Monthly Statements to Certificateholders. (a) Not later than each Distribution Date based solely on information provided by the Servicer (which information is not required to include any prediction of future performance as to which such report relates), the Securities Administrator shall prepare and make available on its website located at xxx.xxxxxxx.xxx to each Holder of a Class of Certificates of the Trust Fund, the Servicer, the Master Servicer, the Trustee, the NIMs Insurer, the Rating Agencies and the Depositor a statement setting forth for the Certificates: (i) the amount of the related distribution to Holders of each Class allocable to principal, separately identifying (A) the aggregate amount of any Principal Prepayments included therein, (B) the aggregate of all scheduled payments of principal included therein, (C) the Extra Principal Distribution Amount, if any, and (D) the aggregate amount of Prepayment Charges, if any; (ii) the amount of such distribution to Holders of each Class allocable to interest, together with any Non-Supported Interest Shortfalls allocated to each Class; (iii) the Certificate Principal Balance of each Class immediately prior to and after giving effect (i) to all distributions allocable to principal on such Distribution Date and (ii) the allocation of any Applied Realized Loss Amounts for such Distribution Date; (iv) the Pool Stated Principal Balance for such Distribution Date; (v) the amount of the Servicing Fee paid to or retained by the Servicer, the amount of the Securities Administrator Fee paid to or retained by the Securities Administrator and any amounts constituting reimbursement or indemnification of the Servicer, Master Servicer, Securities Administrator or Trustee; (vi) the Pass-Through Rate for each Class of Certificates for such Distribution Date; (vii) the amount of Advances included in the distribution on such Distribution Date; (viii) the cumulative amount of (A) Realized Losses and (B) Applied Realized Loss Amounts to date, in the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage Loans; (ix) the amount of (A) Realized Losses and (B) Applied Realized Loss Amounts with respect to such Distribution Date, in the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage Loans; (x) the number and aggregate principal amounts of Mortgage Loans (A) Delinquent (exclusive of Mortgage Loans in foreclosure) (1) 31 to 60 days, (2) 61 to 90 days and (3) 91 or more days, and (B) in foreclosure and Delinquent (1) 31 to 60 days, (2) 61 to 90 days and (3) 91 or more days, in each case as of the close of business on the last day of the calendar month preceding such Distribution Date, in the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage Loans; (xi) with respect to any Mortgage Loan that became an REO Property during the preceding calendar month, the loan number and Stated Principal Balance of such Mortgage Loan as of the close of business on the last day of the calendar month preceding such Distribution Date and the date of acquisition thereof, in the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage Loans; (xii) the total number and principal balance of any REO Properties as of the close of business on the last day of the calendar month preceding such Distribution Date, in the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage Loans; (xiii) the aggregate Stated Principal Balance of all Liquidated Loans as of the preceding Distribution Date, in the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage Loans; (xiv) whether a Stepdown Trigger Event has occurred and is in effect; (xv) with respect to each Class of Certificates, any Interest Carry Forward Amount with respect to such Distribution Date for each such Class, any Interest Carry Forward Amount paid for each such Class and any remaining Interest Carry Forward Amount for each such Class; (xvi) the number and Stated Principal Balance (as of the preceding Distribution Date) of any Mortgage Loans which were purchased or repurchased during the preceding Due Period and since the Cut-off Date; (xvii) the number of Mortgage Loans for which Prepayment Charges were received during the related Prepayment Period and, for each such Mortgage Loan, the amount of Prepayment Charges received during the related Prepayment Period and in the aggregate of such amounts for all such Mortgage Loans since the Cut-off Date; (xviii) the amount and purpose of any withdrawal from the Collection Account pursuant to Section 3.08(a)(viii); (xix) the amount of any payments to each Class of Certificates that are treated as payments received in respect of a REMIC "regular interest" or REMIC "residual interest" and the amount of any payments to each Class of Certificates that are not treated as payments received in respect of a REMIC "regular interest" or REMIC "residual interest"; (xx) as of each Distribution Date, the amount, if any, to be deposited in the Cap Contract Account pursuant to the related Cap Contract as described in Section 4.04(k) and the amount thereof to be paid to the Class A, Class M, Class B-1A, Class B-2A, Class B-3A, Class B-4A and Class C Certificates described in Section 4.04(k) hereof; (xxi) any Floating Rate Certificate Carryover paid and all Floating Rate Certificate Carryover remaining on each class of the Class A, Class M, Class B-1, Class B-2, Class B-3 and Class B-4 Certificates on such Distribution Date; (xxii) the number of Mortgage Loans with respect to which (i) a reduction in the Mortgage Rate has occurred or (ii) the related borrower's obligation to repay interest on a monthly basis has been suspended or reduced pursuant to the Servicemembers Civil Relief Act or the California Military and Veterans Code, as amended; and the amount of interest not required to be paid with respect to any such Mortgage Loans during the related Due Period as a result of such reductions in the aggregate and with respect to the Group One Mortgage Loans and the Group Two Mortgage Loans. (xxiii) the aggregate Outstanding Principal Balance of each Class of Certificates for the following Distribution Date; (xxiv) the number and aggregate principal amounts of Mortgage Loans (A) delinquent (1) one Monthly Payment, (2) two Monthly Payments and (3) three or more Monthly Payments and (B) in foreclosure, in each case, as of the end of the related Principal Prepayment Period; (xxv) the number and the principal balance of Mortgage Loans with respect to any real estate acquired through foreclosure or grant of a deed in lieu of foreclosure; (xxvi) the aggregate amount of all Advances recovered during the related Due Period; (xxvii) the aggregate amount of Realized Losses during the related Due Period and the aggregate amount of Realized Losses since the Cut-off Date; (xxviii) the allocation to each Class of Certificate of any Realized Losses during the related Due Period; (xxix) with respect to each Class of Certificates, the amount of any Compensating Interest Shortfalls on such Distribution Date; (xxx) Number and amount of pool assets at the beginning and ending of each period, and updated pool composition information, such as weighted average coupon, weighted average life, weighted average remaining term, pool factors and prepayment amounts; (xxxi) In addition, describe any material changes to methodology regarding calculations of delinquencies and charge-offs; (xxxii) Information on the amount, terms and general purpose of any advances made or reimbursed during the period, including the general use of funds advanced and the general source of funds for reimbursements; (xxxiii) Any material modifications, extensions or waivers to pool asset terms, fees, penalties or payments during the distribution period or that have cumulatively become material over time; (xxxiv) Material breaches of pool asset representations or warranties or transaction covenants; (xxxv) Information on ratio, coverage or other tests used for determining any early amortization, liquidation or other performance trigger and whether the trigger was met; and (xxxvi) Information regarding any new issuance of asset-backed securities backed by the same asset pool, any pool asset changes (other than in connection with a pool asset converting into cash in accordance with its terms), such as additions or removals in connection with a prefunding or revolving period and pool asset substitutions and repurchases (and purchase rates, if applicable), and cash flows available for future purchases, such as the balances of any prefunding or revolving accounts, if applicable. Disclose any material changes in the solicitation, credit-granting, underwriting, origination, acquisition or pool selection criteria or procedures, as applicable, used to originate, acquire or select the new pool assets. (b) The Securities Administrator will make the Monthly Statement (and, at its option, any additional files containing the same information in an alternative format) available each month to Certificateholders, other parties to this Agreement and any other interested parties via the Securities Administrator's Internet website. The Securities Administrator's Internet website shall initially be located at "www.__________." 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 website 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 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 Securities Administrator shall provide timely and adequate notification to all above parties regarding any such changes. The Securities Administrator shall 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 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 Securities Administrator's internet website, the Securities Administrator may require registration and the acceptance of a disclaimer. The Securities Administrator will not be liable for the dissemination of information in accordance with this Agreement.
Appears in 3 contracts
Samples: Pooling and Servicing Agreement (Merrill Lynch Mortgage Investors Inc), Pooling and Servicing Agreement (Merrill Lynch Mortgage Investors Inc), Pooling and Servicing Agreement (Merrill Lynch Mortgage Investors Inc)
Monthly Statements to Certificateholders. (a) Not later than each Distribution Date based solely on information provided by the Servicer (which information is not required to include any prediction of future performance as to which such report relates)Date, the Securities Administrator Trustee shall prepare and make available on its website located at xxx.xxxxxxx.xxx to the Yield Maintenance Provider, each Holder of a Class of Certificates of the Trust FundCertificates, the ServicerRating Agencies, the Master Servicer, the Trustee, the NIMs Insurer, the Rating Agencies Servicer and the Depositor a statement setting forth for the Certificates:
(i) the amount of the related distribution to Holders of each Class of Certificates (other than the Class B-IO Certificates and the Residual Certificates) allocable to principal, separately identifying (A) the aggregate amount of any Principal Prepayments included therein, (B) the aggregate of all scheduled payments (except with respect to any Simple Interest Loans) of principal included therein (and with respect to any Simple Interest Loans, the amount of principal actually received included therein), (C) the Extra Principal Distribution Amountprincipal portion of all Liquidation Proceeds and Insurance Proceeds included therein and the purchase price in connection with the purchase of Mortgage Loans and cash deposits in connection with substitutions of Mortgage Loans, if any, and (D) the aggregate amount of Prepayment Charges, any Subsequent Recoveries included therein and (E) the Extra Principal Distribution Amount (if any) included therein;
(ii) the amount of such distribution to Holders of each Class of Certificates allocable to interest, together with any Non-Supported Interest Shortfalls allocated and, if applicable, the portion thereof allocable to each Classamounts provided pursuant to the Yield Maintenance Agreement;
(iii) any Interest Carry Forward Amounts and any Basis Risk Carry Forward Amounts for each Class of Certificates (other than the Residual Certificates);
(iv) the Certificate Principal Balance of each Class immediately prior to of Certificates (other than the Class B-IO Certificates and the Residual Certificates) before and after giving effect (i) to all distributions allocable to principal on such Distribution Date and Date, (ii) if applicable, the allocation of any Applied Allocated Realized Loss Amounts for such Distribution Date;
, and, (iviii) if applicable, the Pool Stated allocation of Subsequent Recoveries to increase the Certificate Principal Balance for such Distribution Date, and the aggregate Certificate Principal Balances of such Certificates after all such distributions and allocations;
(v) the cumulative amount of Allocated Realized Loss Amounts to date and the Servicing Fee paid Unpaid Allocated Realized Loss Amounts for each Class of Certificates (other than the Class B-IO Certificates and the Residual Certificates) on such Distribution Date after giving effect to or retained by the Servicer, distribution of principal on such Certificates (including as a result of Subsequent Recoveries on the amount Mortgage Loans) and the allocation of the Securities Administrator Fee paid Allocated Realized Loss Amounts to or retained by the Securities Administrator and any amounts constituting reimbursement or indemnification of the Servicer, Master Servicer, Securities Administrator or Trusteesuch Certificates on such Distribution Date;
(vi) the Pass-Through Rate for each Class of Certificates for such Distribution Date, and whether such Pass-Through Rate was limited by an Interest Rate Cap;
(vii) the amount of any Net Monthly Excess Cashflow Amount and any Excess Yield Maintenance Amount with respect to such Distribution Date;
(viii) the aggregate of the Stated Principal Balances of all of the Mortgage Loans on the related Due Date;
(ix) the amount of the Master Servicing Fees and Trustee Fees paid to or (as applicable) retained by the Master Servicer and the Trustee, respectively, with respect to such Distribution Date;
(x) the amount of Advances and Compensating Interest Payments included in the distribution on such Distribution Date;
(viii) the cumulative amount of (A) Realized Losses and (B) Applied Realized Loss Amounts to date, in the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage Loans;
(ix) the amount of (A) Realized Losses and (B) Applied Realized Loss Amounts with respect to such Distribution Date, in the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage Loans;
(xxi) the number and aggregate principal amounts Stated Principal Balance of Mortgage Loans (A) Delinquent (exclusive of Mortgage Loans in foreclosureforeclosure and bankruptcy) (1) 31 to 60 days, (2) 61 to 90 days and (3) 91 or more days, and (B) in foreclosure and Delinquent delinquent (1) 31 to 60 days, (2) 61 to 90 days and (3) 91 or more days and (C) in bankruptcy and delinquent (1) 31 to 60 days, (2) 61 to 90 days and (3) 91 or more days, in each case as of the close of business on the last day of the calendar month preceding such Distribution Date, in the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage Loans;
(xixii) with respect to any Mortgage Loan that became an REO Property was liquidated during the preceding calendar month, the loan number and Stated Principal Balance of of, and Realized Loss on, such Mortgage Loan as of the close of business on the last day end of the calendar month preceding such Distribution Date and the date of acquisition thereof, in the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage Loansrelated Prepayment Period;
(xiixiii) whether a Trigger Event exists on such Distribution Date;
(xiv) the number and principal balance of Mortgage Loans purchased or substituted for during the immediately preceding Prepayment Period or Due Period, as applicable, and cumulatively since the Cut-off Date;
(xv) the total number and principal balance of any REO Properties as of the close of business on the last day end of the calendar month preceding such Distribution Date, in related Prepayment Period;
(xvi) the aggregate and amount of Realized Losses with respect to the Group One Mortgage Loans (i) during the related Prepayment Period and Group Two cumulatively through the end of the preceding month and (ii) since the Closing Date as a percentage of the aggregate Stated Principal Balance of the Mortgage LoansLoans on the Closing Date;
(xiiixvii) the three month rolling average of the percent equivalent of a fraction, the numerator of which is the aggregate Stated Principal Balance of the Mortgage Loans that are 61 days or more delinquent or are in bankruptcy or foreclosure or are REO Properties, and the denominator of which is the aggregate Stated Principal Balance of all Liquidated of the Mortgage Loans as of the preceding Distribution Date, in the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage Loans;
(xiv) whether a Stepdown Trigger Event has occurred and is in effect;
(xv) with respect to each Class last day of Certificates, any Interest Carry Forward Amount with respect to such Distribution Date for each such Class, any Interest Carry Forward Amount paid for each such Class and any remaining Interest Carry Forward Amount for each such Class;
(xvi) the number and Stated Principal Balance (as of the preceding Distribution Date) of any Mortgage Loans which were purchased or repurchased during the preceding Related Due Period and since the Cut-off Date;
(xvii) the number of Mortgage Loans for which Prepayment Charges were received during the related Prepayment Period Period; and, for each such Mortgage Loan, the amount of Prepayment Charges received during the related Prepayment Period and in the aggregate of such amounts for all such Mortgage Loans since the Cut-off Date;
(xviii) the amount and purpose of any withdrawal from Subsequent Recovery on the Collection Account pursuant to Section 3.08(a)(viii);
(xix) the amount of any payments to each Class of Certificates that are treated as payments received in respect of a REMIC "regular interest" or REMIC "residual interest" and the amount of any payments to each Class of Certificates that are not treated as payments received in respect of a REMIC "regular interest" or REMIC "residual interest";
(xx) as of each Distribution Date, the amount, if any, to be deposited in the Cap Contract Account pursuant to the related Cap Contract as described in Section 4.04(k) and the amount thereof to be paid to the Class A, Class M, Class B-1A, Class B-2A, Class B-3A, Class B-4A and Class C Certificates described in Section 4.04(k) hereof;
(xxi) any Floating Rate Certificate Carryover paid and all Floating Rate Certificate Carryover remaining on each class of the Class A, Class M, Class B-1, Class B-2, Class B-3 and Class B-4 Certificates on such Distribution Date;
(xxii) the number of Mortgage Loans with respect to which (i) a reduction in recovered by the Mortgage Rate has occurred or (ii) the related borrower's obligation to repay interest on a monthly basis has been suspended or reduced pursuant to the Servicemembers Civil Relief Act or the California Military and Veterans Code, as amended; and the amount of interest not required to be paid with respect to any such Mortgage Loans Master Servicer during the related Due Period as a result of such reductions in the aggregate and with respect to the Group One Mortgage Loans and the Group Two Mortgage Loans.
(xxiii) amount by which the aggregate Outstanding Certificate Principal Balance of each Class of Certificates for the following Distribution Date;
(xxiv) the number and aggregate principal amounts of Mortgage Loans (A) delinquent (1) one Monthly Payment, (2) two Monthly Payments and (3) three or more Monthly Payments and (B) in foreclosure, in each case, as of the end of the related Principal Prepayment Period;
(xxv) the number and the principal balance of Mortgage Loans with respect to any real estate acquired through foreclosure or grant of a deed in lieu of foreclosure;
(xxvi) the aggregate amount of all Advances recovered during the related Due Period;
(xxvii) the aggregate amount of Realized Losses during the related Due Period and the aggregate amount of Realized Losses since the Cut-off Date;
(xxviii) the allocation to each Class of Certificate of any Realized Losses during the related Due Period;
(xxix) with respect to each Class of Certificates, the amount of any Compensating Interest Shortfalls on such Distribution Date;
(xxx) Number and amount of pool assets at the beginning and ending of each period, and updated pool composition information, such as weighted average coupon, weighted average life, weighted average remaining term, pool factors and prepayment amounts;
(xxxi) In addition, describe any material changes to methodology regarding calculations of delinquencies and charge-offs;
(xxxii) Information on the amount, terms and general purpose of any advances made or reimbursed during the period, including the general use of funds advanced and the general source of funds for reimbursements;
(xxxiii) Any material modifications, extensions or waivers to pool asset terms, fees, penalties or payments during the distribution period or that have cumulatively become material over time;
(xxxiv) Material breaches of pool asset representations or warranties or transaction covenants;
(xxxv) Information on ratio, coverage or other tests used for determining any early amortization, liquidation or other performance trigger and whether the trigger was met; and
(xxxvi) Information regarding any new issuance of asset-backed securities backed by the same asset pool, any pool asset changes (other than in connection with the Class B-IO Certificates and the Residual Certificates) was increased as a pool asset converting into cash in accordance with its terms), such as additions or removals in connection with a prefunding or revolving period and pool asset substitutions and repurchases (and purchase rates, if applicable), and cash flows available for future purchases, such as the balances of any prefunding or revolving accounts, if applicable. Disclose any material changes in the solicitation, credit-granting, underwriting, origination, acquisition or pool selection criteria or proceduresresult thereof, as applicable, used provided by the Master Servicer to originate, acquire or select the new pool assets.
(b) Trustee. The Securities Administrator Trustee will make the Monthly Statement foregoing monthly statement (and, at its option, any additional files containing the same information in an alternative format) available each month to Certificateholders, other parties to this Agreement and any other interested parties Certificateholders via the Securities AdministratorTrustee's Internet internet website. The Securities AdministratorTrustee's Internet internet website shall initially be located at "www.__________." www.ctslink.com". Assistance in using the Trustee's website can be obtained by calling obtaxxxx xx xxxxxxx the Securities AdministratorTrustee's customer service desk at ______________(301) 815-6600. Parties that are unable to use the website above distribution options are entitled to have a paper copy mailed to them via first class mail by calling the Trustee's customer service desk and indicating such. The Securities Administrator shall have the right to Trustee may change the way the monthly statements to Certificateholders are distributed in order to make such distribution distributions more convenient and/or or more accessible to the above parties parties.
(b) The Trustee's responsibility for making the above information available to the Certificateholders is limited to the availability, timeliness and accuracy of the information derived from the Master Servicer and the Securities Administrator shall provide timely and adequate notification to all above parties regarding any such changesYield Maintenance Provider. The Securities Administrator Trustee will make available a copy of each statement provided pursuant to this Section 5.05 to each Rating Agency.
(c) Within a reasonable period of time after the end of each calendar year, the Trustee shall also cause to be entitled furnished to rely the Master Servicer and upon request to each Person who at any time during the calendar year was a Certificateholder, a statement containing the information necessary to enable Certificateholders to prepare their tax returns, 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) Upon filing with the Internal Revenue Service, the Trustee shall furnish to the Holders of the Residual Certificates the applicable Form 1066 and each applicable Form 1066Q and shall respond promptly to written requests made not more frequently than quarterly by any Holder of a Residual Certificate with respect to the following matters:
(i) The original projected principal and interest cash flows on but shall not be responsible for the content or accuracy Closing Date on each Class of regular and residual interests created hereunder and on the Mortgage Loans, based on the Prepayment Assumption;
(ii) The projected remaining principal and interest cash flows as of the end of any calendar quarter with respect to each Class of regular and residual interests created hereunder and the Mortgage Loans, based on the Prepayment Assumption;
(iii) The applicable Prepayment Assumption and any interest rate assumptions used in determining the projected principal and interest cash flows described above;
(iv) The original issue discount (or, in the case of the Mortgage Loans, market discount) or premium accrued or amortized through the end of such calendar quarter with respect to each Class of regular or residual interests created hereunder and to the Mortgage Loans, together with each constant yield to maturity used in computing the same;
(v) The treatment of losses realized with respect to the Mortgage Loans or the regular interests created hereunder, including the timing and amount of any cancellation of indebtedness income of a REMIC with respect to such regular interests or bad debt deductions claimed with respect to the Mortgage Loans;
(vi) The amount and timing of any non-interest expenses of a REMIC; and
(vii) Any taxes (including penalties and interest) imposed on the REMIC, including, without limitation, taxes on "prohibited transactions," "contributions" or "net income from foreclosure property" or state or local income or franchise taxes. The information pursuant to clauses (i), (ii), (iii) and (iv) above shall be provided by third parties for purposes of preparing the monthly statement 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 Depositor pursuant to access the Securities Administrator's internet website, the Securities Administrator may require registration and the acceptance of a disclaimer. The Securities Administrator will not be liable for the dissemination of information in accordance with this AgreementSection 9.12.
Appears in 3 contracts
Samples: Pooling and Servicing Agreement (Bsabs 2005-1), Pooling and Servicing Agreement (Bear Stearns Asset Backed Securities Trust 2005-2), Pooling and Servicing Agreement (Bsabs 2005-1)
Monthly Statements to Certificateholders. (a) Not later than each Distribution Date based solely on information provided by the Servicer (which information is not required to include any prediction of future performance as to which such report relates)Date, the Securities Administrator shall prepare and deliver to the Trustee and the Yield Maintenance Provider, and make available on its website located at xxx.xxxxxxx.xxx to each Holder of a Class of Certificates of the Trust FundCertificates, the ServicerTrustee, the Rating Agencies, the Master Servicer, the Trustee, the NIMs Insurer, the Rating Agencies EMC Servicer and the Depositor a statement setting forth for the Certificates:
(i) the amount of the related distribution to Holders of each Class allocable to principal, separately identifying (A) the aggregate amount of any Principal Prepayments included therein, (B) the aggregate of all scheduled payments (except with respect to any Simple Interest Loans) of principal included therein (and with respect to any Simple Interest Loans, the amount of principal actually received included therein), and (C) the Extra Principal Distribution Amount, Amount (if any, and (D) the aggregate amount of Prepayment Charges, if any);
(ii) the amount of such distribution to Holders of each Class allocable to interest, together with any Non-Supported Interest Shortfalls allocated and, if applicable, the portion thereof allocable to each Classamounts provided pursuant to the Yield Maintenance Agreements to the extent such information is provided to the Securities Administrator by the Trustee;
(iii) any Interest Carry Forward Amounts, any Basis Risk Shortfall Carry Forward Amounts for each Class of Adjustable Rate Certificates;
(iv) the Certificate Principal Balance of each Class immediately prior to the Offered Certificates before and after giving effect (i) to all distributions allocable to of principal on and allocation of Applied Realized Loss Amounts in reduction of Certificate Principal Balance for such Distribution Date and (ii) the allocation of any Applied Realized Loss Amounts for such Distribution Date;
(iv) Subsequent Recoveries to increase the Pool Stated Certificate Principal Balance for such Distribution Date;
(v) the cumulative amount of Applied Realized Loss Amounts to date and the Servicing Fee paid Unpaid Applied Realized Loss Amounts for each applicable Class of Subordinate Certificates after giving effect to or retained by the Servicer, the amount distribution of the Securities Administrator Fee paid to or retained by the Securities Administrator principal (including Subsequent Recoveries) and any amounts constituting reimbursement or indemnification allocation of the Servicer, Master Servicer, Securities Administrator or TrusteeApplied Realized Loss Amounts on such Distribution Date;
(vi) the Pass-Through Rate for each Class of Adjustable Rate Certificates for with respect to the current Accrual Period, and, if applicable, whether such Distribution Pass-Through Rate was limited by the Interest Rate Cap;
(vii) the amount of any Excess Cashflow Amount and any Excess Yield Maintenance Amount with respect to each Group;
(viii) the aggregate of the Stated Principal Balances of the Mortgage Loans with respect to each Group on the related Due Date;
(viiix) the related amount of the Master Servicing Fees paid to or retained by the Master Servicer and the Servicing Fees paid to or retained by each Servicer for the related Due Period;
(x) the amount of Advances included in the distribution on such Distribution Date;
(viii) the cumulative amount of (A) Realized Losses and (B) Applied Realized Loss Amounts to date, in the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage Loans;
(ix) the amount of (A) Realized Losses and (B) Applied Realized Loss Amounts with respect to such Distribution Date, in the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage Loans;
(xxi) the number and aggregate principal amounts of Mortgage Loans (A) Delinquent (exclusive of Mortgage Loans in foreclosureforeclosure and bankruptcy) (1) 31 to 60 days, (2) 61 to 90 days and (3) 91 or more days, and (B) in foreclosure and Delinquent delinquent (1) 31 to 60 days, (2) 61 to 90 days and (3) 91 or more days and (C) in bankruptcy and delinquent (1) 31 to 60 days, (2) 61 to 90 days and (3) 91 or more days, in each case as of the close of business on the last day of the calendar month preceding such Distribution Date, in the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage Loans;
(xixii) with respect to any Mortgage Loan that became an REO Property was liquidated during the preceding calendar month, the loan number and Stated Principal Balance of of, and Realized Loss on, such Mortgage Loan as of the close of business on the last day end of the calendar month preceding such Distribution Date and the date of acquisition thereof, in the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage Loansrelated Prepayment Period;
(xiixiii) whether a Trigger Event exists in a Group;
(xiv) the total number and principal balance of any REO Properties with respect to each Group as of the close end of business on the related Prepayment Period;
(xv) the Realized Losses with respect to each Group during the related Prepayment Period and the cumulative Realized Losses with respect to each Group through the end of the preceding month;
(xvi) the three month rolling average of the percent equivalent of a fraction, the numerator of which is the aggregate stated Principal Balance of the Mortgage Loans in each Group that are 61 days or more delinquent or are in bankruptcy or foreclosure or are REO Properties, and the denominator of which is the aggregate Stated Principal Balance of all of the Mortgage Loans in the related Group as of the last day of the calendar month preceding such Distribution Date, in the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage Loans;
(xiiixvii) the aggregate Realized Losses on the Mortgage Loans in each Group since the Closing Date as a percentage of the aggregate Stated Principal Balance of all Liquidated the Mortgage Loans as of the preceding Distribution Date, in the aggregate and with respect to related Group on the Group One Mortgage Loans and Group Two Mortgage Loans;
(xiv) whether a Stepdown Trigger Event has occurred and is in effect;
(xv) with respect to each Class of Certificates, any Interest Carry Forward Amount with respect to such Distribution Date for each such Class, any Interest Carry Forward Amount paid for each such Class and any remaining Interest Carry Forward Amount for each such Class;
(xvi) the number and Stated Principal Balance (as of the preceding Distribution Closing Date) of any Mortgage Loans which were purchased or repurchased during the preceding Due Period and since the Cut-off Date;
(xvii) the number of Mortgage Loans for which Prepayment Charges were received during the related Prepayment Period ; and, for each such Mortgage Loan, the amount of Prepayment Charges received during the related Prepayment Period and in the aggregate of such amounts for all such Mortgage Loans since the Cut-off Date;
(xviii) the amount and purpose of any withdrawal from the Collection Account pursuant to Section 3.08(a)(viii);
(xix) the amount of any payments to each Class of Certificates that are treated as payments received in respect of a REMIC "regular interest" or REMIC "residual interest" Subsequent Recovery for such Distribution Date and the amount of any payments to each Class of Certificates that are not treated as payments received in respect of a REMIC "regular interest" or REMIC "residual interest";
(xx) as of each Distribution Date, by which the amount, if any, to be deposited in the Cap Contract Account pursuant to the related Cap Contract as described in Section 4.04(k) and the amount thereof to be paid to the Class A, Class M, Class B-1A, Class B-2A, Class B-3A, Class B-4A and Class C Certificates described in Section 4.04(k) hereof;
(xxi) any Floating Rate Certificate Carryover paid and all Floating Rate Certificate Carryover remaining on each class of the Class A, Class M, Class B-1, Class B-2, Class B-3 and Class B-4 Certificates on such Distribution Date;
(xxii) the number of Mortgage Loans with respect to which (i) a reduction in the Mortgage Rate has occurred or (ii) the related borrower's obligation to repay interest on a monthly basis has been suspended or reduced pursuant to the Servicemembers Civil Relief Act or the California Military and Veterans Code, as amended; and the amount of interest not required to be paid with respect to any such Mortgage Loans during the related Due Period as a result of such reductions in the aggregate and with respect to the Group One Mortgage Loans and the Group Two Mortgage Loans.
(xxiii) the aggregate Outstanding Principal Balance of each Class of Subordinated Certificates for the following Distribution Date;
(xxiv) the number and aggregate principal amounts of Mortgage Loans (A) delinquent (1) one Monthly Payment, (2) two Monthly Payments and (3) three or more Monthly Payments and (B) in foreclosure, in each case, was increased as of the end of the related Principal Prepayment Period;
(xxv) the number and the principal balance of Mortgage Loans with respect to any real estate acquired through foreclosure or grant of a deed in lieu of foreclosure;
(xxvi) the aggregate amount of all Advances recovered during the related Due Period;
(xxvii) the aggregate amount of Realized Losses during the related Due Period and the aggregate amount of Realized Losses since the Cut-off Date;
(xxviii) the allocation to each Class of Certificate of any Realized Losses during the related Due Period;
(xxix) with respect to each Class of Certificates, the amount of any Compensating Interest Shortfalls on such Distribution Date;
(xxx) Number and amount of pool assets at the beginning and ending of each period, and updated pool composition information, such as weighted average coupon, weighted average life, weighted average remaining term, pool factors and prepayment amounts;
(xxxi) In addition, describe any material changes to methodology regarding calculations of delinquencies and charge-offs;
(xxxii) Information on the amount, terms and general purpose of any advances made or reimbursed during the period, including the general use of funds advanced and the general source of funds for reimbursements;
(xxxiii) Any material modifications, extensions or waivers to pool asset terms, fees, penalties or payments during the distribution period or that have cumulatively become material over time;
(xxxiv) Material breaches of pool asset representations or warranties or transaction covenants;
(xxxv) Information on ratio, coverage or other tests used for determining any early amortization, liquidation or other performance trigger and whether the trigger was met; and
(xxxvi) Information regarding any new issuance of asset-backed securities backed by the same asset pool, any pool asset changes (other than in connection with a pool asset converting into cash in accordance with its terms), such as additions or removals in connection with a prefunding or revolving period and pool asset substitutions and repurchases (and purchase rates, if applicable), and cash flows available for future purchases, such as the balances of any prefunding or revolving accounts, if applicableresult thereof. Disclose any material changes in the solicitation, credit-granting, underwriting, origination, acquisition or pool selection criteria or procedures, as applicable, used to originate, acquire or select the new pool assets.
(b) The Securities Administrator will may make the Monthly Statement foregoing monthly statement (and, at its option, any additional files containing the same information in an alternative format) available each month to Certificateholders, other parties to this Agreement and any other interested parties Certificateholders via the Securities Administrator's Internet internet website. The Securities Administrator's Internet internet website shall initially be located at "www.__________." www.ctslink.com". Assistance in using the website can Securities Administrator'x xxxxxxx xxx be obtained by calling the Securities Administrator's customer service desk at ______________(301) 815-6600. To the extent timely received from the Securities Xxxxxxxxxxxxx, the Trustee will also make monthly statements available each month to Certificateholders and the Yield Maintenance Provider via the Trustee's internet website. The trustee's internet website will initially be located at www.jpmorgan.com/sfr. Assistance in using the Trustee's website sexxxxx xxx xx xxxxxxxd by calling the Trustee's customer service desk at (877) 722-1095. Parties that are unable to use the website are above distributxxx xxxxxxx xxe entitled to have a paper copy mailed to them via first class mail by calling the Securities Administrator's customer service desk and indicating such. The Securities Administrator shall have the right to may change the way the monthly statements to Certificateholders are distributed in order to make such distribution distributions more convenient and/or or more accessible to the above parties and the Securities Administrator shall provide timely and adequate notification to all above parties regarding any such changes. parties.
(b) The Securities Administrator shall 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 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 Securities Administrator's internet websiteresponsibility for making the above information available to the Certificateholders is limited to the availability, timeliness and accuracy of the Securities Administrator may require registration information derived from the Master Servicer and the acceptance of a disclaimerEMC Servicer. The Securities Administrator will make available a copy of each statement provided pursuant to this Section 5.05 to each Rating Agency.
(c) Within a reasonable period of time after the end of each calendar year, the Securities Administrator will prepare and the Trustee will provide to the EMC Servicer, and 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) and (a)(ii) of this Section 5.05 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) Upon filing with the Internal Revenue Service, the Securities Administrator shall furnish to the Holders of the Residual Certificates the applicable Form 1066 and each applicable Form 1066Q and shall respond promptly to written requests made not more frequently than quarterly by any Holder of a Residual Certificate with respect to the following matters:
(i) The original projected principal and interest cash flows on the Closing Date on each Class of regular and residual interests created hereunder and on the Mortgage Loans, based on the Prepayment Assumption;
(ii) The projected remaining principal and interest cash flows as of the end of any calendar quarter with respect to each Class of regular and residual interests created hereunder and the Mortgage Loans, based on the Prepayment Assumption;
(iii) The applicable Prepayment Assumption and any interest rate assumptions used in determining the projected principal and interest cash flows described above;
(iv) The original issue discount (or, in the case of the Mortgage Loans, market discount) or premium accrued or amortized through the end of such calendar quarter with respect to each Class of regular or residual interests created hereunder and to the Mortgage Loans, together with each constant yield to maturity used in computing the same;
(v) The treatment of losses realized with respect to the Mortgage Loans or the regular interests created hereunder, including the timing and amount of any cancellation of indebtedness income of a REMIC with respect to such regular interests or bad debt deductions claimed with respect to the Mortgage Loans;
(vi) The amount and timing of any non-interest expenses of a REMIC; and
(vii) Any taxes (including penalties and interest) imposed on the REMIC, including, without limitation, taxes on "prohibited transactions," "contributions" or "net income from foreclosure property" or state or local income or franchise taxes. The information pursuant to clauses (i), (ii), (iii) and (iv) above shall be liable for provided by the dissemination of information in accordance with this AgreementDepositor pursuant to Section 9.12.
Appears in 3 contracts
Samples: Pooling and Servicing Agreement (Bears Stearns Asset Backed Securities Trust 2005-Sd2), Pooling and Servicing Agreement (Bears Stearns Asset Backed Securities Trust 2005-Sd2), Pooling and Servicing Agreement (Bears Stearns Asset Backed Securities Trust 2005-Sd2)
Monthly Statements to Certificateholders. (a) Not later than each Distribution Date based solely on information provided by the Servicer (which information is not required to include any prediction of future performance as to which such report relates)Date, the Securities Administrator shall prepare and make available on its website located at xxx.xxxxxxx.xxx to each Holder of a Class of Certificates of the Trust FundCertificates, the Servicer, the Master Servicer, the Trustee, the NIMs Insurer, the Rating Agencies Depositor and the Depositor Credit Risk Manager via its website a statement setting forth the following information for the Certificates:
(i) the Interest Accrual Period and general Distribution Dates for each Class of Certificates;
(ii) the Pass-Through Rate for each Class of Certificates with respect to the current Accrual Period;
(iii) the total cash flows received and the general sources thereof;
(iv) the amount of the related distribution to Holders of each Class allocable to principal, separately identifying (A) the aggregate amount of any Principal Prepayments included therein, (B) the aggregate of all scheduled payments of principal included therein, (C) the Extra Principal Distribution Amount, Monthly Excess Interest with respect to the Certificates (if any, ) and (D) the aggregate amount of Prepayment Charges, if anyCharges distributed to the Class P Certificates;
(iiv) the amount of such distribution distributed to Holders of each Class on such Distribution Date allocable to interest, together with any Non-Supported Interest Shortfalls allocated to each Class;
(iiivi) the Certificate Principal Balance of each Class immediately prior to and of Certificates, if applicable, after giving effect (i) to all distributions allocable to principal on such Distribution Date and (ii) the allocation of any Applied Realized Loss Amounts for such Distribution Date;
(iv) the Pool Stated Principal Balance for such Distribution Date;
(v) the amount of the Servicing Fee paid to or retained by the Servicer, the amount of the Securities Administrator Fee paid to or retained by the Securities Administrator and any amounts constituting reimbursement or indemnification of the Servicer, Master Servicer, Securities Administrator or Trustee;
(vi) the Pass-Through Rate for each Class of Certificates Losses for such Distribution Date;
(vii) the aggregate amount of P&I Advances included in the distribution distributions on such the Distribution Date;
(viii) the cumulative aggregate amount of (A) Realized Losses and (B) Applied Realized Loss Amounts to date, in the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage LoansRelief Act Interest Shortfalls for such Distribution Date;
(ix) the aggregate amount of (A) Realized Losses and (B) Applied Realized Loss Amounts with respect to any Prepayment Interest Shortfall for such Distribution Date, in the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage Loansextent not covered by payments by the Servicer pursuant to Section 3.02 of this Agreement or the Master Servicer pursuant to Section 4.14 of this Agreement;
(x) the cumulative amount of Realized Losses to date and, in addition, if the Certificate Principal Balance of any Class of Certificates have been reduced to zero, the cumulative amount of any Realized Losses that have not been allocated to any Class of Certificates;
(xi) the Overcollateralization Amount and the Senior Enhancement Percentage, any Overcollateralization Deficiency Amount and any Overcollateralization Release Amount for such Distribution Date
(xii) the amount of any Prepayment Charges remitted by the Servicer;
(xiii) the number, aggregate principal balance, weighted average remaining term to maturity and weighted average Mortgage Rate of the Mortgage Loans as of the related Due Date;
(xiv) the number and Scheduled Principal Balance of all the Mortgage Loans for the following Distribution Date;
(xv) the number and aggregate principal amounts balance of any Mortgage Loans that were (A) Delinquent delinquent (exclusive of Mortgage Loans in foreclosure) using the “OTS” method (1) 31 to 60 daysone scheduled payment is delinquent, (2) 61 to 90 days and two scheduled payments are delinquent, (3) 91 or more daysthree scheduled payments are delinquent and (4) foreclosure proceedings have been commenced, and loss information for the period; the number and aggregate principal balance of any Mortgage Loans in respect of which (A) one scheduled payment is delinquent, (B) in foreclosure and Delinquent (1) 31 to 60 daystwo scheduled payments are delinquent, (2C) 61 to 90 days three or more scheduled payments are delinquent and (3D) 91 or more daysforeclosure proceedings have been commenced, in each case as of and loss information for the close of business on the last day of the calendar month preceding such Distribution Date, in the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage Loansperiod;
(xixvi) with respect to any Mortgage Loan that became an REO Property was liquidated during the preceding calendar month, the loan number and the Stated Principal Balance of of, and Realized Loss on, such Mortgage Loan as of the close of business on the last day of the calendar month Determination Date preceding such Distribution Date and the date of acquisition thereof, in the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage LoansDate;
(xiixvii) the total number and principal balance of any real estate owned or REO Properties as of the close of business on the last day of the calendar month Determination Date preceding such Distribution Date, in the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage Loans;
(xiii) the aggregate Stated Principal Balance of all Liquidated Loans as of the preceding Distribution Date, in the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage Loans;
(xiv) whether a Stepdown Trigger Event has occurred and is in effect;
(xv) with respect to each Class of Certificates, any Interest Carry Forward Amount with respect to such Distribution Date for each such Class, any Interest Carry Forward Amount paid for each such Class and any remaining Interest Carry Forward Amount for each such Class;
(xvi) the number and Stated Principal Balance (as of the preceding Distribution Date) of any Mortgage Loans which were purchased or repurchased during the preceding Due Period and since the Cut-off Date;
(xvii) the number of Mortgage Loans for which Prepayment Charges were received during the related Prepayment Period and, for each such Mortgage Loan, the amount of Prepayment Charges received during the related Prepayment Period and in the aggregate of such amounts for all such Mortgage Loans since the Cut-off Date;
(xviii) the amount three month rolling average of the percent equivalent of a fraction, the numerator of which is the Aggregate Loan Group Balance of the Mortgage Loans that are sixty (60) days or more delinquent or are in bankruptcy or foreclosure or are REO Properties, and purpose the denominator of any withdrawal from which is the Collection Account pursuant to Section 3.08(a)(viii)Aggregate Loan Balance of all of the Mortgage Loans as of the related Due Period;
(xix) the amount of any payments to each Class of Certificates that are treated as payments aggregate Servicing Fee received in respect of a REMIC "regular interest" or REMIC "residual interest" by the Servicer, and the amount of any payments to each Class of Certificates that are not treated as payments received in respect of a REMIC "regular interest" or REMIC "residual interest";
(xx) as of each Distribution Date, the amountMaster Servicing Fees, if any, to be deposited in received by the Cap Contract Account pursuant to the related Cap Contract as described in Section 4.04(k) and the amount thereof to be paid to the Class A, Class M, Class B-1A, Class B-2A, Class B-3A, Class B-4A and Class C Certificates described in Section 4.04(k) hereof;
(xxi) any Floating Rate Certificate Carryover paid and all Floating Rate Certificate Carryover remaining on each class of the Class A, Class M, Class B-1, Class B-2, Class B-3 and Class B-4 Certificates on such Distribution Date;
(xxii) the number of Mortgage Loans with respect to which (i) a reduction in the Mortgage Rate has occurred or (ii) the related borrower's obligation to repay interest on a monthly basis has been suspended or reduced pursuant to the Servicemembers Civil Relief Act or the California Military and Veterans Code, as amended; and the amount of interest not required to be paid with respect to any such Mortgage Loans during the related Due Period as a result of such reductions in the aggregate and with respect to the Group One Mortgage Loans and the Group Two Mortgage Loans.
(xxiii) the aggregate Outstanding Principal Balance of each Class of Certificates for the following Distribution Date;
(xxiv) the number and aggregate principal amounts of Mortgage Loans (A) delinquent (1) one Monthly Payment, (2) two Monthly Payments and (3) three or more Monthly Payments and (B) in foreclosure, in each case, as of the end of the related Principal Prepayment Period;
(xxv) the number and the principal balance of Mortgage Loans with respect to any real estate acquired through foreclosure or grant of a deed in lieu of foreclosure;
(xxvi) the aggregate amount of all Advances recovered Master Servicer during the related Due Period;
(xxviixx) the aggregate amount of Realized Losses during the related Due Period and Credit Risk Management Fees paid to the aggregate amount of Realized Losses since Credit Risk Manager and/or the Cut-off Sponsor for such Distribution Date;
(xxviiixxi) the allocation to each Class amount, if any, of Certificate other fees or expenses accrued and paid, with an identification of any Realized Losses during the related Due Periodpayee and the general purpose of such fees;
(xxixxxii) with respect to each Class of Certificates, the amount of any Compensating Interest Basis Risk Shortfalls and the amount in the Basis Risk Shortfall Reserve Fund after all deposits and withdrawals on such Distribution Date;
(xxxxxiii) Number and amount amounts payable in respect of pool assets at the beginning and ending of each period, and updated pool composition information, such as weighted average coupon, weighted average life, weighted average remaining term, pool factors and prepayment amounts;
(xxxi) In addition, describe any material changes to methodology regarding calculations of delinquencies and charge-offs;
(xxxii) Information on the amount, terms and general purpose of any advances made or reimbursed during the period, including the general use of funds advanced and the general source of funds for reimbursements;
(xxxiii) Any material modifications, extensions or waivers to pool asset terms, fees, penalties or payments during the distribution period or that have cumulatively become material over time;
(xxxiv) Material breaches of pool asset representations or warranties or transaction covenants;
(xxxv) Information on ratio, coverage or other tests used for determining any early amortization, liquidation or other performance trigger and whether the trigger was metSwap Agreement; and
(xxxvixxiv) Information regarding whether the Stepdown Date has occurred and whether any new issuance of asset-backed securities backed by the same asset pool, any pool asset changes (other than Trigger Event is in connection with a pool asset converting into cash in accordance with its terms), such as additions or removals in connection with a prefunding or revolving period and pool asset substitutions and repurchases (and purchase rates, if applicable), and cash flows available for future purchases, such as the balances of any prefunding or revolving accounts, if applicableeffect. Disclose any material changes in the solicitation, credit-granting, underwriting, origination, acquisition or pool selection criteria or procedures, as applicable, used to originate, acquire or select the new pool assets.
(b) The Securities Administrator will may make the Monthly Statement foregoing monthly statement (and, at its option, any additional files containing the same information in an alternative format) available each month to Certificateholders, other parties to this Agreement and any other interested parties Certificateholders via the Securities Administrator's Internet ’s internet website. The Securities Administrator's Internet ’s internet website shall initially be located at "www.__________." “xxx.xxxxxxx.xxx”. Assistance in using the website can be obtained by calling the Securities Administrator's ’s customer service desk at ______________(000) 000-0000. Parties that are unable to use the website above distribution options 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 may change the way the monthly statements to Certificateholders are distributed in order to make such distribution distributions more convenient and/or or more accessible to the above parties and the Securities Administrator shall provide timely and adequate notification to all above parties regarding any such changesparties. The Securities Administrator shall 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 such statement 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 .
(b) The Securities Administrator's internet website’s responsibility for making the above information available to the Certificateholders is limited to the availability, timeliness and accuracy of the Securities Administrator may require registration information provided by the Servicer and the acceptance of a disclaimerSwap Provider. The Securities Administrator will make available a copy of each statement provided pursuant to this Section 5.06 to each Rating Agency.
(c) Within a reasonable period of time after the end of each calendar year, the Securities Administrator shall cause to be furnished upon written 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) and (a)(ii) of this Section 5.06 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 be provided by the Securities Administrator pursuant to any requirements of the Code as from time to time in effect.
(d) Upon filing with the Internal Revenue Service, the Securities Administrator shall furnish to the Holders of the Residual Certificates the applicable Form 1066 and each applicable Form 1066Q and shall respond promptly to written requests made not more frequently than quarterly by any Holder of a Residual Certificate with respect to the following matters:
(i) The original projected principal and interest cash flows on the Closing Date on each Class of regular and residual interests created hereunder and on the Mortgage Loans, based on the Prepayment Assumption;
(ii) The projected remaining principal and interest cash flows as of the end of any calendar quarter with respect to each Class of regular and residual interests created hereunder and the Mortgage Loans, based on the Prepayment Assumption;
(iii) The applicable Prepayment Assumption and any interest rate assumptions used in determining the projected principal and interest cash flows described above;
(iv) The original issue discount (or, in the case of the Mortgage Loans, market discount) or premium accrued or amortized through the end of such calendar quarter with respect to each Class of regular or residual interests created hereunder and to the Mortgage Loans, together with each constant yield to maturity used in computing the same;
(v) The treatment of losses realized with respect to the Mortgage Loans or the regular interests created hereunder, including the timing and amount of any cancellation of indebtedness income of a REMIC with respect to such regular interests or bad debt deductions claimed with respect to the Mortgage Loans;
(vi) The amount and timing of any non-interest expenses of a REMIC; and
(vii) Any taxes (including penalties and interest) imposed on the REMIC, including, without limitation, taxes on “prohibited transactions,” “contributions” or “net income from foreclosure property” or state or local income or franchise taxes. The information pursuant to clauses (i), (ii), (iii) and (iv) above shall be liable for provided by the dissemination of information in accordance with this AgreementDepositor pursuant to Section 9.13.
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (Nomura Home Equity Loan, Inc., Home Equity Loan Trust, Series 2006-Wf1), Pooling and Servicing Agreement (Nomura Home Equity Loan, Inc., Home Equity Loan Trust, Series 2006-He2)
Monthly Statements to Certificateholders. (a) Not later than each Distribution Date based solely on information provided by the Servicer (which information is not required to include any prediction of future performance as to which such report relates)Date, the Securities Administrator Trustee shall prepare and make available on its website located at xxx.xxxxxxx.xxx cause to be forwarded by first class mail to each Holder of a Class of Certificates of the Trust Fund, the ServicerCertificateholder, the Master Servicer, the Trustee, the NIMs Insurer, the Rating Agencies Servicer and the Depositor a statement setting forth with respect to the related distribution for the Certificateseach Certificate Group:
(i) the amount of the related distribution to Holders of each Class thereof allocable to principal, separately identifying (A) the aggregate amount of any Principal Prepayments and Liquidation Proceeds included therein, (B) the aggregate of all scheduled payments of principal included therein, (C) the Extra Principal Distribution Amount, if any, and (D) the aggregate amount of Prepayment Charges, if any;
(ii) the amount of such distribution to Holders of each Class thereof allocable to interest, together with any Non-Supported Class Unpaid Interest Shortfalls allocated Shortfall included in such distribution and any remaining Class Unpaid Interest Shortfall after giving effect to each Classsuch distribution;
(iii) if the Certificate Principal Balance distribution to the Holders of each such Class immediately prior 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 after giving effect (i) to all distributions allocable to principal on such Distribution Date and (ii) the allocation of any Applied Realized Loss Amounts for such Distribution Datethereof as between principal and interest;
(iv) the Pool Stated Principal Class Certificate Balance for of each Class of Certificates and any Transfer Balance after giving effect to the distribution of principal on such Distribution Date;
(v) the Pool Stated Principal Balance for the following Distribution Date, the aggregate of the Stated Principal Balances of the Mortgage Loans in Loan Group 1 and the aggregate of the Stated Principal Balances of the Mortgage Loans in Loan Group 2;
(vi) the Senior Percentage and Subordinated Percentage for each Certificate Group for the following Distribution Date;
(vii) the amount of the Master Servicing Fee Fees and Servicing Fees paid to or retained by the ServicerMaster Servicer and the Servicers (with respect to the Servicers, in the amount of the Securities Administrator Fee paid aggregate) with respect to or retained by the Securities Administrator such Distribution Date and any amounts constituting reimbursement or indemnification of the Servicer, Master Servicer, Securities Administrator or Trusteerelated Loan Group;
(viviii) the Pass-Through Rate for each such Class of Certificates for with respect to such Distribution Date;
(viiix) the amount of Advances included in the distribution on such Distribution Date;
(viii) Date and the cumulative aggregate amount of (A) Realized Losses and (B) Applied Realized Loss Amounts to date, in Advances outstanding as of the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage Loans;
(ix) the amount close of (A) Realized Losses and (B) Applied Realized Loss Amounts with respect to business on such Distribution Date, in the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage Loans;
(x) the number and aggregate principal amounts of Mortgage Loans by Loan Group (A) Delinquent delinquent (exclusive of Mortgage Loans in foreclosure) (1) 1 to 30 days (2) 31 to 60 days, days (23) 61 to 90 days and (34) 91 or more days, days and (B) in foreclosure and Delinquent delinquent (1) 1 to 30 days (2) 31 to 60 days, days (23) 61 to 90 days and (34) 91 or more days, in each case as of the close of business on the last day of the calendar month preceding such Distribution Date, in the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage Loans;
(xi) 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 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 Mortgage Loan that became an REO Property during the preceding calendar month, the loan number and Stated Principal Balance of such Mortgage Loan as of the close of business on the last day of the calendar month Determination Date preceding such Distribution Date and the date of acquisition thereof, in the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage Loans;
(xiixiii) the total number and principal balance of any REO Properties (and market value, if available) as of the close of business on the last day of the calendar month Determination Date preceding such Distribution Date, in the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage Loans;
(xiii) the aggregate Stated Principal Balance of all Liquidated Loans as of the preceding Distribution Date, in the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage Loans;
(xiv) whether a Stepdown Trigger Event has occurred and is in effect;
(xv) with respect to each Class of Certificates, any Interest Carry Forward Amount with respect to such Distribution Date for each such Class, any Interest Carry Forward Amount paid for each such Class and any remaining Interest Carry Forward Amount for each such Class;
(xvi) the number and Stated Principal Balance (as of the preceding Distribution Date) of any Mortgage Loans which were purchased or repurchased during the preceding Due Period and since the Cut-off Date;
(xvii) the number of Mortgage Loans for which Prepayment Charges were received during the related Prepayment Period and, for each such Mortgage Loan, the amount of Prepayment Charges received during the related Prepayment Period and in the aggregate of such amounts for all such Mortgage Loans since the Cut-off Date;
(xviii) the amount and purpose of any withdrawal from the Collection Account pursuant to Section 3.08(a)(viii);
(xix) the amount of any payments to each Class of Certificates that are treated as payments received in respect of a REMIC "regular interest" or REMIC "residual interest" and the amount of any payments to each Class of Certificates that are not treated as payments received in respect of a REMIC "regular interest" or REMIC "residual interest";
(xx) as of each Distribution Date, the amount, if any, to be deposited in the Cap Contract Account pursuant to the related Cap Contract as described in Section 4.04(k) and the amount thereof to be paid to the Class A, Class M, Class B-1A, Class B-2A, Class B-3A, Class B-4A and Class C Certificates described in Section 4.04(k) hereof;
(xxi) any Floating Rate Certificate Carryover paid and all Floating Rate Certificate Carryover remaining on each class of the Class A, Class M, Class B-1, Class B-2, Class B-3 and Class B-4 Certificates on such Distribution Date;
(xxiixiv) the number of Mortgage Loans with respect to which (i) a reduction in the Mortgage Rate has occurred or (ii) the related borrower's obligation to repay interest on a monthly basis has been suspended or reduced pursuant to the Servicemembers Civil Relief Act or the California Military and Veterans Code, as amended; and the amount of interest not required to be paid with respect to any such Mortgage Loans during the related Due Period as a result of such reductions in the aggregate and with respect to the Senior Prepayment Percentage for each Certificate Group One Mortgage Loans and the Group Two Mortgage Loans.
(xxiii) the aggregate Outstanding Principal Balance of each Class of Certificates for the following Distribution Date;
(xxiv) the number and aggregate principal amounts of Mortgage Loans (A) delinquent (1) one Monthly Payment, (2) two Monthly Payments and (3) three or more Monthly Payments and (B) in foreclosure, in each case, as of the end of the related Principal Prepayment Period;
(xxv) the number and the principal balance of Mortgage Loans with respect to any real estate acquired through foreclosure or grant of a deed in lieu of foreclosure;
(xxvi) the aggregate amount of all Advances recovered during the related Due Period;
(xxviixv) the aggregate amount of Realized Losses for each Certificate Group incurred during the related Due Period preceding calendar month and the aggregate amount of Realized Losses since the Cut-off Date;
(xxviii) the allocation to each Class of Certificate of any Realized Losses during the related Due Period;
(xxix) with respect to each Class of Certificates, the amount of any Compensating Interest Shortfalls on through such Distribution Date;
(xxx) Number and amount of pool assets at the beginning and ending of each period, and updated pool composition information, such as weighted average coupon, weighted average life, weighted average remaining term, pool factors and prepayment amounts;
(xxxi) In addition, describe any material changes to methodology regarding calculations of delinquencies and charge-offs;
(xxxii) Information on the amount, terms and general purpose of any advances made or reimbursed during the period, including the general use of funds advanced and the general source of funds for reimbursements;
(xxxiii) Any material modifications, extensions or waivers to pool asset terms, fees, penalties or payments during the distribution period or that have cumulatively become material over time;
(xxxiv) Material breaches of pool asset representations or warranties or transaction covenants;
(xxxv) Information on ratio, coverage or other tests used for determining any early amortization, liquidation or other performance trigger and whether the trigger was met; and
(xxxvixvi) Information regarding any new issuance the Special Hazard Loss Coverage Amount, the related Fraud Loss Coverage Amount and the related Bankruptcy Loss Coverage Amount, in each case as of asset-backed securities backed by the same asset pool, any pool asset changes (other than in connection with a pool asset converting into cash in accordance with its terms), such as additions or removals in connection with a prefunding or revolving period and pool asset substitutions and repurchases (and purchase rates, if applicable), and cash flows available for future purchases, such as the balances of any prefunding or revolving accounts, if applicable. Disclose any material changes in the solicitation, credit-granting, underwriting, origination, acquisition or pool selection criteria or procedures, as applicable, used to originate, acquire or select the new pool assetsrelated Determination Date.
(b) The Securities Administrator Trustee's responsibility for disbursing the above information to the Certificateholders is limited to the availability, timeliness and accuracy of the information derived from the Master Servicer. The Trustee will make send a copy of each statement provided pursuant to this Section 4.06 to each Rating Agency.
(c) Within a reasonable period of time after the Monthly Statement (andend of each calendar year, the Trustee shall cause to be furnished to each Person who at its optionany time during the calendar year was a Certificateholder, any additional files a statement containing the same information set forth in an alternative formatclauses (a)(i), (a)(ii) available each month to Certificateholders, other parties to and (a)(vii) of this Agreement and any other interested parties via Section 4.06 aggregated for such calendar year or applicable portion thereof during which such Person was a Certificateholder. Such obligation of the Securities Administrator's Internet website. The Securities Administrator's Internet website Trustee shall initially be located at "www.__________." 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 website are entitled deemed 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 way the monthly statements to Certificateholders are distributed in order to make such distribution more convenient and/or more accessible been satisfied to the above parties and the Securities Administrator extent that substantially comparable information shall provide timely and adequate notification to all above parties regarding any such changes. The Securities Administrator shall 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 the Trustee pursuant to any requirements of preparing the monthly statement and may affix thereto any disclaimer it deems appropriate Code as from time to time in its reasonable discretion (without suggesting liability on the part of any other party hereto). As a condition to access the Securities Administrator's internet website, the Securities Administrator may require registration and the acceptance of a disclaimer. The Securities Administrator will not be liable for the dissemination of information in accordance with this Agreementeffect.
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (CWMBS Inc), Pooling and Servicing Agreement (CWMBS Inc)
Monthly Statements to Certificateholders. (a) Not later than On each Distribution Date based solely Date, based, as applicable, on the Mortgage Loan information provided by contained in the Servicer (which information is not required to include any prediction of future performance as to which such report relates)Remittance Report, the Securities Administrator Trustee shall prepare and make available on its website located at xxx.xxxxxxx.xxx xxxx://xxx.xxxxxx.xxx/abs, or at such other site as the Trustee may designate from time to time, for access by each Holder of a Class of the Regular Certificates of the Trust Fund, the Servicer, the Master Servicer, the Trustee, the NIMs Insurer, the Rating Agencies and the Depositor Depositor, a statement setting forth for as to the Certificatesdistributions made on such Distribution Date:
(i) the amount of the related distribution made on such Distribution Date to the Holders of each Class of Certificates allocable to principal, separately identifying (A) the aggregate amount of any Principal Prepayments included therein, (B) the aggregate of all scheduled payments of principal included therein, (C) the Extra Principal Distribution Amount, if any, and (D) the aggregate amount of Prepayment Charges, if any;
(ii) the amount of the distribution made on such distribution Distribution Date to the Holders of each Class of Certificates allocable to interestinterest or Class CE-1 Distributable Amount, together with any Non-Supported Interest Shortfalls allocated to each Classseparately identified;
(iii) the Certificate Principal Balance Overcollateralization Amount, the Overcollateralization Release Amount, the Overcollateralization Deficiency and the Overcollateralization Target Amount as of each Class immediately prior to and after giving effect (i) to all distributions allocable to principal on such Distribution Date and (ii) the allocation of any Applied Realized Loss Amounts Monthly Excess Interest Amount and Monthly Excess Cashflow Amount for such Distribution Date;
(iv) the Pool Stated Principal Balance for such Distribution Dateaggregate amount of servicing compensation received by the Servicer during the related Collection Period;
(v) the aggregate amount of the Servicing Fee paid to or retained by the Servicer, the amount Advances in respect of the Securities Administrator Fee paid to or retained by Trust Fund for the Securities Administrator and any amounts constituting reimbursement or indemnification of the Servicer, Master Servicer, Securities Administrator or Trusteerelated Collection Period;
(vi) the Pass-Through Rate for each Class Pool Balance at the close of Certificates for such Distribution Datebusiness at the end of the related Collection Period;
(vii) the amount number, weighted average remaining term to maturity and weighted average Mortgage Interest Rate of Advances included the Mortgage Loans in the distribution on such Distribution Trust Fund as of the related Due Date;
(viii) the cumulative amount of (A) Realized Losses and (B) Applied Realized Loss Amounts to date, in the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage Loans;
(ix) the amount of (A) Realized Losses and (B) Applied Realized Loss Amounts with respect to such Distribution Date, in the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage Loans;
(x) the number and aggregate unpaid principal amounts of Mortgage Loans (A) Delinquent (exclusive balance of Mortgage Loans in foreclosurethe Trust Fund (a) (1) 31 30 to 60 days59 days past due on a contractual basis, (2b) 61 60 to 89 days past due on a contractual basis, (c) 90 or more days past due on a contractual basis, (d) as to which foreclosure proceedings have been commenced and (3) 91 or more days, and (Be) in foreclosure and Delinquent (1) 31 to 60 days, (2) 61 to 90 days and (3) 91 or more days, in each case bankruptcy as of the close of business on the last day of the calendar month preceding such Distribution Date, in the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage Loans;
(xiix) with respect to any Mortgage Loan that became an REO Property during the preceding calendar month, the loan number of such Mortgage Loan, the unpaid principal balance and Stated the Principal Balance of such Mortgage Loan as of the close of business on the last day of the calendar month preceding such Distribution Date and the date of acquisition thereof, in the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage Loansit became an REO Property;
(xiix) the total number and principal balance book value of any REO Properties Property as of the close of business on the last day Business Day of the calendar month preceding such the Distribution Date, and, cumulatively, the total number and cumulative principal balance of all REO Properties in the Trust Fund as of the close of business of the last day of the preceding Collection Period;
(xi) the aggregate amount of Principal Prepayments made during the related Prepayment Period;
(xii) the aggregate amount of Prepayment Charges collected (including amounts deposited in connection with the full or partial waiver of such Prepayment Charges pursuant to Section 3.01) during the related Collection Period and with respect the amounts thereof allocable to the Group One Mortgage Loans and Group Two Mortgage LoansClass P Certificates;
(xiii) the aggregate Stated Principal Balance amount of all Liquidated Loans as Realized Losses incurred during the related Collection Period and the cumulative amount of the preceding Distribution Date, in the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage LoansRealized Losses;
(xiv) whether a Stepdown Trigger Event has occurred the Certificate Principal Balance of each Class of Certificates, after giving effect to the distributions, and is in effectallocations of Realized Losses or Applied Realized Loss Amounts, as applicable, made on such Distribution Date, separately identifying any reduction thereof due to allocations of Realized Losses or Applied Realized Loss Amounts;
(xv) with the Accrued Certificate Interest in respect to of each Class of Certificates, any Interest Carry Forward Amount with respect to Fixed Rate and Floating Rate Certificates for such Distribution Date for each such Class, any Interest Carry Forward Amount paid for each such Class and any remaining Interest Carry Forward Amount for each such Class;
(xvi) the number and Stated Principal Balance (as of the preceding Distribution Date) of any Mortgage Loans which were purchased or repurchased during the preceding Due Period and since the Cut-off Date;
(xvii) the number of Mortgage Loans for which Prepayment Charges were received during the related Prepayment Period and, for each such Mortgage Loan, the amount of Prepayment Charges received during the related Prepayment Period and in the aggregate of such amounts for all such Mortgage Loans since the Cut-off Date;
(xviii) the amount and purpose of any withdrawal from the Collection Account pursuant to Section 3.08(a)(viii);
(xix) the amount of any payments to each Class of Certificates that are treated as payments received in respect of a REMIC "regular interest" or REMIC "residual interest" and the amount of any payments to each Class of Certificates that are not treated as payments received in respect of a REMIC "regular interest" or REMIC "residual interest";
(xx) as of each Distribution Date, separately identifying the amountportions thereof attributable to Net WAC Cap Carryover Amounts, and the respective portions thereof, if any, to be deposited remaining unpaid following the distributions made in the Cap Contract Account pursuant to the related Cap Contract as described in Section 4.04(k) and the amount thereof to be paid to the Class A, Class M, Class B-1A, Class B-2A, Class B-3A, Class B-4A and Class C Certificates described in Section 4.04(k) hereof;
(xxi) any Floating Rate Certificate Carryover paid and all Floating Rate Certificate Carryover remaining on each class respect of the Class A, Class M, Class B-1, Class B-2, Class B-3 and Class B-4 such Certificates on such Distribution Date;
(xvi) the aggregate amount of any Prepayment Interest Shortfalls for such Distribution Date, to the extent not covered by payments by the Servicer pursuant to Section 3.22;
(xvii) the amount of the Trustee Fee paid;
(xviii) the beginning and ending balances of the Basis Risk Reserve Fund on such Distribution Date, the Basis Risk Reserve Fund Deposit for such Distribution Date;
(xix) the Net WAC Cap Carryover Amounts distributed on such Distribution Date, and any Interest Carry Forward Amounts remaining after giving effect to distributions thereof on such Distribution Date;
(xx) any Overcollateralization Deficiency after giving effect to the distribution of principal on such Distribution Date;
(xxi) whether a Trigger Event has occurred and is continuing, and the cumulative Realized Losses, as a percentage of the original Pool Balance;
(xxii) the number of Mortgage Loans with respect to which (i) a reduction in the Mortgage Rate has occurred or (ii) the related borrower's obligation to repay interest on a monthly basis has been suspended or reduced pursuant to the Servicemembers Civil Relief Act or the California Military and Veterans Code, as amended; and the amount of interest not required to be paid with respect to any such Mortgage Loans during the related Due Period as a result of such reductions in the aggregate and with respect to the Group One Mortgage Loans and the Group Two Mortgage Loans.Available Funds;
(xxiii) the aggregate Outstanding Principal Balance of rate at which interest accrues for each Class of Certificates for the following such Distribution Date;
(xxiv) the number and aggregate principal amounts of Mortgage Loans (A) delinquent (1) one Monthly Payment, (2) two Monthly Payments and (3) three or more Monthly Payments and (B) in foreclosure, in each case, as of the end of the related Principal Prepayment PeriodLiquidation Report for such Distribution Date;
(xxv) the number and the principal balance of Mortgage Loans with respect to any real estate acquired through foreclosure or grant of a deed in lieu of foreclosure[reserved];
(xxvi) the aggregate amount of all Advances recovered during the related Due Period[reserved];
(xxvii) the aggregate amount of Realized Losses during the related Due Period and the aggregate amount of Realized Losses since the Cut-off Record Date;
(xxviii) the allocation to each Class of Certificate of any Realized Losses during the related Due Interest Accrual Period;
(xxix) with respect to each Class of Certificates, the amount of any Compensating Interest Shortfalls on such Distribution related Determination Date;
(xxx) Number and amount of pool assets at the beginning and ending of each period, and updated pool composition information, such as weighted average coupon, weighted average life, weighted average remaining term, pool factors and prepayment amounts;related Distribution Date; and
(xxxi) In addition, describe any material changes the amount of cash received with respect to methodology regarding calculations of delinquencies and charge-offs;
(xxxii) Information on the amount, terms and general purpose of any advances made or reimbursed during the related accrual period, including the general use of funds advanced and the general source of funds for reimbursements;
(xxxiii) Any material modifications, extensions or waivers to pool asset terms, fees, penalties or payments during the distribution period or that have cumulatively become material over time;
(xxxiv) Material breaches of pool asset representations or warranties or transaction covenants;
(xxxv) Information on ratio, coverage or other tests used for determining any early amortization, liquidation or other performance trigger and whether the trigger was met; and
(xxxvi) Information regarding any new issuance of asset-backed securities backed by the same asset pool, any pool asset changes (other than in connection with a pool asset converting into cash in accordance with its terms), such as additions or removals in connection with a prefunding or revolving period and pool asset substitutions and repurchases (and purchase rates, if applicable), and cash flows available for future purchases, such as the balances of any prefunding or revolving accounts, if applicable. Disclose any material changes in the solicitation, credit-granting, underwriting, origination, acquisition or pool selection criteria or procedures, as applicable, used to originate, acquire or select the new pool assets.
(b) The Securities Administrator will make the Monthly Statement (and, at its option, any additional files containing the same information in an alternative format) available each month to Certificateholders, other parties to this Agreement and any other interested parties via the Securities Administrator's Internet website. The Securities Administrator's Internet website shall initially be located at "www.__________." Assistance in using the website can be obtained by calling the Securities Administrator's customer service desk at ______________. Parties that are unable to use or access the Trustee’s website are entitled to have a paper copy of the above statement mailed to them via by first class mail by calling the customer service desk and indicating suchTrustee at (000) 000-0000. In the case of information furnished pursuant to subclauses (i) through (iii) above, the amounts shall be expressed in a separate section of the report as a dollar amount for each Class for each $1,000 original dollar amount as of the Cut-off Date. The Securities Administrator Trustee’s responsibility for providing the above statement is limited to the availability, timeliness and accuracy of the information derived from the Servicer. The Trustee may fully rely upon and shall have no liability with respect to information with respect to the right Mortgage Loans provided by the Servicer.
(b) Within a reasonable period of time after the end of each calendar year, the Trustee shall furnish to change each Person who at any time during the way calendar year was a Certificateholder of a Regular Certificate, if requested in writing by such Person, such information as is reasonably necessary to provide to such Person a statement containing the monthly statements information set forth in subclauses (i), (ii), (xv) and (xix) above, 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 prepared and furnished by the Trustee to Certificateholders pursuant to any requirements of the Code as are distributed in order force from time to make such distribution more convenient and/or more accessible time.
(c) On each Distribution Date, the Trustee shall provide to the above parties Residual Certificateholders a copy of the reports provided to the Regular Certificateholders in respect of such Distribution Date with such other information as the Trustee deems necessary or appropriate. Such obligation of the Trustee shall be deemed to have been satisfied to the extent that substantially comparable information shall be prepared and furnished to Residual Certificateholders by the Securities Administrator shall provide timely and adequate notification Trustee pursuant to all above parties regarding any such changes. The Securities Administrator shall also be entitled requirements of the Code as from time 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 and may affix thereto any disclaimer it deems appropriate time in its reasonable discretion (without suggesting liability on the part of any other party hereto). As a condition to access the Securities Administrator's internet website, the Securities Administrator may require registration and the acceptance of a disclaimer. The Securities Administrator will not be liable for the dissemination of information in accordance with this Agreementforce.
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (C-Bass 2007-Cb1 Trust), Pooling and Servicing Agreement (C-Bass 2007-Cb1 Trust)
Monthly Statements to Certificateholders. (a) Not later than each Distribution Date based solely on information provided by the Servicer (which information is not required to include any prediction of future performance as to which such report relates)Date, the Securities Administrator shall prepare and make available on its website located at xxx.xxxxxxx.xxx to each Holder of a Class of Certificates of the Trust FundCertificates, the ServicerTrustee, the Master Servicer, the Trustee, the NIMs Insurer, the Rating Agencies Swap Provider and the Depositor a statement setting forth for the Certificates:
(i) the applicable record dates, accrual periods, determination dates for calculating distributions and general distribution dates;
(ii) the total cash flows received and the general sources thereof;
(iii) the amount, if any, of fees or expenses accrued and paid, with an identification of the payee and the general purpose of such fees including the related amount of the Servicing Fees paid to or retained by the Master Servicer for the related Due Period;
(iv) the amount of any Net Swap Payment payable to the Derivative Administrator, any Net Swap Payment payable to the Swap Provider, any Swap Termination Payment payable to the Derivative Administrator and any Swap Termination Payment payable to the Swap Provider;
(v) the amount of the related distribution to Holders of each Class allocable to principal, separately identifying (A) the aggregate amount of any Principal Prepayments included therein, (B) the aggregate of all scheduled payments of principal included therein, therein and (C) the Extra Principal Distribution Amount, Amount (if any, and (D) the aggregate amount of Prepayment Charges, if any);
(iivi) the amount of such distribution to Holders of each Class of Class A Certificates and Class M Certificates allocable to interestinterest and the portion thereof, together with any Non-Supported Interest Shortfalls allocated to each Classif any, provided by the Swap Agreement and Yield Maintenance Agreement and the amount of coverage remaining under either credit enhancement;
(iiivii) the Interest Carry Forward Amounts and any Basis Risk Shortfall Carry Forward Amounts for each Class of Certificates (if any);
(viii) the Pass-Through Rate for each Class of Class A Certificates and Class M Certificates with respect to the current Accrual Period, and, if applicable, whether such Pass-Through Rate was limited by the Net Rate Cap;
(ix) the number and the aggregate of the Stated Principal Balance of (A) all of the Mortgage Loans and (B) the Adjustable Rate Mortgage Loans, for the following Distribution Date;
(x) the Certificate Principal Balance or Certificate Notional Amount, as applicable, of each Class immediately prior to before and after giving effect (i) to all distributions allocable to principal on such Distribution Date and (ii) the allocation of any Applied Realized Loss Amounts for such Distribution Date;
(iv) the Pool Stated Principal Balance for such Distribution Date;
(v) the amount of the Servicing Fee paid to or retained by the Servicer, the amount of the Securities Administrator Fee paid to or retained by the Securities Administrator and any amounts constituting reimbursement or indemnification of the Servicer, Master Servicer, Securities Administrator or Trustee;
(vi) the Pass-Through Rate for each Class of Certificates for such Distribution Date;
(vii) the amount of Advances included in the distribution on such Distribution Date;
(viii) the cumulative amount of (A) Realized Losses and (B) Applied Realized Loss Amounts to date, in the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage Loans;
(ix) the amount of (A) Realized Losses and (B) Applied Realized Loss Amounts with respect to such Distribution Date, in the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage Loans;
(xxi) the number and aggregate principal amounts Stated Principal Balance of the Mortgage Loans (A) Delinquent (exclusive of Mortgage Loans in foreclosureforeclosure and bankruptcy) (1) 31 to 60 days30 days Delinquent, (2) 61 to 90 60 days Delinquent and (3) 91 90 days or more daysDelinquent, and (B) in foreclosure and Delinquent delinquent (1) 31 to 60 days30 days Delinquent, (2) 61 to 90 60 days Delinquent and (3) 91 90 days or more daysDelinquent and (C) in bankruptcy and delinquent (1) 30 days Delinquent, (2) 60 days Delinquent and (3) 90 days or more Delinquent, in each case as of the close of business on the last day of the calendar month preceding such Distribution DateDate and separately identifying such information for the (1) first lien Mortgage Loans, in the aggregate (2) second lien Mortgage Loans, and with respect to the Group One Mortgage Loans and Group Two (3) Adjustable Rate Mortgage Loans;
(xixii) the amount of aggregate Advances included in the distribution on such Distribution Date (including the general purpose of such Advances), the aggregate amount of unreimbursed Advances as of the end of the Due Period, and the general source of funds for reimbursements;
(xiii) the amount of, if any, of excess cashflow or excess spread and the application of such excess cashflow;
(xiv) the cumulative amount of Applied Realized Loss Amounts through the end of the preceding month;
(xv) if applicable, material modifications, extensions or waivers to Mortgage Loan terms, fees, penalties or payments during the preceding calendar month or that have become material over time;
(xvi) with respect to any Mortgage Loan that became an REO Property was liquidated during the preceding calendar month, the loan aggregate Stated Principal Balance of, and Realized Loss on, such Mortgage Loans as of the close of business on the Determination Date preceding such Distribution Date;
(xvii) the total number and principal balance of any real estate owned or REO Properties as of the close of business on the Determination Date preceding such Distribution Date;
(xviii) the three month rolling average of the percent equivalent of a fraction, the numerator of which is the aggregate Stated Principal Balance of such the Mortgage Loan Loans that are 60 days or more delinquent or are in bankruptcy or foreclosure or are REO Properties, and the denominator of which is the aggregate Stated Principal Balance of all of the Mortgage Loans in each case as of the close of business on the last day of the calendar month preceding such Distribution Date and separately identifying such information for the date of acquisition thereof(1) first lien Mortgage Loans, in the aggregate and with respect to the Group One Mortgage Loans and Group Two (2) Adjustable Rate Mortgage Loans;
(xiixix) the total number and principal balance of any REO Properties as of the close of business on the last day of the calendar month preceding such Distribution Date, in the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage Loans;
(xiii) the aggregate Stated Principal Balance of all Liquidated Loans as of the preceding Distribution Date, in the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage Loans;
(xiv) whether a Stepdown Trigger Event has occurred and is in effect;
(xv) with respect to each Class of Certificates, any Interest Carry Forward Amount with respect to such Distribution Date for each such Class, any Interest Carry Forward Amount paid for each such Class and any remaining Interest Carry Forward Amount for each such Class;
(xvi) the number and Stated Principal Balance (as of the preceding Distribution Date) of any Mortgage Loans which were purchased or repurchased during the preceding Due Period and since the Cut-off Date;
(xvii) the number of Mortgage Loans for which Prepayment Charges were received during the related Prepayment Period and, for each such Mortgage Loan, the amount of Prepayment Charges received Realized Losses during the related Prepayment Period and in the aggregate cumulative Realized Losses through the end of such amounts for all such Mortgage Loans since the Cut-off Date;
(xviii) the amount and purpose of any withdrawal from the Collection Account pursuant to Section 3.08(a)(viii);
(xix) the amount of any payments to each Class of Certificates that are treated as payments received in respect of a REMIC "regular interest" or REMIC "residual interest" and the amount of any payments to each Class of Certificates that are not treated as payments received in respect of a REMIC "regular interest" or REMIC "residual interest"preceding month;
(xx) as of each Distribution Date, the amount, if any, to be deposited in the Cap Contract Account pursuant to the related Cap Contract as described in Section 4.04(k) and the amount thereof to be paid to the Class A, Class M, Class B-1A, Class B-2A, Class B-3A, Class B-4A and Class C Certificates described in Section 4.04(k) hereofwhether a Trigger Event exists;
(xxi) any Floating Rate Certificate Carryover paid and all Floating Rate Certificate Carryover remaining the amount of the distribution made on each class such Distribution Date to the Holders of the Class A, Class M, Class B-1, Class B-2, Class B-3 and Class B-4 P Certificates on such Distribution Dateallocable to Prepayment Charges;
(xxii) the number of Mortgage Loans with respect to which (i) a reduction in the Mortgage Rate has occurred or (ii) the related borrower's obligation to repay interest information on a monthly basis has been suspended or reduced pursuant to the Servicemembers Civil Relief Act or the California Military and Veterans Codeloss, as amended; and the amount of interest not required to be paid with respect to any such Mortgage Loans during the related Due Period as a result of such reductions in the aggregate and with respect to the Group One Mortgage Loans and the Group Two Mortgage Loans.
(xxiii) the aggregate Outstanding Principal Balance of each Class of Certificates for the following Distribution Date;
(xxiv) the number and aggregate principal amounts of Mortgage Loans (A) delinquent (1) one Monthly Payment, (2) two Monthly Payments and (3) three or more Monthly Payments and (B) in foreclosure, in each case, as of the end of the related Principal Prepayment Period;
(xxv) the number and the principal balance of Mortgage Loans with respect to any real estate acquired through foreclosure or grant of a deed in lieu of foreclosure;
(xxvi) the aggregate amount of all Advances recovered during the related Due Period;
(xxvii) the aggregate amount of Realized Losses during the related Due Period and the aggregate amount of Realized Losses since the Cut-off Date;
(xxviii) the allocation to each Class of Certificate of any Realized Losses during the related Due Period;
(xxix) with respect to each Class of Certificates, the amount of any Compensating Interest Shortfalls on such Distribution Date;
(xxx) Number and amount of pool assets at the beginning and ending of each period, and updated pool composition information, such as weighted average coupon, weighted average life, weighted average remaining term, pool factors and prepayment amounts;
(xxxi) In addition, describe any material changes to methodology regarding calculations of delinquencies and charge-offs;
(xxxii) Information on the amount, terms and general purpose of any advances made or reimbursed during the period, including the general use of funds advanced and the general source of funds for reimbursements;
(xxxiii) Any material modifications, extensions or waivers to pool asset terms, fees, penalties or payments during the distribution period or that have cumulatively become material over time;
(xxxiv) Material breaches of pool asset representations or warranties or transaction covenants;
(xxxv) Information on ratio, coverage delinquency or other tests used for determining any early amortization, liquidation liquidation, stepdowns or other performance trigger triggers and whether the trigger was met; and;
(xxxvixxiii) Information the amount of the Prepayment Charges remitted by the Master Servicer and the amount on deposit in the Reserve Fund;
(xxiv) updated pool composition data including the following: weighted average mortgage rate and weighted average remaining term;
(xxv) information regarding any new issuance of asset-backed securities backed by the same asset pool, any pool asset changes (other than in connection with a pool asset converting into cash in accordance with its terms)changes, such as additions or removals in connection with a prefunding or revolving period and pool asset substitutions and repurchases (and purchase ratesof Mortgage Loans from the Trust Fund, if applicable), and cash flows available for future purchases, such as the balances of any prefunding or revolving accounts, if applicable. Disclose ; and
(xxvi) any material changes in the solicitation, credit-granting, underwriting, origination, acquisition or pool Mortgage Loan selection criteria or procedures, as applicable, used to originate, acquire or select Mortgage Loans for the Trust Fund. The Depositor covenants that if there is a material change in the solicitation, credit-granting, underwriting, origination, acquisition or Mortgage Loan selection criteria or procedures, as applicable, used to originate, acquire or select Mortgage Loans for the Trust Fund that it will notify the Securities Administrator five calendar days before each Distribution Date, and if no such notification occurs, the Securities Administrator has no obligation to report with respect to (xxvi). The Depositor covenants to the Securities Administrator that there will be no new issuance of securities backed by the same asset pool, so the Securities Administrator will only be responsible in (xxv) above for reporting any pool assets.
(b) asset changes, such as additions or removals of Mortgage Loans from the Trust Fund. The Securities Administrator will may make the foregoing Monthly Statement (and, at its option, any additional files containing the same information in an alternative format) available each month to Certificateholders, other parties to this Agreement and any other interested parties Certificateholders via the Securities Administrator's Internet ’s internet website. The Securities Administrator's Internet ’s internet website shall initially be located at "www.__________." “xxx.xxxxxxxx.xxx”. Assistance in using the website can be obtained by calling the Securities Administrator's customer service ’s transaction administrator desk at ______________(000) 000-0000. Parties that are unable to use the website above distribution options 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 may change the way the monthly statements to Certificateholders Monthly Statements are distributed in order to make such distribution distributions more convenient and/or or more accessible to the above parties and the Securities Administrator shall provide timely and adequate notification to all above parties regarding any such changes. The Securities Administrator shall 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 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 Securities Administrator's ’s internet website, the Securities Administrator may require request registration and the acceptance of a disclaimer. The Securities Administrator will not be liable for the dissemination of information in accordance with this Agreement.
(b) The Securities Administrator’s responsibility for making the above information available to the Certificateholders is limited to the availability, timeliness and accuracy of the information derived from the parties providing the information to the Securities Administrator. The Securities Administrator will make available a copy of each statement provided pursuant to this Section 6.06 to each Rating Agency on its website at xxx.xxxxxxxx.xxx.
(c) Within a reasonable period of time after the end of each calendar year, the Securities Administrator 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 (only with respect to principal and interest) set forth in clauses (a)(v) and (a)(vi) of this Section 6.06 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 be provided by the Securities Administrator pursuant to any requirements of the Code as from time to time in effect.
(d) Upon filing with the Internal Revenue Service, the Securities Administrator shall furnish to the Holders of the Residual Certificates the applicable Form 1066 and each applicable Form 1066Q and shall respond promptly to written requests made not more frequently than quarterly by any Holder of a Residual Certificate with respect to the following matters:
(i) The original projected principal and interest cash flows on the Closing Date on each Class of regular and residual interests created hereunder and on the Mortgage Loans, based on the Prepayment Assumption;
(ii) The projected remaining principal and interest cash flows as of the end of any calendar quarter with respect to each class of Regular Interests and Residual Interests created hereunder and the Mortgage Loans, based on the Prepayment Assumption;
(iii) The applicable Prepayment Assumption and any interest rate assumptions used in determining the projected principal and interest cash flows described above;
(iv) The original issue discount (or, in the case of the Mortgage Loans, market discount) or premium accrued or amortized through the end of such calendar quarter with respect to each class of Regular Interests or Residual Interests created hereunder and to the Mortgage Loans, together with each constant yield to maturity used in computing the same;
(v) The treatment of Realized Losses with respect to the Mortgage Loans or the Regular Interests created hereunder, including the timing and amount of any cancellation of indebtedness income of a REMIC with respect to such Regular Interests or bad debt deductions claimed with respect to the Mortgage Loans;
(vi) The amount and timing of any non-interest expenses of a REMIC; and
(vii) Any taxes (including penalties and interest) imposed on the REMIC, including, without limitation, taxes on “prohibited transactions,” “contributions” or “net income from foreclosure property” or state or local income or franchise taxes. The information pursuant to clauses (i), (ii), (iii) and (iv) above shall be provided by the Depositor pursuant to Section 10.12.
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (Bear Stearns Asset Backed Securities I Trust 2006-He3), Pooling and Servicing Agreement (Bear Stearns Asset Backed Securities I Trust 2006-He3)
Monthly Statements to Certificateholders. (a) Not later than each Distribution Date based solely on information provided by the Servicer and the Special Servicer, as applicable (which information is not required to include any prediction of future performance as to which such report relates)) and without any obligation to recompute, verify or confirm such information, the Securities Administrator shall prepare and make available on its website located at xxx.xxxxxxx.xxx www.etrustee.net to each Holder of a Class of Certificates of the Trust FundTrusx Xxxx, xxx Xxxxicer, the Special Servicer, the Master Servicer, the Trustee, the NIMs Insurer, the Rating Agencies and the Depositor a statement setting forth for the Certificates:
(i) the amount of the related distribution to Holders of each Class allocable to principal, separately identifying (A) the aggregate amount of any Principal Prepayments included therein, (B) the aggregate of all scheduled payments of principal included therein, (C) the Extra Principal Distribution Amount, if any, and (D) the aggregate amount of Prepayment Charges, if any;
(ii) the amount of such distribution to Holders of each Class allocable to interest, together with any Non-Supported Interest Shortfalls allocated to each Class;
(iii) the Certificate Principal Balance of each Class immediately prior to and after giving effect (i) to all distributions allocable to principal on such Distribution Date and (ii) the allocation of any Applied Realized Loss Amounts for such Distribution Date;
(iv) the Pool Stated Principal Balance for such Distribution Date;
(v) the amount of the Servicing Fee paid to or retained by the Servicer, the amount of the Securities Administrator Fee paid to or retained by the Securities Administrator and any amounts constituting reimbursement or indemnification of the Servicer, Master Servicer, Securities Administrator or Trustee;
(vi) the Pass-Through Rate for each Class of Certificates for such Distribution Date;
(vii) the amount of Advances included in the distribution on such Distribution Date;
(viii) the cumulative amount of (A) Realized Losses and (B) Applied Realized Loss Amounts to date, in the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage Loans;
(ix) the amount of (A) Realized Losses and (B) Applied Realized Loss Amounts with respect to such Distribution Date, in the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage Loans;
(x) the number and aggregate principal amounts of Mortgage Loans (A) Delinquent (exclusive of Mortgage Loans in foreclosure) (1) 31 to 60 days, (2) 61 to 90 days and (3) 91 or more days, and (B) in foreclosure and Delinquent (1) 31 to 60 days, (2) 61 to 90 days and (3) 91 or more days, in each case as of the close of business on the last day of the calendar month preceding such Distribution Date, in the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage Loans;
(xi) with respect to any Mortgage Loan that became an REO Property during the preceding calendar month, the loan number and Stated Principal Balance of such Mortgage Loan as of the close of business on the last day of the calendar month preceding such Distribution Date and the date of acquisition thereof, in the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage Loans;
(xii) the total number and principal balance of any REO Properties as of the close of business on the last day of the calendar month preceding such Distribution Date, in the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage Loans;
(xiii) the aggregate Stated Principal Balance of all Liquidated Loans as of the preceding Distribution Date, in the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage Loans;
(xiv) whether a Stepdown Trigger Event has occurred and is in effect;
(xv) with respect to each Class of Certificates, any Interest Carry Forward Amount with respect to such Distribution Date for each such Class, any Interest Carry Forward Amount paid for each such Class and any remaining Interest Carry Forward Amount for each such Class;
(xvi) the number and Stated Principal Balance (as of the preceding Distribution Date) of any Mortgage Loans which were purchased or repurchased during the preceding Due Period and since the Cut-off Date;
(xvii) the number of Mortgage Loans for which Prepayment Charges were received during the related Prepayment Period and, for each such Mortgage Loan, the amount of Prepayment Charges received during the related Prepayment Period and in the aggregate of such amounts for all such Mortgage Loans since the Cut-off Date;
(xviii) the amount and purpose of any withdrawal from the Collection Account pursuant to Section 3.08(a)(viii);
(xix) the amount of any payments to each Class of Certificates that are treated as payments received in respect of a REMIC "regular interest" or REMIC "residual interest" and the amount of any payments to each Class of Certificates that are not treated as payments received in respect of a REMIC "regular interest" or REMIC "residual interest";
(xx) as of each Distribution Date, the amount, if any, to be deposited in the Cap Contract Account pursuant to the related Cap Contract as described in Section 4.04(k) and the amount thereof to be paid to the Class A, Class M, Class B-1A, Class B-2A, Class B-3A, Class B-4A B and Class C Certificates described in Section 4.04(k) hereof;
(xxi) any Floating Rate Certificate Carryover paid and all Floating Rate Certificate Carryover remaining on each class of the Class A, Class M, Class B-1, Class B-2, Class B-3 and Class B-4 B Certificates on such Distribution Date;
(xxii) the number of Mortgage Loans with respect to which (i) a reduction in the Mortgage Rate has occurred or (ii) the related borrower's obligation to repay interest on a monthly basis has been suspended or reduced pursuant to the Servicemembers Civil Relief Act or the California Military and Veterans Code, as amended; and the amount of interest not required to be paid with respect to any such Mortgage Loans during the related Due Period as a result of such reductions in the aggregate and with respect to the Group One Mortgage Loans and the Group Two Mortgage Loans.
(xxiii) the aggregate Outstanding Principal Balance of each Class of Certificates for the following Distribution Date;
(xxiv) the number and aggregate principal amounts of Mortgage Loans (A) delinquent (1) one Monthly Payment, (2) two Monthly Payments and (3) three or more Monthly Payments and (B) in foreclosure, in each case, as of the end of the related Principal Prepayment Period;
(xxv) the number and the principal balance of Mortgage Loans with respect to any real estate acquired through foreclosure or grant of a deed in lieu of foreclosure;
(xxvi) the aggregate amount of all Advances recovered during the related Due Period;
(xxvii) the aggregate amount of Realized Losses during the related Due Period and the aggregate amount of Realized Losses since the Cut-off Date;
(xxviii) the allocation to each Class of Certificate of any Realized Losses during the related Due Period;
(xxix) with respect to each Class of Certificates, the amount of any Compensating Interest Shortfalls on such Distribution Date;
(xxx) Number and amount of pool assets at the beginning and ending of each period, and updated pool composition information, such as weighted average coupon, weighted average life, weighted average remaining term, pool factors and prepayment amounts;
(xxxi) In addition, describe any material changes to methodology regarding calculations of delinquencies and charge-offs;
(xxxii) Information on the amount, terms and general purpose of any advances made or reimbursed during the period, including the general use of funds advanced and the general source of funds for reimbursements;
(xxxiii) Any material modifications, extensions or waivers to pool asset terms, fees, penalties or payments during the distribution period or that have cumulatively become material over time;
(xxxiv) Material breaches of pool asset representations or warranties or transaction covenants;
(xxxv) Information on ratio, coverage or other tests used for determining any early amortization, liquidation or other performance trigger and whether the trigger was met; and
(xxxvi) Information regarding any new issuance of asset-backed securities backed by the same asset pool, any pool asset changes (other than in connection with a pool asset converting into cash in accordance with its terms), such as additions or removals in connection with a prefunding or revolving period and pool asset substitutions and repurchases (and purchase rates, if applicable), and cash flows available for future purchases, such as the balances of any prefunding or revolving accounts, if applicable. Disclose any material changes in the solicitation, credit-granting, underwriting, origination, acquisition or pool selection criteria or procedures, as applicable, used to originate, acquire or select the new pool assets.
(b) The Securities Administrator will make the Monthly Statement (and, at its option, any additional files containing the same information in an alternative format) available each month to Certificateholders, other parties to this Agreement and any other interested parties via the Securities Administrator's Internet website. The Securities Administrator's Internet website shall initially be located at "www.__________www.etrustee.net." Assistance in using the website can be obtained by calling the Securities xxxxxxx xxx Xxxxrities Administrator's customer service desk at ______________(800) 246-5761. Parties that are unable to use the website are entitled to have a paper entitlex xx xxxx x xxper 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 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 Securities Administrator shall provide timely and adequate notification to all above parties regarding any such changes. The Securities Administrator shall 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 and may affix thereto any disclaimer it deems appropriate in its reasonable discretion (without suggesting liability on the part of any other party hereto). The Securities Administrator's responsibility for making the above information available to the Certificateholders is limited to the availability, timeliness and accuracy of the information derived from the Servicer, the Special Servicer and, if applicable, the Depositor. As a condition to access the Securities Administrator's internet website, the Securities Administrator may require registration and the acceptance of a disclaimer. The Securities Administrator will not be liable for the dissemination of information in accordance with this Agreement.
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (First Franklin Mortgage Loan Trust Series 2005-Ff12), Pooling and Servicing Agreement (First Franklin Mortgage Loan Trust Series 2005-Ff12)
Monthly Statements to Certificateholders. (a) Not later than each Distribution Date based solely on information provided by the Servicer (which information is not required to include any prediction of future performance as to which such report relates)Date, the Securities Administrator shall prepare and make available on its website located at xxx.xxxxxxx.xxx to each Holder of a Class of Certificates of the Trust Fund, the ServicerCertificateholder, the Master Servicer, the TrusteeServicer, the NIMs InsurerDepositor, the Trustee and each Rating Agencies and Agency a statement, based on information provided by the Depositor a statement Servicer, setting forth for with respect to the Certificatesrelated distribution:
(i) [the amount of the related distribution to Holders of each Class thereof allocable to principal, separately identifying (A) the aggregate amount of any Principal Prepayments included thereinPrepayments, (B) the aggregate of all scheduled payments of principal included therein, (C) the Extra Principal Distribution Amount, if any, Liquidation Proceeds and (D) the aggregate amount of Prepayment Charges, if anySubsequent Recoveries;
(ii) the amount of such distribution to Holders of each Class thereof allocable to interest, together with any Non-Supported Interest Shortfalls allocated to each Class;
(iii) the Certificate Principal Balance of each Class immediately prior to Carry Forward Amounts included in such distribution and any remaining Interest Carry Forward Amounts after giving effect (i) to all distributions allocable to principal on such distribution, any Basis Risk Carryover Amount for such Distribution Date and (ii) the allocation amount of any Applied Realized Loss Amounts for all Basis Risk Carryover Amount covered by withdrawals from the [Excess Reserve Fund Account] on such Distribution Date;
(iii) 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 thereof as between principal and interest, including any Basis Risk Carryover Amount not covered by amounts in the [Excess Reserve Fund Account];
(iv) the Pool Stated Principal Class Certificate Balance for of each Class of Certificates after giving effect to the distribution of principal on such Distribution Date;
(v) the Pool Stated Principal Balance for the following Distribution Date;
(vi) the amount of the Servicing Fee Expense Fees (in the aggregate and separately stated) paid to or retained by the Servicer, Servicer or Subservicer and the amount of the Securities Administrator Fee paid Master Servicer with respect to or retained by the Securities Administrator and any amounts constituting reimbursement or indemnification of the Servicer, Master Servicer, Securities Administrator or Trustee;
(vi) the Pass-Through Rate for each Class of Certificates for such Distribution Date;
(vii) the amount Interest Rate for each such Class of Advances included in the distribution on Certificates with respect to such Distribution Date;
(viii) the cumulative amount of (A) Realized Losses and (B) Applied Realized Loss Amounts to date, P&I Advances included in the distribution on such Distribution Date and the aggregate and with respect to amount of P&I Advances outstanding as of the Group One Mortgage Loans and Group Two Mortgage Loansclose of business on the Determination Date immediately preceding such Distribution Date;
(ix) the amount of (A) Realized Losses by Loan Group and (B) Applied Realized Loss Amounts with respect to such Distribution Date, in the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage Loans;
(x) aggregate, the number and aggregate outstanding principal amounts balances of Mortgage Loans (A) Delinquent (exclusive of Mortgage Loans in foreclosure) (1) as to which the Scheduled Payment is delinquent 31 to 60 days, (2) 61 to 90 days and (3) 91 or more days, and (B2) that have become REO Property, (3) that are in foreclosure and Delinquent (14) 31 to 60 days, (2) 61 to 90 days and (3) 91 or more daysthat are in bankruptcy, in each case as of the close of business on the last day Business Day of the calendar month immediately preceding such Distribution Date, month;
(x) by Loan Group and in the aggregate and aggregate, with respect to the Group One Mortgage Loans and Group Two Mortgage Loans;
(xi) with respect to any Mortgage Loan that became an REO Property Properties during the preceding calendar month, the loan number and the aggregate Stated Principal Balance of such Mortgage Loan Loans as of the close of business on the last day of the calendar month Determination Date preceding such Distribution Date and the date of acquisition thereof, in the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage Loans;
(xiixi) by Loan Group and the aggregate, the total number and aggregate principal balance of any REO Properties as of the close of business on the last day of the calendar month Determination Date preceding such Distribution Date, in the aggregate ;
(xii) whether a Trigger Event has occurred and with respect to the Group One Mortgage Loans and Group Two Mortgage Loansis continuing;
(xiii) the aggregate Stated Principal Balance of all Liquidated Loans as of amount on deposit in the preceding Excess Reserve Fund Account (after giving effect to distributions on such Distribution Date, in the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage Loans);
(xiv) whether a Stepdown Trigger Event has occurred in the aggregate and is in effectfor 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.;
(xv) the amount of any Net Monthly Excess Cash Flow on such Distribution Date and the allocation thereof to the Certificateholders with respect to each Class of Certificates, any Applied Realized Loss Amounts and Interest Carry Forward Amount with respect to such Distribution Date for each such Class, any Interest Carry Forward Amount paid for each such Class and any remaining Interest Carry Forward Amount for each such ClassAmounts;
(xvi) the number Overcollateralization Amount and Stated Principal Balance (as of the preceding Distribution Date) of any Mortgage Loans which were purchased or repurchased during the preceding Due Period and since the Cut-off DateOvercollateralization Target Amount;
(xvii) the number of Mortgage Loans for which Prepayment Charges were received during collected by the related Prepayment Period and, for each such Mortgage Loan, the amount of Prepayment Charges received during the related Prepayment Period and in the aggregate of such amounts for all such Mortgage Loans since the Cut-off DateServicer;
(xviii) the amount and purpose of any withdrawal from the Collection Account pursuant to Section 3.08(a)(viii);Cumulative Loss Percentage; and
(xix) the amount of any payments Net Swap Payment made to each Class of Certificates that are treated as payments received in respect of a REMIC "regular interest" or REMIC "residual interest" the Supplemental Interest Trust pursuant to Section 4.02, any Net Swap Payment made to the Swap Counterparty pursuant to Section 4.02, any Swap Termination Payment made to the Supplemental Interest Trust pursuant to Section 4.02 and any Swap Termination Payment made to the amount of any payments Swap Counterparty pursuant to each Class of Certificates that are not treated as payments received in respect of a REMIC "regular interest" or REMIC "residual interest";Section 4.02.]
(xxa) as For all purposes of each Distribution this Agreement, with respect to any Mortgage Loan, delinquencies shall be determined and reported 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 amountclose of business on the Mortgage Loan’s second succeeding Due Date. The Servicer hereby represents and warrants to the Depositor that this delinquency recognition policy is not less restrictive than any delinquency recognition policy established by the primary safety and soundness regulator, if any, to be deposited in the Cap Contract Account pursuant to the related Cap Contract as described in Section 4.04(k) and the amount thereof to be paid to the Class A, Class M, Class B-1A, Class B-2A, Class B-3A, Class B-4A and Class C Certificates described in Section 4.04(k) hereof;
(xxi) any Floating Rate Certificate Carryover paid and all Floating Rate Certificate Carryover remaining on each class of the Class A, Class M, Class B-1, Class B-2, Class B-3 and Class B-4 Certificates on such Distribution Date;
(xxii) the number of Mortgage Loans with respect to which (i) a reduction in the Mortgage Rate has occurred or (ii) the related borrower's obligation to repay interest on a monthly basis has been suspended or reduced pursuant to the Servicemembers Civil Relief Act or the California Military and Veterans Code, as amended; and the amount of interest not required to be paid with respect to any such Mortgage Loans during the related Due Period as a result of such reductions in the aggregate and with respect to the Group One Mortgage Loans and the Group Two Mortgage Loans.
(xxiii) the aggregate Outstanding Principal Balance of each Class of Certificates for the following Distribution Date;
(xxiv) the number and aggregate principal amounts of Mortgage Loans (A) delinquent (1) one Monthly Payment, (2) two Monthly Payments and (3) three or more Monthly Payments and (B) in foreclosure, in each case, as of the end of the related Principal Prepayment Period;
(xxv) the number and the principal balance of Mortgage Loans with respect to any real estate acquired through foreclosure or grant of a deed in lieu of foreclosure;
(xxvi) the aggregate amount of all Advances recovered during the related Due Period;
(xxvii) the aggregate amount of Realized Losses during the related Due Period and the aggregate amount of Realized Losses since the Cut-off Date;
(xxviii) the allocation to each Class of Certificate of any Realized Losses during the related Due Period;
(xxix) with respect to each Class of Certificates, the amount of any Compensating Interest Shortfalls on such Distribution Date;
(xxx) Number and amount of pool assets at the beginning and ending of each period, and updated pool composition information, such as weighted average coupon, weighted average life, weighted average remaining term, pool factors and prepayment amounts;
(xxxi) In addition, describe any material changes to methodology regarding calculations of delinquencies and charge-offs;
(xxxii) Information on the amount, terms and general purpose of any advances made or reimbursed during the period, including the general use of funds advanced and the general source of funds for reimbursements;
(xxxiii) Any material modifications, extensions or waivers to pool asset terms, fees, penalties or payments during the distribution period or that have cumulatively become material over time;
(xxxiv) Material breaches of pool asset representations or warranties or transaction covenants;
(xxxv) Information on ratio, coverage or other tests used for determining any early amortization, liquidation or other performance trigger and whether the trigger was met; and
(xxxvi) Information regarding any new issuance of asset-backed securities backed by the same asset pool, any pool asset changes (other than in connection with a pool asset converting into cash in accordance with its terms), such as additions or removals in connection with a prefunding or revolving period and pool asset substitutions and repurchases (and purchase rates, if applicable), and cash flows available for future purchases, such as the balances of any prefunding or revolving accounts, if applicable. Disclose any material changes in the solicitation, credit-granting, underwriting, origination, acquisition or pool selection criteria or procedures, as applicable, used to originate, acquire or select the new pool assetsServicer.
(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 make provide the Monthly Statement (and, at its option, any additional files containing the same information in an alternative format) available each month to Certificateholders, other parties to this Agreement and any other interested parties above statement via the Securities Administrator's Internet ’s internet website. The Securities Administrator's Internet ’s website shall will initially be located at "www.__________." Assistance [ ] and assistance in using the website can be obtained by calling the Securities Administrator's ’s customer service desk at ______________[ ]. Parties that are unable to use the website above distribution method are entitled to have a paper copy mailed to them via first class Class mail by calling the customer service desk and indicating such. The 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 Securities Administrator shall provide timely and adequate notification to all above the Certificateholders and the parties hereto regarding any such changes. The Securities Administrator shall A paper copy of the statement will also be entitled to rely on but shall not be responsible for made available upon request.
(c) Within a reasonable period of time after the content or accuracy end of any information provided by third parties for purposes of preparing the monthly statement 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 Securities Administrator's internet websiteeach calendar year, the Securities Administrator may require registration 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 acceptance Master Servicer) relating to the period ending on the last day of the preceding calendar month on a disclaimermagnetic tape or other similar media reasonably acceptable to the Master Servicer. No later than [ ] Business Days after the fifteenth 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 will not be liable for and provide monthly reports to the dissemination of information in accordance with 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 Date, the Trustee shall prepare and cause to be forwarded by first class mail to each Certificateholder, the Servicer, the Depositor and each Rating Agency, a statement based solely on the information provided by the Servicer (which information is not required pursuant to include any prediction of future performance as to which such report relates), the Securities Administrator shall prepare and make available on its website located at xxx.xxxxxxx.xxx to each Holder of a Class of Certificates of the Trust Fund, the Servicer, the Master Servicer, the Trustee, the NIMs Insurer, the Rating Agencies and the Depositor a statement Section 4.05 herein setting forth for with respect to the Certificatesrelated distribution:
(i) the amount of the related distribution to Holders of each Class thereof allocable to principal, separately identifying (A) indicating the aggregate amount of any portion thereof attributable to Scheduled Payments and Principal Prepayments included therein, (B) the aggregate of all scheduled payments of principal included therein, (C) the Extra Principal Distribution Amount, if any, and (D) the aggregate amount of Prepayment Charges, if anyPrepayments;
(ii) the amount of such distribution to Holders of each Class thereof allocable to interest, together with interest or any Non-Supported Carryforward Interest Shortfalls allocated to each Classincluded in such distribution;
(iii) if the Certificate Principal Balance distribution to the Holders of each such Class immediately prior 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 after giving effect (i) to all distributions allocable to principal on such Distribution Date and (ii) the allocation of any Applied Realized Loss Amounts for such Distribution Datethereof as between principal and interest;
(iv) the Pool Stated Class Principal Balance for of each Class of Certificates after giving effect to the distribution of principal on such Distribution Date;
(v) the amount of Aggregate Collateral Balance and the Servicing Fee paid to or retained by the Servicer, the amount of the Securities Administrator Fee paid to or retained by the Securities Administrator and any amounts constituting reimbursement or indemnification of the Servicer, Master Servicer, Securities Administrator or TrusteeAggregate Collateral Group Balance for such Distribution Date;
(vi) the Pass-Through Rate for each Class of Certificates Overcollateralization Amount for such Distribution Date;
(vii) the amount of Advances included in the distribution on Servicing Fees, the Excess Servicing Fee, the Trustee Fee, the Credit Risk Manager Fee and any other mortgage insurance fees, if applicable, with respect to such Distribution Date;
(viii) the cumulative amount Pass-Through Rate for each Class of (A) Realized Losses and (B) Applied Realized Loss Amounts to date, in the aggregate and Offered Certificates with respect to such Distribution Date and the Group One Mortgage Loans and Group Two Mortgage LoansPass-Through Rate for the Class A-IO-S Certificates;
(ix) the amount of (A) Realized Losses Advances included in the distribution on such Distribution Date and (B) Applied Realized Loss Amounts with respect to the aggregate amount of Advances outstanding as of the last day of the calendar month preceding such Distribution Date, in the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage Loans;
(x) the number and aggregate principal amounts of Mortgage Loans (A) Delinquent (exclusive of Mortgage Loans in foreclosure) which are delinquent (1) 31 30 to 60 59 days, (2) 61 60 to 90 89 days and (3) 91 90 or more daysdays (to include such delinquent loans which are also in bankruptcy or foreclosure), and (B) for the Mortgage Loans in foreclosure and Delinquent (1) 31 to 60 daysthe aggregate, (2) 61 to 90 days and (3) 91 or more days, in each case as of the close of business on the last day of the calendar month preceding such Distribution Date, in the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage Loans;
(xi) with respect to any Mortgage Loan that became an REO Property during the preceding calendar month, the loan number and Stated Principal Balance aggregate principal amounts of such Mortgage Loan as of Loans that were in foreclosure, for the close of business on the last day of the calendar month preceding such Distribution Date and the date of acquisition thereof, Mortgage Loans in the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage Loans;
(xii) the total number and principal balance of any REO Properties aggregate, as of the close of business on the last day of the calendar month preceding such Distribution Date, in the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage Loans;
(xiii) the aggregate Stated Principal Balance of all Liquidated Loans as of the preceding Distribution Date, in the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage Loans;
(xiv) whether a Stepdown Trigger Event has occurred and is in effect;
(xv) with respect to each Class of Certificates, any Interest Carry Forward Amount with respect to such Distribution Date for each such Class, any Interest Carry Forward Amount paid for each such Class and any remaining Interest Carry Forward Amount for each such Class;
(xvi) the number and Stated Principal Balance (as of the preceding Distribution Date) of any Mortgage Loans which were purchased or repurchased during the preceding Due Period and since the Cut-off Date;
(xvii) the number of Mortgage Loans for which Prepayment Charges were received during the related Prepayment Period and, for each such Mortgage Loan, the amount of Prepayment Charges received during the related Prepayment Period and in the aggregate of such amounts for all such Mortgage Loans since the Cut-off Date;
(xviii) the amount and purpose of any withdrawal from the Collection Account pursuant to Section 3.08(a)(viii);
(xix) the amount of any payments to each Class of Certificates that are treated as payments received in respect of a REMIC "regular interest" or REMIC "residual interest" and the amount of any payments to each Class of Certificates that are not treated as payments received in respect of a REMIC "regular interest" or REMIC "residual interest";
(xx) as of each Distribution Date, the amount, if any, to be deposited in the Cap Contract Account pursuant to the related Cap Contract as described in Section 4.04(k) and the amount thereof to be paid to the Class A, Class M, Class B-1A, Class B-2A, Class B-3A, Class B-4A and Class C Certificates described in Section 4.04(k) hereof;
(xxi) any Floating Rate Certificate Carryover paid and all Floating Rate Certificate Carryover remaining on each class of the Class A, Class M, Class B-1, Class B-2, Class B-3 and Class B-4 Certificates on such Distribution Date;
(xxii) the number of Mortgage Loans with respect to which (i) a reduction in the Mortgage Rate has occurred or (ii) the related borrower's obligation to repay interest on a monthly basis has been suspended or reduced pursuant to the Servicemembers Civil Relief Act or the California Military and Veterans Code, as amended; and the amount of interest not required to be paid with respect to any such Mortgage Loans during the related Due Period as a result of such reductions in the aggregate and with respect to the Group One Mortgage Loans and the Group Two Mortgage Loans.
