve Fund Account (after giving effect to distributions on such Distribution Date);
(xviixv) in the aggregate and for each Class of Certificates, the aggregate amount of Applied Realized Loss Amounts incurred during the preceding calendar month and aggregate Applied Realized Loss Amounts through such Distribution Date;
(xviiixvi) the amount of any Net Monthly Excess Cash Flow on such Distribution Date and the allocation of it thereof to the Certificateholders with respect to Unpaid Interest Amounts, Unpaid Realized Loss Amounts or Basis Risk CarryForward Amounts;
(xixxvii) the amount of any Net Swap Payments, Net Swap Receipts, Swap Termination Payments or Defaulted Swap Termination Payments;
(xx) the calculations of LIBOR and Swap LIBOR;
(xxi) the Subordinated Overcollateralized Amount and Specified Subordinated Overcollateralized Amount;
(xxiixviii) Prepayment Charges Premiums collected or paid (pursuant to Section 3.07(a)) by the Servicers;Servicer; and
(xxiii) the Cumulative Loss Percentage and the aggregate amount of Realized Losses used to calculate the Cumulative Loss Percentage;
(xxivxix) the amount distributed on the Class X X, Class P and Class R Certificates;
(xxv) the amount of any Subsequent Recoveries for such Distribution Date;
(xxvi) the Pre-Funded Amount as of the end of the prior Due Period;
(xxvii) the amount of any principal prepayment on the Certificates resulting from the application of unused moneys in the Pre-Funding Account; and
(xxviii) the number of Mortgage Loans at the end of the applicable reporting period, the pool factor (being the Stated Principal Balance of the Mortgage Loans for the related Distribution Date divided by the Cut-off Date Principal Balance), and the weighted average interest rate, and weighted average remaining term; In addition, each Form 10-D prepared and filed by the Trustee pursuant to Section 8.12 shall include the following information with respect to the related distribution:
(i) material breaches of Mortgage Loan representations and warranties under this Agreement of which the Trustee has actual knowledge or has received written notice; and
(ii) material breaches of any covenants under this Agreement of which the Trustee has actual knowledge or received written notice.
(b) The Trustee's responsibility for providing the above statement to the Certificateholders, each Rating Agency Agency, the Servicer, the Responsible Party and the Depositor is limited, if applicable, limited to the availability, timeliness and accuracy of the information derived from the Servicers and the Swap ProviderServicer. The Trustee shall make available will provide the above statement via the Trustee's internet website. The Trustee's website will initially be located at https://www.tss.db.com/invr http://www.tss.db.com/invr and assistance in using the website can be xxxxxxxx oxxxxxxx xx xxxxxxx xxx Xxxstee's investor relations desk at 1-800-735-7777. Parties that are unable to use the website are entitled xx xxxx x xxxer A paper copy mailed to them via first class mail by calling the investor relations desk and indicating such. The Trustee may change the way the monthly statements to Certificateholders are distributed in order to make such distribution more convenient and/or more accessible to of the above parties and the Trustee shall provide timely and adequate notification to all above parties regarding any such changes. As a condition to access the Trustee's internet website, the Trustee may require registration and the acceptance of a disclaimer. The Trustee will not be liable for the dissemination of information in accordance with this Agreement. The Trustee shall make available to each Analytics Company, either electronically or via the Trustee's internet website, each statement to Certificateholders prepared pursuant to Section 4.03(a). The Trustee (and the applicable Servicer, if such discrepancy results from or arises out of any information provided by the applicable Servicer pursuant to this Agreement) shall cooperate in good faith with the Depositor to reconcile any discrepancies in such statements, and the Trustee shall provide any corrections to such statements to each Analytics Company as soon as reasonably practicable after the related Distribution Date. The Trustee will also be entitled to rely on but shall not be responsible for the content or accuracy of any information provided by third parties for purposes of preparing the monthly statement to Certificateholders and may affix thereto any disclaimer it deems appropriate in its reasonable discretion (without suggesting liability on the part of any other party hereto)made axxxxxxxx xxxx request.
(c) Within a reasonable period of time after the end of each calendar year, the Trustee shall cause to be furnished to each Person who at any time during the calendar year was a Certificateholder, a statement containing the information set forth in clauses (a)(i) and (a)(ii) of this Section 4.03 4.02 aggregated for such calendar year or applicable portion thereof during which such Person was a Certificateholder. Such obligation of the Trustee shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Trustee pursuant to any requirements of the Code as from time to time in effect.
(d) Not later than Pursuant to Section 5.02 of the Determination Date for each Distribution DateMaster Seller's Warranties and Servicing Agreement, each the Servicer shall furnish has agreed to provide monthly information reports to the Trustee. On the Closing Date, the Trustee shall request the Servicer to deliver, on a monthly basis, no later than each Remittance Advice Date a monthly remittance advice statement containing the information required by the Trustee to calculate and provide the reports required by Section 4.02(a) as to the accompanying remittance and the period ending on the close of business on the last Business Day of the immediately preceding month (or the last day of the Due Period, as applicable) (the "Servicer Remittance Report") containing ). On a on-going basis, the data fields set forth on Exhibit X attached hereto (Trustee may reasonably request the Servicer to provide additional information to be included in each casesubsequent Servicer Remittance Reports. On the Closing Date, in a format mutually agreed upon by such the Trustee shall request the Servicer and the Trustee) with respect to HomEq, containing the data fields set forth on Exhibit Y attached hereto with respect to Wells Fargo (in each case, in a format mutually agreed upon by such Serxxxxx and the Trustee) and containing the data fields set forth on Exhibit Z attached hereto with respect Countrywide Servicing (in each case, in a format mutually agreed upon by such Servicer and the Trustee) and such information as shall be reasonably requested (i) by the Depositor to enable the Depositor to disclose "static pool information"furnish an individual loan accounting report, as required by Item 1105 of Regulation AB, with respect to the Mortgage Loans, and (ii) by last day of the Trustee to enable the Trustee to provide the reports required by Section 4.03(a) as to the accompanying remittance and applicable Due Period and Prepayment Period of each month, to which such remittance relates. The Servicer Remittance Report shall, at a minimum, document, on such Determination Date, document Mortgage Loan payment activity on an individual Mortgage Loan basis. With respect to each month, as followsthe Trustee shall request the Servicer to furnish the corresponding individual loan accounting report (in electronic format) to be received by the Trustee no later than the Remittance Advice Date, which report shall contain the following:
(i) with respect to each Scheduled Monthly Payment, the amount of such remittance allocable to principal (including a separate breakdown of any Principal Prepayment, including the date of such prepayment, and any Prepayment ChargesPremiums, received during the related Prepayment Period along with a detailed report of interest on principal prepayment amounts remitted in accordance with Section 3.25the Master Seller's Warranties and Servicing Agreement);
(ii) with respect to each Scheduled Monthly Payment, the amount of such remittance allocable to interest;
(iii) the amount of servicing compensation received by such Servicer during the prior distribution period;
(iv) the individual and aggregate Stated Principal Balance of the Mortgage Loans;
(viv) the aggregate of any expenses reimbursed to such the Servicer during the prior distribution period pursuant to Section 3.11; andthe Master Seller's Warranties and Servicing Agreement;
(viv) the number and aggregate outstanding principal balances of Mortgage Loans (a) delinquent (1) 31 to 60 days, (2) 61 to 90 days, or (3) 91 days and 91 or more daysmore; (b) as to which foreclosure or bankruptcy proceedings of the related mortgagor have has commenced; and (c) as to which REO Property has been acquired. Concurrently with each delivery of a Servicer Remittance Report to the Trustee, Wells Fargo, acting as a Servicer, shall provide, in a manner consistenx xxxh the preceding paragraph, a supplemental statement (to the extent not previously provided) setting forth information in subclauses (v) and ; and
(vi) any other information reasonably required by the Trustee to enable it to prepare the monthly statements referred to in Section 4.02(a). The Trustee shall promptly forward the Servicer Remittance Report and the related supplemental statement to the Depositor.