(xxiii) the aggregate Outstanding Principal Balance of each Class of Certificates for the following Distribution Date;
(xxivxii) the number and aggregate principal amounts of Mortgage Loans (A) delinquent (1) one Monthly Paymentthat were in bankruptcy, (2) two Monthly Payments and (3) three or more Monthly Payments and (B) for the Mortgage Loans in foreclosure, in each casethe aggregate, as of the end close of business on the last day of the related Principal Prepayment Periodcalendar month preceding such Distribution Date;
(xxvxiii) the number and the aggregate principal balance amounts of Mortgage Loans with respect to any real estate acquired through foreclosure or grant of a deed in lieu of foreclosure;
(xxvi) which Prepayment Premiums were collected and the aggregate amount of all Advances recovered during the related Due Periodsuch Prepayment Premiums;
(xxviixiv) the Rolling Three Month Delinquency Rate for such Distribution Date;
(xv) the total number and principal balance of any REO Properties (and market value, if available), for the Mortgage Loans in the aggregate, as of the last day of the calendar month preceding such Distribution Date;
(xvi) the total number and principal balance of any Mortgage Loans that were repurchased during the calendar month preceding such Distribution Date;
(xvii) the aggregate amount of Realized Losses incurred during the related Due Period preceding calendar month and the aggregate amount of Realized Losses since the Cut-off Dateincluded in such distribution;
(xxviiixviii) the allocation to each Class amount on deposit in the Prefunding Account (including a breakdown of Certificate of any Realized Losses amounts released during the related Due Periodprior calendar month in respect of Aggregate Subsequent Transfer Amounts or amounts included in the Principal Remittance Amount on the April 2005 Distribution Date);
(xxixxix) with respect the weighted average term to each Class maturity of Certificates, the amount Mortgage Loans as of any Compensating Interest Shortfalls the close of business on the last day of the calendar month preceding such Distribution Date;
(xxxxx) Number and amount of pool assets at the beginning and ending of each period, and updated pool composition information, such as weighted average coupon, weighted average life, weighted average remaining term, pool factors and prepayment amounts[reserved];
(xxxixxi) In addition, describe any material changes to methodology regarding calculations the amount on deposit in the Capitalized Interest Account (including a breakdown of delinquencies and charge-offsamounts released for the calendar month preceding such Distribution Date);
(xxxiixxii) Information on the amount, terms and general purpose gross weighted average coupon of any advances made or reimbursed during the period, including Mortgage Loans as of the general use first date of funds advanced and the general source of funds applicable period for reimbursementssuch Distribution Date;
(xxxiiixxiii) Any material modifications, extensions or waivers to pool asset terms, fees, penalties or payments during the distribution period or that have cumulatively become material over timeaggregate number of Mortgage Loans in the pool;
(xxxivxxiv) Material breaches of pool asset representations or warranties or transaction covenantsthe Net WAC Rate;
(xxxvxxv) Information on ratio, coverage or other tests used for determining any early amortization, liquidation or other performance trigger and whether the trigger was metSenior Enhancement Percentage; and
(xxxvixxvi) Information regarding any new issuance of asset-backed securities backed by amounts deposited in the same asset pool, any pool asset changes (other than in connection with a pool asset converting into cash in accordance with its terms), Basis Risk Reserve Fund on such as additions or removals in connection with a prefunding or revolving period and pool asset substitutions and repurchases (and purchase rates, if applicableDistribution Date pursuant to Section 4.02(d)(xi), and cash flows the balance of the Basis Risk Reserve Fund after all distributions have been made on such Distribution Date. The Trustee’s responsibility for disbursing the above information to the Certificateholders is limited to the availability, timeliness and accuracy of the information derived from the Servicer. On each Distribution Date, the Trustee shall provide Bloomberg Financial Markets, L.P. (“Bloomberg”) CUSIP Level Factors for each Class of Offered Certificates as of such Distribution Date, using a format and media mutually acceptable to the Trustee and Bloomberg. In connection with providing the information specified in this Section 4.04 to Bloomberg, the Trustee and any director, officer, employee or agent of the Trustee shall be indemnified and held harmless by DLJMC, to the extent, in the manner and subject to the limitations provided in Section 8.05. The Trustee will also make the monthly statements to Certificateholders available for future purchases, each month to each party referred to in this Section 4.04(a) via the Trustee’s website. The Trustee’s website can be accessed at xxxx://xxx.xxxxxx.xxx/abs or at such other site as the balances of any prefunding or revolving accounts, if applicableTrustee may designate from time to time. Disclose any material changes in The Trustee may fully rely upon and shall have no liability with respect to information provided by the solicitation, credit-granting, underwriting, origination, acquisition or pool selection criteria or procedures, as applicable, used to originate, acquire or select the new pool assetsServicer.
(b) The Securities Administrator will make Upon request, within a reasonable period of time after the Monthly Statement (andend of each calendar year, the Trustee shall cause to be furnished to each Person who at its optionany time during the calendar year was a Certificateholder, any additional files a statement containing the same information set forth in an alternative formatclauses (a)(i), (a)(ii) available each month to Certificateholders, other parties to and (a)(vii) of this Agreement and any other interested parties via Section 4.04 aggregated for such calendar year or applicable portion thereof during which such Person was a Certificateholder. Such obligation of the Securities Administrator's Internet website. The Securities Administrator's Internet website Trustee shall initially be located at "www.__________." 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 website are entitled deemed 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 way the monthly statements to Certificateholders are distributed in order to make such distribution more convenient and/or more accessible been satisfied to the above parties and the Securities Administrator extent that substantially comparable information shall provide timely and adequate notification to all above parties regarding any such changes. The Securities Administrator shall 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 the Trustee pursuant to any requirements of preparing the monthly statement and may affix thereto any disclaimer it deems appropriate Code as from time to time in its reasonable discretion (without suggesting liability on the part of any other party hereto). As a condition to access the Securities Administrator's internet website, the Securities Administrator may require registration and the acceptance of a disclaimer. The Securities Administrator will not be liable for the dissemination of information in accordance with this Agreementeffect.
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (CSFB Home Equity Pass-Through Certificates, Series 2005-Fix1), Pooling and Servicing Agreement (CSFB Home Equity Pass-Through Certificates, Series 2005-Fix1)
Monthly Statements to Certificateholders. (a) Not later than each Distribution Date based solely on information provided by the Servicer (which information is not required to include any prediction of future performance as to which such report relates)Date, the Securities Administrator Trustee shall prepare and make available on its website located at xxx.xxxxxxx.xxx to each Holder of a Class of Certificates of the Trust Fund, the ServicerCertificates, the Master Servicer, the Trustee, the NIMs Insurer, the Rating Agencies Swap Provider and the Depositor a statement setting forth for the Certificates:
(i) the amount of such distribution to Holders of each Class allocable to interest;
(ii) the amount of the related distribution to Holders of each Class allocable to principal, separately identifying (A) the aggregate amount of any Principal Prepayments included therein, (B) the aggregate of all scheduled payments of principal included therein, therein and (C) the Extra Principal Distribution Amount, Amount (if any, and (D) the aggregate amount of Prepayment Charges, if any);
(iiiii) the amount of such distribution to Holders of each Class of Class A Certificates and Class M Certificates allocable to interestinterest and the portion thereof, together with any Non-Supported Interest Shortfalls allocated to each Classif any, provided by the Derivative Administration Agreement;
(iiiiv) the Interest Carry Forward Amount and any Basis Risk Shortfall Carry Forward Amount for each Class of Certificates;
(v) the Certificate Principal Balance or Certificate Notional Amount, as applicable, of each Class immediately prior to and after giving effect (i) to all distributions allocable to principal on such Distribution Date and (ii) the allocation of any Applied Realized Loss Amounts for such Distribution Date;
(ivvi) the Pool aggregate of the Stated Principal Balance of (A) all of the Mortgage Loans and (B) the Adjustable Rate Mortgage Loans, for such the following Distribution Date;
(vvii) the related amount of the Servicing Fee Fees paid to or retained by the Servicer, Master Servicer for the amount of the Securities Administrator Fee paid to or retained by the Securities Administrator and any amounts constituting reimbursement or indemnification of the Servicer, Master Servicer, Securities Administrator or Trusteerelated Due Period;
(viviii) the Pass-Through Rate for each Class of Class A Certificates for and Class M Certificates with respect to the current Accrual Period, and, if applicable, whether such Distribution DatePass-Through Rate was limited by the Net Rate Cap;
(viiix) the amount of Advances included in the distribution on such Distribution Date;
(viiix) the cumulative amount of (A) Realized Losses and (B) Applied Realized Loss Amounts to date, in the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage Loans;
(ix) the amount of (A) Realized Losses and (B) Applied Realized Loss Amounts with respect to such Distribution Date, in the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage Loans;
(xxi) the number and aggregate principal amounts Stated Principal Balance of the Mortgage Loans in each Loan Group (A) Delinquent (exclusive of Mortgage Loans in foreclosureforeclosure and bankruptcy) (1) 31 to 60 days30 days Delinquent, (2) 61 to 90 60 days Delinquent and (3) 91 90 days or more daysDelinquent, and (B) in foreclosure and Delinquent delinquent (1) 31 to 60 days30 days Delinquent, (2) 61 to 90 60 days Delinquent and (3) 91 90 days or more daysDelinquent and (C) in bankruptcy and delinquent (1) 30 days Delinquent, (2) 60 days Delinquent and (3) 90 days or more Delinquent, in each case as of the close of business on the last day of the calendar month preceding such Distribution DateDate and separately identifying such information for the (1) first lien Mortgage Loans, (2) second lien Mortgage Loans, and (3) Adjustable Rate Mortgage Loans, in the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage Loanseach such Loan Group;
(xixii) with respect to any Mortgage Loan that became an REO Property was liquidated during the preceding calendar month, the loan number and Stated Principal Balance of of, and Realized Loss on, such Mortgage Loan as of the close of business on the Determination Date preceding such Distribution Date;
(xiii) the total number and principal balance of any real estate owned or REO Properties as of the close of business on the Determination Date preceding such Distribution Date;
(xiv) the three month rolling average of the percent equivalent of a fraction, the numerator of which is the aggregate Stated Principal Balance of the Mortgage Loans that are 60 days or more delinquent or are in bankruptcy or foreclosure or are REO Properties, and the denominator of which is the aggregate Stated Principal Balance of all of the Mortgage Loans in each case as of the close of business on the last day of the calendar month preceding such Distribution Date and separately identifying such information for the date of acquisition thereof(1) first lien Mortgage Loans, in the aggregate and with respect to the Group One Mortgage Loans and Group Two (2 Adjustable Rate Mortgage Loans;
(xiixv) the total number Realized Losses during the related Prepayment Period and principal balance of any REO Properties as of the close of business on cumulative Realized Losses through the last day of the calendar month preceding such Distribution Date, in the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage Loans;
(xiii) the aggregate Stated Principal Balance of all Liquidated Loans as end of the preceding Distribution Date, in the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage Loans;
(xiv) whether a Stepdown Trigger Event has occurred and is in effect;
(xv) with respect to each Class of Certificates, any Interest Carry Forward Amount with respect to such Distribution Date for each such Class, any Interest Carry Forward Amount paid for each such Class and any remaining Interest Carry Forward Amount for each such Classmonth;
(xvi) the number and Stated Principal Balance (as of the preceding Distribution Date) of any Mortgage Loans which were purchased or repurchased during the preceding Due Period and since the Cut-off Datewhether a Trigger Event exists;
(xvii) the number of Mortgage Loans for which Prepayment Charges were received during the related Prepayment Period and, for each such Mortgage Loan, the amount of Prepayment Charges received during any Net Swap Payment payable to the related Prepayment Period Derivative Administrator, any Net Swap Payment payable to the Swap Provider, any Swap Termination Payment payable to the Derivative Administrator and in any Swap Termination Payment payable to the aggregate of such amounts for all such Mortgage Loans since the Cut-off Date;Swap Provider; and
(xviii) the amount and purpose of any withdrawal from the Collection Account pursuant to Section 3.08(a)(viii);
(xix) the amount of any payments to each Class of Certificates that are treated as payments received in respect of a REMIC "regular interest" or REMIC "residual interest" and the amount of any payments to each Class of Certificates that are not treated as payments received in respect of a REMIC "regular interest" or REMIC "residual interest";
(xx) as of each distribution made on such Distribution Date, the amount, if any, to be deposited in the Cap Contract Account pursuant Date to the related Cap Contract as described in Section 4.04(k) and the amount thereof to be paid to the Class A, Class M, Class B-1A, Class B-2A, Class B-3A, Class B-4A and Class C Certificates described in Section 4.04(k) hereof;
(xxi) any Floating Rate Certificate Carryover paid and all Floating Rate Certificate Carryover remaining on each class Holders of the Class A, Class M, Class B-1, Class B-2, Class B-3 and Class B-4 P Certificates on such Distribution Date;
(xxii) the number of Mortgage Loans with respect allocable to which (i) a reduction in the Mortgage Rate has occurred or (ii) the related borrower's obligation to repay interest on a monthly basis has been suspended or reduced pursuant to the Servicemembers Civil Relief Act or the California Military and Veterans Code, as amended; and the amount of interest not required to be paid with respect to any such Mortgage Loans during the related Due Period as a result of such reductions in the aggregate and with respect to the Group One Mortgage Loans and the Group Two Mortgage Loans.
(xxiii) the aggregate Outstanding Principal Balance of each Class of Certificates for the following Distribution Date;
(xxiv) the number and aggregate principal amounts of Mortgage Loans (A) delinquent (1) one Monthly Payment, (2) two Monthly Payments and (3) three or more Monthly Payments and (B) in foreclosure, in each case, as of the end of the related Principal Prepayment Period;
(xxv) the number and the principal balance of Mortgage Loans with respect to any real estate acquired through foreclosure or grant of a deed in lieu of foreclosure;
(xxvi) the aggregate amount of all Advances recovered during the related Due Period;
(xxvii) the aggregate amount of Realized Losses during the related Due Period and the aggregate amount of Realized Losses since the Cut-off Date;
(xxviii) the allocation to each Class of Certificate of any Realized Losses during the related Due Period;
(xxix) with respect to each Class of Certificates, the amount of any Compensating Interest Shortfalls on such Distribution Date;
(xxx) Number and amount of pool assets at the beginning and ending of each period, and updated pool composition information, such as weighted average coupon, weighted average life, weighted average remaining term, pool factors and prepayment amounts;
(xxxi) In addition, describe any material changes to methodology regarding calculations of delinquencies and charge-offs;
(xxxii) Information on the amount, terms and general purpose of any advances made or reimbursed during the period, including the general use of funds advanced and the general source of funds for reimbursements;
(xxxiii) Any material modifications, extensions or waivers to pool asset terms, fees, penalties or payments during the distribution period or that have cumulatively become material over time;
(xxxiv) Material breaches of pool asset representations or warranties or transaction covenants;
(xxxv) Information on ratio, coverage or other tests used for determining any early amortization, liquidation or other performance trigger and whether the trigger was met; and
(xxxvi) Information regarding any new issuance of asset-backed securities backed by the same asset pool, any pool asset changes (other than in connection with a pool asset converting into cash in accordance with its terms), such as additions or removals in connection with a prefunding or revolving period and pool asset substitutions and repurchases (and purchase rates, if applicable), and cash flows available for future purchases, such as the balances of any prefunding or revolving accounts, if applicableCharges. Disclose any material changes in the solicitation, credit-granting, underwriting, origination, acquisition or pool selection criteria or procedures, as applicable, used to originate, acquire or select the new pool assets.
(b) The Securities Administrator will Trustee may make the foregoing Monthly Statement (and, at its option, any additional files containing the same information in an alternative format) available each month to Certificateholders, other parties to this Agreement and any other interested parties Certificateholders via the Securities Administrator's Internet Trustee’s internet website. The Securities Administrator's Internet Trustee’s internet website shall initially be located at "www.__________." “xxx.xxxxxxxx.xxx”. Assistance in using the website can be obtained by calling the Securities Administrator's Trustee’s customer service desk at ______________(000) 000-0000. Parties that are unable to use the website above distribution options 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 Trustee may change the way the monthly statements to Certificateholders Monthly Statements are distributed in order to make such distribution distributions more convenient and/or or more accessible to the above parties parties.
(b) The Trustee’s responsibility for making the above information available to the Certificateholders is limited to the availability, timeliness and accuracy of the Securities Administrator shall provide timely and adequate notification to all above parties regarding any such changesinformation derived from the Master Servicer. The Securities Administrator shall also be entitled Trustee will make available a copy of each statement provided pursuant 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 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 this Section 5.06 to access the Securities Administrator's internet website, the Securities Administrator may require registration and the acceptance of a disclaimer. The Securities Administrator will not be liable for the dissemination of information in accordance with this Agreementeach Rating Agency.
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (Bear Stearns Asset Backed Securities I Trust 2005-Aq2), Pooling and Servicing Agreement (Asset-Backed Certificates, Series 2005-He11)
Monthly Statements to Certificateholders. (a) Not later than each Distribution Date Date, the Securities Administrator shall make available to each Certificateholder, the Master Servicer, the Servicer, the Depositor, the Trustee, the Derivative Counterparty and each Rating Agency a statement, based solely on information provided by the Servicer (which information is not required to include any prediction of future performance as to which such report relates), the Securities Administrator shall prepare and make available on its website located at xxx.xxxxxxx.xxx to each Holder of a Class of Certificates of the Trust Fund, the Servicer, the Master Servicer, the Trustee, the NIMs Insurer, the Rating Agencies and the Depositor a statement Derivative Counterparty, setting forth for with respect to the Certificatesrelated distribution:
(i) the amount of the related distribution to Holders of each Class thereof allocable to principal, separately identifying (A) the aggregate amount of any Principal Prepayments included thereinPrepayments, (B) the aggregate of all scheduled payments of principal included therein, (C) the Extra Principal Distribution Amount, if any, Liquidation Proceeds and (D) the aggregate amount of Prepayment Charges, if anySubsequent Recoveries;
(ii) the amount of such distribution to Holders of each Class thereof allocable to interest, together with any Non-Supported Interest Shortfalls allocated to each Class;
(iii) the Certificate Principal Balance of each Class immediately prior to Carry Forward Amounts included in such distribution and any remaining Interest Carry Forward Amounts after giving effect (i) to all distributions allocable to principal on such distribution, any Basis Risk Carryover Amount for such Distribution Date and (ii) the allocation amount of any Applied Realized Loss Amounts for all Basis Risk Carryover Amount covered by withdrawals from the Excess Reserve Fund Account on such Distribution Date;
(iii) 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 thereof as between principal and interest, including any Basis Risk Carryover Amount not covered by amounts in the Excess Reserve Fund Account;
(iv) the Pool Stated Principal Class Certificate Balance for of each Class of Certificates after giving effect to the distribution of principal on such Distribution Date;
(v) the Pool Stated Principal Balance for the following Distribution Date;
(vi) the amount of the Servicing Fee Expense Fees (in the aggregate and separately stated) paid to or retained by the Servicer, any Subservicer and the amount of the Securities Administrator Fee paid Master Servicer with respect to or retained by the Securities Administrator and any amounts constituting reimbursement or indemnification of the Servicer, Master Servicer, Securities Administrator or Trustee;
(vi) the Pass-Through Rate for each Class of Certificates for such Distribution Date;
(vii) the amount Interest Rate for each such Class of Advances included in the distribution on Certificates with respect to such Distribution Date;
(viii) the cumulative amount of (A) Realized Losses and (B) Applied Realized Loss Amounts to date, P&I Advances included in the distribution on such Distribution Date and the aggregate and with respect to amount of P&I Advances outstanding as of the Group One Mortgage Loans and Group Two Mortgage Loansclose of business on the Determination Date immediately preceding such Distribution Date;
(ix) the amount of (A) Realized Losses by Loan Group and (B) Applied Realized Loss Amounts with respect to such Distribution Date, in the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage Loans;
(x) aggregate, the number and aggregate outstanding principal amounts balances of Mortgage Loans (A) Delinquent (exclusive of except those Mortgage Loans in foreclosurethat are liquidated as of the end of the related Prepayment Period) (1) as to which the Scheduled Payment is delinquent 31 to 60 days, (2) 61 to 90 days and (3) 91 or more days, and (B2) that have become REO Property, (3) that are in foreclosure and Delinquent (14) 31 to 60 days, (2) 61 to 90 days and (3) 91 or more daysthat are in bankruptcy, in each case as of the close of business on the last day Business Day of the calendar month immediately preceding such Distribution Date, month;
(x) by Loan Group and in the aggregate and aggregate, with respect to the Group One Mortgage Loans and Group Two Mortgage Loans;
(xi) with respect to any Mortgage Loan that became an REO Property Properties during the preceding calendar month, the loan number and the aggregate Stated Principal Balance of such Mortgage Loan Loans as of the close of business on the last day of the calendar month Determination Date preceding such Distribution Date and the date of acquisition thereof, in the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage Loans;
(xiixi) by Loan Group and in the aggregate, the total number and aggregate principal balance of any REO Properties as of the close of business on the last day of the calendar month Determination Date preceding such Distribution Date, in the aggregate ;
(xii) whether a Trigger Event has occurred and with respect to the Group One Mortgage Loans and Group Two Mortgage Loansis continuing;
(xiii) the aggregate Stated Principal Balance of all Liquidated Loans as of amount on deposit in the preceding Excess Reserve Fund Account (after giving effect to distributions on such Distribution Date, in the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage Loans);
(xiv) whether a Stepdown Trigger Event has occurred in the aggregate and is in effectfor 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.;
(xv) the amount of any Net Monthly Excess Cash Flow on such Distribution Date and the allocation thereof to the Certificateholders with respect to each Class of Certificates, any Applied Realized Loss Amounts and Interest Carry Forward Amount with respect to such Distribution Date for each such Class, any Interest Carry Forward Amount paid for each such Class and any remaining Interest Carry Forward Amount for each such ClassAmounts;
(xvi) the number Overcollateralization Amount and Stated Principal Balance (as of the preceding Distribution Date) of any Mortgage Loans which were purchased or repurchased during the preceding Due Period and since the Cut-off DateOvercollateralization Target Amount;
(xvii) the number of Mortgage Loans for which Prepayment Charges were received during collected by the related Prepayment Period and, for each such Mortgage Loan, the amount of Prepayment Charges received during the related Prepayment Period and in the aggregate of such amounts for all such Mortgage Loans since the Cut-off DateServicer;
(xviii) the amount and purpose of any withdrawal from the Collection Account pursuant to Section 3.08(a)(viii);Cumulative Loss Percentage; and
(xix) the amount of any payments Net Derivative Payment made to each Class of Certificates that are treated as payments received in respect of a REMIC "regular interest" or REMIC "residual interest" and the amount of any payments to each Class of Certificates that are not treated as payments received in respect of a REMIC "regular interest" or REMIC "residual interest";
(xx) as of each Distribution Date, the amount, if any, to be deposited in the Cap Contract Account Supplemental Interest Trust pursuant to the related Cap Contract as described in Section 4.04(k) and the amount thereof to be paid 4.02, any Net Derivative Payment made to the Class A, Class M, Class B-1A, Class B-2A, Class B-3A, Class B-4A and Class C Certificates described in Section 4.04(k) hereof;
(xxi) any Floating Rate Certificate Carryover paid and all Floating Rate Certificate Carryover remaining on each class of the Class A, Class M, Class B-1, Class B-2, Class B-3 and Class B-4 Certificates on such Distribution Date;
(xxii) the number of Mortgage Loans with respect to which (i) a reduction in the Mortgage Rate has occurred or (ii) the related borrower's obligation to repay interest on a monthly basis has been suspended or reduced Derivative Counterparty pursuant to the Servicemembers Civil Relief Act Section 4.02, any Swap Termination Payment or the California Military and Veterans Code, as amended; and the amount of interest not required to be paid with respect to any such Mortgage Loans during the related Due Period as a result of such reductions in the aggregate and with respect Cap Termination Payment made to the Group One Mortgage Loans Supplemental Interest Trust pursuant to Section 4.02 and any Swap Termination Payment made to the Group Two Mortgage Loans.
(xxiii) the aggregate Outstanding Principal Balance of each Class of Certificates for the following Distribution Date;
(xxiv) the number and aggregate principal amounts of Mortgage Loans (A) delinquent (1) one Monthly Payment, (2) two Monthly Payments and (3) three or more Monthly Payments and (B) in foreclosure, in each case, as of the end of the related Principal Prepayment Period;
(xxv) the number and the principal balance of Mortgage Loans with respect Swap Counterparty pursuant to any real estate acquired through foreclosure or grant of a deed in lieu of foreclosure;
(xxvi) the aggregate amount of all Advances recovered during the related Due Period;
(xxvii) the aggregate amount of Realized Losses during the related Due Period and the aggregate amount of Realized Losses since the Cut-off Date;
(xxviii) the allocation to each Class of Certificate of any Realized Losses during the related Due Period;
(xxix) with respect to each Class of Certificates, the amount of any Compensating Interest Shortfalls on such Distribution Date;
(xxx) Number and amount of pool assets at the beginning and ending of each period, and updated pool composition information, such as weighted average coupon, weighted average life, weighted average remaining term, pool factors and prepayment amounts;
(xxxi) In addition, describe any material changes to methodology regarding calculations of delinquencies and charge-offs;
(xxxii) Information on the amount, terms and general purpose of any advances made or reimbursed during the period, including the general use of funds advanced and the general source of funds for reimbursements;
(xxxiii) Any material modifications, extensions or waivers to pool asset terms, fees, penalties or payments during the distribution period or that have cumulatively become material over time;
(xxxiv) Material breaches of pool asset representations or warranties or transaction covenants;
(xxxv) Information on ratio, coverage or other tests used for determining any early amortization, liquidation or other performance trigger and whether the trigger was met; and
(xxxvi) Information regarding any new issuance of asset-backed securities backed by the same asset pool, any pool asset changes (other than in connection with a pool asset converting into cash in accordance with its terms), such as additions or removals in connection with a prefunding or revolving period and pool asset substitutions and repurchases (and purchase rates, if applicable), and cash flows available for future purchases, such as the balances of any prefunding or revolving accounts, if applicable. Disclose any material changes in the solicitation, credit-granting, underwriting, origination, acquisition or pool selection criteria or procedures, as applicable, used to originate, acquire or select the new pool assetsSection 4.02.
(b) For purposes of preparing the Monthly Statement, delinquencies shall be determined and reported by the 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 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.
(c) 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 make provide the Monthly Statement (and, at its option, any additional files containing the same information in an alternative format) available each month to Certificateholders, other parties to this Agreement and any other interested parties above statement via the Securities Administrator's Internet ’s internet website. The Securities Administrator's Internet ’s website shall will initially be located at "www.__________." Assistance hxxxx://xxx.xxxxxxx.xxx and assistance in using the website can be obtained by calling the Securities Administrator's ’s customer service desk at ______________(000) 000-0000. Parties that are unable to use the website above distribution method are entitled to have a paper copy mailed to them via first class Class mail by calling the customer service desk and indicating such. The 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 Securities Administrator shall provide timely and adequate notification to all above the Certificateholders and the parties hereto regarding any such changes. The Securities Administrator shall A paper copy of the statement will also be entitled to rely on but shall not be responsible for made available upon request.
(d) Within a reasonable period of time after the content or accuracy end of any information provided by third parties for purposes of preparing the monthly statement 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 Securities Administrator's internet websiteeach calendar year, the Securities Administrator may require registration 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.
(e) 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 acceptance Master Servicer) relating to the period ending on the last day of the preceding calendar month on a disclaimermagnetic tape or other similar media reasonably acceptable to the Master Servicer. No later than two Business Days after the thirteenth 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. The Securities Administrator will not be liable for Depositor shall have the dissemination of right upon providing ten Business Days prior written notice to the Servicer to receive any report provided by the Servicer to the Master Servicer under this Section 4.03(e) and to disseminate or otherwise utilize such information in accordance with this Agreementits discretion, subject to applicable laws and regulations.
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (First Franklin Mortgage Loan Trust 2006-Ff11), Pooling and Servicing Agreement (First Franklin Mortgage Loan Trust 2006-Ff11)
Monthly Statements to Certificateholders. (a) Not later than each Distribution Date Date, the Trustee shall prepare and cause to be forwarded by first class mail to each Certificateholder, each Servicer, the Depositor and each Rating Agency, a statement based solely on the information provided by the each Servicer (which information is not required pursuant to include any prediction of future performance as to which such report relates), the Securities Administrator shall prepare and make available on its website located at xxx.xxxxxxx.xxx to each Holder of a Class of Certificates of the Trust Fund, the Servicer, the Master Servicer, the Trustee, the NIMs Insurer, the Rating Agencies and the Depositor a statement Section 4.05 herein setting forth for with respect to the Certificatesrelated distribution:
(i) the amount of the related distribution to Holders of each Class thereof allocable to principal, separately identifying (A) indicating the aggregate amount of any portion thereof attributable to Scheduled Payments and Principal Prepayments included therein, (B) the aggregate of all scheduled payments of principal included therein, (C) the Extra Principal Distribution Amount, if any, and (D) the aggregate amount of Prepayment Charges, if anyPrepayments;
(ii) the amount of such distribution to Holders of each Class thereof allocable to interest, together with interest or any Non-Supported Carryforward Interest Shortfalls allocated to each Classincluded in such distribution;
(iii) if the Certificate Principal Balance distribution to the Holders of each such Class immediately prior 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 after giving effect (i) to all distributions allocable to principal on such Distribution Date and (ii) the allocation of any Applied Realized Loss Amounts for such Distribution Datethereof as between principal and interest;
(iv) the Pool Stated Class Principal Balance for of each Class of Certificates after giving effect to the distribution of principal on such Distribution Date;
(v) the amount of Aggregate Collateral Balance and the Servicing Fee paid to or retained by the Servicer, the amount of the Securities Administrator Fee paid to or retained by the Securities Administrator and any amounts constituting reimbursement or indemnification of the Servicer, Master Servicer, Securities Administrator or TrusteeAggregate Collateral Group Balance for such Distribution Date;
(vi) the Pass-Through Rate for each Class of Certificates Overcollateralization Amount for such Distribution Date;
(vii) the amount of Advances included in the distribution on Servicing Fees, the Excess Servicing Fee, the Trustee Fee, the Credit Risk Manager Fee and any other mortgage insurance fees, if applicable, with respect to such Distribution Date;
(viii) the cumulative amount Pass-Through Rate for each Class of (A) Realized Losses and (B) Applied Realized Loss Amounts to date, in the aggregate and LIBOR Certificates with respect to such Distribution Date and the Group One Mortgage Loans and Group Two Mortgage LoansPass-Through Rate for each Class of Class A-IO Certificates;
(ix) the amount of (A) Realized Losses Advances included in the distribution on such Distribution Date and (B) Applied Realized Loss Amounts with respect to the aggregate amount of Advances outstanding as of the last day of the calendar month preceding such Distribution Date, in the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage Loans;
(x) the number and aggregate principal amounts of Mortgage Loans (A) Delinquent (exclusive of Mortgage Loans in foreclosure) which are delinquent (1) 31 30 to 60 59 days, (2) 61 60 to 90 89 days and (3) 91 90 or more daysdays (to include such delinquent loans which are also in bankruptcy or foreclosure), for each Loan Group and (B) for the Mortgage Loans in foreclosure and Delinquent (1) 31 to 60 daysthe aggregate, (2) 61 to 90 days and (3) 91 or more days, in each case as of the close of business on the last day of the calendar month preceding such Distribution Date, in the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage Loans;
(xi) with respect to any Mortgage Loan that became an REO Property during the preceding calendar month, the loan number and Stated Principal Balance aggregate principal amounts of such Mortgage Loans that were in foreclosure, for each Loan as of Group and for the close of business on the last day of the calendar month preceding such Distribution Date and the date of acquisition thereof, Mortgage Loans in the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage Loans;
(xii) the total number and principal balance of any REO Properties aggregate, as of the close of business on the last day of the calendar month preceding such Distribution Date, in the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage Loans;
(xiii) the aggregate Stated Principal Balance of all Liquidated Loans as of the preceding Distribution Date, in the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage Loans;
(xiv) whether a Stepdown Trigger Event has occurred and is in effect;
(xv) with respect to each Class of Certificates, any Interest Carry Forward Amount with respect to such Distribution Date for each such Class, any Interest Carry Forward Amount paid for each such Class and any remaining Interest Carry Forward Amount for each such Class;
(xvi) the number and Stated Principal Balance (as of the preceding Distribution Date) of any Mortgage Loans which were purchased or repurchased during the preceding Due Period and since the Cut-off Date;
(xvii) the number of Mortgage Loans for which Prepayment Charges were received during the related Prepayment Period and, for each such Mortgage Loan, the amount of Prepayment Charges received during the related Prepayment Period and in the aggregate of such amounts for all such Mortgage Loans since the Cut-off Date;
(xviii) the amount and purpose of any withdrawal from the Collection Account pursuant to Section 3.08(a)(viii);
(xix) the amount of any payments to each Class of Certificates that are treated as payments received in respect of a REMIC "regular interest" or REMIC "residual interest" and the amount of any payments to each Class of Certificates that are not treated as payments received in respect of a REMIC "regular interest" or REMIC "residual interest";
(xx) as of each Distribution Date, the amount, if any, to be deposited in the Cap Contract Account pursuant to the related Cap Contract as described in Section 4.04(k) and the amount thereof to be paid to the Class A, Class M, Class B-1A, Class B-2A, Class B-3A, Class B-4A and Class C Certificates described in Section 4.04(k) hereof;
(xxi) any Floating Rate Certificate Carryover paid and all Floating Rate Certificate Carryover remaining on each class of the Class A, Class M, Class B-1, Class B-2, Class B-3 and Class B-4 Certificates on such Distribution Date;
(xxii) the number of Mortgage Loans with respect to which (i) a reduction in the Mortgage Rate has occurred or (ii) the related borrower's obligation to repay interest on a monthly basis has been suspended or reduced pursuant to the Servicemembers Civil Relief Act or the California Military and Veterans Code, as amended; and the amount of interest not required to be paid with respect to any such Mortgage Loans during the related Due Period as a result of such reductions in the aggregate and with respect to the Group One Mortgage Loans and the Group Two Mortgage Loans.
(xxiii) the aggregate Outstanding Principal Balance of each Class of Certificates for the following Distribution Date;
(xxivxii) the number and aggregate principal amounts of Mortgage Loans (A) delinquent (1) one Monthly Paymentthat were in bankruptcy, (2) two Monthly Payments for each Loan Group and (3) three or more Monthly Payments and (B) for the Mortgage Loans in foreclosure, in each casethe aggregate, as of the end close of business on the last day of the related Principal Prepayment Periodcalendar month preceding such Distribution Date;
(xxvxiii) the number and the aggregate principal balance amounts of Mortgage Loans with respect to any real estate acquired through foreclosure or grant of a deed in lieu of foreclosure;
(xxvi) which Prepayment Premiums were collected and the aggregate amount of all Advances recovered during the related Due Periodsuch Prepayment Premiums;
(xxviixiv) the Rolling Three Month Delinquency Rate for such Distribution Date;
(xv) the total number and principal balance of any REO Properties (and market value, if available), for each Loan Group and for the Mortgage Loans in the aggregate, as of the last day of the calendar month preceding such Distribution Date;
(xvi) the total number and principal balance of any Mortgage Loans that were repurchased during the calendar month preceding such Distribution Date;
(xvii) the aggregate amount of Realized Losses incurred during the related Due Period preceding calendar month and the aggregate amount of Realized Losses since the Cut-off Dateincluded in such distribution;
(xxviiixviii) the allocation to each Class amount on deposit in the Prefunding Account (including a breakdown of Certificate of any Realized Losses amounts released during the related Due Periodprior calendar month in respect of Aggregate Subsequent Transfer Amounts or amounts included in the Principal Remittance Amount on the June 2004 Distribution Date);
(xxixxix) with respect the weighted average term to each Class maturity of Certificates, the amount Mortgage Loans as of any Compensating Interest Shortfalls the close of business on the last day of the calendar month preceding such Distribution Date;
(xxxxx) Number and amount the portion of pool assets at any distribution to the beginning and ending of each period, and updated pool composition information, Class A Certificateholders constituting an Insured Payment for such as weighted average coupon, weighted average life, weighted average remaining term, pool factors and prepayment amountsDistribution Date;
(xxxixxi) In addition, describe any material changes to methodology regarding calculations the amount on deposit in the Capitalized Interest Account (including a breakdown of delinquencies and charge-offsamounts released for the calendar month preceding such Distribution Date);
(xxxiixxii) Information on the amount, terms and general purpose gross weighted average coupon of any advances made or reimbursed during the period, including Mortgage Loans as of the general use first date of funds advanced and the general source of funds applicable period for reimbursementssuch Distribution Date;
(xxxiiixxiii) Any material modifications, extensions or waivers to pool asset terms, fees, penalties or payments during the distribution period or that have cumulatively become material over timeaggregate number of Mortgage Loans in the pool;
(xxxivxxiv) Material breaches of pool asset representations or warranties or transaction covenantsthe Net WAC Rate;
(xxxvxxv) Information the Senior Enhancement Percentage;
(xxvi) the Net Excess Spread;
(xxvii) any amounts deposited in the Basis Risk Reserve Fund on ratiosuch Distribution Date pursuant to Section 4.02(e)(viii), coverage or other tests used for determining any early amortization, liquidation or other performance trigger and whether the trigger was metbalance of the Basis Risk Reserve Fund after all distributions have been made on such Distribution Date; and
(xxxvixxviii) Information regarding any new issuance the amount on deposit in the Interest Rate Cap Account (including a breakdown of asset-backed securities backed by the same asset pool, any pool asset changes (other than amounts withdrawn in connection with such Distribution Date and the Target Amount for the preceding Distribution Date). The Trustee’s responsibility for disbursing the above information to the Certificateholders is limited to the availability, timeliness and accuracy of the information derived from each Servicer. On each Distribution Date, the Trustee shall provide Bloomberg Financial Markets, L.P. (“Bloomberg”) CUSIP Level Factors for each Class of Offered Certificates as of such Distribution Date, using a pool asset converting into cash in accordance with its terms), such as additions or removals in format and media mutually acceptable to the Trustee and Bloomberg. In connection with a prefunding providing the information specified in this Section 4.04 to Bloomberg, the Trustee and any director, officer, employee or revolving period agent of the Trustee shall be indemnified and pool asset substitutions held harmless by DLJMC, to the extent, in the manner and repurchases (and purchase rates, if applicable), and cash flows subject to the limitations provided in Section 8.05. The Trustee will also make the monthly statements to Certificateholders available for future purchases, each month to each party referred to in this Section 4.04(a) via the Trustee’s website. The Trustee’s website can be accessed at xxxx://xxx.xxxxxx.xxx/abs or at such other site as the balances of any prefunding or revolving accounts, if applicableTrustee may designate from time to time. Disclose any material changes in the solicitation, credit-granting, underwriting, origination, acquisition or pool selection criteria or procedures, as applicable, used The Trustee may fully rely upon and shall have no liability with respect to originate, acquire or select the new pool assetsinformation provided by each Servicer.
(b) The Securities Administrator will make Upon request, within a reasonable period of time after the Monthly Statement (andend of each calendar year, the Trustee shall cause to be furnished to each Person who at its optionany time during the calendar year was a Certificateholder, any additional files a statement containing the same information set forth in an alternative formatclauses (a)(i), (a)(ii) available each month to Certificateholders, other parties to and (a)(vii) of this Agreement and any other interested parties via Section 4.04 aggregated for such calendar year or applicable portion thereof during which such Person was a Certificateholder. Such obligation of the Securities Administrator's Internet website. The Securities Administrator's Internet website Trustee shall initially be located at "www.__________." 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 website are entitled deemed 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 way the monthly statements to Certificateholders are distributed in order to make such distribution more convenient and/or more accessible been satisfied to the above parties and the Securities Administrator extent that substantially comparable information shall provide timely and adequate notification to all above parties regarding any such changes. The Securities Administrator shall 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 the Trustee pursuant to any requirements of preparing the monthly statement and may affix thereto any disclaimer it deems appropriate Code as from time to time in its reasonable discretion (without suggesting liability on the part of any other party hereto). As a condition to access the Securities Administrator's internet website, the Securities Administrator may require registration and the acceptance of a disclaimer. The Securities Administrator will not be liable for the dissemination of information in accordance with this Agreementeffect.
Appears in 2 contracts
Samples: Pooling and Servicing Agreement, Pooling and Servicing Agreement (Credit Suisse First Boston Mort Sec Home Equity Asset 2004-2)
Monthly Statements to Certificateholders. (a) Not later than each Distribution Date based solely on information provided by the Servicer (which information is not required to include any prediction of future performance as to which such report relates)Date, the Securities Administrator shall prepare and make available on its website located at xxx.xxxxxxx.xxx to each Holder of a Class of Certificates of the Trust Fund, the Servicer, the Master ServicerCertificates, the Trustee, the NIMs Insurer, the Rating Agencies each Master Servicer and the Depositor a statement setting forth for the Certificates:
(i) the amount of the related distribution to Holders of each Class allocable to principal, separately identifying (A) the aggregate amount of any Principal Prepayments included therein, (B) the aggregate of all scheduled payments (except with respect to Simple Interest Loans) of principal included therein (and with respect to Simple Interest Loans, the amount of principal actually received included therein), and (C) the Extra Principal Distribution Amount, Amount (if any, and (D) the aggregate amount of Prepayment Charges, if any);
(ii) the amount of such distribution to Holders of each Class allocable to interest, together with any Non-Supported Interest Shortfalls allocated and, if applicable, the portion thereof allocable to each Classamounts provided pursuant to the Yield Maintenance Agreement;
(iii) the Interest Carry Forward Amounts and any Unpaid Applied Realized Loss Amounts for each Class of Offered Certificates (other than the Residual Certificates), if any;
(iv) the Certificate Principal Balance or Certificate Notional Balance of each Class immediately prior to and after giving effect (i) to all distributions allocable to principal on such Distribution Date and (ii) the allocation of any Applied Realized Loss Amounts for such Distribution Date;
(iv) , and, in the Pool Stated case of any Certificate Principal Balance for Balance, separately stating the amount of Deferred Interest, if any, added to such Distribution DateCertificate Principal Balance;
(v) the cumulative amount of Applied Realized Loss Amounts to date and the Servicing Fee paid Unpaid Applied Realized Loss Amounts for each Class of Offered Certificates after giving effect to or retained by the Servicer, the amount distribution of the Securities Administrator Fee paid to or retained by the Securities Administrator principal and any amounts constituting reimbursement or indemnification allocation of the Servicer, Master Servicer, Securities Administrator or Trustee;Applied Realized Loss Amounts on such Distribution Date.
(vi) the Pass-Through Rate for each Class of Offered Certificates with respect to the current Accrual Period, and, if applicable, whether such Pass-Through Rate was limited by an Interest Rate Cap;
(vii) the amount of any Excess Cashflow Amount and any Excess Yield Maintenance Amount;
(viii) the aggregate of the Stated Principal Balances of the fixed rate Mortgage Loans, [the adjustable rate Mortgage Loans] and all of the Mortgage Loans for such the following Distribution Date;
(viiix) the related amount of the Master Servicing Fees paid to or retained by the Wells Master Servicer and the Servicing Fees paid to or xxxxined by each Servicer for the related Due Period;
(x) the amount of Advances included in the distribution on such Distribution Date;
(viii) the cumulative amount of (A) Realized Losses and (B) Applied Realized Loss Amounts to date, in the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage Loans;
(ix) the amount of (A) Realized Losses and (B) Applied Realized Loss Amounts with respect to such Distribution Date, in the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage Loans;
(xxi) the number and aggregate principal amounts of Mortgage Loans (A) Delinquent (exclusive of Mortgage Loans in foreclosureforeclosure and bankruptcy) (1) 31 to 60 days, (2) 61 to 90 days and (3) 91 or more days, and (B) in foreclosure and Delinquent delinquent (1) 31 to 60 days, (2) 61 to 90 days and (3) 91 or more days and (C) in bankruptcy and delinquent (1) 31 to 60 days, (2) 61 to 90 days and (3) 91 or more days, in each case as of the close of business on the last day of the calendar month preceding such Distribution Date, in the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage Loans;
(xixii) with respect to any Mortgage Loan that became an REO Property was liquidated during the preceding calendar month, the loan number and Stated Principal Balance of of, and Realized Loss on, such Mortgage Loan as of the close of business on the last day of the calendar month Determination Date preceding such Distribution Date and the date of acquisition thereof, in the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage LoansDate;
(xiixiii) whether a Trigger Event exists.
(xiv) the total number and principal balance of any REO Properties as of the close of business on the Determination Date preceding such Distribution Date;
(xv) the Realized Losses during the related Prepayment Period and the cumulative Realized Losses through the end of the preceding month; and
(xvi) the three month rolling average of the percent equivalent of a fraction, the numerator of which is the aggregate stated Principal Balance of the Mortgage Loans that are 61 days or more delinquent or are in bankruptcy or foreclosure or are REO Properties, and the denominator of which is the aggregate Stated Principal Balance of all of the Mortgage Loans as of the last day of the calendar month preceding such Distribution Date, in the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage Loans;
(xiii) the aggregate Stated Principal Balance of all Liquidated Loans as of the preceding Distribution Date, in the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage Loans;
(xiv) whether a Stepdown Trigger Event has occurred and is in effect;
(xv) with respect to each Class of Certificates, any Interest Carry Forward Amount with respect to such Distribution Date for each such Class, any Interest Carry Forward Amount paid for each such Class and any remaining Interest Carry Forward Amount for each such Class;
(xvi) the number and Stated Principal Balance (as of the preceding Distribution Date) of any Mortgage Loans which were purchased or repurchased during the preceding Due Period and since the Cut-off Date;
(xvii) the number of Mortgage Loans for which Prepayment Charges were received during the related Prepayment Period and, for each such Mortgage Loan, the amount of Prepayment Charges received during the related Prepayment Period and in the aggregate of such amounts for all such Mortgage Loans since the Cut-off Date;
(xviii) the amount and purpose of any withdrawal from the Collection Account pursuant to Section 3.08(a)(viii);
(xix) the amount of any payments to each Class of Certificates that are treated as payments received in respect of a REMIC "regular interest" or REMIC "residual interest" and the amount of any payments to each Class of Certificates that are not treated as payments received in respect of a REMIC "regular interest" or REMIC "residual interest";
(xx) as of each Distribution Date, the amount, if any, to be deposited in the Cap Contract Account pursuant to the related Cap Contract as described in Section 4.04(k) and the amount thereof to be paid to the Class A, Class M, Class B-1A, Class B-2A, Class B-3A, Class B-4A and Class C Certificates described in Section 4.04(k) hereof;
(xxi) any Floating Rate Certificate Carryover paid and all Floating Rate Certificate Carryover remaining on each class of the Class A, Class M, Class B-1, Class B-2, Class B-3 and Class B-4 Certificates on such Distribution Date;
(xxii) the number of Mortgage Loans with respect to which (i) a reduction in the Mortgage Rate has occurred or (ii) the related borrower's obligation to repay interest on a monthly basis has been suspended or reduced pursuant to the Servicemembers Civil Relief Act or the California Military and Veterans Code, as amended; and the amount of interest not required to be paid with respect to any such Mortgage Loans during the related Due Period as a result of such reductions in the aggregate and with respect to the Group One Mortgage Loans and the Group Two Mortgage Loans.
(xxiii) the aggregate Outstanding Principal Balance of each Class of Certificates for the following Distribution Date;
(xxiv) the number and aggregate principal amounts of Mortgage Loans (A) delinquent (1) one Monthly Payment, (2) two Monthly Payments and (3) three or more Monthly Payments and (B) in foreclosure, in each case, as of the end of the related Principal Prepayment Period;
(xxv) the number and the principal balance of Mortgage Loans with respect to any real estate acquired through foreclosure or grant of a deed in lieu of foreclosure;
(xxvi) the aggregate amount of all Advances recovered during the related Due Period;
(xxvii) the aggregate amount of Realized Losses during the related Due Period and the aggregate amount of Realized Losses since the Cut-off Date;
(xxviii) the allocation to each Class of Certificate of any Realized Losses during the related Due Period;
(xxix) with respect to each Class of Certificates, the amount of any Compensating Interest Shortfalls on such Distribution Date;
(xxx) Number and amount of pool assets at the beginning and ending of each period, and updated pool composition information, such as weighted average coupon, weighted average life, weighted average remaining term, pool factors and prepayment amounts;
(xxxi) In addition, describe any material changes to methodology regarding calculations of delinquencies and charge-offs;
(xxxii) Information on the amount, terms and general purpose of any advances made or reimbursed during the period, including the general use of funds advanced and the general source of funds for reimbursements;
(xxxiii) Any material modifications, extensions or waivers to pool asset terms, fees, penalties or payments during the distribution period or that have cumulatively become material over time;
(xxxiv) Material breaches of pool asset representations or warranties or transaction covenants;
(xxxv) Information on ratio, coverage or other tests used for determining any early amortization, liquidation or other performance trigger and whether the trigger was met; and
(xxxvi) Information regarding any new issuance of asset-backed securities backed by the same asset pool, any pool asset changes (other than in connection with a pool asset converting into cash in accordance with its terms), such as additions or removals in connection with a prefunding or revolving period and pool asset substitutions and repurchases (and purchase rates, if applicable), and cash flows available for future purchases, such as the balances of any prefunding or revolving accounts, if applicable. Disclose any material changes in the solicitation, credit-granting, underwriting, origination, acquisition or pool selection criteria or procedures, as applicable, used to originate, acquire or select the new pool assets.
(b) The Securities Administrator will may make the Monthly Statement foregoing monthly statement (and, at its option, any additional files containing the same information in an alternative format) available each month to Certificateholders, other parties to this Agreement and any other interested parties Certificateholders via the Securities Administrator's Internet internet website. The Securities Security Administrator's Internet internet website shall initially be located at "www.__________." www.ctslink.com". Assistance in using the website can be obtained by calling obtxxxxx xx xxxxxxg the Securities Administrator's customer service desk at ______________(301) 815-6600. Parties that are unable to use the website above disxxxxxxxxx xxxxons 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 may change the way the monthly statements to Certificateholders are distributed in order to make such distribution distributions more convenient and/or or more accessible to the above parties and the Securities Administrator shall provide timely and adequate notification to all above parties regarding any such changes. parties.
(b) The Securities Administrator shall 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 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 Securities Administrator's internet websiteresponsibility for making the above information available to the Certificateholders is limited to the availability, timeliness and accuracy of the Securities Administrator may require registration information derived from the Master Servicers and the acceptance of a disclaimerTrustee. The Securities Administrator will make available a copy of each statement provided pursuant to this Section 5.05 to each Rating Agency.
(c) Within a reasonable period of time after the end of each calendar year, the Trustee shall cause to be furnished to the each Master Servicer and 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) and (a)(ii) of this Section 5.05 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) Upon filing with the Internal Revenue Service, the Securities Administrator shall furnish to the Holders of the Residual Certificates the applicable Form 1066 and each applicable Form 1066Q and shall respond promptly to written requests made not more frequently than quarterly by any Holder of a Residual Certificate with respect to the following matters:
(i) The original projected principal and interest cash flows on the Closing Date on each Class of regular and residual interests created hereunder and on the Mortgage Loans, based on the Prepayment Assumption;
(ii) The projected remaining principal and interest cash flows as of the end of any calendar quarter with respect to each Class of regular and residual interests created hereunder and the Mortgage Loans, based on the Prepayment Assumption;
(iii) The applicable Prepayment Assumption and any interest rate assumptions used in determining the projected principal and interest cash flows described above;
(iv) The original issue discount (or, in the case of the Mortgage Loans, market discount) or premium accrued or amortized through the end of such calendar quarter with respect to each Class of regular or residual interests created hereunder and to the Mortgage Loans, together with each constant yield to maturity used in computing the same;
(v) The treatment of losses realized with respect to the Mortgage Loans or the regular interests created hereunder, including the timing and amount of any cancellation of indebtedness income of a REMIC with respect to such regular interests or bad debt deductions claimed with respect to the Mortgage Loans;
(vi) The amount and timing of any non-interest expenses of a REMIC; and
(vii) Any taxes (including penalties and interest) imposed on the REMIC, including, without limitation, taxes on "prohibited transactions," "contributions" or "net income from foreclosure property" or state or local income or franchise taxes. The information pursuant to clauses (i), (ii), (iii) and (iv) above shall be liable for provided by the dissemination of information in accordance with this AgreementDepositor pursuant to Section 9.12.
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (Bear Stearns Asset Backed Securities Inc), Pooling and Servicing Agreement (Bear Stearns Asset Backed Securities Inc)
Monthly Statements to Certificateholders. (a) Not later than each Distribution Date based solely on information provided by the Servicer (which information is not required to include any prediction of future performance as to which such report relates)Date, the Securities Administrator Trustee shall prepare and make available on its website located at xxx.xxxxxxx.xxx to each Holder of a Class of Certificates of the Trust Fund, the ServicerCertificates, the Master Servicer, the Trustee, the NIMs Insurer, the Rating Agencies Servicer and the Depositor a statement setting forth for the Certificates:
(i) the amount of the related distribution to Holders of each Class allocable to principal, separately identifying (A) the aggregate amount of any Principal Prepayments included therein, (B) the aggregate of all scheduled payments of principal included therein, therein and (C) the Extra Principal Distribution Amount, Amount (if any, and (D) the aggregate amount of Prepayment Charges, if any);
(ii) the amount of such distribution to Holders of each Class A Certificates and Class M Certificates allocable to interestinterest and the portion thereof, together with any Non-Supported Interest Shortfalls allocated to each Classif any, provided by the Swap Administration Agreement;
(iii) the Interest Carry Forward Amount and any Basis Risk Shortfall Carry Forward Amount for each Class of Certificates;
(iv) the Certificate Principal Balance or Certificate Notional Amount, as applicable, of each Class immediately prior to and after giving effect (i) to all distributions allocable to principal on such Distribution Date and (ii) the allocation of any Applied Realized Loss Amounts for such Distribution Date;
(ivv) for each Loan Group, the Pool aggregate of the Stated Principal Balance of (A) all of the Mortgage Loans in such Loan Group, (B) the first lien Mortgage Loans in such Loan Group, (C) the second lien Mortgage Loans in such Loan Group, and (D) the Adjustable Rate Mortgage Loans in such Loan Group, for such the following Distribution Date;
(vvi) the related amount of the Servicing Fee Fees paid to or retained by the Servicer, Master Servicer for the amount of the Securities Administrator Fee paid to or retained by the Securities Administrator and any amounts constituting reimbursement or indemnification of the Servicer, Master Servicer, Securities Administrator or Trusteerelated Due Period;
(vivii) the Pass-Through Rate for each Class of Class A Certificates for and Class M Certificates with respect to the current Accrual Period, and, if applicable, whether such Distribution DatePass-Through Rate was limited by the applicable Net Rate Cap;
(viiviii) the amount of Advances included in the distribution on such Distribution Date;
(viiiix) the cumulative amount of (A) Realized Losses and (B) Applied Realized Loss Amounts to date, in the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage Loans;
(ix) the amount of (A) Realized Losses and (B) Applied Realized Loss Amounts with respect to such Distribution Date, in the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage Loans;
(x) the number and aggregate principal amounts Stated Principal Balance of the Mortgage Loans in each Loan Group (A) Delinquent (exclusive of Mortgage Loans in foreclosureforeclosure and bankruptcy) (1) 31 to 60 days, (2) 61 to 90 days and (3) 91 or more days, and (B) in foreclosure and Delinquent delinquent (1) 31 to 60 days, (2) 61 to 90 days and (3) 91 or more days and (C) in bankruptcy and delinquent (1) 31 to 60 days, (2) 61 to 90 days and (3) 91 or more days, in each case as of the close of business on the last day of the calendar month preceding such Distribution DateDate and separately identifying such information for the (1) first lien Mortgage Loans, (2) second lien Mortgage Loans, and (3) Adjustable Rate Mortgage Loans, in the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage Loanseach such Loan Group;
(xi) with respect to any Mortgage Loan that became an REO Property was liquidated during the preceding calendar month, the loan number and Stated Principal Balance of of, and Realized Loss on, such Mortgage Loan as of the close of business on the Determination Date preceding such Distribution Date;
(xii) the total number and principal balance of any real estate owned or REO Properties as of the close of business on the Determination Date preceding such Distribution Date;
(xiii) the three month rolling average of the percent equivalent of a fraction, the numerator of which is the aggregate Stated Principal Balance of the Mortgage Loans in each Loan Group that are 60 days or more delinquent or are in bankruptcy or foreclosure or are REO Properties, and the denominator of which is the aggregate Stated Principal Balance of all of the Mortgage Loans in such Loan Group in each case as of the close of business on the last day of the calendar month preceding such Distribution Date and separately identifying such information for the date of acquisition thereof(1) first lien Mortgage Loans, (2) second lien Mortgage Loans, and (3) Adjustable Rate Mortgage Loans, in the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage Loans;
(xii) the total number and principal balance of any REO Properties as of the close of business on the last day of the calendar month preceding each such Distribution Date, in the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage Loans;
(xiii) the aggregate Stated Principal Balance of all Liquidated Loans as of the preceding Distribution Date, in the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage LoansLoan Group;
(xiv) whether a Stepdown Trigger Event has occurred the Realized Losses during the related Prepayment Period and is in effectthe cumulative Realized Losses through the end of the preceding month;
(xv) with respect to each Class of Certificates, any Interest Carry Forward Amount with respect to such Distribution Date for each such Class, any Interest Carry Forward Amount paid for each such Class and any remaining Interest Carry Forward Amount for each such Classwhether a Trigger Event exists;
(xvi) the number and Stated Principal Balance (as of the preceding Distribution Date) of any Mortgage Loans which were purchased or repurchased during the preceding Due Period and since the Cut-off Datewhether a Group II Sequential Trigger Event exists;
(xvii) the number of Mortgage Loans for which Prepayment Charges were received during the related Prepayment Period and, for each such Mortgage Loan, the amount of Prepayment Charges received during any Net Swap Payment payable to the related Prepayment Period Swap Administrator, any Net Swap Payment payable to the Swap Provider, any Swap Termination Payment payable to the Swap Administrator and in any Swap Termination Payment payable to the aggregate of such amounts for all such Mortgage Loans since the Cut-off Date;Swap Provider; and
(xviii) the amount and purpose of any withdrawal from the Collection Account pursuant to Section 3.08(a)(viii);
(xix) the amount of any payments to each Class of Certificates that are treated as payments received in respect of a REMIC "regular interest" or REMIC "residual interest" and the amount of any payments to each Class of Certificates that are not treated as payments received in respect of a REMIC "regular interest" or REMIC "residual interest";
(xx) as of each distribution made on such Distribution Date, the amount, if any, to be deposited in the Cap Contract Account pursuant Date to the related Cap Contract as described in Section 4.04(k) and the amount thereof to be paid to the Class A, Class M, Class B-1A, Class B-2A, Class B-3A, Class B-4A and Class C Certificates described in Section 4.04(k) hereof;
(xxi) any Floating Rate Certificate Carryover paid and all Floating Rate Certificate Carryover remaining on each class Holders of the Class A, Class M, Class B-1, Class B-2, Class B-3 and Class B-4 P Certificates on such Distribution Date;
(xxii) the number of Mortgage Loans with respect allocable to which (i) a reduction in the Mortgage Rate has occurred or (ii) the related borrower's obligation to repay interest on a monthly basis has been suspended or reduced pursuant to the Servicemembers Civil Relief Act or the California Military and Veterans Code, as amended; and the amount of interest not required to be paid with respect to any such Mortgage Loans during the related Due Period as a result of such reductions in the aggregate and with respect to the Group One Mortgage Loans and the Group Two Mortgage Loans.
(xxiii) the aggregate Outstanding Principal Balance of each Class of Certificates for the following Distribution Date;
(xxiv) the number and aggregate principal amounts of Mortgage Loans (A) delinquent (1) one Monthly Payment, (2) two Monthly Payments and (3) three or more Monthly Payments and (B) in foreclosure, in each case, as of the end of the related Principal Prepayment Period;
(xxv) the number and the principal balance of Mortgage Loans with respect to any real estate acquired through foreclosure or grant of a deed in lieu of foreclosure;
(xxvi) the aggregate amount of all Advances recovered during the related Due Period;
(xxvii) the aggregate amount of Realized Losses during the related Due Period and the aggregate amount of Realized Losses since the Cut-off Date;
(xxviii) the allocation to each Class of Certificate of any Realized Losses during the related Due Period;
(xxix) with respect to each Class of Certificates, the amount of any Compensating Interest Shortfalls on such Distribution Date;
(xxx) Number and amount of pool assets at the beginning and ending of each period, and updated pool composition information, such as weighted average coupon, weighted average life, weighted average remaining term, pool factors and prepayment amounts;
(xxxi) In addition, describe any material changes to methodology regarding calculations of delinquencies and charge-offs;
(xxxii) Information on the amount, terms and general purpose of any advances made or reimbursed during the period, including the general use of funds advanced and the general source of funds for reimbursements;
(xxxiii) Any material modifications, extensions or waivers to pool asset terms, fees, penalties or payments during the distribution period or that have cumulatively become material over time;
(xxxiv) Material breaches of pool asset representations or warranties or transaction covenants;
(xxxv) Information on ratio, coverage or other tests used for determining any early amortization, liquidation or other performance trigger and whether the trigger was met; and
(xxxvi) Information regarding any new issuance of asset-backed securities backed by the same asset pool, any pool asset changes (other than in connection with a pool asset converting into cash in accordance with its terms), such as additions or removals in connection with a prefunding or revolving period and pool asset substitutions and repurchases (and purchase rates, if applicable), and cash flows available for future purchases, such as the balances of any prefunding or revolving accounts, if applicableCharges. Disclose any material changes in the solicitation, credit-granting, underwriting, origination, acquisition or pool selection criteria or procedures, as applicable, used to originate, acquire or select the new pool assets.
(b) The Securities Administrator will Trustee may make the foregoing Monthly Statement (and, at its option, any additional files containing the same information in an alternative format) available each month to Certificateholders, other parties to this Agreement and any other interested parties Certificateholders via the Securities Administrator's Internet Trustee’s internet website. The Securities Administrator's Internet Trustee’s internet website shall initially be located at "www.__________." “xxx.xxxxxxxx.xxx”. Assistance in using the website can be obtained by calling the Securities Administrator's Trustee’s customer service desk at ______________(000) 000-0000. Parties that are unable to use the website above distribution options 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 Trustee may change the way the monthly statements to Certificateholders Monthly Statements are distributed in order to make such distribution distributions more convenient and/or or more accessible to the above parties parties.
(b) The Trustee’s responsibility for making the above information available to the Certificateholders is limited to the availability, timeliness and accuracy of the information derived from the Master Servicer. The Trustee will make available a copy of each statement provided pursuant to this Section 5.06 to each Rating Agency.
(c) 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) and (a)(ii) of this Section 5.06 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) Upon filing with the Internal Revenue Service, the Trustee shall furnish to the Holders of the Residual Certificates the applicable Form 1066 and each applicable Form 1066Q and shall respond promptly to written requests made not more frequently than quarterly by any Holder of a Residual Certificate with respect to the following matters:
(i) The original projected principal and interest cash flows on the Closing Date on each Class of regular and residual interests created hereunder and on the Mortgage Loans, based on the Prepayment Assumption;
(ii) The projected remaining principal and interest cash flows as of the end of any calendar quarter with respect to each class of Regular Interests and Residual Interests created hereunder and the Securities Administrator shall provide timely Mortgage Loans, based on the Prepayment Assumption;
(iii) The applicable Prepayment Assumption and adequate notification any interest rate assumptions used in determining the projected principal and interest cash flows described above;
(iv) The original issue discount (or, in the case of the Mortgage Loans, market discount) or premium accrued or amortized through the end of such calendar quarter with respect to all above parties regarding each class of Regular Interests or Residual Interests created hereunder and to the Mortgage Loans, together with each constant yield to maturity used in computing the same;
(v) The treatment of Realized Losses with respect to the Mortgage Loans or the Regular Interests created hereunder, including the timing and amount of any cancellation of indebtedness income of a REMIC with respect to such changesRegular Interests or bad debt deductions claimed with respect to the Mortgage Loans;
(vi) The amount and timing of any non-interest expenses of a REMIC; and
(vii) Any taxes (including penalties and interest) imposed on the REMIC, including, without limitation, taxes on “prohibited transactions,” “contributions” or “net income from foreclosure property” or state or local income or franchise taxes. The Securities Administrator information pursuant to clauses (i), (ii), (iii) and (iv) above shall 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 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 Depositor pursuant to access the Securities Administrator's internet website, the Securities Administrator may require registration and the acceptance of a disclaimer. The Securities Administrator will not be liable for the dissemination of information in accordance with this AgreementSection 9.12.
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (Bear Stearns Asset Backed Securities I Trust 2005-He7), Pooling and Servicing Agreement (Bear Stearns Asset Backed Securities I Trust 2005-He7)
Monthly Statements to Certificateholders. (a) Not later than each Distribution Date based solely on information provided by the Servicer (which information is not required to include any prediction of future performance as to which such report relates)Date, the Securities Administrator shall prepare and make available on its website located at xxx.xxxxxxx.xxx to each Holder of a Class of Certificates of the Trust Fund, the Servicer, the Master ServicerCertificates, the Trustee, the NIMs Insurer, the Rating Agencies Master Servicer and the Depositor a statement setting forth for the Certificates:
(i) the amount of the related distribution to Holders of each Class allocable to principal, separately identifying (A) the aggregate amount of any Principal Prepayments included therein, (B) the aggregate of all scheduled payments of principal included therein, therein and (C) the Extra Principal Distribution Amount, Amount (if any, and (D) the aggregate amount of Prepayment Charges, if any);
(ii) the amount of such distribution to Holders of each Class allocable to interest, together with any Non-Supported Interest Shortfalls allocated to each Class;
(iii) the Certificate Principal Balance or Certificate Notional Balance of each Class immediately prior to and after giving effect (i) to all distributions allocable to principal on such Distribution Date and (ii) the allocation of any Applied Realized Loss Amounts for such Distribution Date;
(iv) the Pool aggregate of the Stated Principal Balance Balances of all of the Mortgage Loans and of the Mortgage Loans for such the following Distribution Date;
(v) the related amount of the Master Servicing Fee Fees paid to or retained by the Servicer, Master Servicer and the amount of the Securities Administrator Fee Servicing Fees paid to or retained by the Securities Administrator and any amounts constituting reimbursement Company or indemnification of the Servicer, Master Servicer, Securities Administrator or Trusteerelated Servicer for the related Due Period;
(vi) the Pass-Through Rate for each Class of Certificates for with respect to the current Accrual Period, and, if applicable, whether such Distribution DatePass-Through Rate was limited by the Net WAC Rate Cap;
(vii) the amount of Advances included in the distribution on such Distribution Date;
(viii) the cumulative amount of (A) Realized Losses and (B) Applied Realized Loss Amounts to datedate and, in addition, if the aggregate and with respect Certificate Principal Balances of the Subordinate Certificates have all been reduced to zero, the Group One Mortgage Loans and Group Two Mortgage Loanscumulative amount of any Realized Losses that have not been allocated to any Certificates;
(ix) the amount of (A) Realized Losses and (B) Applied Realized Loss Amounts with respect to such Distribution Date, in the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage Loans;
(x) the number and aggregate principal amounts of Mortgage Loans (A) Delinquent (exclusive of Mortgage Loans in foreclosureforeclosure and bankruptcy) (1) 31 to 60 days, (2) 61 to 90 days and (3) 91 or more days, and (B) in foreclosure and Delinquent delinquent (1) 31 to 60 days, (2) 61 to 90 days and (3) 91 or more days and (C) in bankruptcy and delinquent (1) 31 to 60 days, (2) 61 to 90 days and (3) 91 or more days, in each case as of the close of business on the last day of the calendar month preceding such Distribution Date, in the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage Loans;
(xix) with respect to any Mortgage Loan that became an REO Property was liquidated during the preceding calendar month, the loan number and Stated Principal Balance of of, and Realized Loss on, such Mortgage Loan as of the close of business on the last day of the calendar month Determination Date preceding such Distribution Date and the date of acquisition thereof, in the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage LoansDate;
(xiixi) the total number and principal balance of any real estate owned or REO Properties as of the close of business on the last day of the calendar month Determination Date preceding such Distribution Date, in the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage Loans;
(xiiixii) the three month rolling average of the percent equivalent of a fraction, the numerator of which is the aggregate stated Principal Balance of the Mortgage Loans that are 60 days or more delinquent or are in bankruptcy or foreclosure or are REO Properties, and the denominator of which is the aggregate Stated Principal Balance of all Liquidated of the Mortgage Loans as of the preceding Distribution Date, in the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage Loans;
(xiv) whether a Stepdown Trigger Event has occurred and is in effect;
(xv) with respect to each Class last day of Certificates, any Interest Carry Forward Amount with respect to such Distribution Date for each such Class, any Interest Carry Forward Amount paid for each such Class and any remaining Interest Carry Forward Amount for each such Class;
(xvi) the number and Stated Principal Balance (as of the preceding Distribution Date) of any Mortgage Loans which were purchased or repurchased during the preceding Due Period and since the Cut-off Date;
(xviixiii) the number of Mortgage Loans for which Prepayment Charges were received during the related Prepayment Period and, for each such Mortgage Loan, the amount of Prepayment Charges received Realized Losses during the related Prepayment Period and in the aggregate cumulative Realized Losses through the end of such amounts for all such Mortgage Loans since the Cut-off Datepreceding month;
(xviiixiv) Net WAC Rate Carryover Amount for each Class of Certificates and the amount and purpose of any withdrawal from on deposit in the Collection Account pursuant to Section 3.08(a)(viii);Net WAC Reserve Fund; and
(xixxv) the amount of any payments to each Class of Certificates that are treated as payments received in respect of a REMIC "regular interest" or REMIC "residual interest" and the amount of any payments to each Class of Certificates that are not treated as payments received in respect of a REMIC "regular interest" or REMIC "residual interest";
(xx) as of each distribution made on such Distribution Date, the amount, if any, to be deposited in the Cap Contract Account pursuant Date to the related Cap Contract as described in Section 4.04(k) and the amount thereof to be paid to the Class A, Class M, Class B-1A, Class B-2A, Class B-3A, Class B-4A and Class C Certificates described in Section 4.04(k) hereof;
(xxi) any Floating Rate Certificate Carryover paid and all Floating Rate Certificate Carryover remaining on each class Holders of the Class A, Class M, Class B-1, Class B-2, Class B-3 and Class B-4 P Certificates on such Distribution Date;
(xxii) the number of Mortgage Loans with respect allocable to which (i) a reduction in the Mortgage Rate has occurred or (ii) the related borrower's obligation to repay interest on a monthly basis has been suspended or reduced pursuant to the Servicemembers Civil Relief Act or the California Military and Veterans Code, as amended; and the amount of interest not required to be paid with respect to any such Mortgage Loans during the related Due Period as a result of such reductions in the aggregate and with respect to the Group One Mortgage Loans and the Group Two Mortgage Loans.
(xxiii) the aggregate Outstanding Principal Balance of each Class of Certificates for the following Distribution Date;
(xxiv) the number and aggregate principal amounts of Mortgage Loans (A) delinquent (1) one Monthly Payment, (2) two Monthly Payments and (3) three or more Monthly Payments and (B) in foreclosure, in each case, as of the end of the related Principal Prepayment Period;
(xxv) the number and the principal balance of Mortgage Loans with respect to any real estate acquired through foreclosure or grant of a deed in lieu of foreclosure;
(xxvi) the aggregate amount of all Advances recovered during the related Due Period;
(xxvii) the aggregate amount of Realized Losses during the related Due Period and the aggregate amount of Realized Losses since the Cut-off Date;
(xxviii) the allocation to each Class of Certificate of any Realized Losses during the related Due Period;
(xxix) with respect to each Class of Certificates, the amount of any Compensating Interest Shortfalls on such Distribution Date;
(xxx) Number and amount of pool assets at the beginning and ending of each period, and updated pool composition information, such as weighted average coupon, weighted average life, weighted average remaining term, pool factors and prepayment amounts;
(xxxi) In addition, describe any material changes to methodology regarding calculations of delinquencies and charge-offs;
(xxxii) Information on the amount, terms and general purpose of any advances made or reimbursed during the period, including the general use of funds advanced and the general source of funds for reimbursements;
(xxxiii) Any material modifications, extensions or waivers to pool asset terms, fees, penalties or payments during the distribution period or that have cumulatively become material over time;
(xxxiv) Material breaches of pool asset representations or warranties or transaction covenants;
(xxxv) Information on ratio, coverage or other tests used for determining any early amortization, liquidation or other performance trigger and whether the trigger was met; and
(xxxvi) Information regarding any new issuance of asset-backed securities backed by the same asset pool, any pool asset changes (other than in connection with a pool asset converting into cash in accordance with its terms), such as additions or removals in connection with a prefunding or revolving period and pool asset substitutions and repurchases (and purchase rates, if applicable), and cash flows available for future purchases, such as the balances of any prefunding or revolving accounts, if applicableCharges. Disclose any material changes in the solicitation, credit-granting, underwriting, origination, acquisition or pool selection criteria or procedures, as applicable, used to originate, acquire or select the new pool assets.
(b) The Securities Administrator will may make the foregoing Monthly Statement (and, at its option, any additional files containing the same information in an alternative format) available each month to Certificateholders, other parties to this Agreement and any other interested parties Certificateholders via the Securities Administrator's Internet internet website. The Securities Administrator's Internet internet website shall initially be located at "www.__________." Assistance in using www.ctslink.com". Axxxxxxxxx xx xxing the website can be obtained by calling the Securities Administrator's customer service desk at ______________(301) 815-6600. Parties that are Parxxxx xxxx xxx unable to use the website above distribution options 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 may change the way the monthly statements to Certificateholders Monthly Statements are distributed in order to make such distribution distributions more convenient and/or or more accessible to the above parties and parties. To the Securities Administrator shall provide extent timely and adequate notification to all above parties regarding any such changes. The Securities Administrator shall 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 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 received from the Securities Administrator, the Trustee will also make the related Monthly Statements available to Certificateholders via the Trustee's internet website. The Trustee's internet website will initially be located at "www.jpmorgan.com/abxxxx". Xxxxxxxxxx xx xxing the Trustee's internet website can be obtained by calling the Trustee's customer service desk at (877) 722-1095.
(b) The Securities Administrator's responsibility for making the above information available to the Certificateholders is limited to the availability, timeliness and accuracy of the information derived from the Master Servicer, the Securities Administrator may require registration Company and the acceptance of a disclaimerServicers. The Securities Administrator will make available a copy of each statement provided pursuant to this Section 6.05 to each Rating Agency.
(c) 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, based on information provided by the Securities Administrator containing the information set forth in clauses (a)(i) and (a)(ii) of this Section 6.05 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 or the Securities Administrator pursuant to any requirements of the Code as from time to time in effect.
(d) Upon filing with the Internal Revenue Service, the Securities Administrator shall furnish to the Holders of the Residual Certificates the applicable Form 1066 and each applicable Form 1066Q and shall respond promptly to written requests made not more frequently than quarterly by any Holder of a Residual Certificate with respect to the following matters:
(i) The original projected principal and interest cash flows on the Closing Date on each Class of regular and residual interests created hereunder and on the Mortgage Loans, based on the Prepayment Assumption;
(ii) The projected remaining principal and interest cash flows as of the end of any calendar quarter with respect to each Class of regular and residual interests created hereunder and the Mortgage Loans, based on the Prepayment Assumption;
(iii) The applicable Prepayment Assumption and any interest rate assumptions used in determining the projected principal and interest cash flows described above;
(iv) The original issue discount (or, in the case of the Mortgage Loans, market discount) or premium accrued or amortized through the end of such calendar quarter with respect to each Class of regular or residual interests created hereunder and to the Mortgage Loans, together with each constant yield to maturity used in computing the same;
(v) The treatment of losses realized with respect to the Mortgage Loans or the regular interests created hereunder, including the timing and amount of any cancellation of indebtedness income of a REMIC with respect to such regular interests or bad debt deductions claimed with respect to the Mortgage Loans;
(vi) The amount and timing of any non-interest expenses of a REMIC; and
(vii) Any taxes (including penalties and interest) imposed on the REMIC, including, without limitation, taxes on "prohibited transactions," "contributions" or "net income from foreclosure property" or state or local income or franchise taxes. The information pursuant to clauses (i), (ii), (iii) and (iv) above shall be liable for provided by the dissemination of information in accordance with this AgreementDepositor pursuant to Section 10.12.
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (Bear Stearns Asset Backed Sec Inc Asset Bk Cert Ser 03 Ac2), Pooling and Servicing Agreement (Bear Stearns Asset Backed Sec Inc Asset Bk Cert Ser 03 Ac2)
Monthly Statements to Certificateholders. (a) Not later than each Distribution Date based solely in part on information provided by the Servicer (which information is not required to include any prediction of future performance as to which such report relates)Servicer, the Securities Administrator Trustee shall prepare and make available on its website located at xxx.xxxxxxx.xxx xxxx://xxx.xxxxxx.xxx/abs to each Holder of a Class of Certificates of the Trust FundIssuing Entity, the Servicer, the Master Servicer, the Trustee, the NIMs Insurer, the Rating Agencies and the Depositor a statement setting forth for the CertificatesCertificates the following information; provided, however, that, with respect to any calendar year during which an annual report on Form 10-K is not required to be filed with the Commission on behalf of the Issuing Entity, the information set forth in items (xxvi) through (xxxiii) below are not required to be included in such statement during such calendar year:
(i) the amount of the related distribution to Holders of each Class of Certificates allocable to principal, separately identifying (A) the aggregate amount of any Principal Prepayments included therein, (B) the aggregate amount of all scheduled payments of principal included therein, therein and (C) the any Extra Principal Distribution Amount, if any, and (D) in the aggregate amount of Prepayment Charges, if anyand with respect to the Group One Mortgage Loans and Group Two Mortgage Loans;
(ii) the amount of such distribution to Holders of each Class of Certificates allocable to interest, together with any Non-Supported Interest Shortfalls allocated to each Class;
(iii) with respect to each Class of Certificates, any Interest Carry Forward Amount with respect to such Distribution Date for each such Class, any Interest Carry Forward Amount paid for each such Class and any remaining Interest Carry Forward Amount for each such Class;
(iv) the Certificate Principal Balance of each Class immediately prior to and of Certificates after giving effect (i) to all distributions allocable to principal on such Distribution Date and (ii) the allocation of any Applied Realized Loss Amounts for such Distribution Date;
(ivv) the Pool Stated Principal Balance for such Distribution Date;
(vvi) the amount of the Servicing Fee paid to or retained by the Servicer, Servicer and the amount of investment income earned on funds on deposit in the Securities Administrator Fee paid to or retained by Certificate Account for the Securities Administrator and any amounts constituting reimbursement or indemnification of the Servicer, Master Servicer, Securities Administrator or Trusteerelated Due Period;
(vivii) the Pass-Through Rate for each Class of Certificates for such Distribution Date;
(viiviii) the amount of Advances included in the distribution on such Distribution Date;
(viiiix) the cumulative amount of (A) Realized Losses and (B) Applied Realized Loss Amounts to date, in the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage Loansaggregate;
(ixx) the amount of (A) Realized Losses and (B) Applied Realized Loss Amounts with respect to such Distribution Date, in the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage Loansaggregate;
(xxi) the number and aggregate principal amounts of Mortgage Loans (A) Delinquent (exclusive of Mortgage Loans in foreclosure) (1) 31 to 60 days, (2) 61 to 90 days and (3) 91 or more days, and (B) in foreclosure and Delinquent (1) 31 to 60 days, (2) 61 to 90 days and (3) 91 or more days, in each case as of the close of business on the last day of the calendar month preceding such Distribution Date, in the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage Loans;
(xixii) with respect to any Mortgage Loan that became an REO Property during the preceding calendar month, the loan number and Stated Principal Balance of such Mortgage Loan as of the close of business on the last day of the calendar month preceding such Distribution Determination Date and the date of acquisition thereof, in the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage Loansaggregate;
(xiixiii) whether a Stepdown Trigger Event has occurred and is in effect;
(xiv) the total number and principal balance of any REO Properties as of the close of business on the last day of the calendar month preceding such Distribution related Determination Date, in the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage Loansaggregate;
(xiiixv) the aggregate Stated Principal Balance of all Liquidated Loans as of the preceding Distribution Date, in the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage Loans;
(xiv) whether a Stepdown Trigger Event has occurred and is in effect;
(xv) with respect to each Class of Certificates, any Interest Carry Forward Amount with respect to such Distribution Date for each such Class, any Interest Carry Forward Amount paid for each such Class and any remaining Interest Carry Forward Amount for each such Class;aggregate
(xvi) any Floating Rate Certificate Carryover paid and all Floating Rate Certificate Carryover remaining on each Class of the number LIBOR Certificates on such Distribution Date and Stated Principal Balance (as of the preceding Distribution Date) of any Mortgage Loans which were purchased or repurchased during the preceding Due Period and since the Initial Cut-off Date;
(xvii) the number and amount of Mortgage Loans for which Prepayment Charges were prepayment charges and the amount of late payment fees received during the related Prepayment Period and, for each such Mortgage Loan, the amount of Prepayment Charges received during the related Prepayment Period and in the aggregate of such amounts for all such Mortgage Loans since the Cut-off Dateaggregate;
(xviii) as of each Distribution Date, the amount, if any, received pursuant to each Cap Contract and the amount and purpose thereof, if any, to be paid to each Class of any withdrawal from the Collection Account pursuant to Section 3.08(a)(viii)Certificates;
(xix) the amount number and aggregate Stated Principal Balance of any payments to each Class of Certificates that are treated as payments received in respect of a REMIC "regular interest" or REMIC "residual interest" and all Subsequent Mortgage Loans added during the amount of any payments to each Class of Certificates that are not treated as payments received in respect of a REMIC "regular interest" or REMIC "residual interest"preceding Due Period;
(xx) as of each Distribution Date, the amount, if any, to be deposited in the Cap Contract Swap Account within the Supplemental Interest Trust pursuant to the related Cap Contract Swap Agreement as described in Section 4.04(k4.04(l) and the amount thereof to be paid to the Class A, Class M, Class B-1A, Class B-2A, Class B-3A, Class B-4A and Class C Certificates described in Section 4.04(k) hereofCertificates;
(xxi) any Floating Rate Certificate Carryover paid and all Floating Rate Certificate Carryover remaining on each class of the Class A, Class M, Class B-1, Class B-2, Class B-3 and Class B-4 Certificates on such Distribution Date;
(xxii) the number of Mortgage Loans with respect to which (i) a reduction in the Mortgage Rate has occurred or (ii) the related borrower's obligation to repay interest on a monthly basis has been suspended or reduced pursuant to the Servicemembers Civil Relief Act or the California Military and Veterans Code, as amended; and (iii) the amount of interest not required to be paid with respect to any such Mortgage Loans during the related Due Period as a result of such reductions 123 in the aggregate and with respect to the Group One Mortgage Loans and the Group Two Mortgage Loans.;
(xxii) the number of Mortgage Loans for which prepayment charges were received during the related Prepayment Period and, for each such Mortgage Loan, the amount of prepayment charges received during the related Prepayment Period and in the aggregate of such amounts for all such Mortgage Loans since the Initial Cut-off Date;
(xxiii) the aggregate Outstanding Principal Balance amount and purpose of each Class of Certificates for any withdrawal from the following Distribution DateCollection Account pursuant to Section 3.08(a)(iv);
(xxiv) the number amount of any payments to each Class of Certificates that are treated as payments received in respect of a REMIC Regular Interest or REMIC "residual interest" and aggregate principal amounts the amount of Mortgage Loans (A) delinquent (1) one Monthly Payment, (2) two Monthly Payments and (3) three any payments to each Class of Certificates that are not treated as payments received in respect of a REMIC Regular Interest or more Monthly Payments and (B) in foreclosure, in each case, as of the end of the related Principal Prepayment Period;REMIC "residual interest".
(xxv) the number and the principal balance of Mortgage Loans with respect to any real estate acquired through foreclosure or grant of a deed in lieu of foreclosure;
(xxvi) the aggregate amount of all Advances recovered during the related Due Period;
(xxvii) the aggregate amount of Realized Losses during the related Due Period and the aggregate amount of Realized Losses since the Cut-off Date;
(xxviiixxvi) the allocation to each Class of Certificate of any Realized Losses during the related Due Period;
(xxixxxvii) with respect to each Class of Certificates, the amount of any Compensating Non-Supported Interest Shortfalls on such Distribution Date;
(xxxxxviii) Number the number and amount outstanding principal balance of pool assets at the beginning and ending of each period, and updated pool composition information, such as weighted average coupon, weighted average life, weighted average remaining term, pool factors and prepayment amounts;
(xxxixxix) In addition, describe any material changes to methodology regarding calculations of delinquencies and charge-offs;
(xxxiixxx) Information on the amount, terms and general purpose amount of any advances Servicing Advances made or reimbursed during the period, including the general use of funds advanced related Due Period and the general source amount of funds for reimbursementsServicing Advances recovered during the related Due Period out of (a) principal and interest collections and (b) other amounts collected from the related Mortgagors;
(xxxiiixxxi) Any any material modifications, extensions or waivers to pool asset terms, fees, penalties or payments during the distribution period or that have cumulatively become material over time, of which the Trustee has received written notice thereof from the Servicer;
(xxxivxxxii) Material material breaches of pool asset representations or warranties or transaction covenantscovenants to the extent that the Trustee has received written notice thereof;
(xxxvxxxiii) Information information on ratio, coverage or other tests used for determining any early amortization, liquidation or other performance trigger and whether the trigger was met;
(xxxiv) the Overcollateralization Amount, the Targeted Overcollateralization Amount and the Overcollateralization Deficiency Amount or the Overcollateralization Release Amount (as applicable) as of such Distribution Date;
(xxxv) the amount of Excess Interest for any class of Class A, Class M, Class B or Class R Certificates;
(xxxvi) and the Extra Principal Distribution Amount for such Distribution Date; and
(xxxvixxxvii) Information information regarding any new issuance of asset-backed securities backed by the same asset pool, any pool asset changes (other than in connection with a pool asset converting into cash in accordance with its terms), such as additions or removals in connection with a prefunding or revolving period and pool asset substitutions and repurchases (and purchase rates, if applicable), and cash flows available for future purchases. Notwithstanding the foregoing, such as statement shall also include, with respect to each Distribution Date, the balances of any prefunding or revolving accountsrelated Record Date, if applicable. Disclose any material changes in Determination Date, Distribution Date and the solicitation, credit-granting, underwriting, origination, acquisition or pool selection criteria or procedures, as applicable, used to originate, acquire or select the new pool assetsAccrual Period.
(b) The Securities Administrator Trustee will make the Monthly Statement (and, at its option, any additional files containing the same information in an alternative format) available each month to Certificateholders, other parties to this Agreement and any other interested parties via the Securities AdministratorTrustee's Internet website. The Securities AdministratorTrustee's Internet website shall initially be located at "www.__________." 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 website are entitled to have a paper copy mailed to them via first class mail by calling the customer service desk and indicating suchxxx.xxxxxx.xxx/xxx. The Securities Administrator Trustee shall have the right to 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 Securities Administrator Trustee shall provide timely and adequate notification to all above parties regarding any such changes. The Securities Administrator foregoing information and reports shall also be prepared and determined by the Trustee based on Mortgage Loan data and other information provided to the Trustee by the Servicer, Swap Counterparty or any other third party required to deliver information hereunder. In preparing or furnishing the foregoing information, the Trustee shall be entitled to rely conclusively on but shall not be responsible for the content or accuracy of any the information or data provided to the Trustee by third parties for purposes of preparing the monthly statement and may affix thereto any disclaimer it deems appropriate in its reasonable discretion (without suggesting liability on the part of Servicer, Swap Counterparty or any other third party hereto)required to deliver information and the Trustee shall be entitled to rely conclusively upon and shall have no liability for any errors in any such information. As a condition to access the Securities AdministratorTrustee's internet website, the Securities Administrator Trustee may require registration and the acceptance of a disclaimer. The Securities Administrator Trustee will not be liable for the dissemination of information in accordance with this Agreement.
(c) Within a reasonable period of time after the end of each calendar year, the Trustee shall cause to be furnished 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 4.05 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 from time to time in effect.
(d) Upon filing with the Internal Revenue Service, the Trustee shall furnish to the Holder of the Class R Certificate each Form 1066 and each Form 1066Q and shall respond promptly to written requests made not more frequently than quarterly by any Holder of a Class R Certificate with respect to the following matters:
(i) The original projected principal and interest cash flows on the Closing Date on each Class of regular and residual interests created hereunder and on the Mortgage Loans, based on the Prepayment Assumption;
(ii) The projected remaining principal and interest cash flows as of the end of any calendar quarter with respect to each Class of regular and residual interests created hereunder and the Mortgage Loans, based on the Prepayment Assumption; 125
(iii) The Prepayment Assumption and any interest rate assumptions used in determining the projected principal and interest cash flows described above;
(iv) The original issue discount (or, in the case of the Mortgage Loans, market discount) or premium accrued or amortized through the end of such calendar quarter with respect to each Class of regular or residual interests created hereunder and to the Mortgage Loans, together with each constant yield to maturity used in computing the same;
(v) The treatment of losses realized with respect to the Mortgage Loans or the regular interests created hereunder, including the timing and amount of any cancellation of indebtedness income of the REMICs with respect to such regular interests or bad debt deductions claimed with respect to the Mortgage Loans;
(vi) The amount and timing of any non-interest expenses of the REMICs; and
(vii) Any taxes (including penalties and interest) imposed on the REMICs, including, without limitation, taxes on "prohibited transactions," "contributions" or "net income from foreclosure property" or state or local income or franchise taxes. The information pursuant to clauses (i), (ii), (iii) and (iv) above shall be provided by the Depositor pursuant to Section 8.12.
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (Specialty Underwriting & Residential Finance Trust Series 2006-Ab3), Pooling and Servicing Agreement (Specialty Underwriting & Residential Finance Trust Series 2006-Ab3)
Monthly Statements to Certificateholders. (a) Not later than each Distribution Date based solely on information provided by the Servicer (which information is not required to include any prediction of future performance as to which such report relates)Date, the Securities Administrator shall prepare and deliver to the Trustee and the Yield Maintenance Provider, and make available on its website located at xxx.xxxxxxx.xxx to each Holder of a Class of Certificates of the Trust FundCertificates, the ServicerTrustee, the Rating Agencies, the Master Servicer, the Trustee, the NIMs Insurer, the Rating Agencies EMC Servicer and the Depositor a statement setting forth for the Certificates:
(i) the amount of the related distribution to Holders of each Class allocable to principal, separately identifying (A) the aggregate amount of any Principal Prepayments included therein, (B) the aggregate of all scheduled payments (except with respect to any Simple Interest Loans) of principal included therein (and with respect to any Simple Interest Loans, the amount of principal actually received included therein), and (C) the Extra Principal Distribution Amount, Amount (if any, and (D) the aggregate amount of Prepayment Charges, if any);
(ii) the amount of such distribution to Holders of each Class allocable to interest, together with any Non-Supported Interest Shortfalls allocated and, if applicable, the portion thereof allocable to each Classamounts provided pursuant to the Yield Maintenance Agreements;
(iii) any Interest Carry Forward Amounts and any Basis Risk Shortfall Carry Forward Amounts for each Class of Offered Certificates (other than the Residual Certificates);
(iv) the Certificate Principal Balance or Certificate Notional Balance of each Class immediately prior to and after giving effect (i) to all distributions allocable to principal on such Distribution Date and (ii) the allocation of any Applied Realized Loss Amounts for such Distribution Date;
(ivv) the Pool Stated Principal Balance cumulative amount of Applied Realized Loss Amounts to date and the Unpaid Applied Realized Loss Amounts for each applicable Class of Offered Certificates after giving effect to the distribution of principal and allocation of Applied Realized Loss Amounts on such Distribution Date;
(v) the amount of the Servicing Fee paid to or retained by the Servicer, the amount of the Securities Administrator Fee paid to or retained by the Securities Administrator and any amounts constituting reimbursement or indemnification of the Servicer, Master Servicer, Securities Administrator or Trustee;.
(vi) the Pass-Through Rate for each Class of Offered Certificates for with respect to the current Accrual Period, and, if applicable, whether such Distribution Pass-Through Rate was limited by the Interest Rate Cap;
(vii) the amount of any Excess Cashflow Amount and any Excess Yield Maintenance Amount;
(viii) the aggregate of the Stated Principal Balances of the Mortgage Loans on the related Due Date;
(viiix) the related amount of the Master Servicing Fees paid to or retained by the Master Servicer and the Servicing Fees paid to or retained by each Servicer for the related Due Period;
(x) the amount of Advances included in the distribution on such Distribution Date;
(viii) the cumulative amount of (A) Realized Losses and (B) Applied Realized Loss Amounts to date, in the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage Loans;
(ix) the amount of (A) Realized Losses and (B) Applied Realized Loss Amounts with respect to such Distribution Date, in the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage Loans;
(xxi) the number and aggregate principal amounts of Mortgage Loans (A) Delinquent (exclusive of Mortgage Loans in foreclosureforeclosure and bankruptcy) (1) 31 to 60 days, (2) 61 to 90 days and (3) 91 or more days, and (B) in foreclosure and Delinquent delinquent (1) 31 to 60 days, (2) 61 to 90 days and (3) 91 or more days and (C) in bankruptcy and delinquent (1) 31 to 60 days, (2) 61 to 90 days and (3) 91 or more days, in each case as of the close of business on the last day of the calendar month preceding such Distribution Date, in the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage Loans;
(xixii) with respect to any Mortgage Loan that became an REO Property was liquidated during the preceding calendar month, the loan number and Stated Principal Balance of of, and Realized Loss on, such Mortgage Loan as of the close of business on the last day end of the calendar month preceding such Distribution Date and the date of acquisition thereof, in the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage Loansrelated Prepayment Period;
(xiixiii) whether a Trigger Event exists.
(xiv) the total number and principal balance of any REO Properties as of the close end of business on the related Prepayment Period;
(xv) the Realized Losses during the related Prepayment Period and the cumulative Realized Losses through the end of the preceding month;
(xvi) the three month rolling average of the percent equivalent of a fraction, the numerator of which is the aggregate stated Principal Balance of the Mortgage Loans that are 61 days or more delinquent or are in bankruptcy or foreclosure or are REO Properties, and the denominator of which is the aggregate Stated Principal Balance of all of the Mortgage Loans as of the last day of the calendar month preceding such Distribution Date, in ; and
(xvii) the aggregate and with respect to Realized Losses on the Group One Mortgage Loans and Group Two Mortgage Loans;
(xiii) since the Closing Date as a percentage of the aggregate Stated Principal Balance of all Liquidated Loans as of the preceding Distribution Date, in the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage Loans;
(xiv) whether a Stepdown Trigger Event has occurred and is in effect;
(xv) with respect to each Class of Certificates, any Interest Carry Forward Amount with respect to such Distribution Date for each such Class, any Interest Carry Forward Amount paid for each such Class and any remaining Interest Carry Forward Amount for each such Class;
(xvi) the number and Stated Principal Balance (as of the preceding Distribution Date) of any Mortgage Loans which were purchased or repurchased during the preceding Due Period and since the Cut-off Date;
(xvii) the number of Mortgage Loans for which Prepayment Charges were received during the related Prepayment Period and, for each such Mortgage Loan, the amount of Prepayment Charges received during the related Prepayment Period and in the aggregate of such amounts for all such Mortgage Loans since the Cut-off Date;
(xviii) the amount and purpose of any withdrawal from the Collection Account pursuant to Section 3.08(a)(viii);
(xix) the amount of any payments to each Class of Certificates that are treated as payments received in respect of a REMIC "regular interest" or REMIC "residual interest" and the amount of any payments to each Class of Certificates that are not treated as payments received in respect of a REMIC "regular interest" or REMIC "residual interest";
(xx) as of each Distribution Date, the amount, if any, to be deposited in the Cap Contract Account pursuant to the related Cap Contract as described in Section 4.04(k) and the amount thereof to be paid to the Class A, Class M, Class B-1A, Class B-2A, Class B-3A, Class B-4A and Class C Certificates described in Section 4.04(k) hereof;
(xxi) any Floating Rate Certificate Carryover paid and all Floating Rate Certificate Carryover remaining on each class of the Class A, Class M, Class B-1, Class B-2, Class B-3 and Class B-4 Certificates on such Distribution Date;
(xxii) the number of Mortgage Loans with respect to which (i) a reduction in the Mortgage Rate has occurred or (ii) the related borrower's obligation to repay interest on a monthly basis has been suspended or reduced pursuant to the Servicemembers Civil Relief Act or the California Military and Veterans Code, as amended; and the amount of interest not required to be paid with respect to any such Mortgage Loans during the related Due Period as a result of such reductions in the aggregate and with respect to the Group One Mortgage Loans and the Group Two Mortgage Loans.
(xxiii) the aggregate Outstanding Principal Balance of each Class of Certificates for the following Distribution Date;
(xxiv) the number and aggregate principal amounts of Mortgage Loans (A) delinquent (1) one Monthly Payment, (2) two Monthly Payments and (3) three or more Monthly Payments and (B) in foreclosure, in each case, as of the end of the related Principal Prepayment Period;
(xxv) the number and the principal balance of Mortgage Loans with respect to any real estate acquired through foreclosure or grant of a deed in lieu of foreclosure;
(xxvi) the aggregate amount of all Advances recovered during the related Due Period;
(xxvii) the aggregate amount of Realized Losses during the related Due Period and the aggregate amount of Realized Losses since the Cut-off Date;
(xxviii) the allocation to each Class of Certificate of any Realized Losses during the related Due Period;
(xxix) with respect to each Class of Certificates, the amount of any Compensating Interest Shortfalls on such Distribution Date;
(xxx) Number and amount of pool assets at the beginning and ending of each period, and updated pool composition information, such as weighted average coupon, weighted average life, weighted average remaining term, pool factors and prepayment amounts;
(xxxi) In addition, describe any material changes to methodology regarding calculations of delinquencies and charge-offs;
(xxxii) Information on the amount, terms and general purpose of any advances made or reimbursed during the period, including the general use of funds advanced and the general source of funds for reimbursements;
(xxxiii) Any material modifications, extensions or waivers to pool asset terms, fees, penalties or payments during the distribution period or that have cumulatively become material over time;
(xxxiv) Material breaches of pool asset representations or warranties or transaction covenants;
(xxxv) Information on ratio, coverage or other tests used for determining any early amortization, liquidation or other performance trigger and whether the trigger was met; and
(xxxvi) Information regarding any new issuance of asset-backed securities backed by the same asset pool, any pool asset changes (other than in connection with a pool asset converting into cash in accordance with its terms), such as additions or removals in connection with a prefunding or revolving period and pool asset substitutions and repurchases (and purchase rates, if applicable), and cash flows available for future purchases, such as the balances of any prefunding or revolving accounts, if applicableClosing Date. Disclose any material changes in the solicitation, credit-granting, underwriting, origination, acquisition or pool selection criteria or procedures, as applicable, used to originate, acquire or select the new pool assets.
(b) The Securities Administrator will may make the Monthly Statement foregoing monthly statement (and, at its option, any additional files containing the same information in an alternative format) available each month to Certificateholders, other parties to this Agreement and any other interested parties Certificateholders via the Securities Administrator's Internet internet website. The Securities Administrator's Internet internet website shall initially be located at "www.__________." xxx.xxxxxxx.xxx". Assistance in using the Securities Administrator's website can be obtained by calling the Securities Administrator's customer service desk at ______________(000) 000-0000. To the extent timely received from the Securities Administrator, the Trustee will also make monthly statements available each month to Certificateholders via the Trustee's internet website. The trustee's internet website will initially be located at xxx.xxxxxxxx.xxx/xxx. Assistance in using the Trustee's website service can be obtained by calling the Trustee's customer service desk at (000) 000-0000. Parties that are unable to use the website above distribution options are entitled to have a paper copy mailed to them via first class mail by calling the Securities Administrator's customer service desk and indicating such. The Securities Administrator shall have the right to may change the way the monthly statements to Certificateholders are distributed in order to make such distribution distributions more convenient and/or or more accessible to the above parties and the Securities Administrator shall provide timely and adequate notification to all above parties regarding any such changes. parties.
(b) The Securities Administrator shall 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 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 Securities Administrator's internet websiteresponsibility for making the above information available to the Certificateholders is limited to the availability, timeliness and accuracy of the information derived from the Master Servicer, the Securities Administrator may require registration EMC Servicer and the acceptance of a disclaimerTrustee. The Securities Administrator will make available a copy of each statement provided pursuant to this Section 5.05 to each Rating Agency.
(c) Within a reasonable period of time after the end of each calendar year, the Trustee shall cause to be furnished to the EMC Servicer, the Master Servicer and 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) and (a)(ii) of this Section 5.05 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) Upon filing with the Internal Revenue Service, the Securities Administrator shall furnish to the Holders of the Residual Certificates the applicable Form 1066 and each applicable Form 1066Q and shall respond promptly to written requests made not more frequently than quarterly by any Holder of a Residual Certificate with respect to the following matters:
(i) The original projected principal and interest cash flows on the Closing Date on each Class of regular and residual interests created hereunder and on the Mortgage Loans, based on the Prepayment Assumption;
(ii) The projected remaining principal and interest cash flows as of the end of any calendar quarter with respect to each Class of regular and residual interests created hereunder and the Mortgage Loans, based on the Prepayment Assumption;
(iii) The applicable Prepayment Assumption and any interest rate assumptions used in determining the projected principal and interest cash flows described above;
(iv) The original issue discount (or, in the case of the Mortgage Loans, market discount) or premium accrued or amortized through the end of such calendar quarter with respect to each Class of regular or residual interests created hereunder and to the Mortgage Loans, together with each constant yield to maturity used in computing the same;
(v) The treatment of losses realized with respect to the Mortgage Loans or the regular interests created hereunder, including the timing and amount of any cancellation of indebtedness income of a REMIC with respect to such regular interests or bad debt deductions claimed with respect to the Mortgage Loans;
(vi) The amount and timing of any non-interest expenses of a REMIC; and
(vii) Any taxes (including penalties and interest) imposed on the REMIC, including, without limitation, taxes on "prohibited transactions," "contributions" or "net income from foreclosure property" or state or local income or franchise taxes. The information pursuant to clauses (i), (ii), (iii) and (iv) above shall be liable for provided by the dissemination of information in accordance with this AgreementDepositor pursuant to Section 9.12.
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (Bear Stearns Asset Backed Securities Trust 2003-Sd3), Pooling and Servicing Agreement (Bear Stearns Asset Backed Securities Trust 2003-Sd1)
Monthly Statements to Certificateholders. (a) Not later than each Distribution Date based solely on information provided by the Servicer (which information is not required to include any prediction of future performance as to which such report relates)Date, the Securities Administrator Trustee shall prepare and make available on its website located at xxx.xxxxxxx.xxx to each Holder of a Class of Certificates of the Trust Fund, the ServicerCertificates, the Master Servicer, the Trustee, the NIMs Insurer, the Rating Agencies Servicer and the Depositor a statement setting forth for the Certificates:
(i) the amount of the related distribution to Holders of each Class allocable to principal, separately identifying (A) the aggregate amount of any Principal Prepayments included therein, (B) the aggregate of all scheduled payments of principal included therein, therein and (C) the Extra Principal Distribution Amount, Amount (if any, and (D) the aggregate amount of Prepayment Charges, if any);
(ii) the amount of such distribution to Holders of each Class A Certificates and Class M Certificates allocable to interestinterest and the portion thereof, together with any Non-Supported Interest Shortfalls allocated to each Classif any, provided by the Swap Administration Agreement;
(iii) the Interest Carry Forward Amount and any Basis Risk Shortfall Carry Forward Amount for each Class of Certificates;
(iv) the Certificate Principal Balance or Certificate Notional Amount, as applicable, of each Class immediately prior to and after giving effect (i) to all distributions allocable to principal on such Distribution Date and (ii) the allocation of any Applied Realized Loss Amounts for such Distribution Date;
(ivv) the Pool aggregate of the Stated Principal Balance of (A) all of the Mortgage Loans and (B) the Adjustable Rate Mortgage Loans, for such the following Distribution Date;
(vvi) the related amount of the Servicing Fee Fees paid to or retained by the Servicer, Master Servicer for the amount of the Securities Administrator Fee paid to or retained by the Securities Administrator and any amounts constituting reimbursement or indemnification of the Servicer, Master Servicer, Securities Administrator or Trusteerelated Due Period;
(vivii) the Pass-Through Rate for each Class of Class A Certificates for and Class M Certificates with respect to the current Accrual Period, and, if applicable, whether such Distribution DatePass-Through Rate was limited by the Net Rate Cap;
(viiviii) the amount of Advances included in the distribution on such Distribution Date;
(viiiix) the cumulative amount of (A) Realized Losses and (B) Applied Realized Loss Amounts to date, in the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage Loans;
(ix) the amount of (A) Realized Losses and (B) Applied Realized Loss Amounts with respect to such Distribution Date, in the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage Loans;
(x) the number and aggregate principal amounts Stated Principal Balance of the Mortgage Loans (A) Delinquent (exclusive of Mortgage Loans in foreclosureforeclosure and bankruptcy) (1) 31 to 60 days, (2) 61 to 90 days and (3) 91 or more days, and (B) in foreclosure and Delinquent delinquent (1) 31 to 60 days, (2) 61 to 90 days and (3) 91 or more days and (C) in bankruptcy and delinquent (1) 31 to 60 days, (2) 61 to 90 days and (3) 91 or more days, in each case as of the close of business on the last day of the calendar month preceding such Distribution DateDate and separately identifying such information for the (1) first lien Mortgage Loans, in the aggregate (2) second lien Mortgage Loans, and with respect to the Group One Mortgage Loans and Group Two (3) Adjustable Rate Mortgage Loans;
(xi) with respect to any Mortgage Loan that became an REO Property was liquidated during the preceding calendar month, the loan number and Stated Principal Balance of of, and Realized Loss on, such Mortgage Loan as of the close of business on the Determination Date preceding such Distribution Date;
(xii) the total number and principal balance of any real estate owned or REO Properties as of the close of business on the Determination Date preceding such Distribution Date;
(xiii) the three month rolling average of the percent equivalent of a fraction, the numerator of which is the aggregate Stated Principal Balance of the Mortgage Loans that are 60 days or more delinquent or are in bankruptcy or foreclosure or are REO Properties, and the denominator of which is the aggregate Stated Principal Balance of all of the Mortgage Loans in each case as of the close of business on the last day of the calendar month preceding such Distribution Date and separately identifying such information for the date of acquisition thereof, in the aggregate and with respect to the Group One Mortgage Loans and Group Two (1) first lien Mortgage Loans;
, and (xii) the total number and principal balance of any REO Properties as of the close of business on the last day of the calendar month preceding such Distribution Date, in the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage Loans;
(xiii) the aggregate Stated Principal Balance of all Liquidated Loans as of the preceding Distribution Date, in the aggregate and with respect to the Group One Mortgage Loans and Group Two 2 Adjustable Rate Mortgage Loans;
(xiv) whether a Stepdown Trigger Event has occurred the Realized Losses during the related Prepayment Period and is in effectthe cumulative Realized Losses through the end of the preceding month;
(xv) with respect to each Class of Certificates, any Interest Carry Forward Amount with respect to such Distribution Date for each such Class, any Interest Carry Forward Amount paid for each such Class and any remaining Interest Carry Forward Amount for each such Classwhether a Trigger Event exists;
(xvi) the number and Stated Principal Balance (as of the preceding Distribution Date) amount of any Mortgage Loans which were purchased or repurchased during Net Swap Payment payable to the preceding Due Period Swap Administrator, any Net Swap Payment payable to the Swap Provider, any Swap Termination Payment payable to the Swap Administrator and since any Swap Termination Payment payable to the Cut-off Date;Swap Provider; and
(xvii) the number of Mortgage Loans for which Prepayment Charges were received during the related Prepayment Period and, for each such Mortgage Loan, the amount of Prepayment Charges received during the related Prepayment Period and in the aggregate of distribution made on such amounts for all such Mortgage Loans since the Cut-off Date;
(xviii) the amount and purpose of any withdrawal from the Collection Account pursuant to Section 3.08(a)(viii);
(xix) the amount of any payments to each Class of Certificates that are treated as payments received in respect of a REMIC "regular interest" or REMIC "residual interest" and the amount of any payments to each Class of Certificates that are not treated as payments received in respect of a REMIC "regular interest" or REMIC "residual interest";
(xx) as of each Distribution Date, the amount, if any, to be deposited in the Cap Contract Account pursuant Date to the related Cap Contract as described in Section 4.04(k) and the amount thereof to be paid to the Class A, Class M, Class B-1A, Class B-2A, Class B-3A, Class B-4A and Class C Certificates described in Section 4.04(k) hereof;
(xxi) any Floating Rate Certificate Carryover paid and all Floating Rate Certificate Carryover remaining on each class Holders of the Class A, Class M, Class B-1, Class B-2, Class B-3 and Class B-4 P Certificates on such Distribution Date;
(xxii) the number of Mortgage Loans with respect allocable to which (i) a reduction in the Mortgage Rate has occurred or (ii) the related borrower's obligation to repay interest on a monthly basis has been suspended or reduced pursuant to the Servicemembers Civil Relief Act or the California Military and Veterans Code, as amended; and the amount of interest not required to be paid with respect to any such Mortgage Loans during the related Due Period as a result of such reductions in the aggregate and with respect to the Group One Mortgage Loans and the Group Two Mortgage Loans.
(xxiii) the aggregate Outstanding Principal Balance of each Class of Certificates for the following Distribution Date;
(xxiv) the number and aggregate principal amounts of Mortgage Loans (A) delinquent (1) one Monthly Payment, (2) two Monthly Payments and (3) three or more Monthly Payments and (B) in foreclosure, in each case, as of the end of the related Principal Prepayment Period;
(xxv) the number and the principal balance of Mortgage Loans with respect to any real estate acquired through foreclosure or grant of a deed in lieu of foreclosure;
(xxvi) the aggregate amount of all Advances recovered during the related Due Period;
(xxvii) the aggregate amount of Realized Losses during the related Due Period and the aggregate amount of Realized Losses since the Cut-off Date;
(xxviii) the allocation to each Class of Certificate of any Realized Losses during the related Due Period;
(xxix) with respect to each Class of Certificates, the amount of any Compensating Interest Shortfalls on such Distribution Date;
(xxx) Number and amount of pool assets at the beginning and ending of each period, and updated pool composition information, such as weighted average coupon, weighted average life, weighted average remaining term, pool factors and prepayment amounts;
(xxxi) In addition, describe any material changes to methodology regarding calculations of delinquencies and charge-offs;
(xxxii) Information on the amount, terms and general purpose of any advances made or reimbursed during the period, including the general use of funds advanced and the general source of funds for reimbursements;
(xxxiii) Any material modifications, extensions or waivers to pool asset terms, fees, penalties or payments during the distribution period or that have cumulatively become material over time;
(xxxiv) Material breaches of pool asset representations or warranties or transaction covenants;
(xxxv) Information on ratio, coverage or other tests used for determining any early amortization, liquidation or other performance trigger and whether the trigger was met; and
(xxxvi) Information regarding any new issuance of asset-backed securities backed by the same asset pool, any pool asset changes (other than in connection with a pool asset converting into cash in accordance with its terms), such as additions or removals in connection with a prefunding or revolving period and pool asset substitutions and repurchases (and purchase rates, if applicable), and cash flows available for future purchases, such as the balances of any prefunding or revolving accounts, if applicableCharges. Disclose any material changes in the solicitation, credit-granting, underwriting, origination, acquisition or pool selection criteria or procedures, as applicable, used to originate, acquire or select the new pool assets.
(b) The Securities Administrator will Trustee may make the foregoing Monthly Statement (and, at its option, any additional files containing the same information in an alternative format) available each month to Certificateholders, other parties to this Agreement and any other interested parties Certificateholders via the Securities Administrator's Internet Trustee’s internet website. The Securities Administrator's Internet Trustee’s internet website shall initially be located at "www.__________." “xxx.xxxxxxxx.xxx”. Assistance in using the website can be obtained by calling the Securities Administrator's Trustee’s customer service desk at ______________(000) 000-0000. Parties that are unable to use the website above distribution options 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 Trustee may change the way the monthly statements to Certificateholders Monthly Statements are distributed in order to make such distribution distributions more convenient and/or or more accessible to the above parties parties.
(b) The Trustee’s responsibility for making the above information available to the Certificateholders is limited to the availability, timeliness and accuracy of the Securities Administrator shall provide timely and adequate notification to all above parties regarding any such changesinformation derived from the Master Servicer. The Securities Administrator shall also be entitled Trustee will make available a copy of each statement provided pursuant 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 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 this Section 5.06 to access the Securities Administrator's internet website, the Securities Administrator may require registration and the acceptance of a disclaimer. The Securities Administrator will not be liable for the dissemination of information in accordance with this Agreementeach Rating Agency.
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (Bear Stearns Asset Backed Securities I Trust 2005-Tc1), Pooling and Servicing Agreement (Bear Stearns Asset Backed Securities I Trust 2005-Tc1)
Monthly Statements to Certificateholders. (a) Not later than each Distribution Date based solely on information provided by the Servicer (which information is not required to include any prediction of future performance as to which such report relates)Date, the Securities Administrator Trustee shall prepare and make available on its website located at xxx.xxxxxxx.xxx to each Holder of a Class of Certificates of the Trust Fund, the ServicerCertificates, the Master Servicer, the Trustee, the NIMs Insurer, the Rating Agencies Servicer and the Depositor a statement setting forth for the Certificates:
(i) the amount of the related distribution to Holders of each Class allocable to principal, separately identifying (A) the aggregate amount of any Principal Prepayments included therein, (B) the aggregate of all scheduled payments of principal included therein, therein and (C) the Extra Principal Distribution Amount, Amount (if any, and (D) the aggregate amount of Prepayment Charges, if any);
(ii) the amount of such distribution to Holders of each Class A Certificates and Class M Certificates allocable to interestinterest and the portion thereof, together with any Non-Supported Interest Shortfalls allocated to each Classif any, provided by the Swap Administration Agreement;
(iii) the Interest Carry Forward Amount and any Basis Risk Shortfall Carry Forward Amount for each Class of Certificates;
(iv) the Certificate Principal Balance or Certificate Notional Amount, as applicable, of each Class immediately prior to and after giving effect (i) to all distributions allocable to principal on such Distribution Date and (ii) the allocation of any Applied Realized Loss Amounts for such Distribution Date;
(ivv) for each Loan Group, the Pool aggregate of the Stated Principal Balance of (A) all of the Mortgage Loans in such Loan Group, (B) the first lien Mortgage Loans in such Loan Group, (C) the second lien Mortgage Loans in such Loan Group, and (D) the Adjustable Rate Mortgage Loans in such Loan Group, for such the following Distribution Date;
(vvi) the related amount of the Servicing Fee Fees paid to or retained by the Servicer, Master Servicer for the amount of the Securities Administrator Fee paid to or retained by the Securities Administrator and any amounts constituting reimbursement or indemnification of the Servicer, Master Servicer, Securities Administrator or Trusteerelated Due Period;
(vivii) the Pass-Through Rate for each Class of Class A Certificates for and Class M Certificates with respect to the current Accrual Period, and, if applicable, whether such Distribution DatePass-Through Rate was limited by the applicable Net Rate Cap;
(viiviii) the amount of Advances included in the distribution on such Distribution Date;
(viiiix) the cumulative amount of (A) Realized Losses and (B) Applied Realized Loss Amounts to date, in the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage Loans;
(ix) the amount of (A) Realized Losses and (B) Applied Realized Loss Amounts with respect to such Distribution Date, in the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage Loans;
(x) the number and aggregate principal amounts Stated Principal Balance of the Mortgage Loans in each Loan Group (A) Delinquent (exclusive of Mortgage Loans in foreclosureforeclosure and bankruptcy) (1) 31 to 60 days, (2) 61 to 90 days and (3) 91 or more days, and (B) in foreclosure and Delinquent delinquent (1) 31 to 60 days, (2) 61 to 90 days and (3) 91 or more days and (C) in bankruptcy and delinquent (1) 31 to 60 days, (2) 61 to 90 days and (3) 91 or more days, in each case as of the close of business on the last day of the calendar month preceding such Distribution DateDate and separately identifying such information for the (1) first lien Mortgage Loans, (2) second lien Mortgage Loans, and (3) Adjustable Rate Mortgage Loans, in the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage Loanseach such Loan Group;
(xi) with respect to any Mortgage Loan that became an REO Property was liquidated during the preceding calendar month, the loan number and Stated Principal Balance of of, and Realized Loss on, such Mortgage Loan as of the close of business on the last day of the calendar month Determination Date preceding such Distribution Date and the date of acquisition thereof, in the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage LoansDate;
(xii) the total number and principal balance of any real estate owned or REO Properties as of the close of business on the last day of the calendar month Determination Date preceding such Distribution Date, in the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage Loans;
(xiii) the three month rolling average of the percent equivalent of a fraction, the numerator of which is the aggregate Stated Principal Balance of the Mortgage Loans in each Loan Group that are 60 days or more delinquent or are in bankruptcy or foreclosure or are REO Properties, and the denominator of which is the aggregate Stated Principal Balance of all Liquidated of the Mortgage Loans in such Loan Group as of the preceding last day of such Distribution DateDate and separately identifying such information for the (1) first lien Mortgage Loans, (2) second lien Mortgage Loans, and (3) Adjustable Rate Mortgage Loans, in the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage Loanseach such Loan Group;
(xiv) whether a Stepdown Trigger Event has occurred the Realized Losses during the related Prepayment Period and is in effectthe cumulative Realized Losses through the end of the preceding month;
(xv) with respect to each Class of Certificates, any Interest Carry Forward Amount with respect to such Distribution Date for each such Class, any Interest Carry Forward Amount paid for each such Class and any remaining Interest Carry Forward Amount for each such Classwhether a Trigger Event exists;
(xvi) the number and Stated Principal Balance (as of the preceding Distribution Date) amount of any Mortgage Loans which were purchased or repurchased during Net Swap Payment payable to the preceding Due Period Swap Administrator, any Net Swap Payment payable to the Swap Provider, any Swap Termination Payment payable to the Swap Administrator and since any Swap Termination Payment payable to the Cut-off Date;Swap Provider; and
(xvii) the number of Mortgage Loans for which Prepayment Charges were received during the related Prepayment Period and, for each such Mortgage Loan, the amount of Prepayment Charges received during the related Prepayment Period and in the aggregate of distribution made on such amounts for all such Mortgage Loans since the Cut-off Date;
(xviii) the amount and purpose of any withdrawal from the Collection Account pursuant to Section 3.08(a)(viii);
(xix) the amount of any payments to each Class of Certificates that are treated as payments received in respect of a REMIC "regular interest" or REMIC "residual interest" and the amount of any payments to each Class of Certificates that are not treated as payments received in respect of a REMIC "regular interest" or REMIC "residual interest";
(xx) as of each Distribution Date, the amount, if any, to be deposited in the Cap Contract Account pursuant Date to the related Cap Contract as described in Section 4.04(k) and the amount thereof to be paid to the Class A, Class M, Class B-1A, Class B-2A, Class B-3A, Class B-4A and Class C Certificates described in Section 4.04(k) hereof;
(xxi) any Floating Rate Certificate Carryover paid and all Floating Rate Certificate Carryover remaining on each class Holders of the Class A, Class M, Class B-1, Class B-2, Class B-3 and Class B-4 P Certificates on such Distribution Date;
(xxii) the number of Mortgage Loans with respect allocable to which (i) a reduction in the Mortgage Rate has occurred or (ii) the related borrower's obligation to repay interest on a monthly basis has been suspended or reduced pursuant to the Servicemembers Civil Relief Act or the California Military and Veterans Code, as amended; and the amount of interest not required to be paid with respect to any such Mortgage Loans during the related Due Period as a result of such reductions in the aggregate and with respect to the Group One Mortgage Loans and the Group Two Mortgage Loans.
(xxiii) the aggregate Outstanding Principal Balance of each Class of Certificates for the following Distribution Date;
(xxiv) the number and aggregate principal amounts of Mortgage Loans (A) delinquent (1) one Monthly Payment, (2) two Monthly Payments and (3) three or more Monthly Payments and (B) in foreclosure, in each case, as of the end of the related Principal Prepayment Period;
(xxv) the number and the principal balance of Mortgage Loans with respect to any real estate acquired through foreclosure or grant of a deed in lieu of foreclosure;
(xxvi) the aggregate amount of all Advances recovered during the related Due Period;
(xxvii) the aggregate amount of Realized Losses during the related Due Period and the aggregate amount of Realized Losses since the Cut-off Date;
(xxviii) the allocation to each Class of Certificate of any Realized Losses during the related Due Period;
(xxix) with respect to each Class of Certificates, the amount of any Compensating Interest Shortfalls on such Distribution Date;
(xxx) Number and amount of pool assets at the beginning and ending of each period, and updated pool composition information, such as weighted average coupon, weighted average life, weighted average remaining term, pool factors and prepayment amounts;
(xxxi) In addition, describe any material changes to methodology regarding calculations of delinquencies and charge-offs;
(xxxii) Information on the amount, terms and general purpose of any advances made or reimbursed during the period, including the general use of funds advanced and the general source of funds for reimbursements;
(xxxiii) Any material modifications, extensions or waivers to pool asset terms, fees, penalties or payments during the distribution period or that have cumulatively become material over time;
(xxxiv) Material breaches of pool asset representations or warranties or transaction covenants;
(xxxv) Information on ratio, coverage or other tests used for determining any early amortization, liquidation or other performance trigger and whether the trigger was met; and
(xxxvi) Information regarding any new issuance of asset-backed securities backed by the same asset pool, any pool asset changes (other than in connection with a pool asset converting into cash in accordance with its terms), such as additions or removals in connection with a prefunding or revolving period and pool asset substitutions and repurchases (and purchase rates, if applicable), and cash flows available for future purchases, such as the balances of any prefunding or revolving accounts, if applicableCharges. Disclose any material changes in the solicitation, credit-granting, underwriting, origination, acquisition or pool selection criteria or procedures, as applicable, used to originate, acquire or select the new pool assets.
(b) The Securities Administrator will Trustee may make the foregoing Monthly Statement (and, at its option, any additional files containing the same information in an alternative format) available each month to Certificateholders, other parties to this Agreement and any other interested parties Certificateholders via the Securities AdministratorTrustee's Internet internet website. The Securities AdministratorTrustee's Internet internet website shall initially be located at "www.__________." xxx.xxxxxxxx.xxx". Assistance in using the website can be obtained by calling the Securities AdministratorTrustee's customer service desk at ______________(000) 000-0000. Parties that are unable to use the website above distribution options 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 Trustee may change the way the monthly statements to Certificateholders Monthly Statements are distributed in order to make such distribution distributions more convenient and/or or more accessible to the above parties parties.
(b) The Trustee's responsibility for making the above information available to the Certificateholders is limited to the availability, timeliness and accuracy of the information derived from the Master Servicer. The Trustee will make available a copy of each statement provided pursuant to this Section 5.06 to each Rating Agency.
(c) 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) and (a)(ii) of this Section 5.06 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) Upon filing with the Internal Revenue Service, the Trustee shall furnish to the Holders of the Residual Certificates the applicable Form 1066 and each applicable Form 1066Q and shall respond promptly to written requests made not more frequently than quarterly by any Holder of a Residual Certificate with respect to the following matters:
(i) The original projected principal and interest cash flows on the Closing Date on each Class of regular and residual interests created hereunder and on the Mortgage Loans, based on the Prepayment Assumption;
(ii) The projected remaining principal and interest cash flows as of the end of any calendar quarter with respect to each class of Regular Interests and Residual Interests created hereunder and the Securities Administrator shall provide timely Mortgage Loans, based on the Prepayment Assumption;
(iii) The applicable Prepayment Assumption and adequate notification any interest rate assumptions used in determining the projected principal and interest cash flows described above;
(iv) The original issue discount (or, in the case of the Mortgage Loans, market discount) or premium accrued or amortized through the end of such calendar quarter with respect to all above parties regarding each class of Regular Interests or Residual Interests created hereunder and to the Mortgage Loans, together with each constant yield to maturity used in computing the same;
(v) The treatment of Realized Losses with respect to the Mortgage Loans or the Regular Interests created hereunder, including the timing and amount of any cancellation of indebtedness income of a REMIC with respect to such changesRegular Interests or bad debt deductions claimed with respect to the Mortgage Loans;
(vi) The amount and timing of any non-interest expenses of a REMIC; and
(vii) Any taxes (including penalties and interest) imposed on the REMIC, including, without limitation, taxes on "prohibited transactions," "contributions" or "net income from foreclosure property" or state or local income or franchise taxes. The Securities Administrator information pursuant to clauses (i), (ii), (iii) and (iv) above shall 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 and may affix thereto any disclaimer it deems appropriate in its reasonable discretion (without suggesting liability on the part of any other party hereto)Depositor pursuant to Section 9.12. As a condition to access the Securities Administrator's internet website, the Securities Administrator may require registration and the acceptance of a disclaimer. The Securities Administrator will not be liable for the dissemination of information in accordance with this Agreement.133
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (Bear Stearns Asset Backed Securities I Trust 2005-He3), Pooling and Servicing Agreement (Bear Stearns Asset Backed Securities I Trust 2005-He3)
Monthly Statements to Certificateholders. (a) Not later than each Distribution Date based solely on information provided by the Servicer (which information is not required to include any prediction of future performance as to which such report relates)Date, the Securities Administrator Trustee shall prepare and make available on its website located at xxx.xxxxxxx.xxx xxx.xxxxxxxx.xxx to each Holder of a Class of Certificates of the Trust FundIssuing Entity, the Servicer, the Master Servicer, the Trustee, the NIMs InsurerRating Agencies, the Rating Agencies Depositor, the Cap Contract Counterparty and the Depositor Swap Counterparty a statement setting forth for the CertificatesCertificates the following information; provided, however, that with respect to any calendar year during which an annual report on Form 10-K is not required to be filed with the Commission on behalf of the Issuing Entity, the information set forth in Items (xxiv) through (xxxii) below are not required to be included in such statement during any calendar year:
(i) the amount of the related distribution to Holders of each Class allocable to principal, separately identifying (A) the aggregate amount of any Principal Prepayments included therein, (B) the aggregate of all scheduled payments of principal included therein, (C) the Extra Principal Distribution Amount, if any, and (D) the aggregate amount of Prepayment Charges, if any;
(ii) the amount of such distribution to Holders of each Class allocable to interest, together with any Non-Supported Interest Shortfalls allocated to each Class;
(iii) any interest Carryforward Amount for each Class of the Class A, Class M and Class B Certificates;
(iv) the Class Certificate Principal Balance of each Class immediately prior to and after giving effect (i) to all distributions allocable to principal on such Distribution Date and (ii) the allocation of any Applied Realized Loss Amounts for such Distribution Date;
(ivv) the Pool Stated Principal Balance for such Distribution Date;
(vvi) the amount of the Servicing Fee paid to or retained by the Servicer, the amount of the Securities Administrator Fee paid to or retained by the Securities Administrator Servicer and any amounts constituting reimbursement or indemnification of the Servicer, Master Servicer, Securities Administrator Servicer or Trustee;
(vivii) the Pass-Through Rate for each Class of Certificates for such Distribution Date;
(viiviii) the amount of Advances included in the distribution on such Distribution DateDate or reimbursed during the period;
(viiiix) the cumulative amount of (A) Realized Losses and (B) Applied Realized Loss Amounts to date, in the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage Loans;
(ixx) the amount of (A) Realized Losses and (B) Applied Realized Loss Amounts with respect to such Distribution Date, in the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage Loans;
(xxi) the number and aggregate principal amounts of Mortgage Loans (A) Delinquent (exclusive of Mortgage Loans in foreclosure) (1) 31 to 60 days, (2) 61 to 90 days and (3) 91 or more days, and (B) in foreclosure and Delinquent (1) 31 to 60 days, (2) 61 to 90 days and (3) 91 or more days, in each case as of the close of business on the last day of the calendar month preceding such Distribution Date, in the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage LoansLoans in accordance with the OTS methodology for reporting delinquencies;
(xixii) with respect to any Mortgage Loan that became an REO Property during the preceding calendar month, the loan number and Stated Principal Balance of such Mortgage Loan as of the close of business on the last day of the calendar month preceding such Distribution Date and the date of acquisition thereofDate, in the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage Loans;
(xiixiii) the total number and principal balance of any REO Properties as of the close of business on the last day of the calendar month preceding such Distribution Date, in the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage Loans;
(xiiixiv) the aggregate Stated Principal Balance of all loans that became Liquidated Loans as of such Distribution Date calculated as of the preceding Distribution Date, in the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage Loans;
(xivxv) whether a Stepdown Trigger Event has occurred and is in effect;
(xvxvi) with respect to each Class of Certificates, any Interest Carry Forward Amount with respect to such Distribution Date for each such Class, any Interest Carry Forward Amount paid for each such Class and any remaining Interest Carry Forward Amount for each such Class;
(xvixvii) the number and Stated Principal Balance (as of the preceding Distribution Date) of any Mortgage Loans which were purchased or repurchased during the preceding Due Prepayment Period and since the Cut-off Date;
(xviixviii) the number of Mortgage Loans prepaid in full for which Prepayment Charges were received during the related Prepayment Period and, for each such Mortgage Loan, the amount of Prepayment Charges received during the related Prepayment Period and in the aggregate of such amounts for all such Mortgage Loans since the Cut-off Date, and for partial Principal Prepayments, the amount received during the preceding calendar month;
(xviiixix) the amount and purpose of any withdrawal from the Collection Account pursuant to Section 3.08(a)(viii);
(xixxx) the amount of any payments to each Class of Certificates that are treated as payments received in respect of a REMIC "regular interest" or REMIC "residual interest" and the amount of any payments to each Class of Certificates that are not treated as payments received in respect of a REMIC "regular interest" or REMIC "residual interest";
(xxxxi) as of each Distribution Date, the amount, if any, to be deposited in the Cap Contract Account Issuing Entity pursuant to the related Cap Corridor Contract as described in Section 4.04(k) and the amount thereof to be paid to the Class A1-A Certificates, the Class M2-A Certificates, Class B-1A, Class B-2A, Class B-3A, Class B-4A the Subordinate Certificates and the Class C Certificates described in Section 4.04(k) hereof;
(xxixxii) as of each Distribution Date, the amount, if any, to be deposited in the Supplemental Interest Trust pursuant to the Swap Agreement as described in Section 4.04(l) and the amount thereof to be paid to the Certificates;
(xxiii) any Floating Rate Certificate Carryover paid and all Floating Rate Certificate Carryover remaining on each class of the Class A, Class M, Class B-1, Class B-2, Class B-3 M and Class B-4 B Certificates on such Distribution Date;
(xxiixxiv) the number of Mortgage Loans with respect to which (i) a reduction in the Mortgage Rate has occurred or (ii) the related borrower's obligation to repay interest on a monthly basis has been suspended or reduced pursuant to the Servicemembers Civil Relief Act or the California Military and Veterans Code, as amendedAct; and the amount of interest not required to be paid with respect to any such Mortgage Loans during the related Due Period as a result of such reductions in the aggregate and with respect to the Group One Mortgage Loans and the Group Two Mortgage Loans.
(xxiii) the aggregate Outstanding Principal Balance of each Class of Certificates for the following Distribution Date;
(xxiv) the number and aggregate principal amounts of Mortgage Loans (A) delinquent (1) one Monthly Payment, (2) two Monthly Payments and (3) three or more Monthly Payments and (B) in foreclosure, in each case, as of the end of the related Principal Prepayment Period;
(xxv) the number and the principal balance of Mortgage Loans with respect to any real estate acquired through foreclosure or grant of a deed in lieu of foreclosure;
(xxvi) the aggregate amount of all Advances recovered during the related Due Period;
(xxvii) the aggregate amount of Realized Losses during the related Due Period and the aggregate amount of Realized Losses since the Cut-off Date;
(xxviii) the allocation to each Class of Certificate of any Realized Losses during the related Due Period;
(xxix) with respect to each Class of Certificates, the amount of any Compensating Non-Supported Interest Shortfalls on such Distribution Date;
(xxxxxvi) Number the number and amount of pool assets at the beginning and ending of each period, and updated pool composition information, such as weighted average coupon, weighted average life, weighted average remaining term, pool factors and prepayment amounts;
(xxxixxvii) In addition, describe any material changes to methodology regarding calculations of delinquencies and charge-offs;
(xxxiixxviii) Information information on the amount, terms and general purpose amount of any advances Servicing Advances made or reimbursed during the period, including the general use of funds advanced and the general source of funds for reimbursements;
(xxxiiixxix) Any any material modifications, extensions or waivers to pool asset terms, fees, penalties or payments during the distribution period or that have cumulatively become material over time;
(xxxivxxx) Material material breaches of pool asset representations or warranties or transaction covenants;
(xxxvxxxi) Information information on ratio, coverage or other tests used for determining any early amortization, liquidation or other performance trigger and whether the trigger was met; and
(xxxvixxxii) Information information regarding any new issuance of asset-backed securities backed by the same asset pool, any pool asset changes (other than in connection with a pool asset converting into cash in accordance with its terms), such as additions or removals in connection with a prefunding or revolving period and pool asset substitutions and repurchases (and purchase rates, if applicable), and cash flows available for future purchases, such as the balances of any prefunding or revolving accounts, if applicable. Disclose any material changes in the solicitation, credit-granting, underwriting, origination, acquisition or pool selection criteria or procedures, as applicable, used to originate, acquire or select the new pool assets.
(b) The Securities Administrator Trustee will make the Monthly Statement (and, at its option, any additional files containing the same information in an alternative format) available each month to Certificateholders, other parties to this Agreement and any other interested parties via the Securities AdministratorTrustee's Internet website. The Securities AdministratorTrustee's Internet website shall initially be located at "www.__________." xxx.xxxxxxxx.xxx". Assistance in using the website can be obtained by calling the Securities Administrator's customer service desk Trustee at ______________(000) 000-0000. Parties that are unable to use the website 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 Trustee shall have the right to 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 Securities Administrator Trustee shall provide timely and adequate notification to all above parties regarding any such changes. The Securities Administrator foregoing information and reports shall also be prepared and determined by the Trustee based on Mortgage Loan data and other information provided to the Trustee by the Servicer, the Swap Counterparty, the Cap Contract Counterparty or any other third party required to deliver information hereunder. In preparing or furnishing the foregoing information, the Trustee shall be entitled to rely conclusively on but shall not be responsible for the content or accuracy of any the information or data provided to the Trustee by third parties for purposes of preparing the monthly statement and may affix thereto any disclaimer it deems appropriate in its reasonable discretion (without suggesting liability on Servicer, the part of Swap Counterparty, the Cap Contract Counterparty or any other third party hereto)required to deliver information and shall have no liability for any errors in any such information. As a condition to access the Securities AdministratorTrustee's internet website, the Securities Administrator Trustee may require registration and the acceptance of a disclaimer. The Securities Administrator Trustee will not be liable for the dissemination of information in accordance with this Agreement.
(c) If so requested in writing within a reasonable period of time after the end of each calendar year, the Trustee shall make available on its website or cause to be furnished to each Person who at any time during the calendar year was a Certificateholder of record, a statement containing the information set forth in clauses (a)(i) and (a)(ii) of this Section 4.05 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 are from time to time in effect.
(d) Upon filing with the Internal Revenue Service, the Trustee shall furnish to the Holders of the Class R Certificate each Form 1066Q and shall respond promptly to written requests made not more frequently than quarterly by any Holder of Class R Certificate with respect to the following matters:
(i) The original projected principal and interest cash flows on the Closing Date on each Class of regular and residual interests created hereunder and on the Mortgage Loans, based on the Prepayment Assumption;
(ii) The projected remaining principal and interest cash flows as of the end of any calendar quarter with respect to each Class of regular and residual interests created hereunder and the Mortgage Loans, based on the Prepayment Assumption;
(iii) The Prepayment Assumption and any interest rate assumptions used in determining the projected principal and interest cash flows described above;
(iv) The original issue discount (or, in the case of the Mortgage Loans, market discount) or premium accrued or amortized through the end of such calendar quarter with respect to each Class of regular or residual interests created hereunder and to the Mortgage Loans, together with each constant yield to maturity used in computing the same;
(v) The treatment of losses realized with respect to the Mortgage Loans or the regular interests created hereunder, including the timing and amount of any cancellation of indebtedness income of the REMICs with respect to such regular interests or bad debt deductions claimed with respect to the Mortgage Loans;
(vi) The amount and timing of any non-interest expenses of the REMICs; and
(vii) Any taxes (including penalties and interest) imposed on the REMICs, including, without limitation, taxes on "prohibited transactions," "contributions" or "net income from foreclosure property" or state or local income or franchise taxes. The information pursuant to clauses (i), (ii), (iii) and (iv) above shall be provided by the Depositor pursuant to Section 8.12.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Merrill Lynch First Franklin Mortgage Loan Trust, Series 2007-4)
Monthly Statements to Certificateholders. (a) Not later than each Distribution Date based solely on information provided by the Servicer (which information is not required to include any prediction of future performance as to which such report relates)Servicer, the Securities Administrator shall prepare and make available on its website located at xxx.xxxxxxx.xxx to each Holder of a Class of Certificates of the Trust Fund, the Servicer, the Master Servicer, the Trustee, the NIMs Insurer, the Rating Agencies and the Depositor a statement setting forth for the Certificates:
(i) the amount of the related distribution to Holders of each Class allocable to principal, separately identifying (A) the aggregate amount of any Principal Prepayments included therein, (B) the aggregate of all scheduled payments of principal included therein, (C) the Extra Principal Distribution Amount, if any, and (D) the aggregate amount of Prepayment Charges, if any;
(ii) the amount of such distribution to Holders of each Class allocable to interest, together with any Non-Supported Interest Shortfalls allocated to each Class;
(iii) any Interest Carryforward Amount for each Class of the Offered Certificates;
(iv) the Class Certificate Principal Balance of each Class immediately prior to and after giving effect (i) to all distributions allocable to principal on such Distribution Date and (ii) the allocation of any Applied Realized Loss Amounts for such Distribution Date;
(ivv) the Pool Stated Principal Balance for such Distribution Date;
(vvi) the amount of the Servicing Fee paid to or retained by the Servicer, the amount of the Securities Administrator Fee paid to or retained by the Securities Administrator and any amounts constituting reimbursement or indemnification of the Servicer, Master Servicer, Securities Administrator or Trustee;
(vivii) the Pass-Through Rate for each Class of Certificates for such Distribution Date;
(viiviii) the amount of Advances included in the distribution on such Distribution Date;
(viiiix) the cumulative amount of (A) Realized Losses and (B) Applied Realized Loss Amounts to date, in the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage Loans;
(ixx) the amount of (A) Realized Losses and (B) Applied Realized Loss Amounts with respect to such Distribution Date, in the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage Loans;
(xxi) the number and aggregate principal amounts of Mortgage Loans (A) Delinquent (exclusive of Mortgage Loans in foreclosure) (1) 31 to 60 days, (2) 61 to 90 days and (3) 91 or more days, and (B) in foreclosure and Delinquent (1) 31 to 60 days, (2) 61 to 90 days and (3) 91 or more days, in each case as of the close of business on the last day of the calendar month preceding such Distribution Date, in the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage Loans;
(xi) with respect to any Mortgage Loan that became an REO Property during the preceding calendar month, the loan number and Stated Principal Balance of such Mortgage Loan as of the close of business on the last day of the calendar month preceding such Distribution Date and the date of acquisition thereof, in the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage Loans;
(xii) the total number and principal balance of any REO Properties as of the close of business on the last day of the calendar month preceding such Distribution Date, in the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage Loans;
(xiii) the aggregate Stated Principal Balance of all Liquidated Loans as of the preceding Distribution Date, in the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage Loans;
(xiv) whether a Stepdown Trigger Event or Class A-1 Trigger Event has occurred and is in effect;
(xv) with respect to each Class of Certificates, any Interest Carry Forward Amount with respect to such Distribution Date for each such Class, any Interest Carry Forward Amount paid for each such Class and any remaining Interest Carry Forward Amount for each such Class;
(xvi) with respect to each Class of Certificates, any Floating Rate Certificate Carryover with respect to such Distribution Date for each such Class, any Floating Rate Certificate Carryover paid for each such Class and any remaining Floating Rate Certificate Carryover for each such Class;
(xvii) the number and Stated Principal Balance (as of the preceding Distribution Date) of any Mortgage Loans which were purchased or repurchased during the preceding Due Period and since the Cut-off Date;
(xviixviii) the number of Mortgage Loans for which Prepayment Charges were received during the related Prepayment Period and, for each such Mortgage Loan, the amount of Prepayment Charges received during the related Prepayment Period and in the aggregate of such amounts for all such Mortgage Loans since the Cut-off Date;
(xviiixix) as of each Distribution Date, the amount, if any, to be deposited in the Certificate Account pursuant to the Cap Contract as described in Section 4.04(k) and the amount thereof to be paid to the Class A, Class M and Class B Certificates described in Section 4.04(k) hereof;
(xx) the amount and purpose of any withdrawal from the Collection Account pursuant to Section 3.08(a)(viii3.08(a)(v);; and
(xixxxi) the amount of any payments to each Class of Certificates that are treated as payments received in respect of a REMIC "regular interest" Regular Interest or REMIC "residual interest" and the amount of any payments to each Class of Certificates that are not treated as payments received in respect of a REMIC "regular interest" Regular Interest or REMIC "residual interest";
(xx) as of each Distribution Date, the amount, if any, to be deposited in the Cap Contract Account pursuant to the related Cap Contract as described in Section 4.04(k) and the amount thereof to be paid to the Class A, Class M, Class B-1A, Class B-2A, Class B-3A, Class B-4A and Class C Certificates described in Section 4.04(k) hereof;
(xxi) any Floating Rate Certificate Carryover paid and all Floating Rate Certificate Carryover remaining on each class of the Class A, Class M, Class B-1, Class B-2, Class B-3 and Class B-4 Certificates on such Distribution Date;
(xxii) the number of Mortgage Loans with respect to which (i) a reduction in the Mortgage Rate has occurred or (ii) the related borrower's obligation to repay interest on a monthly basis has been suspended or reduced pursuant to the Servicemembers Civil Relief Act or the California Military and Veterans Code, as amended; and the amount of interest not required to be paid with respect to any such Mortgage Loans during the related Due Period as a result of such reductions in the aggregate and with respect to the Group One Mortgage Loans and the Group Two Mortgage Loans.
(xxiii) the aggregate Outstanding Principal Balance of each Class of Certificates for the following Distribution Date;
(xxiv) the number and aggregate principal amounts of Mortgage Loans (A) delinquent (1) one Monthly Payment, (2) two Monthly Payments and (3) three or more Monthly Payments and (B) in foreclosure, in each case, as of the end of the related Principal Prepayment Period;
(xxv) the number and the principal balance of Mortgage Loans with respect to any real estate acquired through foreclosure or grant of a deed in lieu of foreclosure;
(xxvi) the aggregate amount of all Advances recovered during the related Due Period;
(xxvii) the aggregate amount of Realized Losses during the related Due Period and the aggregate amount of Realized Losses since the Cut-off Date;
(xxviii) the allocation to each Class of Certificate of any Realized Losses during the related Due Period;
(xxix) with respect to each Class of Certificates, the amount of any Compensating Interest Shortfalls on such Distribution Date;
(xxx) Number and amount of pool assets at the beginning and ending of each period, and updated pool composition information, such as weighted average coupon, weighted average life, weighted average remaining term, pool factors and prepayment amounts;
(xxxi) In addition, describe any material changes to methodology regarding calculations of delinquencies and charge-offs;
(xxxii) Information on the amount, terms and general purpose of any advances made or reimbursed during the period, including the general use of funds advanced and the general source of funds for reimbursements;
(xxxiii) Any material modifications, extensions or waivers to pool asset terms, fees, penalties or payments during the distribution period or that have cumulatively become material over time;
(xxxiv) Material breaches of pool asset representations or warranties or transaction covenants;
(xxxv) Information on ratio, coverage or other tests used for determining any early amortization, liquidation or other performance trigger and whether the trigger was met; and
(xxxvi) Information regarding any new issuance of asset-backed securities backed by the same asset pool, any pool asset changes (other than in connection with a pool asset converting into cash in accordance with its terms), such as additions or removals in connection with a prefunding or revolving period and pool asset substitutions and repurchases (and purchase rates, if applicable), and cash flows available for future purchases, such as the balances of any prefunding or revolving accounts, if applicable. Disclose any material changes in the solicitation, credit-granting, underwriting, origination, acquisition or pool selection criteria or procedures, as applicable, used to originate, acquire or select the new pool assets.
(b) The Securities Administrator will make the Monthly Statement (and, at its option, any additional files containing the same information in an alternative format) available each month to Certificateholders, other parties to this Agreement and any other interested parties via the Securities Administrator's Internet website. The Securities Administrator's Internet website shall initially be located at "www.__________." xxx.xxxxxxx.xxx". Assistance in using the website can be obtained by calling the Securities AdministratorTrustee's customer service desk at ______________(301) 815-6600. Parties that are unable to use the website 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 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 Securities Administrator Trustee shall provide timely and adequate notification to all above parties regarding any such changes. The Securities Administrator shall 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 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 Securities Administrator's internet website, the Securities Administrator may require registration and the acceptance of a disclaimer. The Securities Administrator will not be liable for the dissemination of information in accordance with this Agreement.
(c) The Servicer shall deliver to the NIMs Insurer a copy of any report delivered by the Servicer to the Securities Administrator.
(d) If so requested in writing within a reasonable period of time after the end of each calendar year, the Securities Administrator shall make available on its website or cause to be furnished to each Person who at any time during the calendar year was a Certificateholder of record, a statement containing the information set forth in clauses (a)(i) and (a)(ii) of this Section 4.05 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 be provided by the Securities Administrator pursuant to any requirements of the Code as are from time to time in effect.
(e) Upon filing with the Internal Revenue Service, the Securities Administrator shall furnish to the Holders of the Class R Certificate and the NIMs Insurer the Form 1066 and each Form 1066Q and shall respond promptly to written requests made not more frequently than quarterly by any Holder of Class R Certificate with respect to the following matters: The original projected principal and interest cash flows on the Closing Date on each Class of regular and residual interests created hereunder and on the Mortgage Loans, based on the Prepayment Assumption;
(i) The projected remaining principal and interest cash flows as of the end of any calendar quarter with respect to each Class of regular and residual interests created hereunder and the Mortgage Loans, based on the Prepayment Assumption;
(ii) The Prepayment Assumption and any interest rate assumptions used in determining the projected principal and interest cash flows described above;
(iii) The original issue discount (or, in the case of the Mortgage Loans, market discount) or premium accrued or amortized through the end of such calendar quarter with respect to each Class of regular or residual interests created hereunder and to the Mortgage Loans, together with each constant yield to maturity used in computing the same;
(iv) The treatment of losses realized with respect to the Mortgage Loans or the regular interests created hereunder, including the timing and amount of any cancellation of indebtedness income of the REMICs with respect to such regular interests or bad debt deductions claimed with respect to the Mortgage Loans;
(v) The amount and timing of any non-interest expenses of the REMICs; and
(vi) Any taxes (including penalties and interest) imposed on the REMICs, including, without limitation, taxes on "prohibited transactions," "contributions" or "net income from foreclosure property" or state or local income or franchise taxes. The information pursuant to clauses (i), (ii), (iii) and (iv) above shall be provided by the Depositor pursuant to Section 8.12.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Merrill Lynch Mortgage Investors Inc)
Monthly Statements to Certificateholders. (a) Not later than each Distribution Date based solely on information provided by the Servicer (which information is not required to include any prediction of future performance as to which such report relates)Servicer, the Securities Administrator Trustee shall prepare and make available on its website located at xxx.xxxxxxx.xxx www.ctslink.com to each Holder of a Class of Certificates of the Trust FundXxxx, the Servicer, the Master Servicer, the Trustee, the NIMs Insurerxxx Xxxxicer, the Rating Agencies and the Depositor a statement setting forth for the Certificates:
(i) the amount of the related distribution to Holders of each Class allocable to principal, separately identifying (A) the aggregate amount of any Principal Prepayments included therein, (B) the aggregate of all scheduled payments of principal included therein, (C) the Extra Principal Distribution Amount, if any, and (D) the aggregate amount of Prepayment Charges, if any;
(ii) the amount of such distribution to Holders of each Class allocable to interest, together with any Non-Supported Interest Shortfalls allocated to each Class;
(iii) any Interest Carryforward Amount for each Class of the Offered Certificates;
(iv) the Class Certificate Principal Balance of each Class immediately prior to and after giving effect (i) to all distributions allocable to principal on such Distribution Date and (ii) the allocation of any Applied Realized Loss Amounts for such Distribution Date;
(ivv) the Pool Stated Principal Balance for such Distribution Date;
(vvi) the amount of the Servicing Fee paid to or retained by the Servicer, the amount of the Securities Administrator Fee paid to or retained by the Securities Administrator and any amounts constituting reimbursement or indemnification of the Servicer, Master Servicer, Securities Administrator or Trustee;
(vivii) the Pass-Through Rate for each Class of Certificates for such Distribution Date;
(viiviii) the amount of Advances included in the distribution on such Distribution Date;
(viiiix) the cumulative amount of (A) Realized Losses and (B) Applied Realized Loss Amounts to date, in the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage Loans;
(ixx) the amount of (A) Realized Losses and (B) Applied Realized Loss Amounts with respect to such Distribution Date, in the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage Loans;
(xxi) the number and aggregate principal amounts of Mortgage Loans (A) Delinquent (exclusive of Mortgage Loans in foreclosure) (1) 31 to 60 days, (2) 61 to 90 days and days, (3) 91 to 120 days, (4) 121 to 150 days, (5) 151 to 180 days and (6) 181 or more days, and (B) in foreclosure and Delinquent (1) 31 to 60 days, (2) 61 to 90 days and days, (3) 91 to 120 days, (4) 121 to 150 days, (5) 151 to 180 days and (6) 181 or more days, in each case as of the close of business on the last day of the calendar month preceding such Distribution Date, in the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage Loans;
(xi) with respect to any Mortgage Loan that became an REO Property during the preceding calendar month, the loan number and Stated Principal Balance of such Mortgage Loan as of the close of business on the last day of the calendar month preceding such Distribution Date and the date of acquisition thereof, in the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage Loans;
(xii) the total number and principal balance of any REO Properties as of the close of business on the last day of the calendar month preceding such Distribution Date, in the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage Loans;
(xiii) the aggregate Stated Principal Balance of all Liquidated Loans as of the preceding Distribution Date, in the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage Loans;
(xiv) whether a Stepdown Trigger Event or Class A-1 Trigger Event has occurred and is in effect;
(xv) with respect to each Class of Certificates, any Interest Carry Forward Amount with respect to such Distribution Date for each such Class, any Interest Carry Forward Amount paid for each such Class and any remaining Interest Carry Forward Amount for each such Class;
(xvi) with respect to each Class of Certificates, any Floating Rate Certificate Carryover with respect to such Distribution Date for each such Class, any Floating Rate Certificate Carryover paid for each such Class and any remaining Floating Rate Certificate Carryover for each such Class;
(xvii) the number and Stated Principal Balance (as of the preceding Distribution Date) of any Mortgage Loans which were purchased or repurchased during the preceding Due Period and since the Cut-off Date;
(xviixviii) the number of Mortgage Loans for which Prepayment Charges were received during the related Prepayment Period and, for each such Mortgage Loan, the amount of Prepayment Charges received during the related Prepayment Period and in the aggregate of such amounts for all such Mortgage Loans since the Cut-off Date;
(xviiixix) as of each Distribution Date, the amount, if any, to be deposited in the Certificate Account pursuant to the Cap Contract as described in Section 4.04(k) and the amount thereof to be paid to the Class A, Class M and Class B Certificates described in Section 4.04(k) hereof;
(xx) the amount and purpose of any withdrawal from the Collection Account pursuant to Section 3.08(a)(viii3.08(a)(v);
(xixxxi) the amount of any payments to each Class of Certificates that are treated as payments received in respect of a REMIC "regular interest" Regular Interest or REMIC "residual interest" and the amount of any payments to each Class of Certificates that are not treated as payments received in respect of a REMIC "regular interest" Regular Interest or REMIC "residual interest";
(xxxxii) as of each Distribution Date, the amount, if any, to be deposited in the Cap Contract Account Supplemental Interest Trust pursuant to the related Cap Contract Swap Agreement as described in Section 4.04(k4.04(l) and the amount thereof to be paid to the Class A, Class M, Class B-1A, Class B-2A, Class B-3A, Class B-4A and Class C Certificates described in Section 4.04(k) hereof;
(xxi) any Floating Rate Certificate Carryover paid and all Floating Rate Certificate Carryover remaining on each class of the Class A, Class M, Class B-1, Class B-2, Class B-3 and Class B-4 Certificates on such Distribution Date;
(xxii) the number of Mortgage Loans with respect to which (i) a reduction in the Mortgage Rate has occurred or (ii) the related borrower's obligation to repay interest on a monthly basis has been suspended or reduced pursuant to the Servicemembers Civil Relief Act or the California Military and Veterans Code, as amendedCertificates; and the amount of interest not required to be paid with respect to any such Mortgage Loans during the related Due Period as a result of such reductions in the aggregate and with respect to the Group One Mortgage Loans and the Group Two Mortgage Loans.and
(xxiii) the aggregate Outstanding Principal Balance amount of each Class of Certificates for the following Distribution DateMI Insurer Fee paid to the MI Insurer;
(xxiv) the number and aggregate principal amounts Stated Principal Balance of Mortgage Loans (A) delinquent (1) one Monthly Payment, (2) two Monthly Payments and (3) three or more Monthly Payments and (B) in foreclosure, in each case, covered by the MI Policy as of the end of the related Principal Prepayment Due Period;; and
(xxvA) the number and amount of any claims paid by the principal balance of Mortgage Loans MI Insurer pursuant to the MI Policy with respect to any real estate acquired through foreclosure or grant of a deed in lieu of foreclosure;
principal, (xxviB) the aggregate amount of all Advances recovered during any claims paid by the related Due Period;
(xxvii) MI Insurer pursuant to the aggregate amount of Realized Losses during the related Due Period and the aggregate amount of Realized Losses since the Cut-off Date;
(xxviii) the allocation to each Class of Certificate of any Realized Losses during the related Due Period;
(xxix) MI Policy with respect to each Class of Certificatesinterest, and (C) solely to the extent provided by the Servicer, the amount of any Compensating Interest Shortfalls on claims made under the MI Policy and the amount of any claims rejected under the MI Policy, each as of such Distribution Date;
(xxx) Number and amount of pool assets at the beginning and ending of each period, and updated pool composition information, such as weighted average coupon, weighted average life, weighted average remaining term, pool factors and prepayment amounts;
(xxxi) In addition, describe any material changes to methodology regarding calculations of delinquencies and charge-offs;
(xxxii) Information on the amount, terms and general purpose of any advances made or reimbursed during the period, including the general use of funds advanced and the general source of funds for reimbursements;
(xxxiii) Any material modifications, extensions or waivers to pool asset terms, fees, penalties or payments during the distribution period or that have cumulatively become material over time;
(xxxiv) Material breaches of pool asset representations or warranties or transaction covenants;
(xxxv) Information on ratio, coverage or other tests used for determining any early amortization, liquidation or other performance trigger and whether the trigger was met; and
(xxxvi) Information regarding any new issuance of asset-backed securities backed by the same asset pool, any pool asset changes (other than in connection with a pool asset converting into cash in accordance with its terms), such as additions or removals in connection with a prefunding or revolving period and pool asset substitutions and repurchases (and purchase rates, if applicable), and cash flows available for future purchases, such as the balances of any prefunding or revolving accounts, if applicable. Disclose any material changes in the solicitation, credit-granting, underwriting, origination, acquisition or pool selection criteria or procedures, as applicable, used to originate, acquire or select the new pool assets.
(b) The Securities Administrator Trustee will make the Monthly Statement (and, at its option, any additional files containing the same information in an alternative format) available each month to Certificateholders, other parties to this Agreement and any other interested parties via the Securities AdministratorTrustee's Internet website. The Securities AdministratorTrustee's Internet website shall initially be located at "www.__________." www.ctslink.com". Assistance in using the website can be obtained by calling the Securities Administratorcxxxxxx xxx Xxxxtee's customer service desk at ______________(301) 815-6600. Parties that are unable to use the website are entitled to have a paper entitlex xx xxxx x xxper copy mailed to them via first class mail by calling the customer service desk and indicating such. The Securities Administrator Trustee shall have the right to 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 Securities Administrator Trustee shall provide timely and adequate notification to all above parties regarding any such changes. The Securities Administrator Trustee shall 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 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 Securities AdministratorTrustee's internet website, the Securities Administrator Trustee may require registration and the acceptance of a disclaimer. The Securities Administrator Trustee will not be liable for the dissemination of information in accordance with this Agreement.
(c) Reserved;
(d) If so requested in writing within a reasonable period of time after the end of each calendar year, the Trustee shall make available on its website or cause to be furnished to each Person who at any time during the calendar year was a Certificateholder of record, a statement containing the information set forth in clauses (a)(i) and (a)(ii) of this Section 4.05 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 are from time to time in effect.
(e) Upon filing with the Internal Revenue Service, the Trustee shall furnish to the Holders of the Class R Certificate the Form 1066 and each Form 1066Q and shall respond promptly to written requests made not more frequently than quarterly by any Holder of Class R Certificate with respect to the following matters: The original projected principal and interest cash flows on the Closing Date on each Class of regular and residual interests created hereunder and on the Mortgage Loans, based on the Prepayment Assumption;
(i) The projected remaining principal and interest cash flows as of the end of any calendar quarter with respect to each Class of regular and residual interests created hereunder and the Mortgage Loans, based on the Prepayment Assumption;
(ii) The Prepayment Assumption and any interest rate assumptions used in determining the projected principal and interest cash flows described above;
(iii) The original issue discount (or, in the case of the Mortgage Loans, market discount) or premium accrued or amortized through the end of such calendar quarter with respect to each Class of regular or residual interests created hereunder and to the Mortgage Loans, together with each constant yield to maturity used in computing the same;
(iv) The treatment of losses realized with respect to the Mortgage Loans or the regular interests created hereunder, including the timing and amount of any cancellation of indebtedness income of the REMICs with respect to such regular interests or bad debt deductions claimed with respect to the Mortgage Loans;
(v) The amount and timing of any non-interest expenses of the REMICs; and
(vi) Any taxes (including penalties and interest) imposed on the REMICs, including, without limitation, taxes on "prohibited transactions," "contributions" or "net income from foreclosure property" or state or local income or franchise taxes. The information pursuant to clauses (i), (ii), (iii) and (iv) above shall be provided by the Depositor pursuant to Section 8.12.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Merrill Lynch Mortgage Investors Trust Series 2005-He2)
Monthly Statements to Certificateholders. (a) Not later than each Distribution Date based solely on information provided by the Servicer (which information is not required to include any prediction of future performance as to which such report relates)Date, the Securities Administrator Trustee shall prepare and make available on its website located at xxx.xxxxxxx.xxx to the Yield Maintenance Provider, each Holder of a Class of Certificates of the Trust FundCertificates, the ServicerRating Agencies, the Master Servicer, the Trustee, the NIMs Insurer, the Rating Agencies Servicer and the Depositor a statement setting forth for the Certificates:
(i) the amount of the related distribution to Holders of each Class allocable to principal, separately identifying (A) the aggregate amount of any Principal Prepayments included therein, (B) the aggregate of all scheduled payments (except with respect to any Simple Interest Loans) of principal included therein (and with respect to any Simple Interest Loans, the amount of principal actually received included therein), (C) the Extra Principal Distribution Amountprincipal portion of all Liquidation Proceeds and Insurance Proceeds included therein and the purchase price in connection with the purchase of Mortgage Loans and cash deposits in connection with substitutions of Mortgage Loans, if any, and (D) the aggregate amount of Prepayment Charges, any Subsequent Recoveries included therein and (E) the Extra Principal Distribution Amount (if any);
(ii) the amount of such distribution to Holders of each Class allocable to interest, together with any Non-Supported Interest Shortfalls allocated and, if applicable, the portion thereof allocable to each Classamounts provided pursuant to the Yield Maintenance Agreement;
(iii) any Interest Carry Forward Amounts and any Basis Risk Shortfall Carry Forward Amounts for each Class of Offered Certificates (other than the Residual Certificates);
(iv) the Certificate Principal Balance or Certificate Notional Balance of each Class immediately prior to and after giving effect (i) to all distributions allocable to principal on such Distribution Date and Date, (ii) if applicable, the allocation of any Applied Realized Loss Amounts for such Distribution Date;
, and, (iviii) if applicable, the Pool Stated allocation of Subsequent Recoveries to increase Certificate Principal Balance for such Distribution Date;
(v) the cumulative amount of Applied Realized Loss Amounts to date and the Servicing Fee paid Unpaid Applied Realized Loss Amounts for each applicable Class of Offered Certificates after giving effect to or retained by the Servicer, the amount distribution of the Securities Administrator Fee paid to or retained by the Securities Administrator principal and any amounts constituting reimbursement or indemnification allocation of the Servicer, Master Servicer, Securities Administrator or Trustee;Applied Realized Loss Amounts on such Distribution Date.
(vi) the Pass-Through Rate for each Class of Offered Certificates for with respect to the current Accrual Period, and, if applicable, whether such Distribution DatePass-Through Rate was limited by an Interest Rate Cap;
(vii) the amount of any Excess Cashflow Amount and any Excess Yield Maintenance Amount;
(viii) the aggregate of the Stated Principal Balances of (i) all of the Mortgage Loans, (ii) the fixed rate Mortgage Loans and (iii) the adjustable rate Mortgage Loans on the related Due Date;
(ix) the related amount of the Master Servicing Fees and Trustee Fees paid to or retained by the Master Servicer and the Trustee, respectively, for the related Due Period;
(x) the amount of Advances and Compensating Interest Payments included in the distribution on such Distribution Date;
(viii) the cumulative amount of (A) Realized Losses and (B) Applied Realized Loss Amounts to date, in the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage Loans;
(ix) the amount of (A) Realized Losses and (B) Applied Realized Loss Amounts with respect to such Distribution Date, in the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage Loans;
(xxi) the number and aggregate principal amounts of Mortgage Loans (A) Delinquent (exclusive of Mortgage Loans in foreclosureforeclosure and bankruptcy) (1) 31 to 60 days, (2) 61 to 90 days and (3) 91 or more days, and (B) in foreclosure and Delinquent delinquent (1) 31 to 60 days, (2) 61 to 90 days and (3) 91 or more days and (C) in bankruptcy and delinquent (1) 31 to 60 days, (2) 61 to 90 days and (3) 91 or more days, in each case as of the close of business on the last day of the calendar month preceding such Distribution Date, in the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage Loans;
(xixii) with respect to any Mortgage Loan that became an REO Property was liquidated during the preceding calendar month, the loan number and Stated Principal Balance of of, and Realized Loss on, such Mortgage Loan as of the close of business on the last day end of the calendar month preceding such Distribution Date and the date of acquisition thereof, in the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage Loansrelated Prepayment Period;
(xiixiii) whether a Trigger Event exists;
(xiv) the number and principal balance of Mortgage Loans purchased or substituted for during the immediately preceding Prepayment Period or Due Period, as applicable, and cumulatively since the Cut-off Date;
(xv) the total number and principal balance of any REO Properties as of the close end of business the related Prepayment Period;
(xvi) the aggregate amount of Realized Losses with respect to the Mortgage Loans (i) during the related Prepayment Period and cumulatively through the end of the preceding month and (ii) since the Closing Date as a percentage of the aggregate Stated Principal Balance of the Mortgage Loans on the Closing Date; and
(xvii) the three month rolling average of the percent equivalent of a fraction, the numerator of which is the aggregate stated Principal Balance of the Mortgage Loans that are 61 days or more delinquent or are in bankruptcy or foreclosure or are REO Properties, and the denominator of which is the aggregate Stated Principal Balance of all of the Mortgage Loans as of the last day of the calendar month preceding such Distribution Date, in the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage Loans;
(xiii) the aggregate Stated Principal Balance of all Liquidated Loans as of the preceding Distribution Date, in the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage Loans;
(xiv) whether a Stepdown Trigger Event has occurred and is in effect;
(xv) with respect to each Class of Certificates, any Interest Carry Forward Amount with respect to such Distribution Date for each such Class, any Interest Carry Forward Amount paid for each such Class and any remaining Interest Carry Forward Amount for each such Class;
(xvi) the number and Stated Principal Balance (as of the preceding Distribution Date) of any Mortgage Loans which were purchased or repurchased during the preceding Due Period and since the Cut-off Date;
(xvii) the number of Mortgage Loans for which Prepayment Charges were received during the related Prepayment Period and, for each such Mortgage Loan, the amount of Prepayment Charges received during the related Prepayment Period and in the aggregate of such amounts for all such Mortgage Loans since the Cut-off Date;
(xviii) the amount and purpose of any withdrawal from the Collection Account pursuant to Section 3.08(a)(viii);
(xix) the amount of any payments to each Class of Certificates that are treated as payments received in respect of a REMIC "regular interest" or REMIC "residual interest" and the amount of any payments to each Class of Certificates that are not treated as payments received in respect of a REMIC "regular interest" or REMIC "residual interest";
(xx) as of each Distribution Date, the amount, if any, to be deposited in the Cap Contract Account pursuant to the related Cap Contract as described in Section 4.04(k) and the amount thereof to be paid to the Class A, Class M, Class B-1A, Class B-2A, Class B-3A, Class B-4A and Class C Certificates described in Section 4.04(k) hereof;
(xxi) any Floating Rate Certificate Carryover paid and all Floating Rate Certificate Carryover remaining on each class of the Class A, Class M, Class B-1, Class B-2, Class B-3 and Class B-4 Certificates on such Distribution Date;
(xxii) the number of Mortgage Loans with respect to which (i) a reduction in the Mortgage Rate has occurred or (ii) the related borrower's obligation to repay interest on a monthly basis has been suspended or reduced pursuant to the Servicemembers Civil Relief Act or the California Military and Veterans Code, as amended; and the amount of interest not required to be paid with respect to any such Mortgage Loans during the related Due Period as a result of such reductions in the aggregate and with respect to the Group One Mortgage Loans and the Group Two Mortgage Loans.
(xxiii) the aggregate Outstanding Principal Balance of each Class of Certificates for the following Distribution Date;
(xxiv) the number and aggregate principal amounts of Mortgage Loans (A) delinquent (1) one Monthly Payment, (2) two Monthly Payments and (3) three or more Monthly Payments and (B) in foreclosure, in each case, as of the end of the related Principal Prepayment Period;
(xxv) the number and the principal balance of Mortgage Loans with respect to any real estate acquired through foreclosure or grant of a deed in lieu of foreclosure;
(xxvi) the aggregate amount of all Advances recovered during the related Due Period;
(xxvii) the aggregate amount of Realized Losses during the related Due Period and the aggregate amount of Realized Losses since the Cut-off Date;
(xxviii) the allocation to each Class of Certificate of any Realized Losses during the related Due Period;
(xxix) with respect to each Class of Certificates, the amount of any Compensating Interest Shortfalls on such Distribution Date;
(xxx) Number and amount of pool assets at the beginning and ending of each period, and updated pool composition information, such as weighted average coupon, weighted average life, weighted average remaining term, pool factors and prepayment amounts;
(xxxi) In addition, describe any material changes to methodology regarding calculations of delinquencies and charge-offs;
(xxxii) Information on the amount, terms and general purpose of any advances made or reimbursed during the period, including the general use of funds advanced and the general source of funds for reimbursements;
(xxxiii) Any material modifications, extensions or waivers to pool asset terms, fees, penalties or payments during the distribution period or that have cumulatively become material over time;
(xxxiv) Material breaches of pool asset representations or warranties or transaction covenants;
(xxxv) Information on ratio, coverage or other tests used for determining any early amortization, liquidation or other performance trigger and whether the trigger was met; and
(xxxvi) Information regarding any new issuance of asset-backed securities backed by the same asset pool, any pool asset changes (other than in connection with a pool asset converting into cash in accordance with its terms), such as additions or removals in connection with a prefunding or revolving period and pool asset substitutions and repurchases (and purchase rates, if applicable), and cash flows available for future purchases, such as the balances of any prefunding or revolving accounts, if applicable. Disclose any material changes in the solicitation, credit-granting, underwriting, origination, acquisition or pool selection criteria or procedures, as applicable, used to originate, acquire or select the new pool assets.
(b) The Securities Administrator will Trustee may make the Monthly Statement foregoing monthly statement (and, at its option, any additional files containing the same information in an alternative format) available each month to Certificateholders, other parties to this Agreement and any other interested parties Certificateholders via the Securities Administrator's Internet Trustee ’s internet website. The Securities Administrator's Internet Trustee ’s internet website shall initially be located at "www.__________." “xxx.xxxxxxxx.xxx”. Assistance in using the Trustee ’s website can be obtained by calling the Securities Administrator's Trustee ’s customer service desk at ______________(000) 000-0000. Parties that are unable to use the website above distribution options are entitled to have a paper copy mailed to them via first class mail by calling the Trustee ’s customer service desk and indicating such. The Securities Administrator shall have the right to Trustee may change the way the monthly statements to Certificateholders are distributed in order to make such distribution distributions more convenient and/or or more accessible to the above parties parties.
(b) The Trustee 's responsibility for making the above information available to the Certificateholders is limited to the availability, timeliness and accuracy of the information derived from the Master Servicer. The Trustee will make available a copy of each statement provided pursuant to this Section 5.05 to each Rating Agency.
(c) Within a reasonable period of time after the end of each calendar year, the Trustee shall cause to be furnished to the Master Servicer and 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) and (a)(ii) of this Section 5.05 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) Upon filing with the Internal Revenue Service, the Trustee shall furnish to the Holders of the Residual Certificates the applicable Form 1066 and each applicable Form 1066Q and shall respond promptly to written requests made not more frequently than quarterly by any Holder of a Residual Certificate with respect to the following matters:
(i) The original projected principal and interest cash flows on the Closing Date on each Class of regular and residual interests created hereunder and on the Mortgage Loans, based on the Prepayment Assumption;
(ii) The projected remaining principal and interest cash flows as of the end of any calendar quarter with respect to each Class of regular and residual interests created hereunder and the Securities Administrator shall provide timely Mortgage Loans, based on the Prepayment Assumption;
(iii) The applicable Prepayment Assumption and adequate notification any interest rate assumptions used in determining the projected principal and interest cash flows described above;
(iv) The original issue discount (or, in the case of the Mortgage Loans, market discount) or premium accrued or amortized through the end of such calendar quarter with respect to all above parties regarding each Class of regular or residual interests created hereunder and to the Mortgage Loans, together with each constant yield to maturity used in computing the same;
(v) The treatment of losses realized with respect to the Mortgage Loans or the regular interests created hereunder, including the timing and amount of any cancellation of indebtedness income of a REMIC with respect to such changesregular interests or bad debt deductions claimed with respect to the Mortgage Loans;
(vi) The amount and timing of any non-interest expenses of a REMIC; and
(vii) Any taxes (including penalties and interest) imposed on the REMIC, including, without limitation, taxes on "prohibited transactions," "contributions" or "net income from foreclosure property" or state or local income or franchise taxes. The Securities Administrator information pursuant to clauses (i), (ii), (iii) and (iv) above shall 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 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 Depositor pursuant to access the Securities Administrator's internet website, the Securities Administrator may require registration and the acceptance of a disclaimer. The Securities Administrator will not be liable for the dissemination of information in accordance with this AgreementSection 9.12.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Bear Stearns Asset Backed Sec Inc Series 2004 1)
Monthly Statements to Certificateholders. (a) Not later than each Distribution Date based solely on information provided by the Servicer (which information is not required to include any prediction of future performance as to which such report relates)Date, the Securities Administrator shall prepare and deliver to the Trustee and the Yield Maintenance Provider, and make available on its website located at xxx.xxxxxxx.xxx to each Holder of a Class of Certificates of the Trust FundCertificates, the ServicerTrustee, the Rating Agencies, the Master Servicer, the Trustee, the NIMs Insurer, the Rating Agencies EMC Servicer and the Depositor a statement setting forth for the Certificates:
(i) the amount of the related distribution to Holders of each Class allocable to principal, separately identifying (A) the aggregate amount of any Principal Prepayments included therein, (B) the aggregate of all scheduled payments (except with respect to any Simple Interest Loans) of principal included therein (and with respect to any Simple Interest Loans, the amount of principal actually received included therein), and (C) the Extra Principal Distribution Amount, Amount (if any, and (D) the aggregate amount of Prepayment Charges, if any);
(ii) the amount of such distribution to Holders of each Class allocable to interest, together with any Non-Supported Interest Shortfalls allocated and, if applicable, the portion thereof allocable to each Classamounts provided to Holders of the Class A-1 and Class A-2 Certificates pursuant to the Yield Maintenance Agreement;
(iii) any Interest Carry Forward Amounts, any Basis Risk Shortfall Carry Forward Amounts and any Net WAC Rate Carryover Amounts for each Class of Offered Certificates (other than the Residual Certificates);
(iv) the Certificate Principal Balance or Certificate Notional Balance of each Class immediately prior to and after giving effect (i) to all distributions allocable to principal on such Distribution Date and Date, (ii) the allocation of any Applied Realized Loss Amounts in reduction of Certificate Principal Balance for such Distribution Date;
Date and (iviii) the Pool Stated allocation of any Subsequent Recoveries to increase the Certificate Principal Balance for such Distribution Date;
(v) the cumulative amount of Applied Realized Loss Amounts to date and the Servicing Fee paid Unpaid Applied Realized Loss Amounts for each applicable Class of Offered Certificates after giving effect to or retained by the Servicer, the amount distribution of the Securities Administrator Fee paid to or retained by the Securities Administrator principal (including Subsequent Recoveries) and any amounts constituting reimbursement or indemnification allocation of the Servicer, Master Servicer, Securities Administrator or TrusteeApplied Realized Loss Amounts on such Distribution Date;
(vi) the Pass-Through Rate for each Class of Offered Certificates for with respect to the current Accrual Period, and, if applicable, whether such Distribution Pass-Through Rate was limited by the Interest Rate Cap;
(vii) the amount of any Excess Cashflow Amount and any Excess Yield Maintenance Amount;
(viii) the aggregate of the Stated Principal Balances of the Mortgage Loans on the related Due Date;
(viiix) the related amount of the Master Servicing Fees paid to or retained by the Master Servicer and the Servicing Fees paid to or retained by each Servicer for the related Due Period;
(x) the amount of Advances included in the distribution on such Distribution Date;
(viii) the cumulative amount of (A) Realized Losses and (B) Applied Realized Loss Amounts to date, in the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage Loans;
(ix) the amount of (A) Realized Losses and (B) Applied Realized Loss Amounts with respect to such Distribution Date, in the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage Loans;
(xxi) the number and aggregate principal amounts of Mortgage Loans (A) Delinquent (exclusive of Mortgage Loans in foreclosureforeclosure and bankruptcy) (1) 31 to 60 days, (2) 61 to 90 days and (3) 91 or more days, and (B) in foreclosure and Delinquent delinquent (1) 31 to 60 days, (2) 61 to 90 days and (3) 91 or more days and (C) in bankruptcy and delinquent (1) 31 to 60 days, (2) 61 to 90 days and (3) 91 or more days, in each case as of the close of business on the last day of the calendar month preceding such Distribution Date, in the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage Loans;
(xixii) with respect to any Mortgage Loan that became an REO Property was liquidated during the preceding calendar month, the loan number and Stated Principal Balance of of, and Realized Loss on, such Mortgage Loan as of the close of business on the last day end of the calendar month preceding such Distribution Date and the date of acquisition thereof, in the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage Loansrelated Prepayment Period;
(xiixiii) whether a Trigger Event exists;
(xiv) the total number and principal balance of any REO Properties as of the close end of business on the related Prepayment Period;
(xv) the Realized Losses during the related Prepayment Period and the cumulative Realized Losses through the end of the preceding month;
(xvi) the three month rolling average of the percent equivalent of a fraction, the numerator of which is the aggregate stated Principal Balance of the Mortgage Loans that are 61 days or more delinquent or are in bankruptcy or foreclosure or are REO Properties, and the denominator of which is the aggregate Stated Principal Balance of all of the Mortgage Loans as of the last day of the calendar month preceding such Distribution Date, in the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage Loans;
(xiiixvii) the aggregate Realized Losses on the Mortgage Loans since the Closing Date as a percentage of the aggregate Stated Principal Balance of all Liquidated Loans as of the preceding Distribution Date, in the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage Loans;
(xiv) whether a Stepdown Trigger Event has occurred and is in effect;
(xv) with respect to each Class of Certificates, any Interest Carry Forward Amount with respect to such Distribution Date for each such Class, any Interest Carry Forward Amount paid for each such Class and any remaining Interest Carry Forward Amount for each such Class;
(xvi) on the number and Stated Principal Balance (as of the preceding Distribution Closing Date) of any Mortgage Loans which were purchased or repurchased during the preceding Due Period and since the Cut-off Date;
(xvii) the number of Mortgage Loans for which Prepayment Charges were received during the related Prepayment Period ; and, for each such Mortgage Loan, the amount of Prepayment Charges received during the related Prepayment Period and in the aggregate of such amounts for all such Mortgage Loans since the Cut-off Date;
(xviii) the amount and purpose of any withdrawal from the Collection Account pursuant to Section 3.08(a)(viii);
(xix) the amount of any payments to each Class of Certificates that are treated as payments received in respect of a REMIC "regular interest" or REMIC "residual interest" Subsequent Recovery for such Distribution Date and the amount of any payments to each Class of Certificates that are not treated as payments received in respect of a REMIC "regular interest" or REMIC "residual interest";
(xx) as of each Distribution Date, by which the amount, if any, to be deposited in the Cap Contract Account pursuant to the related Cap Contract as described in Section 4.04(k) and the amount thereof to be paid to the Class A, Class M, Class B-1A, Class B-2A, Class B-3A, Class B-4A and Class C Certificates described in Section 4.04(k) hereof;
(xxi) any Floating Rate Certificate Carryover paid and all Floating Rate Certificate Carryover remaining on each class of the Class A, Class M, Class B-1, Class B-2, Class B-3 and Class B-4 Certificates on such Distribution Date;
(xxii) the number of Mortgage Loans with respect to which (i) a reduction in the Mortgage Rate has occurred or (ii) the related borrower's obligation to repay interest on a monthly basis has been suspended or reduced pursuant to the Servicemembers Civil Relief Act or the California Military and Veterans Code, as amended; and the amount of interest not required to be paid with respect to any such Mortgage Loans during the related Due Period as a result of such reductions in the aggregate and with respect to the Group One Mortgage Loans and the Group Two Mortgage Loans.
(xxiii) the aggregate Outstanding Principal Balance of each Class of Subordinated Certificates for the following Distribution Date;
(xxiv) the number and aggregate principal amounts of Mortgage Loans (A) delinquent (1) one Monthly Payment, (2) two Monthly Payments and (3) three or more Monthly Payments and (B) in foreclosure, in each case, was increased as of the end of the related Principal Prepayment Period;
(xxv) the number and the principal balance of Mortgage Loans with respect to any real estate acquired through foreclosure or grant of a deed in lieu of foreclosure;
(xxvi) the aggregate amount of all Advances recovered during the related Due Period;
(xxvii) the aggregate amount of Realized Losses during the related Due Period and the aggregate amount of Realized Losses since the Cut-off Date;
(xxviii) the allocation to each Class of Certificate of any Realized Losses during the related Due Period;
(xxix) with respect to each Class of Certificates, the amount of any Compensating Interest Shortfalls on such Distribution Date;
(xxx) Number and amount of pool assets at the beginning and ending of each period, and updated pool composition information, such as weighted average coupon, weighted average life, weighted average remaining term, pool factors and prepayment amounts;
(xxxi) In addition, describe any material changes to methodology regarding calculations of delinquencies and charge-offs;
(xxxii) Information on the amount, terms and general purpose of any advances made or reimbursed during the period, including the general use of funds advanced and the general source of funds for reimbursements;
(xxxiii) Any material modifications, extensions or waivers to pool asset terms, fees, penalties or payments during the distribution period or that have cumulatively become material over time;
(xxxiv) Material breaches of pool asset representations or warranties or transaction covenants;
(xxxv) Information on ratio, coverage or other tests used for determining any early amortization, liquidation or other performance trigger and whether the trigger was met; and
(xxxvi) Information regarding any new issuance of asset-backed securities backed by the same asset pool, any pool asset changes (other than in connection with a pool asset converting into cash in accordance with its terms), such as additions or removals in connection with a prefunding or revolving period and pool asset substitutions and repurchases (and purchase rates, if applicable), and cash flows available for future purchases, such as the balances of any prefunding or revolving accounts, if applicableresult thereof. Disclose any material changes in the solicitation, credit-granting, underwriting, origination, acquisition or pool selection criteria or procedures, as applicable, used to originate, acquire or select the new pool assets.
(b) The Securities Administrator will may make the Monthly Statement foregoing monthly statement (and, at its option, any additional files containing the same information in an alternative format) available each month to Certificateholders, other parties to this Agreement and any other interested parties Certificateholders via the Securities Administrator's Internet internet website. The Securities Administrator's Internet internet website shall initially be located at "www.__________." xxx.xxxxxxx.xxx". Assistance in using the Securities Administrator's website can be obtained by calling the Securities Administrator's customer service desk at ______________(000) 000-0000. To the extent timely received from the Securities Administrator, the Trustee will also make monthly statements available each month to Certificateholders and the Yield Maintenance Provider via the Trustee's internet website. The trustee's internet website will initially be located at xxx.xxxxxxxx.xxx/xxx. Assistance in using the Trustee's website service can be obtained by calling the Trustee's customer service desk at (000) 000-0000. Parties that are unable to use the website above distribution options are entitled to have a paper copy mailed to them via first class mail by calling the Securities Administrator's customer service desk and indicating such. The Securities Administrator shall have the right to may change the way the monthly statements to Certificateholders are distributed in order to make such distribution distributions more convenient and/or or more accessible to the above parties and the Securities Administrator shall provide timely and adequate notification to all above parties regarding any such changes. parties.
(b) The Securities Administrator shall 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 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 Securities Administrator's internet websiteresponsibility for making the above information available to the Certificateholders is limited to the availability, timeliness and accuracy of the information derived from the Master Servicer, the Securities Administrator may require registration EMC Servicer and the acceptance of a disclaimerTrustee. The Securities Administrator will make available a copy of each statement provided pursuant to this Section 5.05 to each Rating Agency.
(c) Within a reasonable period of time after the end of each calendar year, the Trustee shall cause to be furnished to the EMC Servicer, the Master Servicer and 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) and (a)(ii) of this Section 5.05 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) Upon filing with the Internal Revenue Service, the Securities Administrator shall furnish to the Holders of the Residual Certificates the applicable Form 1066 and each applicable Form 1066Q and shall respond promptly to written requests made not more frequently than quarterly by any Holder of a Residual Certificate with respect to the following matters:
(i) The original projected principal and interest cash flows on the Closing Date on each Class of regular and residual interests created hereunder and on the Mortgage Loans, based on the Prepayment Assumption;
(ii) The projected remaining principal and interest cash flows as of the end of any calendar quarter with respect to each Class of regular and residual interests created hereunder and the Mortgage Loans, based on the Prepayment Assumption;
(iii) The applicable Prepayment Assumption and any interest rate assumptions used in determining the projected principal and interest cash flows described above;
(iv) The original issue discount (or, in the case of the Mortgage Loans, market discount) or premium accrued or amortized through the end of such calendar quarter with respect to each Class of regular or residual interests created hereunder and to the Mortgage Loans, together with each constant yield to maturity used in computing the same;
(v) The treatment of losses realized with respect to the Mortgage Loans or the regular interests created hereunder, including the timing and amount of any cancellation of indebtedness income of a REMIC with respect to such regular interests or bad debt deductions claimed with respect to the Mortgage Loans;
(vi) The amount and timing of any non-interest expenses of a REMIC; and
(vii) Any taxes (including penalties and interest) imposed on the REMIC, including, without limitation, taxes on "prohibited transactions," "contributions" or "net income from foreclosure property" or state or local income or franchise taxes. The information pursuant to clauses (i), (ii), (iii) and (iv) above shall be liable for provided by the dissemination of information in accordance with this AgreementDepositor pursuant to Section 9.12.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Bear Stearns Asset-Backed Certificates Series 2004-Sd1)
Monthly Statements to Certificateholders. (a) Not later than each Distribution Date based solely on information provided by the Servicer (which information is not required to include any prediction of future performance as to which such report relates)Date, the Securities Administrator Trustee shall prepare and make available on its website located at xxx.xxxxxxx.xxx xxx.xxxxxxxx.xxx to each Holder of a Class of Certificates of the Trust FundIssuing Entity, the Servicer, the Master Servicer, the Trustee, the NIMs InsurerRating Agencies, the Rating Agencies Depositor, the Cap Contract Counterparty and the Depositor Swap Counterparty a statement setting forth for the CertificatesCertificates the following information; provided, however, that with respect to any calendar year during which an annual report on Form 10-K is not required to be filed with the Commission on behalf of the Issuing Entity, the information set forth in Items (xxiv) through (xxxii) below are not required to be included in such statement during any calendar year:
(i) the amount of the related distribution to Holders of each Class allocable to principal, principal separately identifying (A) the aggregate amount of any Principal Prepayments included therein, (B) the aggregate of all scheduled payments of principal included therein, (C) the Extra Principal Distribution Amount, if any, and (D) the aggregate amount of Prepayment Charges, if any, in the aggregate and with respect to the Group One Mortgage Loans and the Group Two Mortgage Loans;
(ii) the amount of such distribution to Holders of each Class allocable to interest, together with any Non-Supported Interest Shortfalls allocated to each Class;
(iii) [Reserved];
(iv) the Class Certificate Principal Balance Balance, or the Class X-A Notional Amount, as applicable, of each Class immediately prior to and after giving effect (i) to all distributions allocable to principal on such Distribution Date and (ii) the allocation of any Applied Realized Loss Amounts for such Distribution Date;
(ivv) the Pool Stated Principal Balance for such Distribution Date;
(vvi) the amount of the Servicing Fee paid to or retained by the Servicer, the amount of the Securities Administrator Fee paid to or retained by the Securities Administrator Servicer and any amounts constituting reimbursement or indemnification of the Servicer, Master Servicer, Securities Administrator Servicer or Trustee;
(vivii) the Pass-Through Rate for each Class of Certificates for such Distribution Date;
(viiviii) the amount of Advances included in the distribution on such Distribution DateDate or reimbursed during the period;
(viiiix) the cumulative amount of (A) Realized Losses and (B) Applied Realized Loss Amounts to date, in the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage Loans;
(ixx) the amount of (A) Realized Losses and (B) Applied Realized Loss Amounts with respect to such Distribution Date, in the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage Loans;
(xxi) the number and aggregate principal amounts of Mortgage Loans (A) Delinquent (exclusive of Mortgage Loans in foreclosure) (1) 31 to 60 days, (2) 61 to 90 days and days, (3) 91 or 120 days, (4) 121 to 150 days, (5) 151 to 180 days and (6) 181 or more days, and (B) in foreclosure and Delinquent (1) 31 to 60 days, (2) 61 to 90 days and days, (3) 91 or 120 days, (4) 121 to 150 days, (5) 151 to 180 days and (6) 181 or more days, in each case as of the close of business on the last day of the calendar month preceding such Distribution Date, in the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage LoansLoans in accordance with the OTS methodology for reporting delinquencies;
(xixii) with respect to any Mortgage Loan that became an REO Property during the preceding calendar month, the loan number and Stated Principal Balance of such Mortgage Loan as of the close of business on the last day of the calendar month preceding such Distribution Date and the date of acquisition thereofDate, in the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage Loans;
(xiixiii) the total number and principal balance of any REO Properties as of the close of business on the last day of the calendar month preceding such Distribution Date, in the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage Loans;
(xiiixiv) the aggregate Stated Principal Balance of all loans that became Liquidated Loans as of such Distribution Date calculated as of the preceding Distribution Date, in the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage Loans;
(xivxv) whether a Stepdown Trigger Event has occurred and is in effect;
(xvxvi) with respect to each Class of Certificates, any Interest Carry Forward Amount with respect to such Distribution Date for each such Class, any Interest Carry Forward Amount paid for each such Class and any remaining Interest Carry Forward Amount for each such Class;
(xvixvii) the number and Stated Principal Balance (as of the preceding Distribution Date) of any Mortgage Loans which were purchased or repurchased during the preceding Due Prepayment Period and since the Cut-off Date;
(xviixviii) the number of Mortgage Loans prepaid in full for which Prepayment Charges were received during the related Prepayment Period and, for each such Mortgage Loan, the amount of Prepayment Charges received during the related Prepayment Period and in the aggregate of such amounts for all such Mortgage Loans since the Cut-off Date, and for partial Principal Prepayments, the amount received during the preceding calendar month;
(xviiixix) the amount and purpose of any withdrawal from the Collection Account pursuant to Section 3.08(a)(viii);
(xixxx) the amount of any payments to each Class of Certificates that are treated as payments received in respect of a REMIC "regular interest" or REMIC "residual interest" and the amount of any payments to each Class of Certificates that are not treated as payments received in respect of a REMIC "regular interest" or REMIC "residual interest";
(xxxxi) as of each Distribution Date, the amount, if any, to be deposited in the Cap Contract Account Issuing Entity pursuant to the related Cap Corridor Contract as described in Section 4.04(k) and the amount thereof to be paid to the Class A1-A Certificates, the Class M2-A Certificates, Class B-1A, Class B-2A, Class B-3A, Class B-4A the Floating Rate Subordinate Certificates and the Class C Certificates described in Section 4.04(k) hereof;
(xxixxii) as of each Distribution Date, the amount, if any, to be deposited in the Supplemental Interest Trust pursuant to the Swap Agreement as described in Section 4.04(l) and the amount thereof to be paid to the Certificates;
(xxiii) any Floating Rate Certificate Carryover paid and all Floating Rate Certificate Carryover remaining on each class of the Class A, Class M, Class B-1, Class B-2, Class B-3 A and Class B-4 X-0, X-0, X-0 and M-4 Certificates on such Distribution Date;
(xxiixxiv) the number of Mortgage Loans with respect to which (i) a reduction in the Mortgage Rate has occurred or (ii) the related borrower's obligation to repay interest on a monthly basis has been suspended or reduced pursuant to the Servicemembers Civil Relief Act or the California Military and Veterans Code, as amendedAct; and the amount of interest not required to be paid with respect to any such Mortgage Loans during the related Due Period as a result of such reductions in the aggregate and with respect to the Group One Mortgage Loans and the Group Two Mortgage Loans.
(xxiii) the aggregate Outstanding Principal Balance of each Class of Certificates for the following Distribution Date;
(xxiv) the number and aggregate principal amounts of Mortgage Loans (A) delinquent (1) one Monthly Payment, (2) two Monthly Payments and (3) three or more Monthly Payments and (B) in foreclosure, in each case, as of the end of the related Principal Prepayment Period;
(xxv) the number and the principal balance of Mortgage Loans with respect to any real estate acquired through foreclosure or grant of a deed in lieu of foreclosure;
(xxvi) the aggregate amount of all Advances recovered during the related Due Period;
(xxvii) the aggregate amount of Realized Losses during the related Due Period and the aggregate amount of Realized Losses since the Cut-off Date;
(xxviii) the allocation to each Class of Certificate of any Realized Losses during the related Due Period;
(xxix) with respect to each Class of Certificates, the amount of any Compensating Non-Supported Interest Shortfalls on such Distribution Date;
(xxxxxvi) Number the number and amount of pool assets at the beginning and ending of each period, and updated pool composition information, such as weighted average coupon, weighted average life, weighted average remaining term, pool factors and prepayment amounts;
(xxxixxvii) In addition, describe any material changes to methodology regarding calculations of delinquencies and charge-offs;
(xxxiixxviii) Information information on the amount, terms and general purpose amount of any advances Servicing Advances made or reimbursed during the period, including the general use of funds advanced and the general source of funds for reimbursements;
(xxxiiixxix) Any any material modifications, extensions or waivers to pool asset terms, fees, penalties or payments during the distribution period or that have cumulatively become material over time;
(xxxivxxx) Material material breaches of pool asset representations or warranties or transaction covenants;
(xxxvxxxi) Information information on ratio, coverage or other tests used for determining any early amortization, liquidation or other performance trigger and whether the trigger was met; and
(xxxvixxxii) Information information regarding any new issuance of asset-backed securities backed by the same asset pool, any pool asset changes (other than in connection with a pool asset converting into cash in accordance with its terms), such as additions or removals in connection with a prefunding or revolving period and pool asset substitutions and repurchases (and purchase rates, if applicable), and cash flows available for future purchases, such as the balances of any prefunding or revolving accounts, if applicable. Disclose any material changes in the solicitation, credit-granting, underwriting, origination, acquisition or pool selection criteria or procedures, as applicable, used to originate, acquire or select the new pool assets.
(b) The Securities Administrator Trustee will make the Monthly Statement (and, at its option, any additional files containing the same information in an alternative format) available each month to Certificateholders, other parties to this Agreement and any other interested parties via the Securities AdministratorTrustee's Internet website. The Securities AdministratorTrustee's Internet website shall initially be located at "www.__________." xxx.xxxxxxxx.xxx". Assistance in using the website can be obtained by calling the Securities Administrator's customer service desk Trustee at ______________(000) 000-0000. Parties that are unable to use the website are entitled to have a paper copy mailed to them via first class mail by calling the customer service desk above-referenced telephone number and indicating such. The Securities Administrator Trustee shall have the right to 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 Securities Administrator Trustee shall provide timely and adequate notification to all above parties regarding any such changes. The Securities Administrator foregoing information and reports shall also be prepared and determined by the Trustee based on Mortgage Loan data and other information provided to the Trustee by the Servicer, the Swap Counterparty, the Cap Contract Counterparty or any other third party required to deliver information hereunder. In preparing or furnishing the foregoing information, the Trustee shall be entitled to rely conclusively on but shall not be responsible for the content or accuracy of any the information or data provided to the Trustee by third parties for purposes of preparing the monthly statement and may affix thereto any disclaimer it deems appropriate in its reasonable discretion (without suggesting liability on Servicer, the part of Swap Counterparty, the Cap Contract Counterparty or any other third party hereto)required to deliver information and shall have no liability for any errors in any such information. As a condition to access the Securities AdministratorTrustee's internet website, the Securities Administrator Trustee may require registration and the acceptance of a disclaimer. The Securities Administrator Trustee will not be liable for the dissemination of information in accordance with this Agreement.
(c) If so requested in writing within a reasonable period of time after the end of each calendar year, the Trustee shall make available on its website or cause to be furnished to each Person who at any time during the calendar year was a Certificateholder of record, a statement containing the information set forth in clauses (a)(i) and (a)(ii) of this Section 4.05 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 are from time to time in effect.
(d) Upon filing with the Internal Revenue Service, the Trustee shall furnish to the Holders of the Class R Certificate each Form 1066Q and shall respond promptly to written requests made not more frequently than quarterly by any Holder of Class R Certificate with respect to the following matters:
(i) The original projected principal and interest cash flows on the Closing Date on each Class of regular and residual interests created hereunder and on the Mortgage Loans, based on the Prepayment Assumption;
(ii) The projected remaining principal and interest cash flows as of the end of any calendar quarter with respect to each Class of regular and residual interests created hereunder and the Mortgage Loans, based on the Prepayment Assumption;
(iii) The Prepayment Assumption and any interest rate assumptions used in determining the projected principal and interest cash flows described above;
(iv) The original issue discount (or, in the case of the Mortgage Loans, market discount) or premium accrued or amortized through the end of such calendar quarter with respect to each Class of regular or residual interests created hereunder and to the Mortgage Loans, together with each constant yield to maturity used in computing the same;
(v) The treatment of losses realized with respect to the Mortgage Loans or the regular interests created hereunder, including the timing and amount of any cancellation of indebtedness income of the REMICs with respect to such regular interests or bad debt deductions claimed with respect to the Mortgage Loans;
(vi) The amount and timing of any non-interest expenses of the REMICs; and
(vii) Any taxes (including penalties and interest) imposed on the REMICs, including, without limitation, taxes on "prohibited transactions," "contributions" or "net income from foreclosure property" or state or local income or franchise taxes. The information pursuant to clauses (i), (ii), (iii) and (iv) above shall be provided by the Depositor pursuant to Section 8.12.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Merrill Lynch First Franklin Mortgage Loan Trust, Series 2007-H1)
Monthly Statements to Certificateholders. (a) Not later than each Distribution Date based solely on information provided by the Servicer (which information is not required to include any prediction of future performance as to which such report relates)Date, the Securities Administrator Trustee shall prepare and make available on its website located at xxx.xxxxxxx.xxx xxx.xxxxxxxx.xxx to each Holder of a Class of Certificates of the Trust FundIssuing Entity, the Servicer, the Master Servicer, the Trustee, the NIMs InsurerRating Agencies, the Rating Agencies Depositor, the Cap Contract Counterparty and the Depositor Swap Counterparty a statement setting forth for the CertificatesCertificates the following information; provided, however, that with respect to any calendar year during which an annual report on Form 10-K is not required to be filed with the Commission on behalf of the Issuing Entity, the information set forth in Items (xxiv) through (xxxii) below are not required to be included in such statement during any calendar year:
(i) the amount of the related distribution to Holders of each Class allocable to principal, separately identifying (A) the aggregate amount of any Principal Prepayments included therein, (B) the aggregate of all scheduled payments of principal included therein, (C) the Extra Principal Distribution Amount, if any, and (D) the aggregate amount of Prepayment Charges, if any;
(ii) the amount of such distribution to Holders of each Class allocable to interest, together with any Non-Supported Interest Shortfalls allocated to each Class;
(iii) any interest Carryforward Amount for each Class of the Class A, Class M and Class B Certificates;
(iv) the Class Certificate Principal Balance of each Class immediately prior to and after giving effect (i) to all distributions allocable to principal on such Distribution Date and (ii) the allocation of any Applied Realized Loss Amounts for such Distribution Date;
(ivv) the Pool Stated Principal Balance for such Distribution Date;
(vvi) the amount of the Servicing Fee paid to or retained by the Servicer, the amount of the Securities Administrator Fee paid to or retained by the Securities Administrator Servicer and any amounts constituting reimbursement or indemnification of the Servicer, Master Servicer, Securities Administrator Servicer or Trustee;
(vivii) the Pass-Through Rate for each Class of Certificates for such Distribution Date;
(viiviii) the amount of Advances included in the distribution on such Distribution DateDate or reimbursed during the period;
(viiiix) the cumulative amount of (A) Realized Losses and (B) Applied Realized Loss Amounts to date, in the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage Loans;
(ixx) the amount of (A) Realized Losses and (B) Applied Realized Loss Amounts with respect to such Distribution Date, in the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage Loans;
(xxi) the number and aggregate principal amounts of Mortgage Loans (A) Delinquent (exclusive of Mortgage Loans in foreclosure) (1) 31 to 60 days, (2) 61 to 90 days and (3) 91 or more days, and (B) in foreclosure and Delinquent (1) 31 to 60 days, (2) 61 to 90 days and (3) 91 or more days, in each case as of the close of business on the last day of the calendar month preceding such Distribution Date, in the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage LoansLoans in accordance with the OTS methodology for reporting delinquencies;
(xixii) with respect to any Mortgage Loan that became an REO Property during the preceding calendar month, the loan number and Stated Principal Balance of such Mortgage Loan as of the close of business on the last day of the calendar month preceding such Distribution Date and the date of acquisition thereofDate, in the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage Loans;
(xiixiii) the total number and principal balance of any REO Properties as of the close of business on the last day of the calendar month preceding such Distribution Date, in the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage Loans;
(xiiixiv) the aggregate Stated Principal Balance of all loans that became Liquidated Loans as of such Distribution Date calculated as of the preceding Distribution Date, in the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage Loans;
; (xivxv) whether a Stepdown Trigger Event has occurred and is in effect;
(xv) with respect to each Class of Certificates, any Interest Carry Forward Amount with respect to such Distribution Date for each such Class, any Interest Carry Forward Amount paid for each such Class and any remaining Interest Carry Forward Amount for each such Class;
(xvi) the number and Stated Principal Balance (as of the preceding Distribution Date) of any Mortgage Loans which were purchased or repurchased during the preceding Due Period and since the Cut-off Date;
(xvii) the number of Mortgage Loans for which Prepayment Charges were received during the related Prepayment Period and, for each such Mortgage Loan, the amount of Prepayment Charges received during the related Prepayment Period and in the aggregate of such amounts for all such Mortgage Loans since the Cut-off Date;
(xviii) the amount and purpose of any withdrawal from the Collection Account pursuant to Section 3.08(a)(viii);
(xix) the amount of any payments to each Class of Certificates that are treated as payments received in respect of a REMIC "regular interest" or REMIC "residual interest" and the amount of any payments to each Class of Certificates that are not treated as payments received in respect of a REMIC "regular interest" or REMIC "residual interest";
(xx) as of each Distribution Date, the amount, if any, to be deposited in the Cap Contract Account pursuant to the related Cap Contract as described in Section 4.04(k) and the amount thereof to be paid to the Class A, Class M, Class B-1A, Class B-2A, Class B-3A, Class B-4A and Class C Certificates described in Section 4.04(k) hereof;
(xxi) any Floating Rate Certificate Carryover paid and all Floating Rate Certificate Carryover remaining on each class of the Class A, Class M, Class B-1, Class B-2, Class B-3 and Class B-4 Certificates on such Distribution Date;
(xxii) the number of Mortgage Loans with respect to which (i) a reduction in the Mortgage Rate has occurred or (ii) the related borrower's obligation to repay interest on a monthly basis has been suspended or reduced pursuant to the Servicemembers Civil Relief Act or the California Military and Veterans Code, as amended; and the amount of interest not required to be paid with respect to any such Mortgage Loans during the related Due Period as a result of such reductions in the aggregate and with respect to the Group One Mortgage Loans and the Group Two Mortgage Loans.
(xxiii) the aggregate Outstanding Principal Balance of each Class of Certificates for the following Distribution Date;
(xxiv) the number and aggregate principal amounts of Mortgage Loans (A) delinquent (1) one Monthly Payment, (2) two Monthly Payments and (3) three or more Monthly Payments and (B) in foreclosure, in each case, as of the end of the related Principal Prepayment Period;
(xxv) the number and the principal balance of Mortgage Loans with respect to any real estate acquired through foreclosure or grant of a deed in lieu of foreclosure;
(xxvi) the aggregate amount of all Advances recovered during the related Due Period;
(xxvii) the aggregate amount of Realized Losses during the related Due Period and the aggregate amount of Realized Losses since the Cut-off Date;
(xxviii) the allocation to each Class of Certificate of any Realized Losses during the related Due Period;
(xxix) with respect to each Class of Certificates, the amount of any Compensating Interest Shortfalls on such Distribution Date;
(xxx) Number and amount of pool assets at the beginning and ending of each period, and updated pool composition information, such as weighted average coupon, weighted average life, weighted average remaining term, pool factors and prepayment amounts;
(xxxi) In addition, describe any material changes to methodology regarding calculations of delinquencies and charge-offs;
(xxxii) Information on the amount, terms and general purpose of any advances made or reimbursed during the period, including the general use of funds advanced and the general source of funds for reimbursements;
(xxxiii) Any material modifications, extensions or waivers to pool asset terms, fees, penalties or payments during the distribution period or that have cumulatively become material over time;
(xxxiv) Material breaches of pool asset representations or warranties or transaction covenants;
(xxxv) Information on ratio, coverage or other tests used for determining any early amortization, liquidation or other performance trigger and whether the trigger was met; and
(xxxvi) Information regarding any new issuance of asset-backed securities backed by the same asset pool, any pool asset changes (other than in connection with a pool asset converting into cash in accordance with its terms), such as additions or removals in connection with a prefunding or revolving period and pool asset substitutions and repurchases (and purchase rates, if applicable), and cash flows available for future purchases, such as the balances of any prefunding or revolving accounts, if applicable. Disclose any material changes in the solicitation, credit-granting, underwriting, origination, acquisition or pool selection criteria or procedures, as applicable, used to originate, acquire or select the new pool assets.
(b) The Securities Administrator will make the Monthly Statement (and, at its option, any additional files containing the same information in an alternative format) available each month to Certificateholders, other parties to this Agreement and any other interested parties via the Securities Administrator's Internet website. The Securities Administrator's Internet website shall initially be located at "www.__________." 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 website 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 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 Securities Administrator shall provide timely and adequate notification to all above parties regarding any such changes. The Securities Administrator shall 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 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 Securities Administrator's internet website, the Securities Administrator may require registration and the acceptance of a disclaimer. The Securities Administrator will not be liable for the dissemination of information in accordance with this Agreement.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Merrill Lynch First Franklin Mortgage Loan Trust, Series 2007-3)
Monthly Statements to Certificateholders. (a) Not later than each Distribution Date based solely on information provided by the Servicer (which information is not required to include any prediction of future performance as to which such report relates)Date, the Securities Administrator Trustee shall prepare and make available on its website located at xxx.xxxxxxx.xxx to each Holder of a Class of Certificates of the Trust FundCertificateholder, the Servicer, the Master Servicer, the Trustee, the NIMs Insurer, the Depositor and each Rating Agencies and the Depositor Agency on its Internet website a statement setting forth for the Certificatesrelated distribution of:
(i) the amount of the related distribution to Holders of each Class allocable to principalapplicable Record Dates, separately identifying (A) the aggregate amount of any Principal Prepayments included therein, (B) the aggregate of all scheduled payments of principal included therein, (C) the Extra Principal Interest Accrual Periods and Determination Dates for calculating distributions for such Distribution Amount, if any, and (D) the aggregate amount of Prepayment Charges, if anyDate;
(ii) the amount of funds received from the Servicer for such Distribution Date separately identifying amounts received in respect of the Mortgage Loans, the amount of Advances included in the distribution on the Distribution Date, the amount of any Net Swap Payment to Holders of each Class allocable the Supplemental Interest Trust from the Swap Provider and any Swap Termination Payment to interest, together with any Non-Supported the Supplemental Interest Shortfalls allocated to each ClassTrust from the Swap Provider;
(iii) the Certificate Principal Balance of each Class immediately prior to Servicing Fee and after giving effect (i) to all distributions allocable to principal on such Distribution Date and (ii) the allocation of any Applied Realized Loss Amounts Trustee Fee for such Distribution Date;
(iv) the Pool Stated Principal Balance for such Distribution Dateamount of any Net Swap Payment from the Supplemental Interest Trust to the Swap Provider and any Swap Termination Payment from the Supplemental Interest Trust to the Swap Provider;
(v) the aggregate amount of expenses paid from amounts on deposit in (x) the Certificate Account and (y) the Distribution Account;
(vi) the amount of the Servicing Fee paid distribution allocable to or retained principal, separately identifying the aggregate amount of any Principal Prepayments and Liquidation Proceeds included therein;
(vii) the amount of the distribution allocable to interest, any Unpaid Interest Amounts included in the distribution and any remaining Unpaid Interest Amounts after giving effect to the distribution, any Net WAC Cap Carry Forward Amount for the Distribution Date, and the amount of all Net WAC Cap Carry Forward Amounts covered by withdrawals from the ServicerExcess Reserve Fund Account on the Distribution Date;
(viii) if the distribution to the Holders of any Class of Certificates is less than the full amount that would be distributable to them if sufficient funds were available, the amount of the Securities Administrator Fee paid to or retained by shortfall and the Securities Administrator and any amounts constituting reimbursement or indemnification allocation of the Servicershortfall between principal and interest, Master Servicer, Securities Administrator or Trusteeincluding any Net WAC Cap Carry Forward Amount not covered by amounts in the Excess Reserve Fund Account;
(viix) the amount of any Total Monthly Excess Spread on the Distribution Date and the allocation thereof to the Certificateholders with respect to Unpaid Realized Loss Amounts and Unpaid Interest Amounts;
(x) the Class Certificate Balance of each Class of Certificates before and after giving effect to the distribution of principal on the Distribution Date;
(xi) the Pass-Through Rate for each Class of Certificates for such with respect to the Distribution Date;
(viixii) the amount of Advances included on deposit in the distribution Certificate Account and Excess Reserve Fund Account (before and after giving effect to distributions on such the Distribution Account Deposit Date and Distribution Date, respectively);
(viiixiii) the cumulative amount number of (A) Realized Losses and (B) Applied Realized Loss Amounts to date, in the aggregate and with respect to the Group One Mortgage Loans and Group Two the Pool Stated Principal Balance as the first day of the related Remittance Period and the last day of the related Remittance Period;
(xiv) as of the last day of the related Remittance Period, (a) the weighted average mortgage rate of the Mortgage Loans, and (b) the weighted average remaining term to maturity of the Mortgage Loans;
(ix) the amount of (A) Realized Losses and (B) Applied Realized Loss Amounts with respect to such Distribution Date, in the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage Loans;
(xxv) the number and aggregate principal amounts outstanding balance of the Mortgage Loans as of the end of the preceding calendar month (Aa) Delinquent delinquent (exclusive of Mortgage Loans in foreclosure) (1) 31 30 to 60 59 days, (2) 61 60 to 90 89 days and (3) 91 90 or more days, days and (Bb) in foreclosure and Delinquent delinquent (1) 31 30 to 60 59 days, (2) 61 60 to 90 89 days and (3) 91 90 or more days, in each case as of the close of business on the last day of the calendar month preceding such the Distribution Date, in the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage Loans;
(xixvi) 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 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 month;
(xvii) with respect to any Mortgage Loan that became an REO Property during the preceding calendar month, the loan number and Stated Principal Balance of such the Mortgage Loan as of the close of business on the last day of Determination Date preceding the calendar month preceding such Distribution Date and the date of acquisition thereof, in the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage Loans;
(xiixviii) the total number and principal balance of any REO Properties (and market value, if available) as of the close of business on the last day of Determination Date preceding the calendar month preceding such Distribution Date, in the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage Loans;
(xiiixix) the aggregate Stated amount of Principal Balance Prepayments received during the related Prepayment Period and the number of all Liquidated Mortgage Loans subject to such Principal Prepayments;
(xx) the aggregate amount of Advances reimbursed during the related Remittance Period, the general source of funds for such reimbursements and the aggregate amount of Advances outstanding as of the preceding close of business on the Distribution Date, in the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage Loans;
(xivxxi) whether a Stepdown Trigger Event has occurred the aggregate amount of Servicing Advances reimbursed during the related Remittance Period, the general source of funds for such reimbursements and is in effectthe aggregate amount of Servicing Advances outstanding as of the close of business on the Distribution Date;
(xv) with respect to each Class of Certificates, any Interest Carry Forward Amount with respect to such Distribution Date for each such Class, any Interest Carry Forward Amount paid for each such Class and any remaining Interest Carry Forward Amount for each such Class;
(xvixxii) the number and Stated Principal Balance (as of the preceding Distribution Date) amount of any Mortgage Loans which were purchased or repurchased Charge-off Amounts during the preceding Due Period prior calendar month and since the Cut-off Date;
(xvii) the number of Mortgage Loans for which Prepayment Charges were received during the related Prepayment Period and, for each such Mortgage Loan, the amount of Prepayment Charges received during the related Prepayment Period and in the aggregate of such amounts for all such Mortgage Loans since the Cut-off Date;
(xviii) the amount and purpose of any withdrawal from the Collection Account pursuant to Section 3.08(a)(viii);
(xix) the amount of any payments to each Class of Certificates that are treated as payments received in respect of a REMIC "regular interest" or REMIC "residual interest" and the amount of any payments to each Class of Certificates that are not treated as payments received in respect of a REMIC "regular interest" or REMIC "residual interest";
(xx) as of each Distribution Date, the amount, if any, to be deposited in the Cap Contract Account pursuant to the related Cap Contract as described in Section 4.04(k) and the amount thereof to be paid to the Class A, Class M, Class B-1A, Class B-2A, Class B-3A, Class B-4A and Class C Certificates described in Section 4.04(k) hereof;
(xxi) any Floating Rate Certificate Carryover paid and all Floating Rate Certificate Carryover remaining on each class of the Class A, Class M, Class B-1, Class B-2, Class B-3 and Class B-4 Certificates on such Distribution Date;
(xxii) the number of Mortgage Loans with respect to which (i) a reduction in the Mortgage Rate has occurred or (ii) the related borrower's obligation to repay interest on a monthly basis has been suspended or reduced pursuant to the Servicemembers Civil Relief Act or the California Military and Veterans Code, as amended; and the amount of interest not required to be paid with respect to any such Mortgage Loans during the related Due Period as a result of such reductions in the aggregate and with respect to the Group One Mortgage Loans and the Group Two Mortgage Loans.
(xxiii) the aggregate Outstanding Principal Balance number and outstanding principal balance of each Class Mortgage Loans repurchased during the related Remittance Period due to material breaches of Certificates for the following Distribution Daterepresentations and warranties regarding such Mortgage Loans;
(xxiv) whether a Trigger Event is in effect separately identifying the number and aggregate principal amounts of Mortgage Loans (A) delinquent (1) one Monthly Payment, (2) two Monthly Payments and (3) three or more Monthly Payments and (B) in foreclosure, in each case, as of the end of the related Principal Prepayment Periodcomponents thereof;
(xxv) the number aggregate amount of Applied Realized Loss Amounts incurred during the preceding calendar month and the principal balance of Mortgage Loans with respect to any real estate acquired aggregate Unpaid Realized Loss Amount through foreclosure or grant of a deed in lieu of foreclosurethe Distribution Date;
(xxvi) with respect to the second Distribution Date, the number and aggregate amount balance of all Advances recovered during any Delayed Delivery Mortgage Loans not delivered within the related Due Periodtime periods specified in the definition of Delayed Delivery Mortgage Loans;
(xxvii) the aggregate amount of Realized Losses during the related Due Period Overcollateralization Amount for such Distribution Date and the aggregate amount of Realized Losses since the Cut-off Overcollateralization Target Amount for such Distribution Date;; and
(xxviii) Prepayment Charges collected, waived, and paid by the allocation Servicer; For the purposes of determining delinquency periods in reporting under (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 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 December Monthly Statement a Mortgage Loan whose November Due Date payment has not been paid by the December Due Date is not delinquent. On the day after the December Due Date, such Mortgage Loan would be one day delinquent. A Mortgage Loan whose November Due Date payment has not been paid by the December Due Date is 30 days past due as of the December Due Date, and would be reported as such in the December Monthly Statement. If the statement is not accessible to any of the Certificateholders, the Servicer, the Depositor or any Rating Agency on the Trustee’s Internet website, the Trustee shall forward a hard copy of it to each Class Certificateholder, the Servicer, the Depositor and each Rating Agency immediately after the Trustee becomes aware that it is not accessible to any of Certificate them via its website. The address of the Trustee’s Internet website where the statement will be accessible is hxxxx://xxx.xxx.xx.xxx/xxxx. 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 notify each Certificateholder, the Servicer, the Depositor and each Rating Agency in writing of any Realized Losses during the related Due Period;
(xxix) with respect to each Class of Certificates, the amount of any Compensating Interest Shortfalls on such Distribution Date;
(xxx) Number and amount of pool assets at the beginning and ending of each period, and updated pool composition information, such as weighted average coupon, weighted average life, weighted average remaining term, pool factors and prepayment amounts;
(xxxi) In addition, describe any material changes to methodology regarding calculations of delinquencies and charge-offs;
(xxxii) Information on the amount, terms and general purpose of any advances made or reimbursed during the period, including the general use of funds advanced and the general source of funds for reimbursements;
(xxxiii) Any material modifications, extensions or waivers to pool asset terms, fees, penalties or payments during the distribution period or that have cumulatively become material over time;
(xxxiv) Material breaches of pool asset representations or warranties or transaction covenants;
(xxxv) Information on ratio, coverage or other tests used for determining any early amortization, liquidation or other performance trigger and whether the trigger was met; and
(xxxvi) Information regarding any new issuance of asset-backed securities backed by the same asset pool, any pool asset changes (other than in connection with a pool asset converting into cash in accordance with its terms), such as additions or removals in connection with a prefunding or revolving period and pool asset substitutions and repurchases (and purchase rates, if applicable), and cash flows available for future purchases, such as the balances of any prefunding or revolving accounts, if applicable. Disclose any material changes change in the solicitation, credit-granting, underwriting, origination, acquisition address or pool selection criteria or procedures, as applicable, used means of access to originate, acquire or select the new pool assetsInternet website where the statement is accessible.