(e) Notwithstanding anything The Trustee shall provide each Servicer Remittance Report, and any Servicer provided information in Section 4.03(d) the possession of the Trustee reasonably requested by the Transaction Oversight Manager, to the contrary, Transaction Oversight Manager within two (2) Business Days of its receipt from the Servicers shall be deemed to have satisfied the requirement to timely deliver the Servicer Remittance Report if Servicer. The Trustee's responsibility for providing such report information is received by the Trustee on or prior limited to the 18th calendar day availability and timeliness of such month in which the related Determination Date occurs; provided, however, that if such 18th calendar day is a Sunday or a Monday which is not a Business Day, the Servicers shall be deemed to have satisfied the requirement to timely deliver the Servicer Remittance Report if the Trustee and the Depositor receive such report (i) on the next Business Day succeeding such 18th calendar day, or (ii) on the Business Day immediately preceding such 18th calendar day, if such succeeding Business Day is later than the 20th calendar day of such calendar month.
(f) For all purposes of this Agreement, with respect to any Mortgage Loan, delinquencies shall be determined by the Trustee from information provided by the Servicers and reported by Servicer. The Trustee shall provide such information in the same format as received from the Servicer. The Trustee based on shall have no obligation to monitor, review or take any action regarding such information received from the "OTS" methodology for determining delinquencies on mortgage loans similar Servicer pursuant to the Mortgage Loans. By way of example, a Mortgage Loan would be delinquent with respect to a Scheduled Payment due on a Due Date if such Scheduled Payment is not made by the close of business on the Mortgage Loan's next succeeding Due Date, and a Mortgage Loan would be more Transaction Oversight Management Agreement other than 30-days Delinquent with respect to such Scheduled Payment if such Scheduled Payment were not made by the close of business on the Mortgage Loan's second succeeding Due Date. Each Servicer hereby represents and warrants forwarding copies to the Depositor that Transaction Oversight Manager. The Trustee shall have no liability for the accuracy, completeness or otherwise for such Servicer is not subject to any delinquency recognition policy established by the primary safety and soundness regulator, if any, of such Servicer, that is more restrictive than the foregoing delinquency recognition policyinformation.
Appears in 1 contract
Monthly Statements to Certificateholders. (a) Not later than each Distribution Date, the Trustee shall make available prepare and cause to be forwarded by first class mail to each Certificateholder, the Servicers, Servicer and the Depositor and each Rating Agency a statement setting forth the following information with respect to the related distribution:distribution (in the case of information furnished pursuant to (i), (ii) and (vii) below, the amounts shall be expressed as a dollar amount per minimum denomination Certificate, such minimum denominations being as set forth in the Preliminary Statement):
(i) the actual Distribution Dateamount thereof allocable to principal, separately identifying the related Record Date, the Interest Accrual Period(s) for each Class for such Distribution Date aggregate amount of any Principal Prepayments and the LIBOR Determination Date for such Interest Accrual PeriodLiquidation Proceeds included therein;
(ii) the amount of Available Funds;
(iii) the amount of Available Funds thereof allocable to principalinterest, the Principal Remittance Amount (separately identifying the components thereof) and the Principal Distribution Amount (separately identifying the components thereof);
(iv) the amount of Available Funds allocable to interest and each Interest Remittance Amount;
(v) the amount of any Class Unpaid Interest Amount for each Class Shortfall included in such distribution and any remaining Class Unpaid Interest Amounts Shortfall after giving effect to such distribution, any Basis Risk CarryForward Amount for each Class and the amount of such Basis Risk CarryForward Amount covered by withdrawals from the Excess Reserve Fund Account on such Distribution Date;
(viiii) if the distribution to the Holders of such Class of Certificates is less than the full amount that would be distributable to such Holders if there were sufficient funds available therefor, the amount of the shortfall and the allocation of the shortfall thereof as between principal and interest, including any Basis Risk CarryForward Amount not covered by amounts in the Excess Reserve Fund Account;
(viiiv) the Certificate Principal Balance as a dollar amount per minimum denomination Certificate and the Class Certificate Principal Balance of each Class of Certificates before and Certificates, after giving effect to the distribution of principal on such Distribution Date;
(viiiv) the Pool Stated Principal Balance on such Distribution Date, the Pool Principal Balance minus the principal portion of all monthly payments due but unpaid as of the Date of Determination on such Distribution Date and the Pool Principal Balance for the following Distribution Date;
(ixvi) the Senior Percentage and Subordinated Percentage for the following Distribution Date;
(vii) the amount of the Expense Trustee Fees and Servicing Fees paid to or retained by the Servicers and the Trustee (stated separately and in the aggregate) or Servicer, as applicable, with respect to such Distribution Date;
(xviii) the Pass-Through Rate for each such Class of Certificates with respect to such Distribution Date;
(xiix) the amount of P&I Advances included in the distribution on such Distribution Date reported by the Servicers (and the Trustee aggregate amount of Advances outstanding as successor Servicer of the close of business on such Distribution Date;
(x) the number and aggregate principal amounts of Mortgage Loans (A) delinquent (exclusive of Mortgage Loans in foreclosure) (1) 1 to 30 days (2) 31 to 60 days (3) 61 to 90 days and (4) 91 or more days and (B) in foreclosure and delinquent (1) 1 to 30 days (2) 31 to 60 days (3) 61 to 90 days and (4) 91 or more days, as of the close of business on the last day of the calendar month preceding such Distribution Date;
(xi) with respect to any other successor ServicerMortgage Loan that became an REO Property during the preceding calendar month, if applicable) the loan number and Stated Principal Balance of such Mortgage Loan as of the close of business on the Determination Date immediately preceding such Distribution DateDate and the date of acquisition thereof;