(b) The Securities Administrator will make Trustee’s responsibility for preparing and disbursing the Monthly Statement (andabove information to the Certificateholders is limited to the availability, at its optiontimeliness, and accuracy of the information derived from the Servicer. The Trustee is not responsible for any additional files containing inaccuracies in or caused by the same data provided by the Servicer. By each Determination Date, the Servicer shall provide to the Trustee in electronic form the information in an alternative formatneeded to determine the distributions to be made pursuant to Section 4.02 and 3.09(b)(ii) available each month to Certificateholders, other parties to this Agreement and any other interested parties via information that the Securities Administrator's Internet websiteServicer and the Trustee mutually agree, including, without limitation, the amount on deposit in the Certificate Account (before and after giving effect to remittances to the Trustee on the Distribution Account Deposit Date) and the aggregate amount of expenses paid from amounts on deposit in the Certificate Account.
(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 in clauses (a)(i) and (a)(ii) (with respect to principal and interest distributed) of this Section 4.03 aggregated for the calendar year or the applicable portion thereof during which the Person was a Certificateholder. This obligation of the Trustee shall be 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. For all purposes of this Agreement, with respect to any Mortgage Loan, delinquencies shall be determined and reported 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 Monthly Payment due on a Due Date if such Monthly 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 Monthly Payment if such Monthly Payment were not made by the close of business on the Mortgage Loan’s second succeeding Due Date. The Securities Administrator's Internet website shall initially be located at "www.__________." 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 website are entitled to have a paper copy mailed to them via first class mail by calling the customer service desk Servicer hereby represents and indicating such. The Securities Administrator shall have the right to change the way the monthly statements to Certificateholders are distributed in order to make such distribution more convenient and/or more accessible warrants to the above parties Depositor that this delinquency recognition policy is not less restrictive than any delinquency recognition policy established by the primary safety and soundness regulator, if any, of the Securities Administrator shall provide timely and adequate notification to all above parties regarding any such changes. The Securities Administrator shall 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 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 Securities Administrator's internet website, the Securities Administrator may require registration and the acceptance of a disclaimer. The Securities Administrator will not be liable for the dissemination of information in accordance with this AgreementServicer.
Appears in 1 contract
Monthly Statements to Certificateholders. (a) Not later than each Distribution Date based solely on information provided by the Servicer (which information is not required to include any prediction of future performance as to which such report relates)Date, the Securities Trust Administrator shall prepare and make available on its website located at xxx.xxxxxxx.xxx to each Holder of a Class of Certificates of the Trust FundCertificateholder, the Servicer, the Master Servicer, the Trustee, the NIMs Depositor, the NIM Insurer, the if any, and each Rating Agencies and the Depositor Agency a statement setting forth for with respect to the Certificatesrelated distribution:
(i) the amount of the related distribution made on such Distribution Date to the Holders of each Class of Certificates allocable to principal, separately identifying (A) identified, and the aggregate amount of any Principal Prepayments included therein, (B) the aggregate distribution made on such Distribution Date to the Holders of all scheduled payments of principal included therein, (C) the Extra Principal Distribution Amount, if any, and (D) the aggregate amount of Class P Certificates allocable to Prepayment Charges, if any;
(ii) the amount of the distribution made on such distribution Distribution Date to the Holders of each Class of Certificates (other than the Class P Certificates) allocable to interest, together with any Non-Supported Interest Shortfalls allocated to each Classseparately identified;
(iii) the Certificate Principal Balance of each Class immediately prior to and after giving effect (i) to all distributions allocable to principal on such Distribution Date and (ii) Net Monthly Excess Cashflow, the allocation of any Applied Realized Loss Amounts Overcollateralized Amount, the Overcollateralization Release Amount, the Overcollateralization Target Amount, the Overcollateralization Deficiency Amount, the Credit Enhancement Percentage for such Distribution Date;
(iv) the Pool Stated Principal Balance for fees and expenses of the trust accrued and paid on such Distribution DateDate and to whom such fees and expenses were paid;
(v) the aggregate amount of P&I Advances for such Distribution Date (including the Servicing Fee paid to or retained by the Servicer, the amount general purpose of the Securities Administrator Fee paid to or retained by the Securities Administrator and any amounts constituting reimbursement or indemnification of the Servicer, Master Servicer, Securities Administrator or Trusteesuch P&I Advances);
(vi) the Pass-Through Rate for each Class aggregate Principal Balance of Certificates for such Distribution Datethe Mortgage Loans and any REO Properties as of the end of the related Due Period;
(vii) the amount number, aggregate Principal Balance, weighted average remaining term to maturity and weighted average Mortgage Rate of Advances included in the distribution on such Distribution Mortgage Loans as of the related Due Date;
(viii) the cumulative amount of (A) Realized Losses and (B) Applied Realized Loss Amounts to date, in the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage Loans;
(ix) the amount of (A) Realized Losses and (B) Applied Realized Loss Amounts with respect to such Distribution Date, in the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage Loans;
(x) the number and aggregate principal amounts of Mortgage Loans (A) Delinquent (exclusive unpaid Principal Balance of Mortgage Loans in foreclosurerespect of which (a) (1) 31 to 60 daysone monthly payment is delinquent, (2b) 61 to 90 days two monthly payments are delinquent, (c) three monthly payments are delinquent and (3d) 91 or more days, and (B) in foreclosure and Delinquent (1) 31 to 60 days, (2) 61 to 90 days and (3) 91 or more daysproceedings have begun, in each case case, as of the close of business on the last day of the calendar month preceding such Distribution Date, in the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage Loans;
(xi) with respect to any Mortgage Loan that became an REO Property during the preceding calendar month, the loan number and Stated Principal Balance of such Mortgage Loan as of the close of business on the last day of the calendar month preceding such related Distribution Date and in accordance with the date OTS method of acquisition thereof, in the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage Loans;calculating delinquencies; Fremont 2006-D Pooling & Servicing Agreement
(xiiix) the total number and cumulative principal balance of any all REO Properties as of the close of business on the last day of the calendar month preceding such the related Distribution Date, in ;
(x) the aggregate amount of Principal Prepayments made during the related Prepayment Period;
(xi) the Delinquency Percentage;
(xii) the aggregate amount of Realized Losses incurred during the related Prepayment Period, the aggregate amount of Realized Losses incurred since the Closing Date and with respect to the Group One Mortgage Loans and Group Two Mortgage Loansaggregate amount of Subsequent Recoveries received during the related Prepayment Period;
(xiii) the aggregate Stated Principal Balance amount of all Liquidated Loans as of extraordinary trust fund expenses withdrawn from the preceding distribution account for such Distribution Date, in the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage Loans;
(xiv) whether a Stepdown Trigger Event has occurred the Certificate Principal Balance of each Class of Certificates, before and is in effectafter giving effect to the distributions, and allocations of Realized Losses, made on such Distribution Date;
(xv) the Current Interest in respect of the Certificates for such Distribution Date and the Unpaid Interest Shortfall Amount, if any, with respect to each Class of Certificates, any Interest Carry Forward Amount with respect to the Certificates on such Distribution Date for each such Class, any Interest Carry Forward Amount paid for each such Class and any remaining Interest Carry Forward Amount for each such ClassDate;
(xvi) the number and Stated Principal Balance (as aggregate amount of the preceding any Prepayment Interest Shortfall for such Distribution Date) , to the extent not covered by payments of any Mortgage Loans which were purchased Compensating Interest by the Servicer or repurchased during the preceding Due Period and since the Cut-off DateMaster Servicer;
(xvii) the number of Mortgage Loans Net WAC Rate Carryover Amount for which Prepayment Charges were received during the related Prepayment Period andCertificates, if any, for each such Mortgage Loan, Distribution Date and the amount of Prepayment Charges received during the related Prepayment Period and in the aggregate of remaining undistributed after reimbursements therefor on such amounts for all such Mortgage Loans since the Cut-off Distribution Date;
(xviii) the amount and purpose of the Servicing Fees paid to or retained by the Servicer or any withdrawal from subservicer (with respect to the Collection Account pursuant Subservicers, in the aggregate) with respect to Section 3.08(a)(viii)such Distribution Date;
(xix) the amount of any payments the Master Servicing Fees to each Class of Certificates that are treated as payments received in be paid to or retained by the Master Servicer with respect of a REMIC "regular interest" or REMIC "residual interest" and the amount of any payments to each Class of Certificates that are not treated as payments received in respect of a REMIC "regular interest" or REMIC "residual interest"such Distribution Date;
(xx) as the amount of each Distribution Date, the amountCustodial Fee, if any, to be deposited in paid or retained by the Cap Contract Account pursuant Trust Administrator with respect to the related Cap Contract as described in Section 4.04(k) and the amount thereof to be paid to the Class A, Class M, Class B-1A, Class B-2A, Class B-3A, Class B-4A and Class C Certificates described in Section 4.04(k) hereof;
(xxi) any Floating Rate Certificate Carryover paid and all Floating Rate Certificate Carryover remaining on each class of the Class A, Class M, Class B-1, Class B-2, Class B-3 and Class B-4 Certificates on such Distribution Date;
(xxi) whether the Stepdown Date or a Trigger Event has occurred;
(xxii) the number of Mortgage Loans with respect to which (i) a reduction in the Mortgage Rate has occurred or (ii) the related borrower's obligation to repay interest on a monthly basis has been suspended or reduced pursuant to the Servicemembers Civil Relief Act or the California Military and Veterans Code, as amended; total cashflows received and the amount of interest not required to be paid with respect to any such Mortgage Loans during the related Due Period as a result of such reductions in the aggregate and with respect to the Group One Mortgage Loans and the Group Two Mortgage Loans.general sources thereof; Fremont 2006-D Pooling & Servicing Agreement
(xxiii) the aggregate Outstanding Principal Balance of each respective Pass-Through Rates applicable to the Certificates and the Class of C Certificates for such Distribution Date (and whether such Pass-Through Rate was limited by the Net WAC Rate) and the Pass-Through Rate applicable to the Certificates for the following immediately succeeding Distribution Date;
(xxiv) the number and aggregate principal amounts amount of Mortgage Loans (A) delinquent (1) one Monthly Payment, (2) two Monthly any Net Swap Payments and (3) three or more Monthly Payments and (B) in foreclosure, in each case, as of the end of the related Principal Prepayment Period;Swap Termination Payments; and
(xxv) the number applicable Record Dates, Accrual Periods and the principal balance of Mortgage Loans with respect to any real estate acquired through foreclosure or grant of a deed in lieu of foreclosure;
(xxvi) the aggregate amount of all Advances recovered during the related Due Period;
(xxvii) the aggregate amount of Realized Losses during the related Due Period and the aggregate amount of Realized Losses since the Cut-off Date;
(xxviii) the allocation to each Class of Certificate of any Realized Losses during the related Due Period;
(xxix) with respect to each Class of Certificates, the amount of any Compensating Interest Shortfalls on Determination Dates for calculating distributions for such Distribution Date;
(xxx) Number and amount of pool assets at the beginning and ending of each period, and updated pool composition information, such as weighted average coupon, weighted average life, weighted average remaining term, pool factors and prepayment amounts;
(xxxi) In addition, describe any material changes to methodology regarding calculations of delinquencies and charge-offs;
(xxxii) Information on the amount, terms and general purpose of any advances made or reimbursed during the period, including the general use of funds advanced and the general source of funds for reimbursements;
(xxxiii) Any material modifications, extensions or waivers to pool asset terms, fees, penalties or payments during the distribution period or that have cumulatively become material over time;
(xxxiv) Material breaches of pool asset representations or warranties or transaction covenants;
(xxxv) Information on ratio, coverage or other tests used for determining any early amortization, liquidation or other performance trigger and whether the trigger was met; and
(xxxvi) Information regarding any new issuance of asset-backed securities backed by the same asset pool, any pool asset changes (other than in connection with a pool asset converting into cash in accordance with its terms), such as additions or removals in connection with a prefunding or revolving period and pool asset substitutions and repurchases (and purchase rates, if applicable), and cash flows available for future purchases, such as the balances of any prefunding or revolving accounts, if applicable. Disclose any material changes in the solicitation, credit-granting, underwriting, origination, acquisition or pool selection criteria or procedures, as applicable, used to originate, acquire or select the new pool assets.
(b) The Securities Trust Administrator’s responsibility for providing the above statement to the Certificateholders, each Rating Agency, the Servicer, the Master Servicer, the Originator, the NIM Insurer, if any, and the Depositor is limited to the availability, timeliness and accuracy of the information derived from the Servicer and the Swap Provider. The Trust Administrator will make the Monthly Statement (and, at its option, any additional files containing the same information in an alternative format) above statement available each month to Certificateholders, other parties to this Agreement and any other interested parties via the Securities Trust Administrator's Internet ’s internet website. The Securities Trust Administrator's Internet ’s website shall will initially be located at "www.__________." Assistance hxxx://xxx.xxxxxxx.xxx and assistance in using the website can be obtained by calling the Securities Trust Administrator's ’s customer service desk at ______________1-000-000-0000. Parties that are unable to use the website 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 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 Securities Trust Administrator shall provide timely and adequate notification to all above the Certificateholders and the parties hereto regarding any such changes. The Securities Trust Administrator shall 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 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 Securities Administrator's internet websiteUpon written request from any Certificateholder, the Securities Trust Administrator may require registration 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) Upon request, within a reasonable period of time after the end of each calendar year, the Trust Administrator shall cause to be furnished the NIM Insurer, if any, and 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 Trust Administrator shall be deemed to have been satisfied to the extent that Fremont 2006-D Pooling & Servicing Agreement substantially comparable information shall be provided by the Trust Administrator pursuant to any requirements of the Code as are from time to time in effect.
(d) Not later than the Reporting Date, the Servicer shall furnish to the Trust Administrator, the NIM Insurer, if any, and the acceptance Master Servicer a monthly remittance advice statement (in a format mutually agreed upon by the Servicer and the Trust Administrator) containing such information as shall be reasonably requested by the Trust Administrator to provide the reports required by Section 4.03(a) as to the accompanying remittance and the period ending on the close of a disclaimerbusiness on the last Business Day of the immediately preceding month (the “Servicer Remittance Report”). The Securities Servicer shall furnish to the Trust Administrator will not 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, the corresponding individual loan accounting report (in electronic format) shall be liable for received by the dissemination Trust Administrator no later than the Reporting Date, which report shall contain the following:
(i) with respect to each Scheduled Payment, the amount of information such remittance allocable to principal (including a separate breakdown of any Principal Prepayment, including the date of such prepayment, and any Prepayment Premiums, along with a detailed report of interest on principal prepayment amounts remitted in accordance with this 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 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 the Servicer during the prior distribution period pursuant to Section 3.11;
(vi) the number and aggregate outstanding principal balances of Mortgage Loans (not including Liquidated Mortgage Loans as of the end of the Prepayment Period) (a) delinquent (1) 31 to 60 days, (2) 61 to 90 days, or (3) 91 days or more; (b) as to which foreclosure 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 Mortgage Loan, the amount of any Realized Losses for such Mortgage Loan; and Fremont 2006-D Pooling & Servicing Agreement
(ix) any other information reasonably required by the Trust Administrator to enable it to prepare the monthly statement referred to in Section 4.03(a).
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Fremont Home Loan Trust 2006-D)
Monthly Statements to Certificateholders. (a) Not later than each Distribution Date based solely on information provided by the Servicer (which information is not required to include any prediction of future performance as to which such report relates)Date, the Securities Administrator shall prepare and make available on its website located at xxx.xxxxxxx.xxx to each Holder of a Class of Certificates of the Trust FundCertificates, the Servicer, the Master Servicer, the Trustee, the NIMs Insurer, the Rating Agencies Depositor and the Depositor Credit Risk Manager via its website a statement setting forth the following information for the Certificates:
(i) the Record Date, Accrual Period and Determination Date for each Class of Certificates for each Due Period;
(ii) the Pass-Through Rate for each Class of Certificates with respect to the current Accrual Period;
(iii) with respect to each loan group, the total cash flows received and the general sources thereof;
(iv) the amount of the related distribution to Holders of each Class allocable to principal, separately identifying (A) the aggregate amount of any Principal Prepayments included therein, (B) the aggregate of all scheduled payments of principal included therein, (C) the Extra Principal Distribution Amount, Monthly Excess Interest with respect to the Certificates (if any, ) and (D) the aggregate amount of Prepayment Charges, if anyCharges distributed to the Class P Certificates;
(iiv) the amount of such distribution distributed to Holders of each Class on such Distribution Date allocable to interest, together with any Non-Supported Interest Shortfalls allocated to each Class;
(iiivi) the Certificate Principal Balance of each Class immediately prior to and of Certificates, if applicable, after giving effect (i) to all distributions allocable to principal on such Distribution Date and (ii) the allocation of any Applied Realized Loss Amounts for such Distribution Date;
(iv) the Pool Stated Principal Balance for such Distribution Date;
(v) the amount of the Servicing Fee paid to or retained by the Servicer, the amount of the Securities Administrator Fee paid to or retained by the Securities Administrator and any amounts constituting reimbursement or indemnification of the Servicer, Master Servicer, Securities Administrator or Trustee;
(vi) the Pass-Through Rate for each Class of Certificates Losses for such Distribution Date;
(vii) the aggregate amount of Advances included in the distribution distributions on the Distribution Date (including the general purpose of such Advances);
(viii) the aggregate amount of Relief Act Interest Shortfalls for such Distribution Date;
(viii) the cumulative amount of (A) Realized Losses and (B) Applied Realized Loss Amounts to date, in the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage Loans;
(ix) the aggregate amount of (A) Realized Losses and (B) Applied Realized Loss Amounts with respect to any Prepayment Interest Shortfall for such Distribution Date, in the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage Loansextent not covered by payments by the Servicer pursuant to Section 3.27 of this Agreement or the Master Servicer pursuant to Section 4.14 of this Agreement;
(x) the cumulative amount of Realized Losses to date and, in addition, if the Certificate Principal Balance of any Class of Certificates have been reduced to zero, the cumulative amount of any Realized Losses that have not been allocated to any Class of Certificates;
(xi) the Overcollateralization Amount and the Senior Enhancement Percentage, any Overcollateralization Deficiency Amount and any Overcollateralization Release Amount for such Distribution Date
(xii) with respect to each loan group, the amount of any Prepayment Charges remitted by the Servicer;
(xiii) the number, aggregate principal balance, weighted average remaining term to maturity and weighted average Mortgage Rate of the Mortgage Loans as of the related Due Date;
(xiv) with respect to each loan group, the number and Scheduled Principal Balance of all the Mortgage Loans for the following Distribution Date;
(xv) the number and aggregate principal amounts balance of any Mortgage Loans that were (A) Delinquent delinquent (exclusive of Mortgage Loans in foreclosure) using the "OTS" method (1) 31 to 60 daysone scheduled payment is delinquent, (2) 61 to 90 days and two scheduled payments are delinquent, (3) 91 or more daysthree scheduled payments are delinquent and (4) foreclosure proceedings have been commenced, and loss information for the period; the number and aggregate principal balance of any Mortgage Loans in respect of which (A) one scheduled payment is delinquent, (B) in foreclosure and Delinquent (1) 31 to 60 daystwo scheduled payments are delinquent, (2C) 61 to 90 days three scheduled payments are delinquent and (3D) 91 or more daysforeclosure proceedings have been commenced, in each case as of and loss information for the close of business on the last day of the calendar month preceding such Distribution Date, in the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage Loansperiod;
(xixvi) with respect to any Mortgage Loan that became an REO Property was liquidated during the preceding calendar month, the loan number and the Stated Principal Balance of of, and Realized Loss on, such Mortgage Loan as of the close of business on the last day of the calendar month Determination Date preceding such Distribution Date and the date of acquisition thereof, in the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage LoansDate;
(xiixvii) the total number and principal balance of any real estate owned or REO Properties in each Loan Group and the Mortgage Loans in the aggregate as of the close of business on the last day of the calendar month Determination Date preceding such Distribution Date, in the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage Loans;
(xiii) the aggregate Stated Principal Balance of all Liquidated Loans as of the preceding Distribution Date, in the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage Loans;
(xiv) whether a Stepdown Trigger Event has occurred and is in effect;
(xv) with respect to each Class of Certificates, any Interest Carry Forward Amount with respect to such Distribution Date for each such Class, any Interest Carry Forward Amount paid for each such Class and any remaining Interest Carry Forward Amount for each such Class;
(xvi) the number and Stated Principal Balance (as of the preceding Distribution Date) of any Mortgage Loans which were purchased or repurchased during the preceding Due Period and since the Cut-off Date;
(xvii) the number of Mortgage Loans for which Prepayment Charges were received during the related Prepayment Period and, for each such Mortgage Loan, the amount of Prepayment Charges received during the related Prepayment Period and in the aggregate of such amounts for all such Mortgage Loans since the Cut-off Date;
(xviii) the amount three month rolling average of the percent equivalent of a fraction, the numerator of which is the Aggregate Loan Group Balance of the Mortgage Loans in a Loan Group that are sixty (60) days or more delinquent or are in bankruptcy or foreclosure or are REO Properties, and purpose the denominator of any withdrawal from which is the Collection Account pursuant to Section 3.08(a)(viii)Aggregate Loan Group Balance of all of the Mortgage Loans in such Loan Group as of the last day of such Distribution Date;
(xix) any material modifications, extensions or waivers to the amount terms, fees, penalties or payments of any payments to each Class of Certificates Mortgage Loans during the Due Period or that are treated as payments received material in respect of a REMIC "regular interest" or REMIC "residual interest" and the amount of any payments to each Class of Certificates that are not treated as payments received in respect of a REMIC "regular interest" or REMIC "residual interest"aggregate;
(xx) as of each Distribution Datethe aggregate Servicing Fee received by the Servicer, and the amountmaster servicing fees, if any, to be deposited in received by the Cap Contract Account pursuant to Master Servicer during the related Cap Contract as described in Section 4.04(k) and the amount thereof to be paid to the Class A, Class M, Class B-1A, Class B-2A, Class B-3A, Class B-4A and Class C Certificates described in Section 4.04(k) hereofDue Period;
(xxi) any Floating Rate Certificate Carryover paid and all Floating Rate Certificate Carryover remaining on each class the amount of the Class A, Class M, Class B-1, Class B-2, Class B-3 and Class B-4 Certificates on Credit Risk Management Fees paid to the Credit Risk Manager and/or the Sponsor for such Distribution Date;
(xxii) the number amount, if any, of Mortgage Loans other fees or expenses accrued and paid, with respect to which (i) a reduction in an identification of the Mortgage Rate has occurred or (ii) the related borrower's obligation to repay interest on a monthly basis has been suspended or reduced pursuant to the Servicemembers Civil Relief Act or the California Military and Veterans Code, as amended; payee and the amount of interest not required to be paid with respect to any such Mortgage Loans during the related Due Period as a result general purpose of such reductions in the aggregate and with respect to the Group One Mortgage Loans and the Group Two Mortgage Loans.fees;
(xxiii) the aggregate Outstanding Principal Balance amount of each Class of Certificates for any Basis Risk Shortfalls and the following amount in the Basis Risk Shortfall Reserve Fund after all deposits and withdrawals on such Distribution Date;
(xxiv) the number and aggregate principal amounts of Mortgage Loans (A) delinquent (1) one Monthly Payment, (2) two Monthly Payments and (3) three or more Monthly Payments and (B) payable in foreclosure, in each case, as respect of the end of the related Principal Prepayment PeriodInterest Rate Swap Agreement;
(xxv) the number and the principal balance of Mortgage Loans with respect to any real estate acquired through foreclosure or grant of a deed each loan group, whether the Stepdown Date has occurred and whether Trigger Event is in lieu of foreclosure;effect; and
(xxvi) any legal proceedings pending against the aggregate amount of all Advances recovered during the related Due Period;
(xxvii) the aggregate amount of Realized Losses during the related Due Period and the aggregate amount of Realized Losses since the Cut-off Date;
(xxviii) the allocation to each Class of Certificate of any Realized Losses during the related Due Period;
(xxix) with respect to each Class of CertificatesSponsor, the amount of any Compensating Interest Shortfalls on such Distribution Date;
(xxx) Number and amount of pool assets at Depositor or the beginning and ending of each periodTrustee, and updated pool composition informationor their respective property, such as weighted average coupon, weighted average life, weighted average remaining term, pool factors and prepayment amounts;
(xxxi) In addition, describe any that is material changes to methodology regarding calculations of delinquencies and charge-offs;
(xxxii) Information on the amount, terms and general purpose of any advances made or reimbursed during the periodCertificateholders, including the general use of funds advanced and the general source of funds for reimbursements;
(xxxiii) Any material modifications, extensions or waivers proceedings known to pool asset terms, fees, penalties or payments during the distribution period or that have cumulatively become material over time;
(xxxiv) Material breaches of pool asset representations or warranties or transaction covenants;
(xxxv) Information on ratio, coverage or other tests used for determining any early amortization, liquidation or other performance trigger and whether the trigger was met; and
(xxxvi) Information regarding any new issuance of asset-backed securities backed be contemplated by the same asset pool, any pool asset changes (other than in connection with a pool asset converting into cash in accordance with its terms), such as additions or removals in connection with a prefunding or revolving period and pool asset substitutions and repurchases (and purchase rates, if applicable), and cash flows available for future purchases, such as the balances of any prefunding or revolving accounts, if applicablegovernmental authorities. Disclose any material changes in the solicitation, credit-granting, underwriting, origination, acquisition or pool selection criteria or procedures, as applicable, used to originate, acquire or select the new pool assets.
(b) The Securities Administrator will may make the Monthly Statement foregoing monthly statement (and, at its option, any additional files containing the same information in an alternative format) available each month to Certificateholders, other parties to this Agreement and any other interested parties Certificateholders via the Securities Administrator's Internet internet website. The Securities Administrator's Internet internet website shall initially be located at "www.[__________." _]". 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 website above distribution options 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 may change the way the monthly statements to Certificateholders are distributed in order to make such distribution distributions more convenient and/or or more accessible to the above parties and the Securities Administrator shall provide timely and adequate notification to all above parties regarding any such changesparties. The Securities Administrator shall 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 such statement 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 .
(b) The Securities Administrator's internet websiteresponsibility for making the above information available to the Certificateholders is limited to the availability, timeliness and accuracy of the Securities Administrator may require registration information provided by the Servicer and the acceptance of a disclaimerSwap Provider. The Securities Administrator will make available a copy of each statement provided pursuant to this Section 5.06 to each Rating Agency.
(c) Within a reasonable period of time after the end of each calendar year, the Securities Administrator shall cause to be furnished upon written 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) and (a)(ii) of this Section 5.06 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 be provided by the Securities Administrator pursuant to any requirements of the Code as from time to time in effect.
(d) Upon filing with the Internal Revenue Service, the Securities Administrator shall furnish to the Holders of the Residual Certificates the applicable Form 1066 and each applicable Form 1066Q and shall respond promptly to written requests made not more frequently than quarterly by any Holder of a Residual Certificate with respect to the following matters:
(i) The original projected principal and interest cash flows on the Closing Date on each Class of regular and residual interests created hereunder and on the Mortgage Loans, based on the Prepayment Assumption;
(ii) The projected remaining principal and interest cash flows as of the end of any calendar quarter with respect to each Class of regular and residual interests created hereunder and the Mortgage Loans, based on the Prepayment Assumption;
(iii) The applicable Prepayment Assumption and any interest rate assumptions used in determining the projected principal and interest cash flows described above;
(iv) The original issue discount (or, in the case of the Mortgage Loans, market discount) or premium accrued or amortized through the end of such calendar quarter with respect to each Class of regular or residual interests created hereunder and to the Mortgage Loans, together with each constant yield to maturity used in computing the same;
(v) The treatment of losses realized with respect to the Mortgage Loans or the regular interests created hereunder, including the timing and amount of any cancellation of indebtedness income of a REMIC with respect to such regular interests or bad debt deductions claimed with respect to the Mortgage Loans;
(vi) The amount and timing of any non-interest expenses of a REMIC; and
(vii) Any taxes (including penalties and interest) imposed on the REMIC, including, without limitation, taxes on "prohibited transactions," "contributions" or "net income from foreclosure property" or state or local income or franchise taxes. The information pursuant to clauses (i), (ii), (iii) and (iv) above shall be liable for provided by the dissemination of information in accordance with this AgreementDepositor pursuant to Section 9.13.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Nomura Home Equity Loan, Inc.)
Monthly Statements to Certificateholders. (a) Not later than each Distribution Date based solely on information provided by the Servicer (which information is not required to include any prediction of future performance as to which such report relates)Date, the Securities Administrator Trustee shall prepare and make available on its website located at xxx.xxxxxxx.xxx xxx.xxxxxxxx.xxx to each Holder of a Class of Certificates of the Trust FundIssuing Entity, the Servicer, the Master Servicer, the Trustee, the NIMs InsurerRating Agencies, the Rating Agencies Depositor, the Cap Contract Counterparty and the Depositor Swap Counterparty a statement setting forth for the CertificatesCertificates the following information; provided, however, that with respect to any calendar year during which an annual report on Form 10-K is not required to be filed with the Commission on behalf of the Issuing Entity, the information set forth in Items (xxiv) through (xxxii) below are not required to be included in such statement during any calendar year:
(i) the amount of the related distribution to Holders of each Class allocable to principal, separately identifying (A) the aggregate amount of any Principal Prepayments included therein, (B) the aggregate of all scheduled payments of principal included therein, (C) the Extra Principal Distribution Amount, if any, and (D) the aggregate amount of Prepayment Charges, if any;
(ii) the amount of such distribution to Holders of each Class allocable to interest, together with any Non-Supported Interest Shortfalls allocated to each Class;
(iii) any interest Carryforward Amount for each Class of the Class A, Class M and Class B Certificates;
(iv) the Class Certificate Principal Balance of each Class immediately prior to and after giving effect (i) to all distributions allocable to principal on such Distribution Date and (ii) the allocation of any Applied Realized Loss Amounts for such Distribution Date;
(ivv) the Pool Stated Principal Balance for such Distribution Date;
(vvi) the amount of the Servicing Fee paid to or retained by the Servicer, the amount of the Securities Administrator Fee paid to or retained by the Securities Administrator Servicer and any amounts constituting reimbursement or indemnification of the Servicer, Master Servicer, Securities Administrator Servicer or Trustee;
(vivii) the Pass-Through Rate for each Class of Certificates for such Distribution Date;
(viiviii) the amount of Advances included in the distribution on such Distribution DateDate or reimbursed during the period;
(viiiix) the cumulative amount of (A) Realized Losses and (B) Applied Realized Loss Amounts to date, in the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage Loans;
(ixx) the amount of (A) Realized Losses and (B) Applied Realized Loss Amounts with respect to such Distribution Date, in the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage Loans;
(xxi) the number and aggregate principal amounts of Mortgage Loans (A) Delinquent (exclusive of Mortgage Loans in foreclosure) (1) 31 to 60 days, (2) 61 to 90 days and (3) 91 or more days, and (B) in foreclosure and Delinquent (1) 31 to 60 days, (2) 61 to 90 days and (3) 91 or more days, in each case as of the close of business on the last day of the calendar month preceding such Distribution Date, in the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage LoansLoans in accordance with the OTS methodology for reporting delinquencies;
(xixii) with respect to any Mortgage Loan that became an REO Property during the preceding calendar month, the loan number and Stated Principal Balance of such Mortgage Loan as of the close of business on the last day of the calendar month preceding such Distribution Date and the date of acquisition thereofDate, in the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage Loans;
(xiixiii) the total number and principal balance of any REO Properties as of the close of business on the last day of the calendar month preceding such Distribution Date, in the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage Loans;
(xiiixiv) the aggregate Stated Principal Balance of all loans that became Liquidated Loans as of such Distribution Date calculated as of the preceding Distribution Date, in the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage Loans;
(xivxv) whether a Stepdown Trigger Event has occurred and is in effect;
(xvxvi) with respect to each Class of Certificates, any Interest Carry Forward Amount with respect to such Distribution Date for each such Class, any Interest Carry Forward Amount paid for each such Class and any remaining Interest Carry Forward Amount for each such Class;
(xvixvii) the number and Stated Principal Balance (as of the preceding Distribution Date) of any Mortgage Loans which were purchased or repurchased during the preceding Due Prepayment Period and since the Cut-off Date;
(xviixviii) the number of Mortgage Loans prepaid in full for which Prepayment Charges were received during the related Prepayment Period and, for each such Mortgage Loan, the amount of Prepayment Charges received during the related Prepayment Period and in the aggregate of such amounts for all such Mortgage Loans since the Cut-off Date, and for partial Principal Prepayments, the amount received during the preceding calendar month;
(xviiixix) the amount and purpose of any withdrawal from the Collection Account pursuant to Section 3.08(a)(viii);
(xixxx) the amount of any payments to each Class of Certificates that are treated as payments received in respect of a REMIC "regular interest" or REMIC "residual interest" and the amount of any payments to each Class of Certificates that are not treated as payments received in respect of a REMIC "regular interest" or REMIC "residual interest";
(xxxxi) as of each Distribution Date, the amount, if any, to be deposited in the Cap Contract Account Issuing Entity pursuant to the related Cap Corridor Contract as described in Section 4.04(k) and the amount thereof to be paid to the Class AA-1 Certificates, the Class MA-2 Certificates, Class B-1A, Class B-2A, Class B-3A, Class B-4A the Subordinate Certificates and the Class C Certificates described in Section 4.04(k) hereof;
(xxixxii) as of each Distribution Date, the amount, if any, to be deposited in the Supplemental Interest Trust pursuant to the Cap Contract as described in Section 4.04(l) and the amount thereof to be paid to the Certificates;
(xxiii) as of each Distribution Date, the amount, if any, to be deposited in the Supplemental Interest Trust pursuant to the Swap Agreement as described in Section 4.04(l) and the amount thereof to be paid to the Certificates;
(xxiv) any Floating Rate Certificate Carryover paid and all Floating Rate Certificate Carryover remaining on each class of the Class A, Class M, Class B-1, Class B-2, Class B-3 M and Class B-4 B Certificates on such Distribution Date;
(xxiixxv) the number of Mortgage Loans with respect to which (i) a reduction in the Mortgage Rate has occurred or (ii) the related borrower's obligation to repay interest on a monthly basis has been suspended or reduced pursuant to the Servicemembers Civil Relief Act or the California Military and Veterans Code, as amendedAct; and the amount of interest not required to be paid with respect to any such Mortgage Loans during the related Due Period as a result of such reductions in the aggregate and with respect to the Group One Mortgage Loans and the Group Two Mortgage Loans.
(xxiii) the aggregate Outstanding Principal Balance of each Class of Certificates for the following Distribution Date;
(xxiv) the number and aggregate principal amounts of Mortgage Loans (A) delinquent (1) one Monthly Payment, (2) two Monthly Payments and (3) three or more Monthly Payments and (B) in foreclosure, in each case, as of the end of the related Principal Prepayment Period;
(xxv) the number and the principal balance of Mortgage Loans with respect to any real estate acquired through foreclosure or grant of a deed in lieu of foreclosure;
(xxvi) the aggregate amount of all Advances recovered during the related Due Period;
(xxvii) the aggregate amount of Realized Losses during the related Due Period and the aggregate amount of Realized Losses since the Cut-off Date;
(xxviii) the allocation to each Class of Certificate of any Realized Losses during the related Due Period;
(xxix) with respect to each Class of Certificates, the amount of any Compensating Non-Supported Interest Shortfalls on such Distribution Date;
(xxxxxvii) Number the number and amount of pool assets at the beginning and ending of each period, and updated pool composition information, such as weighted average coupon, weighted average life, weighted average remaining term, pool factors and prepayment amounts;
(xxxixxviii) In addition, describe any material changes to methodology regarding calculations of delinquencies and charge-offs;
(xxxiixxix) Information information on the amount, terms and general purpose amount of any advances Servicing Advances made or reimbursed during the period, including the general use of funds advanced and the general source of funds for reimbursements;
(xxxiiixxx) Any any material modifications, extensions or waivers to pool asset terms, fees, penalties or payments during the distribution period or that have cumulatively become material over time;
(xxxivxxxi) Material material breaches of pool asset representations or warranties or transaction covenants;
(xxxvxxxii) Information information on ratio, coverage or other tests used for determining any early amortization, liquidation or other performance trigger and whether the trigger was met; and
(xxxvixxxiii) Information information regarding any new issuance of asset-backed securities backed by the same asset pool, any pool asset changes (other than in connection with a pool asset converting into cash in accordance with its terms), such as additions or removals in connection with a prefunding or revolving period and pool asset substitutions and repurchases (and purchase rates, if applicable), and cash flows available for future purchases, such as the balances of any prefunding or revolving accounts, if applicable. Disclose any material changes in the solicitation, credit-granting, underwriting, origination, acquisition or pool selection criteria or procedures, as applicable, used to originate, acquire or select the new pool assets.
(b) The Securities Administrator Trustee will make the Monthly Statement (and, at its option, any additional files containing the same information in an alternative format) available each month to Certificateholders, other parties to this Agreement and any other interested parties via the Securities AdministratorTrustee's Internet website. The Securities AdministratorTrustee's Internet website shall initially be located at "www.__________." xxx.xxxxxxxx.xxx". Assistance in using the website can be obtained by calling the Securities Administrator's customer service desk Trustee at ______________(000) 000-0000. Parties that are unable to use the website 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 Trustee shall have the right to 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 Securities Administrator Trustee shall provide timely and adequate notification to all above parties regarding any such changes. The Securities Administrator foregoing information and reports shall also be prepared and determined by the Trustee based on Mortgage Loan data and other information provided to the Trustee by the Servicer, the Swap Counterparty, the Cap Contract Counterparty or any other third party required to deliver information hereunder. In preparing or furnishing the foregoing information, the Trustee shall be entitled to rely conclusively on but shall not be responsible for the content or accuracy of any the information or data provided to the Trustee by third parties for purposes of preparing the monthly statement and may affix thereto any disclaimer it deems appropriate in its reasonable discretion (without suggesting liability on Servicer, the part of Swap Counterparty, the Cap Contract Counterparty or any other third party hereto)required to deliver information and shall have no liability for any errors in any such information. As a condition to access the Securities AdministratorTrustee's internet website, the Securities Administrator Trustee may require registration and the acceptance of a disclaimer. The Securities Administrator Trustee will not be liable for the dissemination of information in accordance with this Agreement.
(c) If so requested in writing within a reasonable period of time after the end of each calendar year, the Trustee shall make available on its website or cause to be furnished to each Person who at any time during the calendar year was a Certificateholder of record, a statement containing the information set forth in clauses (a)(i) and (a)(ii) of this Section 4.05 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 are from time to time in effect.
(d) Upon filing with the Internal Revenue Service, the Trustee shall furnish to the Holders of the Class R Certificate each Form 1066Q and shall respond promptly to written requests made not more frequently than quarterly by any Holder of Class R Certificate with respect to the following matters:
(i) The original projected principal and interest cash flows on the Closing Date on each Class of regular and residual interests created hereunder and on the Mortgage Loans, based on the Prepayment Assumption;
(ii) The projected remaining principal and interest cash flows as of the end of any calendar quarter with respect to each Class of regular and residual interests created hereunder and the Mortgage Loans, based on the Prepayment Assumption;
(iii) The Prepayment Assumption and any interest rate assumptions used in determining the projected principal and interest cash flows described above;
(iv) The original issue discount (or, in the case of the Mortgage Loans, market discount) or premium accrued or amortized through the end of such calendar quarter with respect to each Class of regular or residual interests created hereunder and to the Mortgage Loans, together with each constant yield to maturity used in computing the same;
(v) The treatment of losses realized with respect to the Mortgage Loans or the regular interests created hereunder, including the timing and amount of any cancellation of indebtedness income of the REMICs with respect to such regular interests or bad debt deductions claimed with respect to the Mortgage Loans;
(vi) The amount and timing of any non-interest expenses of the REMICs; and
(vii) Any taxes (including penalties and interest) imposed on the REMICs, including, without limitation, taxes on "prohibited transactions," "contributions" or "net income from foreclosure property" or state or local income or franchise taxes. The information pursuant to clauses (i), (ii), (iii) and (iv) above shall be provided by the Depositor pursuant to Section 8.12.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Merrill Lynch Mortgage Investors Inc)
Monthly Statements to Certificateholders. (a) Not later than each Distribution Date based solely on information provided by the Servicer (which information is not required to include any prediction of future performance as to which such report relates)Date, the Securities Administrator Trustee shall prepare and make available on its website located at xxx.xxxxxxx.xxx to the Yield Maintenance Provider, each Holder of a Class of Certificates of the Trust FundCertificates, the ServicerRating Agencies, the Master Servicer, the Trustee, the NIMs Insurer, the Rating Agencies Servicer and the Depositor a statement setting forth for the Certificates:
(i) the amount of the related distribution to Holders of each Class of Certificates (other than the Class B-IO Certificates and the Residual Certificates) allocable to principal, separately identifying (A) the aggregate amount of any Principal Prepayments included therein, (B) the aggregate of all scheduled payments (except with respect to any Simple Interest Loans) of principal included therein (and with respect to any Simple Interest Loans, the amount of principal actually received included therein), (C) the Extra Principal Distribution Amountprincipal portion of all Liquidation Proceeds and Insurance Proceeds included therein and the purchase price in connection with the purchase of Mortgage Loans and cash deposits in connection with substitutions of Mortgage Loans, if any, and (D) the aggregate amount of Prepayment Charges, any Subsequent Recoveries included therein and (E) the Extra Principal Distribution Amount (if any) included therein;
(ii) the amount of such distribution to Holders of each Class of Certificates allocable to interest, together with any Non-Supported Interest Shortfalls allocated and, if applicable, the portion thereof allocable to each Classamounts provided pursuant to the Yield Maintenance Agreement;
(iii) any Interest Carry Forward Amounts and any Basis Risk Carry Forward Amounts for each Class of Certificates (other than the Residual Certificates);
(iv) the Certificate Principal Balance of each Class immediately prior to of Certificates (other than the Class B-IO Certificates and the Residual Certificates) before and after giving effect (i) to all distributions allocable to principal on such Distribution Date and Date, (ii) if applicable, the allocation of any Applied Allocated Realized Loss Amounts for such Distribution Date;
, and, (iviii) if applicable, the Pool Stated allocation of Subsequent Recoveries to increase the Certificate Principal Balance for such Distribution Date, and the aggregate Certificate Principal Balances of such Certificates after all such distributions and allocations;
(v) the cumulative amount of Allocated Realized Loss Amounts to date and the Servicing Fee paid Unpaid Allocated Realized Loss Amounts for each Class of Certificates (other than the Class B-IO Certificates and the Residual Certificates) on such Distribution Date after giving effect to or retained by the Servicer, distribution of principal on such Certificates (including as a result of Subsequent Recoveries on the amount Mortgage Loans) and the allocation of the Securities Administrator Fee paid Allocated Realized Loss Amounts to or retained by the Securities Administrator and any amounts constituting reimbursement or indemnification of the Servicer, Master Servicer, Securities Administrator or Trusteesuch Certificates on such Distribution Date;
(vi) the Pass-Through Rate for each Class of Certificates for such Distribution Date, and whether such Pass-Through Rate was limited by an Interest Rate Cap;
(vii) the amount of any Net Monthly Excess Cashflow Amount and any Excess Yield Maintenance Amount with respect to such Distribution Date;
(viii) the aggregate of the Stated Principal Balances of all of the Mortgage Loans on the related Due Date;
(ix) the amount of the Master Servicing Fees and Trustee Fees paid to or (as applicable) retained by the Master Servicer and the Trustee, respectively, with respect to such Distribution Date;
(x) the amount of Advances and Compensating Interest Payments included in the distribution on such Distribution Date;
(viii) the cumulative amount of (A) Realized Losses and (B) Applied Realized Loss Amounts to date, in the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage Loans;
(ix) the amount of (A) Realized Losses and (B) Applied Realized Loss Amounts with respect to such Distribution Date, in the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage Loans;
(xxi) the number and aggregate principal amounts Stated Principal Balance of Mortgage Loans (A) Delinquent (exclusive of Mortgage Loans in foreclosureforeclosure and bankruptcy) (1) 31 to 60 days, (2) 61 to 90 days and (3) 91 or more days, and (B) in foreclosure and Delinquent delinquent (1) 31 to 60 days, (2) 61 to 90 days and (3) 91 or more days and (C) in bankruptcy and delinquent (1) 31 to 60 days, (2) 61 to 90 days and (3) 91 or more days, in each case as of the close of business on the last day of the calendar month preceding such Distribution Date, in the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage Loans;
(xixii) with respect to any Mortgage Loan that became an REO Property was liquidated during the preceding calendar month, the loan number and Stated Principal Balance of of, and Realized Loss on, such Mortgage Loan as of the close of business on the last day end of the calendar month preceding such Distribution Date and the date of acquisition thereof, in the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage Loansrelated Prepayment Period;
(xiixiii) whether a Trigger Event exists on such Distribution Date;
(xiv) the number and principal balance of Mortgage Loans purchased or substituted for during the immediately preceding Prepayment Period or Due Period, as applicable, and cumulatively since the Cut-off Date;
(xv) the total number and principal balance of any REO Properties as of the close of business on the last day end of the calendar month preceding such Distribution Date, in related Prepayment Period;
(xvi) the aggregate and amount of Realized Losses with respect to the Group One Mortgage Loans (i) during the related Prepayment Period and Group Two cumulatively through the end of the preceding month and (ii) since the Closing Date as a percentage of the aggregate Stated Principal Balance of the Mortgage LoansLoans on the Closing Date;
(xiiixvii) the three month rolling average of the percent equivalent of a fraction, the numerator of which is the aggregate Stated Principal Balance of the Mortgage Loans that are 61 days or more delinquent or are in bankruptcy or foreclosure or are REO Properties, and the denominator of which is the aggregate Stated Principal Balance of all Liquidated of the Mortgage Loans as of the preceding Distribution Date, in the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage Loans;
(xiv) whether a Stepdown Trigger Event has occurred and is in effect;
(xv) with respect to each Class last day of Certificates, any Interest Carry Forward Amount with respect to such Distribution Date for each such Class, any Interest Carry Forward Amount paid for each such Class and any remaining Interest Carry Forward Amount for each such Class;
(xvi) the number and Stated Principal Balance (as of the preceding Distribution Date) of any Mortgage Loans which were purchased or repurchased during the preceding Related Due Period and since the Cut-off Date;
(xvii) the number of Mortgage Loans for which Prepayment Charges were received during the related Prepayment Period Period; and, for each such Mortgage Loan, the amount of Prepayment Charges received during the related Prepayment Period and in the aggregate of such amounts for all such Mortgage Loans since the Cut-off Date;
(xviii) the amount and purpose of any withdrawal from Subsequent Recovery on the Collection Account pursuant to Section 3.08(a)(viii);
(xix) the amount of any payments to each Class of Certificates that are treated as payments received in respect of a REMIC "regular interest" or REMIC "residual interest" and the amount of any payments to each Class of Certificates that are not treated as payments received in respect of a REMIC "regular interest" or REMIC "residual interest";
(xx) as of each Distribution Date, the amount, if any, to be deposited in the Cap Contract Account pursuant to the related Cap Contract as described in Section 4.04(k) and the amount thereof to be paid to the Class A, Class M, Class B-1A, Class B-2A, Class B-3A, Class B-4A and Class C Certificates described in Section 4.04(k) hereof;
(xxi) any Floating Rate Certificate Carryover paid and all Floating Rate Certificate Carryover remaining on each class of the Class A, Class M, Class B-1, Class B-2, Class B-3 and Class B-4 Certificates on such Distribution Date;
(xxii) the number of Mortgage Loans with respect to which (i) a reduction in recovered by the Mortgage Rate has occurred or (ii) the related borrower's obligation to repay interest on a monthly basis has been suspended or reduced pursuant to the Servicemembers Civil Relief Act or the California Military and Veterans Code, as amended; and the amount of interest not required to be paid with respect to any such Mortgage Loans Master Servicer during the related Due Period as a result of such reductions in the aggregate and with respect to the Group One Mortgage Loans and the Group Two Mortgage Loans.
(xxiii) amount by which the aggregate Outstanding Certificate Principal Balance of each Class of Certificates for the following Distribution Date;
(xxiv) the number and aggregate principal amounts of Mortgage Loans (A) delinquent (1) one Monthly Payment, (2) two Monthly Payments and (3) three or more Monthly Payments and (B) in foreclosure, in each case, as of the end of the related Principal Prepayment Period;
(xxv) the number and the principal balance of Mortgage Loans with respect to any real estate acquired through foreclosure or grant of a deed in lieu of foreclosure;
(xxvi) the aggregate amount of all Advances recovered during the related Due Period;
(xxvii) the aggregate amount of Realized Losses during the related Due Period and the aggregate amount of Realized Losses since the Cut-off Date;
(xxviii) the allocation to each Class of Certificate of any Realized Losses during the related Due Period;
(xxix) with respect to each Class of Certificates, the amount of any Compensating Interest Shortfalls on such Distribution Date;
(xxx) Number and amount of pool assets at the beginning and ending of each period, and updated pool composition information, such as weighted average coupon, weighted average life, weighted average remaining term, pool factors and prepayment amounts;
(xxxi) In addition, describe any material changes to methodology regarding calculations of delinquencies and charge-offs;
(xxxii) Information on the amount, terms and general purpose of any advances made or reimbursed during the period, including the general use of funds advanced and the general source of funds for reimbursements;
(xxxiii) Any material modifications, extensions or waivers to pool asset terms, fees, penalties or payments during the distribution period or that have cumulatively become material over time;
(xxxiv) Material breaches of pool asset representations or warranties or transaction covenants;
(xxxv) Information on ratio, coverage or other tests used for determining any early amortization, liquidation or other performance trigger and whether the trigger was met; and
(xxxvi) Information regarding any new issuance of asset-backed securities backed by the same asset pool, any pool asset changes (other than in connection with the Class B-IO Certificates and the Residual Certificates) was increased as a pool asset converting into cash in accordance with its terms), such as additions or removals in connection with a prefunding or revolving period and pool asset substitutions and repurchases (and purchase rates, if applicable), and cash flows available for future purchases, such as the balances of any prefunding or revolving accounts, if applicable. Disclose any material changes in the solicitation, credit-granting, underwriting, origination, acquisition or pool selection criteria or proceduresresult thereof, as applicable, used provided by the Master Servicer to originate, acquire or select the new pool assets.
(b) Trustee. The Securities Administrator Trustee will make the Monthly Statement foregoing monthly statement (and, at its option, any additional files containing the same information in an alternative format) available each month to Certificateholders, other parties to this Agreement and any other interested parties Certificateholders via the Securities AdministratorTrustee's Internet internet website. The Securities Administrator's Internet website shall , initially be located at "www.__________." Assistance www.etrustee.net. Txx Xxxxxxx'x xxxernet website, and assistance in using the Trustee's website can be obtained by calling the Securities AdministratorTrustee's customer service desk at ______________(312) 904-4373. Parties that are Parxxxx xxxx xxx unable to use the website above distribution options are entitled to have a paper copy mailed to them via first class mail by calling the Trustee's customer service desk and indicating such. The Securities Administrator shall have the right to Trustee may change the way the monthly statements to Certificateholders are distributed in order to make such distribution distributions more convenient and/or or more accessible to the above parties parties.
(b) The Trustee's responsibility for making the above information available to the Certificateholders is limited to the availability, timeliness and accuracy of the information derived from the Master Servicer and the Securities Administrator shall provide timely and adequate notification to all above parties regarding any such changesYield Maintenance Provider. The Securities Administrator Trustee will make available a copy of each statement provided pursuant to this Section 5.05 to each Rating Agency.
(c) Within a reasonable period of time after the end of each calendar year, the Trustee shall also cause to be entitled furnished to rely the Master Servicer and upon request to each Person who at any time during the calendar year was a Certificateholder, a statement containing the information necessary to enable Certificateholders to prepare their tax returns, 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) Upon filing with the Internal Revenue Service, the Trustee shall furnish to the Holders of the Residual Certificates the applicable Form 1066 and each applicable Form 1066Q and shall respond promptly to written requests made not more frequently than quarterly by any Holder of a Residual Certificate with respect to the following matters:
(i) The original projected principal and interest cash flows on but shall not be responsible for the content or accuracy Closing Date on each Class of regular and residual interests created hereunder and on the Mortgage Loans, based on the Prepayment Assumption;
(ii) The projected remaining principal and interest cash flows as of the end of any information provided by third parties for purposes calendar quarter with respect to each Class of preparing regular and residual interests created hereunder and the monthly statement and may affix thereto any disclaimer it deems appropriate in its reasonable discretion (without suggesting liability Mortgage Loans, based on the part Prepayment Assumption;
(iii) The applicable Prepayment Assumption and any interest rate assumptions used in determining the projected principal and interest cash flows described above;
(iv) The original issue discount (or, in the case of the Mortgage Loans, market discount) or premium accrued or amortized through the end of such calendar quarter with respect to each Class of regular or residual interests created hereunder and to the Mortgage Loans, together with each constant yield to maturity used in computing the same; (v) The treatment of losses realized with respect to the Mortgage Loans or the regular interests created hereunder, including the timing and amount of any other party hereto). As a condition to access the Securities Administrator's internet website, the Securities Administrator may require registration and the acceptance cancellation of indebtedness income of a disclaimer. The Securities Administrator will not be liable for REMIC with respect to such regular interests or bad debt deductions claimed with respect to the dissemination of information in accordance with this Agreement.Mortgage Loans;
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Bear Stearns Asset Backed Securities Trust 2005-2)
Monthly Statements to Certificateholders. (a) Not later than each Distribution Date based solely on information provided by the Servicer (which information is not required to include any prediction of future performance as to which such report relates)Date, the Securities Administrator Trustee shall prepare and make available on its website located at xxx.xxxxxxx.xxx to each Holder of a Class of Certificates of the Trust Fund, the ServicerCertificateholder, the Master Servicer, the TrusteeDepositor, the NIMs NIM Insurer, the and each Rating Agencies and the Depositor Agency on its Internet website a statement setting forth for the Certificatesrelated distribution of:
(i) the amount of the related distribution to Holders of each Class allocable to principal, separately identifying (A) the aggregate amount of any Principal Prepayments and Liquidation Proceeds included therein, (B) the aggregate of all scheduled payments of principal included therein, (C) the Extra Principal Distribution Amount, if any, and (D) the aggregate amount of Prepayment Charges, if any;
(ii) the amount of such the distribution to Holders of each Class allocable to interest, together with any Non-Supported Unpaid Interest Shortfalls allocated Amounts included in the distribution and any remaining Unpaid Interest Amounts after giving effect to each Classthe distribution, any Net WAC Cap CarryForward Amount for the Distribution Date, and the amount of all Net WAC Cap Carry Forward Amount covered by withdrawals from the Excess Reserve Fund Account or the Yield Maintenance Account is the case of the Class AV Certificates on the Distribution Date;
(iii) if the Certificate Principal Balance distribution to the Holders of each any Class immediately prior of Certificates is less than the full amount that would be distributable to them if sufficient funds were available, the amount of the shortfall and after giving effect (i) to all distributions allocable to principal on such Distribution Date and (ii) the allocation of the shortfall between principal and interest, including any Applied Realized Loss Amounts for such Distribution DateNet WAC Cap CarryForward Amount not covered by amounts in the Excess Reserve Fund Account or the Yield Maintenance Account is the case of the Class AV Certificates;
(iv) the Pool Stated Principal Class Certificate Balance for such of each Class of Certificates after giving effect to the distribution of principal on the Distribution Date;
(v) the Pool Stated Principal Balance;
(vi) the amount of the Master Servicing Fee Fees and Servicing Fees paid to or retained by the ServicerMaster Servicer or Subservicer (with respect to the Subservicers, in the amount of aggregate) with respect to the Securities Administrator Fee paid to or retained by the Securities Administrator and any amounts constituting reimbursement or indemnification of the Servicer, Master Servicer, Securities Administrator or TrusteeDistribution Date;
(vivii) the Pass-Through Rate for each Class of Certificates for such with respect to the Distribution Date;
(viiviii) the amount of Advances included in the distribution on such the Distribution Date and the aggregate amount of Advances outstanding as of the close of business on the Distribution Date;
(viii) the cumulative amount of (A) Realized Losses and (B) Applied Realized Loss Amounts to date, in the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage Loans;
(ix) the amount number and aggregate outstanding balance of Mortgage Loans in each Loan Group as of the end of the preceding calendar month
(A) Realized Losses and (B) Applied Realized Loss Amounts with respect to such Distribution Date, in the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage Loans;
(x) the number and aggregate principal amounts of Mortgage Loans (A) Delinquent delinquent (exclusive of Mortgage Loans in foreclosure) (1) 31 30 to 60 59 days, (2) 61 60 to 90 days 89 days, and (3) 91 90 or more days, and days and
(B) in foreclosure and Delinquent delinquent (1) 31 30 to 60 59 days, (2) 61 60 to 90 days 89 days, and (3) 91 90 or more days, in each case as of the close of business on the last day of the calendar month preceding such the Distribution Date;
(x) 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 the Due Date in the aggregate month and with respect to (B) delinquent 60 days or more (determined in the Group One same manner as for determining Scheduled Payment delinquencies that result in a Mortgage Loans and Group Two Mortgage LoansLoan 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 preceding calendar month, the loan number and Stated Principal Balance of such the Mortgage Loan as of the close of business on the last day of Determination Date preceding the calendar month preceding such Distribution Date and the date of acquisition thereof, in the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage Loans;
(xii) the total number and principal balance of any REO Properties (and market value, if available) as of the close of business on the last day of Determination Date preceding the calendar month preceding such Distribution Date, in the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage Loans;
(xiii) the aggregate Stated Principal Balance of all Liquidated Loans as of the preceding Distribution Date, in the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage Loans;
(xiv) whether a Stepdown Trigger Event has occurred and is continuing (including the calculation of thereof and the aggregate outstanding balance of all 60+ Day Delinquent Loans);
(xiv) the amount on deposit in effectthe Excess Reserve Fund Account (after giving effect to distributions on the Distribution Date);
(xv) with respect to each Class the aggregate amount of Certificates, any Interest Carry Forward Amount with respect to such Applied Realized Loss Amounts incurred during the preceding calendar month and aggregate Unpaid Realized Loss Amounts through the Distribution Date for each such Class, any Interest Carry Forward Amount paid for each such Class and any remaining Interest Carry Forward Amount for each such ClassDate;
(xvi) the number and Stated Principal Balance (as of the preceding Distribution Date) amount of any Mortgage Loans which were purchased or repurchased during Total Monthly Excess Cash Flow on the preceding Due Period Distribution Date and since the Cut-off Dateallocation thereof to the Certificateholders with respect to Unpaid Realized Loss Amounts and Unpaid Interest Amounts;
(xvii) with respect to the second Distribution Date, the number and aggregate balance of any Delay Delivery Mortgage Loans for which Prepayment Charges were received during not delivered within the related Prepayment Period and, for each such Mortgage Loan, the amount of Prepayment Charges received during the related Prepayment Period and time periods specified in the aggregate definition of such amounts for all such Delay Delivery Mortgage Loans since the Cut-off DateLoans;
(xviii) the amount and purpose of any withdrawal from received under the Collection Account pursuant to Section 3.08(a)(viii)Yield Maintenance Agreement;
(xix) the amount of any payments to each Class of Certificates that are treated as payments received in respect of a REMIC "regular interest" or REMIC "residual interest" Subordinated Amount and the amount of any payments to each Class of Certificates that are not treated as payments received in respect of a REMIC "regular interest" or REMIC "residual interest";Required Subordinated Amount; and
(xx) as Prepayment Charges collected, waived, and paid by the Master Servicer. For the purposes of each Distribution Datedetermining delinquency periods in reporting under (ix) above, the amount, if any, to for any monthly statement a Mortgage Loan's delinquency period shall be deposited in the Cap Contract Account pursuant to the related Cap Contract as described in Section 4.04(k) and the amount thereof to be paid to the Class A, Class M, Class B-1A, Class B-2A, Class B-3A, Class B-4A and Class C Certificates described in Section 4.04(k) hereof;
(xxi) any Floating Rate Certificate Carryover paid and all Floating Rate Certificate Carryover remaining on each class of the Class A, Class M, Class B-1, Class B-2, Class B-3 and Class B-4 Certificates on such Distribution Date;
(xxii) the number of Mortgage Loans with respect to which (i) a reduction in the Mortgage Rate has occurred or (ii) the related borrower's obligation to repay interest on a monthly basis has been suspended or reduced pursuant to the Servicemembers Civil Relief Act or the California Military and Veterans Code, as amended; and the amount of interest not required to be paid with respect to any such Mortgage Loans during the related Due Period as a result of such reductions in the aggregate and with respect to the Group One Mortgage Loans and the Group Two Mortgage Loans.
(xxiii) the aggregate Outstanding Principal Balance of each Class of Certificates for the following Distribution Date;
(xxiv) the number and aggregate principal amounts of Mortgage Loans (A) delinquent (1) one Monthly Payment, (2) two Monthly Payments and (3) three or more Monthly Payments and (B) in foreclosure, in each case, 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 related Principal Prepayment Period;
(xxv) July Due Date, and would be reported as such in the number and July monthly statement. If the principal balance of Mortgage Loans with respect statement is not accessible to any real estate acquired through foreclosure of the Certificateholders, the Master Servicer, the Depositor, the NIM Insurer, or grant any Rating Agency on the Trustee's Internet website, the Trustee shall forward a hard copy of a deed in lieu of foreclosure;
(xxvi) the aggregate amount of all Advances recovered during the related Due Period;
(xxvii) the aggregate amount of Realized Losses during the related Due Period and the aggregate amount of Realized Losses since the Cut-off Date;
(xxviii) the allocation it to each Class 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 Certificate them via its website. The address of the Trustee's Internet website where the statement will be accessible is http://www-apps.gis.deutsche-bank.com/invr. Assistance in using thx Xxxxxxx'x Xxxxxxxx xxxxxxx xxx xx xxxxxxed by calling the Trustee's customer service desk at (800) 735-7777. The Trustee shall notify each Certificateholder, txx Xxxxxx Xxxxicer, the Depositor, the NIM Insurer, and each Rating Agency in writing of any Realized Losses during the related Due Period;
(xxix) with respect to each Class of Certificates, the amount of any Compensating Interest Shortfalls on such Distribution Date;
(xxx) Number and amount of pool assets at the beginning and ending of each period, and updated pool composition information, such as weighted average coupon, weighted average life, weighted average remaining term, pool factors and prepayment amounts;
(xxxi) In addition, describe any material changes to methodology regarding calculations of delinquencies and charge-offs;
(xxxii) Information on the amount, terms and general purpose of any advances made or reimbursed during the period, including the general use of funds advanced and the general source of funds for reimbursements;
(xxxiii) Any material modifications, extensions or waivers to pool asset terms, fees, penalties or payments during the distribution period or that have cumulatively become material over time;
(xxxiv) Material breaches of pool asset representations or warranties or transaction covenants;
(xxxv) Information on ratio, coverage or other tests used for determining any early amortization, liquidation or other performance trigger and whether the trigger was met; and
(xxxvi) Information regarding any new issuance of asset-backed securities backed by the same asset pool, any pool asset changes (other than in connection with a pool asset converting into cash in accordance with its terms), such as additions or removals in connection with a prefunding or revolving period and pool asset substitutions and repurchases (and purchase rates, if applicable), and cash flows available for future purchases, such as the balances of any prefunding or revolving accounts, if applicable. Disclose any material changes change in the solicitation, credit-granting, underwriting, origination, acquisition address or pool selection criteria or procedures, as applicable, used means of access to originate, acquire or select the new pool assetsInternet website where the statement is accessible.
(b) The Securities Administrator will make Trustee's responsibility for disbursing the Monthly Statement (andabove information to the Certificateholders is limited to the availability, at its optiontimeliness, and accuracy of the information derived from the Master Servicer. The Trustee is not responsible for any additional files containing inaccuracies in or caused by the same data provided by the Master Servicer. By each Determination Date the Master Servicer shall provide to the Trustee in electronic form the information in an alternative formatneeded to determine the distributions to be made pursuant to Section 4.02 and 3.09(b)(ii) available each month to Certificateholders, other parties to this Agreement and any other interested parties via information that the Securities Administrator's Internet websiteMaster Servicer and the Trustee 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 in clauses (a)(i), (a)(ii), and (a)(vii) of this Section 4.03 aggregated for the calendar year or applicable portion thereof during which the Person was a Certificateholder. The Securities Administrator's Internet website Within a reasonable period of time after the end of each calendar year, the Trustee shall initially cause to be located at "www.__________." 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 website 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 way the monthly statements to Certificateholders are distributed in order to make such distribution more convenient and/or more accessible furnished to the above parties NIM Insurer, a statement containing the information in clauses (a)(i), (a)(ii), and the Securities Administrator shall provide timely and adequate notification to all above parties regarding any such changes. The Securities Administrator shall also be entitled to rely on but shall not be responsible (a)(vii) of this Section 4.03 aggregated for the content or accuracy calendar year. This obligation of any the Trustee shall be satisfied to the extent that substantially comparable information shall be provided by third parties for purposes the Trustee pursuant to any requirements of preparing the monthly statement and may affix thereto any disclaimer it deems appropriate Code as from time to time in its reasonable discretion (without suggesting liability on the part of any other party hereto). As a condition to access the Securities Administrator's internet website, the Securities Administrator may require registration and the acceptance of a disclaimer. The Securities Administrator will not be liable for the dissemination of information in accordance with this Agreementeffect.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Indy Mac Abs Inc Home Equity Mor Ln as Bk Tr Ser SPMD 2002-A)
Monthly Statements to Certificateholders. (ac) Not later than each Distribution Date based solely on information provided by the Servicer (which information is not required to include any prediction of future performance as to which such report relates)Date, the Securities Administrator shall prepare and make available on its website located at xxx.xxxxxxx.xxx to each Holder of a Class of Certificates of the Trust FundCertificateholder, the Servicer, the Master ServicerDepositor, the Trustee, the NIMs Insurer, the NIM Insurer (if any) and each Rating Agencies and the Depositor Agency a statement based, in part, upon the information provided by the Servicers setting forth for with respect to the Certificatesrelated distribution:
(i) the amount of Available Distribution Amount, the related distribution to Holders of each Class allocable to principalaggregate Principal Distribution Amount, separately identifying (A) the Principal Prepayment Amount and the aggregate amount of any Payoffs; Liquidation Proceeds; Condemnation Proceeds; Insurance Proceeds; proceeds from any repurchase of any Mortgage Loans by a Responsible Party; and Realized Losses (incurred during the related Principal Prepayments Prepayment Period) included therein, (B) the aggregate of all scheduled payments of principal included therein, (C) the Extra Principal Distribution Amount, if any, and (D) the aggregate amount of Prepayment Charges, if any;
(ii) the amount thereof allocable to interest (separately identifying (a) the amount of such distribution to Holders of each Class allocable to interest, together with any Non-Supported interest accrued during the related Interest Shortfalls allocated to each ClassAccrual Period and (b) the amount from previous Interest Accrual Period);
(iii) if the Certificate Principal Balance distribution to the Holders of each such Class immediately prior 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 after giving effect (i) to all distributions allocable to principal on such Distribution Date and (ii) the allocation of any Applied Realized Loss Amounts for such Distribution Datethereof as between principal and interest;
(iv) the Pool Stated aggregate Certificate Principal Balance for of each class of Certificates (and, in the case of the Class A-IO Certificates, the related Notional Amount) at the close of business on such Distribution Date, identifying any reduction in such Certificate Principal Balance or Notional Amount, as applicable, due to the allocation of any Realized Loss;
(v) the aggregate Stated Principal Balance of the Mortgage Loans for the following Distribution Date;
(vi) the amount of the Servicing Fee expenses and fees paid to or retained by the Servicer, the amount Servicers with respect to such Distribution Date and any other fees and expenses paid out of the Securities Administrator Fee paid to or retained by the Securities Administrator and any amounts constituting reimbursement or indemnification of the Servicer, Master Servicer, Securities Administrator or Trustee;
(vi) the Pass-Through Rate for each Class of Certificates for such Available Distribution DateAmount as permitted under this Agreement;
(vii) the amount of any Administrative Fees, if any, paid to the Master Servicer or Securities Administrator with respect to such Distribution Date;
(viii) the Certificate Interest Rate for each such Class of Certificates with respect to such Distribution Date;
(ix) if applicable, the amount of P&I Advances included in the distribution on such Distribution Date;
(viii) , the cumulative aggregate amount of (A) Realized Losses P&I Advances reimbursed during the calendar month preceding such Distribution Date and (B) Applied Realized Loss Amounts to date, in the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage Loans;
(ix) the amount of P&I Advances reported by the Servicers (Aand the Master Servicer, the Trustee as successor master servicer and any other successor master servicer, if applicable) Realized Losses and (B) Applied Realized Loss Amounts with respect to as outstanding as of the close of business on the Determination Date immediately preceding such Distribution Date, in the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage Loans;
(x) the number and aggregate outstanding principal amounts balances of Mortgage Loans (A) Delinquent (exclusive of Mortgage Loans in foreclosure) (1) as to which the Monthly Payment is delinquent 31 to 60 days, (2) 61 to 90 days and (3) 91 or more days, and days (B) in foreclosure and Delinquent (1) 31 each to 60 daysbe calculated using the OTS method), (2) 61 to 90 days and that have become REO Property, (3) 91 or more daysthat are in foreclosure and (4) that are in bankruptcy, in each case as of the close of business on the last day Business Day of the calendar month immediately preceding such Distribution Date, in the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage Loansmonth;
(xi) with respect to any Mortgage Loan that became an REO Property during the preceding calendar month, the loan number and Stated Principal Balance of such Mortgage Loan as of the close of business on the last day of the calendar month preceding such Distribution Date and the date of acquisition thereof, in the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage Loans;
(xii) the total number and principal balance of any REO Properties (and market value, if available) as of the close of business on the last day of the calendar month Determination Date preceding such Distribution Date, in ;
(xii) the aggregate and with respect amount of any Deferred Principal amounts applicable to the Group One Mortgage Loans and Group Two Mortgage LoansClass A-PO Certificates for such Distribution Date;
(xiii) each Senior Collateral Group Percentage, Senior Prepayment Percentage, Subordinate Percentage and Subordinate Prepayment Percentage for such Distribution Date;
(xiv) the Prepayment Premiums collected by or paid by the Servicers;
(xv) the percentage equal to the aggregate realized losses divided by the aggregate Stated Principal Balance of all Liquidated the Mortgage Loans as of the preceding Distribution Date, in the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage Loans;
(xiv) whether a Stepdown Trigger Event has occurred and is in effect;
(xv) with respect to each Class of Certificates, any Interest Carry Forward Amount with respect to such Distribution Date for each such Class, any Interest Carry Forward Amount paid for each such Class and any remaining Interest Carry Forward Amount for each such Class;
(xvi) the number and Stated Principal Balance (as of the preceding Distribution Date) of any Mortgage Loans which were purchased or repurchased during the preceding Due Period and since the Cut-off Date;
(xvi) the amount distributed on the Class P Certificates;
(xvii) the number of Mortgage Loans for which Prepayment Charges were received during the related Prepayment Period and, for each such Mortgage Loan, the amount of Prepayment Charges received during the related Prepayment Period and in the aggregate of any Subsequent Recoveries for such amounts for all such Mortgage Loans since the Cut-off Distribution Date;
(xviii) the amount updated Mortgage Loan information, such as number, weighted average interest rate, and purpose of any withdrawal from the Collection Account pursuant to Section 3.08(a)(viii);weighted average remaining term; and
(xix) the amount of any payments to each Class of Certificates that are treated as payments received in respect of a REMIC "regular interest" or REMIC "residual interest" and the amount of any payments to each Class of Certificates that are not treated as payments received in respect of a REMIC "regular interest" or REMIC "residual interest";
(xx) as of each Distribution Date, the amountinformation concerning Servicer modifications, if any, to be deposited in the Cap Contract Account pursuant to the related Cap Contract as described in Section 4.04(k) and the amount thereof to be paid to the Class A, Class M, Class B-1A, Class B-2A, Class B-3A, Class B-4A and Class C Certificates described in Section 4.04(k) hereof;
(xxi) or any Floating Rate Certificate Carryover paid and all Floating Rate Certificate Carryover remaining on each class of the Class A, Class M, Class B-1, Class B-2, Class B-3 and Class B-4 Certificates on such Distribution Date;
(xxii) the number of Mortgage Loans with respect to which (i) a reduction in the Mortgage Rate has occurred or (ii) the related borrower's obligation to repay interest on a monthly basis has been suspended or reduced pursuant to the Servicemembers Civil Relief Act or the California Military and Veterans Code, as amended; and the amount of interest not required to be paid with respect to any such Mortgage Loans during the related Due Period as a result of such reductions in the aggregate and with respect to the Group One Mortgage Loans and the Group Two Mortgage Loans.
(xxiii) the aggregate Outstanding Principal Balance of each Class of Certificates for the following Distribution Date;
(xxiv) the number and aggregate principal amounts of Mortgage Loans (A) delinquent (1) one Monthly Payment, (2) two Monthly Payments and (3) three or more Monthly Payments and (B) in foreclosure, in each case, as of the end of the related Principal Prepayment Period;
(xxv) the number and the principal balance of Mortgage Loans with respect to any real estate acquired through foreclosure or grant of a deed in lieu of foreclosure;
(xxvi) the aggregate amount of all Advances recovered during the related Due Period;
(xxvii) the aggregate amount of Realized Losses during the related Due Period and the aggregate amount of Realized Losses since the Cut-off Date;
(xxviii) the allocation to each Class of Certificate of any Realized Losses during the related Due Period;
(xxix) with respect to each Class of Certificates, the amount of any Compensating Interest Shortfalls on such Distribution Date;
(xxx) Number and amount of pool assets at the beginning and ending of each period, and updated pool composition information, such as weighted average coupon, weighted average life, weighted average remaining term, pool factors and prepayment amounts;
(xxxi) In addition, describe any material changes to methodology regarding calculations of delinquencies and charge-offs;
(xxxii) Information on the amount, terms and general purpose of any advances made or reimbursed during the period, including the general use of funds advanced and the general source of funds for reimbursements;
(xxxiii) Any material modifications, extensions or waivers applicable to pool asset terms, fees, penalties or payments during the distribution period or that have cumulatively become material over time;
(xxxiv) Material breaches terms of pool asset representations or warranties or transaction covenants;
(xxxv) Information on ratio, coverage or other tests used for determining any early amortization, liquidation or other performance trigger and whether the trigger was met; and
(xxxvi) Information regarding any new issuance of asset-backed securities backed by the same asset poolTrust Agreement, any pool asset changes (other than in connection with a pool asset converting into cash in accordance with its terms), such as additions or removals in connection with a prefunding or revolving period and pool asset substitutions and repurchases (and purchase rates, if applicable), and cash flows available for future purchases, such as the balances of any prefunding or revolving accounts, if applicable. Disclose any material changes in the solicitation, credit-granting, underwriting, origination, acquisition or pool selection criteria or procedures, as applicable, used to originate, acquire or select the new pool assets.
(b) The Securities Administrator will make the Monthly Statement (and, at its optionServicing Agreement, any additional files containing the same information in an alternative format) available each month to Certificateholders, other parties to this Agreement and any other interested parties via the Securities Administrator's Internet website. The Securities Administrator's Internet website shall initially be located at "www.__________." 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 website 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 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 Securities Administrator shall provide timely and adequate notification to all above parties regarding any such changes. The Securities Administrator shall 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 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 Securities Administrator's internet websiteCertificate, the Securities Administrator may require registration and Servicing Fees or the acceptance of a disclaimer. The Securities Administrator will not be liable for the dissemination of information in accordance with this AgreementMaster Servicing Fees.
Appears in 1 contract
Monthly Statements to Certificateholders. (a) Not later than each Distribution Date based solely on information provided by the Servicer (which information is not required to include any prediction of future performance as to which such report relates)Date, the Securities Administrator shall prepare and deliver to the Trustee and the Yield Maintenance Provider, and make available on its website located at xxx.xxxxxxx.xxx to each Holder of a Class of Certificates of the Trust FundCertificates, the ServicerRating Agencies, the Master Servicer, the Trustee, the NIMs Insurer, the Rating Agencies EMC Servicer and the Depositor a statement setting forth for the Certificates:
(i) the amount of the related distribution to Holders of each Class allocable to principal, separately identifying (A) the aggregate amount of any Principal Prepayments included therein, (B) the aggregate of all scheduled payments (except with respect to Simple Interest Loans) of principal included therein (and with respect to Simple Interest Loans, the amount of principal actually received included therein), and (C) the Extra Principal Distribution Amount, Amount (if any, and (D) the aggregate amount of Prepayment Charges, if any);
(ii) the amount of such distribution to Holders of each Class allocable to interest, together with any Non-Supported Interest Shortfalls allocated and, if applicable, the portion thereof allocable to each Classamounts provided pursuant to the Yield Maintenance Agreements;
(iii) any Interest Carry Forward Amounts and any Basis Risk Shortfall Carry Forward Amounts for each Class of Offered Certificates (other than the Residual Certificates and, with respect to Basis Risk Shortfall Carry Forward Amounts, the Class A-IO Certificates);
(iv) the Certificate Principal Balance or Certificate Notional Balance of each Class immediately prior to and after giving effect (i) to all distributions allocable to principal on such Distribution Date and (ii) the allocation of any Applied Realized Loss Amounts for such Distribution Date;
(ivv) the Pool Stated Principal Balance cumulative amount of Applied Realized Loss Amounts to date and the Unpaid Applied Realized Loss Amounts for each applicable Class of Offered Certificates after giving effect to the distribution of principal and allocation of Applied Realized Loss Amounts on such Distribution Date;
(v) the amount of the Servicing Fee paid to or retained by the Servicer, the amount of the Securities Administrator Fee paid to or retained by the Securities Administrator and any amounts constituting reimbursement or indemnification of the Servicer, Master Servicer, Securities Administrator or Trustee;.
(vi) the Pass-Through Rate for each Class of Offered Certificates for with respect to the current Accrual Period, and, if applicable, whether such Distribution DatePass-Through Rate was limited by an Interest Rate Cap;
(vii) the amount of any Excess Cashflow Amount and any Excess Yield Maintenance Amount;
(viii) the aggregate of the Stated Principal Balances of the fixed rate Mortgage Loans, the adjustable rate Mortgage Loans and all of the Mortgage Loans in each Mortgage Loan Group on the related Due Date;
(ix) the related amount of the Master Servicing Fees paid to or retained by the Master Servicer and the Servicing Fees paid to or retained by each Servicer for the related Due Period;
(x) the amount of Advances for each Mortgage Loan Group included in the distribution on such Distribution Date;
(viii) the cumulative amount of (A) Realized Losses and (B) Applied Realized Loss Amounts to date, in the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage Loans;
(ix) the amount of (A) Realized Losses and (B) Applied Realized Loss Amounts with respect to such Distribution Date, in the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage Loans;
(xxi) the number and aggregate principal amounts of Mortgage Loans in each Mortgage Loan Group (A) Delinquent (exclusive of Mortgage Loans in foreclosureforeclosure and bankruptcy) (1) 31 to 60 days, (2) 61 to 90 days and (3) 91 or more days, and (B) in foreclosure and Delinquent delinquent (1) 31 to 60 days, (2) 61 to 90 days and (3) 91 or more days and (C) in bankruptcy and delinquent (1) 31 to 60 days, (2) 61 to 90 days and (3) 91 or more days, in each case as of the close of business on the last day of the calendar month preceding such Distribution Date, in the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage Loans;
(xixii) with respect to any Mortgage Loan that became an REO Property was liquidated during the preceding calendar month, the Mortgage Loan Group, loan number and Stated Principal Balance of of, and Realized Loss on, such Mortgage Loan as of the close of business on the last day end of the calendar month preceding such Distribution Date and the date of acquisition thereof, in the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage Loansrelated Prepayment Period;
(xiixiii) whether a Trigger Event exists.
(xiv) the total number and principal balance of any REO Properties in each Mortgage Loan Group as of the close end of business on the related Prepayment Period;
(xv) the Realized Losses in each Mortgage Loan Group during the related Prepayment Period and the cumulative Realized Losses through the end of the preceding month;
(xvi) the three month rolling average of the percent equivalent of a fraction, the numerator of which is the aggregate stated Principal Balance of the Mortgage Loans that are 61 days or more delinquent or are in bankruptcy or foreclosure or are REO Properties, and the denominator of which is the aggregate Stated Principal Balance of all of the Mortgage Loans as of the last day of the calendar month preceding such Distribution Date, in ; and
(xvii) the aggregate and with respect to Realized Losses on the Group One Mortgage Loans and Group Two Mortgage Loans;
(xiii) since the Closing Date as a percentage of the aggregate Stated Principal Balance of all Liquidated Loans as of the preceding Distribution Date, in the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage Loans;
(xiv) whether a Stepdown Trigger Event has occurred and is in effect;
(xv) with respect to each Class of Certificates, any Interest Carry Forward Amount with respect to such Distribution Date for each such Class, any Interest Carry Forward Amount paid for each such Class and any remaining Interest Carry Forward Amount for each such Class;
(xvi) the number and Stated Principal Balance (as of the preceding Distribution Date) of any Mortgage Loans which were purchased or repurchased during the preceding Due Period and since the Cut-off Date;
(xvii) the number of Mortgage Loans for which Prepayment Charges were received during the related Prepayment Period and, for each such Mortgage Loan, the amount of Prepayment Charges received during the related Prepayment Period and in the aggregate of such amounts for all such Mortgage Loans since the Cut-off Date;
(xviii) the amount and purpose of any withdrawal from the Collection Account pursuant to Section 3.08(a)(viii);
(xix) the amount of any payments to each Class of Certificates that are treated as payments received in respect of a REMIC "regular interest" or REMIC "residual interest" and the amount of any payments to each Class of Certificates that are not treated as payments received in respect of a REMIC "regular interest" or REMIC "residual interest";
(xx) as of each Distribution Date, the amount, if any, to be deposited in the Cap Contract Account pursuant to the related Cap Contract as described in Section 4.04(k) and the amount thereof to be paid to the Class A, Class M, Class B-1A, Class B-2A, Class B-3A, Class B-4A and Class C Certificates described in Section 4.04(k) hereof;
(xxi) any Floating Rate Certificate Carryover paid and all Floating Rate Certificate Carryover remaining on each class of the Class A, Class M, Class B-1, Class B-2, Class B-3 and Class B-4 Certificates on such Distribution Date;
(xxii) the number of Mortgage Loans with respect to which (i) a reduction in the Mortgage Rate has occurred or (ii) the related borrower's obligation to repay interest on a monthly basis has been suspended or reduced pursuant to the Servicemembers Civil Relief Act or the California Military and Veterans Code, as amended; and the amount of interest not required to be paid with respect to any such Mortgage Loans during the related Due Period as a result of such reductions in the aggregate and with respect to the Group One Mortgage Loans and the Group Two Mortgage Loans.
(xxiii) the aggregate Outstanding Principal Balance of each Class of Certificates for the following Distribution Date;
(xxiv) the number and aggregate principal amounts of Mortgage Loans (A) delinquent (1) one Monthly Payment, (2) two Monthly Payments and (3) three or more Monthly Payments and (B) in foreclosure, in each case, as of the end of the related Principal Prepayment Period;
(xxv) the number and the principal balance of Mortgage Loans with respect to any real estate acquired through foreclosure or grant of a deed in lieu of foreclosure;
(xxvi) the aggregate amount of all Advances recovered during the related Due Period;
(xxvii) the aggregate amount of Realized Losses during the related Due Period and the aggregate amount of Realized Losses since the Cut-off Date;
(xxviii) the allocation to each Class of Certificate of any Realized Losses during the related Due Period;
(xxix) with respect to each Class of Certificates, the amount of any Compensating Interest Shortfalls on such Distribution Date;
(xxx) Number and amount of pool assets at the beginning and ending of each period, and updated pool composition information, such as weighted average coupon, weighted average life, weighted average remaining term, pool factors and prepayment amounts;
(xxxi) In addition, describe any material changes to methodology regarding calculations of delinquencies and charge-offs;
(xxxii) Information on the amount, terms and general purpose of any advances made or reimbursed during the period, including the general use of funds advanced and the general source of funds for reimbursements;
(xxxiii) Any material modifications, extensions or waivers to pool asset terms, fees, penalties or payments during the distribution period or that have cumulatively become material over time;
(xxxiv) Material breaches of pool asset representations or warranties or transaction covenants;
(xxxv) Information on ratio, coverage or other tests used for determining any early amortization, liquidation or other performance trigger and whether the trigger was met; and
(xxxvi) Information regarding any new issuance of asset-backed securities backed by the same asset pool, any pool asset changes (other than in connection with a pool asset converting into cash in accordance with its terms), such as additions or removals in connection with a prefunding or revolving period and pool asset substitutions and repurchases (and purchase rates, if applicable), and cash flows available for future purchases, such as the balances of any prefunding or revolving accounts, if applicableClosing Date. Disclose any material changes in the solicitation, credit-granting, underwriting, origination, acquisition or pool selection criteria or procedures, as applicable, used to originate, acquire or select the new pool assets.
(b) The Securities Administrator will may make the Monthly Statement foregoing monthly statement (and, at its option, any additional files containing the same information in an alternative format) available each month to Certificateholders, other parties to this Agreement and any other interested parties Certificateholders via the Securities Administrator's Internet ’s internet website. The Securities Administrator's Internet ’s internet website shall initially be located at "www.__________." “xxx.xxxxxxx.xxx”. Assistance in using the Securities Administrator’s website can be obtained by calling the Securities Administrator's ’s customer service desk at ______________(000) 000-0000. To the extent timely received from the Securities Administrator, the Trustee will also make monthly statements available each month to Certificateholders via the Trustee’s internet website. The trustee’s internet website will initially be located at xxx.xxxxxxxx.xxx/xxx. Assistance in using the Trustee’s website service can be obtained by calling the Trustee’s customer service desk at (000) 000-0000. Parties that are unable to use the website above distribution options are entitled to have a paper copy mailed to them via first class mail by calling the Securities Administrator’s customer service desk and indicating such. The Securities Administrator shall have the right to may change the way the monthly statements to Certificateholders are distributed in order to make such distribution distributions more convenient and/or or more accessible to the above parties and the Securities Administrator shall provide timely and adequate notification to all above parties regarding any such changes. parties.
(b) The Securities Administrator shall 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 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 Securities Administrator's internet websiteresponsibility for making the above information available to the Certificateholders is limited to the availability, timeliness and accuracy of the information derived from the Master Servicer, the Securities Administrator may require registration EMC Servicer and the acceptance of a disclaimerTrustee. The Securities Administrator will make available a copy of each statement provided pursuant to this Section 5.05 to each Rating Agency.
(c) Within a reasonable period of time after the end of each calendar year, the Trustee shall cause to be furnished to the EMC Servicer, the Master Servicer and 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) and (a)(ii) of this Section 5.05 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) Upon filing with the Internal Revenue Service, the Securities Administrator shall furnish to the Holders of the Residual Certificates the applicable Form 1066 and each applicable Form 1066Q and shall respond promptly to written requests made not more frequently than quarterly by any Holder of a Residual Certificate with respect to the following matters:
(i) The original projected principal and interest cash flows on the Closing Date on each Class of regular and residual interests created hereunder and on the Mortgage Loans, based on the Prepayment Assumption;
(ii) The projected remaining principal and interest cash flows as of the end of any calendar quarter with respect to each Class of regular and residual interests created hereunder and the Mortgage Loans, based on the Prepayment Assumption;
(iii) The applicable Prepayment Assumption and any interest rate assumptions used in determining the projected principal and interest cash flows described above;
(iv) The original issue discount (or, in the case of the Mortgage Loans, market discount) or premium accrued or amortized through the end of such calendar quarter with respect to each Class of regular or residual interests created hereunder and to the Mortgage Loans, together with each constant yield to maturity used in computing the same;
(v) The treatment of losses realized with respect to the Mortgage Loans or the regular interests created hereunder, including the timing and amount of any cancellation of indebtedness income of a REMIC with respect to such regular interests or bad debt deductions claimed with respect to the Mortgage Loans;
(vi) The amount and timing of any non-interest expenses of a REMIC; and
(vii) Any taxes (including penalties and interest) imposed on the REMIC, including, without limitation, taxes on "prohibited transactions," "contributions" or "net income from foreclosure property" or state or local income or franchise taxes. The information pursuant to clauses (i), (ii), (iii) and (iv) above shall be liable for provided by the dissemination of information in accordance with this AgreementDepositor pursuant to Section 9.12.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Bear Stearns Asset Backed Securities Inc)
Monthly Statements to Certificateholders. (a) Not later than each Distribution Date based solely on information provided by the Servicer (which information is not required to include any prediction of future performance as to which such report relates)Date, the Securities Administrator shall prepare and make available on its website located at xxx.xxxxxxx.xxx to each Holder of a Class of Certificates of the Trust FundCertificates, the ServicerTrustee, the Rating Agencies, the Master Servicer, the Trustee, the NIMs Insurer, the Rating Agencies each Servicer and the Depositor Depositor, a statement setting forth for the Certificates, with respect to each Sub-Loan Group in a Loan Group, as applicable:
(i) the applicable Accrual Periods for calculating distributions and general Distribution Dates;
(ii) total cash flows received and the general sources thereof;
(iii) the related amount of the Master Servicing Fees paid to or retained by the Master Servicer and the Servicing Fees paid to or retained by each Servicer for the related Due Period;
(iv) the amount of the related distribution to Holders of each Class allocable to principal, separately identifying (A) the aggregate amount of any Principal Prepayments included therein, (B) the aggregate of all scheduled payments Scheduled Payments (except with respect to any Simple Interest Loans) of principal included therein (and with respect to any Simple Interest Loans, the amount of principal actually received included therein), and (C) the Extra Principal Distribution Amount, Amount included therein (if any, and (D) the aggregate amount of Prepayment Charges, if any);
(iiv) the amount of such distribution to Holders of each Class allocable to interestinterest and the portion thereof, together with any Non-Supported Interest Shortfalls allocated to each Classif any, provided by the Yield Maintenance Agreements;
(iiivi) any Interest Carry Forward Amounts, and any Basis Risk Carry Forward Amounts for each Class of Adjustable Rate Certificates (if any);
(vii) the Certificate Principal Balance or the Notional Amount, as applicable, of each Class immediately prior to the Offered Certificates before and after giving effect (i) to all distributions allocable to of principal on and allocation of the applicable Realized Losses for such Distribution Date and (ii) the allocation of any Applied Realized Loss Amounts for such Distribution Date;
(iv) Subsequent Recoveries to increase the Pool Stated Certificate Principal Balance for such Distribution Date and the aggregate Certificate Principal Balance or the Notional Amount, as applicable, of the Offered Certificates after all such distributions and allocations;
(viii) the number and aggregate of the Stated Principal Balances of the Mortgage Loans on the related Due Date;
(v) the amount of the Servicing Fee paid to or retained by the Servicer, the amount of the Securities Administrator Fee paid to or retained by the Securities Administrator and any amounts constituting reimbursement or indemnification of the Servicer, Master Servicer, Securities Administrator or Trustee;
(viix) the Pass-Through Rate for each Class of Offered Certificates for with respect to the current Accrual Period, and, if applicable, whether such Distribution DatePass-Through Rate was limited by the Interest Rate Cap;
(viix) the amount of Advances included in the distribution on such Distribution DateDate (including the general purpose of such Advances);
(viii) the cumulative amount of (A) Realized Losses and (B) Applied Realized Loss Amounts to date, in the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage Loans;
(ix) the amount of (A) Realized Losses and (B) Applied Realized Loss Amounts with respect to such Distribution Date, in the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage Loans;
(xxi) the number and aggregate principal amounts Stated Principal Balance of any Mortgage Loans that were (Aa) Delinquent (exclusive of Mortgage Loans in foreclosureforeclosure or that became Liquidated Mortgage Loans during the preceding calendar month) under the OTS method of calculation, (1) 31 to 60 daysone scheduled payment, (2) 61 to 90 days two Scheduled Payments, and (3) 91 three or more daysScheduled Payments, and (Bb) in for which foreclosure and Delinquent (1) 31 to 60 days, (2) 61 to 90 days and (3) 91 or more daysproceedings have been commenced, in each case as of the close of business on the last day end of the preceding calendar month preceding such Distribution Date, in the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage Loansmonth;
(xixii) with respect to any Mortgage Loan that became an REO Property was liquidated during the preceding calendar month, the loan number and Stated Principal Balance of of, and Realized Loss on, such Mortgage Loan as of the close of business on the last day end of the preceding calendar month preceding such Distribution Date and the date of acquisition thereof, in the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage Loansmonth;
(xiixiii) the total number and principal balance of any REO Properties real estate owned, or REO, properties as of the close of business on the last day end of the preceding calendar month preceding such Distribution Date, in the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage Loansmonth;
(xiiixiv) the cumulative amount of Realized Losses for each applicable Class of Offered Certificates after giving effect to the distribution of principal (including Subsequent Recoveries) and allocation of Realized Losses;
(xv) the six-month rolling average of the percent equivalent of a fraction, the numerator of which is the aggregate Stated Principal Balance of the Mortgage Loans that are 60 days or more delinquent or are in bankruptcy or foreclosure or are REO properties, and the denominator of which is the Stated Principal Balances of all Liquidated Loans as of the preceding Distribution Date, in the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage Loans;
(xivxvi) whether a Stepdown Trigger Event has occurred and is in effect;
(xv) with respect to each Class of Certificatesunless otherwise previously reported on Form 10-D, any Interest Carry Forward Amount with respect to such Distribution Date for each such Class, any Interest Carry Forward Amount paid for each such Class and any remaining Interest Carry Forward Amount for each such Class;
(xvi) the number and Stated Principal Balance (as of the preceding Distribution Date) of any Mortgage Loans which were purchased or repurchased during the preceding Due Period and since the Cut-off Date;
(xvii) the number of Mortgage Loans for which Prepayment Charges were received during the related Prepayment Period and, for each such Mortgage Loan, the amount of Prepayment Charges received during the related Prepayment Period and in the aggregate of such amounts for all such Mortgage Loans since the Cut-off Date;
(xviii) the amount and purpose of any withdrawal from the Collection Account pursuant to Section 3.08(a)(viii);
(xix) the amount of any payments to each Class of Certificates that are treated as payments received in respect of a REMIC "regular interest" or REMIC "residual interest" and the amount of any payments to each Class of Certificates that are not treated as payments received in respect of a REMIC "regular interest" or REMIC "residual interest";
(xx) as of each Distribution Date, the amount, if any, to be deposited in the Cap Contract Account pursuant to the related Cap Contract as described in Section 4.04(k) and the amount thereof to be paid to the Class A, Class M, Class B-1A, Class B-2A, Class B-3A, Class B-4A and Class C Certificates described in Section 4.04(k) hereof;
(xxi) any Floating Rate Certificate Carryover paid and all Floating Rate Certificate Carryover remaining on each class of the Class A, Class M, Class B-1, Class B-2, Class B-3 and Class B-4 Certificates on such Distribution Date;
(xxii) the number of Mortgage Loans with respect to which (i) a reduction in the Mortgage Rate has occurred or (ii) the related borrower's obligation to repay interest on a monthly basis has been suspended or reduced pursuant to the Servicemembers Civil Relief Act or the California Military and Veterans Code, as amended; and the amount of interest not required to be paid with respect to any such Mortgage Loans during the related Due Period as a result of such reductions in the aggregate and with respect to the Group One Mortgage Loans and the Group Two Mortgage Loans.
(xxiii) the aggregate Outstanding Principal Balance of each Class of Certificates for the following Distribution Date;
(xxiv) the number and aggregate principal amounts of Mortgage Loans (A) delinquent (1) one Monthly Payment, (2) two Monthly Payments and (3) three or more Monthly Payments and (B) in foreclosure, in each case, as of the end of the related Principal Prepayment Period;
(xxv) the number and the principal balance of Mortgage Loans with respect to any real estate acquired through foreclosure or grant of a deed in lieu of foreclosure;
(xxvi) the aggregate amount of all Advances recovered during the related Due Period;
(xxvii) the aggregate amount of Realized Losses during the related Due Period and the aggregate amount of Realized Losses since the Cut-off Date;
(xxviii) the allocation to each Class of Certificate of any Realized Losses during the related Due Period;
(xxix) with respect to each Class of Certificates, the amount of any Compensating Interest Shortfalls on such Distribution Date;
(xxx) Number and amount of pool assets at the beginning and ending of each period, and updated pool composition information, such as weighted average coupon, weighted average life, weighted average remaining term, pool factors and prepayment amounts;
(xxxi) In addition, describe any material changes to methodology regarding calculations of delinquencies and charge-offs;
(xxxii) Information on the amount, terms and general purpose of any advances made or reimbursed during the period, including the general use of funds advanced and the general source of funds for reimbursements;
(xxxiii) Any material modifications, extensions or waivers to pool asset Mortgage Loan terms, fees, penalties or payments during the distribution period related Due Period or that have cumulatively become material over time;
(xxxivxvii) Material breaches the Realized Losses during the related Realized Loss Period and the cumulative Realized Losses through the end of pool asset representations or warranties or transaction covenantsthe related Realized Loss Period;
(xxxvxviii) Information on ratio, coverage or other tests used the amount of any Subsequent Recovery for determining any early amortization, liquidation or other performance trigger such Distribution Date and whether the trigger amount by which the Certificate Principal Balance of each Class of Offered Certificates was metincreased as a result thereof; and
(xxxvixix) Information regarding any new issuance the amount of asset-backed securities backed by the same asset pool, any pool asset changes (other than in connection with a pool asset converting into cash in accordance with its terms), distribution made on such as additions or removals in connection with a prefunding or revolving period and pool asset substitutions and repurchases (and purchase rates, if applicable), and cash flows available for future purchases, such as Distribution Date to the balances Holders of any prefunding or revolving accounts, if applicablethe Class P Certificates allocable to Prepayment Charges on the Prepayment Charge Loans. Disclose any material changes in the solicitation, credit-granting, underwriting, origination, acquisition or pool selection criteria or procedures, as applicable, used to originate, acquire or select the new pool assets.
(b) The Securities Administrator will may make the Monthly Statement foregoing monthly statement (and, at its option, any additional files containing the same information in an alternative format) available each month to Certificateholders, other parties to this Agreement and any other interested parties Certificateholders via the Securities Administrator's Internet internet website. The Securities Administrator's Internet internet website shall initially be located at "www.__________." www.ctslink.com". Assistance in using the website can be Securities Administrator'x xxxxxxx xxx xe obtained by calling the Securities Administrator's customer service desk at ______________(301) 815-6600. Parties that are unable to use the website are above distributixx xxxxxxx xxx entitled to have a paper copy mailed to them via first class mail by calling the Securities Administrator's customer service desk and indicating such. The Securities Administrator shall have the right to may change the way the monthly statements to Certificateholders are distributed in order to make such distribution distributions more convenient and/or or more accessible to the above parties parties.
(b) The Securities Administrator's responsibility for making the above information available to the Certificateholders is limited to the availability, timeliness and accuracy of the information derived from the Master Servicer and the Servicers.
(c) Within a reasonable period of time after the end of each calendar year, the Securities Administrator will prepare and provide to EMC and, 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) and (a)(ii) of this Section 5.05 aggregated for such calendar year or applicable portion thereof during which such Person was a Certificateholder. Such obligation of the Securities Administrator shall provide timely and adequate notification be deemed to all above parties regarding any such changes. The have been satisfied to the extent that substantially comparable information shall be provided by the Securities Administrator shall also be entitled pursuant to rely on but shall not be responsible for any requirements of the content or accuracy of any information provided by third parties for purposes of preparing Code as from time to time in effect.
(d) Upon filing with the monthly statement 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 Securities Administrator's internet websiteInternal Revenue Service, the Securities Administrator may require registration shall furnish to the Holders of the Residual Certificates the applicable Form 1066 and each applicable Form 1066Q and shall respond promptly to written requests made not more frequently than quarterly by any Holder of a Residual Certificate with respect to the following matters:
(i) The original projected principal and interest cash flows on the Closing Date on each Class of regular and residual interests created hereunder and on the Mortgage Loans, based on the Prepayment Assumption;
(ii) The projected remaining principal and interest cash flows as of the end of any calendar quarter with respect to each Class of regular and residual interests created hereunder and the acceptance Mortgage Loans, based on the Prepayment Assumption;
(iii) The applicable Prepayment Assumption and any interest rate assumptions used in determining the projected principal and interest cash flows described above;
(iv) The original issue discount (or, in the case of the Mortgage Loans, market discount) or premium accrued or amortized through the end of such calendar quarter with respect to each Class of regular or residual interests created hereunder and to the Mortgage Loans, together with each constant yield to maturity used in computing the same;
(v) The treatment of losses realized with respect to the Mortgage Loans or the regular interests created hereunder, including the timing and amount of any cancellation of indebtedness income of a disclaimerREMIC with respect to such regular interests or bad debt deductions claimed with respect to the Mortgage Loans;
(vi) The amount and timing of any non-interest expenses of a REMIC; and
(vii) Any taxes (including penalties and interest) imposed on the REMIC, including, without limitation, taxes on "prohibited transactions," "contributions" or "net income from foreclosure property" or state or local income or franchise taxes. The Securities Administrator will not information pursuant to clauses (i), (ii), (iii) and (iv) above shall be liable for provided by the dissemination of information in accordance with this AgreementDepositor pursuant to Section 9.12.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Bear Stearns Asset Backed Securities Trust 2007-Sd2)
Monthly Statements to Certificateholders. (a) Not later than On each Distribution Date based solely Date, based, as applicable, on the Mortgage Loan information provided by contained in the Servicer (which information is not required to include any prediction of future performance as to which such report relates)Remittance Report, the Securities Administrator Trustee shall (i) prepare and forward by mail to each Holder of the Regular Certificates and (ii) make available on its website located at xxx.xxxxxxx.xxx to www.usbank.com/abs for access by each Holder of a Class of Certificates of the Trust FundRegular Xxxxxxxxxxxx, x statement as to the Servicer, the Master Servicer, the Trustee, the NIMs Insurer, the Rating Agencies and the Depositor a statement setting forth for the Certificatesdistributions made on such Distribution Date:
(i) the amount of the related distribution made on such Distribution Date to the Holders of each Class of Certificates allocable to principal, separately identifying (A) the aggregate amount of any Principal Prepayments included therein, (B) the aggregate of all scheduled payments of principal included therein, (C) the Extra Principal Distribution Amount, if any, and (D) the aggregate amount of Prepayment Charges, if any;
(ii) the amount of the distribution made on such distribution Distribution Date to the Holders of each Class of Certificates allocable to interestinterest or Class CE Distributable Amount, together with any Non-Supported Interest Shortfalls allocated to each Classseparately identified;
(iii) the Certificate Principal Balance Overcollateralization Amount, the Overcollateralization Release Amount, the Overcollateralization Deficiency and the Overcollateralization Target Amount as of each Class immediately prior to and after giving effect (i) to all distributions allocable to principal on such Distribution Date and (ii) the allocation of any Applied Realized Loss Amounts Monthly Excess Interest Amount and Monthly Excess Cashflow Amount for such Distribution Date;
(iv) the Pool Stated Principal Balance for such Distribution Dateaggregate amount of servicing compensation received by the Servicer during the related Collection Period;
(v) the aggregate amount of the Servicing Fee paid to or retained by the Servicer, the amount Advances in respect of the Securities Administrator Fee paid to or retained by Trust Fund and each Loan Group for the Securities Administrator and any amounts constituting reimbursement or indemnification of the Servicer, Master Servicer, Securities Administrator or Trusteerelated Collection Period;
(vi) the Pass-Through Rate for Pool Balance and the aggregate Stated Principal Balance of the Mortgage Loans in each Class Loan Group at the close of Certificates for such Distribution Datebusiness at the end of the related Collection Period;
(vii) the amount number, weighted average remaining term to maturity and weighted average Mortgage Interest Rate of Advances included the Mortgage Loans in the distribution on such Distribution Trust Fund and in each Loan Group as of the related Due Date;
(viii) the cumulative amount of (A) Realized Losses and (B) Applied Realized Loss Amounts to date, in the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage Loans;
(ix) the amount of (A) Realized Losses and (B) Applied Realized Loss Amounts with respect to such Distribution Date, in the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage Loans;
(x) the number and aggregate unpaid principal amounts of Mortgage Loans (A) Delinquent (exclusive balance of Mortgage Loans in foreclosurethe Trust Fund and in each Loan Group (a) (1) 31 30 to 60 days59 days past due on a contractual basis, (2b) 61 60 to 89 days past due on a contractual basis, (c) 90 or more days past due on a contractual basis, (d) as to which foreclosure proceedings have been commenced and (3) 91 or more days, and (Be) in foreclosure and Delinquent (1) 31 to 60 days, (2) 61 to 90 days and (3) 91 or more days, in each case bankruptcy as of the close of business on the last day of the calendar month preceding such Distribution Date, in the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage Loans;
(xiix) with respect to any Mortgage Loan that became an REO Property during the preceding calendar month, the loan number and Stated Loan Group of such Mortgage Loan, the unpaid principal balance and the Principal Balance of such Mortgage Loan as of the close of business on the last day of the calendar month preceding such Distribution Date and the date of acquisition thereof, in the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage Loansit became an REO Property;
(xiix) the total number and principal balance book value of any REO Properties Property as of the close of business on the last day Business Day of the calendar month preceding such the Distribution Date, and, cumulatively, the total number and cumulative principal balance of all REO Properties in the Trust Fund and each Loan Group as of the close of business of the last day of the preceding Collection Period;
(xi) the aggregate amount of Principal Prepayments made during the related Prepayment Period, both for the Trust Fund as a whole as well as for each Loan Group;
(xii) the aggregate amount of Prepayment Charges collected (including amounts deposited in connection with the full or partial waiver of such Prepayment Charges pursuant to Section 3.01) during the related Collection Period and with respect the amounts thereof allocable to the Group One Mortgage Loans Class P Certificates and Group Two Mortgage Loansthe Class CE Certificates;
(xiii) the aggregate Stated Principal Balance amount of all Liquidated Loans as Realized Losses incurred during the related Collection Period and the cumulative amount of the preceding Distribution DateRealized Losses, in each case for the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage LoansTrust Fund as a whole as well as for each Loan Group;
(xiv) whether a Stepdown Trigger Event has occurred the Certificate Principal Balance of each Class of Certificates, after giving effect to the distributions, and is in effectallocations of Realized Losses or Applied Realized Loss Amounts, as applicable, made on such Distribution Date, separately identifying any reduction thereof due to allocations of Realized Losses or Applied Realized Loss Amounts;
(xv) with the Accrued Certificate Interest in respect to of each Class of Certificates, any Interest Carry Forward Amount with respect to such Distribution Date for each such Class, any Interest Carry Forward Amount paid for each such Class and any remaining Interest Carry Forward Amount for each such Class;
(xvi) the number and Stated Principal Balance (as of the preceding Distribution Date) of any Mortgage Loans which were purchased or repurchased during the preceding Due Period and since the Cut-off Date;
(xvii) the number of Mortgage Loans for which Prepayment Charges were received during the related Prepayment Period and, for each such Mortgage Loan, the amount of Prepayment Charges received during the related Prepayment Period and in the aggregate of such amounts for all such Mortgage Loans since the Cut-off Date;
(xviii) the amount and purpose of any withdrawal from the Collection Account pursuant to Section 3.08(a)(viii);
(xix) the amount of any payments to each Class of Offered Certificates that are treated as payments received in respect of a REMIC "regular interest" or REMIC "residual interest" and the amount of any payments to each Class of B Certificates that are not treated as payments received in respect of a REMIC "regular interest" or REMIC "residual interest";
(xx) as of each for such Distribution Date, separately identifying the amountportions thereof attributable to Net WAC Cap Carryover Amounts, and the respective portions thereof, if any, to be deposited remaining unpaid following the distributions made in the Cap Contract Account pursuant to the related Cap Contract as described in Section 4.04(k) and the amount thereof to be paid to the Class A, Class M, Class B-1A, Class B-2A, Class B-3A, Class B-4A and Class C Certificates described in Section 4.04(k) hereof;
(xxi) any Floating Rate Certificate Carryover paid and all Floating Rate Certificate Carryover remaining on each class respect of the Class A, Class M, Class B-1, Class B-2, Class B-3 and Class B-4 such Certificates on such Distribution Date;
(xvi) the aggregate amount of any Prepayment Interest Shortfalls for such Distribution Date, to the extent not covered by payments by the Servicer pursuant to Section 3.22;
(xvii) the amount of the Trustee Fee paid;
(xviii) the beginning and ending balances of the Basis Risk Reserve Fund on such Distribution Date, the Basis Risk Reserve Fund Deposit for such Distribution Date;
(xix) the Net WAC Cap Carryover Amounts distributed on such Distribution Date, and any Interest Carry Forward Amounts remaining after giving effect to distributions thereof on such Distribution Date;
(xx) any Overcollateralization Deficiency after giving effect to the distribution of principal on such Distribution Date;
(xxi) whether a Trigger Event has occurred and is continuing, and the cumulative Realized Losses, as a percentage of the original Pool Balance;
(xxii) the number of Mortgage Loans with respect to which (i) a reduction in the Mortgage Rate has occurred or (ii) the related borrower's obligation to repay interest on a monthly basis has been suspended or reduced pursuant to the Servicemembers Civil Relief Act or the California Military and Veterans Code, as amended; and the amount of interest not required to be paid with respect to any such Mortgage Loans during the related Due Period as a result of such reductions in the aggregate and with respect to the Group One Mortgage Loans and the Group Two Mortgage Loans.Available Funds;
(xxiii) the aggregate Outstanding Principal Balance of rate at which interest accrues for each Class of Certificates for the following such Distribution Date;
(xxiv) the number and aggregate principal amounts of Mortgage Loans (A) delinquent (1) one Monthly Payment, (2) two Monthly Payments and (3) three or more Monthly Payments and (B) in foreclosure, in each case, as of the end of the related Principal Prepayment PeriodLiquidation Report for such Distribution Date;
(xxv) the number and the principal balance of Mortgage Loans with respect to any real estate acquired through foreclosure or grant of a deed in lieu of foreclosure;[reserved].
(xxvi) the aggregate amount of all Advances recovered during the related Due Period[reserved];
(xxvii) the aggregate amount of Realized Losses during the related Due Period and the aggregate amount of Realized Losses since the Cut-off Record Date;
(xxviii) the allocation to each Class of Certificate of any Realized Losses during the related Due Interest Accrual Period;
(xxix) with respect to each Class of Certificates, the amount of any Compensating Interest Shortfalls on such Distribution related Determination Date;
(xxx) Number and amount of pool assets at the beginning and ending of each period, and updated pool composition information, such as weighted average coupon, weighted average life, weighted average remaining term, pool factors and prepayment amounts;related Distribution Date; and
(xxxi) the amount of cash received with respect to the related accrual period. In additionthe case of information furnished pursuant to subclauses (i) through (iii) above, describe any material changes to methodology regarding calculations the amounts shall be expressed in a separate section of delinquencies and chargethe report as a dollar amount for each Class for each $1,000 original dollar amount as of the Cut-offs;
(xxxii) Information on the amount, terms and general purpose of any advances made or reimbursed during the period, including the general use of funds advanced and the general source of funds for reimbursements;
(xxxiii) Any material modifications, extensions or waivers to pool asset terms, fees, penalties or payments during the distribution period or that have cumulatively become material over time;
(xxxiv) Material breaches of pool asset representations or warranties or transaction covenants;
(xxxv) Information on ratio, coverage or other tests used for determining any early amortization, liquidation or other performance trigger and whether the trigger was met; and
(xxxvi) Information regarding any new issuance of asset-backed securities backed by the same asset pool, any pool asset changes (other than in connection with a pool asset converting into cash in accordance with its terms), such as additions or removals in connection with a prefunding or revolving period and pool asset substitutions and repurchases (and purchase rates, if applicable), and cash flows available for future purchases, such as the balances of any prefunding or revolving accounts, if applicable. Disclose any material changes in the solicitation, credit-granting, underwriting, origination, acquisition or pool selection criteria or procedures, as applicable, used to originate, acquire or select the new pool assetsoff Date.
(b) The Securities Administrator will make Within a reasonable period of time after the Monthly Statement (andend of each calendar year, the Trustee shall furnish to each Person who at its optionany time during the calendar year was a Certificateholder of a Regular Certificate, any additional files if requested in writing by such Person, such information as is reasonably necessary to provide to such Person a statement containing the same information set forth in an alternative formatsubclauses (i), (ii), (xv) available each month to Certificateholdersand (xx) above, other parties to this Agreement and any other interested parties via aggregated for such calendar year or applicable portion thereof during which such Person was a Certificateholder. Such obligation of the Securities Administrator's Internet website. The Securities Administrator's Internet website Trustee shall initially be located at "www.__________." 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 website are entitled deemed to have a paper copy mailed been satisfied to them via first class mail the extent that substantially comparable information shall be prepared and furnished by calling the customer service desk and indicating such. The Securities Administrator shall have the right to change the way the monthly statements Trustee to Certificateholders pursuant to any requirements of the Code as are distributed in order force from time to make such distribution more convenient and/or more accessible time.
(c) On each Distribution Date, the Trustee shall provide to the above parties Residual Certificateholders a copy of the reports provided to the Regular Certificateholders in respect of such Distribution Date with such other information as the Trustee deems necessary or appropriate. Such obligation of the Trustee shall be deemed to have been satisfied to the extent that substantially comparable information shall be prepared and furnished to Residual Certificateholders by the Securities Administrator shall provide timely and adequate notification Trustee pursuant to all above parties regarding any such changes. The Securities Administrator shall also be entitled requirements of the Code as from time 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 and may affix thereto any disclaimer it deems appropriate time in its reasonable discretion (without suggesting liability on the part of any other party hereto). As a condition to access the Securities Administrator's internet website, the Securities Administrator may require registration and the acceptance of a disclaimer. The Securities Administrator will not be liable for the dissemination of information in accordance with this Agreementforce.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (C-Bass 2006-Cb2 Trust)
Monthly Statements to Certificateholders. (a) Not later than each Distribution Date based solely on information provided by the Servicer (which information is not required to include any prediction of future performance as to which such report relates)Date, the Securities Trust Administrator shall prepare and make available on its website located at xxx.xxxxxxx.xxx to each Holder of a Class of Certificates of the Trust FundCertificateholder, the Servicer, the Master Servicer, the Trustee, the NIMs Insurer, the Depositor and each Rating Agencies and the Depositor Agency a statement setting forth for with respect to the Certificates:related distribution: Fremont 2006-C Pooling & Servicing Agreement
(i) the amount of the related distribution made on such Distribution Date to the Holders of each Class of Certificates allocable to principal, separately identifying (A) identified, and the aggregate amount of any Principal Prepayments included therein, (B) the aggregate distribution made on such Distribution Date to the Holders of all scheduled payments of principal included therein, (C) the Extra Principal Distribution Amount, if any, and (D) the aggregate amount of Class P Certificates allocable to Prepayment Charges, if any;
(ii) the amount of the distribution made on such distribution Distribution Date to the Holders of each Class of Certificates (other than the Class P Certificates) allocable to interest, together with any Non-Supported Interest Shortfalls allocated to each Classseparately identified;
(iii) the Certificate Principal Balance of each Class immediately prior to and after giving effect (i) to all distributions allocable to principal on such Distribution Date and (ii) Net Monthly Excess Cashflow, the allocation of any Applied Realized Loss Amounts Overcollateralized Amount, the Overcollateralization Release Amount, the Overcollateralization Target Amount, the Overcollateralization Deficiency Amount, the Credit Enhancement Percentage for such Distribution Date;
(iv) the Pool Stated Principal Balance for fees and expenses of the trust accrued and paid on such Distribution DateDate and to whom such fees and expenses were paid;
(v) the aggregate amount of Advances for such Distribution Date (including the Servicing Fee paid to or retained by the Servicer, the amount general purpose of the Securities Administrator Fee paid to or retained by the Securities Administrator and any amounts constituting reimbursement or indemnification of the Servicer, Master Servicer, Securities Administrator or Trusteesuch Advances);
(vi) the Pass-Through Rate for each Class aggregate Principal Balance of Certificates for such Distribution Datethe Mortgage Loans and any REO Properties as of the end of the related Due Period;
(vii) the amount number, aggregate Principal Balance, weighted average remaining term to maturity and weighted average Mortgage Rate of Advances included in the distribution on such Distribution Mortgage Loans as of the related Due Date;
(viii) the cumulative amount of (A) Realized Losses and (B) Applied Realized Loss Amounts to date, in the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage Loans;
(ix) the amount of (A) Realized Losses and (B) Applied Realized Loss Amounts with respect to such Distribution Date, in the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage Loans;
(x) the number and aggregate principal amounts of Mortgage Loans (A) Delinquent (exclusive unpaid Principal Balance of Mortgage Loans in foreclosurerespect of which (a) (1) 31 to 60 daysone monthly payment is delinquent, (2b) 61 to 90 days two monthly payments are delinquent, (c) three monthly payments are delinquent and (3d) 91 or more days, and (B) in foreclosure and Delinquent (1) 31 to 60 days, (2) 61 to 90 days and (3) 91 or more daysproceedings have begun, in each case case, as of the close of business on the last day of the calendar month preceding such the related Distribution Date, Date and in accordance with the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage LoansOTS method of calculating delinquencies;
(xi) with respect to any Mortgage Loan that became an REO Property during the preceding calendar month, the loan number and Stated Principal Balance of such Mortgage Loan as of the close of business on the last day of the calendar month preceding such Distribution Date and the date of acquisition thereof, in the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage Loans;
(xiiix) the total number and cumulative principal balance of any all REO Properties as of the close of business on the last day of the calendar month preceding such the related Distribution Date, in ;
(x) the aggregate amount of Principal Prepayments made during the related Prepayment Period;
(xi) the Delinquency Percentage;
(xii) the aggregate amount of Realized Losses incurred during the related Prepayment Period, the aggregate amount of Realized Losses incurred since the Closing Date and with respect to the Group One Mortgage Loans and Group Two Mortgage Loans;aggregate amount of Subsequent Recoveries received during the related Prepayment Period; Fremont 2006-C Pooling & Servicing Agreement
(xiii) the aggregate Stated Principal Balance amount of all Liquidated Loans as of extraordinary trust fund expenses withdrawn from the preceding distribution account for such Distribution Date, in the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage Loans;
(xiv) whether a Stepdown Trigger Event has occurred the Certificate Principal Balance of each Class of Certificates, before and is in effectafter giving effect to the distributions, and allocations of Realized Losses, made on such Distribution Date;
(xv) the Current Interest in respect of the Certificates for such Distribution Date and the Unpaid Interest Shortfall Amount, if any, with respect to each Class of Certificates, any Interest Carry Forward Amount with respect to the Certificates on such Distribution Date for each such Class, any Interest Carry Forward Amount paid for each such Class and any remaining Interest Carry Forward Amount for each such ClassDate;
(xvi) the number and Stated Principal Balance (as aggregate amount of the preceding any Prepayment Interest Shortfall for such Distribution Date) , to the extent not covered by payments of any Mortgage Loans which were purchased Compensating Interest by the Servicer or repurchased during the preceding Due Period and since the Cut-off DateMaster Servicer;
(xvii) the number of Mortgage Loans Net WAC Rate Carryover Amount for which Prepayment Charges were received during the related Prepayment Period andCertificates, if any, for each such Mortgage Loan, Distribution Date and the amount of Prepayment Charges received during the related Prepayment Period and in the aggregate of remaining undistributed after reimbursements therefor on such amounts for all such Mortgage Loans since the Cut-off Distribution Date;
(xviii) the amount and purpose of the Servicing Fees paid to or retained by the Servicer or any withdrawal from subservicer (with respect to the Collection Account pursuant Subservicers, in the aggregate) with respect to Section 3.08(a)(viii)such Distribution Date;
(xix) the amount of any payments the Master Servicing Fees to each Class of Certificates that are treated as payments received in be paid to or retained by the Master Servicer with respect of a REMIC "regular interest" or REMIC "residual interest" and the amount of any payments to each Class of Certificates that are not treated as payments received in respect of a REMIC "regular interest" or REMIC "residual interest"such Distribution Date;
(xx) as the amount of each Distribution Date, the amountCustodial Fee, if any, to be deposited in paid or retained by the Cap Contract Account pursuant Trust Administraotr with respect to the related Cap Contract as described in Section 4.04(k) and the amount thereof to be paid to the Class A, Class M, Class B-1A, Class B-2A, Class B-3A, Class B-4A and Class C Certificates described in Section 4.04(k) hereof;
(xxi) any Floating Rate Certificate Carryover paid and all Floating Rate Certificate Carryover remaining on each class of the Class A, Class M, Class B-1, Class B-2, Class B-3 and Class B-4 Certificates on such Distribution Date;
(xxi) whether the Stepdown Date or a Trigger Event has occurred;
(xxii) the number of Mortgage Loans with respect to which (i) a reduction in the Mortgage Rate has occurred or (ii) the related borrower's obligation to repay interest on a monthly basis has been suspended or reduced pursuant to the Servicemembers Civil Relief Act or the California Military and Veterans Code, as amended; total cashflows received and the amount of interest not required to be paid with respect to any such Mortgage Loans during the related Due Period as a result of such reductions in the aggregate and with respect to the Group One Mortgage Loans and the Group Two Mortgage Loans.general sources thereof;
(xxiii) the aggregate Outstanding Principal Balance of each respective Pass-Through Rates applicable to the Certificates and the Class of C Certificates for such Distribution Date (and whether such Pass-Through Rate was limited by the Net WAC Rate) and the Pass-Through Rate applicable to the Certificates for the following immediately succeeding Distribution Date;
(xxiv) the number and aggregate principal amounts amount of Mortgage Loans (A) delinquent (1) one Monthly Payment, (2) two Monthly any Net Swap Payments and (3) three or more Monthly Payments and (B) in foreclosure, in each case, as of the end of the related Principal Prepayment Period;Swap Termination Payments; and
(xxv) the number applicable Record Dates, Accrual Periods and the principal balance of Mortgage Loans with respect to any real estate acquired through foreclosure or grant of a deed in lieu of foreclosure;
(xxvi) the aggregate amount of all Advances recovered during the related Due Period;
(xxvii) the aggregate amount of Realized Losses during the related Due Period and the aggregate amount of Realized Losses since the Cut-off Date;
(xxviii) the allocation to each Class of Certificate of any Realized Losses during the related Due Period;
(xxix) with respect to each Class of Certificates, the amount of any Compensating Interest Shortfalls on Determination Dates for calculating distributions for such Distribution Date;
(xxx) Number and amount of pool assets at the beginning and ending of each period, and updated pool composition information, such as weighted average coupon, weighted average life, weighted average remaining term, pool factors and prepayment amounts;
(xxxi) In addition, describe any material changes to methodology regarding calculations of delinquencies and charge-offs;
(xxxii) Information on the amount, terms and general purpose of any advances made or reimbursed during the period, including the general use of funds advanced and the general source of funds for reimbursements;
(xxxiii) Any material modifications, extensions or waivers to pool asset terms, fees, penalties or payments during the distribution period or that have cumulatively become material over time;
(xxxiv) Material breaches of pool asset representations or warranties or transaction covenants;
(xxxv) Information on ratio, coverage or other tests used for determining any early amortization, liquidation or other performance trigger and whether the trigger was met; and
(xxxvi) Information regarding any new issuance of asset-backed securities backed by the same asset pool, any pool asset changes (other than in connection with a pool asset converting into cash in accordance with its terms), such as additions or removals in connection with a prefunding or revolving period and pool asset substitutions and repurchases (and purchase rates, if applicable), and cash flows available for future purchases, such as the balances of any prefunding or revolving accounts, if applicable. Disclose any material changes in the solicitation, credit-granting, underwriting, origination, acquisition or pool selection criteria or procedures, as applicable, used to originate, acquire or select the new pool assets.
(b) The Securities Trust Administrator’s responsibility for providing the above statement to the Certificateholders, each Rating Agency, the Servicer, the Master Servicer, the Originator and the Depositor is limited to the availability, timeliness and accuracy of the information derived from the Servicer and the Swap Provider. The Trust Administrator will make the Monthly Statement (and, at its option, any additional files containing the same information in an alternative format) above statement Fremont 2006-C Pooling & Servicing Agreement available each month to Certificateholders, other parties to this Agreement and any other interested parties via the Securities Trust Administrator's Internet ’s internet website. The Securities Trust Administrator's Internet ’s website shall will initially be located at "www.__________." Assistance hxxx://xxx.xxxxxxx.xxx and assistance in using the website can be obtained by calling the Securities Trust Administrator's ’s customer service desk at ______________1-000-000-0000. Parties that are unable to use the website 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 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 Securities Trust Administrator shall provide timely and adequate notification to all above the Certificateholders and the parties hereto regarding any such changes. The Securities Trust Administrator shall 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 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 Securities Administrator's internet websiteUpon written request from any Certificateholder, the Securities Trust Administrator may require registration 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) Upon request, within a reasonable period of time after the end of each calendar year, the Trust Administrator shall cause to be furnished 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 Trust Administrator shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Trust Administrator pursuant to any requirements of the Code as are from time to time in effect.
(d) Not later than the Reporting Date, the Servicer shall furnish to the Trust Administrator and the acceptance Master Servicer a monthly remittance advice statement (in a format mutually agreed upon by the Servicer and the Trust Administrator) containing such information as shall be reasonably requested by the Trust Administrator to provide the reports required by Section 4.03(a) as to the accompanying remittance and the period ending on the close of a disclaimerbusiness on the last Business Day of the immediately preceding month (the “Servicer Remittance Report”). The Securities Servicer shall furnish to the Trust Administrator will not 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, the corresponding individual Fremont 2006-C Pooling & Servicing Agreement loan accounting report (in electronic format) shall be liable for received by the dissemination Trust Administrator no later than the Reporting Date, which report shall contain the following:
(i) with respect to each Scheduled Payment, the amount of information such remittance allocable to principal (including a separate breakdown of any Principal Prepayment, including the date of such prepayment, and any Prepayment Premiums, along with a detailed report of interest on principal prepayment amounts remitted in accordance with this AgreementSection 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 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 the Servicer during the prior distribution period pursuant to Section 3.11;
(vi) the number and aggregate outstanding principal balances of Mortgage Loans (not including Liquidated Mortgage Loans as of the end of the Prepayment Period) (a) delinquent (1) 31 to 60 days, (2) 61 to 90 days, or (3) 91 days or more; (b) as to which foreclosure 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 Mortgage Loan, the amount of any Realized Losses for such Mortgage Loan; and
(ix) any other information reasonably required by the Trust Administrator to enable it to prepare the monthly statement referred to in Section 4.03(a).
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Fremont Home Loan Trust 2006-C)
Monthly Statements to Certificateholders. (a) Not later than each Distribution Date based solely on information provided by the Servicer (which information is not required to include any prediction of future performance as to which such report relates)Date, the Securities Administrator shall prepare and deliver to the Trustee and the Yield Maintenance Provider, and make available on its website located at xxx.xxxxxxx.xxx to each Holder of a Class of Certificates of the Trust FundCertificates, the ServicerTrustee, the Rating Agencies, the Master Servicer, the Trustee, the NIMs Insurer, the Rating Agencies EMC Servicer and the Depositor a statement setting forth for the Certificates:
(i) the amount of the related distribution to Holders of each Class allocable to principal, separately identifying (A) the aggregate amount of any Principal Prepayments included therein, (B) the aggregate of all scheduled payments (except with respect to any Simple Interest Loans) of principal included therein (and with respect to any Simple Interest Loans, the amount of principal actually received included therein), and (C) the Extra Principal Distribution Amount, Amount (if any, and (D) the aggregate amount of Prepayment Charges, if any;
); (ii) the amount of such distribution to Holders of each Class allocable to interest, together with any Non-Supported Interest Shortfalls allocated and, if applicable, the portion thereof allocable to amounts provided to Holders of each Class;
Class of Class A Certificates pursuant to the Class A Yield Maintenance Agreement and to the Class M-1 and Class M-2 Certificates pursuant to the M-1 and M-2 Yield Maintenance Agreement; (iii) any Interest Carry Forward Amounts, any Basis Risk Shortfall Carry Forward Amounts and any Net WAC Rate Carryover Amounts for each Class of Offered Certificates (other than the Residual Certificates); (iv) the Certificate Principal Balance of each Class immediately prior to the Offered Certificates before and after giving effect (i) to all distributions allocable to of principal on and allocation of Applied Realized Loss Amounts in reduction of Certificate Principal Balance for such Distribution Date and (ii) the allocation of any Subsequent Recoveries to increase the Certificate Principal Balance for such Distribution Date and the aggregate Certificate Principal Balances of the Class A Certificates and separately of the Class M-1 and Class M-2 Certificates after all such distributions and allocations; (v) the cumulative amount of Applied Realized Loss Amounts to date and the Unpaid Applied Realized Loss Amounts for each applicable Class of Offered Certificates after giving effect to the distribution of principal (including Subsequent Recoveries) and allocation of Applied Realized Loss Amounts on such Distribution Date;
(iv) the Pool Stated Principal Balance for such Distribution Date;
(v) the amount of the Servicing Fee paid to or retained by the Servicer, the amount of the Securities Administrator Fee paid to or retained by the Securities Administrator and any amounts constituting reimbursement or indemnification of the Servicer, Master Servicer, Securities Administrator or Trustee;
; (vi) the Pass-Through Rate for each Class of Offered Certificates for with respect to the current Accrual Period, and, if applicable, whether such Distribution Date;
Pass-Through Rate was limited by the Interest Rate Cap; (vii) the amount of any Excess Cashflow Amount and any Excess Yield Maintenance Amount; (viii) the aggregate of the Stated Principal Balances of the Mortgage Loans on the related Due Date; (ix) the related amount of the Master Servicing Fees paid to or retained by the Master Servicer and the Servicing Fees paid to or retained by each Servicer for the related Due Period; (x) the amount of Advances included in the distribution on such Distribution Date;
; (viii) the cumulative amount of (A) Realized Losses and (B) Applied Realized Loss Amounts to date, in the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage Loans;
(ix) the amount of (A) Realized Losses and (B) Applied Realized Loss Amounts with respect to such Distribution Date, in the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage Loans;
(xxi) the number and aggregate principal amounts of Mortgage Loans (A) Delinquent (exclusive of Mortgage Loans in foreclosureforeclosure and bankruptcy) (1) 31 to 60 days, (2) 61 to 90 days and (3) 91 or more days, and (B) in foreclosure and Delinquent delinquent (1) 31 to 60 days, (2) 61 to 90 days and (3) 91 or more days and (C) in bankruptcy and delinquent (1) 31 to 60 days, (2) 61 to 90 days and (3) 91 or more days, in each case as of the close of business on the last day of the calendar month preceding such Distribution Date, in the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage Loans;
; (xixii) with respect to any Mortgage Loan that became an REO Property was liquidated during the preceding calendar month, the loan number and Stated Principal Balance of of, and Realized Loss on, such Mortgage Loan as of the close of business on the last day end of the calendar month preceding such Distribution Date and the date of acquisition thereof, in the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage Loans;
related Prepayment Period; (xiixiii) whether a Trigger Event exists; (xiv) the total number and principal balance of any REO Properties as of the close end of business on the related Prepayment Period; (xv) the Realized Losses during the related Prepayment Period and the cumulative Realized Losses through the end of the preceding month; (xvi) the three month rolling average of the percent equivalent of a fraction, the numerator of which is the aggregate stated Principal Balance of the Mortgage Loans that are 61 days or more delinquent or are in bankruptcy or foreclosure or are REO Properties, and the denominator of which is the aggregate Stated Principal Balance of all of the Mortgage Loans as of the last day of the calendar month preceding such Distribution Date, in ; (xvii) the aggregate and with respect to Realized Losses on the Group One Mortgage Loans and Group Two Mortgage Loans;
(xiii) since the Closing Date as a percentage of the aggregate Stated Principal Balance of all Liquidated Loans as of the preceding Distribution Date, in the aggregate and with respect to the Group One Mortgage Loans on the Closing Date; and Group Two Mortgage Loans;
(xiv) whether a Stepdown Trigger Event has occurred and is in effect;
(xv) with respect to each Class of Certificates, any Interest Carry Forward Amount with respect to such Distribution Date for each such Class, any Interest Carry Forward Amount paid for each such Class and any remaining Interest Carry Forward Amount for each such Class;
(xvi) the number and Stated Principal Balance (as of the preceding Distribution Date) of any Mortgage Loans which were purchased or repurchased during the preceding Due Period and since the Cut-off Date;
(xvii) the number of Mortgage Loans for which Prepayment Charges were received during the related Prepayment Period and, for each such Mortgage Loan, the amount of Prepayment Charges received during the related Prepayment Period and in the aggregate of such amounts for all such Mortgage Loans since the Cut-off Date;
(xviii) the amount and purpose of any withdrawal from the Collection Account pursuant to Section 3.08(a)(viii);
(xix) the amount of any payments to each Class of Certificates that are treated as payments received in respect of a REMIC "regular interest" or REMIC "residual interest" Subsequent Recovery for such Distribution Date and the amount of any payments to each Class of Certificates that are not treated as payments received in respect of a REMIC "regular interest" or REMIC "residual interest";
(xx) as of each Distribution Date, by which the amount, if any, to be deposited in the Cap Contract Account pursuant to the related Cap Contract as described in Section 4.04(k) and the amount thereof to be paid to the Class A, Class M, Class B-1A, Class B-2A, Class B-3A, Class B-4A and Class C Certificates described in Section 4.04(k) hereof;
(xxi) any Floating Rate Certificate Carryover paid and all Floating Rate Certificate Carryover remaining on each class of the Class A, Class M, Class B-1, Class B-2, Class B-3 and Class B-4 Certificates on such Distribution Date;
(xxii) the number of Mortgage Loans with respect to which (i) a reduction in the Mortgage Rate has occurred or (ii) the related borrower's obligation to repay interest on a monthly basis has been suspended or reduced pursuant to the Servicemembers Civil Relief Act or the California Military and Veterans Code, as amended; and the amount of interest not required to be paid with respect to any such Mortgage Loans during the related Due Period as a result of such reductions in the aggregate and with respect to the Group One Mortgage Loans and the Group Two Mortgage Loans.
(xxiii) the aggregate Outstanding Principal Balance of each Class of Subordinated Certificates for the following Distribution Date;
(xxiv) the number and aggregate principal amounts of Mortgage Loans (A) delinquent (1) one Monthly Payment, (2) two Monthly Payments and (3) three or more Monthly Payments and (B) in foreclosure, in each case, was increased as of the end of the related Principal Prepayment Period;
(xxv) the number and the principal balance of Mortgage Loans with respect to any real estate acquired through foreclosure or grant of a deed in lieu of foreclosure;
(xxvi) the aggregate amount of all Advances recovered during the related Due Period;
(xxvii) the aggregate amount of Realized Losses during the related Due Period and the aggregate amount of Realized Losses since the Cut-off Date;
(xxviii) the allocation to each Class of Certificate of any Realized Losses during the related Due Period;
(xxix) with respect to each Class of Certificates, the amount of any Compensating Interest Shortfalls on such Distribution Date;
(xxx) Number and amount of pool assets at the beginning and ending of each period, and updated pool composition information, such as weighted average coupon, weighted average life, weighted average remaining term, pool factors and prepayment amounts;
(xxxi) In addition, describe any material changes to methodology regarding calculations of delinquencies and charge-offs;
(xxxii) Information on the amount, terms and general purpose of any advances made or reimbursed during the period, including the general use of funds advanced and the general source of funds for reimbursements;
(xxxiii) Any material modifications, extensions or waivers to pool asset terms, fees, penalties or payments during the distribution period or that have cumulatively become material over time;
(xxxiv) Material breaches of pool asset representations or warranties or transaction covenants;
(xxxv) Information on ratio, coverage or other tests used for determining any early amortization, liquidation or other performance trigger and whether the trigger was met; and
(xxxvi) Information regarding any new issuance of asset-backed securities backed by the same asset pool, any pool asset changes (other than in connection with a pool asset converting into cash in accordance with its terms), such as additions or removals in connection with a prefunding or revolving period and pool asset substitutions and repurchases (and purchase rates, if applicable), and cash flows available for future purchases, such as the balances of any prefunding or revolving accounts, if applicableresult thereof. Disclose any material changes in the solicitation, credit-granting, underwriting, origination, acquisition or pool selection criteria or procedures, as applicable, used to originate, acquire or select the new pool assets.
(b) The Securities Administrator will may make the Monthly Statement foregoing monthly statement (and, at its option, any additional files containing the same information in an alternative format) available each month to Certificateholders, other parties to this Agreement and any other interested parties Certificateholders via the Securities Administrator's Internet internet website. The Securities Administrator's Internet internet website shall initially be located at "www.__________." xxx.xxxxxxx.xxx". Assistance in using the Securities Administrator's website can be obtained by calling the Securities Administrator's customer service desk at ______________(000) 000-0000. To the extent timely received from the Securities Administrator, the Trustee will also make monthly statements available each month to Certificateholders and the Yield Maintenance Provider via the Trustee's internet website. The trustee's internet website will initially be located at xxx.xxxxxxxx.xxx/xxx. Assistance in using the Trustee's website service can be obtained by calling the Trustee's customer service desk at (000) 000-0000. Parties that are unable to use the website above distribution options are entitled to have a paper copy mailed to them via first class mail by calling the Securities Administrator's customer service desk and indicating such. The Securities Administrator shall have the right to may change the way the monthly statements to Certificateholders are distributed in order to make such distribution distributions more convenient and/or or more accessible to the above parties and the Securities Administrator shall provide timely and adequate notification to all above parties regarding any such changes. parties.
(b) The Securities Administrator shall 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 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 Securities Administrator's internet websiteresponsibility for making the above information available to the Certificateholders is limited to the availability, timeliness and accuracy of the information derived from the Master Servicer, the Securities Administrator may require registration EMC Servicer and the acceptance of a disclaimerTrustee. The Securities Administrator will make available a copy of each statement provided pursuant to this Section 5.05 to each Rating Agency.
(c) Within a reasonable period of time after the end of each calendar year, the Trustee shall cause to be furnished to the EMC Servicer, the Master Servicer and 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) and (a)(ii) of this Section 5.05 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) Upon filing with the Internal Revenue Service, the Securities Administrator shall furnish to the Holders of the Residual Certificates the applicable Form 1066 and each applicable Form 1066Q and shall respond promptly to written requests made not more frequently than quarterly by any Holder of a Residual Certificate with respect to the following matters:
(i) The original projected principal and interest cash flows on the Closing Date on each Class of regular and residual interests created hereunder and on the Mortgage Loans, based on the Prepayment Assumption; (ii) The projected remaining principal and interest cash flows as of the end of any calendar quarter with respect to each Class of regular and residual interests created hereunder and the Mortgage Loans, based on the Prepayment Assumption; (iii) The applicable Prepayment Assumption and any interest rate assumptions used in determining the projected principal and interest cash flows described above; (iv) The original issue discount (or, in the case of the Mortgage Loans, market discount) or premium accrued or amortized through the end of such calendar quarter with respect to each Class of regular or residual interests created hereunder and to the Mortgage Loans, together with each constant yield to maturity used in computing the same; (v) The treatment of losses realized with respect to the Mortgage Loans or the regular interests created hereunder, including the timing and amount of any cancellation of indebtedness income of a REMIC with respect to such regular interests or bad debt deductions claimed with respect to the Mortgage Loans; (vi) The amount and timing of any non-interest expenses of a REMIC; and (vii) Any taxes (including penalties and interest) imposed on the REMIC, including, without limitation, taxes on "prohibited transactions," "contributions" or "net income from foreclosure property" or state or local income or franchise taxes. The information pursuant to clauses (i), (ii), (iii) and (iv) above shall be liable for provided by the dissemination of information in accordance with this AgreementDepositor pursuant to Section 9.12.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Bear Stearns Asset Backed Securities Trust 2004-Sd3)
Monthly Statements to Certificateholders. (a) Not later than each Distribution Date based solely on information provided by the Servicer (which information is not required to include any prediction of future performance as to which such report relates), the Securities Administrator shall prepare and make available on its website located at xxx.xxxxxxx.xxx www.ctslink.com to each Holder of a Class of Certificates of the Trust FundXxxx, the Servicerxxx Xxxxicer, the Master Servicer, the Trustee, the NIMs Insurer, the Rating Agencies and the Depositor a statement setting forth for the Certificates:
(i) the amount of the related distribution to Holders of each Class allocable to principal, separately identifying (A) the aggregate amount of any Principal Prepayments included therein, (B) the aggregate of all scheduled payments of principal included therein, (C) the Extra Principal Distribution Amount, if any, and (D) the aggregate amount of Prepayment Charges, if any;
(ii) the amount of such distribution to Holders of each Class allocable to interest, together with any Non-Supported Interest Shortfalls allocated to each Class;
(iii) the Certificate Principal Balance of each Class immediately prior to and after giving effect (i) to all distributions allocable to principal on such Distribution Date and (ii) the allocation of any Applied Realized Loss Amounts for such Distribution Date;
(iv) the Pool Stated Principal Balance for such Distribution Date;
(v) the amount of the Servicing Fee paid to or retained by the Servicer, the amount of the Securities Administrator Fee paid to or retained by the Securities Administrator and any amounts constituting reimbursement or indemnification of the Servicer, Master Servicer, Securities Administrator or Trustee;
(vi) the Pass-Through Rate for each Class of Certificates for such Distribution Date;
(vii) the amount of Advances included in the distribution on such Distribution Date;
(viii) the cumulative amount of (A) Realized Losses and (B) Applied Realized Loss Amounts to date, in the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage Loans;
(ix) the amount of (A) Realized Losses and (B) Applied Realized Loss Amounts with respect to such Distribution Date, in the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage Loans;
(x) the number and aggregate principal amounts of Mortgage Loans (A) Delinquent (exclusive of Mortgage Loans in foreclosure) (1) 31 to 60 days, (2) 61 to 90 days and (3) 91 or more days, and (B) in foreclosure and Delinquent (1) 31 to 60 days, (2) 61 to 90 days and (3) 91 or more days, in each case as of the close of business on the last day of the calendar month preceding such Distribution Date, in the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage Loans;
(xi) with respect to any Mortgage Loan that became an REO Property during the preceding calendar month, the loan number and Stated Principal Balance of such Mortgage Loan as of the close of business on the last day of the calendar month preceding such Distribution Date and the date of acquisition thereof, in the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage Loans;
(xii) the total number and principal balance of any REO Properties as of the close of business on the last day of the calendar month preceding such Distribution Date, in the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage Loans;
(xiii) the aggregate Stated Principal Balance of all Liquidated Loans as of the preceding Distribution Date, in the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage Loans;
(xiv) whether a Stepdown Trigger Event or a Class A-1 Trigger Event has occurred and is in effect;
(xv) with respect to each Class of Certificates, any Interest Carry Forward Amount with respect to such Distribution Date for each such Class, any Interest Carry Forward Amount paid for each such Class and any remaining Interest Carry Forward Amount for each such Class;
(xvi) the number and Stated Principal Balance (as of the preceding Distribution Date) of any Mortgage Loans which were purchased or repurchased during the preceding Due Period and since the Cut-off Date;
(xvii) the number of Mortgage Loans for which Prepayment Charges were received during the related Prepayment Period and, for each such Mortgage Loan, the amount of Prepayment Charges received during the related Prepayment Period and in the aggregate of such amounts for all such Mortgage Loans since the Cut-off Date;
(xviii) the amount and purpose of any withdrawal from the Collection Account pursuant to Section 3.08(a)(viii);
(xix) the amount of any payments to each Class of Certificates that are treated as payments received in respect of a REMIC "regular interest" or REMIC "residual interest" and the amount of any payments to each Class of Certificates that are not treated as payments received in respect of a REMIC "regular interest" or REMIC "residual interest";
(xx) as of each Distribution Date, the amount, if any, to be deposited in the Cap Contract Account pursuant to the related Cap Contract as described in Section 4.04(k) and the amount thereof to be paid to the Class A, Class M, Class B-1A, Class B-2A, Class B-3A, Class B-4A B and Class C Certificates described in Section 4.04(k) hereof;
(xxi) any Floating Rate Certificate Carryover paid and all Floating Rate Certificate Carryover remaining on each class of the Class A, Class M, Class B-1, Offered Certificates and Class B-2, Class B-3 B-3, Class B-4 and Class B-4 B-5 Certificates on such Distribution Date;
(xxii) for each Distribution Date during the Pre-Funding Period, the amount on deposit in the Pre-Funding Account and the Capitalized Interest Account and the amount, if any, that has not been used to purchase Subsequent Mortgage Loans and that is being distributed to certificate holders as a mandatory prepayment of principal on such Distribution Date, such amounts being stated in the aggregate and with respect to Group One and Group Two; and
(xxiii) the number of Mortgage Loans with respect to which (i) a reduction in the Mortgage Rate has occurred or (ii) the related borrower's obligation to repay interest on a monthly basis has been suspended or reduced pursuant to the Servicemembers Civil Relief Act or the California Military and Veterans Code, as amended; and the amount of interest not required to be paid with respect to any such Mortgage Loans during the related Due Period as a result of such reductions in the aggregate and with respect to the Group One Mortgage Loans and the Group Two Mortgage Loans.
(xxiii) the aggregate Outstanding Principal Balance of each Class of Certificates for the following Distribution Date;
(xxiv) the number and aggregate principal amounts of Mortgage Loans (A) delinquent (1) one Monthly Payment, (2) two Monthly Payments and (3) three or more Monthly Payments and (B) in foreclosure, in each case, as of the end of the related Principal Prepayment Period;
(xxv) the number and the principal balance of Mortgage Loans with respect to any real estate acquired through foreclosure or grant of a deed in lieu of foreclosure;
(xxvi) the aggregate amount of all Advances recovered during the related Due Period;
(xxvii) the aggregate amount of Realized Losses during the related Due Period and the aggregate amount of Realized Losses since the Cut-off Date;
(xxviii) the allocation to each Class of Certificate of any Realized Losses during the related Due Period;
(xxix) with respect to each Class of Certificates, the amount of any Compensating Interest Shortfalls on such Distribution Date;
(xxx) Number and amount of pool assets at the beginning and ending of each period, and updated pool composition information, such as weighted average coupon, weighted average life, weighted average remaining term, pool factors and prepayment amounts;
(xxxi) In addition, describe any material changes to methodology regarding calculations of delinquencies and charge-offs;
(xxxii) Information on the amount, terms and general purpose of any advances made or reimbursed during the period, including the general use of funds advanced and the general source of funds for reimbursements;
(xxxiii) Any material modifications, extensions or waivers to pool asset terms, fees, penalties or payments during the distribution period or that have cumulatively become material over time;
(xxxiv) Material breaches of pool asset representations or warranties or transaction covenants;
(xxxv) Information on ratio, coverage or other tests used for determining any early amortization, liquidation or other performance trigger and whether the trigger was met; and
(xxxvi) Information regarding any new issuance of asset-backed securities backed by the same asset pool, any pool asset changes (other than in connection with a pool asset converting into cash in accordance with its terms), such as additions or removals in connection with a prefunding or revolving period and pool asset substitutions and repurchases (and purchase rates, if applicable), and cash flows available for future purchases, such as the balances of any prefunding or revolving accounts, if applicable. Disclose any material changes in the solicitation, credit-granting, underwriting, origination, acquisition or pool selection criteria or procedures, as applicable, used to originate, acquire or select the new pool assets.
(b) The Securities Administrator will make the Monthly Statement (and, at its option, any additional files containing the same information in an alternative format) available each month to Certificateholders, other parties to this Agreement and any other interested parties via the Securities Administrator's Internet website. The Securities Administrator's Internet website shall initially be located at "www.__________www.ctslink.com." Assistance in using the website can be obtained by calling the Securities cxxxxxx xxx Xxxxrities Administrator's customer service desk at ______________(301) 815-6600. Parties that are unable to use the website are entitled to have a paper entitlex xx xxxx x xxper 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 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 Securities Administrator shall provide timely and adequate notification to all above parties regarding any such changes. The Securities Administrator shall 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 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 Securities Administrator's internet website, the Securities Administrator may require registration and the acceptance of a disclaimer. The Securities Administrator will not be liable for the dissemination of information in accordance with this Agreement.
(c) The Servicer shall deliver to the NIMs Insurer a copy of any report delivered by the Servicer to the Securities Administrator.
(d) If so requested in writing within a reasonable period of time after the end of each calendar year, the Securities Administrator shall make available on its website or cause to be furnished to each Person who at any time during the calendar year was a Certificateholder of record, a statement containing the information set forth in clauses (a)(i) without regard to subclauses (A)-(D) thereof and (a)(ii) of this Section 4.05 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 be provided by the Securities Administrator pursuant to any requirements of the Code as are from time to time in effect.
(e) Upon filing with the Internal Revenue Service, the Securities Administrator shall furnish to the Holders of the Class R Certificate and the NIMs Insurer each Form 1066 and each Form 1066Q and shall respond promptly to written requests made not more frequently than quarterly by any Holder of a Class R Certificate with respect to the following matters:
(i) The original projected principal and interest cash flows on the Closing Date on each Class of regular and residual interests created hereunder and on the Mortgage Loans, based on the Prepayment Assumption;
(ii) The projected remaining principal and interest cash flows as of the end of any calendar quarter with respect to each Class of regular and residual interests created hereunder and the Mortgage Loans, based on the Prepayment Assumption;
(iii) The Prepayment Assumption and any interest rate assumptions used in determining the projected principal and interest cash flows described above;
(iv) The original issue discount (or, in the case of the Mortgage Loans, market discount) or premium accrued or amortized through the end of such calendar quarter with respect to each Class of regular or residual interests created hereunder and to the Mortgage Loans, together with each constant yield to maturity used in computing the same;
(v) The treatment of losses realized with respect to the Mortgage Loans or the regular interests created hereunder, including the timing and amount of any cancellation of indebtedness income of the REMICs with respect to such regular interests or bad debt deductions claimed with respect to the Mortgage Loans;
(vi) The amount and timing of any non-interest expenses of the REMICs; and
(vii) Any taxes (including penalties and interest) imposed on the REMICs, including, without limitation, taxes on "prohibited transactions," "contributions" or "net income from foreclosure property" or state or local income or franchise taxes. The information pursuant to clauses (i), (ii), (iii) and (iv) above shall be provided by the Depositor pursuant to Section 8.12.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Merrill Lynch Mortgage Investors Ownit Series 2005-2)
Monthly Statements to Certificateholders. (a) Not later than each Distribution Date based solely on information provided by the Servicing Administrator or the Servicer (which information is not required pursuant to include any prediction of future performance Section 3.24, as to which such report relates)applicable, the Securities Administrator shall prepare and make available on its website located at xxx.xxxxxxx.xxx www.jpmorgan.com/sfr to each Holder of a Class of Certificates of the Trust FundXxxxx Xxxx, the Servicer, the Master Servicerxxx Xxxvicing Administrator, the Trustee, the NIMs Certificate Insurer, the Credit Risk Manager, the Rating Agencies Agency and the Depositor a statement setting forth for the each $1,000 principal amount of Certificates:
(i) the amount of the related distribution to Holders of each Class allocable to principal, separately identifying (A) the aggregate amount of any Principal Prepayments included therein, (B) the aggregate of all scheduled payments of principal included therein, therein and (C) the Extra Principal Distribution Amount, if any, and (D) the aggregate amount of Prepayment Charges, if any;
(ii) the amount of such distribution to Holders of each Class allocable to interest, together with any Non-Supported Interest Shortfalls allocated to each Class;
(iii) any Interest Carry Forward Amount for each Class of the Certificates;
(iv) the Certificate Principal Balance of each Class immediately prior to and after giving effect (i) to all distributions allocable to principal on such Distribution Date and Date;
(iiv) the allocation aggregate outstanding principal balance of any Applied Realized Loss Amounts each Class of Certificates for such the following Distribution Date;
(ivvi) the Pool Stated Principal Balance for such Distribution Date;
(vvii) the related amount of the Aggregate Servicing Fee, the Servicing Fee paid to or retained by the Servicer, the amount of the Securities Administrator Fee paid to or retained by the Securities Administrator and any amounts constituting reimbursement or indemnification Administrator, the amount of the Servicer, Master Servicer, Securities Administrator or TrusteeCredit Risk Manager Fee paid to the Credit Risk Manager and the amount of any Certificate Insurer Premium paid to the Certificate Insurer;
(viviii) the Pass-Through Rate for each Class of Certificates for such Distribution Date;
(viiix) the amount of Advances included in the distribution on such Distribution Date;
(viiix) [RESERVED];
(xi) the aggregate amount of reimbursement to the Servicer of Non-Recoverable Advances previously made;
(xii) the aggregate amount of recovery to the Trust Fund of reimbursement previously deemed non-recoverable;
(xiii) the cumulative amount of (A) Realized Losses and (B) Applied Realized Loss Amounts to date, in the aggregate and with respect to the Group One I Mortgage Loans and the Group Two II Mortgage Loans) of (A) Realized Losses, (B) Applied Realized Loss Amounts to date and (C) Unpaid Realized Loss Amounts;
(ixxiv) the amount (in the aggregate and with respect to the Group I Mortgage Loans and the Group II Mortgage Loans) of (A) Realized Losses and (B) Applied Realized Loss Amounts with respect to such Distribution Date, in the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage Loans;
(xxv) the number and aggregate principal amounts of Mortgage Loans (A) Delinquent (exclusive of Mortgage Loans in foreclosure) (1) 31 to 60 30 days, (2) 61 to 60 days, (3) 90 days and (34) 91 or more days, and (B) 120 days to include such Delinquent Mortgage Loans which are also in foreclosure and Delinquent (1) 31 to 60 days, (2) 61 to 90 days and (3) 91 or more days, in each case bankruptcy as of the close of business on the last day of the calendar month preceding such Distribution Date, in the aggregate and with respect to the Group One I Mortgage Loans and the Group Two II Mortgage Loans;
(xixvi) with respect to any Mortgage Loan that became an REO Property during the preceding calendar month, the loan number and Stated Principal Balance aggregate principal amounts of such Mortgage Loan Loans that were in bankruptcy as of the close of business on the last day of the calendar month preceding such Distribution Date and the date of acquisition thereofDate, in the aggregate and with respect to the Group One I Mortgage Loans and the Group Two II Mortgage Loans;
(xiixvii) the number and aggregate principal amounts of Mortgage Loans that were in foreclosure as of the close of business on the last day of the calendar month preceding such Distribution Date, in the aggregate and with respect to the Group I Mortgage Loans and the Group II Mortgage Loans;
(xviii) the total number and principal balance of any REO Properties as of the close of business on the last day of the calendar month preceding such Distribution Date, in the aggregate and with respect to the Group One I Mortgage Loans and the Group Two II Mortgage Loans;
(xiiixix) the aggregate Stated Principal Balance of all Liquidated Loans as of the preceding Distribution Date, in the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage Loanswhether a Trigger Event has occurred;
(xiv) whether a Stepdown Trigger Event has occurred and is in effect;
(xvxx) with respect to each Class of Certificatesthe Class A, Class B and Class M Certificates any Interest Carry Forward Amount Floating Rate Certificate Carryover with respect to such Distribution Date for each such Class, any Interest Carry Forward Amount Floating Rate Certificate Carryover paid for each such Class and any remaining Interest Carry Forward Amount Floating Rate Certificate Carryover for each such Class;
(xvixxi) the amount distributed as interest to each Class of Certificates attributable to a regular interest in a REMIC and the amount distributed to each Class of Certificates not attributable to a regular interest in a REMIC;
(xxii) the number and aggregate Stated Principal Balance (as of the preceding Distribution Date) of any all Subsequent Mortgage Loans which were purchased or repurchased added during the preceding Due Period and since the Cut-off DatePeriod;
(xviixxiii) any amounts distributed as Excess Interest to the Class A, Class M or Class B Certificates;
(xxiv) the number and aggregate Stated Principal Balance of Mortgage Loans for which Prepayment Charges prepayment penalties were received during the related Prepayment Period and, for each such Mortgage Loan, the amount of Prepayment Charges prepayment penalties received during the related Prepayment Period and in the aggregate of such amounts for all such Mortgage Loans since the Cut-off Date;
(xviiixxv) the current and cumulative number and amount of prepayment penalties and purpose the current and cumulative amount of any withdrawal from late payment fees received during the Collection Account pursuant to Section 3.08(a)(viii)related Prepayment Period;
(xixxxvi) the amount total number and principal balance of any payments to each Class of Certificates Mortgage Loans that are treated as payments received in respect of a REMIC "regular interest" or REMIC "residual interest" were repurchased during the calendar month preceding such Distribution Date and the amount total number and principal balance of any payments Mortgage Loans that were repurchased from the Closing Date to each Class of Certificates that are not treated as payments received such Distribution Date, in the aggregate and with respect of a REMIC "regular interest" or REMIC "residual interest"to the Group I Mortgage Loans and the Group II Mortgage Loans;
(xxxxvii) the aggregate amount of Subsequent Recoveries for such Distribution Date and the aggregate amount of Subsequent Recoveries collected after the Closing Date to such Distribution Date, in the aggregate and with respect to the Group I Mortgage Loans and the Group II Mortgage Loans;
(xxviii) the weighted average remaining term to maturity of the Mortgage Loans as of the first day of the calendar month preceding such Distribution Date, in the aggregate and with respect to the Group I Mortgage Loans and the Group II Mortgage Loans;
(xxix) as of each Distribution Date, the amount, if any, to be deposited in the Cap Contract Account Supplemental Interest Trust pursuant to the related Cap Contract Swap Agreement as described in Section 4.04(k5.05(l) and the amount thereof to be paid to the Class A, Class M, Class B-1A, Class B-2A, Class B-3A, Class B-4A and Class C Certificates described in Section 4.04(k) hereof;Certificates; and
(xxixxx) any as of each Distribution Date, the Floating Rate Certificate Carryover paid for each Class of Certificates (other than the Class X Certificates) and all the portion of such Floating Rate Certificate Carryover remaining on each class of that is attributable to the fact that Applied Realized Loss Amounts are not allocated to the Class A, A or Class M, Class B-1, Class B-2, Class B-3 and Class B-4 Certificates on such Distribution Date;
(xxii) the number of Mortgage Loans with respect to which (i) a reduction in the Mortgage Rate has occurred or (ii) the related borrower's obligation to repay interest on a monthly basis has been suspended or reduced pursuant to the Servicemembers Civil Relief Act or the California Military and Veterans Code, as amended; and the amount of interest not required to be paid with respect to any such Mortgage Loans during the related Due Period as a result of such reductions in the aggregate and with respect to the Group One Mortgage Loans and the Group Two Mortgage Loans.
(xxiii) the aggregate Outstanding Principal Balance of each Class of Certificates for the following Distribution Date;
(xxiv) the number and aggregate principal amounts of Mortgage Loans (A) delinquent (1) one Monthly Payment, (2) two Monthly Payments and (3) three or more Monthly Payments and (B) in foreclosure, in each case, as of the end of the related Principal Prepayment Period;
(xxv) the number and the principal balance of Mortgage Loans with respect to any real estate acquired through foreclosure or grant of a deed in lieu of foreclosure;
(xxvi) the aggregate amount of all Advances recovered during the related Due Period;
(xxvii) the aggregate amount of Realized Losses during the related Due Period and the aggregate amount of Realized Losses since the Cut-off Date;
(xxviii) the allocation to each Class of Certificate of any Realized Losses during the related Due Period;
(xxix) with respect to each Class of R Certificates, the amount of any Compensating Interest Shortfalls on such Distribution Date;
(xxx) Number and amount of pool assets at the beginning and ending of each period, and updated pool composition information, such as weighted average coupon, weighted average life, weighted average remaining term, pool factors and prepayment amounts;
(xxxi) In addition, describe any material changes to methodology regarding calculations of delinquencies and charge-offs;
(xxxii) Information on the amount, terms and general purpose of any advances made or reimbursed during the period, including the general use of funds advanced and the general source of funds for reimbursements;
(xxxiii) Any material modifications, extensions or waivers to pool asset terms, fees, penalties or payments during the distribution period or that have cumulatively become material over time;
(xxxiv) Material breaches of pool asset representations or warranties or transaction covenants;
(xxxv) Information on ratio, coverage or other tests used for determining any early amortization, liquidation or other performance trigger and whether the trigger was met; and
(xxxvi) Information regarding any new issuance of asset-backed securities backed by the same asset pool, any pool asset changes (other than in connection with a pool asset converting into cash in accordance with its terms), such as additions or removals in connection with a prefunding or revolving period and pool asset substitutions and repurchases (and purchase rates, if applicable), and cash flows available for future purchases, such as the balances of any prefunding or revolving accounts, if applicable. Disclose any material changes in the solicitation, credit-granting, underwriting, origination, acquisition or pool selection criteria or procedures, as applicable, used to originate, acquire or select the new pool assets.
(b) The Securities Administrator will make If so requested in writing or as required by applicable law, within a reasonable period of time after the Monthly Statement (andend of each calendar year, at its option, any additional files containing the same information in an alternative format) available each month to Certificateholders, other parties to this Agreement and any other interested parties via the Securities Administrator's Internet website. The Securities Administrator's Internet website shall initially be located at "www.__________." 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 website 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 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 Securities Administrator shall provide timely make available on its website or cause to be furnished to each Person who at any time during the calendar year was a Certificateholder of record (and adequate notification to all above parties regarding any the Certificate Insurer), a statement containing the information set forth in clauses (a)(i) and (a)(ii) of this Section 5.06 aggregated for such changescalendar year or applicable portion thereof during which such Person was a Certificateholder. The Such obligation of the Securities Administrator shall also be entitled deemed to rely on but have been satisfied to the extent that substantially comparable information shall not be responsible for the content or accuracy of any information provided by third parties for purposes of preparing the monthly statement 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 Securities Administrator's internet websiteAdministrator pursuant to any requirements of the Code as from time to time in effect. Within a reasonable period of time after the end of each calendar year if requested in writing or required by applicable law, the Securities Administrator may require registration will prepare and deliver to each certificateholder of record during the acceptance of previous calendar year, a disclaimerstatement containing information necessary to enable certificateholders to prepare their tax returns. The Securities Administrator will not be liable responsible for any errors, omissions or misstatements that may be incorporated in such statement.
(c) Upon filing with the dissemination Internal Revenue Service, the Securities Administrator shall furnish to the Holders of the Class R Certificate the Form 1066 and each Form 1066Q and shall respond promptly to written requests made not more frequently than quarterly by any Holder of Class R Certificate with respect to the following matters: the original projected principal and interest cash flows on the Closing Date on each Class of regular and residual interests created hereunder and on the Mortgage Loans, based on the Prepayment Assumption;
(i) The projected remaining principal and interest cash flows as of the end of any calendar quarter with respect to each Class of regular and residual interests created hereunder and the Mortgage Loans, based on the Prepayment Assumption;
(ii) The Prepayment Assumption and any interest rate assumptions used in determining the projected principal and interest cash flows described above;
(iii) The original issue discount (or, in the case of the Mortgage Loans, market discount) or premium accrued or amortized through the end of such calendar quarter with respect to each Class of regular or residual interests created hereunder and to the Mortgage Loans, together with each constant yield to maturity used in computing the same;
(iv) The treatment of losses realized with respect to the Mortgage Loans or the regular interests created hereunder, including the timing and amount of any cancellation of indebtedness income of the REMICs with respect to such regular interests or bad debt deductions claimed with respect to the Mortgage Loans;
(v) The amount and timing of any non-interest expenses of the REMICs; and
(vi) Any taxes (including penalties and interest) imposed on the REMICs, including, without limitation, taxes on "prohibited transactions," "contributions" or "net income from foreclosure property" or state or local income or franchise taxes. The Securities Administrator shall only be required to provide the information in accordance with this Agreementpursuant to clauses (i), (ii) and (iii) above if such information is provided to the Securities Administrator by the Depositor.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Terwin Mortgage Trust, Series TMTS 2005-16he)
Monthly Statements to Certificateholders. (a) Not later than each Distribution Date based solely on information provided by the Servicer (which information is not required to include any prediction of future performance as to which such report relates)Date, the Securities Administrator shall prepare and make available on its website located at xxx.xxxxxxx.xxx to each Holder of a Class of Certificates of the Trust Fund, the ServicerCertificateholder, the Master Servicer, the Servicer, the Credit Risk Manager, the Depositor, the Trustee, the NIMs InsurerCap Counterparty and each Rating Agency a statement, based on information provided to the Rating Agencies Securities Administrator by the Master Servicer and the Depositor a statement Cap Counterparty and to the Master Servicer by the Servicer, setting forth for with respect to the Certificatesrelated distribution:
(i) the amount of the related distribution to Holders of each Class thereof allocable to principal, separately identifying (A) the aggregate amount of any Principal Prepayments included thereinPrepayments, (B) the aggregate of all scheduled payments of principal included therein, (C) the Extra Principal Distribution Amount, if any, Liquidation Proceeds and (D) the aggregate amount of Prepayment Charges, if anySubsequent Recoveries;
(ii) the amount of such distribution to Holders of each Class thereof allocable to interest, together with any Non-Supported Interest Shortfalls allocated to each Class;
(iii) the Certificate Principal Balance of each Class immediately prior to Carry Forward Amounts included in such distribution and any remaining Interest Carry Forward Amounts after giving effect (i) to all distributions allocable to principal on such distribution, any Basis Risk Carryover Amount for such Distribution Date and (ii) the allocation amount of any Applied Realized Loss Amounts for all Basis Risk Carryover Amount covered by withdrawals from the Excess Reserve Fund Account on such Distribution Date;
(iii) 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 thereof as between principal and interest, including any Basis Risk Carryover Amount not covered by amounts in the Excess Reserve Fund Account;
(iv) the Pool Stated Principal Class Certificate Balance for of each Class of Certificates after giving effect to the distribution of principal on such Distribution Date;
(v) the Pool Stated Principal Balance for the following Distribution Date;
(vi) the amount of the Servicing Fee Expense Fees (in the aggregate and separately stated) paid to or retained by the Servicer, the amount of any Subservicer and the Securities Administrator Fee paid with respect to or retained by the Securities Administrator and any amounts constituting reimbursement or indemnification of the Servicer, Master Servicer, Securities Administrator or Trustee;
(vi) the Pass-Through Rate for each Class of Certificates for such Distribution Date;
(vii) the amount Interest Rate for each such Class of Advances included in the distribution on Certificates with respect to such Distribution Date;
(viii) the cumulative amount of (A) Realized Losses and (B) Applied Realized Loss Amounts to date, P&I Advances included in the distribution on such Distribution Date and the aggregate and with respect to amount of P&I Advances outstanding as of the Group One Mortgage Loans and Group Two Mortgage Loansclose of business on the Determination Date immediately preceding such Distribution Date;
(ix) the amount of (A) Realized Losses and (B) Applied Realized Loss Amounts with respect to such Distribution Date, in the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage Loans;
(x) the number and aggregate outstanding principal amounts balances of Mortgage Loans (A) Delinquent (exclusive of except those Mortgage Loans in foreclosurethat are liquidated as of the end of the related Prepayment Period) (1) as to which the Scheduled Payment is delinquent 31 to 60 days, (2) 61 to 90 days and (3) 91 or more days, and (B2) that have become REO Property, (3) that are in foreclosure and Delinquent (14) 31 to 60 days, (2) 61 to 90 days and (3) 91 or more daysthat are in bankruptcy, in each case as of the close of business on the last day Business Day of the calendar month immediately preceding such Distribution Date, in the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage Loansmonth;
(xix) with respect to any Mortgage Loan Loans that became an REO Property Properties during the preceding calendar month, the loan number and the aggregate Stated Principal Balance of such Mortgage Loan Loans as of the close of business on the last day of the calendar month Determination Date preceding such Distribution Date and the date of acquisition thereof, in the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage Loans;
(xiixi) the total number and aggregate principal balance of any REO Properties as of the close of business on the last day of the calendar month Determination Date preceding such Distribution Date, in the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage Loans;
(xiii) the aggregate Stated Principal Balance of all Liquidated Loans as of the preceding Distribution Date, in the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage Loans;
(xivxii) whether a Stepdown Trigger Event has occurred and is in effectcontinuing;
(xv) with respect to each Class of Certificates, any Interest Carry Forward Amount with respect to such Distribution Date for each such Class, any Interest Carry Forward Amount paid for each such Class and any remaining Interest Carry Forward Amount for each such Class;
(xvi) the number and Stated Principal Balance (as of the preceding Distribution Date) of any Mortgage Loans which were purchased or repurchased during the preceding Due Period and since the Cut-off Date;
(xvii) the number of Mortgage Loans for which Prepayment Charges were received during the related Prepayment Period and, for each such Mortgage Loan, the amount of Prepayment Charges received during the related Prepayment Period and in the aggregate of such amounts for all such Mortgage Loans since the Cut-off Date;
(xviii) the amount and purpose of any withdrawal from the Collection Account pursuant to Section 3.08(a)(viii);
(xix) the amount of any payments to each Class of Certificates that are treated as payments received in respect of a REMIC "regular interest" or REMIC "residual interest" and the amount of any payments to each Class of Certificates that are not treated as payments received in respect of a REMIC "regular interest" or REMIC "residual interest";
(xx) as of each Distribution Date, the amount, if any, to be deposited in the Cap Contract Account pursuant to the related Cap Contract as described in Section 4.04(k) and the amount thereof to be paid to the Class A, Class M, Class B-1A, Class B-2A, Class B-3A, Class B-4A and Class C Certificates described in Section 4.04(k) hereof;
(xxi) any Floating Rate Certificate Carryover paid and all Floating Rate Certificate Carryover remaining on each class of the Class A, Class M, Class B-1, Class B-2, Class B-3 and Class B-4 Certificates on such Distribution Date;
(xxii) the number of Mortgage Loans with respect to which (i) a reduction in the Mortgage Rate has occurred or (ii) the related borrower's obligation to repay interest on a monthly basis has been suspended or reduced pursuant to the Servicemembers Civil Relief Act or the California Military and Veterans Code, as amended; and the amount of interest not required to be paid with respect to any such Mortgage Loans during the related Due Period as a result of such reductions in the aggregate and with respect to the Group One Mortgage Loans and the Group Two Mortgage Loans.
(xxiii) the aggregate Outstanding Principal Balance of each Class of Certificates for the following Distribution Date;
(xxiv) the number and aggregate principal amounts of Mortgage Loans (A) delinquent (1) one Monthly Payment, (2) two Monthly Payments and (3) three or more Monthly Payments and (B) in foreclosure, in each case, as of the end of the related Principal Prepayment Period;
(xxv) the number and the principal balance of Mortgage Loans with respect to any real estate acquired through foreclosure or grant of a deed in lieu of foreclosure;
(xxvi) the aggregate amount of all Advances recovered during the related Due Period;
(xxvii) the aggregate amount of Realized Losses during the related Due Period and the aggregate amount of Realized Losses since the Cut-off Date;
(xxviii) the allocation to each Class of Certificate of any Realized Losses during the related Due Period;
(xxix) with respect to each Class of Certificates, the amount of any Compensating Interest Shortfalls on such Distribution Date;
(xxx) Number and amount of pool assets at the beginning and ending of each period, and updated pool composition information, such as weighted average coupon, weighted average life, weighted average remaining term, pool factors and prepayment amounts;
(xxxi) In addition, describe any material changes to methodology regarding calculations of delinquencies and charge-offs;
(xxxii) Information on the amount, terms and general purpose of any advances made or reimbursed during the period, including the general use of funds advanced and the general source of funds for reimbursements;
(xxxiii) Any material modifications, extensions or waivers to pool asset terms, fees, penalties or payments during the distribution period or that have cumulatively become material over time;
(xxxiv) Material breaches of pool asset representations or warranties or transaction covenants;
(xxxv) Information on ratio, coverage or other tests used for determining any early amortization, liquidation or other performance trigger and whether the trigger was met; and
(xxxvi) Information regarding any new issuance of asset-backed securities backed by the same asset pool, any pool asset changes (other than in connection with a pool asset converting into cash in accordance with its terms), such as additions or removals in connection with a prefunding or revolving period and pool asset substitutions and repurchases (and purchase rates, if applicable), and cash flows available for future purchases, such as the balances of any prefunding or revolving accounts, if applicable. Disclose any material changes in the solicitation, credit-granting, underwriting, origination, acquisition or pool selection criteria or procedures, as applicable, used to originate, acquire or select the new pool assets.
(b) The Securities Administrator will make the Monthly Statement (and, at its option, any additional files containing the same information in an alternative format) available each month to Certificateholders, other parties to this Agreement and any other interested parties via the Securities Administrator's Internet website. The Securities Administrator's Internet website shall initially be located at "www.__________." 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 website 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 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 Securities Administrator shall provide timely and adequate notification to all above parties regarding any such changes. The Securities Administrator shall 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 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 Securities Administrator's internet website, the Securities Administrator may require registration and the acceptance of a disclaimer. The Securities Administrator will not be liable for the dissemination of information in accordance with this Agreement.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (HSI Asset Loan Obligation Trust 2007-Wf1)
Monthly Statements to Certificateholders. (a) Not later than each Distribution Date based solely on information provided by the Servicer (which information is not required to include any prediction of future performance as to which such report relates)Date, the Securities Administrator Trustee shall prepare and make available on its website located at xxx.xxxxxxx.xxx xxx.xxxxxxxx.xxx to each Holder of a Class of Certificates of the Trust Fund, the Servicer, the Master Servicer, the Trustee, the NIMs InsurerRating Agencies, the Rating Agencies Cap Contract Counterparty, the Swap Counterparty and the Depositor a statement setting forth for the CertificatesCertificates the following information; provided, however, that with respect to any calendar year during which an annual report on Form 10-K is not required to be filed with the Commission on behalf of the Issuing Entity, information set forth in Items (xxiv) through (xxxii) below are not required to be included in such statement during any calendar year:
(i) the amount of the related distribution to Holders of each Class allocable to principal, separately identifying (A) the aggregate amount of any Principal Prepayments included therein, (B) the aggregate of all scheduled payments of principal included therein, (C) the Extra Principal Distribution Amount, if any, and (D) the aggregate amount of Prepayment Charges, if any;
(ii) the amount of such distribution to Holders of each Class allocable to interest, together with any Non-Supported Interest Shortfalls allocated to each Class;
(iii) any interest Carryforward Amount for each Class of the Class A, Class M and Class B Certificates;
(iv) the Class Certificate Principal Balance of each Class immediately prior to and after giving effect (i) to all distributions allocable to principal on such Distribution Date and (ii) the allocation of any Applied Realized Loss Amounts for such Distribution Date;
(ivv) the Pool Stated Principal Balance for such Distribution Date;
(vvi) the amount of the Servicing Fee paid to or retained by the Servicer, the amount of the Securities Administrator Fee paid to or retained by the Securities Administrator Servicer and any amounts constituting reimbursement or indemnification of the Servicer, Master Servicer, Securities Administrator Servicer or Trustee;
(vivii) the Pass-Through Rate for each Class of Certificates for such Distribution Date;
(viiviii) the amount of Advances included in the distribution on such Distribution Date;
(viiiix) the cumulative amount of (A) Realized Losses and (B) Applied Realized Loss Amounts to date, in the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage Loans;
(ixx) the amount of (A) Realized Losses and (B) Applied Realized Loss Amounts with respect to such Distribution Date, in the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage Loans;
(xxi) the number and aggregate principal amounts of Mortgage Loans (A) Delinquent (exclusive of Mortgage Loans in foreclosure) (1) 31 to 60 days, (2) 61 to 90 days and (3) 91 or more days, and (B) in foreclosure and Delinquent (1) 31 to 60 days, (2) 61 to 90 days and (3) 91 or more days, in each case as of the close of business on the last day of the calendar month preceding such Distribution Date, in the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage Loans;
(xixii) with respect to any Mortgage Loan Loans that became an become REO Property Properties during the preceding calendar month, the loan number and aggregate Stated Principal Balance of such Mortgage Loan Loans as of the close of business on the last day of the calendar month preceding such Distribution Date and the date of acquisition thereof, in the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage Loans;
(xiixiii) the total number and principal balance of any REO Properties as of the close of business on the last day of the calendar month preceding such Distribution Date, in the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage Loans;
(xiiixiv) the aggregate Stated Principal Balance of all Liquidated Loans as of the preceding Distribution Date, in the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage Loans;
(xivxv) whether a Stepdown Trigger Event has occurred and is in effect;
(xvxvi) with respect to each Class of Certificates, any Interest Carry Forward Amount with respect to such Distribution Date for each such Class, any Interest Carry Forward Amount paid for each such Class and any remaining Interest Carry Forward Amount for each such Class;
(xvixvii) the number and Stated Principal Balance (as of the preceding Distribution Date) of any Mortgage Loans which were purchased or repurchased during the preceding Due Period and since the Cut-off Date;
(xviixviii) the number of Mortgage Loans for which Prepayment Charges were received during the related Prepayment Period and, for each such Mortgage Loan, the amount of Prepayment Charges received during the related Prepayment Period and in the aggregate of such amounts for all such Mortgage Loans since the Cut-off Date;
(xviiixix) the amount and purpose of any withdrawal from the Collection Account pursuant to Section 3.08(a)(viii);
(xixxx) the amount of any payments to each Class of Certificates that are treated as payments received in respect of a REMIC "regular interest" or REMIC "residual interest" and the amount of any payments to each Class of Certificates that are not treated as payments received in respect of a REMIC "regular interest" or REMIC "residual interest";
(xxxxi) as of each Distribution Date, the amount, if any, to be deposited in the Cap Contract Account pursuant to the related Cap Contract as described in Section 4.04(k) and the amount thereof to be paid to the Class AA-1 Certificates, the Class MA-2 Certificates, Class B-1A, Class B-2A, Class B-3A, Class B-4A the Subordinate Certificates and the Class C Certificates described in Section 4.04(k) hereof;
(xxixxii) as of each Distribution Date, the amount, if any, to be deposited in the Supplemental Interest Trust pursuant to the Swap Agreement as described in Section 4.04(l) and the amount thereof to be paid to the Certificates;
(xxiii) any Floating Rate Certificate Carryover paid and all Floating Rate Certificate Carryover remaining on each class Class of the Class A, Class M, Class B-1, Class B-2, Class B-3 M and Class B-4 B Certificates on such Distribution Date;
(xxiixxiv) the number of Mortgage Loans with respect to which (i) a reduction in the Mortgage Rate has occurred or (ii) the related borrower's obligation to repay interest on a monthly basis has been suspended or reduced pursuant to the Servicemembers Civil Relief Act or the California Military and Veterans Code, as amended; and the amount of interest not required to be paid with respect to any such Mortgage Loans during the related Due Period as a result of such reductions in the aggregate and with respect to the Group One Mortgage Loans and the Group Two Mortgage Loans.
(xxiii) the aggregate Outstanding Principal Balance of each Class of Certificates for the following Distribution Date;
(xxiv) the number and aggregate principal amounts of Mortgage Loans (A) delinquent (1) one Monthly Payment, (2) two Monthly Payments and (3) three or more Monthly Payments and (B) in foreclosure, in each case, as of the end of the related Principal Prepayment Period;
(xxv) the number and the principal balance of Mortgage Loans with respect to any real estate acquired through foreclosure or grant of a deed in lieu of foreclosure;
(xxvi) the aggregate amount of all Advances recovered during the related Due Period;
(xxvii) the aggregate amount of Realized Losses during the related Due Period and the aggregate amount of Realized Losses since the Cut-off Date;
(xxviii) the allocation to each Class of Certificate of any Realized Losses during the related Due Period;
(xxix) with respect to each Class of Certificates, the amount of any Compensating Non-Supported Interest Shortfalls on such Distribution Date;
(xxxxxvi) Number the number and amount of pool assets at the beginning and ending of each period, and updated pool composition information, such as weighted average coupon, weighted average life, weighted average remaining term, pool factors and prepayment amounts;
(xxxixxvii) In addition, describe any material changes to methodology regarding calculations of delinquencies and charge-offs;
(xxxiixxviii) Information information on the amount, terms and general purpose of any advances made or reimbursed during the period, including the general use of funds advanced and the general source of funds for reimbursements;
(xxxiiixxix) Any any material modifications, extensions or waivers to pool asset terms, fees, penalties or payments during the distribution period or that have cumulatively become material over time;
(xxxivxxx) Material material breaches of pool asset representations or warranties or transaction covenants;
(xxxvxxxi) Information information on ratio, coverage or other tests used for determining any early amortization, liquidation or other performance trigger and whether the trigger was met; and
(xxxvixxxii) Information information regarding any new issuance of asset-backed securities backed by the same asset pool, any pool asset changes (other than in connection with a pool asset converting into cash in accordance with its terms), such as additions or removals in connection with a prefunding or revolving period and pool asset substitutions and repurchases (and purchase rates, if applicable), and cash flows available for future purchases, such as the balances of any prefunding or revolving accounts, if applicable. Disclose any material changes in the solicitation, credit-granting, underwriting, origination, acquisition or pool selection criteria or procedures, as applicable, used to originate, acquire or select the new pool assets.
(b) The Securities Administrator Trustee will make the Monthly Statement (and, at its option, any additional files containing the same information in an alternative format) available each month to Certificateholders, the Cap Contract Counterparty, the Swap Counterparty, other parties to this Agreement and any other interested parties via the Securities AdministratorTrustee's Internet website. The Securities AdministratorTrustee's Internet website shall initially be located at "www.__________." xxx.xxxxxxxx.xxx". Assistance in using the website can be obtained by calling the Securities Administrator's customer service desk Trustee (Attention: Xxxxxx Xxxxxx, who may be reached directly at ______________(000) 000-0000. Parties that are unable to use the website 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 Trustee shall have the right to 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 Securities Administrator Trustee shall provide timely and adequate notification to all above parties regarding any such changes. The Securities Administrator foregoing information and reports shall also be prepared and determined by the Trustee based on Mortgage Loan data and other information provided to the Trustee by the Servicer, the Swap Counterparty or any other third party required to deliver information hereunder. In preparing or furnishing the foregoing information, the Trustee shall 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 and may affix thereto any disclaimer it deems appropriate in its reasonable discretion (without suggesting liability conclusively on the part accuracy and completeness of the information or data provided to the Trustee by the Servicer, Swap Counterparty or any other third party hereto)required to deliver information and the Trustee shall be entitled to rely conclusively upon and shall have no liability for any errors in any such information. As a condition to access the Securities AdministratorTrustee's internet website, the Securities Administrator Trustee may require registration and the acceptance of a disclaimer. The Securities Administrator Trustee will not be liable for the dissemination of information in accordance with this Agreement.
(c) If so requested in writing within a reasonable period of time after the end of each calendar year, the Trustee shall make available on its website or cause to be furnished to each Person who at any time during the calendar year was a Certificateholder of record, a statement containing the information set forth in clauses (a)(i) and (a)(ii) of this Section 4.05 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 are from time to time in effect.
(d) Upon filing with the Internal Revenue Service, the Trustee shall furnish to the Holders of the Class R Certificate each Form 1066Q and, upon request of the Holders of the Class R Certificate, each Form 1066, and shall respond promptly to written requests made not more frequently than quarterly by any Holder of Class R Certificate with respect to the following matters:
(i) The original projected principal and interest cash flows on the Closing Date on each Class of regular and residual interests created hereunder and on the Mortgage Loans, based on the Prepayment Assumption;
(ii) The projected remaining principal and interest cash flows as of the end of any calendar quarter with respect to each Class of regular and residual interests created hereunder and the Mortgage Loans, based on the Prepayment Assumption;
(iii) The Prepayment Assumption and any interest rate assumptions used in determining the projected principal and interest cash flows described above;
(iv) The original issue discount (or, in the case of the Mortgage Loans, market discount) or premium accrued or amortized through the end of such calendar quarter with respect to each Class of regular or residual interests created hereunder and to the Mortgage Loans, together with each constant yield to maturity used in computing the same;
(v) The treatment of losses realized with respect to the Mortgage Loans or the regular interests created hereunder, including the timing and amount of any cancellation of indebtedness income of the REMICs with respect to such regular interests or bad debt deductions claimed with respect to the Mortgage Loans;
(vi) The amount and timing of any non-interest expenses of the REMICs; and
(vii) Any taxes (including penalties and interest) imposed on the REMICs, including, without limitation, taxes on "prohibited transactions," "contributions" or "net income from foreclosure property" or state or local income or franchise taxes. The information pursuant to clauses (i), (ii), (iii) and (iv) above shall be provided by the Depositor pursuant to Section 8.12.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Mortgage Loan Asset-Backed Certificates, Series 2006-He4)
Monthly Statements to Certificateholders. (a) Not later than each Distribution Date based solely on information provided by the Servicing Administrator or the Servicer (which information is not required pursuant to include any prediction of future performance Section 3.24, as to which such report relates)applicable, the Securities Administrator shall prepare and make available on its website located at xxx.xxxxxxx.xxx www.jpmorgan.com/sfr to each Holder of a Class of Certificates of the Trust FundXxxxx Xxxx, the Servicer, the Master Servicerxxx Xxxvicing Administrator, the Trustee, the NIMs Certificate Insurer, the Credit Risk Manager, the Rating Agencies Agency and the Depositor a statement setting forth for the each $1,000 principal amount of Certificates:
(i) the amount of the related distribution to Holders of each Class allocable to principal, separately identifying (A) the aggregate amount of any Principal Prepayments included therein, (B) the aggregate of all scheduled payments of principal included therein, therein and (C) the Extra Principal Distribution Amount, if any, and (D) the aggregate amount of Prepayment Charges, if any;
(ii) the amount of such distribution to Holders of each Class allocable to interest, together with any Non-Supported Interest Shortfalls allocated to each Class;
(iii) any Interest Carry Forward Amount for each Class of the Certificates;
(iv) the Certificate Principal Balance of each Class immediately prior to and after giving effect (i) to all distributions allocable to principal on such Distribution Date and Date;
(iiv) the allocation aggregate outstanding principal balance of any Applied Realized Loss Amounts each Class of Certificates for such the following Distribution Date;
(ivvi) the Pool Stated Principal Balance for such Distribution Date;
(vvii) the related amount of the Aggregate Servicing Fee, the Servicing Fee paid to or retained by the Servicer, the amount of the Securities Administrator Fee paid to or retained by the Securities Administrator and any amounts constituting reimbursement or indemnification Administrator, the amount of the Servicer, Master Servicer, Securities Administrator or TrusteeCredit Risk Manager Fee paid to the Credit Risk Manager and the amount of any Certificate Insurer Premium paid to the Certificate Insurer;
(viviii) the Pass-Through Rate for each Class of Certificates for such Distribution Date;
(viiix) the amount of Advances included in the distribution on such Distribution Date;
(viiix) [RESERVED];
(xi) the aggregate amount of reimbursement to the Servicer of Non-Recoverable Advances previously made;
(xii) the aggregate amount of recovery to the Trust Fund of reimbursement previously deemed non-recoverable;
(xiii) the cumulative amount of (A) Realized Losses and (B) Applied Realized Loss Amounts to date, in the aggregate and with respect to the Group One I Mortgage Loans and the Group Two II Mortgage Loans) of (A) Realized Losses, (B) Applied Realized Loss Amounts to date and (C) Unpaid Realized Loss Amounts;
(ixxiv) the amount (in the aggregate and with respect to the Group I Mortgage Loans and the Group II Mortgage Loans) of (A) Realized Losses and (B) Applied Realized Loss Amounts with respect to such Distribution Date, in the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage Loans;
(xxv) the number and aggregate principal amounts of Mortgage Loans (A) Delinquent (exclusive of Mortgage Loans in foreclosure) (1) 31 to 60 30 days, (2) 61 to 60 days, (3) 90 days and (34) 91 or more days, and (B) 120 days to include such Delinquent Mortgage Loans which are also in foreclosure and Delinquent (1) 31 to 60 days, (2) 61 to 90 days and (3) 91 or more days, in each case bankruptcy as of the close of business on the last day of the calendar month preceding such Distribution Date, in the aggregate and with respect to the Group One I Mortgage Loans and the Group Two II Mortgage Loans;
(xixvi) with respect to any Mortgage Loan that became an REO Property during the preceding calendar month, the loan number and Stated Principal Balance aggregate principal amounts of such Mortgage Loan Loans that were in bankruptcy as of the close of business on the last day of the calendar month preceding such Distribution Date and the date of acquisition thereofDate, in the aggregate and with respect to the Group One I Mortgage Loans and the Group Two II Mortgage Loans;
(xiixvii) the number and aggregate principal amounts of Mortgage Loans that were in foreclosure as of the close of business on the last day of the calendar month preceding such Distribution Date, in the aggregate and with respect to the Group I Mortgage Loans and the Group II Mortgage Loans;
(xviii) the total number and principal balance of any REO Properties as of the close of business on the last day of the calendar month preceding such Distribution Date, in the aggregate and with respect to the Group One I Mortgage Loans and the Group Two II Mortgage Loans;
(xiiixix) the aggregate Stated Principal Balance of all Liquidated Loans as of the preceding Distribution Date, in the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage Loanswhether a Trigger Event has occurred;
(xiv) whether a Stepdown Trigger Event has occurred and is in effect;
(xvxx) with respect to each Class of Certificatesthe Class A, Class B and Class M Certificates any Interest Carry Forward Amount Floating Rate Certificate Carryover with respect to such Distribution Date for each such Class, any Interest Carry Forward Amount Floating Rate Certificate Carryover paid for each such Class and any remaining Interest Carry Forward Amount Floating Rate Certificate Carryover for each such Class;
(xvixxi) the amount distributed as interest to each Class of Certificates attributable to a regular interest in a REMIC and the amount distributed to each Class of Certificates not attributable to a regular interest in a REMIC;
(xxii) any amounts distributed as Excess Interest to the Class A, Class M or Class B Certificates;
(xxiii) the number and aggregate Stated Principal Balance (as of the preceding Distribution Date) of any Mortgage Loans which were purchased or repurchased during the preceding Due Period and since the Cut-off Date;
(xvii) the number of Mortgage Loans for which Prepayment Charges prepayment penalties were received during the related Prepayment Period and, for each such Mortgage Loan, the amount of Prepayment Charges prepayment penalties received during the related Prepayment Period and in the aggregate of such amounts for all such Mortgage Loans since the Cut-off Date;
(xviiixxiv) the current and cumulative number and amount of prepayment penalties and purpose the current and cumulative amount of any withdrawal from late payment fees received during the Collection Account pursuant to Section 3.08(a)(viii)related Prepayment Period;
(xixxxv) the amount total number and principal balance of any payments to each Class of Certificates Mortgage Loans that are treated as payments received in respect of a REMIC "regular interest" or REMIC "residual interest" were repurchased during the calendar month preceding such Distribution Date and the amount total number and principal balance of any payments Mortgage Loans that were repurchased from the Closing Date to each Class of Certificates that are not treated as payments received in respect of a REMIC "regular interest" or REMIC "residual interest";
(xx) as of each such Distribution Date, the amount, if any, to be deposited in the Cap Contract Account pursuant to the related Cap Contract as described in Section 4.04(k) and the amount thereof to be paid to the Class A, Class M, Class B-1A, Class B-2A, Class B-3A, Class B-4A and Class C Certificates described in Section 4.04(k) hereof;
(xxi) any Floating Rate Certificate Carryover paid and all Floating Rate Certificate Carryover remaining on each class of the Class A, Class M, Class B-1, Class B-2, Class B-3 and Class B-4 Certificates on such Distribution Date;
(xxii) the number of Mortgage Loans with respect to which (i) a reduction in the Mortgage Rate has occurred or (ii) the related borrower's obligation to repay interest on a monthly basis has been suspended or reduced pursuant to the Servicemembers Civil Relief Act or the California Military and Veterans Code, as amended; and the amount of interest not required to be paid with respect to any such Mortgage Loans during the related Due Period as a result of such reductions in the aggregate and with respect to the Group One I Mortgage Loans and the Group Two II Mortgage Loans.
(xxiii) the aggregate Outstanding Principal Balance of each Class of Certificates for the following Distribution Date;
(xxiv) the number and aggregate principal amounts of Mortgage Loans (A) delinquent (1) one Monthly Payment, (2) two Monthly Payments and (3) three or more Monthly Payments and (B) in foreclosure, in each case, as of the end of the related Principal Prepayment Period;
(xxv) the number and the principal balance of Mortgage Loans with respect to any real estate acquired through foreclosure or grant of a deed in lieu of foreclosure;
(xxvi) the aggregate amount of all Advances recovered during Subsequent Recoveries for such Distribution Date and the related Due Periodaggregate amount of Subsequent Recoveries collected after the Closing Date to such Distribution Date, in the aggregate and with respect to the Group I Mortgage Loans and the Group II Mortgage Loans;
(xxvii) the weighted average remaining term to maturity of the Mortgage Loans as of the first day of the calendar month preceding such Distribution Date, in the aggregate amount of Realized Losses during and with respect to the related Due Period Group I Mortgage Loans and the aggregate amount of Realized Losses since the Cut-off DateGroup II Mortgage Loans;
(xxviii) the allocation to each Class of Certificate of any Realized Losses during the related Due Period;[RESERVED]
(xxix) with respect to as of each Distribution Date, the Floating Rate Certificate Carryover for each Class of Certificates, the amount of any Compensating Interest Shortfalls on such Distribution Date;
(xxx) Number and amount of pool assets at the beginning and ending of each period, and updated pool composition information, such as weighted average coupon, weighted average life, weighted average remaining term, pool factors and prepayment amounts;
(xxxi) In addition, describe any material changes to methodology regarding calculations of delinquencies and charge-offs;
(xxxii) Information on the amount, terms and general purpose of any advances made or reimbursed during the period, including the general use of funds advanced and the general source of funds for reimbursements;
(xxxiii) Any material modifications, extensions or waivers to pool asset terms, fees, penalties or payments during the distribution period or that have cumulatively become material over time;
(xxxiv) Material breaches of pool asset representations or warranties or transaction covenants;
(xxxv) Information on ratio, coverage or other tests used for determining any early amortization, liquidation or other performance trigger and whether the trigger was met; and
(xxxvi) Information regarding any new issuance of asset-backed securities backed by the same asset pool, any pool asset changes Certificates (other than in connection with a pool asset converting into cash in accordance with its terms), the Class X Certificates) and the portion of such as additions Floating Rate Certificate Carryover that is attributable to the fact that Applied Realized Loss Amounts are not allocated to the Class A or removals in connection with a prefunding or revolving period and pool asset substitutions and repurchases (and purchase rates, if applicable), and cash flows available for future purchases, such as the balances of any prefunding or revolving accounts, if applicable. Disclose any material changes in the solicitation, credit-granting, underwriting, origination, acquisition or pool selection criteria or procedures, as applicable, used to originate, acquire or select the new pool assetsClass R Certificates.
(b) The Securities Administrator will make If so requested in writing or as required by applicable law, within a reasonable period of time after the Monthly Statement (andend of each calendar year, at its option, any additional files containing the same information in an alternative format) available each month to Certificateholders, other parties to this Agreement and any other interested parties via the Securities Administrator's Internet website. The Securities Administrator's Internet website shall initially be located at "www.__________." 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 website 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 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 Securities Administrator shall provide timely make available on its website or cause to be furnished to each Person who at any time during the calendar year was a Certificateholder of record (and adequate notification to all above parties regarding any the Certificate Insurer), a statement containing the information set forth in clauses (a)(i) and (a)(ii) of this Section 5.06 aggregated for such changescalendar year or applicable portion thereof during which such Person was a Certificateholder. The Such obligation of the Securities Administrator shall also be entitled deemed to rely on but have been satisfied to the extent that substantially comparable information shall not be responsible for the content or accuracy of any information provided by third parties for purposes of preparing the monthly statement 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 Securities Administrator's internet websiteAdministrator pursuant to any requirements of the Code as from time to time in effect. Within a reasonable period of time after the end of each calendar year if requested in writing or required by applicable law, the Securities Administrator may require registration will prepare and deliver to each certificateholder of record during the acceptance of previous calendar year, a disclaimerstatement containing information necessary to enable certificateholders to prepare their tax returns. The Securities Administrator will not be liable responsible for any errors, omissions or misstatements that may be incorporated in such statement.
(c) Upon filing with the dissemination Internal Revenue Service, the Securities Administrator shall furnish to the Holders of the Class R Certificate the Form 1066 and each Form 1066Q and shall respond promptly to written requests made not more frequently than quarterly by any Holder of Class R Certificate with respect to the following matters: the original projected principal and interest cash flows on the Closing Date on each Class of regular and residual interests created hereunder and on the Mortgage Loans, based on the Prepayment Assumption;
(i) The projected remaining principal and interest cash flows as of the end of any calendar quarter with respect to each Class of regular and residual interests created hereunder and the Mortgage Loans, based on the Prepayment Assumption;
(ii) The Prepayment Assumption and any interest rate assumptions used in determining the projected principal and interest cash flows described above;
(iii) The original issue discount (or, in the case of the Mortgage Loans, market discount) or premium accrued or amortized through the end of such calendar quarter with respect to each Class of regular or residual interests created hereunder and to the Mortgage Loans, together with each constant yield to maturity used in computing the same;
(iv) The treatment of losses realized with respect to the Mortgage Loans or the regular interests created hereunder, including the timing and amount of any cancellation of indebtedness income of the REMICs with respect to such regular interests or bad debt deductions claimed with respect to the Mortgage Loans;
(v) The amount and timing of any non-interest expenses of the REMICs; and
(vi) Any taxes (including penalties and interest) imposed on the REMICs, including, without limitation, taxes on "prohibited transactions," "contributions" or "net income from foreclosure property" or state or local income or franchise taxes. The Securities Administrator shall only be required to provide the information in accordance with this Agreementpursuant to clauses (i), (ii) and (iii) above if such information is provided to the Securities Administrator by the Depositor.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Terwin Mortgage Trust, Series TMTS 2005-12alt)
Monthly Statements to Certificateholders. (a) Not later than each Distribution Date based solely on information provided by the Servicer (which information is not required to include any prediction of future performance as to which such report relates)Date, the Securities Administrator shall prepare and make available on its website located at xxx.xxxxxxx.xxx to each Holder of a Class of Certificates of the Trust Fund, the ServicerCertificateholder, the Master Servicer, the Servicer, the Credit Risk Manager, the Depositor, the Trustee, the NIMs InsurerDerivative Counterparty and each Rating Agency a statement, based on information provided to the Rating Agencies Securities Administrator by the Master Servicer and the Depositor a statement Derivative Counterparty and to the Master Servicer by the Servicer, setting forth for with respect to the Certificatesrelated distribution:
(i) the amount of the related distribution to Holders of each Class thereof allocable to principal, separately identifying (A) the aggregate amount of any Principal Prepayments included thereinPrepayments, (B) the aggregate of all scheduled payments of principal included therein, (C) the Extra Principal Distribution Amount, if any, Liquidation Proceeds and (D) the aggregate amount of Prepayment Charges, if anySubsequent Recoveries;
(ii) the amount of such distribution to Holders of each Class thereof allocable to interest, together with any Non-Supported Interest Shortfalls allocated to each Class;
(iii) the Certificate Principal Balance of each Class immediately prior to Carry Forward Amounts included in such distribution and any remaining Interest Carry Forward Amounts after giving effect (i) to all distributions allocable to principal on such distribution, any Basis Risk Carryover Amount for such Distribution Date and (ii) the allocation amount of any Applied Realized Loss Amounts for all Basis Risk Carryover Amount covered by withdrawals from the Excess Reserve Fund Account on such Distribution Date;
(iii) 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 thereof as between principal and interest, including any Basis Risk Carryover Amount not covered by amounts in the Excess Reserve Fund Account;
(iv) the Pool Stated Principal Class Certificate Balance for of each Class of Certificates after giving effect to the distribution of principal on such Distribution Date;
(v) the Pool Stated Principal Balance for the following Distribution Date;
(vi) the amount of the Servicing Fee Expense Fees (in the aggregate and separately stated) paid to or retained by the Servicer, the amount of the Securities Administrator Fee paid to or retained by the Securities Administrator Servicer and any amounts constituting reimbursement or indemnification of the Servicer, Master Servicer, Securities Administrator or Trustee;
(vi) the Pass-Through Rate for each Class of Certificates for Subservicer with respect to such Distribution Date;
(vii) the amount Interest Rate for each such Class of Advances included in the distribution on Certificates with respect to such Distribution Date;
(viii) the cumulative amount of (A) Realized Losses and (B) Applied Realized Loss Amounts to date, P&I Advances included in the distribution on such Distribution Date and the aggregate and with respect to amount of P&I Advances outstanding as of the Group One Mortgage Loans and Group Two Mortgage Loansclose of business on the Determination Date immediately preceding such Distribution Date;
(ix) the amount of (A) Realized Losses by Loan Group and (B) Applied Realized Loss Amounts with respect to such Distribution Date, in the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage Loans;
(x) aggregate, the number and aggregate outstanding principal amounts balances of Mortgage Loans (A) Delinquent (exclusive of except those Mortgage Loans in foreclosurethat are liquidated as of the end of the related Prepayment Period) (1) as to which the Scheduled Payment is delinquent 31 to 60 days, (2) 61 to 90 days and (3) 91 or more days, and (B2) that have become REO Property, (3) that are in foreclosure and Delinquent (14) 31 to 60 days, (2) 61 to 90 days and (3) 91 or more daysthat are in bankruptcy, in each case as of the close of business on the last day Business Day of the calendar month immediately preceding such Distribution Date, month;
(x) by Loan Group and in the aggregate and aggregate, with respect to the Group One Mortgage Loans and Group Two Mortgage Loans;
(xi) with respect to any Mortgage Loan that became an REO Property Properties during the preceding calendar month, the loan number and the aggregate Stated Principal Balance of such Mortgage Loan Loans as of the close of business on the last day of the calendar month Determination Date preceding such Distribution Date and the date of acquisition thereof, in the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage Loans;
(xiixi) by Loan Group and in the aggregate, the total number and aggregate principal balance of any REO Properties as of the close of business on the last day of the calendar month Determination Date preceding such Distribution Date, in the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage Loans;
(xiii) the aggregate Stated Principal Balance of all Liquidated Loans as of the preceding Distribution Date, in the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage Loans;
(xivxii) whether a Stepdown Trigger Event has occurred and is in effectcontinuing;
(xv) with respect to each Class of Certificates, any Interest Carry Forward Amount with respect to such Distribution Date for each such Class, any Interest Carry Forward Amount paid for each such Class and any remaining Interest Carry Forward Amount for each such Class;
(xvi) the number and Stated Principal Balance (as of the preceding Distribution Date) of any Mortgage Loans which were purchased or repurchased during the preceding Due Period and since the Cut-off Date;
(xvii) the number of Mortgage Loans for which Prepayment Charges were received during the related Prepayment Period and, for each such Mortgage Loan, the amount of Prepayment Charges received during the related Prepayment Period and in the aggregate of such amounts for all such Mortgage Loans since the Cut-off Date;
(xviii) the amount and purpose of any withdrawal from the Collection Account pursuant to Section 3.08(a)(viii);
(xix) the amount of any payments to each Class of Certificates that are treated as payments received in respect of a REMIC "regular interest" or REMIC "residual interest" and the amount of any payments to each Class of Certificates that are not treated as payments received in respect of a REMIC "regular interest" or REMIC "residual interest";
(xx) as of each Distribution Date, the amount, if any, to be deposited in the Cap Contract Account pursuant to the related Cap Contract as described in Section 4.04(k) and the amount thereof to be paid to the Class A, Class M, Class B-1A, Class B-2A, Class B-3A, Class B-4A and Class C Certificates described in Section 4.04(k) hereof;
(xxi) any Floating Rate Certificate Carryover paid and all Floating Rate Certificate Carryover remaining on each class of the Class A, Class M, Class B-1, Class B-2, Class B-3 and Class B-4 Certificates on such Distribution Date;
(xxii) the number of Mortgage Loans with respect to which (i) a reduction in the Mortgage Rate has occurred or (ii) the related borrower's obligation to repay interest on a monthly basis has been suspended or reduced pursuant to the Servicemembers Civil Relief Act or the California Military and Veterans Code, as amended; and the amount of interest not required to be paid with respect to any such Mortgage Loans during the related Due Period as a result of such reductions in the aggregate and with respect to the Group One Mortgage Loans and the Group Two Mortgage Loans.
(xxiii) the aggregate Outstanding Principal Balance of each Class of Certificates for the following Distribution Date;
(xxiv) the number and aggregate principal amounts of Mortgage Loans (A) delinquent (1) one Monthly Payment, (2) two Monthly Payments and (3) three or more Monthly Payments and (B) in foreclosure, in each case, as of the end of the related Principal Prepayment Period;
(xxv) the number and the principal balance of Mortgage Loans with respect to any real estate acquired through foreclosure or grant of a deed in lieu of foreclosure;
(xxvi) the aggregate amount of all Advances recovered during the related Due Period;
(xxvii) the aggregate amount of Realized Losses during the related Due Period and the aggregate amount of Realized Losses since the Cut-off Date;
(xxviii) the allocation to each Class of Certificate of any Realized Losses during the related Due Period;
(xxix) with respect to each Class of Certificates, the amount of any Compensating Interest Shortfalls on such Distribution Date;
(xxx) Number and amount of pool assets at the beginning and ending of each period, and updated pool composition information, such as weighted average coupon, weighted average life, weighted average remaining term, pool factors and prepayment amounts;
(xxxi) In addition, describe any material changes to methodology regarding calculations of delinquencies and charge-offs;
(xxxii) Information on the amount, terms and general purpose of any advances made or reimbursed during the period, including the general use of funds advanced and the general source of funds for reimbursements;
(xxxiii) Any material modifications, extensions or waivers to pool asset terms, fees, penalties or payments during the distribution period or that have cumulatively become material over time;
(xxxiv) Material breaches of pool asset representations or warranties or transaction covenants;
(xxxv) Information on ratio, coverage or other tests used for determining any early amortization, liquidation or other performance trigger and whether the trigger was met; and
(xxxvi) Information regarding any new issuance of asset-backed securities backed by the same asset pool, any pool asset changes (other than in connection with a pool asset converting into cash in accordance with its terms), such as additions or removals in connection with a prefunding or revolving period and pool asset substitutions and repurchases (and purchase rates, if applicable), and cash flows available for future purchases, such as the balances of any prefunding or revolving accounts, if applicable. Disclose any material changes in the solicitation, credit-granting, underwriting, origination, acquisition or pool selection criteria or procedures, as applicable, used to originate, acquire or select the new pool assets.
(b) The Securities Administrator will make the Monthly Statement (and, at its option, any additional files containing the same information in an alternative format) available each month to Certificateholders, other parties to this Agreement and any other interested parties via the Securities Administrator's Internet website. The Securities Administrator's Internet website shall initially be located at "www.__________." 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 website 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 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 Securities Administrator shall provide timely and adequate notification to all above parties regarding any such changes. The Securities Administrator shall 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 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 Securities Administrator's internet website, the Securities Administrator may require registration and the acceptance of a disclaimer. The Securities Administrator will not be liable for the dissemination of information in accordance with this Agreement.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Hsi Asset Securitization Corp Trust 2007-Opt1)
Monthly Statements to Certificateholders. (a) Not later than each Distribution Date Date, the Trustee shall prepare and cause to be forwarded by first class mail to each Certificateholder, each Servicer, the Depositor, the Credit Risk Manager, the Swap Counterparty and each Rating Agency, a statement based solely on the information provided by the each Servicer (which information is not required pursuant to include any prediction of future performance as to which such report relates), the Securities Administrator shall prepare and make available on its website located at xxx.xxxxxxx.xxx to each Holder of a Class of Certificates of the Trust Fund, the Servicer, the Master Servicer, the Trustee, the NIMs Insurer, the Rating Agencies and the Depositor a statement Section 4.05 herein setting forth for with respect to the Certificatesrelated distribution:
(i) the amount of the related distribution to Holders of each Class thereof allocable to principal, separately identifying (A) indicating the aggregate amount of any portion thereof attributable to Scheduled Payments and Principal Prepayments included therein, (B) the aggregate of all scheduled payments of principal included therein, (C) the Extra Principal Distribution Amount, if any, and (D) the aggregate amount of Prepayment Charges, if anyPrepayments;
(ii) the amount of such distribution to Holders of each Class thereof allocable to interest, together with interest or any Non-Supported Carryforward Interest Shortfalls allocated to each Classincluded in such distribution;
(iii) if the Certificate Principal Balance distribution to the Holders of each such Class immediately prior 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 after giving effect (i) to all distributions allocable to principal on such Distribution Date and (ii) the allocation of any Applied Realized Loss Amounts for such Distribution Datethereof as between principal and interest;
(iv) the Pool Stated Class Principal Balance for of each Class of Certificates after giving effect to the distribution of principal on such Distribution Date;
(v) the amount of Aggregate Collateral Balance and the Servicing Fee paid to or retained by the Servicer, the amount of the Securities Administrator Fee paid to or retained by the Securities Administrator and any amounts constituting reimbursement or indemnification of the Servicer, Master Servicer, Securities Administrator or TrusteeAggregate Collateral Group Balance for such Distribution Date;
(vi) the Pass-Through Rate for each Class of Certificates Overcollateralization Amount for such Distribution Date;
(vii) the amount of Advances included in the distribution on Servicing Fees, the Excess Servicing Fee, the Trustee Fee, the Credit Risk Manager Fee and any other mortgage insurance fees, if applicable, with respect to such Distribution Date;
(viii) the cumulative amount Pass-Through Rate for each Class of (A) Realized Losses and (B) Applied Realized Loss Amounts to date, in the aggregate and LIBOR Certificates with respect to such Distribution Date and the Group One Mortgage Loans and Group Two Mortgage LoansPass-Through Rate for each Class of Class A-IO Certificates;
(ix) the amount of (A) Realized Losses Advances included in the distribution on such Distribution Date and (B) Applied Realized Loss Amounts with respect to the aggregate amount of Advances outstanding as of the last day of the calendar month preceding such Distribution Date, in the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage Loans;
(x) the number and aggregate principal amounts of Mortgage Loans (A) Delinquent (exclusive of Mortgage Loans in foreclosure) which are delinquent (1) 31 30 to 60 59 days, (2) 61 60 to 90 89 days and (3) 91 90 or more daysdays (to include such delinquent loans which are also in bankruptcy or foreclosure), for each Loan Group and (B) for the Mortgage Loans in foreclosure and Delinquent (1) 31 to 60 daysthe aggregate, (2) 61 to 90 days and (3) 91 or more days, in each case as of the close of business on the last day of the calendar month preceding such Distribution Date, in the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage Loans;
(xi) with respect to any Mortgage Loan that became an REO Property during the preceding calendar month, the loan number and Stated Principal Balance aggregate principal amounts of such Mortgage Loans that were in foreclosure, for each Loan as of Group and for the close of business on the last day of the calendar month preceding such Distribution Date and the date of acquisition thereof, Mortgage Loans in the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage Loans;
(xii) the total number and principal balance of any REO Properties aggregate, as of the close of business on the last day of the calendar month preceding such Distribution Date, in the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage Loans;
(xiii) the aggregate Stated Principal Balance of all Liquidated Loans as of the preceding Distribution Date, in the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage Loans;
(xiv) whether a Stepdown Trigger Event has occurred and is in effect;
(xv) with respect to each Class of Certificates, any Interest Carry Forward Amount with respect to such Distribution Date for each such Class, any Interest Carry Forward Amount paid for each such Class and any remaining Interest Carry Forward Amount for each such Class;
(xvi) the number and Stated Principal Balance (as of the preceding Distribution Date) of any Mortgage Loans which were purchased or repurchased during the preceding Due Period and since the Cut-off Date;
(xvii) the number of Mortgage Loans for which Prepayment Charges were received during the related Prepayment Period and, for each such Mortgage Loan, the amount of Prepayment Charges received during the related Prepayment Period and in the aggregate of such amounts for all such Mortgage Loans since the Cut-off Date;
(xviii) the amount and purpose of any withdrawal from the Collection Account pursuant to Section 3.08(a)(viii);
(xix) the amount of any payments to each Class of Certificates that are treated as payments received in respect of a REMIC "regular interest" or REMIC "residual interest" and the amount of any payments to each Class of Certificates that are not treated as payments received in respect of a REMIC "regular interest" or REMIC "residual interest";
(xx) as of each Distribution Date, the amount, if any, to be deposited in the Cap Contract Account pursuant to the related Cap Contract as described in Section 4.04(k) and the amount thereof to be paid to the Class A, Class M, Class B-1A, Class B-2A, Class B-3A, Class B-4A and Class C Certificates described in Section 4.04(k) hereof;
(xxi) any Floating Rate Certificate Carryover paid and all Floating Rate Certificate Carryover remaining on each class of the Class A, Class M, Class B-1, Class B-2, Class B-3 and Class B-4 Certificates on such Distribution Date;
(xxii) the number of Mortgage Loans with respect to which (i) a reduction in the Mortgage Rate has occurred or (ii) the related borrower's obligation to repay interest on a monthly basis has been suspended or reduced pursuant to the Servicemembers Civil Relief Act or the California Military and Veterans Code, as amended; and the amount of interest not required to be paid with respect to any such Mortgage Loans during the related Due Period as a result of such reductions in the aggregate and with respect to the Group One Mortgage Loans and the Group Two Mortgage Loans.
(xxiii) the aggregate Outstanding Principal Balance of each Class of Certificates for the following Distribution Date;
(xxivxii) the number and aggregate principal amounts of Mortgage Loans (A) delinquent (1) one Monthly Paymentthat were in bankruptcy, (2) two Monthly Payments for each Loan Group and (3) three or more Monthly Payments and (B) for the Mortgage Loans in foreclosure, in each casethe aggregate, as of the end close of business on the last day of the related Principal Prepayment Periodcalendar month preceding such Distribution Date;
(xxvxiii) the number and the aggregate principal balance amounts of Mortgage Loans with respect to any real estate acquired through foreclosure or grant of a deed in lieu of foreclosure;
(xxvi) which Prepayment Premiums were collected and the aggregate amount of all Advances recovered during the related Due Periodsuch Prepayment Premiums;
(xxviixiv) the Rolling Three Month Delinquency Rate for such Distribution Date;
(xv) the total number and principal balance of any REO Properties (and market value, if available), for each Loan Group and for the Mortgage Loans in the aggregate, as of the last day of the calendar month preceding such Distribution Date;
(xvi) the total number and principal balance of any Mortgage Loans that were repurchased during the calendar month preceding such Distribution Date;
(xvii) the aggregate amount of Realized Losses incurred during the related Due Period preceding calendar month and the aggregate amount of Realized Losses since included in such distribution;
(xviii) the Cut-off amount on deposit in the Prefunding Account (including a breakdown of amounts released during the prior calendar month in respect of Aggregate Subsequent Transfer Amounts or amounts included in the Principal Remittance Amount on the January 2006 Distribution Date);
(xix) the weighted average term to maturity of the Mortgage Loans as of the close of business on the last day of the calendar month preceding such Distribution Date;
(xxviiixx) the allocation to each Class of Certificate portion of any Realized Losses during distribution to the related Due PeriodClass A Certificateholders constituting an Insured Payment for such Distribution Date;
(xxixxxi) with respect to each Class of Certificates, the amount on deposit in the Capitalized Interest Account (including a breakdown of amounts released for the calendar month preceding such Distribution Date);
(xxii) the gross weighted average coupon of the Mortgage Loans as of the first date of the applicable period for such Distribution Date;
(xxiii) the aggregate number of Mortgage Loans in the pool;
(xxiv) the Net WAC Rate;
(xxv) the Senior Enhancement Percentage;
(xxvi) any Compensating Interest Shortfalls amounts deposited in the Basis Risk Reserve Fund on such Distribution Date pursuant to Section 4.02(e)(xv), and the balance of the Basis Risk Reserve Fund after all distributions have been made on such Distribution Date;
(xxxxxvii) Number and the amount deposited to the Supplemental Interest Account on such Distribution Date (including a breakdown of pool assets at the beginning and ending of each period, and updated pool composition information, amounts withdrawn in connection with such as weighted average coupon, weighted average life, weighted average remaining term, pool factors and prepayment amounts;
(xxxi) In addition, describe any material changes to methodology regarding calculations of delinquencies and charge-offs;
(xxxii) Information on the amount, terms and general purpose of any advances made or reimbursed during the period, including the general use of funds advanced and the general source of funds for reimbursements;
(xxxiii) Any material modifications, extensions or waivers to pool asset terms, fees, penalties or payments during the distribution period or that have cumulatively become material over time;
(xxxiv) Material breaches of pool asset representations or warranties or transaction covenants;
(xxxv) Information on ratio, coverage or other tests used for determining any early amortization, liquidation or other performance trigger and whether the trigger was metDistribution Date); and
(xxxvixxviii) Information regarding with respect to all of the Mortgage Loans, in the aggregate, and, unless otherwise stated, the related Distribution Date, for each Servicer that is servicing any new issuance of asset-backed securities backed such Mortgage Loans, the aggregate Stated Principal Balance of Mortgage Loans being serviced by such Servicer as of such Distribution Date. The Trustee’s responsibility for disbursing the same asset poolabove information to the Certificateholders is limited to the availability, any pool asset changes timeliness and accuracy of the information derived from each Servicer. On each Distribution Date, the Trustee shall provide Bloomberg Financial Markets, L.P. (other than in “Bloomberg”) CUSIP Level Factors for each Class of Offered Certificates as of such Distribution Date, using a format and media mutually acceptable to the Trustee and Bloomberg. In connection with a pool asset converting into cash providing the information specified in accordance with its terms)this Section 4.04 to Bloomberg, the Trustee and any director, officer, employee or agent of the Trustee shall be indemnified and held harmless by DLJMC, to the extent, in the manner and subject to the limitations provided in Section 8.05. The Trustee will also make the monthly statements to Certificateholders available each month to each party referred to in this Section 4.04(a) via the Trustee’s website. The Trustee’s website can be accessed at xxxx://xxx.xxxxxx.xxx/abs or at such as additions or removals in connection with a prefunding or revolving period and pool asset substitutions and repurchases (and purchase rates, if applicable), and cash flows available for future purchases, such other site as the balances of any prefunding or revolving accounts, if applicableTrustee may designate from time to time. Disclose any material changes in the solicitation, credit-granting, underwriting, origination, acquisition or pool selection criteria or procedures, as applicable, used The Trustee may fully rely upon and shall have no liability with respect to originate, acquire or select the new pool assetsinformation provided by each Servicer.