(xii) the number and aggregate outstanding principal balances of Mortgage Loans (1) as to which the Scheduled Payment is delinquent 31 to 60 days, 61 to 90 days and 91 or more days, (2) that have become REO Property, (3) that are in foreclosure and (4) that are in bankruptcy, in each case as of the close of business on the last Business Day of the immediately preceding month;
(xiii) with respect to any Mortgage Loans that became REO Properties during the preceding calendar month, the aggregate number of such Mortgage Loans and the aggregate Stated Principal Balance of such Mortgage Loans as of the close of business on the last Business Day of the immediately preceding month;
(xiv) the total number and outstanding principal balance of any REO Properties (and market value, if available) as of the close of business on the last Business Day Determination Date preceding such Distribution Date;
(xiii) the Senior Prepayment Percentage for the following Distribution Date;
(xiv) the aggregate amount of Realized Losses incurred during the immediately preceding calendar month;
(xv) whether a Trigger Event has occurred the Special Hazard Loss Coverage Amount, the Fraud Loss Coverage Amount and is continuing (including the calculation demonstrating the existence Bankruptcy Loss Coverage Amount, in each case as of the Trigger Event;
(xvi) related Determination Date and the amount on deposit in the Excess Reserve Fund Account (after giving effect to distributions on Subordinated Percentage as of such Distribution Date);
(xvii) in the aggregate and for each Class of Certificates, the aggregate amount of Applied Realized Loss Amounts incurred during the preceding calendar month and aggregate Applied Realized Loss Amounts through such Distribution Date;
(xviii) the amount of any Net Monthly Excess Cash Flow on such Distribution Date and the allocation of it to the Certificateholders with respect to Unpaid Interest Amounts, Unpaid Realized Loss Amounts or Basis Risk CarryForward Amounts;
(xix) the amount of any Net Swap Payments, Net Swap Receipts, Swap Termination Payments or Defaulted Swap Termination Payments;
(xx) the calculations of LIBOR and Swap LIBOR;
(xxi) the Subordinated Amount and Specified Subordinated Amount;
(xxii) Prepayment Charges collected or paid (pursuant to Section 3.07(a)) by the Servicers;
(xxiii) the Cumulative Loss Percentage and the aggregate amount of Realized Losses used to calculate the Cumulative Loss Percentage;
(xxiv) the amount distributed on the Class X Certificates;
(xxv) the amount of any Subsequent Recoveries for such Distribution Date;
(xxvi) the Pre-Funded Amount as of the end of the prior Due Period;
(xxvii) the amount of any principal prepayment on the Certificates resulting from the application of unused moneys in the Pre-Funding Account; and
(xxviii) the number of Mortgage Loans at the end of the applicable reporting period, the pool factor (being the Stated Principal Balance of the Mortgage Loans for the related Distribution Date divided by the Cut-off Date Principal Balance), and the weighted average interest rate, and weighted average remaining term; In addition, each Form 10-D prepared and filed by the Trustee pursuant to Section 8.12 shall include the following information with respect to the related distribution:
(i) material breaches of Mortgage Loan representations and warranties under this Agreement of which the Trustee has actual knowledge or has received written notice; and
(ii) material breaches of any covenants under this Agreement of which the Trustee has actual knowledge or received written notice.
(b) The Trustee's responsibility for providing disbursing the above statement information to the Certificateholders, each Rating Agency and the Depositor Certificateholders is limited, if applicable, limited to the availability, timeliness and accuracy of the information derived from provided by the Servicers and the Swap Provider. The Trustee shall make available the above statement via the Trustee's internet website. The Trustee's website will initially be located at https://www.tss.db.com/invr and assistance in using the website can be xxxxxxxx xx xxxxxxx xxx Xxxstee's investor relations desk at 1-800-735-7777. Parties that are unable to use the website are entitled xx xxxx x xxxer copy mailed to them via first class mail by calling the investor relations desk and indicating such. The Trustee may change the way the monthly statements to Certificateholders are distributed in order to make such distribution more convenient and/or more accessible to the above parties and the Trustee shall provide timely and adequate notification to all above parties regarding any such changes. As a condition to access the Trustee's internet website, the Trustee may require registration and the acceptance of a disclaimerServicer. The Trustee will not be liable for the dissemination send a copy of information in accordance with this Agreement. The Trustee shall make available to each Analytics Company, either electronically or via the Trustee's internet website, each statement to Certificateholders prepared pursuant to Section 4.03(a). The Trustee (and the applicable Servicer, if such discrepancy results from or arises out of any information provided by the applicable Servicer pursuant to this Agreement) shall cooperate in good faith with the Depositor to reconcile any discrepancies in such statements, and the Trustee shall provide any corrections to such statements Section 4.06 to each Analytics Company as soon as reasonably practicable after Rating Agency.
(c) On or before the fifth Business Day following the end of each Prepayment Period (but in no event later than the fifth Business Day prior to the related Distribution Date. The ), the Servicer shall deliver to the Trustee will also (which delivery may be entitled to rely on but shall not be responsible for by electronic data transmission) a report in substantially the content or accuracy of any information provided by third parties for purposes of preparing the monthly statement to Certificateholders and may affix thereto any disclaimer it deems appropriate in its reasonable discretion (without suggesting liability on the part of any other party form set forth as Schedule IV hereto).
(cd) Within a reasonable period of time after the end of each calendar year, the Trustee shall cause to be furnished to each Person who at any time during the calendar year was a Certificateholder, a statement containing the information set forth in clauses (a)(i), (a)(ii) and (a)(iia)(vii) of this Section 4.03 4.06 aggregated for such calendar year or applicable portion thereof during which such Person was a Certificateholder. Such obligation of the Trustee shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Trustee pursuant to any requirements of the Code as from time to time in effect.
(d) Not later than the Determination Date for each Distribution Date, each Servicer shall furnish to the Trustee, a monthly remittance advice statement (the "Servicer Remittance Report") containing the data fields set forth on Exhibit X attached hereto (in each case, in a format mutually agreed upon by such Servicer and the Trustee) with respect to HomEq, containing the data fields set forth on Exhibit Y attached hereto with respect to Wells Fargo (in each case, in a format mutually agreed upon by such Serxxxxx and the Trustee) and containing the data fields set forth on Exhibit Z attached hereto with respect Countrywide Servicing (in each case, in a format mutually agreed upon by such Servicer and the Trustee) and such information as shall be reasonably requested (i) by the Depositor to enable the Depositor to disclose "static pool information", as required by Item 1105 of Regulation AB, with respect to the Mortgage Loans, and (ii) by the Trustee to enable the Trustee to provide the reports required by Section 4.03(a) as to the accompanying remittance and applicable Due Period and Prepayment Period to which such remittance relates. The Servicer Remittance Report shall, at a minimum, document, on such Determination Date, Mortgage Loan payment activity on an individual Mortgage Loan basis, as follows:
(i) with respect to each Scheduled Payment, the amount of such remittance allocable to principal (including a separate breakdown of any Principal Prepayment, including the date of such prepayment, and any Prepayment Charges, received during the related Prepayment Period along with a detailed report of interest on principal prepayment amounts remitted in accordance with Section 3.25);
(ii) with respect to each Scheduled Payment, the amount of such remittance allocable to interest;
(iii) the amount of servicing compensation received by such Servicer during the prior distribution period;
(iv) the individual and aggregate Stated Principal Balance of the Mortgage Loans;
(v) the aggregate expenses reimbursed to such Servicer during the prior distribution period pursuant to Section 3.11; and
(vi) the number and aggregate outstanding principal balances of Mortgage Loans (a) delinquent 31 to 60 days, 61 to 90 days and 91 or more days; (b) as to which foreclosure or bankruptcy proceedings of the related mortgagor have commenced; and (c) as to which REO Property has been acquired. Concurrently with each delivery of a Servicer Remittance Report to the Trustee, Wells Fargo, acting as a Servicer, shall provide, in a manner consistenx xxxh the preceding paragraph, a supplemental statement (to the extent not previously provided) setting forth information in subclauses (v) and (vi). The Trustee shall promptly forward the Servicer Remittance Report and the related supplemental statement to the Depositor.
(e) Notwithstanding anything in Section 4.03(d) to the contrary, the Servicers shall be deemed to have satisfied the requirement to timely deliver the Servicer Remittance Report if such report is received by the Trustee on or prior to the 18th calendar day of such month in which the related Determination Date occurs; provided, however, that if such 18th calendar day is a Sunday or a Monday which is not a Business Day, the Servicers shall be deemed to have satisfied the requirement to timely deliver the Servicer Remittance Report if the Trustee and the Depositor receive such report (i) on the next Business Day succeeding such 18th calendar day, or (ii) on the Business Day immediately preceding such 18th calendar day, if such succeeding Business Day is later than the 20th calendar day of such calendar month.
(f) For all purposes of this Agreement, with respect to any Mortgage Loan, delinquencies shall be determined by the Trustee from information provided by the Servicers and reported by the Trustee based on the "OTS" methodology for determining delinquencies on mortgage loans similar to the Mortgage Loans. By way of example, a Mortgage Loan would be delinquent with respect to a Scheduled Payment due on a Due Date if such Scheduled Payment is not made by the close of business on the Mortgage Loan's next succeeding Due Date, and a Mortgage Loan would be more than 30-days Delinquent with respect to such Scheduled Payment if such Scheduled Payment were not made by the close of business on the Mortgage Loan's second succeeding Due Date. Each Servicer hereby represents and warrants to the Depositor that such Servicer is not subject to any delinquency recognition policy established by the primary safety and soundness regulator, if any, of such Servicer, that is more restrictive than the foregoing delinquency recognition policy.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Mortgage Pass THR Certs Ser 1998-1)
Monthly Statements to Certificateholders. (a) Not later than each Distribution Date, the Trustee shall prepare and make available to each Certificateholder, the Servicers, Servicer and the Depositor and each Rating Agency a statement based solely on information provided by the Servicer setting forth the following information with respect to the related distribution:distribution (in the case of information furnished pursuant to (i), (ii) and (vii) below, the amounts shall be expressed as a dollar amount per minimum denomination Certificate, such minimum denominations being as set forth in the Preliminary Statement):
(i) the actual Distribution Dateamount thereof allocable to principal, separately identifying the related Record Date, the Interest Accrual Period(s) for each Class for such Distribution Date aggregate amount of any Principal Prepayments and the LIBOR Determination Date for such Interest Accrual PeriodLiquidation Proceeds included therein;
(ii) the amount of Available Funds;
(iii) the amount of Available Funds thereof allocable to principalinterest, the Principal Remittance Amount (separately identifying the components thereof) and the Principal Distribution Amount (separately identifying the components thereof);
(iv) the amount of Available Funds allocable to interest and each Interest Remittance Amount;
(v) the amount of any Class Unpaid Interest Amount for each Class Shortfall included in such distribution and any remaining Class Unpaid Interest Amounts Shortfall after giving effect to such distribution, any Basis Risk CarryForward Amount for each Class and the amount of such Basis Risk CarryForward Amount covered by withdrawals from the Excess Reserve Fund Account on such Distribution Date;
(viiii) if the distribution to the Holders of such Class of Certificates is less than the full amount that would be distributable to such Holders if there were sufficient funds available therefor, the amount of the shortfall and the allocation of the shortfall thereof as between principal and interest, including any Basis Risk CarryForward Amount not covered by amounts in the Excess Reserve Fund Account;
(viiiv) the Certificate Principal Balance as a dollar amount per minimum denomination Certificate and the Class Certificate Principal Balance of each Class of Certificates before and Certificates, after giving effect to the distribution of principal on such Distribution Date;
(viiiv) the Pool Stated Principal Balance on such Distribution Date, the Pool Principal Balance minus the principal portion of all monthly payments due but unpaid as of the Date of Determination on such Distribution Date and the Pool Principal Balance for the following Distribution Date;
(ixvi) the Senior Percentage and Junior Percentage for the following Distribution Date;
(vii) the amount of the Expense Trustee Fees and Servicing Fees paid to or retained by the Servicers and the Trustee (stated separately and in the aggregate) or Servicer, as applicable, with respect to such Distribution Date;
(xviii) the Pass-Through Rate for each such Class of Certificates with respect to such Distribution Date;