(b) The Securities Administrator will make Upon request, within a reasonable period of time after the Monthly Statement (andend of each calendar year, the Trustee shall cause to be furnished to each Person who at its optionany time during the calendar year was a Certificateholder, any additional files a statement containing the same information set forth in an alternative formatclauses (a)(i), (a)(ii) available each month to Certificateholders, other parties to and (a)(vii) of this Agreement and any other interested parties via Section 4.04 aggregated for such calendar year or applicable portion thereof during which such Person was a Certificateholder. Such obligation of the Securities Administrator's Internet website. The Securities Administrator's Internet website Trustee shall initially be located at "www.__________." 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 website are entitled deemed 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 way the monthly statements to Certificateholders are distributed in order to make such distribution more convenient and/or more accessible been satisfied to the above parties and the Securities Administrator extent that substantially comparable information shall provide timely and adequate notification to all above parties regarding any such changes. The Securities Administrator shall 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 the Trustee pursuant to any requirements of preparing the monthly statement and may affix thereto any disclaimer it deems appropriate Code as from time to time in its reasonable discretion (without suggesting liability on the part of any other party hereto). As a condition to access the Securities Administrator's internet website, the Securities Administrator may require registration and the acceptance of a disclaimer. The Securities Administrator will not be liable for the dissemination of information in accordance with this Agreementeffect.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Home Equity Asset Trust 2005-8)
Monthly Statements to Certificateholders. (a) Not later than each Distribution Date based solely on information provided by the Servicer (which information is not required to include any prediction of future performance as to which such report relates)Date, the Securities Administrator shall prepare and make available on its website located at xxx.xxxxxxx.xxx to each Holder of a Class of Certificates of the Trust FundCertificates, the Servicer, the Master Servicer, the Trustee, the NIMs Insurer, the Rating Agencies Certificate Insurer and the Depositor Credit Risk Manager via its website a statement setting forth the following information for the Certificates:
(i) the Accrual Period and Distribution Date for each Class of Certificates;
(ii) the Pass-Through Rate for each Class of Certificates with respect to the current Accrual Period;
(iii) the total cash flows received and the general sources thereof;
(iv) the amount of the related distribution to Holders of each Class of Certificates allocable to principal, separately identifying (A) the aggregate amount of any Principal Prepayments included therein, (B) the aggregate of all scheduled payments of principal included therein, (C) the Extra Principal Distribution Amountamount of Prepayment Charges distributed to the Class P Certificates, if any, and (D) the aggregate amount of Prepayment ChargesExtra Principal Distribution Amount and (E) the Monthly Excess Interest with respect to the Certificates, if any;
(iiv) the amount of such distribution distributed to Holders of each Class of Certificates on such Distribution Date allocable to interest, together with any Non-Supported Interest Shortfalls allocated to each Class;
(iiivi) the Certificate Principal Balance or Certificate Notional Balance of each Class immediately prior to and of Certificates, if applicable, after giving effect (i) to all distributions allocable to principal on such Distribution Date and (ii) the allocation of any Applied Realized Loss Amounts for such Distribution Date;
(iv) the Pool Stated Principal Balance for such Distribution Date;
(v) the amount of the Servicing Fee paid to or retained by the Servicer, the amount of the Securities Administrator Fee paid to or retained by the Securities Administrator and any amounts constituting reimbursement or indemnification of the Servicer, Master Servicer, Securities Administrator or Trustee;
(vi) the Pass-Through Rate for each Class of Certificates Losses for such Distribution Date;
(vii) the aggregate amount of Advances included in the distribution distributions on such the Distribution Date;
(viii) the cumulative aggregate amount of (A) Realized Losses and (B) Applied Realized Loss Amounts to date, in the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage LoansRelief Act Interest Shortfalls for such Distribution Date;
(ix) the aggregate amount of (A) Realized Losses and (B) Applied Realized Loss Amounts with respect to any Prepayment Interest Shortfall for such Distribution Date, in the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage Loansextent not covered by payments by the Servicer pursuant to Section 3.27 of this Agreement or the Master Servicer pursuant to Section 4.14 of this Agreement, as applicable;
(x) the cumulative amount of Realized Losses for the Mortgage Loans to date and, in addition, if the Certificate Principal Balance of any Class of Certificates have been reduced to zero, the cumulative amount of any Realized Losses for the Mortgage Loans that have not been allocated to any Class of Certificates;
(xi) the Overcollateralization Amount, the Senior Enhancement Percentage, any Overcollateralization Deficiency Amount and any Overcollateralization Release Amount for such Distribution Date;
(xii) the amount of any Prepayment Charges remitted by the Servicer;
(xiii) the number, aggregate principal balance, weighted average remaining term to maturity and weighted average Mortgage Rate of the Mortgage Loans as of the related Due Date;
(xiv) the number and Scheduled Principal Balance of all the Mortgage Loans for the following Distribution Date;
(xv) the number and aggregate principal amounts balance of any related Mortgage Loans that were (A) Delinquent delinquent (exclusive of related Mortgage Loans in foreclosure) using the “OTS” method (1) 31 to 60 daysone scheduled payment is delinquent, (2) 61 to 90 days and two scheduled payments are delinquent, (3) 91 or more daysthree scheduled payments are delinquent and (4) foreclosure proceedings have been commenced, and loss information for the period; the number and aggregate principal balance of any related Mortgage Loans in respect of which (A) one scheduled payment is delinquent, (B) in foreclosure and Delinquent (1) 31 to 60 daystwo scheduled payments are delinquent, (2C) 61 to 90 days three or more scheduled payments are delinquent and (3D) 91 or more daysforeclosure proceedings have been commenced, in each case as of and loss information for the close of business on the last day of the calendar month preceding such Distribution Date, in the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage Loansperiod;
(xixvi) with respect to any related Mortgage Loan that became an REO Property was liquidated during the preceding calendar month, the loan number and the Stated Principal Balance of of, and Realized Loss on, such Mortgage Loan as of the close of business on the last day of the calendar month Determination Date preceding such Distribution Date and the date of acquisition thereof, in the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage LoansDate;
(xiixvii) the total number and principal balance of any real estate owned or REO Properties as of the close of business on the last day of the calendar month Determination Date preceding such Distribution Date, in the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage Loans;
(xiii) the aggregate Stated Principal Balance of all Liquidated Loans as of the preceding Distribution Date, in the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage Loans;
(xiv) whether a Stepdown Trigger Event has occurred and is in effect;
(xv) with respect to each Class of Certificates, any Interest Carry Forward Amount with respect to such Distribution Date for each such Class, any Interest Carry Forward Amount paid for each such Class and any remaining Interest Carry Forward Amount for each such Class;
(xvi) the number and Stated Principal Balance (as of the preceding Distribution Date) of any Mortgage Loans which were purchased or repurchased during the preceding Due Period and since the Cut-off Date;
(xvii) the number of Mortgage Loans for which Prepayment Charges were received during the related Prepayment Period and, for each such Mortgage Loan, the amount of Prepayment Charges received during the related Prepayment Period and in the aggregate of such amounts for all such Mortgage Loans since the Cut-off Date;
(xviii) the amount three month rolling average of the percent equivalent of a fraction, the numerator of which is the aggregate scheduled principal balance of the Mortgage Loans that are sixty (60) days or more delinquent or are in bankruptcy or foreclosure or are REO Properties, and purpose the denominator of any withdrawal from which is the Collection Account pursuant to Section 3.08(a)(viii)scheduled principal balances of all of the Mortgage Loans as of the last day of such Distribution Date;
(xix) the amount of any payments to aggregate Stated Principal Balance for each Class of Certificates Mortgage Loan that is sixty (60) days or more delinquent or is in bankruptcy or foreclosure or are treated as payments received in respect of a REMIC "regular interest" or REMIC "residual interest" and the amount of any payments to each Class of Certificates that are not treated as payments received in respect of a REMIC "regular interest" or REMIC "residual interest"REO Properties;
(xx) as of each Distribution Datethe aggregate Servicing Fee received by the Servicer, the amount, if any, to be deposited in the Cap Contract Account pursuant to the related Cap Contract as described in Section 4.04(k) and the amount thereof to be paid to Master Servicing Fees received by the Class A, Class M, Class B-1A, Class B-2A, Class B-3A, Class B-4A and Class C Certificates described in Section 4.04(k) hereof;
(xxi) any Floating Rate Certificate Carryover paid and all Floating Rate Certificate Carryover remaining on each class of the Class A, Class M, Class B-1, Class B-2, Class B-3 and Class B-4 Certificates on such Distribution Date;
(xxii) the number of Mortgage Loans with respect to which (i) a reduction in the Mortgage Rate has occurred or (ii) the related borrower's obligation to repay interest on a monthly basis has been suspended or reduced pursuant to the Servicemembers Civil Relief Act or the California Military and Veterans Code, as amended; and the amount of interest not required to be paid with respect to any such Mortgage Loans during the related Due Period as a result of such reductions in the aggregate and with respect to the Group One Mortgage Loans and the Group Two Mortgage Loans.
(xxiii) the aggregate Outstanding Principal Balance of each Class of Certificates for the following Distribution Date;
(xxiv) the number and aggregate principal amounts of Mortgage Loans (A) delinquent (1) one Monthly Payment, (2) two Monthly Payments and (3) three or more Monthly Payments and (B) in foreclosure, in each case, as of the end of the related Principal Prepayment Period;
(xxv) the number and the principal balance of Mortgage Loans with respect to any real estate acquired through foreclosure or grant of a deed in lieu of foreclosure;
(xxvi) the aggregate amount of all Advances recovered Master Servicer during the related Due Period;
(xxviixxi) the aggregate amount amount, if any, of Realized Losses during other fees or expenses accrued and paid, with an identification of the related Due Period payee and the aggregate amount general purpose of Realized Losses since the Cut-off Datesuch fees;
(xxviiixxii) the allocation to each Class of Certificate of any Realized Losses during the related Due Period;
(xxix) with respect to each Class of Certificates, the amount of any Compensating Interest Basis Risk Shortfalls and the amount in the Basis Risk Shortfall Reserve Fund after all deposits and withdrawals on such Distribution Date;
(xxxxxiii) Number and amount amounts payable in respect of pool assets at the beginning and ending of each period, and updated pool composition information, such as weighted average coupon, weighted average life, weighted average remaining term, pool factors and prepayment amounts;
(xxxi) In addition, describe any material changes to methodology regarding calculations of delinquencies and charge-offs;
(xxxii) Information on the amount, terms and general purpose of any advances made or reimbursed during the period, including the general use of funds advanced and the general source of funds for reimbursements;
(xxxiii) Any material modifications, extensions or waivers to pool asset terms, fees, penalties or payments during the distribution period or that have cumulatively become material over time;
(xxxiv) Material breaches of pool asset representations or warranties or transaction covenants;
(xxxv) Information on ratio, coverage or other tests used for determining any early amortization, liquidation or other performance trigger and whether the trigger was metSwap Agreement; and
(xxxvixxiv) Information regarding whether the Stepdown Date has occurred and whether any new issuance of asset-backed securities backed by the same asset pool, any pool asset changes (other than Trigger Event is in connection with a pool asset converting into cash in accordance with its terms), such as additions or removals in connection with a prefunding or revolving period and pool asset substitutions and repurchases (and purchase rates, if applicable), and cash flows available for future purchases, such as the balances of any prefunding or revolving accounts, if applicableeffect. Disclose any material changes in the solicitation, credit-granting, underwriting, origination, acquisition or pool selection criteria or procedures, as applicable, used to originate, acquire or select the new pool assets.
(b) The Securities Administrator will may make the Monthly Statement foregoing monthly statement (and, at its option, any additional files containing the same information in an alternative format) available each month to Certificateholders, other parties to this Agreement and any other interested parties Certificateholders via the Securities Administrator's Internet ’s internet website. The Securities Administrator's Internet ’s internet website shall initially be located at "www.__________." “xxx.xxxxxxx.xxx”. Assistance in using the website can be obtained by calling the Securities Administrator's ’s customer service desk at ______________(000) 000-0000. Parties that are unable to use the website above distribution options 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 may change the way the monthly statements to Certificateholders are distributed in order to make such distribution distributions more convenient and/or or more accessible to the above parties and the Securities Administrator shall provide timely and adequate notification to all above parties regarding any such changesparties. The Securities Administrator shall 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 such statement 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 .
(b) The Securities Administrator's internet website’s responsibility for making the above information available to the Certificateholders is limited to the availability, timeliness and accuracy of the Securities Administrator may require registration information provided by the Servicer and the acceptance of a disclaimerSwap Provider. The Securities Administrator will make available a copy of each statement provided pursuant to this Section 5.08 to each Rating Agency.
(c) Within a reasonable period of time after the end of each calendar year, the Securities Administrator shall cause to be furnished upon written 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) and (a)(ii) of this Section 5.08 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 be provided by the Securities Administrator pursuant to any requirements of the Code as from time to time in effect.
(d) Upon filing with the Internal Revenue Service, the Securities Administrator shall furnish to the Holders of the Residual Certificates the applicable Form 1066 and each applicable Form 1066Q and shall respond promptly to written requests made not more frequently than quarterly by any Holder of a Residual Certificate with respect to the following matters:
(i) The original projected principal and interest cash flows on the Closing Date on each Class of regular and residual interests created hereunder and on the Mortgage Loans, based on the Prepayment Assumption;
(ii) The projected remaining principal and interest cash flows as of the end of any calendar quarter with respect to each Class of regular and residual interests created hereunder and the Mortgage Loans, based on the Prepayment Assumption;
(iii) The applicable Prepayment Assumption and any interest rate assumptions used in determining the projected principal and interest cash flows described above;
(iv) The original issue discount (or, in the case of the Mortgage Loans, market discount) or premium accrued or amortized through the end of such calendar quarter with respect to each Class of regular or residual interests created hereunder and to the Mortgage Loans, together with each constant yield to maturity used in computing the same;
(v) The treatment of losses realized with respect to the Mortgage Loans or the regular interests created hereunder, including the timing and amount of any cancellation of indebtedness income of a REMIC with respect to such regular interests or bad debt deductions claimed with respect to the Mortgage Loans;
(vi) The amount and timing of any non-interest expenses of a REMIC; and
(vii) Any taxes (including penalties and interest) imposed on the REMIC, including, without limitation, taxes on “prohibited transactions,” “contributions” or “net income from foreclosure property” or state or local income or franchise taxes. The information pursuant to clauses (i), (ii), (iii) and (iv) above shall be liable provided by the Depositor pursuant to Section 9.13.
(e) For each Distribution Date, through and including the Distribution Date in December 2007, the Securities Administrator shall calculate the Significance Percentage of the Swap Agreement. If on any such Distribution Date, the Significance Percentage is equal to or greater than 9%, the Securities Administrator shall promptly notify the Depositor and the Depositor, on behalf of the Securities Administrator, shall obtain the financial information required to be delivered by the Swap Provider pursuant to the terms of the Swap Agreement. If, on any succeeding Distribution Date through and including the Distribution Date in December 2007, the Significance Percentage is equal to or greater than 10%, the Securities Administrator shall promptly notify the Depositor and the Depositor shall, within five (5) Business Days of such Distribution Date, deliver to the Securities Administrator the financial information provided to it by the Swap Provider for inclusion in the Form 10-D relating to such Distribution Date. If on any Distribution Date after December 2007, the Significance Percentage is greater than 10%, the Securities Administrator shall include the Significance Percentage on the statement to Certificateholders for the dissemination of information in accordance with this Agreementrelated Distribution Date.
Appears in 1 contract
Monthly Statements to Certificateholders. (a) Not later than each Distribution Date based solely on information provided by the Servicer (which information is not required to include any prediction of future performance as to which such report relates)Date, the Securities Administrator shall prepare and make available on its website located at xxx.xxxxxxx.xxx to each Holder of a Class of Certificates of the Trust FundCertificates, the ServicerTrustee, the Rating Agencies, the Master Servicer, the Trustee, the NIMs Insurer, the Rating Agencies EMC Servicer and the Depositor a statement setting forth for the Certificates:
(i) the amount of the related distribution to Holders of each Class allocable to principal, separately identifying (A) the aggregate amount of any Principal Prepayments included therein, (B) the aggregate of all scheduled payments (except with respect to Simple Interest Loans) of principal included therein (and with respect to Simple Interest Loans, the amount of principal actually received included therein), and (C) the Extra Principal Distribution Amount, Amount (if any, and (D) the aggregate amount of Prepayment Charges, if any);
(ii) the amount of such distribution to Holders of each Class allocable to interest, together with any Non-Supported Interest Shortfalls allocated and, if applicable, the portion thereof allocable to each Classamounts provided pursuant to the Yield Maintenance Agreement;
(iii) the Interest Carry Forward Amounts and any Unpaid Applied Realized Loss Amounts for each Class of Offered Certificates (other than the Residual Certificates), if any;
(iv) the Certificate Principal Balance or Certificate Notional Balance of each Class immediately prior to and after giving effect (i) to all distributions allocable to principal on such Distribution Date and (ii) the allocation of any Applied Realized Loss Amounts for such Distribution Date;
(iv) , and, in the Pool Stated case of any Certificate Principal Balance for Balance, separately stating the amount of Deferred Interest, if any, added to such Distribution DateCertificate Principal Balance;
(v) the cumulative amount of Applied Realized Loss Amounts to date and the Servicing Fee paid Unpaid Applied Realized Loss Amounts for each Class of Offered Certificates after giving effect to or retained by the Servicer, the amount distribution of the Securities Administrator Fee paid to or retained by the Securities Administrator principal and any amounts constituting reimbursement or indemnification allocation of the Servicer, Master Servicer, Securities Administrator or Trustee;Applied Realized Loss Amounts on such Distribution Date.
(vi) the Pass-Through Rate for each Class of Offered Certificates with respect to the current Accrual Period, and, if applicable, whether such Pass-Through Rate was limited by an Interest Rate Cap;
(vii) the amount of any Excess Cashflow Amount and any Excess Yield Maintenance Amount;
(viii) the aggregate of the Stated Principal Balances of the fixed rate Mortgage Loans, the adjustable rate Mortgage Loans and all of the Mortgage Loans for such the following Distribution Date;
(viiix) the related amount of the Master Servicing Fees paid to or retained by the Master Servicer and the Servicing Fees paid to or retained by each Servicer for the related Due Period;
(x) the amount of Advances included in the distribution on such Distribution Date;
(viii) the cumulative amount of (A) Realized Losses and (B) Applied Realized Loss Amounts to date, in the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage Loans;
(ix) the amount of (A) Realized Losses and (B) Applied Realized Loss Amounts with respect to such Distribution Date, in the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage Loans;
(xxi) the number and aggregate principal amounts of Mortgage Loans (A) Delinquent (exclusive of Mortgage Loans in foreclosureforeclosure and bankruptcy) (1) 31 to 60 days, (2) 61 to 90 days and (3) 91 or more days, and (B) in foreclosure and Delinquent delinquent (1) 31 to 60 days, (2) 61 to 90 days and (3) 91 or more days and (C) in bankruptcy and delinquent (1) 31 to 60 days, (2) 61 to 90 days and (3) 91 or more days, in each case as of the close of business on the last day of the calendar month preceding such Distribution Date, in the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage Loans;
(xixii) with respect to any Mortgage Loan that became an REO Property was liquidated during the preceding calendar month, the loan number and Stated Principal Balance of of, and Realized Loss on, such Mortgage Loan as of the close of business on the last day of the calendar month Determination Date preceding such Distribution Date and the date of acquisition thereof, in the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage LoansDate;
(xiixiii) whether a Trigger Event exists.
(xiv) the total number and principal balance of any REO Properties as of the close of business on the Determination Date preceding such Distribution Date;
(xv) the Realized Losses during the related Prepayment Period and the cumulative Realized Losses through the end of the preceding month; and
(xvi) the three month rolling average of the percent equivalent of a fraction, the numerator of which is the aggregate stated Principal Balance of the Mortgage Loans that are 61 days or more delinquent or are in bankruptcy or foreclosure or are REO Properties, and the denominator of which is the aggregate Stated Principal Balance of all of the Mortgage Loans as of the last day of the calendar month preceding such Distribution Date, in the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage Loans;
(xiii) the aggregate Stated Principal Balance of all Liquidated Loans as of the preceding Distribution Date, in the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage Loans;
(xiv) whether a Stepdown Trigger Event has occurred and is in effect;
(xv) with respect to each Class of Certificates, any Interest Carry Forward Amount with respect to such Distribution Date for each such Class, any Interest Carry Forward Amount paid for each such Class and any remaining Interest Carry Forward Amount for each such Class;
(xvi) the number and Stated Principal Balance (as of the preceding Distribution Date) of any Mortgage Loans which were purchased or repurchased during the preceding Due Period and since the Cut-off Date;
(xvii) the number of Mortgage Loans for which Prepayment Charges were received during the related Prepayment Period and, for each such Mortgage Loan, the amount of Prepayment Charges received during the related Prepayment Period and in the aggregate of such amounts for all such Mortgage Loans since the Cut-off Date;
(xviii) the amount and purpose of any withdrawal from the Collection Account pursuant to Section 3.08(a)(viii);
(xix) the amount of any payments to each Class of Certificates that are treated as payments received in respect of a REMIC "regular interest" or REMIC "residual interest" and the amount of any payments to each Class of Certificates that are not treated as payments received in respect of a REMIC "regular interest" or REMIC "residual interest";
(xx) as of each Distribution Date, the amount, if any, to be deposited in the Cap Contract Account pursuant to the related Cap Contract as described in Section 4.04(k) and the amount thereof to be paid to the Class A, Class M, Class B-1A, Class B-2A, Class B-3A, Class B-4A and Class C Certificates described in Section 4.04(k) hereof;
(xxi) any Floating Rate Certificate Carryover paid and all Floating Rate Certificate Carryover remaining on each class of the Class A, Class M, Class B-1, Class B-2, Class B-3 and Class B-4 Certificates on such Distribution Date;
(xxii) the number of Mortgage Loans with respect to which (i) a reduction in the Mortgage Rate has occurred or (ii) the related borrower's obligation to repay interest on a monthly basis has been suspended or reduced pursuant to the Servicemembers Civil Relief Act or the California Military and Veterans Code, as amended; and the amount of interest not required to be paid with respect to any such Mortgage Loans during the related Due Period as a result of such reductions in the aggregate and with respect to the Group One Mortgage Loans and the Group Two Mortgage Loans.
(xxiii) the aggregate Outstanding Principal Balance of each Class of Certificates for the following Distribution Date;
(xxiv) the number and aggregate principal amounts of Mortgage Loans (A) delinquent (1) one Monthly Payment, (2) two Monthly Payments and (3) three or more Monthly Payments and (B) in foreclosure, in each case, as of the end of the related Principal Prepayment Period;
(xxv) the number and the principal balance of Mortgage Loans with respect to any real estate acquired through foreclosure or grant of a deed in lieu of foreclosure;
(xxvi) the aggregate amount of all Advances recovered during the related Due Period;
(xxvii) the aggregate amount of Realized Losses during the related Due Period and the aggregate amount of Realized Losses since the Cut-off Date;
(xxviii) the allocation to each Class of Certificate of any Realized Losses during the related Due Period;
(xxix) with respect to each Class of Certificates, the amount of any Compensating Interest Shortfalls on such Distribution Date;
(xxx) Number and amount of pool assets at the beginning and ending of each period, and updated pool composition information, such as weighted average coupon, weighted average life, weighted average remaining term, pool factors and prepayment amounts;
(xxxi) In addition, describe any material changes to methodology regarding calculations of delinquencies and charge-offs;
(xxxii) Information on the amount, terms and general purpose of any advances made or reimbursed during the period, including the general use of funds advanced and the general source of funds for reimbursements;
(xxxiii) Any material modifications, extensions or waivers to pool asset terms, fees, penalties or payments during the distribution period or that have cumulatively become material over time;
(xxxiv) Material breaches of pool asset representations or warranties or transaction covenants;
(xxxv) Information on ratio, coverage or other tests used for determining any early amortization, liquidation or other performance trigger and whether the trigger was met; and
(xxxvi) Information regarding any new issuance of asset-backed securities backed by the same asset pool, any pool asset changes (other than in connection with a pool asset converting into cash in accordance with its terms), such as additions or removals in connection with a prefunding or revolving period and pool asset substitutions and repurchases (and purchase rates, if applicable), and cash flows available for future purchases, such as the balances of any prefunding or revolving accounts, if applicable. Disclose any material changes in the solicitation, credit-granting, underwriting, origination, acquisition or pool selection criteria or procedures, as applicable, used to originate, acquire or select the new pool assets.
(b) The Securities Administrator will may make the Monthly Statement foregoing monthly statement (and, at its option, any additional files containing the same information in an alternative format) available each month to Certificateholders, other parties to this Agreement and any other interested parties Certificateholders via the Securities Administrator's Internet internet website. The Securities Security Administrator's Internet internet website shall initially be located at "www.__________." www.ctslink.com". Assistance in using the website can Securities Administratox'x xxxxxxx xxx be obtained by calling the Securities Administrator's customer service desk at ______________(301) 815-6600. To the extent timely received from the Securities Xxxxxxxxxxxxx, the Trustee will also make monthly statements available each month to Certificateholders via the Trustee's internet website. The trustee's internet website will initially be located at www.jpmorgan.com/absmbs. Assistance in using the Trustee's websitx xxxxxxx xxx xx xxxxxxed by calling the Trustee's customer service desk at (877) 722-1095. Parties that are unable to use the website above distribution options are entitled to have a paper copy mailed to them via first class mail by calling the Securities Administrator's customer service desk and indicating such. The Securities Administrator shall have the right to may change the way the monthly statements to Certificateholders are distributed in order to make such distribution distributions more convenient and/or or more accessible to the above parties and the Securities Administrator shall provide timely and adequate notification to all above parties regarding any such changes. parties.
(b) The Securities Administrator shall 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 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 Securities Administrator's internet websiteresponsibility for making the above information available to the Certificateholders is limited to the availability, timeliness and accuracy of the information derived from the Master Servicer, the Securities Administrator may require registration EMC Servicer and the acceptance of a disclaimerTrustee. The Securities Administrator will make available a copy of each statement provided pursuant to this Section 5.05 to each Rating Agency.
(c) Within a reasonable period of time after the end of each calendar year, the Trustee shall cause to be furnished to the EMC Servicer, the Master Servicer and 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) and (a)(ii) of this Section 5.05 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) Upon filing with the Internal Revenue Service, the Securities Administrator shall furnish to the Holders of the Residual Certificates the applicable Form 1066 and each applicable Form 1066Q and shall respond promptly to written requests made not more frequently than quarterly by any Holder of a Residual Certificate with respect to the following matters:
(i) The original projected principal and interest cash flows on the Closing Date on each Class of regular and residual interests created hereunder and on the Mortgage Loans, based on the Prepayment Assumption;
(ii) The projected remaining principal and interest cash flows as of the end of any calendar quarter with respect to each Class of regular and residual interests created hereunder and the Mortgage Loans, based on the Prepayment Assumption;
(iii) The applicable Prepayment Assumption and any interest rate assumptions used in determining the projected principal and interest cash flows described above;
(iv) The original issue discount (or, in the case of the Mortgage Loans, market discount) or premium accrued or amortized through the end of such calendar quarter with respect to each Class of regular or residual interests created hereunder and to the Mortgage Loans, together with each constant yield to maturity used in computing the same;
(v) The treatment of losses realized with respect to the Mortgage Loans or the regular interests created hereunder, including the timing and amount of any cancellation of indebtedness income of a REMIC with respect to such regular interests or bad debt deductions claimed with respect to the Mortgage Loans;
(vi) The amount and timing of any non-interest expenses of a REMIC; and
(vii) Any taxes (including penalties and interest) imposed on the REMIC, including, without limitation, taxes on "prohibited transactions," "contributions" or "net income from foreclosure property" or state or local income or franchise taxes. The information pursuant to clauses (i), (ii), (iii) and (iv) above shall be liable for provided by the dissemination of information in accordance with this AgreementDepositor pursuant to Section 9.12.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Bear Stearns Asset Backed Securities Inc)
Monthly Statements to Certificateholders. (a) Not later than each Distribution Date based solely on information provided by the Servicer (which information is not required to include any prediction of future performance as to which such report relates)Date, the Securities Administrator shall prepare and make available on its website located at xxx.xxxxxxx.xxx to each Holder of a Class of Certificates of the Trust Fund, the Servicer, the Master ServicerCertificates, the Trustee, the NIMs Insurer, the Rating Agencies Master Servicer and the Depositor a statement setting forth for the Certificates:
(i) with respect to each loan group, the amount of the related distribution to Holders holders of each the offered certificates (by class), other than the Class I-A-2 Certificates and Class II-A-2 Certificates, allocable to principal, separately identifying (A) the aggregate amount of any Principal Prepayments principal prepayments included therein, (B) the aggregate of all scheduled payments of principal included therein, therein and (C) the any Extra Principal Distribution Amount, if any, and (D) the aggregate amount of Prepayment Charges, if anyAmount included therein;
(ii) with respect to each loan group, the total cash flows received and the general sources thereof;
(iii) with respect to each loan group, the amount of such distribution to Holders of each Class allocable to interestinterest and with respect to the Class I-A-1 Certificates and the Class II-A-1 Certificates, together with any Non-Supported Interest Shortfalls allocated the amount allocable to each Classinterest and the portion thereof, if any, provided by the related interest rate corridor contract;
(iiiiv) the applicable accrual periods for calculating distributions and general distribution dates;
(v) with respect to each loan group, the Net WAC Rate Carryover Amount and any accrued by unpaid interest for each Class of Certificates and the amount on deposit in the Net WAC Reserve Fund;
(vi) with respect to each loan group, the Certificate Principal Balance or Certificate Notional Amount of each Class immediately prior to and after giving effect (i) to all distributions allocable to principal on such Distribution Date and (ii) the allocation of any Applied Realized Loss Amounts for such Distribution Date;
(ivvii) with respect to each loan group, the Pool aggregate of the Stated Principal Balance Balances of all of the Mortgage Loans for such the following Distribution Date;
(v) the amount of the Servicing Fee paid to or retained by the Servicer, the amount of the Securities Administrator Fee paid to or retained by the Securities Administrator and any amounts constituting reimbursement or indemnification of the Servicer, Master Servicer, Securities Administrator or Trustee;
(viviii) the Pass-Through Rate for each Class of Certificates for with respect to the current Interest Accrual Period, and, if applicable, whether such Distribution DatePass-Through Rate was limited by the related Interest Rate Cap;
(viiix) the amount of Advances included in the distribution on such Distribution Date;
(viii) with respect to each loan group, the cumulative amount of (A) Realized Losses and (B) Applied Realized Loss Amounts to date, in the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage Loans;
(ix) the amount of (A) Realized Losses and (B) Applied Realized Loss Amounts with respect to such Distribution Date, in the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage Loans;
(x) the number and aggregate principal amounts of Mortgage Loans (A) Delinquent (exclusive of Mortgage Loans in foreclosure) (1) 31 to 60 days, (2) 61 to 90 days and (3) 91 or more days, and (B) in foreclosure and Delinquent (1) 31 to 60 days, (2) 61 to 90 days and (3) 91 or more days, in each case as of the close of business on the last day of the calendar month preceding such Distribution Date, in the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage Loanseach loan group, whether a stepdown date or a trigger event is in effect;
(xi) with respect to each loan group and any Mortgage Loan that became an REO Property was liquidated during the preceding calendar month, the loan number and Stated Principal Balance of of, and Realized Loss on, such Mortgage Loan as of the close of business on the last day end of the calendar month preceding such Distribution Date and the date of acquisition thereof, in the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage Loansrelated Prepayment Period;
(xii) with respect to each loan group, the total number and principal balance of any real estate owned or REO Properties as of the close of business on the last day of the calendar month preceding such Distribution Date, in the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage Loans;
(xiii) the aggregate Stated Principal Balance of all Liquidated Loans as of the preceding Distribution Date, in the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage Loans;
(xiv) whether a Stepdown Trigger Event has occurred and is in effect;
(xv) with respect to each Class of Certificates, any Interest Carry Forward Amount with respect to such Distribution Date for each such Class, any Interest Carry Forward Amount paid for each such Class and any remaining Interest Carry Forward Amount for each such Class;
(xvi) the number and Stated Principal Balance (as of the preceding Distribution Date) of any Mortgage Loans which were purchased or repurchased during the preceding Due Period and since the Cut-off Date;
(xvii) the number of Mortgage Loans for which Prepayment Charges were received during the related Prepayment Period and, for each such Mortgage Loan, the amount of Prepayment Charges received during the related Prepayment Period and in the aggregate of such amounts for all such Mortgage Loans since the Cut-off Date;
(xviii) the amount and purpose of any withdrawal from the Collection Account pursuant to Section 3.08(a)(viii);
(xix) the amount of any payments to each Class of Certificates that are treated as payments received in respect of a REMIC "regular interest" or REMIC "residual interest" and the amount of any payments to each Class of Certificates that are not treated as payments received in respect of a REMIC "regular interest" or REMIC "residual interest";
(xx) as of each Distribution Date, the amount, if any, to be deposited in the Cap Contract Account pursuant to the related Cap Contract as described in Section 4.04(k) and the amount thereof to be paid to the Class A, Class M, Class B-1A, Class B-2A, Class B-3A, Class B-4A and Class C Certificates described in Section 4.04(k) hereof;
(xxi) any Floating Rate Certificate Carryover paid and all Floating Rate Certificate Carryover remaining on each class of the Class A, Class M, Class B-1, Class B-2, Class B-3 and Class B-4 Certificates on such Distribution Date;
(xxii) the number of Mortgage Loans with respect to which (i) a reduction in the Mortgage Rate has occurred or (ii) the related borrower's obligation to repay interest on a monthly basis has been suspended or reduced pursuant to the Servicemembers Civil Relief Act or the California Military and Veterans Code, as amended; and the amount of interest not required to be paid with respect to any such Mortgage Loans during the related Due Period as a result of such reductions in the aggregate and with respect to the Group One Mortgage Loans and the Group Two Mortgage Loans.
(xxiii) the aggregate Outstanding Principal Balance of each Class of Certificates for the following Distribution Date;
(xxiv) the number and aggregate principal amounts of Mortgage Loans (A) delinquent (1) one Monthly Payment, (2) two Monthly Payments and (3) three or more Monthly Payments and (B) in foreclosure, in each case, as of the end of the related Principal Prepayment Period;
(xxv) the number and the principal balance of Mortgage Loans with respect to any real estate acquired through foreclosure or grant of a deed in lieu of foreclosure;
(xxvi) the aggregate amount of all Advances recovered during the related Due Period;
(xxvii) the aggregate amount of Realized Losses during the related Due Period and the aggregate amount of Realized Losses since the Cut-off Date;
(xxviii) the allocation to each Class of Certificate of any Realized Losses during the related Due Period;
(xxixxiii) with respect to each Class of Certificatesloan group and if applicable, the amount of any Compensating Interest Shortfalls on such Distribution Date;
(xxx) Number and amount of pool assets at the beginning and ending of each period, and updated pool composition information, such as weighted average coupon, weighted average life, weighted average remaining term, pool factors and prepayment amounts;
(xxxi) In addition, describe any material changes to methodology regarding calculations of delinquencies and charge-offs;
(xxxii) Information on the amount, terms and general purpose of any advances made or reimbursed during the period, including the general use of funds advanced and the general source of funds for reimbursements;
(xxxiii) Any material modifications, extensions or waivers to pool asset terms, fees, penalties or payments during the distribution period or that have cumulatively become material over time;
(xxxivxiv) Material breaches with respect to each loan group, the amount of pool asset representations or warranties or transaction covenantsthe Prepayment Charges remitted by each Servicer and the amount on deposit in the related reserve fund;
(xxxvxv) Information on ratiowith respect to each loan group, coverage or other tests used for determining any early amortization, liquidation or other performance trigger the Realized Losses during the related Prepayment Period and whether the trigger was metcumulative Realized Losses through the end of the preceding month; and
(xxxvixvi) Information regarding any new issuance of asset-backed securities backed by the same asset poolspecial hazard amount, any pool asset changes (other than in connection with a pool asset converting into cash in accordance with its terms), such as additions or removals in connection with a prefunding or revolving period fraud loss amount and pool asset substitutions and repurchases (and purchase ratesbankruptcy amount, if applicable), and cash flows available for future purchases, such as the balances of any prefunding or revolving accounts, if applicable. Disclose any material changes in the solicitation, credit-granting, underwriting, origination, acquisition or pool selection criteria or procedures, as applicable, used to originate, acquire or select of the new pool assets.
(b) close of business on the applicable distribution date. The Securities Administrator will may make the foregoing Monthly Statement (and, at its option, any additional files containing the same information in an alternative format) available each month to Certificateholders, other parties to this Agreement and any other interested parties Certificateholders via the Securities Administrator's Internet ’s internet website. The Securities Administrator's Internet ’s internet website shall initially be located at "www.__________." “xxx.xxxxxxx.xxx”. Assistance in using the website can be obtained by calling the Securities Administrator's ’s customer service desk at ______________(000) 000-0000. Parties that are unable to use the website above distribution options 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 may change the way the monthly statements to Certificateholders Monthly Statements are distributed in order to make such distribution distributions more convenient and/or or more accessible to the above parties parties.
(b) The Securities Administrator’s responsibility for making the above information available to the Certificateholders is limited to the availability, timeliness and accuracy of the information derived from the Master Servicer, the Company and the Securities Administrator shall provide timely and adequate notification to all above parties regarding any such changes. The Securities Administrator shall 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 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 Securities Administrator's internet website, the Securities Administrator may require registration and the acceptance of a disclaimerServicers. The Securities Administrator will make available a copy of each statement provided pursuant to this Section 6.05 to each Rating Agency.
(c) Within a reasonable period of time after the end of each calendar year, the Securities Administrator shall furnish upon request to each Person who at any time during the calendar year was a Certificateholder, based on information provided by the Securities Administrator containing the information set forth in clauses (a)(i) and (a)(ii) of this Section 6.06 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 be provided by the Trustee or the Securities Administrator pursuant to any requirements of the Code as from time to time in effect.
(d) Upon filing with the Internal Revenue Service, the Securities Administrator shall furnish to the Holders of the Residual Certificates the applicable Form 1066 and each applicable Form 1066Q and shall respond promptly to written requests made not more frequently than quarterly by any Holder of a Residual Certificate with respect to the following matters:
(i) The original projected principal and interest cash flows on the Closing Date on each class of Regular Interests and Residual Interests created hereunder and on the Mortgage Loans, based on the Prepayment Assumption;
(ii) The projected remaining principal and interest cash flows as of the end of any calendar quarter with respect to each class of Regular Interests and Residual Interests created hereunder and the Mortgage Loans, based on the Prepayment Assumption;
(iii) The applicable Prepayment Assumption and any interest rate assumptions used in determining the projected principal and interest cash flows described above;
(iv) The original issue discount (or, in the case of the Mortgage Loans, market discount) or premium accrued or amortized through the end of such calendar quarter with respect to each class of Regular Interests created hereunder and to the Mortgage Loans, together with each constant yield to maturity used in computing the same;
(v) The treatment of losses realized with respect to the Mortgage Loans or the Regular Interests created hereunder, including the timing and amount of any cancellation of indebtedness income of a REMIC with respect to such Regular Interests or bad debt deductions claimed with respect to the Mortgage Loans;
(vi) The amount and timing of any non-interest expenses of a REMIC; and
(vii) Any taxes (including penalties and interest) imposed on the REMIC, including, without limitation, taxes on “prohibited transactions,” “contributions” or “net income from foreclosure property” or state or local income or franchise taxes. The information pursuant to clauses (i), (ii), (iii) and (iv) above shall be liable for provided by the dissemination of information in accordance with this AgreementDepositor pursuant to Section 10.12.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Bear Stearns Asset Backed Securities I Trust 2006-Ac3)
Monthly Statements to Certificateholders. (a) Not later than each Distribution Date based solely on information provided by the Servicer (which information is not required to include any prediction of future performance as to which such report relates)Date, the Securities Administrator Trustee shall prepare and make available on its website located at xxx.xxxxxxx.xxx to the Yield Maintenance Provider, each Holder of a Class of Certificates of the Trust FundCertificates, the ServicerRating Agencies, the Master Servicer, the Trustee, the NIMs Insurer, the Rating Agencies Servicer and the Depositor a statement setting forth for the Certificates:
(i) the amount of the related distribution to Holders of each Class allocable to principal, separately identifying (A) the aggregate amount of any Principal Prepayments included therein, (B) the aggregate of all scheduled payments (except with respect to any Simple Interest Loans) of principal included therein (and with respect to any Simple Interest Loans, the amount of principal actually received included therein), (C) the Extra Principal Distribution Amountprincipal portion of all Liquidation Proceeds and Insurance Proceeds included therein and the purchase price in connection with the purchase of Mortgage Loans and cash deposits in connection with substitutions of Mortgage Loans, if any, and (D) the aggregate amount of Prepayment Charges, any Subsequent Recoveries included therein and (E) the Extra Principal Distribution Amount (if any;
); (ii) the amount of such distribution to Holders of each Class allocable to interest, together with any Non-Supported Interest Shortfalls allocated and, if applicable, the portion thereof allocable to each Class;
amounts provided pursuant to the Yield Maintenance Agreement; (iii) any Interest Carry Forward Amounts and any Basis Risk Shortfall Carry Forward Amounts for each Class of Offered Certificates (other than the Residual Certificates); (iv) the Certificate Principal Balance or Certificate Notional Balance of each Class immediately prior to and after giving effect (i) to all distributions allocable to principal on such Distribution Date and Date, (ii) if applicable, the allocation of any Applied Realized Loss Amounts for such Distribution Date;
, and, (iviii) if applicable, the Pool Stated allocation of Subsequent Recoveries to increase Certificate Principal Balance for such Distribution Date;
; (v) the cumulative amount of Applied Realized Loss Amounts to date and the Servicing Fee paid Unpaid Applied Realized Loss Amounts for each applicable Class of Offered Certificates after giving effect to or retained by the Servicer, the amount distribution of the Securities Administrator Fee paid to or retained by the Securities Administrator principal and any amounts constituting reimbursement or indemnification allocation of the Servicer, Master Servicer, Securities Administrator or Trustee;
Applied Realized Loss Amounts on such Distribution Date. (vi) the Pass-Through Rate for each Class of Offered Certificates for with respect to the current Accrual Period, and, if applicable, whether such Distribution Date;
Pass-Through Rate was limited by an Interest Rate Cap; (vii) the amount of any Excess Cashflow Amount and any Excess Yield Maintenance Amount; (viii) the aggregate of the Stated Principal Balances of (i) all of the Mortgage Loans, (ii) the fixed rate Mortgage Loans and (iii) the adjustable rate Mortgage Loans on the related Due Date; (ix) the related amount of the Master Servicing Fees and Trustee Fees paid to or retained by the Master Servicer and the Trustee, respectively, for the related Due Period; (x) the amount of Advances and Compensating Interest Payments included in the distribution on such Distribution Date;
; (viii) the cumulative amount of (A) Realized Losses and (B) Applied Realized Loss Amounts to date, in the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage Loans;
(ix) the amount of (A) Realized Losses and (B) Applied Realized Loss Amounts with respect to such Distribution Date, in the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage Loans;
(xxi) the number and aggregate principal amounts Stated Principal Balance of Mortgage Loans (A) Delinquent (exclusive of Mortgage Loans in foreclosureforeclosure and bankruptcy) (1) 31 to 60 days, (2) 61 to 90 days and (3) 91 or more days, and (B) in foreclosure and Delinquent delinquent (1) 31 to 60 days, (2) 61 to 90 days and (3) 91 or more days and (C) in bankruptcy and delinquent (1) 31 to 60 days, (2) 61 to 90 days and (3) 91 or more days, in each case as of the close of business on the last day of the calendar month preceding such Distribution Date, in the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage Loans;
; (xixii) with respect to any Mortgage Loan that became an REO Property was liquidated during the preceding calendar month, the loan number and Stated Principal Balance of of, and Realized Loss on, such Mortgage Loan as of the close of business on the last day end of the calendar month preceding such Distribution Date related Prepayment Period; (xiii) whether a Trigger Event exists; (xiv) the number and the date principal balance of acquisition thereof, in the aggregate and with respect to the Group One Mortgage Loans purchased or substituted for during the immediately preceding Prepayment Period or Due Period, as applicable, and Group Two Mortgage Loans;
cumulatively since the Cut-off Date; (xiixv) the total number and principal balance of any REO Properties as of the close end of business the related Prepayment Period; (xvi) the aggregate amount of Realized Losses with respect to the Mortgage Loans (i) during the related Prepayment Period and cumulatively through the end of the preceding month and (ii) since the Closing Date as a percentage of the aggregate Stated Principal Balance of the Mortgage Loans on the Closing Date; (xvii) the three month rolling average of the percent equivalent of a fraction, the numerator of which is the aggregate Stated Principal Balance of the Mortgage Loans that are 61 days or more delinquent or are in bankruptcy or foreclosure or are REO Properties, and the denominator of which is the aggregate Stated Principal Balance of all of the Mortgage Loans as of the last day of the calendar month preceding such Distribution Date, in the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage Loans;
(xiii) the aggregate Stated Principal Balance of all Liquidated Loans as of the preceding Distribution Date, in the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage Loans;
(xiv) whether a Stepdown Trigger Event has occurred and is in effect;
(xv) with respect to each Class of Certificates, any Interest Carry Forward Amount with respect to such Distribution Date for each such Class, any Interest Carry Forward Amount paid for each such Class and any remaining Interest Carry Forward Amount for each such Class;
(xvi) the number and Stated Principal Balance (as of the preceding Distribution Date) of any Mortgage Loans which were purchased or repurchased during the preceding Due Period and since the Cut-off Date;
(xvii) the number of Mortgage Loans for which Prepayment Charges were received during the related Prepayment Period and, for each such Mortgage Loan, the amount of Prepayment Charges received during the related Prepayment Period and in the aggregate of such amounts for all such Mortgage Loans since the Cut-off Date;
(xviii) the amount and purpose of any withdrawal from the Collection Account pursuant to Section 3.08(a)(viii);
(xix) the amount of any payments to each Class of Certificates that are treated as payments received in respect of a REMIC "regular interest" or REMIC "residual interest" and the amount of any payments to each Class of Certificates that are not treated as payments received in respect of a REMIC "regular interest" or REMIC "residual interest";
(xx) as of each Distribution Date, the amount, if any, to be deposited in the Cap Contract Account pursuant to the related Cap Contract as described in Section 4.04(k) and the amount thereof to be paid to the Class A, Class M, Class B-1A, Class B-2A, Class B-3A, Class B-4A and Class C Certificates described in Section 4.04(k) hereof;
(xxi) any Floating Rate Certificate Carryover paid and all Floating Rate Certificate Carryover remaining on each class of the Class A, Class M, Class B-1, Class B-2, Class B-3 and Class B-4 Certificates on such Distribution Date;
(xxii) the number of Mortgage Loans with respect to which (i) a reduction in the Mortgage Rate has occurred or (ii) the related borrower's obligation to repay interest on a monthly basis has been suspended or reduced pursuant to the Servicemembers Civil Relief Act or the California Military and Veterans Code, as amended; and the amount of interest not required to be paid with respect to any such Mortgage Loans during the related Due Period as a result of such reductions in the aggregate and with respect to the Group One Mortgage Loans and the Group Two Mortgage Loans.
(xxiii) the aggregate Outstanding Principal Balance of each Class of Certificates for the following Distribution Date;
(xxiv) the number and aggregate principal amounts of Mortgage Loans (A) delinquent (1) one Monthly Payment, (2) two Monthly Payments and (3) three or more Monthly Payments and (B) in foreclosure, in each case, as of the end of the related Principal Prepayment Period;
(xxv) the number and the principal balance of Mortgage Loans with respect to any real estate acquired through foreclosure or grant of a deed in lieu of foreclosure;
(xxvi) the aggregate amount of all Advances recovered during the related Due Period;
(xxvii) the aggregate amount of Realized Losses during the related Due Period and the aggregate amount of Realized Losses since the Cut-off Date;
(xxviii) the allocation to each Class of Certificate of any Realized Losses during the related Due Period;
(xxix) with respect to each Class of Certificates, the amount of any Compensating Interest Shortfalls on such Distribution Date;
(xxx) Number and amount of pool assets at the beginning and ending of each period, and updated pool composition information, such as weighted average coupon, weighted average life, weighted average remaining term, pool factors and prepayment amounts;
(xxxi) In addition, describe any material changes to methodology regarding calculations of delinquencies and charge-offs;
(xxxii) Information on the amount, terms and general purpose of any advances made or reimbursed during the period, including the general use of funds advanced and the general source of funds for reimbursements;
(xxxiii) Any material modifications, extensions or waivers to pool asset terms, fees, penalties or payments during the distribution period or that have cumulatively become material over time;
(xxxiv) Material breaches of pool asset representations or warranties or transaction covenants;
(xxxv) Information on ratio, coverage or other tests used for determining any early amortization, liquidation or other performance trigger and whether the trigger was met; and
(xxxvi) Information regarding any new issuance of asset-backed securities backed by the same asset pool, any pool asset changes (other than in connection with a pool asset converting into cash in accordance with its terms), such as additions or removals in connection with a prefunding or revolving period and pool asset substitutions and repurchases (and purchase rates, if applicable), and cash flows available for future purchases, such as the balances of any prefunding or revolving accounts, if applicable. Disclose any material changes in the solicitation, credit-granting, underwriting, origination, acquisition or pool selection criteria or procedures, as applicable, used to originate, acquire or select the new pool assets.
(b) The Securities Administrator will Trustee may make the Monthly Statement foregoing monthly statement (and, at its option, any additional files containing the same information in an alternative format) available each month to Certificateholders, other parties to this Agreement and any other interested parties Certificateholders via the Securities Administrator's Internet Trustee ‘s internet website. The Securities Administrator's Internet Trustee ‘s internet website shall initially be located at "www.__________." “xxx.xxxxxxxx.xxx”. Assistance in using the Trustee ‘s website can be obtained by calling the Securities Administrator's Trustee ‘s customer service desk at ______________(000) 000-0000. Parties that are unable to use the website above distribution options are entitled to have a paper copy mailed to them via first class mail by calling the Trustee ‘s customer service desk and indicating such. The Securities Administrator shall have the right to Trustee may change the way the monthly statements to Certificateholders are distributed in order to make such distribution distributions more convenient and/or or more accessible to the above parties parties.
(b) The Trustee's responsibility for making the above information available to the Certificateholders is limited to the availability, timeliness and accuracy of the information derived from the Master Servicer. The Trustee will make available a copy of each statement provided pursuant to this Section 5.05 to each Rating Agency.
(c) Within a reasonable period of time after the end of each calendar year, the Trustee shall cause to be furnished to the Master Servicer and 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) and (a)(ii) of this Section 5.05 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) Upon filing with the Internal Revenue Service, the Trustee shall furnish to the Holders of the Residual Certificates the applicable Form 1066 and each applicable Form 1066Q and shall respond promptly to written requests made not more frequently than quarterly by any Holder of a Residual Certificate with respect to the following matters:
(i) The original projected principal and interest cash flows on the Closing Date on each Class of regular and residual interests created hereunder and on the Mortgage Loans, based on the Prepayment Assumption; (ii) The projected remaining principal and interest cash flows as of the end of any calendar quarter with respect to each Class of regular and residual interests created hereunder and the Securities Administrator shall provide timely Mortgage Loans, based on the Prepayment Assumption; (iii) The applicable Prepayment Assumption and adequate notification any interest rate assumptions used in determining the projected principal and interest cash flows described above; (iv) The original issue discount (or, in the case of the Mortgage Loans, market discount) or premium accrued or amortized through the end of such calendar quarter with respect to all above parties regarding each Class of regular or residual interests created hereunder and to the Mortgage Loans, together with each constant yield to maturity used in computing the same; (v) The treatment of losses realized with respect to the Mortgage Loans or the regular interests created hereunder, including the timing and amount of any cancellation of indebtedness income of a REMIC with respect to such changesregular interests or bad debt deductions claimed with respect to the Mortgage Loans; (vi) The amount and timing of any non-interest expenses of a REMIC; and (vii) Any taxes (including penalties and interest) imposed on the REMIC, including, without limitation, taxes on "prohibited transactions," "contributions" or "net income from foreclosure property" or state or local income or franchise taxes. The Securities Administrator information pursuant to clauses (i), (ii), (iii) and (iv) above shall 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 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 Depositor pursuant to access the Securities Administrator's internet website, the Securities Administrator may require registration and the acceptance of a disclaimer. The Securities Administrator will not be liable for the dissemination of information in accordance with this AgreementSection 9.12.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Bear Stearns Asset Backed Securities Trust 2004-2)
Monthly Statements to Certificateholders. (a) Not later than each Distribution Date based solely on information provided by the Servicer (which information is not required to include any prediction of future performance as to which such report relates)Date, the Securities Administrator shall prepare and make available on its website located at xxx.xxxxxxx.xxx to each Holder of a Class of Certificates of the Trust FundCertificates, the ServicerTrustee, the Master Servicer, the Trustee, the NIMs Insurer, the Rating Agencies Swap Provider and the Depositor a statement setting forth for the Certificates:
(i) the applicable record dates, accrual periods, determination dates for calculating distributions and general distribution dates;
(ii) the total cash flows received and the general sources thereof;
(iii) the amount, if any, of fees or expenses accrued and paid, with an identification of the payee and the general purpose of such fees including the related amount of the Servicing Fees paid to or retained by the Master Servicer for the related Due Period;
(iv) the amount of any Net Swap Payment payable to the Derivative Administrator, any Net Swap Payment payable to the Swap Provider, any Swap Termination Payment payable to the Derivative Administrator and any Swap Termination Payment payable to the Swap Provider;
(v) the amount of the related distribution to Holders of each Class allocable to principal, separately identifying (A) the aggregate amount of any Principal Prepayments included therein, (B) the aggregate of all scheduled payments of principal included therein, therein and (C) the Extra Principal Distribution Amount, Amount (if any, and (D) the aggregate amount of Prepayment Charges, if any);
(iivi) the amount of such distribution to Holders of each Class of Class A Certificates and Class M Certificates allocable to interestinterest and the portion thereof, together with any Non-Supported Interest Shortfalls allocated to each Classif any, provided by the Swap Agreement and Yield Maintenance Agreement and the amount of coverage remaining under either credit enhancement;
(iiivii) the Interest Carry Forward Amounts and any Basis Risk Shortfall Carry Forward Amounts for each Class of Certificates (if any);
(viii) the Pass-Through Rate for each Class of Class A Certificates and Class M Certificates with respect to the current Accrual Period, and, if applicable, whether such Pass-Through Rate was limited by the Net Rate Cap;
(ix) the number and the aggregate of the Stated Principal Balance of (A) all of the Mortgage Loans and (B) the Adjustable Rate Mortgage Loans, for the following Distribution Date;
(x) the Certificate Principal Balance or Certificate Notional Amount, as applicable, of each Class immediately prior to before and after giving effect (i) to all distributions allocable to principal on such Distribution Date and (ii) the allocation of any Applied Realized Loss Amounts for such Distribution Date;
(iv) the Pool Stated Principal Balance for such Distribution Date;
(v) the amount of the Servicing Fee paid to or retained by the Servicer, the amount of the Securities Administrator Fee paid to or retained by the Securities Administrator and any amounts constituting reimbursement or indemnification of the Servicer, Master Servicer, Securities Administrator or Trustee;
(vi) the Pass-Through Rate for each Class of Certificates for such Distribution Date;
(vii) the amount of Advances included in the distribution on such Distribution Date;
(viii) the cumulative amount of (A) Realized Losses and (B) Applied Realized Loss Amounts to date, in the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage Loans;
(ix) the amount of (A) Realized Losses and (B) Applied Realized Loss Amounts with respect to such Distribution Date, in the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage Loans;
(xxi) the number and aggregate principal amounts Stated Principal Balance of the Mortgage Loans (A) Delinquent (exclusive of Mortgage Loans in foreclosureforeclosure and bankruptcy) (1) 31 to 60 days30 days Delinquent, (2) 61 to 90 60 days Delinquent and (3) 91 90 days or more daysDelinquent, and (B) in foreclosure and Delinquent delinquent (1) 31 to 60 days30 days Delinquent, (2) 61 to 90 60 days Delinquent and (3) 91 90 days or more days, in each case as of the close of business on the last day of the calendar month preceding such Distribution Date, in the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage Loans;
(xi) with respect to any Mortgage Loan that became an REO Property during the preceding calendar month, the loan number and Stated Principal Balance of such Mortgage Loan as of the close of business on the last day of the calendar month preceding such Distribution Date and the date of acquisition thereof, in the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage Loans;
(xii) the total number and principal balance of any REO Properties as of the close of business on the last day of the calendar month preceding such Distribution Date, in the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage Loans;
(xiii) the aggregate Stated Principal Balance of all Liquidated Loans as of the preceding Distribution Date, in the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage Loans;
(xiv) whether a Stepdown Trigger Event has occurred and is in effect;
(xv) with respect to each Class of Certificates, any Interest Carry Forward Amount with respect to such Distribution Date for each such Class, any Interest Carry Forward Amount paid for each such Class and any remaining Interest Carry Forward Amount for each such Class;
(xvi) the number and Stated Principal Balance (as of the preceding Distribution Date) of any Mortgage Loans which were purchased or repurchased during the preceding Due Period and since the Cut-off Date;
(xvii) the number of Mortgage Loans for which Prepayment Charges were received during the related Prepayment Period Delinquent and, for each such Mortgage Loan, the amount of Prepayment Charges received during the related Prepayment Period and in the aggregate of such amounts for all such Mortgage Loans since the Cut-off Date;
(xviii) the amount and purpose of any withdrawal from the Collection Account pursuant to Section 3.08(a)(viii);
(xix) the amount of any payments to each Class of Certificates that are treated as payments received in respect of a REMIC "regular interest" or REMIC "residual interest" and the amount of any payments to each Class of Certificates that are not treated as payments received in respect of a REMIC "regular interest" or REMIC "residual interest";
(xx) as of each Distribution Date, the amount, if any, to be deposited in the Cap Contract Account pursuant to the related Cap Contract as described in Section 4.04(k) and the amount thereof to be paid to the Class A, Class M, Class B-1A, Class B-2A, Class B-3A, Class B-4A and Class C Certificates described in Section 4.04(k) hereof;
(xxi) any Floating Rate Certificate Carryover paid and all Floating Rate Certificate Carryover remaining on each class of the Class A, Class M, Class B-1, Class B-2, Class B-3 and Class B-4 Certificates on such Distribution Date;
(xxii) the number of Mortgage Loans with respect to which (i) a reduction in the Mortgage Rate has occurred or (ii) the related borrower's obligation to repay interest on a monthly basis has been suspended or reduced pursuant to the Servicemembers Civil Relief Act or the California Military and Veterans Code, as amended; and the amount of interest not required to be paid with respect to any such Mortgage Loans during the related Due Period as a result of such reductions in the aggregate and with respect to the Group One Mortgage Loans and the Group Two Mortgage Loans.
(xxiii) the aggregate Outstanding Principal Balance of each Class of Certificates for the following Distribution Date;
(xxiv) the number and aggregate principal amounts of Mortgage Loans (A) delinquent (1) one Monthly Payment, (2) two Monthly Payments and (3) three or more Monthly Payments and (B) in foreclosure, in each case, as of the end of the related Principal Prepayment Period;
(xxv) the number and the principal balance of Mortgage Loans with respect to any real estate acquired through foreclosure or grant of a deed in lieu of foreclosure;
(xxvi) the aggregate amount of all Advances recovered during the related Due Period;
(xxvii) the aggregate amount of Realized Losses during the related Due Period and the aggregate amount of Realized Losses since the Cut-off Date;
(xxviii) the allocation to each Class of Certificate of any Realized Losses during the related Due Period;
(xxix) with respect to each Class of Certificates, the amount of any Compensating Interest Shortfalls on such Distribution Date;
(xxx) Number and amount of pool assets at the beginning and ending of each period, and updated pool composition information, such as weighted average coupon, weighted average life, weighted average remaining term, pool factors and prepayment amounts;
(xxxi) In addition, describe any material changes to methodology regarding calculations of delinquencies and charge-offs;
(xxxii) Information on the amount, terms and general purpose of any advances made or reimbursed during the period, including the general use of funds advanced and the general source of funds for reimbursements;
(xxxiii) Any material modifications, extensions or waivers to pool asset terms, fees, penalties or payments during the distribution period or that have cumulatively become material over time;
(xxxiv) Material breaches of pool asset representations or warranties or transaction covenants;
(xxxv) Information on ratio, coverage or other tests used for determining any early amortization, liquidation or other performance trigger and whether the trigger was met; and
(xxxvi) Information regarding any new issuance of asset-backed securities backed by the same asset pool, any pool asset changes (other than in connection with a pool asset converting into cash in accordance with its terms), such as additions or removals in connection with a prefunding or revolving period and pool asset substitutions and repurchases (and purchase rates, if applicable), and cash flows available for future purchases, such as the balances of any prefunding or revolving accounts, if applicable. Disclose any material changes in the solicitation, credit-granting, underwriting, origination, acquisition or pool selection criteria or procedures, as applicable, used to originate, acquire or select the new pool assets.
(b) The Securities Administrator will make the Monthly Statement (and, at its option, any additional files containing the same information in an alternative format) available each month to Certificateholders, other parties to this Agreement and any other interested parties via the Securities Administrator's Internet website. The Securities Administrator's Internet website shall initially be located at "www.__________." 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 website 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 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 Securities Administrator shall provide timely and adequate notification to all above parties regarding any such changes. The Securities Administrator shall 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 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 Securities Administrator's internet website, the Securities Administrator may require registration and the acceptance of a disclaimer. The Securities Administrator will not be liable for the dissemination of information in accordance with this Agreement.
Appears in 1 contract
Samples: Pooling and Servicing Agreement
Monthly Statements to Certificateholders. (a) Not later than each Distribution Date based solely on information provided by the Servicer (which information is not required to include any prediction of future performance as to which such report relates)Date, the Securities Administrator Trustee shall prepare and make available on its website located at xxx.xxxxxxx.xxx the Trustee shall cause to be forwarded by mail to each Holder of a Class of Certificates of the Trust FundCertificateholder, the Servicer, the Master Servicer, the Trustee, the NIMs Certificate Insurer, the Seller and the Rating Agencies and the Depositor a statement setting forth for the Certificatesforth:
(i) the amount of such distribution representing principal of the related distribution to Holders of each Class allocable to principalMortgage Loans, separately identifying (A) the aggregate amount of any Principal Prepayments included therein, (B) and the aggregate portion of all scheduled payments of principal included therein, (C) the Extra Principal Distribution Amountsuch distribution, if any, representing a Monthly Advance of principal and (D) the aggregate amount Certificate Principal Balance of Prepayment Charges, if anythe Class A Certificates after giving effect to such distributions;
(ii) the amount of such distribution to Holders representing interest on the Mortgage Loans and the portion of each Class allocable to such distribution, if any, representing a Monthly Advance of interest, together with any Non-Supported Interest Shortfalls allocated to each Class;
(iii) the Certificate aggregate Principal Balance Balances of each Class immediately prior to and after giving effect (i) to all distributions allocable to principal the Mortgage Loans as of the close of business on such Distribution Date and (ii) the allocation amount of any Applied Realized Loss Amounts for such Distribution DatePrincipal Prepayments received during the immediately preceding Prepayment Period;
(iv) the Pool Stated Principal Balance for such Distribution Daterelated amount of the Servicing Fees retained or withdrawn from the Custodial Account or the Certificate Account;
(v) the amount of the Servicing Fee Monthly Advances paid to or retained by the Servicer, the amount of the Securities Administrator Fee paid to or retained by the Securities Administrator and any amounts constituting reimbursement or indemnification of the Servicer, Master Servicer, Securities Administrator or Trustee;
(vi) the Pass-Through Rate for each Class of Certificates for such Distribution Date;
(vii) the amount of Advances included in the distribution on such Distribution Date;
(viii) the cumulative amount of (A) Realized Losses and (B) Applied Realized Loss Amounts to date, in the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage Loans;
(ix) the amount of (A) Realized Losses and (B) Applied Realized Loss Amounts with respect to such Distribution Date, in the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage Loans;
(x) the number and aggregate principal amounts of Mortgage Loans (A) Delinquent (exclusive of Mortgage Loans in foreclosure) (1) 31 to 60 days, (2) 61 to 90 days and (3) 91 or more days, and (B) in foreclosure and Delinquent (1) 31 to 60 days, (2) 61 to 90 days and (3) 91 or more days, in each case as of the close of business on the last day of the calendar month preceding such Distribution Date, in the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage Loans;
(xi) with respect to any Mortgage Loan that became an REO Property during the preceding calendar month, the loan number and Stated Principal Balance of such Mortgage Loan as of the close of business on the last day of the calendar month preceding such Distribution Date and the date of acquisition thereof, in the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage Loans;
(xii) the total number and principal balance of any REO Properties as of the close of business on the last day of the calendar month preceding such Distribution Date, in the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage Loans;
(xiii) the aggregate Stated Principal Balance of all Liquidated Loans as of the preceding Distribution Date, in the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage Loans;
(xiv) whether a Stepdown Trigger Event has occurred and is in effect;
(xv) with respect to each Class of Certificates, any Interest Carry Forward Amount with respect to such Distribution Date for each such Class, any Interest Carry Forward Amount paid for each such Class and any remaining Interest Carry Forward Amount for each such Class;
(xvi) the number and Stated Principal Balance (as of the preceding Distribution Date) of any Mortgage Loans which were purchased or repurchased during the preceding Due Period and since the Cut-off Date;
(xvii) the number of Mortgage Loans for which Prepayment Charges were received during the related Prepayment Period and, for each such Mortgage Loan, the amount of Prepayment Charges received during the related Prepayment Period and in the aggregate of such amounts for all such Mortgage Loans since the Cut-off Date;
(xviii) the amount and purpose of any withdrawal from the Collection Account pursuant to Section 3.08(a)(viii);
(xix) the amount of any payments to each Class of Certificates that are treated as payments received in respect of a REMIC "regular interest" or REMIC "residual interest" and the amount of any payments to each Class of Certificates that are not treated as payments received in respect of a REMIC "regular interest" or REMIC "residual interest";
(xx) as of each Distribution Date, the amount, if any, to be deposited in the Cap Contract Account pursuant to the related Cap Contract as described in Section 4.04(k) and the amount thereof to be paid to the Class A, Class M, Class B-1A, Class B-2A, Class B-3A, Class B-4A and Class C Certificates described in Section 4.04(k) hereof;
(xxi) any Floating Rate Certificate Carryover paid and all Floating Rate Certificate Carryover remaining on each class of the Class A, Class M, Class B-1, Class B-2, Class B-3 and Class B-4 Certificates on such Distribution Date;
(xxii) the number of Mortgage Loans with respect to which (i) a reduction in the Mortgage Rate has occurred or (ii) the related borrower's obligation to repay interest on a monthly basis has been suspended or reduced pursuant to the Servicemembers Civil Relief Act or the California Military and Veterans Code, as amended; and the amount of interest not required to be paid with respect to any such Mortgage Loans during the related Due Period as a result of such reductions in the aggregate and with respect to the Group One Mortgage Loans and the Group Two Mortgage Loans.
(xxiii) the aggregate Outstanding Principal Balance of each Class of Certificates for the following Distribution Date;
(xxiv) the number and aggregate principal amounts of Mortgage Loans (A) delinquent (1) one Monthly Paymentmonth, (2) two Monthly Payments and months, (3) three months or more Monthly Payments and (B) in foreclosure, foreclosure and (C) in each case, as of the end of the related Principal Prepayment Periodbankruptcy;
(xxvvii) the number and book value (within the principal balance meaning of Mortgage Loans 12 C.F.R. (S) 571.13 or comparable provision) of any REO Property;
(viii) the respective amounts, if any, of Realized Losses allocated to the respective Classes of Certificates with respect to any real estate acquired through foreclosure or grant of a deed in lieu of foreclosuresuch Distribution Date;
(xxviix) the aggregate amount of all Monthly Advances recovered during the related Due Period;
(xxviix) the aggregate amount of Realized Losses during any tax imposed on a "prohibited transaction" of the related Due Period and Trust Fund as defined in Section 860F of the aggregate amount of Realized Losses since the Cut-off Date;
(xxviii) the allocation to each Class of Certificate of any Realized Losses Code during the related Due Period;
(xxixxi) with respect to each Class of Certificates, the amount of any Compensating Interest Shortfalls reduction in Certificate Principal Balance, cumulative interest shortfall amount or interest distribution amount for any Class attributable to the application of Realized Losses thereto on such Distribution Date;
(xxxxii) Number and the amount of pool assets at any Insured Payment made on such Distribution Date, the beginning amount of any reimbursement payment made to the Certificate Insurer on such Distribution Date pursuant to Section 4.02(b) and ending the amount of each period, and updated pool composition information, Cumulative Insurance Payments after giving effect to any such as weighted average coupon, weighted average life, weighted average remaining term, pool factors and prepayment amountsInsured Payment or any such reimbursement payment to the Certificate Insurer;]
(xiii) the Certificate Rate on the Class A Certificates for such Distribution Date;
(xxxixiv) In additionthe aggregate principal balance of all Converting Mortgage Loans and Converted Mortgage Loans, describe any material changes as the case may be, purchased by the Servicer pursuant to methodology regarding calculations Section 3.21, the proceeds of delinquencies which are being distributed on such Distribution Date and charge-offsthe aggregate principal balance of all Converted Mortgage Loans which have not been so purchased pursuant to Section 3.21;
(xxxiixv) Information on the amountaggregate principal balance of all Mortgage Loans which are the subject of substitution or purchase by the Servicer pursuant to Section 2.04, terms during the month of such Distribution Date, together with the number of such Mortgage Loans removed and general purpose the amount of any advances made resulting shortage deposited into the Custodial Account by the Seller or reimbursed during the period, including the general use of funds advanced and the general source of funds for reimbursementsServicer in such month;
(xxxiiixvi) Any material modifications, extensions or waivers to pool asset terms, fees, penalties or payments during the distribution period or that have cumulatively become material over timeRolling Three Month Delinquency Percentage;
(xxxivxvii) Material breaches of pool asset representations or warranties or transaction covenants;
(xxxv) Information cumulative Realized Losses since the Delivery Date and for the three year period commencing on ratio, coverage or other tests used for determining any early amortization, liquidation or other performance trigger and whether the trigger was metDelivery Date; and
(xxxvixviii) Information regarding any new issuance of asset-backed securities backed by the same asset pool, any pool asset changes (other than in connection with a pool asset converting into cash in accordance with its terms), such as additions or removals in connection with a prefunding or revolving period and pool asset substitutions and repurchases (and purchase rates, if applicable), and cash flows available for future purchases, such as the balances amount of any prefunding payment made from or revolving accounts, if applicable. Disclose any material changes in to the solicitation, credit-granting, underwriting, origination, acquisition or pool selection criteria or procedures, as applicable, used Reserve Account and the balance of the Reserve Account after giving effect to originate, acquire or select the new pool assetssuch amount.
(b) The Securities Administrator Upon reasonable advance notice in writing, if required by federal regulation, the Trustee will make provide to each Certificateholder that is a savings association, bank or insurance company certain reports and access to information and documentation regarding the Monthly Statement (and, at its option, any additional files containing Mortgage Loans sufficient to permit such Certificateholder to comply with applicable regulations of the same information Office of Thrift Supervision or other regulatory authorities with respect to investment in an alternative format) available each month to Certificateholders, other parties to this Agreement and any other interested parties via the Securities Administrator's Internet website. The Securities Administrator's Internet website shall initially be located at "www.__________." 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 website 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 way the monthly statements to Certificateholders are distributed in order to make such distribution more convenient and/or more accessible to the above parties Certificates and the Securities Administrator Servicer shall provide timely and adequate notification to all above parties regarding any cooperate with the Trustee in providing such changes. The Securities Administrator information; provided, however, that the Trustee shall also be entitled to rely on but shall not be responsible reimbursed by each such Certificateholder for the content or accuracy Trustee's actual expenses incurred in providing such reports and access. The Trustee will provide to any Certificateholder upon request the outstanding Certificate Principal Balance as of such dates and, if then known by the Trustee, the outstanding Certificate Principal Balances after giving effect to any information provided by third parties for purposes of preparing the monthly statement and may affix thereto any disclaimer it deems appropriate in its reasonable discretion (without suggesting liability distribution to be made on the part of any other party hereto). As a condition to access the Securities Administrator's internet website, the Securities Administrator may require registration and the acceptance of a disclaimer. The Securities Administrator will not be liable for the dissemination of information in accordance with this Agreementnext following Distribution Date.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Chevy Chase Bank FSB)
Monthly Statements to Certificateholders. (a) Not later than On each Distribution Date based solely Date, based, as applicable, on the Mortgage Loan information provided by contained in the Servicer (which information is not required to include any prediction of future performance as to which such report relates)Remittance Report, the Securities Administrator Trustee shall (i) prepare and forward by mail to each Holder of the Regular Certificates and (ii) make available on its website located at xxx.xxxxxxx.xxx to www.etrustee.xxx xxx xxxxxx xy each Holder of a Class of Certificates of the Trust FundRegular Certificates, the Servicer, the Master Servicer, the Trustee, the NIMs Insurer, the Rating Agencies and the Depositor a statement setting forth for as to the Certificatesdistributions made on such Distribution Date:
(i) the amount of the related distribution made on such Distribution Date to the Holders of each Class of Certificates allocable to principal, separately identifying (A) the aggregate amount of any Principal Prepayments included therein, (B) the aggregate of all scheduled payments of principal included therein, (C) the Extra Principal Distribution Amount, if any, and (D) the aggregate amount of Prepayment Charges, if any;
(ii) the amount of the distribution made on such distribution Distribution Date to the Holders of each Class of Certificates allocable to interestinterest or Class CE-1 Distributable Amount, together with any Non-Supported Interest Shortfalls allocated to each Classseparately identified;
(iii) the Certificate Principal Balance Overcollateralization Amount, the Overcollateralization Release Amount, the Overcollateralization Deficiency and the Overcollateralization Target Amount as of each Class immediately prior to and after giving effect (i) to all distributions allocable to principal on such Distribution Date and (ii) the allocation of any Applied Realized Loss Amounts Monthly Excess Interest Amount and Monthly Excess Cashflow Amount for such Distribution Date;
(iv) the Pool Stated Principal Balance for such Distribution Dateaggregate amount of servicing compensation received by the Servicer during the related Collection Period;
(v) the aggregate amount of the Servicing Fee paid to or retained by the Servicer, the amount Advances in respect of the Securities Administrator Fee paid to or retained by Trust Fund and each Loan Group for the Securities Administrator and any amounts constituting reimbursement or indemnification of the Servicer, Master Servicer, Securities Administrator or Trusteerelated Collection Period;
(vi) the Pass-Through Rate for Pool Balance and the aggregate Stated Principal Balance of the Mortgage Loans in each Class Loan Group at the close of Certificates for such Distribution Datebusiness at the end of the related Collection Period;
(vii) the amount number, weighted average remaining term to maturity and weighted average Mortgage Interest Rate of Advances included the Mortgage Loans in the distribution on such Distribution Trust Fund and in each Loan Group as of the related Due Date;
(viii) the cumulative amount of (A) Realized Losses and (B) Applied Realized Loss Amounts to date, in the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage Loans;
(ix) the amount of (A) Realized Losses and (B) Applied Realized Loss Amounts with respect to such Distribution Date, in the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage Loans;
(x) the number and aggregate unpaid principal amounts of Mortgage Loans (A) Delinquent (exclusive balance of Mortgage Loans in foreclosurethe Trust Fund and in each Loan Group (a) (1) 31 30 to 60 days59 days past due on a contractual basis, (2b) 61 60 to 89 days past due on a contractual basis, (c) 90 or more days past due on a contractual basis, (d) as to which foreclosure proceedings have been commenced and (3) 91 or more days, and (Be) in foreclosure and Delinquent (1) 31 to 60 days, (2) 61 to 90 days and (3) 91 or more days, in each case bankruptcy as of the close of business on the last day of the calendar month preceding such Distribution Date, in the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage Loans;
(xiix) with respect to any Mortgage Loan that became an REO Property during the preceding calendar month, the loan number and Stated Loan Group of such Mortgage Loan, the unpaid principal balance and the Principal Balance of such Mortgage Loan as of the close of business on the last day of the calendar month preceding such Distribution Date and the date of acquisition thereof, in the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage Loansit became an REO Property;
(xiix) the total number and principal balance book value of any REO Properties Property as of the close of business on the last day Business Day of the calendar month preceding such the Distribution Date, and, cumulatively, the total number and cumulative principal balance of all REO Properties in the Trust Fund and each Loan Group as of the close of business of the last day of the preceding Collection Period;
(xi) the aggregate amount of Principal Prepayments made during the related Prepayment Period, both for the Trust Fund as a whole as well as for each Loan Group;
(xii) the aggregate amount of Prepayment Charges collected (including amounts deposited in connection with the full or partial waiver of such Prepayment Charges pursuant to Section 3.01) during the related Collection Period and with respect the amounts thereof allocable to the Group One Mortgage Loans Class P Certificates and Group Two Mortgage Loansthe Class CE Certificates;
(xiii) the aggregate Stated Principal Balance amount of all Liquidated Loans as Realized Losses incurred during the related Collection Period and the cumulative amount of the preceding Distribution DateRealized Losses, in each case for the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage LoansTrust Fund as a whole as well as for each Loan Group;
(xiv) whether a Stepdown Trigger Event has occurred the Certificate Principal Balance of each Class of Certificates, after giving effect to the distributions, and is in effectallocations of Realized Losses or Applied Realized Loss Amounts, as applicable, made on such Distribution Date, separately identifying any reduction thereof due to allocations of Realized Losses or Applied Realized Loss Amounts;
(xv) with the Accrued Certificate Interest in respect to of each Class of Certificates, any Interest Carry Forward Amount with respect to such Distribution Date for each such Class, any Interest Carry Forward Amount paid for each such Class and any remaining Interest Carry Forward Amount for each such Class;
(xvi) the number and Stated Principal Balance (as of the preceding Distribution Date) of any Mortgage Loans which were purchased or repurchased during the preceding Due Period and since the Cut-off Date;
(xvii) the number of Mortgage Loans for which Prepayment Charges were received during the related Prepayment Period and, for each such Mortgage Loan, the amount of Prepayment Charges received during the related Prepayment Period and in the aggregate of such amounts for all such Mortgage Loans since the Cut-off Date;
(xviii) the amount and purpose of any withdrawal from the Collection Account pursuant to Section 3.08(a)(viii);
(xix) the amount of any payments to each Class of Offered Certificates that are treated as payments received in respect of a REMIC "regular interest" or REMIC "residual interest" and the amount of any payments to each Class of B Certificates that are not treated as payments received in respect of a REMIC "regular interest" or REMIC "residual interest";
(xx) as of each for such Distribution Date, separately identifying the amountportions thereof attributable to Net WAC Cap Carryover Amounts, and the respective portions thereof, if any, to be deposited remaining unpaid following the distributions made in the Cap Contract Account pursuant to the related Cap Contract as described in Section 4.04(k) and the amount thereof to be paid to the Class A, Class M, Class B-1A, Class B-2A, Class B-3A, Class B-4A and Class C Certificates described in Section 4.04(k) hereof;
(xxi) any Floating Rate Certificate Carryover paid and all Floating Rate Certificate Carryover remaining on each class respect of the Class A, Class M, Class B-1, Class B-2, Class B-3 and Class B-4 such Certificates on such Distribution Date;
(xvi) the aggregate amount of any Prepayment Interest Shortfalls for such Distribution Date, to the extent not covered by payments by the Servicer pursuant to Section 3.22;
(xvii) the amount of the Trustee Fee paid;
(xviii) the beginning and ending balances of the Basis Risk Reserve Fund on such Distribution Date, the Basis Risk Reserve Fund Deposit for such Distribution Date;
(xix) the Net WAC Cap Carryover Amounts distributed on such Distribution Date, and any Interest Carry Forward Amounts remaining after giving effect to distributions thereof on such Distribution Date;
(xx) any Overcollateralization Deficiency after giving effect to the distribution of principal on such Distribution Date;
(xxi) whether a Trigger Event has occurred and is continuing, and the cumulative Realized Losses, as a percentage of the original Pool Balance;
(xxii) the number of Mortgage Loans with respect to which (i) a reduction in the Mortgage Rate has occurred or (ii) the related borrower's obligation to repay interest on a monthly basis has been suspended or reduced pursuant to the Servicemembers Civil Relief Act or the California Military and Veterans Code, as amended; and the amount of interest not required to be paid with respect to any such Mortgage Loans during the related Due Period as a result of such reductions in the aggregate and with respect to the Group One Mortgage Loans and the Group Two Mortgage Loans.Available Funds;
(xxiii) the aggregate Outstanding Principal Balance of rate at which interest accrues for each Class of Certificates for the following such Distribution Date;
(xxiv) the number and aggregate principal amounts of Mortgage Loans (A) delinquent (1) one Monthly Payment, (2) two Monthly Payments and (3) three or more Monthly Payments and (B) in foreclosure, in each case, as of the end of the related Principal Prepayment PeriodLiquidation Report for such Distribution Date;
(xxv) the number and the principal balance of Mortgage Loans with respect to any real estate acquired through foreclosure or grant of a deed in lieu of foreclosure[reserved];
(xxvi) the aggregate amount of all Advances recovered during the related Due Period[reserved];
(xxvii) the aggregate amount of Realized Losses during the related Due Period and the aggregate amount of Realized Losses since the Cut-off Record Date;
(xxviii) the allocation to each Class of Certificate of any Realized Losses during the related Due Interest Accrual Period;
(xxix) with respect to each Class of Certificates, the amount of any Compensating Interest Shortfalls on such Distribution related Determination Date;
(xxx) Number and amount of pool assets at the beginning and ending of each period, and updated pool composition information, such as weighted average coupon, weighted average life, weighted average remaining term, pool factors and prepayment amounts;related Distribution Date; and
(xxxi) the amount of cash received with respect to the related accrual period. In additionthe case of information furnished pursuant to subclauses (i) through (iii) above, describe any material changes the amounts shall be expressed in a separate section of the report as a dollar amount for each Class for each $1,000 original dollar amount as of the Cut-off Date. The Trustee’s responsibility for providing the above statement is limited to methodology regarding calculations the availability, timeliness and accuracy of delinquencies the information derived from the Servicer. The Trustee may fully rely upon and charge-offs;
(xxxii) Information on shall have no liability with respect to information with respect to the amount, terms and general purpose of any advances made or reimbursed during the period, including the general use of funds advanced and the general source of funds for reimbursements;
(xxxiii) Any material modifications, extensions or waivers to pool asset terms, fees, penalties or payments during the distribution period or that have cumulatively become material over time;
(xxxiv) Material breaches of pool asset representations or warranties or transaction covenants;
(xxxv) Information on ratio, coverage or other tests used for determining any early amortization, liquidation or other performance trigger and whether the trigger was met; and
(xxxvi) Information regarding any new issuance of asset-backed securities backed Mortgage Loans provided by the same asset pool, any pool asset changes (other than in connection with a pool asset converting into cash in accordance with its terms), such as additions or removals in connection with a prefunding or revolving period and pool asset substitutions and repurchases (and purchase rates, if applicable), and cash flows available for future purchases, such as the balances of any prefunding or revolving accounts, if applicable. Disclose any material changes in the solicitation, credit-granting, underwriting, origination, acquisition or pool selection criteria or procedures, as applicable, used to originate, acquire or select the new pool assetsServicer.
(b) The Securities Administrator will make Within a reasonable period of time after the Monthly Statement (andend of each calendar year, the Trustee shall furnish to each Person who at its optionany time during the calendar year was a Certificateholder of a Regular Certificate, any additional files if requested in writing by such Person, such information as is reasonably necessary to provide to such Person a statement containing the same information set forth in an alternative formatsubclauses (i), (ii), (xv) available each month to Certificateholdersand (xix) above, other parties to this Agreement and any other interested parties via aggregated for such calendar year or applicable portion thereof during which such Person was a Certificateholder. Such obligation of the Securities Administrator's Internet website. The Securities Administrator's Internet website Trustee shall initially be located at "www.__________." 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 website are entitled deemed to have a paper copy mailed been satisfied to them via first class mail the extent that substantially comparable information shall be prepared and furnished by calling the customer service desk and indicating such. The Securities Administrator shall have the right to change the way the monthly statements Trustee to Certificateholders pursuant to any requirements of the Code as are distributed in order force from time to make such distribution more convenient and/or more accessible time.
(c) On each Distribution Date, the Trustee shall provide to the above parties Residual Certificateholders a copy of the reports provided to the Regular Certificateholders in respect of such Distribution Date with such other information as the Trustee deems necessary or appropriate. Such obligation of the Trustee shall be deemed to have been satisfied to the extent that substantially comparable information shall be prepared and furnished to Residual Certificateholders by the Securities Administrator shall provide timely and adequate notification Trustee pursuant to all above parties regarding any such changes. The Securities Administrator shall also be entitled requirements of the Code as from time 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 and may affix thereto any disclaimer it deems appropriate time in its reasonable discretion (without suggesting liability on the part of any other party hereto). As a condition to access the Securities Administrator's internet website, the Securities Administrator may require registration and the acceptance of a disclaimer. The Securities Administrator will not be liable for the dissemination of information in accordance with this Agreementforce.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (C-Bass 2006-Cb7 Trust)
Monthly Statements to Certificateholders. (a) Not later than each Distribution Date based solely on information provided by the Servicer (which information is not required to include any prediction of future performance as to which such report relates)Date, the Securities Administrator Trustee shall prepare and make available on its website located at xxx.xxxxxxx.xxx www.etrustee.net to each Holder of a Class of Certificates of the Trust FundIssxxxx Xxxxxx, the Servicer, the Master xxx Servicer, the Trustee, the NIMs InsurerRating Agencies, the Rating Agencies Depositor and the Depositor Class A Certificate Insurer a statement setting forth for the CertificatesCertificates the following information; provided, however, that with respect to any calendar year during which an annual report on Form 10-K is not required to be filed with the Commission on behalf of the Issuing Entity, the information set forth in Items (xxiv) through (xxxii) below are not required to be included in such statement during any calendar year:
(i) the amount of the related distribution to Holders of each Class allocable to principal, separately identifying (A) the aggregate amount of any Principal Prepayments included therein, (B) the aggregate of all scheduled payments of principal included therein, (C) the Extra Principal Distribution Amount, if any, and (D) the aggregate amount of Prepayment Charges, if any;
(ii) the amount of such distribution to Holders of each Class allocable to interest, together with any Non-Supported Interest Shortfalls allocated to each Class;
(iii) any interest Carryforward Amount for each Class of the Class A, Class M and Class B Certificates;
(iv) the Class Certificate Principal Balance of each Class immediately prior to and after giving effect (i) to all distributions allocable to principal on such Distribution Date and (ii) the allocation of any Applied Realized Loss Amounts for such Distribution Date;
(ivv) the Pool Stated Principal Balance for such Distribution Date;
(vvi) the amount of the Servicing Fee paid to or retained by the Servicer, the amount of the Securities Administrator Fee paid to or retained by the Securities Administrator Servicer and any amounts constituting reimbursement or indemnification of the Servicer, Master Servicer, Securities Administrator Servicer or Trustee;
(vivii) the Pass-Through Rate for each Class of Certificates for such Distribution Date;
(viiviii) the amount of Advances included in the distribution on such Distribution DateDate or reimbursed during the period;
(viiiix) the cumulative amount of (A) Realized Losses and (B) Applied Realized Loss Amounts to date, in the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage Loans;
(ixx) the amount of (A) Realized Losses and (B) Applied Realized Loss Amounts with respect to such Distribution Date, in the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage Loans;
(xxi) the number and aggregate principal amounts of Mortgage Loans (A) Delinquent (exclusive of Mortgage Loans in foreclosure) (1) 31 to 60 days, (2) 61 to 90 days and (3) 91 or more days, and (B) in foreclosure and Delinquent (1) 31 to 60 days, (2) 61 to 90 days and (3) 91 or more days, in each case as of the close of business on the last day of the calendar month preceding such Distribution Date, in the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage Loans, in accordance with the OTS methodology for reporting delinquencies;
(xixii) with respect to any Mortgage Loan that became an REO Property during the preceding calendar month, the loan number and Stated Principal Balance of such Mortgage Loan as of the close of business on the last day of the calendar month preceding such Distribution Date and the date of acquisition thereofDate, in the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage Loans;
(xiixiii) the total number and principal balance of any REO Properties as of the close of business on the last day of the calendar month preceding such Distribution Date, in the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage Loans;
(xiiixiv) the aggregate Stated Principal Balance of all loans that became Liquidated Loans as of such Distribution Date calculated as of the preceding Distribution Date, in the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage Loans;
(xivxv) whether a Stepdown Trigger Event has occurred and is in effect;
(xvxvi) with respect to each Class of Certificates, any Interest Carry Forward Amount with respect to such Distribution Date for each such Class, any Interest Carry Forward Amount paid for each such Class and any remaining Interest Carry Forward Amount for each such Class;
(xvixvii) the number and Stated Principal Balance (as of the preceding Distribution Date) of any Mortgage Loans which were purchased or repurchased during the preceding Due Prepayment Period and since the Cut-off Date;
(xviixviii) the number of Mortgage Loans prepaid in full for which Prepayment Charges were received during the related Prepayment Period and, for each such Mortgage Loan, the amount of Prepayment Charges received during the related Prepayment Period and in the aggregate of such amounts for all such Mortgage Loans since the Cut-off Date, and for partial Principal Prepayments, the amount received during the preceding calendar month;
(xviiixix) the amount and purpose of any withdrawal from the Collection Account pursuant to Section 3.08(a)(viii);
(xixxx) the amount of any payments to each Class of Certificates that are treated as payments received in respect of a REMIC "regular interest" or REMIC "residual interest" and the amount of any payments to each Class of Certificates that are not treated as payments received in respect of a REMIC "regular interest" or REMIC "residual interest";
(xx) as of each Distribution Date, the amount, if any, to be deposited in the Cap Contract Account pursuant to the related Cap Contract as described in Section 4.04(k) and the amount thereof to be paid to the Class A, Class M, Class B-1A, Class B-2A, Class B-3A, Class B-4A and Class C Certificates described in Section 4.04(k) hereof;
(xxi) any Floating Rate Certificate Carryover paid and all Floating Rate Certificate Carryover remaining on each class of the Class A, Class M, Class B-1, Class B-2, Class B-3 and Class B-4 Certificates on such Distribution Date;
(xxii) the number of Mortgage Loans with respect to which (i) a reduction in the Mortgage Rate has occurred or (ii) the related borrower's obligation to repay interest on a monthly basis has been suspended or reduced pursuant to the Servicemembers Civil Relief Act or the California Military and Veterans Codesimilar state laws, as amended; and the amount of interest not required to be paid with respect to any such Mortgage Loans during the related Due Period as a result of such reductions in the aggregate and with respect to the Group One Mortgage Loans and the Group Two Mortgage Loans.
(xxiii) the aggregate Outstanding Principal Balance of each Class of Certificates for the following Distribution Date;
(xxiv) the number and aggregate principal amounts of Mortgage Loans (A) delinquent (1) one Monthly Payment, (2) two Monthly Payments and (3) three or more Monthly Payments and (B) in foreclosure, in each case, as of the end of the related Principal Prepayment Period;
(xxv) the number and the principal balance of Mortgage Loans with respect to any real estate acquired through foreclosure or grant of a deed in lieu of foreclosure;
(xxvi) the aggregate amount of all Advances recovered during the related Due Period;
(xxvii) the aggregate amount of Realized Losses during the related Due Period and the aggregate amount of Realized Losses since the Cut-off Date;
(xxviii) the allocation to each Class of Certificate of any Realized Losses during the related Due Period;
(xxixxxii) with respect to each Class of Certificates, the amount of any Compensating Non-Supported Interest Shortfalls on such Distribution Date;
(xxxxxiii) Number the number and amount of pool assets at the beginning and ending of each period, and updated pool composition information, such as weighted average coupon, weighted average life, weighted average remaining term, pool factors and prepayment amounts;
(xxxixxiv) In addition, describe any material changes to methodology regarding calculations of delinquencies and charge-offs;
(xxxiixxv) Information information on the amount, terms and general purpose amount of any advances Servicing Advances made or reimbursed during the period, including the general use of funds advanced and the general source of funds for reimbursements;
(xxxiiixxvi) Any any material modifications, extensions or waivers to pool asset terms, fees, penalties or payments during the distribution period or that have cumulatively become material over time;
(xxxivxxvii) Material material breaches of pool asset representations or warranties or transaction covenants;
(xxxvxxviii) Information information on ratio, coverage or other tests used for determining any early amortization, liquidation or other performance trigger and whether the trigger was met; and
(xxxvixxix) Information information regarding any new issuance of asset-backed securities backed by the same asset pool, any pool asset changes (other than in connection with a pool asset converting into cash in accordance with its terms), such as additions or removals in connection with a prefunding or revolving period and pool asset substitutions and repurchases (and purchase rates, if applicable), and cash flows available for future purchases, such as the balances of any prefunding or revolving accounts, if applicable. Disclose any material changes in the solicitation, credit-granting, underwriting, origination, acquisition or pool selection criteria or procedures, as applicable, used to originate, acquire or select the new pool assets.
(b) The Securities Administrator Trustee will make the Monthly Statement (and, at its option, any additional files containing the same information in an alternative format) available each month to Certificateholders, other parties to this Agreement and any other interested parties via the Securities AdministratorTrustee's Internet website. The Securities AdministratorTrustee's Internet website shall initially be located at "www.__________." www.etrustee.net". Assistance in using the website can be obtained by calling the Securities Administrator's customer service desk xxxxxxx xxx Xxxstee at ______________(312) 992-4855. Parties that are unable to use the website are entitled to have a paper entitlxx xx xxxx x xaper copy mailed to them via first class mail by calling the customer service desk and indicating such. The Securities Administrator Trustee shall have the right to 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 Securities Administrator Trustee shall provide timely and adequate notification to all above parties regarding any such changes. The Securities Administrator foregoing information and reports shall also be prepared and determined by the Trustee based on Mortgage Loan data and other information provided to the Trustee by the Servicer or any other third party required to deliver information hereunder. In preparing or furnishing the foregoing information, the Trustee shall be entitled to rely conclusively on but shall not be responsible for the content or accuracy of any the information or data provided to the Trustee by third parties for purposes of preparing the monthly statement and may affix thereto any disclaimer it deems appropriate in its reasonable discretion (without suggesting liability on the part of Servicer or any other third party hereto)required to deliver information and shall have no liability for any errors in any such information. As a condition to access the Securities AdministratorTrustee's internet website, the Securities Administrator Trustee may require registration and the acceptance of a disclaimer. The Securities Administrator Trustee will not be liable for the dissemination of information in accordance with this Agreement.
(c) If so requested in writing within a reasonable period of time after the end of each calendar year, the Trustee shall make available on its website or cause to be furnished to each Person who at any time during the calendar year was a Certificateholder of record, the NIMs Insurer (upon request) and the Class A Certificate Insurer, a statement containing the information set forth in clauses (a)(i) and (a)(ii) of this Section 4.05 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 are from time to time in effect.
(d) Upon filing with the Internal Revenue Service, the Trustee shall furnish to the Holders of the Class R Certificate each Form 1066Q and shall respond promptly to written requests made not more frequently than quarterly by any Holder of Class R Certificate with respect to the following matters:
(i) The original projected principal and interest cash flows on the Closing Date on each Class of regular and residual interests created hereunder and on the Mortgage Loans, based on the Prepayment Assumption;
(ii) The projected remaining principal and interest cash flows as of the end of any calendar quarter with respect to each Class of regular and residual interests created hereunder and the Mortgage Loans, based on the Prepayment Assumption;
(iii) The Prepayment Assumption and any interest rate assumptions used in determining the projected principal and interest cash flows described above;
(iv) The original issue discount (or, in the case of the Mortgage Loans, market discount) or premium accrued or amortized through the end of such calendar quarter with respect to each Class of regular or residual interests created hereunder and to the Mortgage Loans, together with each constant yield to maturity used in computing the same;
(v) The treatment of losses realized with respect to the Mortgage Loans or the regular interests created hereunder, including the timing and amount of any cancellation of indebtedness income of the REMICs with respect to such regular interests or bad debt deductions claimed with respect to the Mortgage Loans;
(vi) The amount and timing of any non-interest expenses of the REMICs; and
(vii) Any taxes (including penalties and interest) imposed on the REMICs, including, without limitation, taxes on "prohibited transactions," "contributions" or "net income from foreclosure property" or state or local income or franchise taxes. The information pursuant to clauses (i), (ii), (iii) and (iv) above shall be provided by the Depositor pursuant to Section 8.12.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (First Franklin Mortgage Loan Trust, Series 2007-FFC)
Monthly Statements to Certificateholders. (a) Not later than each Distribution Date based solely on information provided by the Servicer (which information is not required to include any prediction of future performance as to which such report relates)Date, the Securities Administrator Trustee shall prepare and make available on its website located at xxx.xxxxxxx.xxx to each Holder of a Class of Certificates of the Trust Fund, the Servicer, the Master Servicer, the Trustee, the NIMs Insurer, the Rating Agencies via its website and the Depositor a statement setting forth for the Certificates with respect to the related Mortgage Loans and related Certificates:
(i) the amount of the related distribution to Holders of each Class allocable to principal, separately identifying (A) the aggregate amount of any Principal Prepayments included therein, (B) the aggregate of all scheduled payments of principal included therein, (C) the Extra Principal Distribution Amount, Monthly Excess Interest with respect to the Group V Certificates (if any, ) and (D) the aggregate amount of Prepayment Charges, if anyCharges distributed to the Class P Certificates and Class P-V Certificates;
(ii) the amount of such distribution to Holders of each Class allocable to interest, together with any Non-Supported Interest Shortfalls allocated to each Class;
(iii) the Certificate Principal Balance of each Class immediately prior to of Certificates, if applicable, and the Class IV-X Notional Amount, after giving effect (i) to all distributions allocable to principal on such Distribution Date and (ii) the allocation of any Applied Realized Loss Amounts Losses for such Distribution Date;
(iv) the Pool aggregate of the Stated Principal Balances of all of the Mortgage Loans in each Loan Group, the aggregate Stated Principal Balance of the Group I-IV Mortgage Loans and the aggregate Stated Principal Balance of the Group V Mortgage Loans, in each case for such the following Distribution Date;
(v) the amount of the Servicing Fee Fees paid to or retained by the Servicer, Servicer for the amount of the Securities Administrator Fee paid to or retained by the Securities Administrator and any amounts constituting reimbursement or indemnification of the Servicer, Master Servicer, Securities Administrator or Trusteerelated Due Period;
(vi) the Pass-Through Rate for each Class of Certificates for such Distribution Datewith respect to the current Accrual Period;
(vii) the cumulative amount of Advances included Realized Losses to date and, in addition, if the distribution on such Distribution DateCertificate Principal Balance of any Class of Certificates has been reduced to zero, the cumulative amount of any Realized Losses that have not been allocated to any Class of Certificates;
(viii) the cumulative amount of (A) Realized Losses and (B) Applied Realized Loss Amounts to date, in the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage Loans;
(ix) the amount of (A) Realized Losses and (B) Applied Realized Loss Amounts with respect to such Distribution Date, in the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage Loans;
(x) the number and aggregate principal amounts of Mortgage Loans in each Loan Group and the Group I-IV Mortgage Loans and Group V Mortgage Loans in the aggregate, (A) Delinquent (exclusive of Mortgage Loans in foreclosureforeclosure and bankruptcy) (1) 31 to 60 days, (2) 61 to 90 days and (3) 91 or more days, and (B) in foreclosure and Delinquent delinquent (1) 31 to 60 days, (2) 61 to 90 days and (3) 91 or more days and (C) in bankruptcy and delinquent (1) 31 to 60 days, (2) 61 to 90 days and (3) 91 or more days, in each case as of the close of business on the last day of the calendar month preceding such Distribution Date, in the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage Loans;
(xiix) with respect to any Mortgage Loan that became an REO Property was liquidated during the preceding calendar month, the loan number and Stated Principal Balance of of, and Realized Loss on, such Mortgage Loan as of the close of business on the last day of the calendar month Determination Date preceding such Distribution Date and the date of acquisition thereof, in the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage LoansDate;
(xiix) the total number and principal balance of any real estate owned or REO Properties in each Loan Group and the Group I-IV Mortgage Loans and Group V Mortgage Loans in the aggregate as of the close of business on the last day of the calendar month Determination Date preceding such Distribution Date, in the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage Loans;
(xiiixi) the aggregate Stated Principal three month rolling average of the percent equivalent of a fraction, the numerator of which is the Aggregate Loan Balance of the Mortgage Loans in a Loan Group that are 60 days or more delinquent or are in bankruptcy or foreclosure or are REO Properties, and the denominator of which is the Aggregate Loan Balance of all Liquidated of the Mortgage Loans in such Loan Group as of the preceding Distribution Date, in the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage Loans;
(xiv) whether a Stepdown Trigger Event has occurred and is in effect;
(xv) with respect to each Class last day of Certificates, any Interest Carry Forward Amount with respect to such Distribution Date for each such Class, any Interest Carry Forward Amount paid for each such Class and any remaining Interest Carry Forward Amount for each such Class;
(xvi) the number and Stated Principal Balance (as of the preceding Distribution Date) of any Mortgage Loans which were purchased or repurchased during the preceding Due Period and since the Cut-off Date;
(xviixii) the number of Mortgage Loans for which Prepayment Charges were received during the related Prepayment Period and, for each such Mortgage Loan, the amount of Prepayment Charges received Realized Losses during the related Prepayment Period and in the aggregate cumulative Realized Losses through the end of such amounts for all such Mortgage Loans since the Cut-off Date;preceding month; and
(xviii) the amount and purpose of any withdrawal from the Collection Account pursuant to Section 3.08(a)(viii);
(xixxiii) the amount of any payments to each Class of Certificates that are treated as payments received in respect of a REMIC "regular interest" or REMIC "residual interest" and the amount of any payments to each Class of Certificates that are not treated as payments received in respect of a REMIC "regular interest" or REMIC "residual interest";
(xx) as of each Distribution Date, the amount, if any, to be deposited in the Cap Contract Account pursuant to the related Cap Contract as described in Section 4.04(k) and the amount thereof to be paid to the Class A, Class M, Class B-1A, Class B-2A, Class B-3A, Class B-4A and Class C Certificates described in Section 4.04(k) hereof;
(xxi) any Floating Rate Certificate Carryover paid and all Floating Rate Certificate Carryover remaining on each class of the Class A, Class M, Class B-1, Class B-2, Class B-3 and Class B-4 Certificates on such Distribution Date;
(xxii) the number of Mortgage Loans with respect to which (i) a reduction in the Mortgage Rate has occurred or (ii) the related borrower's obligation to repay interest on a monthly basis has been suspended or reduced pursuant to the Servicemembers Civil Relief Act or the California Military and Veterans Code, as amended; and the amount of interest not required to be paid with respect to any such Mortgage Loans during the related Due Period as a result of such reductions in the aggregate and Basis Risk Shortfalls with respect to the Group One Mortgage Loans and the Group Two Mortgage Loans.
(xxiii) the aggregate Outstanding Principal Balance of each Class of Certificates for the following Distribution Date;
(xxiv) the number and aggregate principal amounts of Mortgage Loans (A) delinquent (1) one Monthly Payment, (2) two Monthly Payments and (3) three or more Monthly Payments and (B) in foreclosure, in each case, as of the end of the related Principal Prepayment Period;
(xxv) the number and the principal balance of Mortgage Loans with respect to any real estate acquired through foreclosure or grant of a deed in lieu of foreclosure;
(xxvi) the aggregate amount of all Advances recovered during the related Due Period;
(xxvii) the aggregate amount of Realized Losses during the related Due Period and the aggregate amount of Realized Losses since the Cut-off Date;
(xxviii) the allocation to each Class of Certificate of any Realized Losses during the related Due Period;
(xxix) with respect to each Class of V Certificates, the amount of any Compensating Interest Shortfalls on such Distribution Date;
(xxx) Number and amount of pool assets at the beginning and ending of each period, and updated pool composition information, such as weighted average coupon, weighted average life, weighted average remaining term, pool factors and prepayment amounts;
(xxxi) In addition, describe any material changes to methodology regarding calculations of delinquencies and charge-offs;
(xxxii) Information on the amount, terms and general purpose of any advances made or reimbursed during the period, including the general use of funds advanced and the general source of funds for reimbursements;
(xxxiii) Any material modifications, extensions or waivers to pool asset terms, fees, penalties or payments during the distribution period or that have cumulatively become material over time;
(xxxiv) Material breaches of pool asset representations or warranties or transaction covenants;
(xxxv) Information on ratio, coverage or other tests used for determining any early amortization, liquidation or other performance trigger and whether the trigger was met; and
(xxxvi) Information regarding any new issuance of asset-backed securities backed by the same asset pool, any pool asset changes (other than in connection with a pool asset converting into cash in accordance with its terms), such as additions or removals in connection with a prefunding or revolving period and pool asset substitutions and repurchases (and purchase rates, if applicable), and cash flows available for future purchases, such as the balances of any prefunding or revolving accounts, if applicable. Disclose any material changes in the solicitation, credit-granting, underwriting, origination, acquisition or pool selection criteria or procedures, as applicable, used to originate, acquire or select the new pool assets.
(b) The Securities Administrator will Trustee may make the Monthly Statement foregoing monthly statement (and, at its option, any additional files containing the same information in an alternative format) available each month to Certificateholders, other parties to this Agreement and any other interested parties Certificateholders via the Securities AdministratorTrustee's Internet internet website. The Securities AdministratorTrustee's Internet internet website shall initially be located at "www.__________." Assistance in using www.jpmorgan.com/sfr". Xxxxxxxxxx xx xxxxx the website can be obtained by calling the Securities AdministratorTrustee's customer service desk at ______________(877) 722-1095. Parties that are unable Partiex xxxx xxx xxxble to use the website above distribution options 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 Trustee may change the way the monthly statements to Certificateholders are distributed in order to make such distribution distributions more convenient and/or or more accessible to the above parties parties.
(b) The Trustee's responsibility for making the above information available to the Certificateholders is limited to the availability, timeliness and accuracy of the information derived from the Depositor and the Securities Administrator shall provide timely and adequate notification to all above parties regarding any such changesServicer. The Securities Administrator Trustee will make available a copy of each statement provided pursuant to this Section 5.09 to each Rating Agency.
(c) Within a reasonable period of time after the end of each calendar year, the Trustee shall also cause to be entitled furnished upon request to rely 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 5.09 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) Upon filing with the Internal Revenue Service, the Trustee shall furnish to the Holders of the Residual Certificates the applicable Form 1066 and each applicable Form 1066Q and shall respond promptly to written requests made not more frequently than quarterly by any Holder of a Residual Certificate with respect to the following matters:
(i) The original projected principal and interest cash flows on but shall not be responsible for the content or accuracy Closing Date on each Class of regular and residual interests created hereunder and on the Mortgage Loans, based on the Prepayment Assumption;
(ii) The projected remaining principal and interest cash flows as of the end of any calendar quarter with respect to each Class of regular and residual interests created hereunder and the Mortgage Loans, based on the Prepayment Assumption;
(iii) The applicable Prepayment Assumption and any interest rate assumptions used in determining the projected principal and interest cash flows described above;
(iv) The original issue discount (or, in the case of the Mortgage Loans, market discount) or premium accrued or amortized through the end of such calendar quarter with respect to each Class of regular or residual interests created hereunder and to the Mortgage Loans, together with each constant yield to maturity used in computing the same;
(v) The treatment of losses realized with respect to the Mortgage Loans or the regular interests created hereunder, including the timing and amount of any cancellation of indebtedness income of a REMIC with respect to such regular interests or bad debt deductions claimed with respect to the Mortgage Loans;
(vi) The amount and timing of any non-interest expenses of a REMIC; and
(vii) Any taxes (including penalties and interest) imposed on the REMIC, including, without limitation, taxes on "prohibited transactions," "contributions" or "net income from foreclosure property" or state or local income or franchise taxes. The information pursuant to clauses (i), (ii), (iii) and (iv) above shall be provided by third parties for purposes of preparing the monthly statement 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 Depositor pursuant to access the Securities Administrator's internet website, the Securities Administrator may require registration and the acceptance of a disclaimer. The Securities Administrator will not be liable for the dissemination of information in accordance with this AgreementSection 9.12.