(xiix) the amount of P&I Advances included in the distribution on such Distribution Date reported by the Servicers (and the Trustee aggregate amount of Advances outstanding as successor Servicer of the close of business on such Distribution Date;
(x) the number and aggregate principal amounts of Mortgage Loans (A) delinquent (exclusive of Mortgage Loans in foreclosure) (1) 1 to 30 days (2) 31 to 60 days (3) 61 to 90 days and (4) 91 or more days and (B) in foreclosure and delinquent (1) 1 to 30 days (2) 31 to 60 days (3) 61 to 90 days and (4) 91 or more days, as of the close of business on the last day of the calendar month preceding such Distribution Date;
(xi) with respect to any other successor ServicerMortgage Loan that became an REO Property during the preceding calendar month, if applicable) the loan number and Scheduled Principal Balance of such Mortgage Loan as of the close of business on the Determination Date immediately preceding such Distribution DateDate and the date of acquisition thereof;
(xii) the number and aggregate outstanding principal balances of Mortgage Loans (1) as to which the Scheduled Payment is delinquent 31 to 60 days, 61 to 90 days and 91 or more days, (2) that have become REO Property, (3) that are in foreclosure and (4) that are in bankruptcy, in each case as of the close of business on the last Business Day of the immediately preceding month;
(xiii) with respect to any Mortgage Loans that became REO Properties during the preceding calendar month, the aggregate number of such Mortgage Loans and the aggregate Stated Principal Balance of such Mortgage Loans as of the close of business on the last Business Day of the immediately preceding month;
(xiv) the total number and outstanding principal balance of any REO Properties (and market value, if available) as of the close of business on the last Business Day of the immediately Determination Date preceding month;
(xv) whether a Trigger Event has occurred and is continuing (including the calculation demonstrating the existence of the Trigger Event;
(xvi) the amount on deposit in the Excess Reserve Fund Account (after giving effect to distributions on such Distribution Date);
(xvii) in the aggregate and for each Class of Certificates, the aggregate amount of Applied Realized Loss Amounts incurred during the preceding calendar month and aggregate Applied Realized Loss Amounts through such Distribution Date;
(xviiixiii) the amount of any Net Monthly Excess Cash Flow on such Senior Prepayment Percentage for the following Distribution Date and the allocation of it to the Certificateholders with respect to Unpaid Interest Amounts, Unpaid Realized Loss Amounts or Basis Risk CarryForward AmountsDate;
(xixxiv) the amount of any Net Swap Payments, Net Swap Receipts, Swap Termination Payments or Defaulted Swap Termination Payments;
(xx) the calculations of LIBOR and Swap LIBOR;
(xxi) the Subordinated Amount and Specified Subordinated Amount;
(xxii) Prepayment Charges collected or paid (pursuant to Section 3.07(a)) by the Servicers;
(xxiii) the Cumulative Loss Percentage and the aggregate amount of Realized Losses used to calculate incurred during the Cumulative Loss Percentage;
(xxiv) the amount distributed on the Class X Certificates;
(xxv) the amount of any Subsequent Recoveries for such Distribution Date;
(xxvi) the Pre-Funded Amount as of the end of the prior Due Period;
(xxvii) the amount of any principal prepayment on the Certificates resulting from the application of unused moneys in the Pre-Funding Accountpreceding calendar month; and
(xxviiixv) the number of Mortgage Loans at Special Hazard Loss Coverage Amount, the end Fraud Loss Coverage Amount and the Bankruptcy Loss Coverage Amount, in each case as of the applicable reporting period, the pool factor (being the Stated Principal Balance of the Mortgage Loans for the related Distribution Determination Date divided by the Cut-off Date Principal Balance), and the weighted average interest rate, and weighted average remaining term; In addition, each Form 10-D prepared and filed by the Trustee pursuant to Section 8.12 shall include the following information with respect to the related distribution:
(i) material breaches Junior Percentage as of Mortgage Loan representations and warranties under this Agreement of which the Trustee has actual knowledge or has received written notice; and
(ii) material breaches of any covenants under this Agreement of which the Trustee has actual knowledge or received written noticesuch Distribution Date.
(b) The Trustee's responsibility for providing disbursing the above statement information to the Certificateholders, each Rating Agency and the Depositor Certificateholders is limited, if applicable, limited to the availability, timeliness and accuracy of the information derived from provided by the Servicers and the Swap ProviderServicer. The Trustee shall will make a copy of each statement provided pursuant to this Section 4.04 (and, at its option, any additional files containing the same information in an alternative format) available the above statement each month to Certificateholders, and other parties to this Agreement via the Trustee's internet website. The Trustee's website will initially be located at https://www.tss.db.com/invr and assistance "xxx.xxxxx.xxx/XXX".
(c) On or before the fifth Business Day following the end of each Prepayment Period (but in using no event later than the website can be xxxxxxxx xx xxxxxxx xxx Xxxstee's investor relations desk at 1-800-735-7777. Parties that are unable fifth Business Day prior to use the website are entitled xx xxxx x xxxer copy mailed to them via first class mail by calling the investor relations desk and indicating such. The Trustee may change the way the monthly statements to Certificateholders are distributed in order to make such distribution more convenient and/or more accessible to the above parties and the Trustee shall provide timely and adequate notification to all above parties regarding any such changes. As a condition to access the Trustee's internet website, the Trustee may require registration and the acceptance of a disclaimer. The Trustee will not be liable for the dissemination of information in accordance with this Agreement. The Trustee shall make available to each Analytics Company, either electronically or via the Trustee's internet website, each statement to Certificateholders prepared pursuant to Section 4.03(a). The Trustee (and the applicable Servicer, if such discrepancy results from or arises out of any information provided by the applicable Servicer pursuant to this Agreement) shall cooperate in good faith with the Depositor to reconcile any discrepancies in such statements, and the Trustee shall provide any corrections to such statements to each Analytics Company as soon as reasonably practicable after the related Distribution Date. The ), the Servicer shall deliver to the Trustee will also (which delivery may be entitled to rely on but shall not be responsible for by electronic data transmission) a report in substantially the content or accuracy of any information provided by third parties for purposes of preparing the monthly statement to Certificateholders and may affix thereto any disclaimer it deems appropriate in its reasonable discretion (without suggesting liability on the part of any other party form set forth as Schedule IV hereto).
(cd) Within a reasonable period of time after the end of each calendar year, the Trustee shall cause to be furnished upon request to each Person who at any time during the calendar year was a Certificateholder, a statement containing the information set forth in clauses (a)(i), (a)(ii) and (a)(iia)(vii) of this Section 4.03 4.04 aggregated for such calendar year or applicable portion thereof during which such Person was a Certificateholder. Such obligation of the Trustee shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Trustee pursuant to any requirements of the Code as from time to time in effect.
(d) Not later than the Determination Date for each Distribution Date, each Servicer shall furnish to the Trustee, a monthly remittance advice statement (the "Servicer Remittance Report") containing the data fields set forth on Exhibit X attached hereto (in each case, in a format mutually agreed upon by such Servicer and the Trustee) with respect to HomEq, containing the data fields set forth on Exhibit Y attached hereto with respect to Wells Fargo (in each case, in a format mutually agreed upon by such Serxxxxx and the Trustee) and containing the data fields set forth on Exhibit Z attached hereto with respect Countrywide Servicing (in each case, in a format mutually agreed upon by such Servicer and the Trustee) and such information as shall be reasonably requested (i) by the Depositor to enable the Depositor to disclose "static pool information", as required by Item 1105 of Regulation AB, with respect to the Mortgage Loans, and (ii) by the Trustee to enable the Trustee to provide the reports required by Section 4.03(a) as to the accompanying remittance and applicable Due Period and Prepayment Period to which such remittance relates. The Servicer Remittance Report shall, at a minimum, document, on such Determination Date, Mortgage Loan payment activity on an individual Mortgage Loan basis, as follows:
(i) with respect to each Scheduled Payment, the amount of such remittance allocable to principal (including a separate breakdown of any Principal Prepayment, including the date of such prepayment, and any Prepayment Charges, received during the related Prepayment Period along with a detailed report of interest on principal prepayment amounts remitted in accordance with Section 3.25);
(ii) with respect to each Scheduled Payment, the amount of such remittance allocable to interest;
(iii) the amount of servicing compensation received by such Servicer during the prior distribution period;
(iv) the individual and aggregate Stated Principal Balance of the Mortgage Loans;
(v) the aggregate expenses reimbursed to such Servicer during the prior distribution period pursuant to Section 3.11; and
(vi) the number and aggregate outstanding principal balances of Mortgage Loans (a) delinquent 31 to 60 days, 61 to 90 days and 91 or more days; (b) as to which foreclosure or bankruptcy proceedings of the related mortgagor have commenced; and (c) as to which REO Property has been acquired. Concurrently with each delivery of a Servicer Remittance Report to the Trustee, Wells Fargo, acting as a Servicer, shall provide, in a manner consistenx xxxh the preceding paragraph, a supplemental statement (to the extent not previously provided) setting forth information in subclauses (v) and (vi). The Trustee shall promptly forward the Servicer Remittance Report and the related supplemental statement to the Depositor.
(e) Notwithstanding anything in Section 4.03(d) to the contrary, the Servicers shall be deemed to have satisfied the requirement to timely deliver the Servicer Remittance Report if such report is received by the Trustee on or prior to the 18th calendar day of such month in which the related Determination Date occurs; provided, however, that if such 18th calendar day is a Sunday or a Monday which is not a Business Day, the Servicers shall be deemed to have satisfied the requirement to timely deliver the Servicer Remittance Report if the Trustee and the Depositor receive such report (i) on the next Business Day succeeding such 18th calendar day, or (ii) on the Business Day immediately preceding such 18th calendar day, if such succeeding Business Day is later than the 20th calendar day of such calendar month.
(f) For all purposes of this Agreement, with respect to any Mortgage Loan, delinquencies shall be determined by the Trustee from information provided by the Servicers and reported by the Trustee based on the "OTS" methodology for determining delinquencies on mortgage loans similar to the Mortgage Loans. By way of example, a Mortgage Loan would be delinquent with respect to a Scheduled Payment due on a Due Date if such Scheduled Payment is not made by the close of business on the Mortgage Loan's next succeeding Due Date, and a Mortgage Loan would be more than 30-days Delinquent with respect to such Scheduled Payment if such Scheduled Payment were not made by the close of business on the Mortgage Loan's second succeeding Due Date. Each Servicer hereby represents and warrants to the Depositor that such Servicer is not subject to any delinquency recognition policy established by the primary safety and soundness regulator, if any, of such Servicer, that is more restrictive than the foregoing delinquency recognition policy.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Painewebber Mortgage Acceptance Corp Iv Series 2000-1)
Monthly Statements to Certificateholders. (a) Not later than each Distribution Date, the Trustee shall prepare and make available to each Certificateholder, the ServicersMaster Servicer, the Depositor Depositor, the Backup Servicer, and each Rating Agency on its Internet website a statement setting forth with respect to for the related distributiondistribution of:
(i) the actual Distribution Dateamount of the distribution allocable to principal, separately identifying the related Record Date, the Interest Accrual Period(s) for each Class for such Distribution Date aggregate amount of any Principal Prepayments and the LIBOR Determination Date for such Interest Accrual PeriodLiquidation Proceeds included therein;
(ii) the amount of Available Funds;
(iii) the amount of Available Funds distribution allocable to principalinterest, the Principal Remittance Amount (separately identifying the components thereof) and the Principal Distribution Amount (separately identifying the components thereof);
(iv) the amount of Available Funds allocable to interest and each Interest Remittance Amount;
(v) the amount of any Unpaid Interest Amount for each Class Amounts included in such the distribution and any remaining Unpaid Interest Amounts after giving effect to such the distribution, any Basis Risk Net WAC Cap CarryForward Amount for each Class the Distribution Date, and the amount of such Basis Risk CarryForward all Net WAC Cap Carry Forward Amount covered by withdrawals from the Excess Reserve Fund Account on such the Distribution Date;
(viiii) if the distribution to the Holders of such any Class of Certificates is less than the full amount that would be distributable to such Holders them if there were sufficient funds available thereforwere available, the amount of the shortfall and the allocation of the shortfall as between principal and interest, including any Basis Risk Net WAC Cap CarryForward Amount not covered by amounts in the Excess Reserve Fund Account;
(viiiv) the Class Certificate Balance of each Class of Certificates before and after giving effect to the distribution of principal on such the Distribution Date;
(v) the Pool Stated Principal Balance;
(vi) the amount of the Master Servicing Fees, Servicing Fees and any Additional Servicing Compensation paid to or retained by the Master Servicer or Subservicer (with respect to the Subservicers, in the aggregate) with respect to the Distribution Date;
(vii) the Pass-Through Rate for each Class of Certificates with respect to the Distribution Date;