Appears in 1 contract
Monthly Statements to Certificateholders. (a) Not later than each Distribution Date based solely on information provided by the Servicer (which information is not required to include any prediction of future performance as to which such report relates)Servicer, the Securities Administrator Trustee shall prepare and make available on its website located at xxx.xxxxxxx.xxx www.jpmorgan.com/sfr to each Holder of a Class of Certificates of the Trust Fundtxx Xxxxx Xxxx, the Servicer, the Master Servicer, the Trustee, the NIMs Insurerxxx Xervicer, the Rating Agencies and the Depositor a statement setting forth for the Certificates:
(i) the amount of the related distribution to Holders of each Class of Certificates allocable to principal, separately identifying (A) the aggregate amount of any Principal Prepayments included therein, (B) the aggregate amount of all scheduled payments of principal included therein, therein and (C) the any Extra Principal Distribution Amount, if any, and (D) in the aggregate amount of Prepayment Charges, if anyand with respect to the Group One Mortgage Loans and Group Two Mortgage Loans;
(ii) the amount of such distribution to Holders of each Class of Certificates allocable to interest, together with any Non-Supported Interest Shortfalls allocated to each Class;
(iii) with respect to each Class of Certificates, any Interest Carry Forward Amount with respect to such Distribution Date for each such Class, any Interest Carry Forward Amount paid for each such Class and any remaining Interest Carry Forward Amount for each such Class;
(iv) the Certificate Principal Balance of each Class immediately prior to and of Certificates after giving effect (i) to all distributions allocable to principal on such Distribution Date and (ii) the allocation of any Applied Realized Loss Amounts for such Distribution Date;
(ivv) the Pool Stated Principal Balance for such Distribution Date;
(vvi) the amount of the Servicing Fee paid to or retained by the Servicer, Servicer and the amount of investment income earned on funds on deposit in the Securities Administrator Fee paid to or retained by Certificate Account for the Securities Administrator and any amounts constituting reimbursement or indemnification of the Servicer, Master Servicer, Securities Administrator or Trusteerelated Due Period;
(vivii) the Pass-Through Rate for each Class of Certificates for such Distribution Date;
(viiviii) the amount of Advances included in the distribution on such Distribution Date;
(viiiix) the cumulative amount of (A) Realized Losses and (B) Applied Realized Loss Amounts to date, in the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage Loansaggregate;
(ixx) the amount of (A) Realized Losses and (B) Applied Realized Loss Amounts with respect to such Distribution Date, in the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage Loansaggregate;
(xxi) the number and aggregate principal amounts of Mortgage Loans (A) Delinquent (exclusive of Mortgage Loans in foreclosure) (1) 31 to 60 days, (2) 61 to 90 days and (3) 91 or more days, and (B) in foreclosure and Delinquent (1) 31 to 60 days, (2) 61 to 90 days and (3) 91 or more days, in each case as of the close of business on the last day of the calendar month preceding such Distribution Date, in the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage Loans;
(xixii) with respect to any Mortgage Loan that became an REO Property during the preceding calendar month, the loan number and Stated Principal Balance of such Mortgage Loan as of the close of business on the last day of the calendar month preceding such Distribution Determination Date and the date of acquisition thereof, in the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage Loansaggregate;
(xiixiii) whether a Stepdown Trigger Event has occurred and is in effect;
(xiv) the total number and principal balance of any REO Properties as of the close of business on the last day of the calendar month preceding such Distribution related Determination Date, in the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage Loansaggregate;
(xiiixv) the aggregate Stated Principal Balance of all Liquidated Loans as of the preceding Distribution Date, in the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage Loans;
(xiv) whether a Stepdown Trigger Event has occurred and is in effect;
(xv) with respect to each Class of Certificates, any Interest Carry Forward Amount with respect to such Distribution Date for each such Class, any Interest Carry Forward Amount paid for each such Class and any remaining Interest Carry Forward Amount for each such Class;aggregate
(xvi) any Floating Rate Certificate Carryover paid and all Floating Rate Certificate Carryover remaining on each Class of the number Offered Certificates and the Class B-4 Certificates on such Distribution Date and Stated Principal Balance (as of the preceding Distribution Date) of any Mortgage Loans which were purchased or repurchased during the preceding Due Period and since the Cut-off Date;
(xvii) the number and amount of Mortgage Loans for which Prepayment Charges were prepayment charges and the amount of late payment fees received during the related Prepayment Period and, for each such Mortgage Loan, the amount of Prepayment Charges received during the related Prepayment Period and in the aggregate of such amounts for all such Mortgage Loans since the Cut-off Dateaggregate;
(xviii) the amount and purpose of any withdrawal from the Collection Account pursuant to Section 3.08(a)(viii);
(xix) the amount of any payments to each Class of Certificates that are treated as payments received in respect of a REMIC "regular interest" or REMIC "residual interest" and the amount of any payments to each Class of Certificates that are not treated as payments received in respect of a REMIC "regular interest" or REMIC "residual interest";
(xx) as of each Distribution Date, the amount, if any, received pursuant to be deposited in the each Cap Contract Account pursuant to the related Cap Contract as described in Section 4.04(k) and the amount thereof thereof, if any, to be paid to the each Class A, Class M, Class B-1A, Class B-2A, Class B-3A, Class B-4A and Class C Certificates described in Section 4.04(k) hereofof Certificates;
(xxi) any Floating Rate Certificate Carryover paid and all Floating Rate Certificate Carryover remaining on each class of the Class A, Class M, Class B-1, Class B-2, Class B-3 and Class B-4 Certificates on such Distribution Date;
(xxiixix) the number of Mortgage Loans with respect to which (i) a reduction in the Mortgage Rate has occurred or (ii) the related borrower's obligation to repay interest on a monthly basis has been suspended or reduced pursuant to the Servicemembers Civil Relief Act or the California Military and Veterans Code, as amended; and (iii) the amount of interest not required to be paid with respect to any such Mortgage Loans during the related Due Period as a result of such reductions in the aggregate and with respect to the Group One Mortgage Loans and the Group Two Mortgage Loans.;
(xx) the number of Mortgage Loans for which prepayment charges were received during the related Prepayment Period and, for each such Mortgage Loan, the amount of prepayment charges received during the related Prepayment Period and in the aggregate of such amounts for all such Mortgage Loans since the Cut-off Date;
(xxi) the amount and purpose of any withdrawal from the Collection Account pursuant to Section 3.08(a)(iv);
(xxii) the amount of any payments to each Class of Certificates that are treated as payments received in respect of a REMIC Regular Interest or REMIC "residual interest" and the amount of any payments to each Class of Certificates that are not treated as payments received in respect of a REMIC Regular Interest or REMIC "residual interest";
(xxiii) the aggregate Outstanding Principal Balance amount of each Class of Certificates for the following Distribution DateMI Insurer Fee paid to the MI Insurer;
(xxiv) the number and aggregate principal amounts Stated Principal Balance of Mortgage Loans (A) delinquent (1) one Monthly Payment, (2) two Monthly Payments and (3) three or more Monthly Payments and (B) in foreclosure, in each case, covered by the MI Policy as of the end of the related Principal Due Period; and
(A) the amount of any claims paid by the MI Insurer pursuant to the MI Policy with respect to principal, (B) the amount of any claims paid by the MI Insurer pursuant to the MI Policy with respect to interest, and (C) solely to the extent provided by the Servicer, the amount of any claims made under the MI Policy and the amount of any claims rejected under the MI Policy, each as of such Distribution Date.
(b) [RESERVED].
(c) Within a reasonable period of time after the end of each calendar year, the Trustee shall cause to be furnished 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 4.05 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 from time to time in effect.
(d) Upon filing with the Internal Revenue Service, the Trustee shall furnish to the Holder of the Class R Certificate each Form 1066 and each Form 1066Q and shall respond promptly to written requests made not more frequently than quarterly by any Holder of a Class R Certificate with respect to the following matters:
(i) The original projected principal and interest cash flows on the Closing Date on each Class of regular and residual interests created hereunder and on the Mortgage Loans, based on the Prepayment PeriodAssumption;
(xxvii) The projected remaining principal and interest cash flows as of the number and the principal balance of Mortgage Loans with respect to any real estate acquired through foreclosure or grant of a deed in lieu of foreclosure;
(xxvi) the aggregate amount of all Advances recovered during the related Due Period;
(xxvii) the aggregate amount of Realized Losses during the related Due Period and the aggregate amount of Realized Losses since the Cut-off Date;
(xxviii) the allocation to each Class of Certificate end of any Realized Losses during the related Due Period;
(xxix) calendar quarter with respect to each Class of Certificatesregular and residual interests created hereunder and the Mortgage Loans, based on the Prepayment Assumption;
(iii) The Prepayment Assumption and any interest rate assumptions used in determining the projected principal and interest cash flows described above;
(iv) The original issue discount (or, in the case of the Mortgage Loans, market discount) or premium accrued or amortized through the end of such calendar quarter with respect to each Class of regular or residual interests created hereunder and to the Mortgage Loans, together with each constant yield to maturity used in computing the same;
(v) The treatment of losses realized with respect to the Mortgage Loans or the regular interests created hereunder, including the timing and amount of any Compensating Interest Shortfalls on cancellation of indebtedness income of the REMICs with respect to such Distribution Dateregular interests or bad debt deductions claimed with respect to the Mortgage Loans;
(xxxvi) Number The amount and amount of pool assets at the beginning and ending of each period, and updated pool composition information, such as weighted average coupon, weighted average life, weighted average remaining term, pool factors and prepayment amounts;
(xxxi) In addition, describe any material changes to methodology regarding calculations of delinquencies and charge-offs;
(xxxii) Information on the amount, terms and general purpose timing of any advances made or reimbursed during non-interest expenses of the period, including the general use of funds advanced and the general source of funds for reimbursements;
(xxxiii) Any material modifications, extensions or waivers to pool asset terms, fees, penalties or payments during the distribution period or that have cumulatively become material over time;
(xxxiv) Material breaches of pool asset representations or warranties or transaction covenants;
(xxxv) Information on ratio, coverage or other tests used for determining any early amortization, liquidation or other performance trigger and whether the trigger was metREMICs; and
(xxxvivii) Information regarding any new issuance of asset-backed securities backed Any taxes (including penalties and interest) imposed on the REMICs, including, without limitation, taxes on "prohibited transactions," "contributions" or "net income from foreclosure property" or state or local income or franchise taxes. The information pursuant to clauses (i), (ii), (iii) and (iv) above shall be provided by the same asset pool, any pool asset changes (other than in connection with a pool asset converting into cash in accordance with its terms), such as additions or removals in connection with a prefunding or revolving period and pool asset substitutions and repurchases (and purchase rates, if applicable), and cash flows available for future purchases, such as the balances of any prefunding or revolving accounts, if applicable. Disclose any material changes in the solicitation, credit-granting, underwriting, origination, acquisition or pool selection criteria or procedures, as applicable, used Depositor pursuant to originate, acquire or select the new pool assetsSection 8.12.
(b) The Securities Administrator will make the Monthly Statement (and, at its option, any additional files containing the same information in an alternative format) available each month to Certificateholders, other parties to this Agreement and any other interested parties via the Securities Administrator's Internet website. The Securities Administrator's Internet website shall initially be located at "www.__________." 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 website 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 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 Securities Administrator shall provide timely and adequate notification to all above parties regarding any such changes. The Securities Administrator shall 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 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 Securities Administrator's internet website, the Securities Administrator may require registration and the acceptance of a disclaimer. The Securities Administrator will not be liable for the dissemination of information in accordance with this Agreement.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Specialty Underwriting & Residential Finance Trust Series 2005-Bc3)
Monthly Statements to Certificateholders. (a) Not later than each Distribution Date based solely on information provided by the Servicer (which information is not required to include any prediction of future performance as to which such report relates)Date, the Securities Administrator Trustee shall prepare and make available on its website located at xxx.xxxxxxx.xxx to each Holder of a Class of Certificates of the Trust Fund, the ServicerCertificateholder, the Master Servicer, the Trustee, the NIMs Insurer, the Rating Agencies Certificate Insurer and the Depositor a statement setting forth for with respect to the Certificatesrelated distribution:
(i) the amount of the related distribution to Holders of each Class thereof allocable to principal, separately identifying (A) the aggregate amount of any Principal Prepayments and Liquidation Proceeds included therein, (B) the aggregate of all scheduled payments of principal included therein, (C) the Extra Principal Distribution Amount, if any, and (D) the aggregate amount of Prepayment Charges, if any;
(ii) the amount of such distribution to Holders of each Class thereof allocable to interest, together with any Non-Supported Interest Shortfalls allocated Carryover Amount for any Class included in such distribution and any remaining Interest Carryover Amount for any Class after giving effect to each Classsuch distribution;
(iii) if the Certificate Principal Balance distribution to the Holders of each such Class immediately prior 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 after giving effect (i) to all distributions allocable to principal on such Distribution Date and (ii) the allocation of any Applied Realized Loss Amounts for such Distribution Datethereof as between principal and interest;
(iv) the Pool Stated Principal Class Certificate Balance for of each Class of Certificates after giving effect to the distribution of principal on such Distribution Date;
(v) the Pool Principal Balance with respect to such Distribution Date;
(vi) the Extra Principal Distribution Amount, the Overcollateralization Amount and any Overcollateralization Deficiency;
(vii) the amount of the Master Servicing Fee Fees paid to or retained by the Servicer, the amount of the Securities Administrator Fee paid Master Servicer with respect to or retained by the Securities Administrator and any amounts constituting reimbursement or indemnification of the Servicer, Master Servicer, Securities Administrator or Trusteesuch Distribution Date;
(viviii) the Pass-Through Rate for each such Class of Certificates for with respect to such Distribution Date;
(viiix) the amount of Advances included in the distribution on such Distribution Date;
(viii) Date and the cumulative aggregate amount of (A) Realized Losses and (B) Applied Realized Loss Amounts to date, in Advances outstanding as of the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage Loans;
(ix) the amount close of (A) Realized Losses and (B) Applied Realized Loss Amounts with respect to business on such Distribution Date, in the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage Loans;
(x) the number and aggregate principal amounts of Mortgage Loans (A) Delinquent delinquent (exclusive of Mortgage Loans in foreclosure) (1) 31 30 to 60 days, 59 days (2) 61 60 to 90 89 days and (3) 91 90 or more days, days and (B) in foreclosure and Delinquent (1) 31 to 60 days, (2) 61 to 90 days and (3) 91 or more days, in each case as of the close of business on the last day of the calendar month preceding such Distribution Date, in the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage Loans;
(xi) with respect to any Mortgage Loan that became an REO Property during the preceding calendar month, the loan number and Stated Principal Balance of such Mortgage Loan as of the close of business on the last day of the calendar month Determination Date preceding such Distribution Date and the date of acquisition thereof, in the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage Loans;
(xii) the total number and principal balance of any REO Properties (and market value, if available) as of the close of business on the last day of the calendar month Determination Date preceding such Distribution Date, in the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage Loans;
(xiii) the aggregate Stated Principal Balance amount of all Liquidated Loans as of the preceding Distribution Date, in the aggregate Net WAC Carryover paid and with respect to the Group One Mortgage Loans and Group Two Mortgage Loans;any remaining Net WAC Carryover ; and
(xiv) whether a Stepdown Trigger Event has occurred and is in effect;
(xv) with respect to each Class of Certificates, any Interest Carry Forward Amount with respect to such Distribution Date for each such Class, any Interest Carry Forward Amount paid for each such Class and any remaining Interest Carry Forward Amount for each such Class;
(xvi) the number and Stated Principal Balance (as of the preceding Distribution Date) of any Mortgage Loans which were purchased or repurchased during the preceding Due Period and since the Cut-off Date;
(xvii) the number of Mortgage Loans for which Prepayment Charges were received during the related Prepayment Period and, for each such Mortgage Loan, the amount of Prepayment Charges received during the related Prepayment Period and remaining on deposit in the aggregate of such amounts for all such Mortgage Loans since the Cut-off Date;
(xviii) the amount and purpose of any withdrawal from the Collection Account pursuant to Section 3.08(a)(viii);
(xix) the amount of any payments to each Class of Certificates that are treated as payments received in respect of a REMIC "regular interest" or REMIC "residual interest" and the amount of any payments to each Class of Certificates that are not treated as payments received in respect of a REMIC "regular interest" or REMIC "residual interest";
(xx) as of each Distribution Date, the amount, if any, to be deposited in the Cap Contract Account pursuant to the related Cap Contract as described in Section 4.04(k) and the amount thereof to be paid to the Class A, Class M, Class B-1A, Class B-2A, Class B-3A, Class B-4A and Class C Certificates described in Section 4.04(k) hereof;
(xxi) any Floating Rate Certificate Carryover paid and all Floating Rate Certificate Carryover remaining on each class of the Class A, Class M, Class B-1, Class B-2, Class B-3 and Class B-4 Certificates on such Distribution Date;
(xxii) the number of Mortgage Loans with respect to which (i) a reduction in the Mortgage Rate has occurred or (ii) the related borrower's obligation to repay interest on a monthly basis has been suspended or reduced pursuant to the Servicemembers Civil Relief Act or the California Military and Veterans Code, as amended; and the amount of interest not required to be paid with respect to any such Mortgage Loans during the related Due Period as a result of such reductions in the aggregate and with respect to the Group One Mortgage Loans and the Group Two Mortgage Loans.
(xxiii) the aggregate Outstanding Principal Balance of each Class of Certificates for the following Distribution Date;
(xxiv) the number and aggregate principal amounts of Mortgage Loans (A) delinquent (1) one Monthly Payment, (2) two Monthly Payments and (3) three or more Monthly Payments and (B) in foreclosure, in each case, as of the end of the related Principal Prepayment Period;
(xxv) the number and the principal balance of Mortgage Loans with respect to any real estate acquired through foreclosure or grant of a deed in lieu of foreclosure;
(xxvi) the aggregate amount of all Advances recovered during the related Due Period;
(xxvii) the aggregate amount of Realized Losses during the related Due Period and the aggregate amount of Realized Losses since the Cut-off Date;
(xxviii) the allocation to each Class of Certificate of any Realized Losses during the related Due Period;
(xxix) with respect to each Class of Certificates, the amount of any Compensating Interest Shortfalls on such Distribution Date;
(xxx) Number and amount of pool assets at the beginning and ending of each period, and updated pool composition information, such as weighted average coupon, weighted average life, weighted average remaining term, pool factors and prepayment amounts;
(xxxi) In addition, describe any material changes to methodology regarding calculations of delinquencies and charge-offs;
(xxxii) Information on the amount, terms and general purpose of any advances made or reimbursed during the period, including the general use of funds advanced and the general source of funds for reimbursements;
(xxxiii) Any material modifications, extensions or waivers to pool asset terms, fees, penalties or payments during the distribution period or that have cumulatively become material over time;
(xxxiv) Material breaches of pool asset representations or warranties or transaction covenants;
(xxxv) Information on ratio, coverage or other tests used for determining any early amortization, liquidation or other performance trigger and whether the trigger was met; and
(xxxvi) Information regarding any new issuance of asset-backed securities backed by the same asset pool, any pool asset changes (other than in connection with a pool asset converting into cash in accordance with its terms), such as additions or removals in connection with a prefunding or revolving period and pool asset substitutions and repurchases (and purchase rates, if applicable), and cash flows available for future purchases, such as the balances of any prefunding or revolving accounts, if applicable. Disclose any material changes in the solicitation, credit-granting, underwriting, origination, acquisition or pool selection criteria or procedures, as applicable, used to originate, acquire or select the new pool assetsReserve Fund.
(b) The Securities Administrator Trustee's responsibility for disbursing the above information to the Certificateholders is limited to the availability, timeliness and accuracy of the information provided by the Master Servicer. The Trustee will make the Monthly Statement 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 each month to Certificateholders, each Rating Agency and other parties to this Agreement and any other interested parties via the Securities AdministratorTrustee's Internet internet website. The Securities AdministratorTrustee's Internet internet website shall initially be located at "www.__________." Assistance in using WWW.CTSLINK.COM". Assixxxxxx xx xxxxx the website can be obtained by calling the Securities AdministratorTrustee's customer service desk at ______________(301) 815-6600. Parties that are unable Partiex xxxx xxx xxxble to use the website above distribution options 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 Trustee shall have the right to change the way the monthly such statements to Certificateholders are distributed in order to make such distribution more convenient and/or more accessible to the above parties and the Securities Administrator Trustee shall provide timely and adequate notification to all above parties and Certificateholders regarding any such changes.
(c) On or before each Determination Date, the Master Servicer shall deliver to the Trustee (which delivery may be by electronic data transmission) a report in substantially the form set forth as Schedule V hereto.
(d) Within a reasonable period of time after the end of each calendar year, the Trustee shall cause to be furnished, electronically or otherwise, 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)(vii) of this Section 4.04 aggregated for such calendar year or applicable portion thereof during which such Person was a Certificateholder. The Securities Administrator Such obligation of the Trustee shall also be entitled deemed to rely on but have been satisfied to the extent that substantially comparable information shall not be responsible for the content or accuracy of any information provided by third parties for purposes the Trustee pursuant to any requirements of preparing the monthly statement and may affix thereto any disclaimer it deems appropriate Code as from time to time in its reasonable discretion effect.
(without suggesting liability e) The Trustee shall deliver to Bloomberg Financial Markets, 100 Business Park Drivx, X.X. Xxx 000, Xxxxxxxxx, Xxx Xxxxxx 00000-0000, xxx xxxx xxxxx xxxxxdary market facilitators designated by the Depositor on each Distribution Date a computer-readable tape, or other mutually agreed upon electronic media, containing the part of any other party hereto). As a condition information also set forth in Schedule V hereto as provided by the Master Servicer to access the Securities Administrator's internet website, the Securities Administrator may require registration and the acceptance of a disclaimer. The Securities Administrator will not be liable for the dissemination of information in accordance with this AgreementTrustee.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Mellon Residential Funding Corp)
Monthly Statements to Certificateholders. (a) Not later than each Distribution Date based solely on information provided by the Servicer (which information is not required to include any prediction of future performance as to which such report relates)Date, the Securities Administrator Trustee shall prepare and make available on its website located at xxx.xxxxxxx.xxx xxx.xxxxxxxx.xxx to each Holder of a Class of Certificates of the Trust FundIssuing Entity, the Servicer, the Master Servicer, the Trustee, the NIMs InsurerRating Agencies, the Rating Agencies Depositor, the Cap Contract Counterparty and the Depositor Swap Counterparty a statement setting forth for the CertificatesCertificates the following information; provided, however, that with respect to any calendar year during which an annual report on Form 10-K is not required to be filed with the Commission on behalf of the Issuing Entity, the information set forth in Items (xxiv) through (xxxii) below are not required to be included in such statement during any calendar year:
(i) the amount of the related distribution to Holders of each Class allocable to principal, separately identifying (A) the aggregate amount of any Principal Prepayments included therein, (B) the aggregate of all scheduled payments of principal included therein, (C) the Extra Principal Distribution Amount, if any, and (D) the aggregate amount of Prepayment Charges, if any;
(ii) the amount of such distribution to Holders of each Class allocable to interest, together with any Non-Supported Interest Shortfalls allocated to each Class;
(iii) any interest Carryforward Amount for each Class of the Class A, Class M and Class B Certificates;
(iv) the Class Certificate Principal Balance of each Class immediately prior to and after giving effect (i) to all distributions allocable to principal on such Distribution Date and (ii) the allocation of any Applied Realized Loss Amounts for such Distribution Date;
(ivv) the Pool Stated Principal Balance for such Distribution Date;
(vvi) the amount of the Servicing Fee paid to or retained by the Servicer, the amount of the Securities Administrator Fee paid to or retained by the Securities Administrator Servicer and any amounts constituting reimbursement or indemnification of the Servicer, Master Servicer, Securities Administrator Servicer or Trustee;
(vivii) the Pass-Through Rate for each Class of Certificates for such Distribution Date;
(viiviii) the amount of Advances included in the distribution on such Distribution DateDate or reimbursed during the period;
(viiiix) the cumulative amount of (A) Realized Losses and (B) Applied Realized Loss Amounts to date, in the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage Loans;
(ixx) the amount of (A) Realized Losses and (B) Applied Realized Loss Amounts with respect to such Distribution Date, in the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage Loans;
(xxi) the number and aggregate principal amounts of Mortgage Loans (A) Delinquent (exclusive of Mortgage Loans in foreclosure) (1) 31 to 60 days, (2) 61 to 90 days and (3) 91 or more days, and (B) in foreclosure and Delinquent (1) 31 to 60 days, (2) 61 to 90 days and (3) 91 or more days, in each case as of the close of business on the last day of the calendar month preceding such Distribution Date, Date in accordance with the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage LoansOTS methodology for reporting delinquencies;
(xixii) with respect to any Mortgage Loan that became an REO Property during the preceding calendar month, the loan number and Stated Principal Balance of such Mortgage Loan as of the close of business on the last day of the calendar month preceding such Distribution Date and the date of acquisition thereof, in the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage Loans;
(xiixiii) the total number and principal balance of any REO Properties as of the close of business on the last day of the calendar month preceding such Distribution Date, in the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage Loans;
(xiiixiv) the aggregate Stated Principal Balance of all loans that became Liquidated Loans as of such Distribution Date calculated as of the preceding Distribution Date, in the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage Loans;
(xivxv) whether a Stepdown Trigger Event has occurred and is in effect;
(xvxvi) with respect to each Class of Certificates, any Interest Carry Forward Amount with respect to such Distribution Date for each such Class, any Interest Carry Forward Amount paid for each such Class and any remaining Interest Carry Forward Amount for each such Class;
(xvixvii) the number and Stated Principal Balance (as of the preceding Distribution Date) of any Mortgage Loans which were purchased or repurchased during the preceding Due Period and since the Cut-off Date;
(xviixviii) the number of Mortgage Loans for which Prepayment Charges were received during the related Prepayment Period and, for each such Mortgage Loan, the amount of Prepayment Charges received during the related Prepayment Period and in the aggregate of such amounts for all such Mortgage Loans since the Cut-off Date;
(xviiixix) the amount and purpose of any withdrawal from the Collection Account pursuant to Section 3.08(a)(viii);
(xixxx) the amount of any payments to each Class of Certificates that are treated as payments received in respect of a REMIC "regular interest" or REMIC "residual interest" and the amount of any payments to each Class of Certificates that are not treated as payments received in respect of a REMIC "regular interest" or REMIC "residual interest";
(xxxxi) as of each Distribution Date, the amount, if any, to be deposited in the Cap Contract Account Issuing Entity pursuant to the related Cap Corridor Contract as described in Section 4.04(k) and the amount thereof to be paid to the Class AA-1 Certificates, Class M, Class B-1A, Class B-2A, Class B-3A, Class B-4A the Subordinate Certificates and the Class C Certificates described in Section 4.04(k) hereof;
(xxixxii) as of each Distribution Date, the amount, if any, to be deposited in the Supplemental Interest Trust pursuant to the Cap Contract as described in Section 4.04(l) and the amount thereof to be paid to the Certificates;
(xxiii) as of each Distribution Date, the amount, if any, to be deposited in the Supplemental Interest Trust pursuant to the Swap Agreement as described in Section 4.04(l) and the amount thereof to be paid to the Certificates;
(xxiv) any Floating Rate Certificate Carryover paid and all Floating Rate Certificate Carryover remaining on each class of the Class A, Class M, Class B-1, Class B-2, Class B-3 M and Class B-4 B Certificates on such Distribution Date;
(xxiixxv) the number of Mortgage Loans with respect to which (i) a reduction in the Mortgage Rate has occurred or (ii) the related borrower's obligation to repay interest on a monthly basis has been suspended or reduced pursuant to the Servicemembers Civil Relief Act or the California Military and Veterans Code, as amended; and the amount of interest not required to be paid with respect to any such Mortgage Loans during the related Due Period as a result of such reductions in the aggregate and with respect to the Group One Mortgage Loans and the Group Two Mortgage Loans.
(xxiii) the aggregate Outstanding Principal Balance of each Class of Certificates for the following Distribution Date;
(xxiv) the number and aggregate principal amounts of Mortgage Loans (A) delinquent (1) one Monthly Payment, (2) two Monthly Payments and (3) three or more Monthly Payments and (B) in foreclosure, in each case, as of the end of the related Principal Prepayment Period;
(xxv) the number and the principal balance of Mortgage Loans with respect to any real estate acquired through foreclosure or grant of a deed in lieu of foreclosureaggregate;
(xxvi) the aggregate amount of all Advances recovered during the related Due Period;
(xxvii) the aggregate amount of Realized Losses during the related Due Period and the aggregate amount of Realized Losses since the Cut-off Date;
(xxviii) the allocation to each Class of Certificate of any Realized Losses during the related Due Period;
(xxix) with respect to each Class of Certificates, the amount of any Compensating Non-Supported Interest Shortfalls on such Distribution Date;
(xxxxxvii) Number the number and amount of pool assets at the beginning and ending of each period, and updated pool composition information, such as weighted average coupon, weighted average life, weighted average remaining term, pool factors and prepayment amounts;
(xxxixxviii) In addition, describe any material changes to methodology regarding calculations of delinquencies and charge-offs;
(xxxiixxix) Information information on the amount, terms and general purpose amount of any advances Servicing Advances made or reimbursed during the period, including the general use of funds advanced and the general source of funds for reimbursements;
(xxxiiixxx) Any any material modifications, extensions or waivers to pool asset terms, fees, penalties or payments during the distribution period or that have cumulatively become material over time;
(xxxivxxxi) Material material breaches of pool asset representations or warranties or transaction covenants;
(xxxvxxxii) Information information on ratio, coverage or other tests used for determining any early amortization, liquidation or other performance trigger and whether the trigger was met; and
(xxxvixxxiii) Information information regarding any new issuance of asset-backed securities backed by the same asset pool, any pool asset changes (other than in connection with a pool asset converting into cash in accordance with its terms), such as additions or removals in connection with a prefunding or revolving period and pool asset substitutions and repurchases (and purchase rates, if applicable), and cash flows available for future purchases, such as the balances of any prefunding or revolving accounts, if applicable. Disclose any material changes in the solicitation, credit-granting, underwriting, origination, acquisition or pool selection criteria or procedures, as applicable, used to originate, acquire or select the new pool assets.
(b) The Securities Administrator Trustee will make the Monthly Statement (and, at its option, any additional files containing the same information in an alternative format) available each month to Certificateholders, other parties to this Agreement and any other interested parties via the Securities AdministratorTrustee's Internet website. The Securities AdministratorTrustee's Internet website shall initially be located at "www.__________." xxx.xxxxxxxx.xxx". Assistance in using the website can be obtained by calling the Securities Administrator's customer service desk Trustee at ______________(000) 000-0000. Parties that are unable to use the website 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 Trustee shall have the right to 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 Securities Administrator Trustee shall provide timely and adequate notification to all above parties regarding any such changes. The Securities Administrator foregoing information and reports shall also be prepared and determined by the Trustee based on Mortgage Loan data and other information provided to the Trustee by the Servicer, the Swap Counterparty, the Cap Contract Counterparty or any other third party required to deliver information hereunder. In preparing or furnishing the foregoing information, the Trustee shall be entitled to rely conclusively on but shall not be responsible for the content or accuracy of any the information or data provided to the Trustee by third parties for purposes of preparing the monthly statement and may affix thereto any disclaimer it deems appropriate in its reasonable discretion (without suggesting liability on Servicer, the part of Swap Counterparty, the Cap Contract Counterparty or any other third party hereto)required to deliver information and shall have no liability for any errors in any such information. As a condition to access the Securities AdministratorTrustee's internet website, the Securities Administrator Trustee may require registration and the acceptance of a disclaimer. The Securities Administrator Trustee will not be liable for the dissemination of information in accordance with this Agreement.
(c) If so requested in writing within a reasonable period of time after the end of each calendar year, the Trustee shall make available on its website or cause to be furnished to each Person who at any time during the calendar year was a Certificateholder of record, a statement containing the information set forth in clauses (a)(i) and (a)(ii) of this Section 4.05 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 are from time to time in effect.
(d) Upon filing with the Internal Revenue Service, the Trustee shall furnish to the Holders of the Class R Certificate each Form 1066 and each Form 1066Q and shall respond promptly to written requests made not more frequently than quarterly by any Holder of Class R Certificate with respect to the following matters:
(i) The original projected principal and interest cash flows on the Closing Date on each Class of regular and residual interests created hereunder and on the Mortgage Loans, based on the Prepayment Assumption;
(ii) The projected remaining principal and interest cash flows as of the end of any calendar quarter with respect to each Class of regular and residual interests created hereunder and the Mortgage Loans, based on the Prepayment Assumption;
(iii) The Prepayment Assumption and any interest rate assumptions used in determining the projected principal and interest cash flows described above;
(iv) The original issue discount (or, in the case of the Mortgage Loans, market discount) or premium accrued or amortized through the end of such calendar quarter with respect to each Class of regular or residual interests created hereunder and to the Mortgage Loans, together with each constant yield to maturity used in computing the same;
(v) The treatment of losses realized with respect to the Mortgage Loans or the regular interests created hereunder, including the timing and amount of any cancellation of indebtedness income of the REMICs with respect to such regular interests or bad debt deductions claimed with respect to the Mortgage Loans;
(vi) The amount and timing of any non-interest expenses of the REMICs; and
(vii) Any taxes (including penalties and interest) imposed on the REMICs, including, without limitation, taxes on "prohibited transactions," "contributions" or "net income from foreclosure property" or state or local income or franchise taxes. The information pursuant to clauses (i), (ii), (iii) and (iv) above shall be provided by the Depositor pursuant to Section 8.12.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (First Franklin Mortgage Loan Trust, Series 2007-Ffa)
Monthly Statements to Certificateholders. (a) Not later than each Distribution Date based solely on information provided by the Servicer (which information is not required to include any prediction of future performance as to which such report relates)Servicer, the Securities Administrator Trustee shall prepare and make available on its website located at xxx.xxxxxxx.xxx www.jpmorgan.com/sfr to each Holder of a xx x Class of Certificates of the Trust Fund, the Servicer, the Master Servicer, the Trustee, the NIMs Insurer, the Rating Agencies and the Depositor a statement setting forth for the Certificates:
(i) the amount of the related distribution to Holders of each Class of Certificates allocable to principal, separately identifying (A) the aggregate amount of any Principal Prepayments included therein, (B) the aggregate amount of all scheduled payments of principal included therein, therein and (C) the any Extra Principal Distribution Amount, if any, and (D) in the aggregate amount of Prepayment Charges, if anyand with respect to the Group One Mortgage Loans and Group Two Mortgage Loans;
(ii) the amount of such distribution to Holders of each Class of Certificates allocable to interest, together with any Non-Supported Interest Shortfalls allocated to each Class;
(iii) with respect to each Class of Certificates, any Interest Carry Forward Amount with respect to such Distribution Date for each such Class, any Interest Carry Forward Amount paid for each such Class and any remaining Interest Carry Forward Amount for each such Class;
(iv) the Certificate Principal Balance of each Class immediately prior to and of Certificates after giving effect (i) to all distributions allocable to principal on such Distribution Date and (ii) the allocation of any Applied Realized Loss Amounts for such Distribution Date;
(ivv) the Pool Stated Principal Balance for such Distribution Date;
(vvi) the amount of the Servicing Fee paid to or retained by the Servicer, Servicer and the amount of investment income earned on funds on deposit in the Securities Administrator Fee paid to or retained by Certificate Account for the Securities Administrator and any amounts constituting reimbursement or indemnification of the Servicer, Master Servicer, Securities Administrator or Trusteerelated Due Period;
(vivii) the Pass-Through Rate for each Class of Certificates for such Distribution Date;
(viiviii) the amount of Advances included in the distribution on such Distribution Date;
(viiiix) the cumulative amount of (A) Realized Losses and (B) Applied Realized Loss Amounts to date, in the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage Loansaggregate;
(ixx) the amount of (A) Realized Losses and (B) Applied Realized Loss Amounts with respect to such Distribution Date, in the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage Loansaggregate;
(xxi) the number and aggregate principal amounts of Mortgage Loans (A) Delinquent (exclusive of Mortgage Loans in foreclosure) (1) 31 to 60 days, (2) 61 to 90 days and (3) 91 or more days, and (B) in foreclosure and Delinquent (1) 31 to 60 days, (2) 61 to 90 days and (3) 91 or more days, in each case as of the close of business on the last day of the calendar month preceding such Distribution Date, in the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage Loans;
(xixii) with respect to any Mortgage Loan that became an REO Property during the preceding calendar month, the loan number and Stated Principal Balance of such Mortgage Loan as of the close of business on the last day of the calendar month preceding such Distribution Determination Date and the date of acquisition thereof, in the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage Loansaggregate;
(xiixiii) whether a Stepdown Trigger Event has occurred and is in effect;
(xiv) the total number and principal balance of any REO Properties as of the close of business on the last day of the calendar month preceding such Distribution related Determination Date, in the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage Loansaggregate;
(xiiixv) the aggregate Stated Principal Balance of all Liquidated Loans as of the preceding Distribution Date, in the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage Loans;
(xiv) whether a Stepdown Trigger Event has occurred and is in effect;
(xv) with respect to each Class of Certificates, any Interest Carry Forward Amount with respect to such Distribution Date for each such Class, any Interest Carry Forward Amount paid for each such Class and any remaining Interest Carry Forward Amount for each such Class;aggregate
(xvi) any Floating Rate Certificate Carryover paid and all Floating Rate Certificate Carryover remaining on each Class of the number Offered Certificates on such Distribution Date and Stated Principal Balance (as of the preceding Distribution Date) of any Mortgage Loans which were purchased or repurchased during the preceding Due Period and since the Cut-off Date;
(xvii) the number and amount of Mortgage Loans for which Prepayment Charges were prepayment charges and the amount of late payment fees received during the related Prepayment Period and, for each such Mortgage Loan, the amount of Prepayment Charges received during the related Prepayment Period and in the aggregate of such amounts for all such Mortgage Loans since the Cut-off Dateaggregate;
(xviii) the amount and purpose of any withdrawal from the Collection Account pursuant to Section 3.08(a)(viii);
(xix) the amount of any payments to each Class of Certificates that are treated as payments received in respect of a REMIC "regular interest" or REMIC "residual interest" and the amount of any payments to each Class of Certificates that are not treated as payments received in respect of a REMIC "regular interest" or REMIC "residual interest";
(xx) as of each Distribution Date, the amount, if any, received pursuant to be deposited in the each Cap Contract Account pursuant to the related Cap Contract as described in Section 4.04(k) and the amount thereof thereof, if any, to be paid to the each Class A, Class M, Class B-1A, Class B-2A, Class B-3A, Class B-4A and Class C Certificates described in Section 4.04(k) hereofof Certificates;
(xxi) any Floating Rate Certificate Carryover paid and all Floating Rate Certificate Carryover remaining on each class of the Class A, Class M, Class B-1, Class B-2, Class B-3 and Class B-4 Certificates on such Distribution Date;
(xxiixix) the number of Mortgage Loans with respect to which (i) a reduction in the Mortgage Rate has occurred or (ii) the related borrower's obligation to repay interest on a monthly basis has been suspended or reduced pursuant to the Servicemembers Civil Relief Act or the California Military and Veterans Code, as amended; and (iii) the amount of interest not required to be paid with respect to any such Mortgage Loans during the related Due Period as a result of such reductions in the aggregate and with respect to the Group One Mortgage Loans and the Group Two Mortgage Loans.;
(xx) the number of Mortgage Loans for which prepayment charges were received during the related Prepayment Period and, for each such Mortgage Loan, the amount of prepayment charges received during the related Prepayment Period and in the aggregate of such amounts for all such Mortgage Loans since the Cut-off Date;
(xxi) the amount and purpose of any withdrawal from the Collection Account pursuant to Section 3.08(a)(iv);
(xxii) the amount of any payments to each Class of Certificates that are treated as payments received in respect of a REMIC Regular Interest or REMIC "residual interest" and the amount of any payments to each Class of Certificates that are not treated as payments received in respect of a REMIC Regular Interest or REMIC "residual interest";
(xxiii) the aggregate Outstanding Principal Balance amount of each Class of Certificates for the following Distribution DateMI Insurer Fee paid to the MI Insurer;
(xxiv) the number and aggregate principal amounts Stated Principal Balance of Mortgage Loans (A) delinquent (1) one Monthly Payment, (2) two Monthly Payments and (3) three or more Monthly Payments and (B) in foreclosure, in each case, covered by the MI Policy as of the end of the related Principal Due Period; and
(A) the amount of any claims paid by the MI Insurer pursuant to the MI Policy with respect to principal, (B) the amount of any claims paid by the MI Insurer pursuant to the MI Policy with respect to interest, and (C) solely to the extent provided by the Servicer, the amount of any claims made under the MI Policy and the amount of any claims rejected under the MI Policy, each as of such Distribution Date.
(b) [RESERVED].
(c) Within a reasonable period of time after the end of each calendar year, the Trustee shall cause to be furnished 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 4.05 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 from time to time in effect.
(d) Upon filing with the Internal Revenue Service, the Trustee shall furnish to the Holder of the Class R Certificate each Form 1066 and each Form 1066Q and shall respond promptly to written requests made not more frequently than quarterly by any Holder of a Class R Certificate with respect to the following matters:
(i) The original projected principal and interest cash flows on the Closing Date on each Class of regular and residual interests created hereunder and on the Mortgage Loans, based on the Prepayment PeriodAssumption;
(xxvii) The projected remaining principal and interest cash flows as of the number and the principal balance of Mortgage Loans with respect to any real estate acquired through foreclosure or grant of a deed in lieu of foreclosure;
(xxvi) the aggregate amount of all Advances recovered during the related Due Period;
(xxvii) the aggregate amount of Realized Losses during the related Due Period and the aggregate amount of Realized Losses since the Cut-off Date;
(xxviii) the allocation to each Class of Certificate end of any Realized Losses during the related Due Period;
(xxix) calendar quarter with respect to each Class of Certificatesregular and residual interests created hereunder and the Mortgage Loans, based on the Prepayment Assumption;
(iii) The Prepayment Assumption and any interest rate assumptions used in determining the projected principal and interest cash flows described above;
(iv) The original issue discount (or, in the case of the Mortgage Loans, market discount) or premium accrued or amortized through the end of such calendar quarter with respect to each Class of regular or residual interests created hereunder and to the Mortgage Loans, together with each constant yield to maturity used in computing the same;
(v) The treatment of losses realized with respect to the Mortgage Loans or the regular interests created hereunder, including the timing and amount of any Compensating Interest Shortfalls on cancellation of indebtedness income of the REMICs with respect to such Distribution Dateregular interests or bad debt deductions claimed with respect to the Mortgage Loans;
(xxxvi) Number The amount and amount of pool assets at the beginning and ending of each period, and updated pool composition information, such as weighted average coupon, weighted average life, weighted average remaining term, pool factors and prepayment amounts;
(xxxi) In addition, describe any material changes to methodology regarding calculations of delinquencies and charge-offs;
(xxxii) Information on the amount, terms and general purpose timing of any advances made or reimbursed during non-interest expenses of the period, including the general use of funds advanced and the general source of funds for reimbursements;
(xxxiii) Any material modifications, extensions or waivers to pool asset terms, fees, penalties or payments during the distribution period or that have cumulatively become material over time;
(xxxiv) Material breaches of pool asset representations or warranties or transaction covenants;
(xxxv) Information on ratio, coverage or other tests used for determining any early amortization, liquidation or other performance trigger and whether the trigger was metREMICs; and
(xxxvivii) Information regarding any new issuance of asset-backed securities backed Any taxes (including penalties and interest) imposed on the REMICs, including, without limitation, taxes on "prohibited transactions," "contributions" or "net income from foreclosure property" or state or local income or franchise taxes. The information pursuant to clauses (i), (ii), (iii) and (iv) above shall be provided by the same asset pool, any pool asset changes (other than in connection with a pool asset converting into cash in accordance with its terms), such as additions or removals in connection with a prefunding or revolving period and pool asset substitutions and repurchases (and purchase rates, if applicable), and cash flows available for future purchases, such as the balances of any prefunding or revolving accounts, if applicable. Disclose any material changes in the solicitation, credit-granting, underwriting, origination, acquisition or pool selection criteria or procedures, as applicable, used Depositor pursuant to originate, acquire or select the new pool assetsSection 8.12.
(b) The Securities Administrator will make the Monthly Statement (and, at its option, any additional files containing the same information in an alternative format) available each month to Certificateholders, other parties to this Agreement and any other interested parties via the Securities Administrator's Internet website. The Securities Administrator's Internet website shall initially be located at "www.__________." 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 website 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 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 Securities Administrator shall provide timely and adequate notification to all above parties regarding any such changes. The Securities Administrator shall 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 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 Securities Administrator's internet website, the Securities Administrator may require registration and the acceptance of a disclaimer. The Securities Administrator will not be liable for the dissemination of information in accordance with this Agreement.
Appears in 1 contract
Monthly Statements to Certificateholders. (a) Not later than each Distribution Date Date, the Trustee shall prepare and cause to be forwarded by first class mail to each Certificateholder, each Servicer, the Depositor, the Credit Risk Manager, the Swap Counterparty and each Rating Agency, a statement based solely on the information provided by the each Servicer (which information is not required pursuant to include any prediction of future performance as to which such report relates), the Securities Administrator shall prepare and make available on its website located at xxx.xxxxxxx.xxx to each Holder of a Class of Certificates of the Trust Fund, the Servicer, the Master Servicer, the Trustee, the NIMs Insurer, the Rating Agencies and the Depositor a statement Section 4.05 herein setting forth for with respect to the Certificatesrelated distribution:
(i) the amount of the related distribution to Holders of each Class thereof allocable to principal, separately identifying (A) indicating the aggregate amount of any portion thereof attributable to Scheduled Payments and Principal Prepayments included therein, (B) the aggregate of all scheduled payments of principal included therein, (C) the Extra Principal Distribution Amount, if any, and (D) the aggregate amount of Prepayment Charges, if anyPrepayments;
(ii) the amount of such distribution to Holders of each Class thereof allocable to interest, together with interest or any Non-Supported Carryforward Interest Shortfalls allocated to each Classincluded in such distribution;
(iii) if the Certificate Principal Balance distribution to the Holders of each such Class immediately prior 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 after giving effect (i) to all distributions allocable to principal on such Distribution Date and (ii) the allocation of any Applied Realized Loss Amounts for such Distribution Datethereof as between principal and interest;
(iv) the Pool Stated Class Principal Balance for of each Class of Certificates after giving effect to the distribution of principal on such Distribution Date;
(v) the amount of Aggregate Collateral Balance and the Servicing Fee paid to or retained by the Servicer, the amount of the Securities Administrator Fee paid to or retained by the Securities Administrator and any amounts constituting reimbursement or indemnification of the Servicer, Master Servicer, Securities Administrator or TrusteeAggregate Collateral Group Balance for such Distribution Date;
(vi) the Pass-Through Rate for each Class of Certificates Overcollateralization Amount for such Distribution Date;
(vii) the amount of Advances included in the distribution on Servicing Fees, the Excess Servicing Fee, the Trustee Fee, the Credit Risk Manager Fee and any other mortgage insurance fees, if applicable, with respect to such Distribution Date;
(viii) the cumulative amount Pass-Through Rate for each Class of (A) Realized Losses and (B) Applied Realized Loss Amounts to date, in the aggregate and LIBOR Certificates with respect to such Distribution Date and the Group One Mortgage Loans and Group Two Mortgage LoansPass-Through Rate for each Class of Class A-IO Certificates;
(ix) the amount of (A) Realized Losses Advances included in the distribution on such Distribution Date and (B) Applied Realized Loss Amounts with respect to the aggregate amount of Advances outstanding as of the last day of the calendar month preceding such Distribution Date, in the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage Loans;
(x) the number and aggregate principal amounts of Mortgage Loans (A) Delinquent (exclusive of Mortgage Loans in foreclosure) which are delinquent (1) 31 30 to 60 59 days, (2) 61 60 to 90 89 days and (3) 91 90 or more daysdays (to include such delinquent loans which are also in bankruptcy or foreclosure), for each Loan Group and (B) for the Mortgage Loans in foreclosure and Delinquent (1) 31 to 60 daysthe aggregate, (2) 61 to 90 days and (3) 91 or more days, in each case as of the close of business on the last day of the calendar month preceding such Distribution Date, in the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage Loans;
(xi) with respect to any Mortgage Loan that became an REO Property during the preceding calendar month, the loan number and Stated Principal Balance aggregate principal amounts of such Mortgage Loans that were in foreclosure, for each Loan as of Group and for the close of business on the last day of the calendar month preceding such Distribution Date and the date of acquisition thereof, Mortgage Loans in the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage Loans;
(xii) the total number and principal balance of any REO Properties aggregate, as of the close of business on the last day of the calendar month preceding such Distribution Date, in the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage Loans;
(xiii) the aggregate Stated Principal Balance of all Liquidated Loans as of the preceding Distribution Date, in the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage Loans;
(xiv) whether a Stepdown Trigger Event has occurred and is in effect;
(xv) with respect to each Class of Certificates, any Interest Carry Forward Amount with respect to such Distribution Date for each such Class, any Interest Carry Forward Amount paid for each such Class and any remaining Interest Carry Forward Amount for each such Class;
(xvi) the number and Stated Principal Balance (as of the preceding Distribution Date) of any Mortgage Loans which were purchased or repurchased during the preceding Due Period and since the Cut-off Date;
(xvii) the number of Mortgage Loans for which Prepayment Charges were received during the related Prepayment Period and, for each such Mortgage Loan, the amount of Prepayment Charges received during the related Prepayment Period and in the aggregate of such amounts for all such Mortgage Loans since the Cut-off Date;
(xviii) the amount and purpose of any withdrawal from the Collection Account pursuant to Section 3.08(a)(viii);
(xix) the amount of any payments to each Class of Certificates that are treated as payments received in respect of a REMIC "regular interest" or REMIC "residual interest" and the amount of any payments to each Class of Certificates that are not treated as payments received in respect of a REMIC "regular interest" or REMIC "residual interest";
(xx) as of each Distribution Date, the amount, if any, to be deposited in the Cap Contract Account pursuant to the related Cap Contract as described in Section 4.04(k) and the amount thereof to be paid to the Class A, Class M, Class B-1A, Class B-2A, Class B-3A, Class B-4A and Class C Certificates described in Section 4.04(k) hereof;
(xxi) any Floating Rate Certificate Carryover paid and all Floating Rate Certificate Carryover remaining on each class of the Class A, Class M, Class B-1, Class B-2, Class B-3 and Class B-4 Certificates on such Distribution Date;
(xxii) the number of Mortgage Loans with respect to which (i) a reduction in the Mortgage Rate has occurred or (ii) the related borrower's obligation to repay interest on a monthly basis has been suspended or reduced pursuant to the Servicemembers Civil Relief Act or the California Military and Veterans Code, as amended; and the amount of interest not required to be paid with respect to any such Mortgage Loans during the related Due Period as a result of such reductions in the aggregate and with respect to the Group One Mortgage Loans and the Group Two Mortgage Loans.
(xxiii) the aggregate Outstanding Principal Balance of each Class of Certificates for the following Distribution Date;
(xxivxii) the number and aggregate principal amounts of Mortgage Loans (A) delinquent (1) one Monthly Paymentthat were in bankruptcy, (2) two Monthly Payments for each Loan Group and (3) three or more Monthly Payments and (B) for the Mortgage Loans in foreclosure, in each casethe aggregate, as of the end close of business on the last day of the related Principal Prepayment Periodcalendar month preceding such Distribution Date;
(xxvxiii) the number and the aggregate principal balance amounts of Mortgage Loans with respect to any real estate acquired through foreclosure or grant of a deed in lieu of foreclosure;
(xxvi) which Prepayment Premiums were collected and the aggregate amount of all Advances recovered during the related Due Periodsuch Prepayment Premiums;
(xxviixiv) the Rolling Three Month Delinquency Rate for such Distribution Date;
(xv) the total number and principal balance of any REO Properties (and market value, if available), for each Loan Group and for the Mortgage Loans in the aggregate, as of the last day of the calendar month preceding such Distribution Date;
(xvi) the total number and principal balance of any Mortgage Loans that were repurchased during the calendar month preceding such Distribution Date;
(xvii) the aggregate amount of Realized Losses incurred during the related Due Period preceding calendar month and the aggregate amount of Realized Losses since included in such distribution;
(xviii) the Cut-off amount on deposit in the Prefunding Account (including a breakdown of amounts released during the prior calendar month in respect of Aggregate Subsequent Transfer Amounts or amounts included in the Principal Remittance Amount on the December 2005 Distribution Date);
(xix) the weighted average term to maturity of the Mortgage Loans as of the close of business on the last day of the calendar month preceding such Distribution Date;
(xxviiixx) the allocation to each Class of Certificate portion of any Realized Losses during distribution to the related Due PeriodClass A Certificateholders constituting an Insured Payment for such Distribution Date;
(xxixxxi) with respect to each Class of Certificates, the amount on deposit in the Capitalized Interest Account (including a breakdown of amounts released for the calendar month preceding such Distribution Date);
(xxii) the gross weighted average coupon of the Mortgage Loans as of the first date of the applicable period for such Distribution Date;
(xxiii) the aggregate number of Mortgage Loans in the pool;
(xxiv) the Net WAC Rate;
(xxv) the Senior Enhancement Percentage;
(xxvi) any Compensating Interest Shortfalls amounts deposited in the Basis Risk Reserve Fund on such Distribution Date pursuant to Section 4.02(e)(xii), and the balance of the Basis Risk Reserve Fund after all distributions have been made on such Distribution Date;
(xxxxxvii) Number and the amount deposited to the Supplemental Interest Account on such Distribution Date (including a breakdown of pool assets at the beginning and ending of each period, and updated pool composition information, amounts withdrawn in connection with such as weighted average coupon, weighted average life, weighted average remaining term, pool factors and prepayment amountsDistribution Date);
(xxxixxviii) In addition, describe any material changes a list indicating those Designated Mortgage Loans as to methodology regarding calculations of delinquencies and charge-offswhich the WFBNA Servicing Transfer Date has occurred since the previous Distribution Date;
(xxxiixxix) Information on any remaining Designated Mortgage Loan for which the amount, terms and general purpose of any advances made or reimbursed during the period, including the general use of funds advanced and the general source of funds for reimbursements;
(xxxiii) Any material modifications, extensions or waivers to pool asset terms, fees, penalties or payments during the distribution period or that have cumulatively become material over time;
(xxxiv) Material breaches of pool asset representations or warranties or transaction covenants;
(xxxv) Information on ratio, coverage or other tests used for determining any early amortization, liquidation or other performance trigger and whether the trigger was metWFBNA Servicing Transfer Date has not occurred; and
(xxxvixxx) Information regarding with respect to all of the Mortgage Loans, in the aggregate, and, unless otherwise stated, the related Distribution Date, for each Servicer that is servicing any new issuance of asset-backed securities backed such Mortgage Loans, the aggregate Stated Principal Balance of Mortgage Loans being serviced by such Servicer as of such Distribution Date. The Trustee’s responsibility for disbursing the same asset poolabove information to the Certificateholders is limited to the availability, any pool asset changes timeliness and accuracy of the information derived from each Servicer and the Master Servicer. On each Distribution Date, the Trustee shall provide Bloomberg Financial Markets, L.P. (other than in “Bloomberg”) CUSIP Level Factors for each Class of Offered Certificates as of such Distribution Date, using a format and media mutually acceptable to the Trustee and Bloomberg. In connection with a pool asset converting into cash providing the information specified in accordance with its terms)this Section 4.04 to Bloomberg, the Trustee and any director, officer, employee or agent of the Trustee shall be indemnified and held harmless by DLJMC, to the extent, in the manner and subject to the limitations provided in Section 8.05. The Trustee will also make the monthly statements to Certificateholders available each month to each party referred to in this Section 4.04(a) via the Trustee’s website. The Trustee’s website can be accessed at xxxx://xxx.xxxxxx.xxx/abs or at such as additions or removals in connection with a prefunding or revolving period and pool asset substitutions and repurchases (and purchase rates, if applicable), and cash flows available for future purchases, such other site as the balances of any prefunding or revolving accounts, if applicableTrustee may designate from time to time. Disclose any material changes in The Trustee may fully rely upon and shall have no liability with respect to information provided by each Servicer and the solicitation, credit-granting, underwriting, origination, acquisition or pool selection criteria or procedures, as applicable, used to originate, acquire or select the new pool assetsMaster Servicer.
(b) The Securities Administrator will make Upon request, within a reasonable period of time after the Monthly Statement (andend of each calendar year, the Trustee shall cause to be furnished to each Person who at its optionany time during the calendar year was a Certificateholder, any additional files a statement containing the same information set forth in an alternative formatclauses (a)(i), (a)(ii) available each month to Certificateholders, other parties to and (a)(vii) of this Agreement and any other interested parties via Section 4.04 aggregated for such calendar year or applicable portion thereof during which such Person was a Certificateholder. Such obligation of the Securities Administrator's Internet website. The Securities Administrator's Internet website Trustee shall initially be located at "www.__________." 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 website are entitled deemed 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 way the monthly statements to Certificateholders are distributed in order to make such distribution more convenient and/or more accessible been satisfied to the above parties and the Securities Administrator extent that substantially comparable information shall provide timely and adequate notification to all above parties regarding any such changes. The Securities Administrator shall 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 the Trustee pursuant to any requirements of preparing the monthly statement and may affix thereto any disclaimer it deems appropriate Code as from time to time in its reasonable discretion (without suggesting liability on the part of any other party hereto). As a condition to access the Securities Administrator's internet website, the Securities Administrator may require registration and the acceptance of a disclaimer. The Securities Administrator will not be liable for the dissemination of information in accordance with this Agreementeffect.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Home Equity Asset Trust 2005-7)
Monthly Statements to Certificateholders. (a) Not later than each Distribution Date based solely on information provided by the Servicer (which information is not required to include any prediction of future performance as to which such report relates)Date, the Securities Administrator Trustee shall prepare and make available on its website located at xxx.xxxxxxx.xxx https://www.tss.db.com/invr to each Holder of a Class of Certificates of the Trust Fundeacx Xxxxxxxxxxxxxxxxx, the Servicer, the Master Servicer, the Trustee, the NIMs Insurer, the Rating Agencies xxx Xxrvicer and the Depositor a statement setting forth for the Certificatesrelated distribution of:
(i) the amount of the related distribution to Holders of each Class allocable to principalapplicable Record Dates, separately identifying (A) the aggregate amount of any Principal Prepayments included therein, (B) the aggregate of all scheduled payments of principal included therein, (C) the Extra Principal Interest Accrual Periods and Determination Dates for calculating distributions for such Distribution Amount, if any, and (D) the aggregate amount of Prepayment Charges, if anyDate;
(ii) the amount of funds received from the Servicer for such Distribution Date separately identifying amounts received in respect of the Mortgage Loans and the amount of Advances included in the distribution to Holders of each Class allocable to interest, together with any Non-Supported Interest Shortfalls allocated to each Classon the Distribution Date;
(iii) the Certificate Principal Balance Servicing Fee and the amounts of each Class immediately prior any additional servicing compensation received by the Servicer attributable to and after giving effect (i) penalties, fees, Excess Proceeds or other similar charges or fees or items with respect to all distributions allocable to principal on such the Distribution Date and (ii) and, with respect to the allocation of any Applied Realized Loss Amounts Lender PMI Loans, the interest premium charged the related borrower for such Distribution Dateprimary mortgage guaranty insurance;
(iv) the Pool Stated Principal Balance Trustee Fee for such Distribution Date;
(v) the aggregate amount of expenses paid from amounts on deposit in (x) the Certificate Account and (y) the Distribution Account;
(vi) the aggregate amount on deposit in the Distribution Account and Carryover Reserve Fund, as of the beginning and end of the related Due Period;
(vii) the amount of the Servicing Fee paid distribution allocable to or retained by principal, separately identifying the Serviceraggregate amount of any scheduled principal, Net Prepayments, Principal Prepayments in Full, partial Principal Prepayments and Liquidation Proceeds included therein;
(viii) if the distribution to the Holders of any Class of Certificates is less than the full amount that would be distributable to them if sufficient funds were available, the amount of the Securities Administrator Fee paid to or retained by shortfall and the Securities Administrator and any amounts constituting reimbursement or indemnification allocation of the Servicer, Master Servicer, Securities Administrator or Trusteeshortfall between principal and interest;
(viix) the aggregate outstanding Interest Carry Forward Amount, Net Prepayment Interest Shortfalls, Net Rate Carryover and unpaid Net Rate Carryover for each applicable Class of Certificates, after giving effect to the distributions made on that Distribution Date.
(x) the Interest Remittance Amount and the Principal Remittance Amount, the Senior Principal Distribution Amount and the Overcollateralization Release Amount applicable to that Distribution Date;
(xi) the Overcollateralized Amount, after giving effect to distributions made on that Distribution Date;
(xii) the amount of any Overcollateralization Deficiency Amount, after giving effect to distributions made on that Distribution Date;
(xiii) whether a Trigger Event is in effect for that Distribution Date;
(xiv) the aggregate amount of Applied Realized Loss Amounts incurred and Subsequent Recoveries, if any, received during the preceding calendar month and aggregate Realized Losses through the Distribution Date;
(xv) the Class Certificate Balance of each Class of Certificates before and after giving effect to the distribution of principal on the Distribution Date;
(xvi) the Pass-Through Rate for each Class of Certificates for such with respect to the Distribution Date;
(viixvii) the amount number of Advances included in Mortgage Loans and the distribution on such Distribution DatePool Stated Principal Balance as the first day of the related Due Period and the last day of the related Due Period;
(viiixviii) as of the cumulative amount last day of the related Due Period:
(A) Realized Losses and the weighted average mortgage rate of the Mortgage Loans, and
(B) Applied Realized Loss Amounts the weighted average remaining term to date, in maturity of the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage Loans;
(ix) the amount of (A) Realized Losses and (B) Applied Realized Loss Amounts with respect to such Distribution Date, in the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage Loans;
(xxix) the number and aggregate principal amounts outstanding Stated Principal Balance of the Mortgage Loans in each Loan Group as of the end of the preceding calendar month:
(A) Delinquent delinquent (exclusive of Mortgage Loans in foreclosure) (1) 31 30 to 60 59 days, (2) 61 60 to 90 89 days and (3) 91 90 or more days, and days and
(B) in foreclosure and Delinquent delinquent (1) 31 30 to 60 59 days, (2) 61 60 to 90 89 days and (3) 91 90 or more days, in each case as of the close of business on the last day of the calendar month preceding such the Distribution Date, in the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage Loans;
(xixx) 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 (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 each such month;
(xxi) with respect to any Mortgage Loan that became an REO Property during the preceding calendar month, the loan number and Stated Principal Balance of such the Mortgage Loan as of the close of business on the last day of Determination Date preceding the calendar month preceding such Distribution Date and the date of acquisition thereof, in the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage LoansDate;
(xiixxii) the total number and principal balance of any REO Properties as of the close of business on the last day Determination Date preceding the Distribution Date;
(xxiii) the aggregate amount of Principal Prepayments received during the related Prepayment Period and the number of Mortgage Loans subject to such Principal Prepayments;
(xxiv) the aggregate 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 calendar month preceding such close of business on the Distribution Date, in ;
(xxv) the aggregate amount of Servicing Advances reimbursed during the related Due Period, the general source of funds for such reimbursements and with respect to the Group One aggregate amount of Servicing Advances outstanding as of the close of business on the Distribution Date;
(xxvi) the aggregate number and outstanding principal balance of Mortgage Loans repurchased during the related Due Period due to material breaches of representations and Group Two warranties regarding such Mortgage Loans;
(xiiixxvii) 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;
(xxviii) Prepayment Charges collected, waived, and paid by the Servicer;
(xxix) the aggregate Stated Principal Balance of all the Mortgage Loans that became Liquidated Mortgage Loans as of the preceding Distribution Date, in the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage Loans;
(xiv) whether a Stepdown Trigger Event has occurred and is in effect;
(xv) with respect to each Class of Certificates, any Interest Carry Forward Amount with respect to such Distribution Date for each such Class, any Interest Carry Forward Amount paid for each such Class and any remaining Interest Carry Forward Amount for each such Class;
(xvi) the number and Stated Principal Balance (as of the preceding Distribution Date) of any Mortgage Loans which were purchased or repurchased during the preceding Due Period prior month and since the Cut-off Date;
Date (xvii) in each case immediately prior to the number of Mortgage Loans for which Prepayment Charges were received during the related Prepayment Period and, for each such Mortgage Loan, the amount of Prepayment Charges received during the related Prepayment Period and in the aggregate of such amounts for all such Mortgage Loans since the Cut-off Date;
(xviii) the amount and purpose of any withdrawal from the Collection Account pursuant Stated Principal Balance being reduced to Section 3.08(a)(viiizero);
(xixxxx) the amount of any payments Net Rate Carryover from the Carryover Reserve Fund;
(xxxi) the aggregate amount of Deferred Interest on the Mortgage Loans for the related Due Date and the cumulative amount of Deferred Interest on the Mortgage Loans through that Distribution Date;
(xxxii) the aggregate amount of Net Deferred Interest on the Mortgage Loans for that Distribution Date and the amount allocated to each Class of Certificates on that are treated as payments received in respect of a REMIC "regular interest" or REMIC "residual interest" Distribution Date and the cumulative amount of any payments Net Deferred Interest on the Mortgage Loans allocated to each Class of Certificates through that are not treated as payments received in respect of a REMIC "regular interest" or REMIC "residual interest";
(xx) as of each Distribution Date, the amount, if any, to be deposited in the Cap Contract Account pursuant to the related Cap Contract as described in Section 4.04(k) and the amount thereof to be paid to the Class A, Class M, Class B-1A, Class B-2A, Class B-3A, Class B-4A and Class C Certificates described in Section 4.04(k) hereof;
(xxi) any Floating Rate Certificate Carryover paid and all Floating Rate Certificate Carryover remaining on each class of the Class A, Class M, Class B-1, Class B-2, Class B-3 and Class B-4 Certificates on such Distribution Date;
(xxiixxxiii) the number of Mortgage Loans with respect to which (i) a reduction in the Mortgage Rate has occurred or (ii) the related borrower's obligation to repay interest on a monthly basis has been suspended or reduced pursuant to the Servicemembers Civil Relief Act or the California Military and Veterans Code, as amended; and the amount of interest not required to be paid with respect to any such Mortgage Loans during the related Due Period as a result of such reductions in the aggregate and with respect to the Group One Mortgage Loans and the Group Two Mortgage Loans.
(xxiii) the aggregate Outstanding Stated Principal Balance of each Class of Certificates for any Mortgage Loan that has been repurchased by the following Distribution Date;
(xxiv) the number and aggregate principal amounts of Mortgage Loans (A) delinquent (1) one Monthly PaymentServicer in accordance with Section 2.02, (2) two Monthly Payments and (3) three 2.03 or more Monthly Payments and (B) in foreclosure, in each case, as of the end of the related Principal Prepayment Period;
(xxv) the number and the principal balance of Mortgage Loans with respect to any real estate acquired through foreclosure or grant of a deed in lieu of foreclosure;
(xxvi) the aggregate amount of all Advances recovered during the related Due Period;
(xxvii) the aggregate amount of Realized Losses during the related Due Period and the aggregate amount of Realized Losses since the Cut-off Date;
(xxviii) the allocation to each Class of Certificate of any Realized Losses during the related Due Period;
(xxix) with respect to each Class of Certificates, the amount of any Compensating Interest Shortfalls on such Distribution Date;
(xxx) Number and amount of pool assets at the beginning and ending of each period, and updated pool composition information, such as weighted average coupon, weighted average life, weighted average remaining term, pool factors and prepayment amounts;
(xxxi) In addition, describe any material changes to methodology regarding calculations of delinquencies and charge-offs;
(xxxii) Information on the amount, terms and general purpose of any advances made or reimbursed during the period, including the general use of funds advanced and the general source of funds for reimbursements;
(xxxiii) Any material modifications, extensions or waivers to pool asset terms, fees, penalties or payments during the distribution period or that have cumulatively become material over time;3.12; and
(xxxiv) Material breaches the Stated Principal Balance of pool asset representations or warranties or transaction covenants;
(xxxv) Information on ratio, coverage or other tests used for determining any early amortization, liquidation or other performance trigger and whether the trigger was met; and
(xxxvi) Information regarding any new issuance of asset-backed securities backed Substitute Mortgage Loan provided by the same asset pool, Seller and the Stated Principal Balance of any pool asset changes (other than in connection with Mortgage Loan that has been replaced by a pool asset converting into cash Substitute Mortgage Loan in accordance with its terms)Section 2.03. The Trustee's responsibility for disbursing the above information to the Certificateholders is limited to the availability, such as additions or removals timeliness and accuracy of the information derived from the Servicer. By each Determination Date the Servicer shall provide to the Trustee in connection with a prefunding or revolving period electronic form the information needed to determine the distributions to be made pursuant to Section 4.02 and pool asset substitutions any other information on which the Servicer and repurchases (and purchase rates, if applicable), and cash flows available for future purchases, such as the balances of any prefunding or revolving accounts, if applicable. Disclose any material changes in the solicitation, credit-granting, underwriting, origination, acquisition or pool selection criteria or procedures, as applicable, used to originate, acquire or select the new pool assetsTrustee mutually agree.
(b) The Securities Administrator will make On or before the Monthly Statement fifth Business Day following the end of each Prepayment Period (andbut in no event later than the third Business Day prior to the related Distribution Date), the Servicer shall deliver to the Trustee (which delivery may be by electronic data transmission) a report in substantially the form set forth as Schedule IV.
(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 its optionany time during the calendar year was a Certificateholder, any additional files a statement containing the same information set forth in an alternative formatclauses (a)(v) available each month to Certificateholders, other parties to and (a)(vi) of this Agreement and any other interested parties via Section 4.05 aggregated for such calendar year or the Securities Administrator's Internet websiteapplicable portion thereof during which such Person was a Certificateholder. The Securities Administrator's Internet website Such obligation of the Trustee shall initially be located at "www.__________." 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 website are entitled deemed 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 way the monthly statements to Certificateholders are distributed in order to make such distribution more convenient and/or more accessible been satisfied to the above parties and the Securities Administrator extent that substantially comparable information shall provide timely and adequate notification to all above parties regarding any such changes. The Securities Administrator shall 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 the Trustee pursuant to any requirements of preparing the monthly statement and may affix thereto any disclaimer it deems appropriate Code as from time to time in its reasonable discretion (without suggesting liability on the part of any other party hereto). As a condition to access the Securities Administrator's internet website, the Securities Administrator may require registration and the acceptance of a disclaimer. The Securities Administrator will not be liable for the dissemination of information in accordance with this Agreementeffect.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (IndyMac INDX Mortgage Loan Trust 2006-Ar12)
Monthly Statements to Certificateholders. (a) Not later than each Distribution Date based solely on information provided by the Servicer (which information is not required to include any prediction of future performance as to which such report relates)Date, the Securities Administrator Trustee shall prepare and make available on its website located at xxx.xxxxxxx.xxx to the Yield Maintenance Provider, each Holder of a Class of Certificates of the Trust FundCertificates, the ServicerRating Agencies, the Master Servicer, the Trustee, the NIMs Insurer, the Rating Agencies Servicer and the Depositor a statement setting forth for the Certificates:
(i) the amount of the related distribution on such Distribution Date to Holders of each Class of Certificates (other than the Class B-IO Certificates and the Residual Certificates) allocable to principal, separately identifying (A) the aggregate amount of any Principal Prepayments included therein, (B) the aggregate of all scheduled payments (except with respect to any Simple Interest Loans) of principal included therein (and with respect to any Simple Interest Loans, the amount of principal actually received included therein), (C) the Extra Principal Distribution Amountprincipal portion of all Liquidation Proceeds and Insurance Proceeds included therein and the purchase price in connection with the purchase of Mortgage Loans and cash deposits in connection with substitutions of Mortgage Loans, if any, and (D) the aggregate amount of Prepayment Charges, any Subsequent Recoveries included therein and (E) the Extra Principal Distribution Amount (if any) included therein;
(ii) the amount of such distribution on such Distribution Date to Holders of each Class of Certificates allocable to interest, together with any Non-Supported Interest Shortfalls allocated and, if applicable, the portion thereof allocable to each Classamounts provided pursuant to the Yield Maintenance Agreement;
(iii) any Interest Carry Forward Amounts and any Basis Risk Carry Forward Amounts with respect to such Distribution Date for each Class of Certificates (other than the Residual Certificates), if any;
(iv) the aggregate Certificate Principal Balance of each the Class immediately prior to A Certificates and the Subordinated Certificates before and after giving effect (i) to all distributions allocable to principal on the Certificates on such Distribution Date and Date, (ii) if applicable, the allocation of any Applied Allocated Realized Loss Amounts to the Subordinated Certificates for such Distribution Date;
, and, (iviii) if applicable, the Pool Stated allocation of Subsequent Recoveries to increase the Certificate Principal Balance of the Subordinated Certificates for such Distribution Date;
(v) the cumulative amount of Allocated Realized Loss Amounts allocated to the Servicing Fee paid Subordinated Certificates from the Closing Date to or retained by and including such Distribution Date, and the Servicer, Unpaid Allocated Realized Loss Amounts for each Class of Subordinated Certificates on such Distribution Date after giving effect to the amount distribution of principal on such Certificates (including as a result of Subsequent Recoveries on the Securities Administrator Fee paid Mortgage Loans) on such Distribution Date and the allocation of Allocated Realized Loss Amounts to or retained by the Securities Administrator and any amounts constituting reimbursement or indemnification of the Servicer, Master Servicer, Securities Administrator or Trusteesuch Certificates on such Distribution Date;
(vi) the Pass-Through Rate for each Class of Certificates for such Distribution Date, and whether such Pass-Through Rate was limited by an Interest Rate Cap;
(vii) the amount of any Net Monthly Excess Cashflow Amount and any Excess Yield Maintenance Amount with respect to such Distribution Date;
(viii) the aggregate of the Stated Principal Balances of all of the Mortgage Loans for the related Due Date (after reduction for Realized Losses incurred during the related Due Period and prepayments during the related Prepayment Period);
(ix) the amount of the Master Servicing Fees and Trustee Fees paid to or (as applicable) retained by the Master Servicer and the Trustee, respectively, with respect to such Distribution Date;
(x) the amount of Advances and Compensating Interest Payments included in the distribution on such Distribution Date;
(viii) the cumulative amount of (A) Realized Losses and (B) Applied Realized Loss Amounts to date, in the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage Loans;
(ix) the amount of (A) Realized Losses and (B) Applied Realized Loss Amounts with respect to such Distribution Date, in the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage Loans;
(xxi) the number and aggregate principal amounts Stated Principal Balance of Mortgage Loans (A) Delinquent (exclusive of Mortgage Loans in foreclosureforeclosure and bankruptcy) (1) 31 to 60 days, (2) 61 to 90 days and (3) 91 or more days, and (B) in foreclosure and Delinquent delinquent (1) 31 to 60 days, (2) 61 to 90 days and (3) 91 or more days and (C) in bankruptcy and delinquent (1) 31 to 60 days, (2) 61 to 90 days and (3) 91 or more days, in each case as of for the close of business on related Due Date (after reduction for Realized Losses incurred during the last day of related Due Period and prepayments during the calendar month preceding such Distribution Date, in the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage Loansrelated Prepayment Period);
(xixii) with respect to any Mortgage Loan that became an REO Property was liquidated during the preceding calendar month, the loan number and Stated Principal Balance of of, and Realized Loss on, such Mortgage Loan as of the close of business on the last day end of the calendar month preceding such Distribution Date and the date of acquisition thereof, in the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage Loansrelated Due Period;
(xiixiii) whether a Trigger Event exists on such Distribution Date;
(xiv) the number and principal balance of Mortgage Loans purchased or substituted for during the immediately preceding Prepayment Period or Due Period, as applicable, and cumulatively since the Cut-off Date;
(xv) the total number and principal balance of any REO Properties as of the close of business on the last day end of the calendar month preceding such Distribution Date, in related Due Period;
(xvi) the aggregate and amount of Realized Losses with respect to the Group One Mortgage Loans (i) during the related Prepayment Period and Group Two Mortgage Loans;
cumulatively from the Cut-off Date through the end of the preceding month and (xiiiii) since the Closing Date as a percentage of the aggregate Stated Principal Balance of all Liquidated Loans as of the preceding Distribution Date, in the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage Loans;
(xiv) whether a Stepdown Trigger Event has occurred and is in effect;
(xv) with respect to each Class of Certificates, any Interest Carry Forward Amount with respect to such Distribution Date for each such Class, any Interest Carry Forward Amount paid for each such Class and any remaining Interest Carry Forward Amount for each such Class;
(xvi) the number and Stated Principal Balance (as of the preceding Distribution Date) of any Mortgage Loans which were purchased or repurchased during the preceding Due Period and since on the Cut-off Date;
(xvii) the number of Mortgage Loans for which Prepayment Charges were received during the related Prepayment Period and, for each such Mortgage Loan, the amount of Prepayment Charges received during the related Prepayment Period and in the aggregate of such amounts for all such Mortgage Loans since the Cut-off Date;
three month rolling average (xviii) the amount and purpose of any withdrawal from the Collection Account pursuant to Section 3.08(a)(viii);
(xix) the amount of any payments to each Class of Certificates that are treated as payments received in respect of a REMIC "regular interest" or REMIC "residual interest" and the amount of any payments to each Class of Certificates that are not treated as payments received in respect of a REMIC "regular interest" or REMIC "residual interest";
(xx) as of each Distribution Date, the amount, if any, to be deposited in the Cap Contract Account pursuant relative to the related Cap Contract as described in Section 4.04(kDistribution Date) and the amount thereof to be paid to the Class A, Class M, Class B-1A, Class B-2A, Class B-3A, Class B-4A and Class C Certificates described in Section 4.04(k) hereof;
(xxi) any Floating Rate Certificate Carryover paid and all Floating Rate Certificate Carryover remaining on each class of the Class Apercent equivalent of a fraction, Class M, Class B-1, Class B-2, Class B-3 and Class B-4 Certificates on such Distribution Date;
(xxii) the number numerator of Mortgage Loans with respect to which (i) a reduction in the Mortgage Rate has occurred or (ii) the related borrower's obligation to repay interest on a monthly basis has been suspended or reduced pursuant to the Servicemembers Civil Relief Act or the California Military and Veterans Code, as amended; and the amount of interest not required to be paid with respect to any such Mortgage Loans during the related Due Period as a result of such reductions in is the aggregate and with respect to the Group One Mortgage Loans and the Group Two Mortgage Loans.
(xxiii) the aggregate Outstanding Stated Principal Balance of each Class of Certificates for the following Distribution Date;
(xxiv) the number and aggregate principal amounts of Mortgage Loans (A) delinquent (1) one Monthly Payment, (2) two Monthly Payments and (3) three that are 61 days or more Monthly Payments delinquent or are in bankruptcy or foreclosure or are REO Properties, and (B) in foreclosure, in each case, the denominator of which is the aggregate Stated Principal Balance of all of the Mortgage Loans as of the end last day of the related Principal Prepayment Period;
(xxv) the number and the principal balance of Mortgage Loans with respect to any real estate acquired through foreclosure or grant of a deed in lieu of foreclosure;
(xxvi) the aggregate amount of all Advances recovered during the related Due Period;
(xxvii) the aggregate amount of Realized Losses during the related Due Period and the aggregate amount of Realized Losses since the Cut-off Date;
(xxviii) the allocation to each Class of Certificate of any Realized Losses during the related Due Period;
(xxix) with respect to each Class of Certificates, the amount of any Compensating Interest Shortfalls on such Distribution Date;
(xxx) Number and amount of pool assets at the beginning and ending of each period, and updated pool composition information, such as weighted average coupon, weighted average life, weighted average remaining term, pool factors and prepayment amounts;
(xxxi) In addition, describe any material changes to methodology regarding calculations of delinquencies and charge-offs;
(xxxii) Information on the amount, terms and general purpose of any advances made or reimbursed during the period, including the general use of funds advanced and the general source of funds for reimbursements;
(xxxiii) Any material modifications, extensions or waivers to pool asset terms, fees, penalties or payments during the distribution period or that have cumulatively become material over time;
(xxxiv) Material breaches of pool asset representations or warranties or transaction covenants;
(xxxv) Information on ratio, coverage or other tests used for determining any early amortization, liquidation or other performance trigger and whether the trigger was met; and
(xxxvi) Information regarding any new issuance of asset-backed securities backed by the same asset pool, any pool asset changes (other than in connection with a pool asset converting into cash in accordance with its terms), such as additions or removals in connection with a prefunding or revolving period and pool asset substitutions and repurchases (and purchase rates, if applicable), and cash flows available for future purchases, such as the balances of any prefunding or revolving accounts, if applicable. Disclose any material changes in the solicitation, credit-granting, underwriting, origination, acquisition or pool selection criteria or procedures, as applicable, used to originate, acquire or select the new pool assets.
(b) The Securities Administrator will make the Monthly Statement (and, at its option, any additional files containing the same information in an alternative format) available each month to Certificateholders, other parties to this Agreement and any other interested parties via the Securities Administrator's Internet website. The Securities Administrator's Internet website shall initially be located at "www.__________." 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 website 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 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 Securities Administrator shall provide timely and adequate notification to all above parties regarding any such changes. The Securities Administrator shall 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 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 Securities Administrator's internet website, the Securities Administrator may require registration and the acceptance of a disclaimer. The Securities Administrator will not be liable for the dissemination of information in accordance with this Agreement.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Bear Stearns Asset Backed Securities Trust 2005-3)
Monthly Statements to Certificateholders. (a) Not later than each Distribution Date based solely on information provided by the Servicer (which information is not required to include any prediction of future performance as to which such report relates)Servicer, the Securities Administrator Trustee shall prepare and make available on its website located at xxx.xxxxxxx.xxx www.ctslink.com to each Holder of a Class of Certificates of the Trust FundTrusx Xxxx, the Servicer, the Master Servicer, the Trustee, the NIMs Insurerxxx Xxxvicer, the Rating Agencies and the Depositor a statement setting forth for the Certificates:
(i) the amount of the related distribution to Holders of each Class allocable to principal, separately identifying (A) the aggregate amount of any Principal Prepayments included therein, (B) the aggregate of all scheduled payments of principal included therein, (C) the Extra Principal Distribution Amount, if any, and (D) the aggregate amount of Prepayment Charges, if any;
(ii) the amount of such distribution to Holders of each Class allocable to interest, together with any Non-Supported Interest Shortfalls allocated to each Class;
(iii) any Interest Carryforward Amount for each Class of the Offered Certificates;
(iv) the Class Certificate Principal Balance of each Class immediately prior to and after giving effect (i) to all distributions allocable to principal on such Distribution Date and (ii) the allocation of any Applied Realized Loss Amounts for such Distribution Date;
(ivv) the Pool Stated Principal Balance for such Distribution Date;
(vvi) the amount of the Servicing Fee paid to or retained by the Servicer, the amount of the Securities Administrator Fee paid to or retained by the Securities Administrator and any amounts constituting reimbursement or indemnification of the Servicer, Master Servicer, Securities Administrator or Trustee;
(vivii) the Pass-Through Rate for each Class of Certificates for such Distribution Date;
(viiviii) the amount of Advances included in the distribution on such Distribution Date;
(viiiix) the cumulative amount of (A) Realized Losses and (B) Applied Realized Loss Amounts to date, in the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage Loans;
(ixx) the amount of (A) Realized Losses and (B) Applied Realized Loss Amounts with respect to such Distribution Date, in the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage Loans;
(xxi) the number and aggregate principal amounts of Mortgage Loans (A) Delinquent (exclusive of Mortgage Loans in foreclosure) (1) 31 to 60 days, (2) 61 to 90 days and days, (3) 91 to 120 days, (4) 121 to 150 days, (5) 151 to 180 days and (6) 181 or more days, and (B) in foreclosure and Delinquent (1) 31 to 60 days, (2) 61 to 90 days and days, (3) 91 to 120 days, (4) 121 to 150 days, (5) 151 to 180 days and (6) 181 or more days, in each case as of the close of business on the last day of the calendar month preceding such Distribution Date, in the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage Loans;
(xi) with respect to any Mortgage Loan that became an REO Property during the preceding calendar month, the loan number and Stated Principal Balance of such Mortgage Loan as of the close of business on the last day of the calendar month preceding such Distribution Date and the date of acquisition thereof, in the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage Loans;
(xii) the total number and principal balance of any REO Properties as of the close of business on the last day of the calendar month preceding such Distribution Date, in the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage Loans;
(xiii) the aggregate Stated Principal Balance of all Liquidated Loans as of the preceding Distribution Date, in the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage Loans;
(xiv) whether a Stepdown Trigger Event or Class A-1 Trigger Event has occurred and is in effect;
(xv) with respect to each Class of Certificates, any Interest Carry Forward Amount with respect to such Distribution Date for each such Class, any Interest Carry Forward Amount paid for each such Class and any remaining Interest Carry Forward Amount for each such Class;
(xvi) with respect to each Class of Certificates, any Floating Rate Certificate Carryover with respect to such Distribution Date for each such Class, any Floating Rate Certificate Carryover paid for each such Class and any remaining Floating Rate Certificate Carryover for each such Class;
(xvii) the number and Stated Principal Balance (as of the preceding Distribution Date) of any Mortgage Loans which were purchased or repurchased during the preceding Due Period and since the Cut-off Date;
(xviixviii) the number of Mortgage Loans for which Prepayment Charges were received during the related Prepayment Period and, for each such Mortgage Loan, the amount of Prepayment Charges received during the related Prepayment Period and in the aggregate of such amounts for all such Mortgage Loans since the Cut-off Date;
(xviiixix) as of each Distribution Date, the amount, if any, to be deposited in the Certificate Account pursuant to the Cap Contract as described in Section 4.04(k) and the amount thereof to be paid to the Class A, Class M and Class B Certificates described in Section 4.04(k) hereof;
(xx) the amount and purpose of any withdrawal from the Collection Account pursuant to Section 3.08(a)(viii3.08(a)(v);
(xixxxi) the amount of any payments to each Class of Certificates that are treated as payments received in respect of a REMIC "regular interest" Regular Interest or REMIC "residual interest" and the amount of any payments to each Class of Certificates that are not treated as payments received in respect of a REMIC "regular interest" Regular Interest or REMIC "residual interest";
(xxxxii) as of each Distribution Date, the amount, if any, to be deposited in the Cap Contract Account pursuant to the related Cap Contract as described in Section 4.04(k) and the amount thereof to be of the MI Insurer Fee paid to the Class A, Class M, Class B-1A, Class B-2A, Class B-3A, Class B-4A and Class C Certificates described in Section 4.04(k) hereofMI Insurer;
(xxi) any Floating Rate Certificate Carryover paid and all Floating Rate Certificate Carryover remaining on each class of the Class A, Class M, Class B-1, Class B-2, Class B-3 and Class B-4 Certificates on such Distribution Date;
(xxii) the number of Mortgage Loans with respect to which (i) a reduction in the Mortgage Rate has occurred or (ii) the related borrower's obligation to repay interest on a monthly basis has been suspended or reduced pursuant to the Servicemembers Civil Relief Act or the California Military and Veterans Code, as amended; and the amount of interest not required to be paid with respect to any such Mortgage Loans during the related Due Period as a result of such reductions in the aggregate and with respect to the Group One Mortgage Loans and the Group Two Mortgage Loans.
(xxiii) the number and aggregate Outstanding Stated Principal Balance of each Class of Certificates for the following Distribution Date;
(xxiv) the number and aggregate principal amounts of Mortgage Loans (A) delinquent (1) one Monthly Payment, (2) two Monthly Payments and (3) three or more Monthly Payments and (B) in foreclosure, in each case, covered by the MI Policy as of the end of the related Principal Prepayment Due Period;; and
(xxvA) the number and amount of any claims paid by the principal balance of Mortgage Loans MI Insurer pursuant to the MI Policy with respect to any real estate acquired through foreclosure or grant of a deed in lieu of foreclosure;
principal, (xxviB) the aggregate amount of all Advances recovered during any claims paid by the related Due Period;
(xxvii) MI Insurer pursuant to the aggregate amount of Realized Losses during the related Due Period and the aggregate amount of Realized Losses since the Cut-off Date;
(xxviii) the allocation to each Class of Certificate of any Realized Losses during the related Due Period;
(xxix) MI Policy with respect to each Class of Certificatesinterest, and (C) solely to the extent provided by the Servicer, the amount of any Compensating Interest Shortfalls on claims made under the MI Policy and the amount of any claims rejected under the MI Policy, each as of such Distribution Date;
(xxx) Number and amount of pool assets at the beginning and ending of each period, and updated pool composition information, such as weighted average coupon, weighted average life, weighted average remaining term, pool factors and prepayment amounts;
(xxxi) In addition, describe any material changes to methodology regarding calculations of delinquencies and charge-offs;
(xxxii) Information on the amount, terms and general purpose of any advances made or reimbursed during the period, including the general use of funds advanced and the general source of funds for reimbursements;
(xxxiii) Any material modifications, extensions or waivers to pool asset terms, fees, penalties or payments during the distribution period or that have cumulatively become material over time;
(xxxiv) Material breaches of pool asset representations or warranties or transaction covenants;
(xxxv) Information on ratio, coverage or other tests used for determining any early amortization, liquidation or other performance trigger and whether the trigger was met; and
(xxxvi) Information regarding any new issuance of asset-backed securities backed by the same asset pool, any pool asset changes (other than in connection with a pool asset converting into cash in accordance with its terms), such as additions or removals in connection with a prefunding or revolving period and pool asset substitutions and repurchases (and purchase rates, if applicable), and cash flows available for future purchases, such as the balances of any prefunding or revolving accounts, if applicable. Disclose any material changes in the solicitation, credit-granting, underwriting, origination, acquisition or pool selection criteria or procedures, as applicable, used to originate, acquire or select the new pool assets.
(b) The Securities Administrator Trustee will make the Monthly Statement (and, at its option, any additional files containing the same information in an alternative format) available each month to Certificateholders, other parties to this Agreement and any other interested parties via the Securities AdministratorTrustee's Internet website. The Securities AdministratorTrustee's Internet website shall initially be located at "www.__________." www.ctslink.com". Assistance in using the website can be obtained by calling the Securities Administratorxxxxxxx xxx Xxxstee's customer service desk at ______________(301) 815-6600. Parties that are unable to use the website are entitled to have a paper entitlxx xx xxxx x xaper copy mailed to them via first class mail by calling the customer service desk and indicating such. The Securities Administrator Trustee shall have the right to 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 Securities Administrator Trustee shall provide timely and adequate notification to all above parties regarding any such changes. The Securities Administrator Trustee shall 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 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 Securities AdministratorTrustee's internet website, the Securities Administrator Trustee may require registration and the acceptance of a disclaimer. The Securities Administrator Trustee will not be liable for the dissemination of information in accordance with this Agreement.
(c) Reserved;
(d) If so requested in writing within a reasonable period of time after the end of each calendar year, the Trustee shall make available on its website or cause to be furnished to each Person who at any time during the calendar year was a Certificateholder of record, a statement containing the information set forth in clauses (a)(i) and (a)(ii) of this Section 4.05 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 are from time to time in effect.
(e) Upon filing with the Internal Revenue Service, the Trustee shall furnish to the Holders of the Class R Certificate the Form 1066 and each Form 1066Q and shall respond promptly to written requests made not more frequently than quarterly by any Holder of Class R Certificate with respect to the following matters: The original projected principal and interest cash flows on the Closing Date on each Class of regular and residual interests created hereunder and on the Mortgage Loans, based on the Prepayment Assumption;
(i) The projected remaining principal and interest cash flows as of the end of any calendar quarter with respect to each Class of regular and residual interests created hereunder and the Mortgage Loans, based on the Prepayment Assumption;
(ii) The Prepayment Assumption and any interest rate assumptions used in determining the projected principal and interest cash flows described above;
(iii) The original issue discount (or, in the case of the Mortgage Loans, market discount) or premium accrued or amortized through the end of such calendar quarter with respect to each Class of regular or residual interests created hereunder and to the Mortgage Loans, together with each constant yield to maturity used in computing the same;
(iv) The treatment of losses realized with respect to the Mortgage Loans or the regular interests created hereunder, including the timing and amount of any cancellation of indebtedness income of the REMICs with respect to such regular interests or bad debt deductions claimed with respect to the Mortgage Loans;
(v) The amount and timing of any non-interest expenses of the REMICs; and
(vi) Any taxes (including penalties and interest) imposed on the REMICs, including, without limitation, taxes on "prohibited transactions," "contributions" or "net income from foreclosure property" or state or local income or franchise taxes. The information pursuant to clauses (i), (ii), (iii) and (iv) above shall be provided by the Depositor pursuant to Section 8.12.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Merrill Lynch Mortgage Investors Trust, Series 2005-Fm1)
Monthly Statements to Certificateholders. (a) Not later than each Distribution Date based solely in part on information provided by the Servicer (which information is not required to include any prediction of future performance as to which such report relates)Servicer, the Securities Administrator Trustee shall prepare and make available on its website located at xxx.xxxxxxx.xxx http://www.usbank.com/abs to each Holder of a Class of Certificates of the Trust Fundxx xxx Xxxxxxx Xxxxxx, the Servicer, the Master Servicer, the Trustee, the NIMs Insurer, the Rating Agencies and the Depositor a statement setting forth for the CertificatesCertificates the following information; provided, however, that, with respect to any calendar year during which an annual report on Form 10-K is not required to be filed with the Commission on behalf of the Issuing Entity, the information set forth in items (xxvi) through (xxxiii) below are not required to be included in such statement during such calendar year:
(i) the amount of the related distribution to Holders of each Class of Certificates allocable to principal, separately identifying (A) the aggregate amount of any Principal Prepayments included therein, (B) the aggregate amount of all scheduled payments of principal included therein, therein and (C) the any Extra Principal Distribution Amount, if any, and (D) in the aggregate amount of Prepayment Charges, if anyand with respect to the Group One Mortgage Loans and Group Two Mortgage Loans;
(ii) the amount of such distribution to Holders of each Class of Certificates allocable to interest, together with any Non-Supported Interest Shortfalls allocated to each Class;
(iii) with respect to each Class of Certificates, any Interest Carry Forward Amount with respect to such Distribution Date for each such Class, any Interest Carry Forward Amount paid for each such Class and any remaining Interest Carry Forward Amount for each such Class;
(iv) the Certificate Principal Balance of each Class immediately prior to and of Certificates after giving effect (i) to all distributions allocable to principal on such Distribution Date and (ii) the allocation of any Applied Realized Loss Amounts for such Distribution Date;
(ivv) the Pool Stated Principal Balance for such Distribution Date;
(vvi) the amount of the Servicing Fee paid to or retained by the Servicer, Servicer and the amount of investment income earned on funds on deposit in the Securities Administrator Fee paid to or retained by Certificate Account for the Securities Administrator and any amounts constituting reimbursement or indemnification of the Servicer, Master Servicer, Securities Administrator or Trusteerelated Due Period;
(vivii) the Pass-Through Rate for each Class of Certificates for such Distribution Date;
(viiviii) the amount of Advances included in the distribution on such Distribution Date;
(viiiix) the cumulative amount of (A) Realized Losses and (B) Applied Realized Loss Amounts to date, in the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage Loansaggregate;
(ixx) the amount of (A) Realized Losses and (B) Applied Realized Loss Amounts with respect to such Distribution Date, in the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage Loansaggregate;
(xxi) the number and aggregate principal amounts of Mortgage Loans (A) Delinquent (exclusive of Mortgage Loans in foreclosure) (1) 31 to 60 days, (2) 61 to 90 days and (3) 91 or more days, and (B) in foreclosure and Delinquent (1) 31 to 60 days, (2) 61 to 90 days and (3) 91 or more days, in each case as of the close of business on the last day of the calendar month preceding such Distribution Date, in the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage Loans;
(xixii) with respect to any Mortgage Loan that became an REO Property during the preceding calendar month, the loan number and Stated Principal Balance of such Mortgage Loan as of the close of business on the last day of the calendar month preceding such Distribution Determination Date and the date of acquisition thereof, in the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage Loansaggregate;
(xiixiii) whether a Stepdown Trigger Event has occurred and is in effect;
(xiv) the total number and principal balance of any REO Properties as of the close of business on the last day of the calendar month preceding such Distribution related Determination Date, in the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage Loansaggregate;
(xiiixv) the aggregate Stated Principal Balance of all Liquidated Loans as of the preceding Distribution Date, in the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage Loans;
(xiv) whether a Stepdown Trigger Event has occurred and is in effect;
(xv) with respect to each Class of Certificates, any Interest Carry Forward Amount with respect to such Distribution Date for each such Class, any Interest Carry Forward Amount paid for each such Class and any remaining Interest Carry Forward Amount for each such Class;aggregate
(xvi) any Floating Rate Certificate Carryover paid and all Floating Rate Certificate Carryover remaining on each Class of the number Offered Certificates on such Distribution Date and Stated Principal Balance (as of the preceding Distribution Date) of any Mortgage Loans which were purchased or repurchased during the preceding Due Period and since the Cut-off Date;
(xvii) the number and amount of Mortgage Loans for which Prepayment Charges were prepayment charges and the amount of late payment fees received during the related Prepayment Period and, for each such Mortgage Loan, the amount of Prepayment Charges received during the related Prepayment Period and in the aggregate of such amounts for all such Mortgage Loans since the Cut-off Dateaggregate;
(xviii) as of each Distribution Date, the amount, if any, received pursuant to each Cap Contract and the amount and purpose thereof, if any, to be paid to each Class of any withdrawal from the Collection Account pursuant to Section 3.08(a)(viii)Certificates;
(xix) the amount of any payments to each Class of Certificates that are treated as payments received in respect of a REMIC "regular interest" or REMIC "residual interest" and the amount of any payments to each Class of Certificates that are not treated as payments received in respect of a REMIC "regular interest" or REMIC "residual interest";
(xx) as of each Distribution Date, the amount, if any, to be deposited in the Cap Contract Swap Account within the Supplemental Interest Trust pursuant to the related Cap Contract Swap Agreement as described in Section 4.04(k4.04(l) and the amount thereof to be paid to the Class A, Class M, Class B-1A, Class B-2A, Class B-3A, Class B-4A and Class C Certificates described in Section 4.04(k) hereofCertificates;
(xxi) any Floating Rate Certificate Carryover paid and all Floating Rate Certificate Carryover remaining on each class of the Class A, Class M, Class B-1, Class B-2, Class B-3 and Class B-4 Certificates on such Distribution Date;
(xxiixx) the number of Mortgage Loans with respect to which (i) a reduction in the Mortgage Rate has occurred or (ii) the related borrower's obligation to repay interest on a monthly basis has been suspended or reduced pursuant to the Servicemembers Civil Relief Act or the California Military and Veterans Code, as amended; and (iii) the amount of interest not required to be paid with respect to any such Mortgage Loans during the related Due Period as a result of such reductions in the aggregate and with respect to the Group One Mortgage Loans and the Group Two Mortgage Loans.;
(xxi) the number of Mortgage Loans for which prepayment charges were received during the related Prepayment Period and, for each such Mortgage Loan, the amount of prepayment charges received during the related Prepayment Period and in the aggregate of such amounts for all such Mortgage Loans since the Cut-off Date;
(xxii) the amount and purpose of any withdrawal from the Collection Account pursuant to Section 3.08(a)(iv);
(xxiii) the aggregate Outstanding Principal Balance amount of any payments to each Class of Certificates for that are treated as payments received in respect of a REMIC Regular Interest or REMIC "residual interest" and the following Distribution Date;amount of any payments to each Class of Certificates that are not treated as payments received in respect of a REMIC Regular Interest or REMIC "residual interest".
(xxiv) the number and aggregate principal amounts of Mortgage Loans (A) delinquent (1) one Monthly Payment, (2) two Monthly Payments and (3) three or more Monthly Payments and (B) in foreclosure, in each case, as of the end of the related Principal Prepayment Period;
(xxv) the number and the principal balance of Mortgage Loans with respect to any real estate acquired through foreclosure or grant of a deed in lieu of foreclosure;
(xxvi) the aggregate amount of all Advances recovered during the related Due Period;
(xxvii) the aggregate amount of Realized Losses during the related Due Period and the aggregate amount of Realized Losses since the Cut-off Date;
(xxviiixxv) the allocation to each Class of Certificate of any Realized Losses during the related Due Period;
(xxixxxvi) with respect to each Class of Certificates, the amount of any Compensating Non-Supported Interest Shortfalls on such Distribution Date;
(xxxxxvii) Number the number and amount outstanding principal balance of pool assets at the beginning and ending of each period, and updated pool composition information, such as weighted average coupon, weighted average life, weighted average remaining term, pool factors and prepayment amounts;
(xxxixxviii) In addition, describe any material changes to methodology regarding calculations of delinquencies and charge-offs;
(xxxiixxix) Information on the amount, terms and general purpose amount of any advances Servicing Advances made or reimbursed during the period, including the general use of funds advanced related Due Period and the general source amount of funds for reimbursementsServicing Advances recovered during the related Due Period out of (a) principal and interest collections and (b) other amounts collected from the related Mortgagors;
(xxxiiixxx) Any any material modifications, extensions or waivers to pool asset terms, fees, penalties or payments during the distribution period or that have cumulatively become material over time, of which the Trustee has received written notice thereof from the Servicer;
(xxxivxxxi) Material material breaches of pool asset representations or warranties or transaction covenantscovenants to the extent that the Trustee has received written notice thereof;
(xxxvxxxii) Information information on ratio, coverage or other tests used for determining any early amortization, liquidation or other performance trigger and whether the trigger was met; and
(xxxvixxxiii) Information information regarding any new issuance of asset-backed securities backed by the same asset pool, any pool asset changes (other than in connection with a pool asset converting into cash in accordance with its terms), such as additions or removals in connection with a prefunding or revolving period and pool asset substitutions and repurchases (and purchase rates, if applicable), and cash flows available for future purchases. Notwithstanding the foregoing, such as statement shall also include, with respect to each Distribution Date, the balances of any prefunding or revolving accountsrelated Record Date, if applicable. Disclose any material changes in Determination Date, Distribution Date and the solicitation, credit-granting, underwriting, origination, acquisition or pool selection criteria or procedures, as applicable, used to originate, acquire or select the new pool assetsAccrual Period.
(b) The Securities Administrator Trustee will make the Monthly Statement (and, at its option, any additional files containing the same information in an alternative format) available each month to Certificateholders, other parties to this Agreement and any other interested parties via the Securities AdministratorTrustee's Internet website. The Securities AdministratorTrustee's Internet website shall initially be located at "www.__________." 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 website are entitled to have a paper copy mailed to them via first class mail by calling the customer service desk and indicating suchwww.usbank.com/abs. The Securities Administrator Trustee shall have the right to change the way the monthly statements xxx xxx xxxxxxx xxatements to Certificateholders are distributed in order to make such distribution more convenient and/or more accessible to the above parties and the Securities Administrator Trustee shall provide timely and adequate notification to all above parties regarding any such changes. The Securities Administrator foregoing information and reports shall also be prepared and determined by the Trustee based on Mortgage Loan data and other information provided to the Trustee by the Servicer, Swap Counterparty or any other third party required to deliver information hereunder. In preparing or furnishing the foregoing information, the Trustee shall be entitled to rely conclusively on but shall not be responsible for the content or accuracy of any the information or data provided to the Trustee by third parties for purposes of preparing the monthly statement and may affix thereto any disclaimer it deems appropriate in its reasonable discretion (without suggesting liability on the part of Servicer, Swap Counterparty or any other third party hereto)required to deliver information and the Trustee shall be entitled to rely conclusively upon and shall have no liability for any errors in any such information. As a condition to access the Securities AdministratorTrustee's internet website, the Securities Administrator Trustee may require registration and the acceptance of a disclaimer. The Securities Administrator Trustee will not be liable for the dissemination of information in accordance with this Agreement.
(c) Within a reasonable period of time after the end of each calendar year, the Trustee shall cause to be furnished 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 4.05 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 from time to time in effect.
(d) Upon filing with the Internal Revenue Service, the Trustee shall furnish to the Holder of the Class R Certificate each Form 1066 and each Form 1066Q and shall respond promptly to written requests made not more frequently than quarterly by any Holder of a Class R Certificate with respect to the following matters:
(i) The original projected principal and interest cash flows on the Closing Date on each Class of regular and residual interests created hereunder and on the Mortgage Loans, based on the Prepayment Assumption;
(ii) The projected remaining principal and interest cash flows as of the end of any calendar quarter with respect to each Class of regular and residual interests created hereunder and the Mortgage Loans, based on the Prepayment Assumption;
(iii) The Prepayment Assumption and any interest rate assumptions used in determining the projected principal and interest cash flows described above;
(iv) The original issue discount (or, in the case of the Mortgage Loans, market discount) or premium accrued or amortized through the end of such calendar quarter with respect to each Class of regular or residual interests created hereunder and to the Mortgage Loans, together with each constant yield to maturity used in computing the same;
(v) The treatment of losses realized with respect to the Mortgage Loans or the regular interests created hereunder, including the timing and amount of any cancellation of indebtedness income of the REMICs with respect to such regular interests or bad debt deductions claimed with respect to the Mortgage Loans;
(vi) The amount and timing of any non-interest expenses of the REMICs; and
(vii) Any taxes (including penalties and interest) imposed on the REMICs, including, without limitation, taxes on "prohibited transactions," "contributions" or "net income from foreclosure property" or state or local income or franchise taxes. The information pursuant to clauses (i), (ii), (iii) and (iv) above shall be provided by the Depositor pursuant to Section 8.12.
Appears in 1 contract
Monthly Statements to Certificateholders. (a) Not later than each Distribution Date based solely on information provided by the Servicer (which information is not required to include any prediction of future performance as to which such report relates)Servicer, the Securities Administrator Trustee shall prepare and make available on its website located at xxx.xxxxxxx.xxx https://www.tss.db.com/invr to each Holder of a Class of Certificates of the Trust Fundxx xxx Xxxxx Xxxx, the Servicer, the Master Servicer, the Trustee, the NIMs Insurerxxx Xxxxicer, the Rating Agencies and the Depositor a statement setting forth for the Certificates:
(i) the amount of the related distribution to Holders of each Class allocable to principal, separately identifying (A) the aggregate amount of any Principal Prepayments included therein, (B) the aggregate of all scheduled payments of principal included therein, (C) the Extra Principal Distribution Amount, if any, and (D) the aggregate amount of Prepayment Charges, if any;
(ii) the amount of such distribution to Holders of each Class allocable to interest, together with any Non-Supported Interest Shortfalls allocated to each Class;
(iii) any Interest Carryforward Amount for each Class of the Offered Certificates;
(iv) the Class Certificate Principal Balance of each Class immediately prior to and after giving effect (i) to all distributions allocable to principal on such Distribution Date and (ii) the allocation of any Applied Realized Loss Amounts for such Distribution Date;
(ivv) the Pool Stated Principal Balance for such Distribution Date;
(vvi) the amount of the Servicing Fee paid to or retained by the Servicer, the amount of the Securities Administrator Fee paid to or retained by the Securities Administrator and any amounts constituting reimbursement or indemnification of the Servicer, Master Servicer, Securities Administrator or Trustee;
(vivii) the Pass-Through Rate for each Class of Certificates for such Distribution Date;
(viiviii) the amount of Advances included in the distribution on such Distribution Date;
(viiiix) the cumulative amount of (A) Realized Losses and (B) Applied Realized Loss Amounts to date, in the aggregate and with respect to the Group One Mortgage Loans, Group Two Mortgage Loans and Group Two Three Mortgage Loans;
(ixx) the amount of (A) Realized Losses and (B) Applied Realized Loss Amounts with respect to such Distribution Date, in the aggregate and with respect to the Group One Mortgage Loans, Group Two Mortgage Loans and Group Two Three Mortgage Loans;
(xxi) the number and aggregate principal amounts of Mortgage Loans (A) Delinquent (exclusive of Mortgage Loans in foreclosure) (1) 31 to 60 days, (2) 61 to 90 days and days, (3) 91 or more days, and (B) in foreclosure and Delinquent (1) 31 to 60 days, (2) 61 to 90 days and days, (3) 91 or more days, in each case as of the close of business on the last day of the calendar month preceding such Distribution Date, in the aggregate and with respect to the Group One Mortgage Loans, Group Two Mortgage Loans and Group Two Mortgage Loans;
(xi) with respect to any Mortgage Loan that became an REO Property during the preceding calendar month, the loan number and Stated Principal Balance of such Mortgage Loan as of the close of business on the last day of the calendar month preceding such Distribution Date and the date of acquisition thereof, in the aggregate and with respect to the Group One Mortgage Loans and Group Two Three Mortgage Loans;
(xii) the total number and principal balance of any REO Properties as of the close of business on the last day of the calendar month preceding such Distribution Date, in the aggregate and with respect to the Group One Mortgage Loans, Group Two Mortgage Loans and Group Two Three Mortgage Loans;
(xiii) the aggregate Stated Principal Balance of all Liquidated Loans as of the preceding Distribution Date, in the aggregate and with respect to the Group One Mortgage Loans, Group Two Mortgage Loans and Group Two Three Mortgage Loans;
(xiv) whether a Stepdown Trigger Event or Class A Trigger Event has occurred and is in effect;
(xv) with respect to each Class of Certificates, any Interest Carry Forward Amount with respect to such Distribution Date for each such Class, any Interest Carry Forward Amount paid for each such Class and any remaining Interest Carry Forward Amount for each such Class;
(xvi) with respect to each Class of Certificates, any Floating Rate Certificate Carryover with respect to such Distribution Date for each such Class, any Floating Rate Certificate Carryover paid for each such Class and any remaining Floating Rate Certificate Carryover for each such Class;
(xvii) the number and Stated Principal Balance (as of the preceding Distribution Date) of any Mortgage Loans which were purchased or repurchased during the preceding Due Period and since the Cut-off Date;
(xviixviii) the number of Mortgage Loans for which Prepayment Charges were received during the related Prepayment Period and, for each such Mortgage Loan, the amount of Prepayment Charges received during the related Prepayment Period and in the aggregate of such amounts for all such Mortgage Loans since the Cut-off Date;
(xviiixix) as of each Distribution Date, the amount, if any, to be deposited in the Certificate Account pursuant to the Cap Contract as described in Section 4.04(k) and the amount thereof to be paid to the Class A, Class M and Class B Certificates described in Section 4.04(k) hereof;
(xx) the amount and purpose of any withdrawal from the Collection Account pursuant to Section 3.08(a)(viii3.08(a)(v);
(xixxxi) the amount of any payments to each Class of Certificates that are treated as payments received in respect of a REMIC "regular interest" Regular Interest or REMIC "residual interest" and the amount of any payments to each Class of Certificates that are not treated as payments received in respect of a REMIC "regular interest" Regular Interest or REMIC "residual interest";
(xxxxii) as of each Distribution Date, the amount, if any, to be deposited in the Cap Contract Account pursuant to the related Cap Contract as described in Section 4.04(k) and the amount thereof to be of the MI Insurer Fee paid to the Class A, Class M, Class B-1A, Class B-2A, Class B-3A, Class B-4A and Class C Certificates described in Section 4.04(k) hereofMI Insurer;
(xxi) any Floating Rate Certificate Carryover paid and all Floating Rate Certificate Carryover remaining on each class of the Class A, Class M, Class B-1, Class B-2, Class B-3 and Class B-4 Certificates on such Distribution Date;
(xxii) the number of Mortgage Loans with respect to which (i) a reduction in the Mortgage Rate has occurred or (ii) the related borrower's obligation to repay interest on a monthly basis has been suspended or reduced pursuant to the Servicemembers Civil Relief Act or the California Military and Veterans Code, as amended; and the amount of interest not required to be paid with respect to any such Mortgage Loans during the related Due Period as a result of such reductions in the aggregate and with respect to the Group One Mortgage Loans and the Group Two Mortgage Loans.