(viii) the Pool Stated Principal Balance for amount of Advances included in the distribution on the Distribution Date and the aggregate amount of Advances outstanding as of the close of business on the Distribution Date;
(ix) the amount number and aggregate outstanding balance of Mortgage Loans in each Loan Group as of the Expense Fees paid end of the preceding calendar month
(A) delinquent (exclusive of Mortgage Loans in foreclosure) (1) 30 to 59 days, (2) 60 to 89 days, and (3) 90 or retained by more days and
(B) in foreclosure and delinquent (1) 30 to 59 days, (2) 60 to 89 days, and (3) 90 or more days, as of the Servicers and close of business on the Trustee (stated separately and in last day of the aggregate) with respect to such calendar month preceding the Distribution Date;
(x) the Pass-Through Rate for each such Class of Certificates with respect to such Distribution the preceding 12 calendar months, or all calendar months since the related Cut-off Date, whichever is less, the aggregate dollar amount of the Scheduled Payments (A) due on all Outstanding Mortgage Loans on the Due Date in the month and (B) delinquent 60 days or more (determined in the same manner as for determining Scheduled Payment delinquencies that result in a Mortgage Loan being a 60+ Day Delinquent Loan) on the Due Date in the month;
(xi) with respect to any Mortgage Loan that became an REO Property during the amount preceding calendar month, the loan number and Stated Principal Balance of P&I Advances included in the distribution on such Distribution Date reported by the Servicers (and the Trustee as successor Servicer and any other successor Servicer, if applicable) Mortgage Loan as of the close of business on the Determination Date immediately preceding such the Distribution DateDate and the date of acquisition thereof;
(xii) the number and aggregate outstanding principal balances of Mortgage Loans (1) as to which the Scheduled Payment is delinquent 31 to 60 days, 61 to 90 days and 91 or more days, (2) that have become REO Property, (3) that are in foreclosure and (4) that are in bankruptcy, in each case as of the close of business on the last Business Day of the immediately preceding month;
(xiii) with respect to any Mortgage Loans that became REO Properties during the preceding calendar month, the aggregate number of such Mortgage Loans and the aggregate Stated Principal Balance of such Mortgage Loans as of the close of business on the last Business Day of the immediately preceding month;
(xiv) the total number and outstanding principal balance of any REO Properties (and market value, if available) as of the close of business on the last Business Day of Determination Date preceding the immediately preceding monthDistribution Date;
(xvxiii) whether a Trigger Event has occurred and is continuing (including the calculation demonstrating of thereof and the existence aggregate outstanding balance of the Trigger Eventall 60+ Day Delinquent Loans);
(xvixiv) the amount on deposit in the Excess Reserve Fund Account (after giving effect to distributions on such the Distribution Date);
(xv) the amounts on deposit in the Cap Contract Reserve Fund (after giving effect to distributions on the Distribution Date);
(xvi) the amount due and the amount received under the Cap Contract;
(xvii) in the aggregate and for each Class of Certificates, the aggregate amount of Applied Realized Loss Amounts incurred during the preceding calendar month and aggregate Applied Unpaid Realized Loss Amounts through such the Distribution Date;
(xviii) with respect to each Loan Group, the amount of any Net Total Monthly Excess Cash Flow on such the Distribution Date and the allocation of it thereof to the Certificateholders with respect to Unpaid Interest Amounts, Unpaid Realized Loss Amounts or Basis Risk CarryForward and Unpaid Interest Amounts;
(xix) with respect to the amount second Distribution Date, the number and aggregate balance of any Net Swap Payments, Net Swap Receipts, Swap Termination Payments or Defaulted Swap Termination PaymentsDelay Delivery Mortgage Loans not delivered within the time periods specified in the definition of Delay Delivery Mortgage Loans;
(xx) with respect to each Loan Group, the calculations of LIBOR Subordinated Amount and Swap LIBOR;Required Subordinated Amount; and
(xxi) the Subordinated Amount and Specified Subordinated Amount;
(xxii) Prepayment Charges collected or collected, waived, and paid (pursuant to Section 3.07(a)) by the Servicers;
Master Servicer. For the purposes of determining delinquency periods in reporting under (xxiiiix) the Cumulative Loss Percentage and the aggregate amount of Realized Losses used to calculate the Cumulative Loss Percentage;
(xxiv) the amount distributed on the Class X Certificates;
(xxv) the amount of above, for any Subsequent Recoveries for such Distribution Date;
(xxvi) the Pre-Funded Amount monthly statement a Mortgage Loan's delinquency period shall be determined as of the end Due Date falling in the month in which the monthly statement is provided and a Mortgage Loan is first delinquent only after the first Due Date following the Due Date for which any part of a Scheduled Payment has not been paid, and each calendar month shall be treated as having 30 days. Thus, for the July monthly statement a Mortgage Loan whose June Due Date payment has not been paid by the July Due Date is not delinquent. On the day after the July Due Date it would be one day delinquent. A Mortgage Loan whose May Due Date payment has not been paid by the July Due Date is 30 days past due as of the prior July Due Period;
Date, and would be reported as such in the July monthly statement. If the statement is not accessible to any of the Certificateholders, the Master Servicer, the Depositor, the Backup Servicer or any Rating Agency on the Trustee's Internet website, the Trustee shall forward a hard copy of it to each Certificateholder, the Master Servicer, the Depositor, the Backup Servicer and each Rating Agency immediately after the Trustee becomes aware that it is not accessible to any of them via its website. The address of the Trustee's Internet website where the statement will be accessible is xxxxx://xxx.xxxxxxxxxxxxxx.xx.xxx/invr. Assistance in using the Trustee's internet website may be obtained by calling the Trustee's customer service desk at (xxvii000) 000-0000. The Trustee shall notify each Certificateholder, the amount Master Servicer, the Depositor, the Backup Servicer and each Rating Agency in writing of any principal prepayment on the Certificates resulting from the application of unused moneys change in the Pre-Funding Account; and
(xxviii) the number address or means of Mortgage Loans at the end of the applicable reporting period, the pool factor (being the Stated Principal Balance of the Mortgage Loans for the related Distribution Date divided by the Cut-off Date Principal Balance), and the weighted average interest rate, and weighted average remaining term; In addition, each Form 10-D prepared and filed by the Trustee pursuant to Section 8.12 shall include the following information with respect access to the related distribution:
(i) material breaches of Mortgage Loan representations and warranties under this Agreement of which Internet website where the Trustee has actual knowledge or has received written notice; and
(ii) material breaches of any covenants under this Agreement of which the Trustee has actual knowledge or received written noticestatement is accessible.
(b) The Trustee's responsibility for providing disbursing the above statement information to the Certificateholders, each Rating Agency and the Depositor Certificateholders is limited, if applicable, limited to the availability, timeliness timeliness, and accuracy of the information derived from the Servicers and the Swap ProviderMaster Servicer. The Trustee is not responsible for any inaccuracies in or caused by the data provided by the Master Servicer. By each Determination Date the Master Servicer shall make available the above statement via the Trustee's internet website. The Trustee's website will initially be located at https://www.tss.db.com/invr and assistance in using the website can be xxxxxxxx xx xxxxxxx xxx Xxxstee's investor relations desk at 1-800-735-7777. Parties that are unable to use the website are entitled xx xxxx x xxxer copy mailed to them via first class mail by calling the investor relations desk and indicating such. The Trustee may change the way the monthly statements to Certificateholders are distributed in order to make such distribution more convenient and/or more accessible provide to the above parties Trustee in electronic form the information needed to determine the distributions to be made pursuant to Section 4.02 and 3.09(b)(ii) and any other information on which the Master Servicer and the Trustee shall provide timely and adequate notification to all above parties regarding any such changes. As a condition to access the Trustee's internet website, the Trustee may require registration and the acceptance of a disclaimer. The Trustee will not be liable for the dissemination of information in accordance with this Agreement. The Trustee shall make available to each Analytics Company, either electronically or via the Trustee's internet website, each statement to Certificateholders prepared pursuant to Section 4.03(a). The Trustee (and the applicable Servicer, if such discrepancy results from or arises out of any information provided by the applicable Servicer pursuant to this Agreement) shall cooperate in good faith with the Depositor to reconcile any discrepancies in such statements, and the Trustee shall provide any corrections to such statements to each Analytics Company as soon as reasonably practicable after the related Distribution Date. The Trustee will also be entitled to rely on but shall not be responsible for the content or accuracy of any information provided by third parties for purposes of preparing the monthly statement to Certificateholders and may affix thereto any disclaimer it deems appropriate in its reasonable discretion (without suggesting liability on the part of any other party hereto)mutually agree.
(c) Within In addition to the contingent obligations of the Backup Servicer under this Agreement, the Backup Servicer shall establish and maintain a reasonable period system of time after transaction accounting in regard to the end Mortgage Loans substantially similar to that maintained by the Master Servicer and post to such system all information relating to the Mortgage Loans obtained by the Backup Servicer provide the initial mapping of each data fields and assure data compatibility between the Master Servicer's servicing system and the Backup Servicer's servicing system in order, to enable the Backup Servicer to perform the obligations of a successor master servicer immediately upon any termination or resignation of the Master Servicer. The Backup Servicer shall post to its servicing system such information relating to the Mortgage Loans no more than once every calendar year, the Trustee shall cause to be furnished to each Person who at any time during the calendar year was a Certificateholder, a statement containing the information set forth . The Backup Servicer's obligations described in clauses (a)(i) and (a)(ii) of this Section 4.03 aggregated for such calendar year or applicable portion thereof during which such Person was a Certificateholder. Such obligation and its obligations pursuant to Section 7.02 shall be the only obligations of the Trustee shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Trustee pursuant to any requirements Backup Servicer under this Agreement. All such obligations of the Code Backup Servicer are effective as from time to time in effect.
(d) Not later than the Determination Date for each Distribution Date, each Servicer shall furnish to the Trustee, a monthly remittance advice statement (the "Servicer Remittance Report") containing the data fields set forth on Exhibit X attached hereto (in each case, in a format mutually agreed upon by such Servicer and the Trustee) with respect to HomEq, containing the data fields set forth on Exhibit Y attached hereto with respect to Wells Fargo (in each case, in a format mutually agreed upon by such Serxxxxx and the Trustee) and containing the data fields set forth on Exhibit Z attached hereto with respect Countrywide Servicing (in each case, in a format mutually agreed upon by such Servicer and the Trustee) and such information as shall be reasonably requested (i) by the Depositor to enable the Depositor to disclose "static pool information", as required by Item 1105 of Regulation AB, with respect to the Mortgage Loans, and (ii) by the Trustee to enable the Trustee to provide the reports required by Section 4.03(a) as to the accompanying remittance and applicable Due Period and Prepayment Period to which such remittance relates. The Servicer Remittance Report shall, at a minimum, document, on such Determination Date, Mortgage Loan payment activity on an individual Mortgage Loan basis, as follows:
(i) with respect to each Scheduled Payment, the amount of such remittance allocable to principal (including a separate breakdown of any Principal Prepayment, including the date of such prepayment, and any Prepayment Charges, received during this Agreement. In order to permit the related Prepayment Period along with a detailed report of interest on principal prepayment amounts remitted in accordance with Section 3.25);
(ii) with respect Backup Servicer to each Scheduled Payment, the amount of such remittance allocable to interest;
(iii) the amount of servicing compensation received by such Servicer during the prior distribution period;
(iv) the individual and aggregate Stated Principal Balance of the Mortgage Loans;
(v) the aggregate expenses reimbursed to such Servicer during the prior distribution period pursuant to Section 3.11; and
(vi) the number and aggregate outstanding principal balances of Mortgage Loans (a) delinquent 31 to 60 days, 61 to 90 days and 91 or more days; (b) as to which foreclosure or bankruptcy proceedings of the related mortgagor have commenced; and (c) as to which REO Property has been acquired. Concurrently with each delivery of a Servicer Remittance Report to the Trustee, Wells Fargo, acting as a Servicer, shall provide, in a manner consistenx xxxh the preceding paragraph, a supplemental statement (to the extent not previously provided) setting forth information in subclauses (v) and (vi). The Trustee shall promptly forward the Servicer Remittance Report and the related supplemental statement to the Depositor.
(e) Notwithstanding anything in Section 4.03(d) to the contrary, the Servicers shall be deemed to have satisfied the requirement to timely deliver the Servicer Remittance Report if such report is received by the Trustee on or prior to the 18th calendar day of such month in which the related Determination Date occurs; provided, however, that if such 18th calendar day is a Sunday or a Monday which is not a Business Day, the Servicers shall be deemed to have satisfied the requirement to timely deliver the Servicer Remittance Report if the Trustee and the Depositor receive such report (i) on the next Business Day succeeding such 18th calendar day, or (ii) on the Business Day immediately preceding such 18th calendar day, if such succeeding Business Day is later than the 20th calendar day of such calendar month.
(f) For all purposes of perform its obligations under this Agreement, with respect the Master Servicer shall provide a complete and readable data file, data file layout and data dictionary to any Mortgage Loan, delinquencies shall be determined by ensure accurate mapping. The information described in the Trustee from foregoing sentence and all other information provided by the Servicers and reported by the Trustee based on the "OTS" methodology for determining delinquencies on mortgage loans similar Master Servicer to the Mortgage Loans. By way of example, a Mortgage Loan would Backup Servicer pursuant to this Agreement shall be delinquent with respect to a Scheduled Payment due on a Due Date if such Scheduled Payment is not made by the close of business on the Mortgage Loan's next succeeding Due Date, in form and a Mortgage Loan would be more than 30-days Delinquent with respect to such Scheduled Payment if such Scheduled Payment were not made by the close of business on the Mortgage Loan's second succeeding Due Date. Each Servicer hereby represents and warrants substance satisfactory to the Depositor that such Servicer is not subject to any delinquency recognition policy established by the primary safety and soundness regulator, if any, of such Backup Servicer, that is more restrictive than the foregoing delinquency recognition policy.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Indymac Abs Inc Home Eq Mort Ln Asst Back Tr Ser SPMD 2003-A)