(xxiii) the number and aggregate Outstanding Stated Principal Balance of each Class of Certificates for the following Distribution Date;
(xxiv) the number and aggregate principal amounts of Mortgage Loans (A) delinquent (1) one Monthly Payment, (2) two Monthly Payments and (3) three or more Monthly Payments and (B) in foreclosure, in each case, covered by the MI Policy as of the end of the related Principal Prepayment Due Period;; and
(xxvA) the number and amount of any claims paid by the principal balance of Mortgage Loans MI Insurer pursuant to the MI Policy with respect to any real estate acquired through foreclosure or grant of a deed in lieu of foreclosure;
principal, (xxviB) the aggregate amount of all Advances recovered during any claims paid by the related Due Period;
(xxvii) MI Insurer pursuant to the aggregate amount of Realized Losses during the related Due Period and the aggregate amount of Realized Losses since the Cut-off Date;
(xxviii) the allocation to each Class of Certificate of any Realized Losses during the related Due Period;
(xxix) MI Policy with respect to each Class of Certificatesinterest, and (C) solely to the extent provided by the Servicer, the amount of any Compensating Interest Shortfalls on claims made under the MI Policy and the amount of any claims rejected under the MI Policy, each as of such Distribution Date;
(xxx) Number and amount of pool assets at the beginning and ending of each period, and updated pool composition information, such as weighted average coupon, weighted average life, weighted average remaining term, pool factors and prepayment amounts;
(xxxi) In addition, describe any material changes to methodology regarding calculations of delinquencies and charge-offs;
(xxxii) Information on the amount, terms and general purpose of any advances made or reimbursed during the period, including the general use of funds advanced and the general source of funds for reimbursements;
(xxxiii) Any material modifications, extensions or waivers to pool asset terms, fees, penalties or payments during the distribution period or that have cumulatively become material over time;
(xxxiv) Material breaches of pool asset representations or warranties or transaction covenants;
(xxxv) Information on ratio, coverage or other tests used for determining any early amortization, liquidation or other performance trigger and whether the trigger was met; and
(xxxvi) Information regarding any new issuance of asset-backed securities backed by the same asset pool, any pool asset changes (other than in connection with a pool asset converting into cash in accordance with its terms), such as additions or removals in connection with a prefunding or revolving period and pool asset substitutions and repurchases (and purchase rates, if applicable), and cash flows available for future purchases, such as the balances of any prefunding or revolving accounts, if applicable. Disclose any material changes in the solicitation, credit-granting, underwriting, origination, acquisition or pool selection criteria or procedures, as applicable, used to originate, acquire or select the new pool assets.
(b) The Securities Administrator Trustee will make the Monthly Statement (and, at its option, any additional files containing the same information in an alternative format) available each month to Certificateholders, other parties to this Agreement and any other interested parties via the Securities AdministratorTrustee's Internet website. The Securities AdministratorTrustee's Internet website shall initially be located at "www.__________." https://www.tss.db.com/invr. Assistance in using the website can be obtained by calling the Securities Administratorobxxxxxx xx xxxxxxx xxx Xxxxxee's customer service desk at ______________(800) 735-7777. Parties that are unable to use the website are entitled to have a paper entitlex xx xxxx x xxper copy mailed to them via first class mail by calling the customer service desk and indicating such. The Securities Administrator Trustee shall have the right to 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 Securities Administrator Trustee shall provide timely and adequate notification to all above parties regarding any such changes. The Securities Administrator Trustee shall 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 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 Securities AdministratorTrustee's internet website, the Securities Administrator Trustee may require registration and the acceptance of a disclaimer. The Securities Administrator Trustee will not be liable for the dissemination of information in accordance with this Agreement.
(c) Reserved;
(d) If so requested in writing within a reasonable period of time after the end of each calendar year, the Trustee shall make available on its website or cause to be furnished to each Person who at any time during the calendar year was a Certificateholder of record, a statement containing the information set forth in clauses (a)(i) and (a)(ii) of this Section 4.05 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 are from time to time in effect.
(e) Upon filing with the Internal Revenue Service, the Trustee shall furnish to the Holders of the Class R Certificate the Form 1066 and each Form 1066Q and shall respond promptly and, if necessary, with the cooperation of the Servicer, to written requests made not more frequently than quarterly by any Holder of Class R Certificate with respect to the following matters: The original projected principal and interest cash flows on the Closing Date on each Class of regular and residual interests created hereunder and on the Mortgage Loans, based on the Prepayment Assumption;
(i) The projected remaining principal and interest cash flows as of the end of any calendar quarter with respect to each Class of regular and residual interests created hereunder and the Mortgage Loans, based on the Prepayment Assumption;
(ii) The Prepayment Assumption and any interest rate assumptions used in determining the projected principal and interest cash flows described above;
(iii) The original issue discount (or, in the case of the Mortgage Loans, market discount) or premium accrued or amortized through the end of such calendar quarter with respect to each Class of regular or residual interests created hereunder and to the Mortgage Loans, together with each constant yield to maturity used in computing the same;
(iv) The treatment of losses realized with respect to the Mortgage Loans or the regular interests created hereunder, including the timing and amount of any cancellation of indebtedness income of the REMICs with respect to such regular interests or bad debt deductions claimed with respect to the Mortgage Loans;
(v) The amount and timing of any non-interest expenses of the REMICs; and
(vi) Any taxes (including penalties and interest) imposed on the REMICs, including, without limitation, taxes on "prohibited transactions," "contributions" or "net income from foreclosure property" or state or local income or franchise taxes. The information pursuant to clauses (i), (ii), (iii) and (iv) above shall be provided by the Depositor pursuant to Section 8.12.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Merrill Lynch Mortgage Investors Trust, Series 2005-Ar1)
Monthly Statements to Certificateholders. (a) Not later than each Distribution Date based solely on information provided by the Servicer (which information is not required to include any prediction of future performance as to which such report relates)Date, the Securities Administrator shall prepare and make available on its website located at xxx.xxxxxxx.xxx to the Trustee and the Yield Maintenance Provider, and make available to each Holder of a Class of Certificates of the Trust FundCertificates, the ServicerTrustee, the Rating Agencies, the Master Servicer, the Trustee, the NIMs Insurer, the Rating Agencies EMC Servicer and the Depositor a statement setting forth for the Certificates:
(i) the amount of the related distribution to Holders of each Class allocable to principal, separately identifying (A) the aggregate amount of any Principal Prepayments included therein, (B) the aggregate of all scheduled payments (except with respect to any Simple Interest Loans) of principal included therein (and with respect to any Simple Interest Loans, the amount of principal actually received included therein), and (C) the Extra Principal Distribution Amount, Amount (if any, and (D) the aggregate amount of Prepayment Charges, if any);
(ii) the amount of such distribution to Holders of each Class allocable to interest, together with any Non-Supported Interest Shortfalls allocated and, if applicable, the portion thereof allocable to each Classamounts provided pursuant to the Yield Maintenance Agreement;
(iii) any Interest Carry Forward Amounts and any Basis Risk Shortfall Carry Forward Amounts for each Class of Offered Certificates (other than the Residual Certificates);
(iv) the Certificate Principal Balance or Certificate Notional Balance of each Class immediately prior to and after giving effect (i) to all distributions allocable to principal on such Distribution Date and (ii) the allocation of any Applied Realized Loss Amounts for such Distribution Date;
(iv) , and, in the Pool Stated case of each Certificate Principal Balance for Balance, separately stating the amount of Deferred Interest, if any, added to such Distribution DateCertificate Principal Balance;
(v) the cumulative amount of Applied Realized Loss Amounts to date and the Servicing Fee paid Unpaid Applied Realized Loss Amounts for each applicable Class of Offered Certificates after giving effect to or retained by the Servicer, the amount distribution of the Securities Administrator Fee paid to or retained by the Securities Administrator principal and any amounts constituting reimbursement or indemnification allocation of the Servicer, Master Servicer, Securities Administrator or Trustee;Applied Realized Loss Amounts on such Distribution Date.
(vi) the Pass-Through Rate for each Class of Offered Certificates for with respect to the current Accrual Period, and, if applicable, whether such Distribution Pass-Through Rate was limited by an Interest Rate Cap;
(vii) the amount of any Excess Cashflow Amount and any Excess Yield Maintenance Amount;
(viii) the aggregate of the Stated Principal Balances of all of the Mortgage Loans and of the fixed rate Mortgage Loans on the related Due Date;
(viiix) the related amount of the Master Servicing Fees paid to or retained by the Master Servicer and the Servicing Fees paid to or retained by each Servicer for the related Due Period;
(x) the amount of Advances included in the distribution on such Distribution Date;
(viii) the cumulative amount of (A) Realized Losses and (B) Applied Realized Loss Amounts to date, in the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage Loans;
(ix) the amount of (A) Realized Losses and (B) Applied Realized Loss Amounts with respect to such Distribution Date, in the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage Loans;
(xxi) the number and aggregate principal amounts of Mortgage Loans (A) Delinquent (exclusive of Mortgage Loans in foreclosureforeclosure and bankruptcy) (1) 31 to 60 days, (2) 61 to 90 days and (3) 91 or more days, and (B) in foreclosure and Delinquent delinquent (1) 31 to 60 days, (2) 61 to 90 days and (3) 91 or more days and (C) in bankruptcy and delinquent (1) 31 to 60 days, (2) 61 to 90 days and (3) 91 or more days, in each case as of the close of business on the last day of the calendar month preceding such Distribution Date, in the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage Loans;
(xixii) with respect to any Mortgage Loan that became an REO Property was liquidated during the preceding calendar month, the loan number and Stated Principal Balance of of, and Realized Loss on, such Mortgage Loan as of the close of business on the last day end of the calendar month preceding such Distribution Date and the date of acquisition thereof, in the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage Loansrelated Prepayment Period;
(xiixiii) whether a Trigger Event exists.
(xiv) the total number and principal balance of any REO Properties as of the close end of business on the related Prepayment Period;
(xv) the Realized Losses during the related Prepayment Period and the cumulative Realized Losses through the end of the preceding month; and
(xvi) the three month rolling average of the percent equivalent of a fraction, the numerator of which is the aggregate stated Principal Balance of the Mortgage Loans that are 61 days or more delinquent or are in bankruptcy or foreclosure or are REO Properties, and the denominator of which is the aggregate Stated Principal Balance of all of the Mortgage Loans as of the last day of the calendar month preceding such Distribution Date, in ; and
(xvii) the aggregate and with respect to Realized Losses on the Group One Mortgage Loans and Group Two Mortgage Loans;
(xiii) since the Closing Date as a percentage of the aggregate Stated Principal Balance of all Liquidated Loans as of the preceding Distribution Date, in the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage Loans;
(xiv) whether a Stepdown Trigger Event has occurred and is in effect;
(xv) with respect to each Class of Certificates, any Interest Carry Forward Amount with respect to such Distribution Date for each such Class, any Interest Carry Forward Amount paid for each such Class and any remaining Interest Carry Forward Amount for each such Class;
(xvi) the number and Stated Principal Balance (as of the preceding Distribution Date) of any Mortgage Loans which were purchased or repurchased during the preceding Due Period and since the Cut-off Date;
(xvii) the number of Mortgage Loans for which Prepayment Charges were received during the related Prepayment Period and, for each such Mortgage Loan, the amount of Prepayment Charges received during the related Prepayment Period and in the aggregate of such amounts for all such Mortgage Loans since the Cut-off Date;
(xviii) the amount and purpose of any withdrawal from the Collection Account pursuant to Section 3.08(a)(viii);
(xix) the amount of any payments to each Class of Certificates that are treated as payments received in respect of a REMIC "regular interest" or REMIC "residual interest" and the amount of any payments to each Class of Certificates that are not treated as payments received in respect of a REMIC "regular interest" or REMIC "residual interest";
(xx) as of each Distribution Date, the amount, if any, to be deposited in the Cap Contract Account pursuant to the related Cap Contract as described in Section 4.04(k) and the amount thereof to be paid to the Class A, Class M, Class B-1A, Class B-2A, Class B-3A, Class B-4A and Class C Certificates described in Section 4.04(k) hereof;
(xxi) any Floating Rate Certificate Carryover paid and all Floating Rate Certificate Carryover remaining on each class of the Class A, Class M, Class B-1, Class B-2, Class B-3 and Class B-4 Certificates on such Distribution Date;
(xxii) the number of Mortgage Loans with respect to which (i) a reduction in the Mortgage Rate has occurred or (ii) the related borrower's obligation to repay interest on a monthly basis has been suspended or reduced pursuant to the Servicemembers Civil Relief Act or the California Military and Veterans Code, as amended; and the amount of interest not required to be paid with respect to any such Mortgage Loans during the related Due Period as a result of such reductions in the aggregate and with respect to the Group One Mortgage Loans and the Group Two Mortgage Loans.
(xxiii) the aggregate Outstanding Principal Balance of each Class of Certificates for the following Distribution Date;
(xxiv) the number and aggregate principal amounts of Mortgage Loans (A) delinquent (1) one Monthly Payment, (2) two Monthly Payments and (3) three or more Monthly Payments and (B) in foreclosure, in each case, as of the end of the related Principal Prepayment Period;
(xxv) the number and the principal balance of Mortgage Loans with respect to any real estate acquired through foreclosure or grant of a deed in lieu of foreclosure;
(xxvi) the aggregate amount of all Advances recovered during the related Due Period;
(xxvii) the aggregate amount of Realized Losses during the related Due Period and the aggregate amount of Realized Losses since the Cut-off Date;
(xxviii) the allocation to each Class of Certificate of any Realized Losses during the related Due Period;
(xxix) with respect to each Class of Certificates, the amount of any Compensating Interest Shortfalls on such Distribution Date;
(xxx) Number and amount of pool assets at the beginning and ending of each period, and updated pool composition information, such as weighted average coupon, weighted average life, weighted average remaining term, pool factors and prepayment amounts;
(xxxi) In addition, describe any material changes to methodology regarding calculations of delinquencies and charge-offs;
(xxxii) Information on the amount, terms and general purpose of any advances made or reimbursed during the period, including the general use of funds advanced and the general source of funds for reimbursements;
(xxxiii) Any material modifications, extensions or waivers to pool asset terms, fees, penalties or payments during the distribution period or that have cumulatively become material over time;
(xxxiv) Material breaches of pool asset representations or warranties or transaction covenants;
(xxxv) Information on ratio, coverage or other tests used for determining any early amortization, liquidation or other performance trigger and whether the trigger was met; and
(xxxvi) Information regarding any new issuance of asset-backed securities backed by the same asset pool, any pool asset changes (other than in connection with a pool asset converting into cash in accordance with its terms), such as additions or removals in connection with a prefunding or revolving period and pool asset substitutions and repurchases (and purchase rates, if applicable), and cash flows available for future purchases, such as the balances of any prefunding or revolving accounts, if applicableClosing Date. Disclose any material changes in the solicitation, credit-granting, underwriting, origination, acquisition or pool selection criteria or procedures, as applicable, used to originate, acquire or select the new pool assets.
(b) The Securities Administrator will may make the Monthly Statement foregoing monthly statement (and, at its option, any additional files containing the same information in an alternative format) available each month to Certificateholders, other parties to this Agreement and any other interested parties Certificateholders via the Securities Administrator's Internet internet website. The Securities Administrator's Internet internet website shall initially be located at "www.__________." xxx.xxxxxxx.xxx". Assistance in using the Securities Administrator's website can be obtained by calling the Securities Administrator's customer service desk at ______________(000) 000-0000. To the extent timely received from the Securities Administrator, the Trustee will also make monthly statements available each month to Certificateholders via the Trustee's internet website. The trustee's internet website will initially be located at xxx.xxxxxxxx.xxx/xxx. Assistance in using the Trustee's website service can be obtained by calling the Trustee's customer service desk at (000) 000-0000. Parties that are unable to use the website above distribution options are entitled to have a paper copy mailed to them via first class mail by calling the Securities Administrator's customer service desk and indicating such. The Securities Administrator shall have the right to may change the way the monthly statements to Certificateholders are distributed in order to make such distribution distributions more convenient and/or or more accessible to the above parties and the Securities Administrator shall provide timely and adequate notification to all above parties regarding any such changes. parties.
(b) The Securities Administrator shall 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 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 Securities Administrator's internet websiteresponsibility for making the above information available to the Certificateholders is limited to the availability, timeliness and accuracy of the information derived from the Master Servicer, the Securities Administrator may require registration EMC Servicer and the acceptance of a disclaimerTrustee. The Securities Administrator will make available a copy of each statement provided pursuant to this Section 5.05 to each Rating Agency.
(c) Within a reasonable period of time after the end of each calendar year, the Trustee shall cause to be furnished to the EMC Servicer, the Master Servicer and 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) and (a)(ii) of this Section 5.05 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) Upon filing with the Internal Revenue Service, the Securities Administrator shall furnish to the Holders of the Residual Certificates the applicable Form 1066 and each applicable Form 1066Q and shall respond promptly to written requests made not more frequently than quarterly by any Holder of a Residual Certificate with respect to the following matters:
(i) The original projected principal and interest cash flows on the Closing Date on each Class of regular and residual interests created hereunder and on the Mortgage Loans, based on the Prepayment Assumption;
(ii) The projected remaining principal and interest cash flows as of the end of any calendar quarter with respect to each Class of regular and residual interests created hereunder and the Mortgage Loans, based on the Prepayment Assumption;
(iii) The applicable Prepayment Assumption and any interest rate assumptions used in determining the projected principal and interest cash flows described above;
(iv) The original issue discount (or, in the case of the Mortgage Loans, market discount) or premium accrued or amortized through the end of such calendar quarter with respect to each Class of regular or residual interests created hereunder and to the Mortgage Loans, together with each constant yield to maturity used in computing the same;
(v) The treatment of losses realized with respect to the Mortgage Loans or the regular interests created hereunder, including the timing and amount of any cancellation of indebtedness income of a REMIC with respect to such regular interests or bad debt deductions claimed with respect to the Mortgage Loans;
(vi) The amount and timing of any non-interest expenses of a REMIC; and
(vii) Any taxes (including penalties and interest) imposed on the REMIC, including, without limitation, taxes on "prohibited transactions," "contributions" or "net income from foreclosure property" or state or local income or franchise taxes. The information pursuant to clauses (i), (ii), (iii) and (iv) above shall be liable for provided by the dissemination of information in accordance with this AgreementDepositor pursuant to Section 9.12.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Bear Stearns Asset Back Securities Trust 2003-3)
Monthly Statements to Certificateholders. (a) Not later than On each Distribution Date based solely Date, based, as applicable, on the Mortgage Loan information provided by contained in the Servicer (which information is not required to include any prediction of future performance as to which such report relates)Remittance Report, the Securities Administrator Trustee shall (i) prepare and forward by mail to each Holder of the Regular Certificates and (ii) make available on its website located at xxx.xxxxxxx.xxx to xxx.xxxxxx.xxx/xxx for access by each Holder of a Class of Certificates of the Trust FundRegular Certificates, the Servicer, the Master Servicer, the Trustee, the NIMs Insurer, the Rating Agencies and the Depositor a statement setting forth for as to the Certificatesdistributions made on such Distribution Date:
(i) the amount of the related distribution made on such Distribution Date to the Holders of each Class of Certificates allocable to principal, separately identifying (A) the aggregate amount of any Principal Prepayments included therein, (B) the aggregate of all scheduled payments of principal included therein, (C) the Extra Principal Distribution Amount, if any, and (D) the aggregate amount of Prepayment Charges, if any;
(ii) the amount of the distribution made on such distribution Distribution Date to the Holders of each Class of Certificates allocable to interestinterest or Class CE Distributable Amount, together with any Non-Supported Interest Shortfalls allocated to each Classseparately identified;
(iii) the Certificate Principal Balance Overcollateralization Amount, the Overcollateralization Release Amount, the Overcollateralization Deficiency and the Overcollateralization Target Amount as of each Class immediately prior to and after giving effect (i) to all distributions allocable to principal on such Distribution Date and (ii) the allocation of any Applied Realized Loss Amounts Monthly Excess Interest Amount and Monthly Excess Cashflow Amount for such Distribution Date;
(iv) the Pool Stated Principal Balance for such Distribution Dateaggregate amount of servicing compensation received by the Servicer during the related Collection Period;
(v) the aggregate amount of the Servicing Fee paid to or retained by the Servicer, the amount Advances in respect of the Securities Administrator Fee paid to or retained by Trust Fund and each Loan Group for the Securities Administrator and any amounts constituting reimbursement or indemnification of the Servicer, Master Servicer, Securities Administrator or Trusteerelated Collection Period;
(vi) the Pass-Through Rate for Pool Balance and the aggregate Stated Principal Balance of the Mortgage Loans in each Class Loan Group at the close of Certificates for such Distribution Datebusiness at the end of the related Collection Period;
(vii) the amount number, weighted average remaining term to maturity and weighted average Mortgage Interest Rate of Advances included the Mortgage Loans in the distribution on such Distribution Trust Fund and in each Loan Group as of the related Due Date;
(viii) the cumulative amount of (A) Realized Losses and (B) Applied Realized Loss Amounts to date, in the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage Loans;
(ix) the amount of (A) Realized Losses and (B) Applied Realized Loss Amounts with respect to such Distribution Date, in the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage Loans;
(x) the number and aggregate unpaid principal amounts of Mortgage Loans (A) Delinquent (exclusive balance of Mortgage Loans in foreclosurethe Trust Fund and in each Loan Group (a) (1) 31 30 to 60 days59 days past due on a contractual basis, (2b) 61 60 to 89 days past due on a contractual basis, (c) 90 or more days past due on a contractual basis, (d) as to which foreclosure proceedings have been commenced and (3) 91 or more days, and (Be) in foreclosure and Delinquent (1) 31 to 60 days, (2) 61 to 90 days and (3) 91 or more days, in each case bankruptcy as of the close of business on the last day of the calendar month preceding such Distribution Date, in the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage Loans;
(xiix) with respect to any Mortgage Loan that became an REO Property during the preceding calendar month, the loan number and Stated Loan Group of such Mortgage Loan, the unpaid principal balance and the Principal Balance of such Mortgage Loan as of the close of business on the last day of the calendar month preceding such Distribution Date and the date of acquisition thereof, in the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage Loansit became an REO Property;
(xiix) the total number and principal balance book value of any REO Properties Property as of the close of business on the last day Business Day of the calendar month preceding such the Distribution Date, and, cumulatively, the total number and cumulative principal balance of all REO Properties in the Trust Fund and each Loan Group as of the close of business of the last day of the preceding Collection Period;
(xi) the aggregate amount of Principal Prepayments made during the related Prepayment Period, both for the Trust Fund as a whole as well as for each Loan Group;
(xii) the aggregate amount of Prepayment Charges collected (including amounts deposited in connection with the full or partial waiver of such Prepayment Charges pursuant to Section 3.01) during the related Collection Period and with respect the amounts thereof allocable to the Group One Mortgage Loans Class P Certificates and Group Two Mortgage Loansthe Class CE Certificates;
(xiii) the aggregate Stated Principal Balance amount of all Liquidated Loans as Realized Losses incurred during the related Collection Period and the cumulative amount of the preceding Distribution DateRealized Losses, in each case for the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage LoansTrust Fund as a whole as well as for each Loan Group;
(xiv) whether a Stepdown Trigger Event has occurred the Certificate Principal Balance of each Class of Certificates, after giving effect to the distributions, and is in effectallocations of Realized Losses or Applied Realized Loss Amounts, as applicable, made on such Distribution Date, separately identifying any reduction thereof due to allocations of Realized Losses or Applied Realized Loss Amounts;
(xv) with the Accrued Certificate Interest in respect to of each Class of Certificates, any Interest Carry Forward Amount with respect to such Distribution Date for each such Class, any Interest Carry Forward Amount paid for each such Class and any remaining Interest Carry Forward Amount for each such Class;
(xvi) the number and Stated Principal Balance (as of the preceding Distribution Date) of any Mortgage Loans which were purchased or repurchased during the preceding Due Period and since the Cut-off Date;
(xvii) the number of Mortgage Loans for which Prepayment Charges were received during the related Prepayment Period and, for each such Mortgage Loan, the amount of Prepayment Charges received during the related Prepayment Period and in the aggregate of such amounts for all such Mortgage Loans since the Cut-off Date;
(xviii) the amount and purpose of any withdrawal from the Collection Account pursuant to Section 3.08(a)(viii);
(xix) the amount of any payments to each Class of Offered Certificates that are treated as payments received in respect of a REMIC "regular interest" or REMIC "residual interest" and the amount of any payments to each Class of B Certificates that are not treated as payments received in respect of a REMIC "regular interest" or REMIC "residual interest";
(xx) as of each for such Distribution Date, separately identifying the amountportions thereof attributable to Net WAC Cap Carryover Amounts, and the respective portions thereof, if any, to be deposited remaining unpaid following the distributions made in the Cap Contract Account pursuant to the related Cap Contract as described in Section 4.04(k) and the amount thereof to be paid to the Class A, Class M, Class B-1A, Class B-2A, Class B-3A, Class B-4A and Class C Certificates described in Section 4.04(k) hereof;
(xxi) any Floating Rate Certificate Carryover paid and all Floating Rate Certificate Carryover remaining on each class respect of the Class A, Class M, Class B-1, Class B-2, Class B-3 and Class B-4 such Certificates on such Distribution Date;
(xvi) the aggregate amount of any Prepayment Interest Shortfalls for such Distribution Date, to the extent not covered by payments by the Servicer pursuant to Section 3.22;
(xvii) the amount of the Trustee Fee paid;
(xviii) the beginning and ending balances of the Basis Risk Reserve Fund on such Distribution Date, the Basis Risk Reserve Fund Deposit for such Distribution Date;
(xix) the Net WAC Cap Carryover Amounts distributed on such Distribution Date, and any Interest Carry Forward Amounts remaining after giving effect to distributions thereof on such Distribution Date;
(xx) any Overcollateralization Deficiency after giving effect to the distribution of principal on such Distribution Date;
(xxi) whether a Trigger Event has occurred and is continuing, and the cumulative Realized Losses, as a percentage of the original Pool Balance;
(xxii) the number of Mortgage Loans with respect to which (i) a reduction in the Mortgage Rate has occurred or (ii) the related borrower's obligation to repay interest on a monthly basis has been suspended or reduced pursuant to the Servicemembers Civil Relief Act or the California Military and Veterans Code, as amended; and the amount of interest not required to be paid with respect to any such Mortgage Loans during the related Due Period as a result of such reductions in the aggregate and with respect to the Group One Mortgage Loans and the Group Two Mortgage Loans.Available Funds;
(xxiii) the aggregate Outstanding Principal Balance of rate at which interest accrues for each Class of Certificates for the following such Distribution Date;
(xxiv) the number and aggregate principal amounts of Mortgage Loans (A) delinquent (1) one Monthly Payment, (2) two Monthly Payments and (3) three or more Monthly Payments and (B) in foreclosure, in each case, as of the end of the related Principal Prepayment PeriodLiquidation Report for such Distribution Date;
(xxv) the number and the principal balance of Mortgage Loans with respect to any real estate acquired through foreclosure or grant of a deed in lieu of foreclosure[reserved];
(xxvi) the aggregate amount of all Advances recovered during the related Due Period[reserved];
(xxvii) the aggregate amount of Realized Losses during the related Due Period and the aggregate amount of Realized Losses since the Cut-off Record Date;
(xxviii) the allocation to each Class of Certificate of any Realized Losses during the related Due Interest Accrual Period;
(xxix) with respect to each Class of Certificates, the amount of any Compensating Interest Shortfalls on such Distribution related Determination Date;
(xxx) Number and amount of pool assets at the beginning and ending of each period, and updated pool composition information, such as weighted average coupon, weighted average life, weighted average remaining term, pool factors and prepayment amounts;related Distribution Date; and
(xxxi) the amount of cash received with respect to the related accrual period. In additionthe case of information furnished pursuant to subclauses (i) through (iii) above, describe any material changes the amounts shall be expressed in a separate section of the report as a dollar amount for each Class for each $1,000 original dollar amount as of the Cut-off Date. The Trustee's responsibility for providing the above statement is limited to methodology regarding calculations the availability, timeliness and accuracy of delinquencies the information derived from the Servicer. The Trustee may fully rely upon and charge-offs;
(xxxii) Information on shall have no liability with respect to information with respect to the amount, terms and general purpose of any advances made or reimbursed during the period, including the general use of funds advanced and the general source of funds for reimbursements;
(xxxiii) Any material modifications, extensions or waivers to pool asset terms, fees, penalties or payments during the distribution period or that have cumulatively become material over time;
(xxxiv) Material breaches of pool asset representations or warranties or transaction covenants;
(xxxv) Information on ratio, coverage or other tests used for determining any early amortization, liquidation or other performance trigger and whether the trigger was met; and
(xxxvi) Information regarding any new issuance of asset-backed securities backed Mortgage Loans provided by the same asset pool, any pool asset changes (other than in connection with a pool asset converting into cash in accordance with its terms), such as additions or removals in connection with a prefunding or revolving period and pool asset substitutions and repurchases (and purchase rates, if applicable), and cash flows available for future purchases, such as the balances of any prefunding or revolving accounts, if applicable. Disclose any material changes in the solicitation, credit-granting, underwriting, origination, acquisition or pool selection criteria or procedures, as applicable, used to originate, acquire or select the new pool assetsServicer.
(b) The Securities Administrator will make Within a reasonable period of time after the Monthly Statement (andend of each calendar year, the Trustee shall furnish to each Person who at its optionany time during the calendar year was a Certificateholder of a Regular Certificate, any additional files if requested in writing by such Person, such information as is reasonably necessary to provide to such Person a statement containing the same information set forth in an alternative formatsubclauses (i), (ii), (xv) available each month to Certificateholdersand (xx) above, other parties to this Agreement and any other interested parties via aggregated for such calendar year or applicable portion thereof during which such Person was a Certificateholder. Such obligation of the Securities Administrator's Internet website. The Securities Administrator's Internet website Trustee shall initially be located at "www.__________." 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 website are entitled deemed to have a paper copy mailed been satisfied to them via first class mail the extent that substantially comparable information shall be prepared and furnished by calling the customer service desk and indicating such. The Securities Administrator shall have the right to change the way the monthly statements Trustee to Certificateholders pursuant to any requirements of the Code as are distributed in order force from time to make such distribution more convenient and/or more accessible time.
(c) On each Distribution Date, the Trustee shall provide to the above parties Residual Certificateholders a copy of the reports provided to the Regular Certificateholders in respect of such Distribution Date with such other information as the Trustee deems necessary or appropriate. Such obligation of the Trustee shall be deemed to have been satisfied to the extent that substantially comparable information shall be prepared and furnished to Residual Certificateholders by the Securities Administrator shall provide timely and adequate notification Trustee pursuant to all above parties regarding any such changes. The Securities Administrator shall also be entitled requirements of the Code as from time 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 and may affix thereto any disclaimer it deems appropriate time in its reasonable discretion (without suggesting liability on the part of any other party hereto). As a condition to access the Securities Administrator's internet website, the Securities Administrator may require registration and the acceptance of a disclaimer. The Securities Administrator will not be liable for the dissemination of information in accordance with this Agreementforce.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (C-Bass 2006-Cb2 Trust)
Monthly Statements to Certificateholders. (a) Not later than each Distribution Date based solely Date, the Trustee shall prepare (on the basis of information provided obtained by the Servicer (which information is not required Servicer) and the Trustee shall cause to include any prediction of future performance as to which such report relates), the Securities Administrator shall prepare and make available on its website located at xxx.xxxxxxx.xxx be forwarded by mail to each Holder of a Class of Certificates of the Trust FundCertificateholder, the Servicer, the Master ServicerDepositor, the TrusteeBloomberg, the NIMs Insurer, and the Rating Agencies and the Depositor a statement setting forth for the Certificates:following information as to each Class of Certificates to the extent received from the Servicer.
(i) the aggregate amount of the related distribution to be made on such Distribution Date to the Holders of each Class of Certificates, to the extent applicable, allocable to principal on the Mortgage Loans, including Liquidation Proceeds and Insurance Proceeds, stating separately the amount attributable to scheduled principal payments and unscheduled payments in the nature of principal, separately identifying ;
(ii) the aggregate amount of the distribution to be made on such Distribution Date to the Holders of each Class of Certificates (or Component thereof) allocable to interest;
(iii) (A) the aggregate amount of any Principal Prepayments included therein, (B) the aggregate of all scheduled payments of principal included therein, (C) the Extra Principal Distribution Amount, if any, and (D) the aggregate amount of Prepayment Charges, if any;
(ii) the amount of such distribution Monthly Advances required to Holders of each Class allocable to interest, together with any Non-Supported Interest Shortfalls allocated to each Class;
(iii) the Certificate Principal Balance of each Class immediately prior to and after giving effect (i) to all distributions allocable to principal be made by or on such Distribution Date and (ii) the allocation of any Applied Realized Loss Amounts for such Distribution Date;
(iv) the Pool Stated Principal Balance for such Distribution Date;
(v) the amount behalf of the Servicing Fee paid to or retained by the Servicer, the amount of the Securities Administrator Fee paid to or retained by the Securities Administrator and any amounts constituting reimbursement or indemnification of the Servicer, Master Servicer, Securities Administrator or Trustee;
(vi) the Pass-Through Rate for each Class of Certificates for such Distribution Date;
(vii) the amount of Advances included in the distribution on such Distribution Date;
(viii) the cumulative amount of (A) Realized Losses and (B) Applied Realized Loss Amounts to date, in the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage Loans;
(ix) the amount of (A) Realized Losses and (B) Applied Realized Loss Amounts Servicer with respect to such Distribution Date, in (B) the aggregate amount of such Monthly Advances actually made, and with respect to (C) the Group One Mortgage Loans and Group Two Mortgage Loansamount, if any, by which (A) above exceeds (B) above;
(xiv) the number and aggregate principal amounts of Mortgage Loans (A) Delinquent (exclusive of Mortgage Loans in foreclosure) (1) 31 to 60 days, (2) 61 to 90 days and (3) 91 or more days, and (B) in foreclosure and Delinquent (1) 31 to 60 days, (2) 61 to 90 days and (3) 91 or more days, in each case Aggregate Loan Balance as of the close of business on the last day of the calendar month preceding related Due Period, after giving effect to payments allocated to principal reported under clause (i) above;
(v) the Class Principal Amount or Component Principal Amount of each Class of Certificates, to the extent applicable, as of such Distribution DateDate after giving effect to payments allocated to principal reported under clause (i) above, in separately identifying any reduction of any of the aggregate and foregoing Certificate Principal Amounts or Component Principal Amount due to Applied Loss Amounts;
(vi) any Realized Losses realized with respect to the Group One Mortgage Loans in (x) in the applicable Prepayment Period and Group Two Mortgage Loans(y) in the aggregate since the Cut-off Date;
(xivii) the amount of the Servicing Fees retained by the Servicer during the Due Period to which such distribution relates;
(viii) the number and aggregate Scheduled Principal Balance of Mortgage Loans, as reported to the Trustee by the Servicer, (a) remaining outstanding (b) delinquent 30 to 59 days on a contractual basis, (c) delinquent 60 to 89 days on a contractual basis, (d) delinquent 90 or more days on a contractual basis, and (e) as to which foreclosure proceedings have been commenced as of the close of business on the last Business Day of the calendar month immediately preceding the month in which such Distribution Date occurs;
(ix) the book value (within the meaning of 12 C.F.R. Section 571.13 or comparable provision) of each REO Property as of the close of business on the last Business Day of the calendar month immediately preceding the month in which such Distribution Date occurs;
(x) with respect to any Mortgage Loan that became an REO Property during the preceding calendar month, the loan number and Stated Principal Balance principal balance of such Mortgage Loan and the number of such Mortgage Loans as of the close of business on the last day of the calendar month preceding such Distribution Date and the date of acquisition thereof, in the aggregate and such preceding month;
(xi) with respect to the Group One replacement of Mortgage Loans in the preceding calendar month, the Scheduled Principal Balance of each Deleted Mortgage Loan and Group Two of each Replacement Mortgage LoansLoan;
(xii) the total number aggregate outstanding Carryforward Interest, Net Prepayment Interest Shortfalls, Basis Risk Shortfalls and principal balance Unpaid Basis Risk Shortfalls, if any, if any, for each Class of any REO Properties as of Certificates, after giving effect to the close of business distribution made on the last day of the calendar month preceding such Distribution Date, in the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage Loans;
(xiii) the aggregate Stated Principal Balance of all Liquidated Loans as of the preceding Certificate Interest Rate applicable to such Distribution Date, in the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage Loans;
(xiv) whether a Stepdown Trigger Event has occurred and is in effect;
(xv) Date with respect to each Class of Certificates, any Interest Carry Forward Amount with respect to such Distribution Date for each such Class, any Interest Carry Forward Amount paid for each such Class and any remaining Interest Carry Forward Amount for each such Class;; and
(xvi) the number and Stated Principal Balance (as of the preceding Distribution Date) of any Mortgage Loans which were purchased or repurchased during the preceding Due Period and since the Cut-off Date;
(xvii) the number of Mortgage Loans for which Prepayment Charges were received during the related Prepayment Period and, for each such Mortgage Loan, the amount of Prepayment Charges received during the related Prepayment Period and in the aggregate of such amounts for all such Mortgage Loans since the Cut-off Date;
(xviiixiv) the amount and purpose of any withdrawal from on deposit in the Collection Account pursuant Basis Risk Reserve Fund immediately prior to Section 3.08(a)(viii);
(xix) the amount of any payments to each Class of Certificates that are treated as payments received in respect of a REMIC "regular interest" or REMIC "residual interest" related Distribution Date and the amount of any payments to each Class of Certificates that are not treated as payments received in respect of a REMIC "regular interest" or REMIC "residual interest";
(xx) as of each Distribution Date, the amount, if any, Required Reserve Fund Deposit to be deposited made thereto on such Distribution Date in order to satisfy the Cap Contract Account pursuant to the related Cap Contract as described in Section 4.04(k) Reserve Fund Requirement and the amount thereof of distributions to be paid made therefrom pursuant to the Class A, Class M, Class B-1A, Class B-2A, Class B-3A, Class B-4A and Class C Certificates described in Section 4.04(k5.02(d) hereof;
(xxi) any Floating Rate Certificate Carryover paid and all Floating Rate Certificate Carryover remaining on each class of the Class A, Class M, Class B-1, Class B-2, Class B-3 and Class B-4 Certificates on such Distribution Date;
(xxii) . In the number case of Mortgage Loans with respect information furnished pursuant to which subclauses (i) a reduction in the Mortgage Rate has occurred or ), (ii) and (vi) above, the related borrower's obligation to repay interest on amounts shall be expressed as a monthly basis has been suspended or reduced pursuant to the Servicemembers Civil Relief Act or the California Military and Veterans Code, as amended; and the dollar amount per $1,000 of original principal amount of interest not required to be paid with respect to any such Mortgage Loans during the related Due Period as a result of such reductions in the aggregate and with respect to the Group One Mortgage Loans and the Group Two Mortgage Loans.
(xxiii) the aggregate Outstanding Principal Balance of each Class of Certificates for the following Distribution Date;
(xxiv) the number and aggregate principal amounts of Mortgage Loans (A) delinquent (1) one Monthly Payment, (2) two Monthly Payments and (3) three or more Monthly Payments and (B) in foreclosure, in each case, as of the end of the related Principal Prepayment Period;
(xxv) the number and the principal balance of Mortgage Loans with respect to any real estate acquired through foreclosure or grant of a deed in lieu of foreclosure;
(xxvi) the aggregate amount of all Advances recovered during the related Due Period;
(xxvii) the aggregate amount of Realized Losses during the related Due Period and the aggregate amount of Realized Losses since the Cut-off Date;
(xxviii) the allocation to each Class of Certificate of any Realized Losses during the related Due Period;
(xxix) with respect to each Class of Certificates, the amount of any Compensating Interest Shortfalls on such Distribution Date;
(xxx) Number and amount of pool assets at the beginning and ending of each period, and updated pool composition information, such as weighted average coupon, weighted average life, weighted average remaining term, pool factors and prepayment amounts;
(xxxi) In addition, describe any material changes to methodology regarding calculations of delinquencies and charge-offs;
(xxxii) Information on the amount, terms and general purpose of any advances made or reimbursed during the period, including the general use of funds advanced and the general source of funds for reimbursements;
(xxxiii) Any material modifications, extensions or waivers to pool asset terms, fees, penalties or payments during the distribution period or that have cumulatively become material over time;
(xxxiv) Material breaches of pool asset representations or warranties or transaction covenants;
(xxxv) Information on ratio, coverage or other tests used for determining any early amortization, liquidation or other performance trigger and whether the trigger was met; and
(xxxvi) Information regarding any new issuance of asset-backed securities backed by the same asset pool, any pool asset changes (other than in connection with a pool asset converting into cash in accordance with its terms), such as additions or removals in connection with a prefunding or revolving period and pool asset substitutions and repurchases (and purchase rates, if applicable), and cash flows available for future purchases, such as the balances of any prefunding or revolving accounts, if applicable. Disclose any material changes in the solicitation, credit-granting, underwriting, origination, acquisition or pool selection criteria or procedures, as applicable, used to originate, acquire or select the new pool assets.
(b) The Securities Administrator Upon reasonable advance notice in writing, if required by federal regulation, the Trustee will make provide to each Certificateholder that is a savings association, bank or insurance company certain reports and access to information and documentation regarding the Monthly Statement (and, at its option, any additional files containing Mortgage Loans sufficient to permit such Certificateholder to comply with applicable regulations of the same information Office of Thrift Supervision or other regulatory authorities with respect to investment in an alternative format) available each month to Certificateholders, other parties to this Agreement and any other interested parties via the Securities Administrator's Internet website. The Securities Administrator's Internet website shall initially be located at "www.__________." 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 website 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 way the monthly statements to Certificateholders are distributed in order to make such distribution more convenient and/or more accessible to the above parties Certificates and the Securities Administrator Servicer shall provide timely and adequate notification to all above parties regarding any cooperate with the Trustee in providing such changes. The Securities Administrator information; provided, however, that the Trustee shall also be entitled to rely on but shall not be responsible reimbursed by each such Certificateholder for the content or accuracy Trustee's actual expenses incurred in providing such reports and access. The Trustee will provide to any Certificateholder upon request the outstanding Certificate Principal Amounts as of the date requested and, if then known by the Trustee, the outstanding Certificate Principal Amount after giving effect to any distribution to be made on the next following Distribution Date.
(c) Upon the written request of any Certificateholder, the Trustee, as soon as reasonably practicable, shall provide the Certificateholder with such information as has been provided by third parties the Depositor to the Trustee, for purposes of preparing satisfying applicable information reporting requirements under Rule 144A.
(d) Within 90 days, or such shorter period as may be required by statute or regulation, after the monthly statement and may affix thereto any disclaimer it deems appropriate in its reasonable discretion (without suggesting liability on the part end of any other party hereto). As a condition to access the Securities Administrator's internet websiteeach calendar year, the Securities Administrator may require registration Trustee shall send to each Person who at any time during the calendar year was a Certificateholder of record, and make available to each Beneficial Holder (identified as such by the acceptance of a disclaimer. The Securities Administrator will not be liable for the dissemination of information Clearing Agency) in accordance with this Agreementapplicable regulations, a report summarizing the items provided to Certificateholders pursuant to Section 4.03(a) on an annual basis as may be required to enable such Holders to prepare their federal income tax returns. Such information shall include the amount of original issue discount accrued on each Class of Certificates and information regarding the expenses of the Trust Fund. The Servicer shall provide the Trustee with such information as is necessary for the Trustee to prepare such reports.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Structured Asset Securities Corp)
Monthly Statements to Certificateholders. (a) Not later than each Distribution Date based solely on information provided by the Servicer (which information is not required to include any prediction of future performance as to which such report relates)Date, the Securities Administrator shall prepare and deliver to the Trustee and the Yield Maintenance Provider, and make available on its website located at xxx.xxxxxxx.xxx to each Holder of a Class of Certificates of the Trust FundCertificates, the ServicerTrustee, the Rating Agencies, the Master Servicer, the Trustee, the NIMs Insurer, the Rating Agencies EMC Servicer and the Depositor a statement setting forth for the Certificates:
(i) the amount of the related distribution to Holders of each Class allocable to principal, separately identifying (A) the aggregate amount of any Principal Prepayments included therein, (B) the aggregate of all scheduled payments (except with respect to any Simple Interest Loans) of principal included therein (and with respect to any Simple Interest Loans, the amount of principal actually received included therein), and (C) the Extra Principal Distribution Amount, Amount (if any, and (D) the aggregate amount of Prepayment Charges, if any);
(ii) the amount of such distribution to Holders of each Class allocable to interest, together with any Non-Supported Interest Shortfalls allocated and, if applicable, the portion thereof allocable to each Classamounts provided pursuant to the Yield Maintenance Agreements;
(iii) any Interest Carry Forward Amounts and any Basis Risk Shortfall Carry Forward Amounts for each Class of Offered Certificates (other than the Residual Certificates);
(iv) the Certificate Principal Balance of each Class immediately prior to of Offered Certificates before and after giving effect (i) to all distributions allocable to of principal on and allocation of Applied Realized Loss Amounts in reduction of Certificate Principal Balance for such Distribution Date and (ii) the allocation of any Applied Realized Loss Amounts for such Distribution Date;
(iv) Subsequent Recoveries to increase the Pool Stated Certificate Principal Balance for such Distribution Date;
(v) the cumulative amount of Applied Realized Loss Amounts to date and the Servicing Fee paid Unpaid Applied Realized Loss Amounts for each applicable Class of Offered Certificates after giving effect to or retained by the Servicer, the amount distribution of the Securities Administrator Fee paid to or retained by the Securities Administrator principal (including Subsequent Recoveries) and any amounts constituting reimbursement or indemnification allocation of the Servicer, Master Servicer, Securities Administrator or TrusteeApplied Realized Loss Amounts on such Distribution Date;
(vi) the Pass-Through Rate for each Class of Offered Certificates for with respect to the current Accrual Period, and, if applicable, whether such Distribution Pass-Through Rate was limited by the Interest Rate Cap;
(vii) the amount of any Excess Cashflow Amount and any Excess Yield Maintenance Amount;
(viii) the aggregate of the Stated Principal Balances of the Mortgage Loans on the related Due Date;
(viiix) the related amount of the Master Servicing Fees paid to or retained by the Master Servicer and the Servicing Fees paid to or retained by each Servicer for the related Due Period;
(x) the amount of Advances included in the distribution on such Distribution Date;
(viii) the cumulative amount of (A) Realized Losses and (B) Applied Realized Loss Amounts to date, in the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage Loans;
(ix) the amount of (A) Realized Losses and (B) Applied Realized Loss Amounts with respect to such Distribution Date, in the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage Loans;
(xxi) the number and aggregate principal amounts of Mortgage Loans (A) Delinquent (exclusive of Mortgage Loans in foreclosureforeclosure and bankruptcy) (1) 31 to 60 days, (2) 61 to 90 days and (3) 91 or more days, and (B) in foreclosure and Delinquent delinquent (1) 31 to 60 days, (2) 61 to 90 days and (3) 91 or more days and (C) in bankruptcy and delinquent (1) 31 to 60 days, (2) 61 to 90 days and (3) 91 or more days, in each case as of the close of business on the last day of the calendar month preceding such Distribution Date, in the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage Loans;
(xixii) with respect to any Mortgage Loan that became an REO Property was liquidated during the preceding calendar month, the loan number and Stated Principal Balance of of, and Realized Loss on, such Mortgage Loan as of the close of business on the last day end of the calendar month preceding such Distribution Date and the date of acquisition thereof, in the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage Loansrelated Prepayment Period;
(xiixiii) whether a Trigger Event exists;
(xiv) the total number and principal balance of any REO Properties as of the close end of business on the related Prepayment Period;
(xv) the Realized Losses during the related Prepayment Period and the cumulative Realized Losses through the end of the preceding month;
(xvi) the three month rolling average of the percent equivalent of a fraction, the numerator of which is the aggregate stated Principal Balance of the Mortgage Loans that are 61 days or more delinquent or are in bankruptcy or foreclosure or are REO Properties, and the denominator of which is the aggregate Stated Principal Balance of all of the Mortgage Loans as of the last day of the calendar month preceding such Distribution Date, in the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage Loans;
(xiiixvii) the aggregate Realized Losses on the Mortgage Loans since the Closing Date as a percentage of the aggregate Stated Principal Balance of all Liquidated Loans as of the preceding Distribution Date, in the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage Loans;
(xiv) whether a Stepdown Trigger Event has occurred and is in effect;
(xv) with respect to each Class of Certificates, any Interest Carry Forward Amount with respect to such Distribution Date for each such Class, any Interest Carry Forward Amount paid for each such Class and any remaining Interest Carry Forward Amount for each such Class;
(xvi) on the number and Stated Principal Balance (as of the preceding Distribution Closing Date) of any Mortgage Loans which were purchased or repurchased during the preceding Due Period and since the Cut-off Date;
(xvii) the number of Mortgage Loans for which Prepayment Charges were received during the related Prepayment Period ; and, for each such Mortgage Loan, the amount of Prepayment Charges received during the related Prepayment Period and in the aggregate of such amounts for all such Mortgage Loans since the Cut-off Date;
(xviii) the amount and purpose of any withdrawal from the Collection Account pursuant to Section 3.08(a)(viii);
(xix) the amount of any payments to each Class of Certificates that are treated as payments received in respect of a REMIC "regular interest" or REMIC "residual interest" Subsequent Recovery for such Distribution Date and the amount of any payments to each Class of Certificates that are not treated as payments received in respect of a REMIC "regular interest" or REMIC "residual interest";
(xx) as of each Distribution Date, by which the amount, if any, to be deposited in the Cap Contract Account pursuant to the related Cap Contract as described in Section 4.04(k) and the amount thereof to be paid to the Class A, Class M, Class B-1A, Class B-2A, Class B-3A, Class B-4A and Class C Certificates described in Section 4.04(k) hereof;
(xxi) any Floating Rate Certificate Carryover paid and all Floating Rate Certificate Carryover remaining on each class of the Class A, Class M, Class B-1, Class B-2, Class B-3 and Class B-4 Certificates on such Distribution Date;
(xxii) the number of Mortgage Loans with respect to which (i) a reduction in the Mortgage Rate has occurred or (ii) the related borrower's obligation to repay interest on a monthly basis has been suspended or reduced pursuant to the Servicemembers Civil Relief Act or the California Military and Veterans Code, as amended; and the amount of interest not required to be paid with respect to any such Mortgage Loans during the related Due Period as a result of such reductions in the aggregate and with respect to the Group One Mortgage Loans and the Group Two Mortgage Loans.
(xxiii) the aggregate Outstanding Principal Balance of each Class of Subordinated Certificates for the following Distribution Date;
(xxiv) the number and aggregate principal amounts of Mortgage Loans (A) delinquent (1) one Monthly Payment, (2) two Monthly Payments and (3) three or more Monthly Payments and (B) in foreclosure, in each case, Class A-2 Certificates was increased as of the end of the related Principal Prepayment Period;
(xxv) the number and the principal balance of Mortgage Loans with respect to any real estate acquired through foreclosure or grant of a deed in lieu of foreclosure;
(xxvi) the aggregate amount of all Advances recovered during the related Due Period;
(xxvii) the aggregate amount of Realized Losses during the related Due Period and the aggregate amount of Realized Losses since the Cut-off Date;
(xxviii) the allocation to each Class of Certificate of any Realized Losses during the related Due Period;
(xxix) with respect to each Class of Certificates, the amount of any Compensating Interest Shortfalls on such Distribution Date;
(xxx) Number and amount of pool assets at the beginning and ending of each period, and updated pool composition information, such as weighted average coupon, weighted average life, weighted average remaining term, pool factors and prepayment amounts;
(xxxi) In addition, describe any material changes to methodology regarding calculations of delinquencies and charge-offs;
(xxxii) Information on the amount, terms and general purpose of any advances made or reimbursed during the period, including the general use of funds advanced and the general source of funds for reimbursements;
(xxxiii) Any material modifications, extensions or waivers to pool asset terms, fees, penalties or payments during the distribution period or that have cumulatively become material over time;
(xxxiv) Material breaches of pool asset representations or warranties or transaction covenants;
(xxxv) Information on ratio, coverage or other tests used for determining any early amortization, liquidation or other performance trigger and whether the trigger was met; and
(xxxvi) Information regarding any new issuance of asset-backed securities backed by the same asset pool, any pool asset changes (other than in connection with a pool asset converting into cash in accordance with its terms), such as additions or removals in connection with a prefunding or revolving period and pool asset substitutions and repurchases (and purchase rates, if applicable), and cash flows available for future purchases, such as the balances of any prefunding or revolving accounts, if applicableresult thereof. Disclose any material changes in the solicitation, credit-granting, underwriting, origination, acquisition or pool selection criteria or procedures, as applicable, used to originate, acquire or select the new pool assets.
(b) The Securities Administrator will may make the Monthly Statement foregoing monthly statement (and, at its option, any additional files containing the same information in an alternative format) available each month to Certificateholders, other parties to this Agreement and any other interested parties Certificateholders via the Securities Administrator's Internet ’s internet website. The Securities Administrator's Internet ’s internet website shall initially be located at "www.__________." “xxx.xxxxxxx.xxx”. Assistance in using the Securities Administrator’s website can be obtained by calling the Securities Administrator's ’s customer service desk at ______________(000) 000-0000. To the extent timely received from the Securities Administrator, the Trustee will also make monthly statements available each month to Certificateholders and the Yield Maintenance Provider via the Trustee’s internet website. The trustee’s internet website will initially be located at xxx.xxxxxxxx.xxx/xxx. Assistance in using the Trustee’s website service can be obtained by calling the Trustee’s customer service desk at (000) 000-0000. Parties that are unable to use the website above distribution options are entitled to have a paper copy mailed to them via first class mail by calling the Securities Administrator’s customer service desk and indicating such. The Securities Administrator shall have the right to may change the way the monthly statements to Certificateholders are distributed in order to make such distribution distributions more convenient and/or or more accessible to the above parties and the Securities Administrator shall provide timely and adequate notification to all above parties regarding any such changes. parties.
(b) The Securities Administrator shall 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 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 Securities Administrator's internet websiteresponsibility for making the above information available to the Certificateholders is limited to the availability, timeliness and accuracy of the information derived from the Master Servicer, the Securities Administrator may require registration EMC Servicer and the acceptance of a disclaimerTrustee. The Securities Administrator will make available a copy of each statement provided pursuant to this Section 5.05 to each Rating Agency.
(c) Within a reasonable period of time after the end of each calendar year, the Trustee shall cause to be furnished to the EMC Servicer, the Master Servicer and 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) and (a)(ii) of this Section 5.05 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) Upon filing with the Internal Revenue Service, the Securities Administrator shall furnish to the Holders of the Residual Certificates the applicable Form 1066 and each applicable Form 1066Q and shall respond promptly to written requests made not more frequently than quarterly by any Holder of a Residual Certificate with respect to the following matters:
(i) The original projected principal and interest cash flows on the Closing Date on each Class of regular and residual interests created hereunder and on the Mortgage Loans, based on the Prepayment Assumption;
(ii) The projected remaining principal and interest cash flows as of the end of any calendar quarter with respect to each Class of regular and residual interests created hereunder and the Mortgage Loans, based on the Prepayment Assumption;
(iii) The applicable Prepayment Assumption and any interest rate assumptions used in determining the projected principal and interest cash flows described above;
(iv) The original issue discount (or, in the case of the Mortgage Loans, market discount) or premium accrued or amortized through the end of such calendar quarter with respect to each Class of regular or residual interests created hereunder and to the Mortgage Loans, together with each constant yield to maturity used in computing the same;
(v) The treatment of losses realized with respect to the Mortgage Loans or the regular interests created hereunder, including the timing and amount of any cancellation of indebtedness income of a REMIC with respect to such regular interests or bad debt deductions claimed with respect to the Mortgage Loans;
(vi) The amount and timing of any non-interest expenses of a REMIC; and
(vii) Any taxes (including penalties and interest) imposed on the REMIC, including, without limitation, taxes on "prohibited transactions," "contributions" or "net income from foreclosure property" or state or local income or franchise taxes. The information pursuant to clauses (i), (ii), (iii) and (iv) above shall be liable for provided by the dissemination of information in accordance with this AgreementDepositor pursuant to Section 9.12.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Bearn Stearns Asset Backed Securities Trust 2004-Sd4)
Monthly Statements to Certificateholders. (a) Not later than each Distribution Date based solely on information provided by the Servicer (which information is not required to include any prediction of future performance as to which such report relates)Date, the Securities Administrator Trustee shall prepare and make available on its website located at xxx.xxxxxxx.xxx to each Holder of a Class of Certificates of the Trust FundCertificates, the Servicer, the Master Servicer, the Trustee, the NIMs Insurer, the Rating Agencies Depositor and the Depositor Credit Risk Manager via its website a statement setting forth for the Certificates with respect to the related Mortgage Loans and related Certificates:
(i) the amount of the related distribution to Holders of each Class allocable to principal, separately identifying (A) the aggregate amount of any Principal Prepayments included therein, (B) the aggregate of all scheduled payments of principal included therein, (C) the Extra Principal Distribution Amount, Monthly Excess Interest with respect to the Certificates (if any, ) and (D) the aggregate amount of Prepayment Charges, if anyCharges distributed to the Class P Certificates;
(ii) the amount of such distribution to Holders of each Class allocable to interest, together with any Non-Supported Interest Shortfalls allocated to each Class;
(iii) the Certificate Principal Balance of each Class immediately prior to and of Certificates, if applicable, after giving effect (i) to all distributions allocable to principal on such Distribution Date and (ii) the allocation of any Applied Realized Loss Amounts Losses for such Distribution Date;
(iv) the Pool aggregate of the Stated Principal Balances of all of the Mortgage Loans in each Loan Group and the aggregate Stated Principal Balance of the Mortgage Loans, in each case for such the following Distribution Date;
(v) the amount of the Servicing Fee Fees paid to or retained by the Servicer, Servicer for the amount of the Securities Administrator Fee paid to or retained by the Securities Administrator and any amounts constituting reimbursement or indemnification of the Servicer, Master Servicer, Securities Administrator or Trusteerelated Due Period;
(vi) the Pass-Through Rate for each Class of Certificates for such Distribution Datewith respect to the current Accrual Period;
(vii) the cumulative amount of Advances included Realized Losses to date and, in addition, if the distribution on such Distribution DateCertificate Principal Balance of any Class of Certificates has been reduced to zero, the cumulative amount of any Realized Losses that have not been allocated to any Class of Certificates;
(viii) the cumulative amount of (A) Realized Losses and (B) Applied Realized Loss Amounts to date, in the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage Loans;
(ix) the amount of (A) Realized Losses and (B) Applied Realized Loss Amounts with respect to such Distribution Date, in the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage Loans;
(x) the number and aggregate principal amounts of Mortgage Loans in each Loan Group and the Mortgage Loans in the aggregate, (A) Delinquent (exclusive of Mortgage Loans in foreclosureforeclosure and bankruptcy) (1) 31 thirty-one (31) to 60 sixty (60) days, (2) 61 sixty-one (61) to 90 ninety (90) days and (3) 91 ninety-one (91) or more days, and (B) in foreclosure and Delinquent delinquent (1) 31 thirty-one (31) to 60 sixty (60) days, (2) 61 sixty-one (61) to 90 ninety (90) days and (3) 91 ninety-one (91) or more days and (C) in bankruptcy and delinquent (1) thirty-one (31) to sixty (60) days, (2) sixty-one (61) to ninety (90) days and (3) ninety-one (91) or more days, in each case as of the close of business on the last day of the calendar month preceding such Distribution Date, in the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage Loans;
(xiix) with respect to any Mortgage Loan that became an REO Property was liquidated during the preceding calendar month, the loan number and Stated Principal Balance of of, and Realized Loss on, such Mortgage Loan as of the close of business on the last day of the calendar month Determination Date preceding such Distribution Date and the date of acquisition thereof, in the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage LoansDate;
(xiix) the total number and principal balance of any real estate owned or REO Properties in each Loan Group and the Mortgage Loans in the aggregate as of the close of business on the last day of the calendar month Determination Date preceding such Distribution Date;
(xi) the three month rolling average of the percent equivalent of a fraction, in the aggregate and with respect to numerator of which is the Aggregate Loan Group One Balance of the Mortgage Loans in a Loan Group that are sixty (60) days or more delinquent or are in bankruptcy or foreclosure or are REO Properties, and the denominator of which is the Aggregate Loan Group Two Balance of all of the Mortgage LoansLoans in such Loan Group as of the last day of such Distribution Date;
(xii) the Realized Losses during the related Prepayment Period and the cumulative Realized Losses through the end of the preceding month;
(xiii) the aggregate Stated Principal Balance amount of all Liquidated Loans as of the preceding Distribution Date, in the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage Loansany Basis Risk Shortfalls;
(xiv) whether a Stepdown Trigger Event has occurred and is amounts payable in effect;respect of each Cap Contract; and
(xv) with respect to each Class of Certificates, any Interest Carry Forward Amount with respect to such Distribution Date for each such Class, any Interest Carry Forward Amount paid for each such Class and any remaining Interest Carry Forward Amount for each such Class;
(xvi) the number and Stated Principal Balance (as of the preceding Distribution Date) of any Mortgage Loans which were purchased or repurchased during the preceding Due Period and since the Cut-off Date;
(xvii) the number of Mortgage Loans for which Prepayment Charges were received during the related Prepayment Period and, for each such Mortgage Loan, the amount of Prepayment Charges received during the related Prepayment Period and in the aggregate of such amounts for all such Mortgage Loans since the Cut-off Date;
(xviii) the amount and purpose of any withdrawal from the Collection Account pursuant to Section 3.08(a)(viii);
(xix) the amount of any payments to each Class of Certificates that are treated as payments received in respect of a REMIC "regular interest" or REMIC "residual interest" and the amount of any payments to each Class of Certificates that are not treated as payments received in respect of a REMIC "regular interest" or REMIC "residual interest";
(xx) as of each Distribution Date, the amount, if any, to be deposited in the Cap Contract Account pursuant to the related Cap Contract as described in Section 4.04(k) and the amount thereof to be Credit Risk Management Fees paid to the Class A, Class M, Class B-1A, Class B-2A, Class B-3A, Class B-4A Credit Risk Manager and Class C Certificates described in Section 4.04(k) hereof;
(xxi) any Floating Rate Certificate Carryover paid and all Floating Rate Certificate Carryover remaining on each class of the Class A, Class M, Class B-1, Class B-2, Class B-3 and Class B-4 Certificates on Seller for such Distribution Date;
(xxii) the number of Mortgage Loans with respect to which (i) a reduction in the Mortgage Rate has occurred or (ii) the related borrower's obligation to repay interest on a monthly basis has been suspended or reduced pursuant to the Servicemembers Civil Relief Act or the California Military and Veterans Code, as amended; and the amount of interest not required to be paid with respect to any such Mortgage Loans during the related Due Period as a result of such reductions in the aggregate and with respect to the Group One Mortgage Loans and the Group Two Mortgage Loans.
(xxiii) the aggregate Outstanding Principal Balance of each Class of Certificates for the following Distribution Date;
(xxiv) the number and aggregate principal amounts of Mortgage Loans (A) delinquent (1) one Monthly Payment, (2) two Monthly Payments and (3) three or more Monthly Payments and (B) in foreclosure, in each case, as of the end of the related Principal Prepayment Period;
(xxv) the number and the principal balance of Mortgage Loans with respect to any real estate acquired through foreclosure or grant of a deed in lieu of foreclosure;
(xxvi) the aggregate amount of all Advances recovered during the related Due Period;
(xxvii) the aggregate amount of Realized Losses during the related Due Period and the aggregate amount of Realized Losses since the Cut-off Date;
(xxviii) the allocation to each Class of Certificate of any Realized Losses during the related Due Period;
(xxix) with respect to each Class of Certificates, the amount of any Compensating Interest Shortfalls on such Distribution Date;
(xxx) Number and amount of pool assets at the beginning and ending of each period, and updated pool composition information, such as weighted average coupon, weighted average life, weighted average remaining term, pool factors and prepayment amounts;
(xxxi) In addition, describe any material changes to methodology regarding calculations of delinquencies and charge-offs;
(xxxii) Information on the amount, terms and general purpose of any advances made or reimbursed during the period, including the general use of funds advanced and the general source of funds for reimbursements;
(xxxiii) Any material modifications, extensions or waivers to pool asset terms, fees, penalties or payments during the distribution period or that have cumulatively become material over time;
(xxxiv) Material breaches of pool asset representations or warranties or transaction covenants;
(xxxv) Information on ratio, coverage or other tests used for determining any early amortization, liquidation or other performance trigger and whether the trigger was met; and
(xxxvi) Information regarding any new issuance of asset-backed securities backed by the same asset pool, any pool asset changes (other than in connection with a pool asset converting into cash in accordance with its terms), such as additions or removals in connection with a prefunding or revolving period and pool asset substitutions and repurchases (and purchase rates, if applicable), and cash flows available for future purchases, such as the balances of any prefunding or revolving accounts, if applicable. Disclose any material changes in the solicitation, credit-granting, underwriting, origination, acquisition or pool selection criteria or procedures, as applicable, used to originate, acquire or select the new pool assets.
(b) The Securities Administrator will Trustee may make the Monthly Statement foregoing monthly statement (and, at its option, any additional files containing the same information in an alternative format) available each month to Certificateholders, other parties to this Agreement and any other interested parties Certificateholders via the Securities Administrator's Internet its internet website. The Securities Administrator's Internet Trustee’s internet website shall initially be located at "www.__________." “wwx.xxxxxxxx.xxx/xxx”. Assistance in using the website can be obtained by calling the Securities Administrator's Trustee’s customer service desk at ______________(800) 000-0000. Parties that are unable to use the website above distribution options 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 Trustee may change the way the monthly statements to Certificateholders are distributed in order to make such distribution distributions more convenient and/or or more accessible to the above parties parties.
(b) The Trustee’s responsibility for making the above information available to the Certificateholders is limited to the availability, timeliness and accuracy of the information derived from the Depositor and the Securities Administrator shall provide timely and adequate notification to all above parties regarding any such changesServicer. The Securities Administrator Trustee will make available a copy of each statement provided pursuant to this Section 5.09 to each Rating Agency.
(c) Within a reasonable period of time after the end of each calendar year, the Trustee shall also cause to be entitled furnished upon request to rely 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 5.09 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) Upon filing with the Internal Revenue Service, the Trustee shall furnish to the Holders of the Residual Certificates the applicable Form 1066 and each applicable Form 1066Q and shall respond promptly to written requests made not more frequently than quarterly by any Holder of a Residual Certificate with respect to the following matters:
(i) The original projected principal and interest cash flows on but shall not be responsible for the content or accuracy Closing Date on each Class of regular and residual interests created hereunder and on the Mortgage Loans, based on the Prepayment Assumption;
(ii) The projected remaining principal and interest cash flows as of the end of any calendar quarter with respect to each Class of regular and residual interests created hereunder and the Mortgage Loans, based on the Prepayment Assumption;
(iii) The applicable Prepayment Assumption and any interest rate assumptions used in determining the projected principal and interest cash flows described above;
(iv) The original issue discount (or, in the case of the Mortgage Loans, market discount) or premium accrued or amortized through the end of such calendar quarter with respect to each Class of regular or residual interests created hereunder and to the Mortgage Loans, together with each constant yield to maturity used in computing the same;
(v) The treatment of losses realized with respect to the Mortgage Loans or the regular interests created hereunder, including the timing and amount of any cancellation of indebtedness income of a REMIC with respect to such regular interests or bad debt deductions claimed with respect to the Mortgage Loans;
(vi) The amount and timing of any non-interest expenses of a REMIC; and
(vii) Any taxes (including penalties and interest) imposed on the REMIC, including, without limitation, taxes on “prohibited transactions,” “contributions” or “net income from foreclosure property” or state or local income or franchise taxes. The information pursuant to clauses (i), (ii), (iii) and (iv) above shall be provided by third parties for purposes of preparing the monthly statement 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 Depositor pursuant to access the Securities Administrator's internet website, the Securities Administrator may require registration and the acceptance of a disclaimer. The Securities Administrator will not be liable for the dissemination of information in accordance with this AgreementSection 9.12.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (ACE Securities Corp Home Equity Trust 2005-He3)
Monthly Statements to Certificateholders. (a) Not later than each Distribution Date based solely on information provided by the Servicer (which information is not required to include any prediction of future performance as to which such report relates)Date, the Securities Administrator Trustee shall prepare and make available on its website located at xxx.xxxxxxx.xxx xxx.xxxxxxxx.xxx to each Holder of a Class of Certificates of the Trust FundIssuing Entity, the Servicer, the Master Servicer, the Trustee, the NIMs Insurer, the Rating Agencies and the Depositor a statement setting forth -95- for the CertificatesCertificates the following information; provided, however, that with respect to any calendar year during which an annual report on Form 10-K is not required to be filed with the Commission on behalf of the Issuing Entity, the information set forth in Items (xxiv) through (xxxii) below are not required to be included in such statement during any calendar year:
(i) the amount of the related distribution to Holders of each Class allocable to principal, separately identifying (A) the aggregate amount of any Principal Prepayments included therein, (B) the aggregate of all scheduled payments of principal included therein, (C) the Extra Principal Distribution Amount, if any, and (D) the aggregate amount of Prepayment Charges, if any;
(ii) the amount of such distribution to Holders of each Class allocable to interest, together with any Non-Supported Interest Shortfalls allocated to each Class;
(iii) any interest Carryforward Amount for each Class of the Class A, Class M and Class B Certificates;
(iv) the Class Certificate Principal Balance of each Class immediately prior to and after giving effect (i) to all distributions allocable to principal on such Distribution Date and (ii) the allocation of any Applied Realized Loss Amounts for such Distribution Date;
(ivv) the Pool Stated Principal Balance for such Distribution Date;
(vvi) the amount of the Servicing Fee paid to or retained by the Servicer, the amount of the Securities Administrator Fee paid to or retained by the Securities Administrator Servicer and any amounts constituting reimbursement or indemnification of the Servicer, Master Servicer, Securities Administrator Servicer or Trustee;
(vivii) the Pass-Through Rate for each Class of Certificates for such Distribution Date;
(viiviii) the amount of Advances included in the distribution on such Distribution DateDate or reimbursed during the period;
(viiiix) the cumulative amount of (A) Realized Losses and (B) Applied Realized Loss Amounts to date, in the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage Loans;
(ixx) the amount of (A) Realized Losses and (B) Applied Realized Loss Amounts with respect to such Distribution Date, in the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage Loans;
(xxi) the number and aggregate principal amounts of Mortgage Loans (A) Delinquent (exclusive of Mortgage Loans in foreclosure) (1) 31 to 60 days, (2) 61 to 90 days and (3) 91 or more days, and (B) in foreclosure and Delinquent (1) 31 to 60 days, (2) 61 to 90 days and (3) 91 or more days, in each case as of the close of business on the last day of the calendar month preceding such Distribution Date, in accordance with the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage LoansOTS methodology for reporting delinquencies;
(xixii) with respect to any Mortgage Loan that became an REO Property during the preceding calendar month, the loan number and Stated Principal Balance of such Mortgage Loan as of the close of business on the last day of the calendar month preceding such Distribution Date and the date of acquisition thereof, in the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage LoansDate;
(xiixiii) the total number and principal balance of any REO Properties as of the close of business on the last day of the calendar month preceding such Distribution Date, in the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage Loans;
(xiiixiv) the aggregate Stated Principal Balance of all loans that became Liquidated Loans as of such Distribution Date calculated as of the preceding Distribution Date, in the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage Loans;
(xivxv) whether a Stepdown Trigger Event has occurred and is in effect;
(xvxvi) with respect to each Class of Certificates, any Interest Carry Forward Amount with respect to such Distribution Date for each such Class, any Interest Carry Forward Amount paid for each such Class and any remaining Interest Carry Forward Amount for each such Class;
(xvixvii) the number and Stated Principal Balance (as of the preceding Distribution Date) of any Mortgage Loans which were purchased or repurchased during the preceding Due Prepayment Period and since the Cut-off Date;
(xviixviii) the number of Mortgage Loans prepaid in full for which Prepayment Charges were received during the related Prepayment Period and, for each such Mortgage Loan, the amount of Prepayment Charges received during the related Prepayment Period and in the aggregate of such amounts for all such Mortgage Loans since the Cut-off Date, and for partial Principal Prepayments, the amount received during the preceding calendar month;
(xviiixix) the amount and purpose of any withdrawal from the Collection Account pursuant to Section 3.08(a)(viii);
(xixxx) the amount of any payments to each Class of Certificates that are treated as payments received in respect of a REMIC "regular interest" or REMIC "residual interest" and the amount of any payments to each Class of Certificates that are not treated as payments received in respect of a REMIC "regular interest" or REMIC "residual interest";
(xx) as of each Distribution Date, the amount, if any, to be deposited in the Cap Contract Account pursuant to the related Cap Contract as described in Section 4.04(k) and the amount thereof to be paid to the Class A, Class M, Class B-1A, Class B-2A, Class B-3A, Class B-4A and Class C Certificates described in Section 4.04(k) hereof;
(xxi) any Floating Rate Certificate Carryover paid and all Floating Rate Certificate Carryover remaining on each class of the Class A, Class M, Class B-1, Class B-2, Class B-3 and Class B-4 Certificates on such Distribution Date;
(xxii) the number of Mortgage Loans with respect to which (i) a reduction in the Mortgage Rate has occurred or (ii) the related borrower's obligation to repay interest on a monthly basis has been suspended or reduced pursuant to the Servicemembers Civil Relief Act or the California Military and Veterans Codesimilar state laws, as amended; and the amount of interest not required to be paid with respect to any such Mortgage Loans during the related Due Period as a result of such reductions in the aggregate and with respect to the Group One Mortgage Loans and the Group Two Mortgage Loans.
(xxiii) the aggregate Outstanding Principal Balance of each Class of Certificates for the following Distribution Datereductions;
(xxiv) the number and aggregate principal amounts of Mortgage Loans (A) delinquent (1) one Monthly Payment, (2) two Monthly Payments and (3) three or more Monthly Payments and (B) in foreclosure, in each case, as of the end of the related Principal Prepayment Period;
(xxv) the number and the principal balance of Mortgage Loans with respect to any real estate acquired through foreclosure or grant of a deed in lieu of foreclosure;
(xxvi) the aggregate amount of all Advances recovered during the related Due Period;
(xxvii) the aggregate amount of Realized Losses during the related Due Period and the aggregate amount of Realized Losses since the Cut-off Date;
(xxviii) the allocation to each Class of Certificate of any Realized Losses during the related Due Period;
(xxixxxii) with respect to each Class of Certificates, the amount of any Compensating Non-Supported Interest Shortfalls on such Distribution Date;
(xxxxxiii) Number the number and amount of pool assets at the beginning and ending of each period, and updated pool composition information, such as weighted average coupon, weighted average life, weighted average remaining term, pool factors and prepayment amounts;
(xxxixxiv) In addition, describe any material changes to methodology regarding calculations of delinquencies and charge-offs;
(xxxiixxv) Information information on the amount, terms and general purpose amount of any advances Servicing Advances made or reimbursed during the period, including the general use of funds advanced and the general source of funds for reimbursements;
(xxxiiixxvi) Any any material modifications, extensions or waivers to pool asset terms, fees, penalties or payments during the distribution period or that have cumulatively become material over time;
(xxxivxxvii) Material material breaches of pool asset representations or warranties or transaction covenants;
(xxxvxxviii) Information information on ratio, coverage or other tests used for determining any early amortization, liquidation or other performance trigger and whether the trigger was met; and
(xxxvixxix) Information information regarding any new issuance of asset-backed securities backed by the same asset pool, any pool asset changes (other than in connection with a pool asset converting into cash in accordance with its terms), such as additions or removals in connection with a prefunding or revolving period and pool asset substitutions and repurchases (and purchase rates, if applicable), and cash flows available for future purchases, such as the balances of any prefunding or revolving accounts, if applicable. Disclose any material changes in the solicitation, credit-granting, underwriting, origination, acquisition or pool selection criteria or procedures, as applicable, used to originate, acquire or select the new pool assets.
(b) The Securities Administrator Trustee will make the Monthly Statement (and, at its option, any additional files containing the same information in an alternative format) available each month to Certificateholders, other parties to this Agreement and any other interested parties via the Securities AdministratorTrustee's Internet website. The Securities AdministratorTrustee's Internet website shall initially be located at "www.__________." xxx.xxxxxxxx.xxx". Assistance in using the website can be obtained by calling the Securities Administrator's customer service desk Trustee at ______________(000) 000-0000. Parties that are unable to use the website are entitled to have a paper copy mailed to them via first class mail by calling the customer service desk above-referenced telephone number and indicating such. The Securities Administrator Trustee shall have the right to 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 Securities Administrator Trustee shall provide timely and adequate notification to all above parties regarding any such changes. The Securities Administrator foregoing information and reports shall also be prepared and determined by the Trustee based on Mortgage Loan data and other information provided to the Trustee by the Servicer or any other third party required to deliver information hereunder. In preparing or furnishing the foregoing information, the Trustee shall be entitled to rely conclusively on but shall not be responsible for the content or accuracy of any the information or data provided to the Trustee by third parties for purposes of preparing the monthly statement and may affix thereto any disclaimer it deems appropriate in its reasonable discretion (without suggesting liability on the part of Servicer or any other third party hereto)required to deliver information and shall have no liability for any errors in any such information. As a condition to access the Securities AdministratorTrustee's internet website, the Securities Administrator Trustee may require registration and the acceptance of a disclaimer. The Securities Administrator Trustee will not be liable for the dissemination of information in accordance with this Agreement.
(c) If so requested in writing within a reasonable period of time after the end of each calendar year, the Trustee shall make available on its website or cause to be furnished to each Person who at any time during the calendar year was a Certificateholder of record and the NIMs Insurer (upon request), a statement containing the information set forth in clauses (a)(i) and (a)(ii) of this Section 4.05 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 are from time to time in effect.
(d) Upon filing with the Internal Revenue Service, the Trustee shall furnish to the Holders of the Class R Certificate each Form 1066Q and shall respond promptly to written requests made not more frequently than quarterly by any Holder of Class R Certificate with respect to the following matters:
(i) The original projected principal and interest cash flows on the Closing Date on each Class of regular and residual interests created hereunder and on the Mortgage Loans, based on the Prepayment Assumption;
(ii) The projected remaining principal and interest cash flows as of the end of any calendar quarter with respect to each Class of regular and residual interests created hereunder and the Mortgage Loans, based on the Prepayment Assumption;
(iii) The Prepayment Assumption and any interest rate assumptions used in determining the projected principal and interest cash flows described above;
(iv) The original issue discount (or, in the case of the Mortgage Loans, market discount) or premium accrued or amortized through the end of such calendar quarter with respect to each Class of regular or residual interests created hereunder and to the Mortgage Loans, together with each constant yield to maturity used in computing the same;
(v) The treatment of losses realized with respect to the Mortgage Loans or the regular interests created hereunder, including the timing and amount of any cancellation of indebtedness income of the REMICs with respect to such regular interests or bad debt deductions claimed with respect to the Mortgage Loans;
(vi) The amount and timing of any non-interest expenses of the REMICs; and
(vii) Any taxes (including penalties and interest) imposed on the REMICs, including, without limitation, taxes on "prohibited transactions," "contributions" or "net income from foreclosure property" or state or local income or franchise taxes. The information pursuant to clauses (i), (ii), (iii) and (iv) above shall be provided by the Depositor pursuant to Section 8.12.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Merrill Lynch First Franklin Mortgage Loan Trust, Series 2007-A)
Monthly Statements to Certificateholders. (a) Not later than each Distribution Date based solely on information provided by the Servicing Administrator or the Servicer (which information is not required pursuant to include any prediction of future performance Section 3.24, as to which such report relates)applicable, the Securities Administrator shall prepare and make available on its website located at xxx.xxxxxxx.xxx www.jpmorgan.com/sfr to each Holder of a Class of Certificates of the Trust FundXxxxx Xxxx, the Servicer, the Master Servicerxxx Xxxvicing Administrator, the Trustee, the NIMs Certificate Insurer, the Credit Risk Manager, the Rating Agencies Agency and the Depositor a statement setting forth for the each $1,000 principal amount of Certificates:
(i) the amount of the related distribution to Holders of each Class allocable to principal, separately identifying (A) the aggregate amount of any Principal Prepayments included therein, (B) the aggregate of all scheduled payments of principal included therein, therein and (C) the Extra Principal Distribution Amount, if any, and (D) the aggregate amount of Prepayment Charges, if any;
(ii) the amount of such distribution to Holders of each Class allocable to interest, together with any Non-Supported Interest Shortfalls allocated to each Class;
(iii) any Interest Carry Forward Amount for each Class of the Certificates;
(iv) the Certificate Principal Balance of each Class immediately prior to and after giving effect (i) to all distributions allocable to principal on such Distribution Date and Date;
(iiv) the allocation aggregate outstanding principal balance of any Applied Realized Loss Amounts each Class of Certificates for such the following Distribution Date;
(ivvi) the Pool Stated Principal Balance for such Distribution Date;
(vvii) the related amount of the Aggregate Servicing Fee, the Servicing Fee paid to or retained by the Servicer, the amount of the Securities Administrator Fee paid to or retained by the Securities Administrator and any amounts constituting reimbursement or indemnification Administrator, the amount of the Servicer, Master Servicer, Securities Administrator or TrusteeCredit Risk Manager Fee paid to the Credit Risk Manager and the amount of any Certificate Insurer Premium paid to the Certificate Insurer;
(viviii) the Pass-Through Rate for each Class of Certificates for such Distribution Date;
(viiix) the amount of Advances included in the distribution on such Distribution Date;
(viiix) [RESERVED];
(xi) the aggregate amount of reimbursement to the Servicer of Non-Recoverable Advances previously made;
(xii) the aggregate amount of recovery to the Trust Fund of reimbursement previously deemed non-recoverable;
(xiii) the cumulative amount of (A) Realized Losses and (B) Applied Realized Loss Amounts to date, in the aggregate and with respect to the Group One I Mortgage Loans and the Group Two II Mortgage Loans) of (A) Realized Losses, (B) Applied Realized Loss Amounts to date and (C) Unpaid Realized Loss Amounts;
(ixxiv) the amount (in the aggregate and with respect to the Group I Mortgage Loans and the Group II Mortgage Loans) of (A) Realized Losses and (B) Applied Realized Loss Amounts with respect to such Distribution Date, in the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage Loans;
(xxv) the number and aggregate principal amounts of Mortgage Loans (A) Delinquent (exclusive of Mortgage Loans in foreclosure) (1) 31 to 60 30 days, (2) 61 to 60 days, (3) 90 days and (34) 91 or more days, and (B) 120 days to include such Delinquent Mortgage Loans which are also in foreclosure and Delinquent (1) 31 to 60 days, (2) 61 to 90 days and (3) 91 or more days, in each case bankruptcy as of the close of business on the last day of the calendar month preceding such Distribution Date, in the aggregate and with respect to the Group One I Mortgage Loans and the Group Two II Mortgage Loans;
(xixvi) with respect to any Mortgage Loan that became an REO Property during the preceding calendar month, the loan number and Stated Principal Balance aggregate principal amounts of such Mortgage Loan Loans that were in bankruptcy as of the close of business on the last day of the calendar month preceding such Distribution Date and the date of acquisition thereofDate, in the aggregate and with respect to the Group One I Mortgage Loans and the Group Two II Mortgage Loans;
(xiixvii) the number and aggregate principal amounts of Mortgage Loans that were in foreclosure as of the close of business on the last day of the calendar month preceding such Distribution Date, in the aggregate and with respect to the Group I Mortgage Loans and the Group II Mortgage Loans;
(xviii) the total number and principal balance of any REO Properties as of the close of business on the last day of the calendar month preceding such Distribution Date, in the aggregate and with respect to the Group One I Mortgage Loans and the Group Two II Mortgage Loans;
(xiiixix) the aggregate Stated Principal Balance of all Liquidated Loans as of the preceding Distribution Date, in the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage Loanswhether a Trigger Event has occurred;
(xiv) whether a Stepdown Trigger Event has occurred and is in effect;
(xvxx) with respect to each Class of Certificatesthe Class A, Class B and Class M Certificates any Interest Carry Forward Amount Floating Rate Certificate Carryover with respect to such Distribution Date for each such Class, any Interest Carry Forward Amount Floating Rate Certificate Carryover paid for each such Class and any remaining Interest Carry Forward Amount Floating Rate Certificate Carryover for each such Class;
(xvixxi) the amount distributed as interest to each Class of Certificates attributable to a regular interest in a REMIC and the amount distributed to each Class of Certificates not attributable to a regular interest in a REMIC;
(xxii) the number and aggregate Stated Principal Balance (as of the preceding Distribution Date) of any all Subsequent Mortgage Loans which were purchased or repurchased added during the preceding Due Period and since the Cut-off DatePeriod;
(xviixxiii) any amounts distributed as Excess Interest to the Class A, Class M or Class B Certificates;
(xxiv) the number and aggregate Stated Principal Balance of Mortgage Loans for which Prepayment Charges prepayment penalties were received during the related Prepayment Period and, for each such Mortgage Loan, the amount of Prepayment Charges prepayment penalties received during the related Prepayment Period and in the aggregate of such amounts for all such Mortgage Loans since the Cut-off Date;
(xviiixxv) the current and cumulative number and amount of prepayment penalties and purpose the current and cumulative amount of any withdrawal from late payment fees received during the Collection Account pursuant to Section 3.08(a)(viii)related Prepayment Period;
(xixxxvi) the amount total number and principal balance of any payments to each Class of Certificates Mortgage Loans that are treated as payments received in respect of a REMIC "regular interest" or REMIC "residual interest" were repurchased during the calendar month preceding such Distribution Date and the amount total number and principal balance of any payments Mortgage Loans that were repurchased from the Closing Date to each Class of Certificates that are not treated as payments received in respect of a REMIC "regular interest" or REMIC "residual interest";
(xx) as of each such Distribution Date, the amount, if any, to be deposited in the Cap Contract Account pursuant to the related Cap Contract as described in Section 4.04(k) and the amount thereof to be paid to the Class A, Class M, Class B-1A, Class B-2A, Class B-3A, Class B-4A and Class C Certificates described in Section 4.04(k) hereof;
(xxi) any Floating Rate Certificate Carryover paid and all Floating Rate Certificate Carryover remaining on each class of the Class A, Class M, Class B-1, Class B-2, Class B-3 and Class B-4 Certificates on such Distribution Date;
(xxii) the number of Mortgage Loans with respect to which (i) a reduction in the Mortgage Rate has occurred or (ii) the related borrower's obligation to repay interest on a monthly basis has been suspended or reduced pursuant to the Servicemembers Civil Relief Act or the California Military and Veterans Code, as amended; and the amount of interest not required to be paid with respect to any such Mortgage Loans during the related Due Period as a result of such reductions in the aggregate and with respect to the Group One I Mortgage Loans and the Group Two II Mortgage Loans.
(xxiii) the aggregate Outstanding Principal Balance of each Class of Certificates for the following Distribution Date;
(xxiv) the number and aggregate principal amounts of Mortgage Loans (A) delinquent (1) one Monthly Payment, (2) two Monthly Payments and (3) three or more Monthly Payments and (B) in foreclosure, in each case, as of the end of the related Principal Prepayment Period;
(xxv) the number and the principal balance of Mortgage Loans with respect to any real estate acquired through foreclosure or grant of a deed in lieu of foreclosure;
(xxvi) the aggregate amount of all Advances recovered during the related Due Period;
(xxvii) the aggregate amount of Realized Losses during the related Due Period Subsequent Recoveries for such Distribution Date and the aggregate amount of Realized Losses since Subsequent Recoveries collected after the Cut-off Closing Date to such Distribution Date, in the aggregate and with respect to the Group I Mortgage Loans and the Group II Mortgage Loans;
(xxviii) the allocation weighted average remaining term to each Class maturity of Certificate the Mortgage Loans as of any Realized Losses during the related Due Periodfirst day of the calendar month preceding such Distribution Date, in the aggregate and with respect to the Group I Mortgage Loans and the Group II Mortgage Loans;
(xxix) with respect to each Class of Certificates, the amount of any Compensating Interest Shortfalls on such Distribution Date;[RESERVED]
(xxx) Number and amount of pool assets at the beginning and ending as of each periodDistribution Date, and updated pool composition information, such as weighted average coupon, weighted average life, weighted average remaining term, pool factors and prepayment amounts;
(xxxi) In addition, describe any material changes to methodology regarding calculations the Floating Rate Certificate Carryover for each Class of delinquencies and charge-offs;
(xxxii) Information on the amount, terms and general purpose of any advances made or reimbursed during the period, including the general use of funds advanced and the general source of funds for reimbursements;
(xxxiii) Any material modifications, extensions or waivers to pool asset terms, fees, penalties or payments during the distribution period or that have cumulatively become material over time;
(xxxiv) Material breaches of pool asset representations or warranties or transaction covenants;
(xxxv) Information on ratio, coverage or other tests used for determining any early amortization, liquidation or other performance trigger and whether the trigger was met; and
(xxxvi) Information regarding any new issuance of asset-backed securities backed by the same asset pool, any pool asset changes Certificates (other than in connection with a pool asset converting into cash in accordance with its terms), the Class X Certificates) and the portion of such as additions Floating Rate Certificate Carryover that is attributable to the fact that Applied Realized Loss Amounts are not allocated to the Class A or removals in connection with a prefunding or revolving period and pool asset substitutions and repurchases (and purchase rates, if applicable), and cash flows available for future purchases, such as the balances of any prefunding or revolving accounts, if applicable. Disclose any material changes in the solicitation, credit-granting, underwriting, origination, acquisition or pool selection criteria or procedures, as applicable, used to originate, acquire or select the new pool assetsClass R Certificates.
(b) The Securities Administrator will make If so requested in writing or as required by applicable law, within a reasonable period of time after the Monthly Statement (andend of each calendar year, at its option, any additional files containing the same information in an alternative format) available each month to Certificateholders, other parties to this Agreement and any other interested parties via the Securities Administrator's Internet website. The Securities Administrator's Internet website shall initially be located at "www.__________." 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 website 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 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 Securities Administrator shall provide timely make available on its website or cause to be furnished to each Person who at any time during the calendar year was a Certificateholder of record (and adequate notification to all above parties regarding any the Certificate Insurer), a statement containing the information set forth in clauses (a)(i) and (a)(ii) of this Section 5.06 aggregated for such changescalendar year or applicable portion thereof during which such Person was a Certificateholder. The Such obligation of the Securities Administrator shall also be entitled deemed to rely on but have been satisfied to the extent that substantially comparable information shall not be responsible for the content or accuracy of any information provided by third parties for purposes of preparing the monthly statement 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 Securities Administrator's internet websiteAdministrator pursuant to any requirements of the Code as from time to time in effect. Within a reasonable period of time after the end of each calendar year if requested in writing or required by applicable law, the Securities Administrator may require registration will prepare and deliver to each certificateholder of record during the acceptance of previous calendar year, a disclaimerstatement containing information necessary to enable certificateholders to prepare their tax returns. The Securities Administrator will not be liable responsible for any errors, omissions or misstatements that may be incorporated in such statement.
(c) Upon filing with the dissemination Internal Revenue Service, the Securities Administrator shall furnish to the Holders of the Class R Certificate the Form 1066 and each Form 1066Q and shall respond promptly to written requests made not more frequently than quarterly by any Holder of Class R Certificate with respect to the following matters: the original projected principal and interest cash flows on the Closing Date on each Class of regular and residual interests created hereunder and on the Mortgage Loans, based on the Prepayment Assumption;
(i) The projected remaining principal and interest cash flows as of the end of any calendar quarter with respect to each Class of regular and residual interests created hereunder and the Mortgage Loans, based on the Prepayment Assumption;
(ii) The Prepayment Assumption and any interest rate assumptions used in determining the projected principal and interest cash flows described above;
(iii) The original issue discount (or, in the case of the Mortgage Loans, market discount) or premium accrued or amortized through the end of such calendar quarter with respect to each Class of regular or residual interests created hereunder and to the Mortgage Loans, together with each constant yield to maturity used in computing the same;
(iv) The treatment of losses realized with respect to the Mortgage Loans or the regular interests created hereunder, including the timing and amount of any cancellation of indebtedness income of the REMICs with respect to such regular interests or bad debt deductions claimed with respect to the Mortgage Loans;
(v) The amount and timing of any non-interest expenses of the REMICs; and
(vi) Any taxes (including penalties and interest) imposed on the REMICs, including, without limitation, taxes on "prohibited transactions," "contributions" or "net income from foreclosure property" or state or local income or franchise taxes. The Securities Administrator shall only be required to provide the information in accordance with this Agreementpursuant to clauses (i), (ii) and (iii) above if such information is provided to the Securities Administrator by the Depositor.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Terwin Mortgage Trust, Series TMTS 2005-14he)
Monthly Statements to Certificateholders. (a) Not later than each Distribution Date based solely on information provided the Trustee shall cause to be forwarded by the Servicer (which information is not required to include any prediction of future performance as to which such report relates), the Securities Administrator shall prepare and make available on its website located at xxx.xxxxxxx.xxx mail to each Holder of a Class of Certificates of the Trust Fund, the Servicer, the Master Servicer, the Trustee, the NIMs Insurer, Certificateholder and the Rating Agencies and the Depositor a statement setting forth for the Certificatesforth:
(i) the amount of such distribution representing principal on the related distribution to Holders of each Class allocable to principalMortgage Loans, separately identifying (A) the aggregate amount of any Principal Prepayments principal prepayments included therein, (B) and the aggregate portion of all scheduled payments of principal included therein, (C) the Extra Principal Distribution Amountsuch distribution, if any, representing a Monthly Advance of principal and (D) the aggregate amount respective Certificate Principal Balances of Prepayment Charges, if anyall Classes after giving effect to such distributions;
(ii) the amount of such distribution to Holders representing interest on the Mortgage Loans and the portion of each Class allocable to such distribution, if any, representing a Monthly Advance of interest, together with any Non-Supported Interest Shortfalls allocated to each Class;
(iii) the Certificate aggregate Principal Balance Balances of each Class immediately prior to and after giving effect (i) to all distributions allocable to principal the Mortgage Loans as of the Close of business on such Distribution Date and (ii) the allocation amount of any Applied Realized Loss Amounts for such Distribution DatePrincipal Prepayments received during the immediately preceding Collection Period;
(iv) the Pool Stated Principal Balance for such Distribution Daterelated amount of the Servicing Fees retained or withdrawn from a Custodial Account or the Certificate Account;
(v) the amount of the Servicing Fee Monthly Advances paid to or retained by the each Servicer, the amount of the Securities Administrator Fee paid to or retained by the Securities Administrator and any amounts constituting reimbursement or indemnification of the Servicer, Master Servicer, Securities Administrator or Trustee;
(vi) the Pass-Through Rate for each Class number of Certificates for such Distribution Dateaggregate amounts of Mortgage Loans: (A) delinquent: (1) one month, (2) two months, (3) three months or more and (B) in foreclosure;
(vii) the amount book value (within the meaning of Advances included in the distribution on such Distribution Date;
(viii) the cumulative amount of (A) Realized Losses and (B) Applied Realized Loss Amounts to date, in the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage Loans;
(ix) the amount of (A) Realized Losses and (B) Applied Realized Loss Amounts with respect to such Distribution Date, in the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage Loans;
(x) the number and aggregate principal amounts of Mortgage Loans (A) Delinquent (exclusive of Mortgage Loans in foreclosure) (1) 31 to 60 days, (2) 61 to 90 days and (3) 91 12 C.F.R.ss.571.13 or more days, and (B) in foreclosure and Delinquent (1) 31 to 60 days, (2) 61 to 90 days and (3) 91 or more days, in each case as of the close of business on the last day of the calendar month preceding such Distribution Date, in the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage Loans;
(xi) with respect to any Mortgage Loan that became an REO Property during the preceding calendar month, the loan number and Stated Principal Balance of such Mortgage Loan as of the close of business on the last day of the calendar month preceding such Distribution Date and the date of acquisition thereof, in the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage Loans;
(xii) the total number and principal balance of any REO Properties as of the close of business on the last day of the calendar month preceding such Distribution Date, in the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage Loans;
(xiii) the aggregate Stated Principal Balance of all Liquidated Loans as of the preceding Distribution Date, in the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage Loans;
(xiv) whether a Stepdown Trigger Event has occurred and is in effect;
(xv) with respect to each Class of Certificates, any Interest Carry Forward Amount with respect to such Distribution Date for each such Class, any Interest Carry Forward Amount paid for each such Class and any remaining Interest Carry Forward Amount for each such Class;
(xvi) the number and Stated Principal Balance (as of the preceding Distribution Datecomparable provision) of any Mortgage Loans which were purchased or repurchased during the preceding Due Period and since the Cut-off Date;
(xvii) the number of Mortgage Loans for which Prepayment Charges were received during the related Prepayment Period and, for each such Mortgage Loan, the amount of Prepayment Charges received during the related Prepayment Period and in the aggregate of such amounts for all such Mortgage Loans since the Cut-off Date;
(xviii) the amount and purpose of any withdrawal from the Collection Account pursuant to Section 3.08(a)(viii);
(xix) the amount of any payments to each Class of Certificates that are treated as payments received in respect of a REMIC "regular interest" or REMIC "residual interest" and the amount of any payments to each Class of Certificates that are not treated as payments received in respect of a REMIC "regular interest" or REMIC "residual interest";
(xx) as of each Distribution Date, the amount, if any, to be deposited in the Cap Contract Account pursuant to the related Cap Contract as described in Section 4.04(k) and the amount thereof to be paid to the Class A, Class M, Class B-1A, Class B-2A, Class B-3A, Class B-4A and Class C Certificates described in Section 4.04(k) hereof;
(xxi) any Floating Rate Certificate Carryover paid and all Floating Rate Certificate Carryover remaining on each class of the Class A, Class M, Class B-1, Class B-2, Class B-3 and Class B-4 Certificates on such Distribution Date;
(xxii) the number of Mortgage Loans with respect to which (i) a reduction in the Mortgage Rate has occurred or (ii) the related borrower's obligation to repay interest on a monthly basis has been suspended or reduced pursuant to the Servicemembers Civil Relief Act or the California Military and Veterans Code, as amended; and the amount of interest not required to be paid with respect to any such Mortgage Loans during the related Due Period as a result of such reductions in the aggregate and with respect to the Group One Mortgage Loans and the Group Two Mortgage Loans.
(xxiii) the aggregate Outstanding Principal Balance of each Class of Certificates for the following Distribution Date;
(xxiv) the number and aggregate principal amounts of Mortgage Loans (A) delinquent (1) one Monthly Payment, (2) two Monthly Payments and (3) three or more Monthly Payments and (B) in foreclosure, in each case, as of the end of the related Principal Prepayment Period;
(xxv) the number and the principal balance of Mortgage Loans with respect to any real estate acquired through foreclosure or grant of a deed in lieu of foreclosure;
(xxviviii) the aggregate amount of all Advances recovered during the related Due Period;
(xxvii) the aggregate amount respective amounts, if any, of Realized Losses during allocated to the related Due Period and the aggregate amount respective Classes of Realized Losses since the Cut-off Date;
(xxviii) the allocation to each Class of Certificate of any Realized Losses during the related Due Period;
(xxix) Certificates with respect to each Class of Certificates, the amount of any Compensating Interest Shortfalls on such Distribution Date;
(xxxix) Number and amount of pool assets at all Monthly advances recovered during the beginning and ending of each period, and updated pool composition information, such as weighted average coupon, weighted average life, weighted average remaining term, pool factors and prepayment amountsrelated Collection Period;
(xxxix) In addition, describe any material changes to methodology regarding calculations of delinquencies and charge-offs;
(xxxii) Information on the amount, terms and general purpose amount of any advances made or reimbursed tax imposed on a "prohibited transaction" of the Trust Fund as defined in Section 860F of the Code during the period, including the general use of funds advanced and the general source of funds for reimbursements;
(xxxiii) Any material modifications, extensions or waivers to pool asset terms, fees, penalties or payments during the distribution period or that have cumulatively become material over time;
(xxxiv) Material breaches of pool asset representations or warranties or transaction covenants;
(xxxv) Information on ratio, coverage or other tests used for determining any early amortization, liquidation or other performance trigger and whether the trigger was metrelated Collection Period; and
(xxxvixi) Information regarding any new issuance of asset-backed securities backed by the same asset pool, any pool asset changes (other than in connection with a pool asset converting into cash in accordance with its terms), such as additions or removals in connection with a prefunding or revolving period and pool asset substitutions and repurchases (and purchase rates, if applicable), and cash flows available for future purchases, such as the balances amount of any prefunding or revolving accounts, if applicable. Disclose reduction in Certificate Principal Balance of any material changes in Class attributable to the solicitation, credit-granting, underwriting, origination, acquisition or pool selection criteria or procedures, as applicable, used to originate, acquire or select application of Realized Losses thereto on the new pool assetsrelated Distribution Date.
(b) The Securities Administrator Trustee's responsibility for disbursing the above information to the Certificateholders is limited to the availability, timeliness and accuracy of the information derived from each Servicer. The Trustee will make the Monthly Statement (and, at its option, any additional files containing the same information in an alternative format) available send a copy of each month to Certificateholders, other parties statement provided pursuant to this Agreement Section 4.04 to each Rating Agency.
(c) Upon reasonable advance notice in writing if required by federal regulation, the Trustee will provide to each Certificateholder which is a savings and any loan association, bank or insurance company certain reports and access to information and documentation regarding the Mortgage Loans sufficient to permit such Certificateholder to comply with applicable regulations of the Office of Thrift Supervision or other interested parties via regulatory authorities with respect to investment in the Securities Administrator's Internet website. The Securities Administrator's Internet website Certificates; provided, that the Trustee shall initially be located at "www.__________." 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 website 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 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 Securities Administrator shall provide timely and adequate notification to all above parties regarding any such changes. The Securities Administrator shall also be entitled to rely on but shall not be responsible reimbursed by each such Certificateholder for the content or accuracy Trustee's actual expenses incurred in providing such reports and access. The Trustee will provide to any Certificateholder upon request the outstanding Certificate Principal Balance as of such dates and, if then known by the Trustee, the outstanding Certificate Principal Balances after giving effect to any information provided by third parties for purposes of preparing the monthly statement and may affix thereto any disclaimer it deems appropriate in its reasonable discretion (without suggesting liability distribution to be made on the part of any other party hereto). As a condition to access the Securities Administrator's internet website, the Securities Administrator may require registration and the acceptance of a disclaimer. The Securities Administrator will not be liable for the dissemination of information in accordance with this Agreementnext following Distribution Date.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Goldman Sachs Asset Backed Securities Corp)
Monthly Statements to Certificateholders. (a) Not later than each Distribution Date based solely on information provided by the Servicer (which information is not required to include any prediction of future performance as to which such report relates)Servicer, the Securities Administrator Trustee shall prepare and make available on its website located at xxx.xxxxxxx.xxx xxx.xxxxxxxx.xxx to each Holder of a Class of Certificates of the Trust Fund, the Servicer, the Master Servicer, the Trustee, the NIMs Insurer, the Rating Agencies and the Depositor a statement setting forth for the Certificates:
(i) the amount of the related distribution to Holders of each Class allocable to principal, separately identifying (A) the aggregate amount of any Principal Prepayments included therein, (B) the aggregate of all scheduled payments of principal included therein, (C) the Extra Principal Distribution Amount, if any, and (D) the aggregate amount of Prepayment Charges, if any;
(ii) the amount of such distribution to Holders of each Class allocable to interest, together with any Non-Supported Interest Shortfalls allocated to each Class;
(iii) any Interest Carryforward Amount for each Class of the Class A, Class M and Class B Certificates;
(iv) the Class Certificate Principal Balance of each Class immediately prior to and after giving effect (i) to all distributions allocable to principal on such Distribution Date and (ii) the allocation of any Applied Realized Loss Amounts for such Distribution Date;
(ivv) the Pool Stated Principal Balance for such Distribution Date;
(vvi) the amount of the Servicing Fee Fees paid to or retained by the Servicer, the amount of the Securities Administrator Fee paid to or retained by the Securities Administrator Servicer and any amounts constituting reimbursement or indemnification of the Servicer, Master Servicer, Securities Administrator Servicer or Trustee;
(vivii) the Pass-Through Rate for each Class of Certificates for such Distribution Date;
(viiviii) the amount of Advances included in the distribution on such Distribution Date;
(viiiix) the cumulative amount of (A) Realized Losses and (B) Applied Realized Loss Amounts to date, in the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage Loans;
(ixx) the amount of (A) Realized Losses and (B) Applied Realized Loss Amounts with respect to such Distribution Date, in the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage Loans;
(xxi) the number and aggregate principal amounts of Mortgage Loans (A) Delinquent (exclusive of Mortgage Loans in foreclosure) (1) 31 to 60 days, (2) 61 to 90 days and (3) 91 or more days, and (B) in foreclosure and Delinquent (1) 31 to 60 days, (2) 61 to 90 days and (3) 91 or more days, in each case as of the close of business on the last day of the calendar month preceding such Distribution Date, in the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage Loans;
(xi) with respect to any Mortgage Loan that became an REO Property during the preceding calendar month, the loan number and Stated Principal Balance of such Mortgage Loan as of the close of business on the last day of the calendar month preceding such Distribution Date and the date of acquisition thereof, in the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage Loans;
(xii) the total number and principal balance of any REO Properties as of the close of business on the last day of the calendar month preceding such Distribution Date, in the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage Loans;
(xiii) the aggregate Stated Principal Balance of all Liquidated Loans as of the preceding Distribution Date, in the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage Loans;
(xiv) whether a Stepdown Trigger Event has occurred and is in effectoccurred;
(xv) with respect to each Class of Certificates, any Interest Carry Forward Amount with respect to such Distribution Date for each such Class, any Interest Carry Forward Amount paid for each such Class and any remaining Interest Carry Forward Amount for each such Class;
(xvi) with respect to each Class of Certificates, any Floating Rate Certificate Carryover with respect to such Distribution Date for each such Class, any Floating Rate Certificate Carryover paid for each such Class and any remaining Floating Rate Certificate Carryover for each such Class;
(xvii) the number and Stated Principal Balance (as of the preceding Distribution Date) of any Mortgage Loans which were purchased or repurchased during the preceding Due Period and since the Cut-off Date;
(xviixviii) the number of Mortgage Loans for which Prepayment Charges were received during the related Prepayment Period and, for each such Mortgage Loan, the amount of Prepayment Charges received during the related Prepayment Period and in the aggregate of such amounts for all such Mortgage Loans since the Cut-off Date;
(xviiixix) [RESERVED];
(xx) the amount and purpose of any withdrawal from the Collection Account pursuant to Section 3.08(a)(viii3.08(a)(v);; and
(xixxxi) the amount of any payments to each Class of Certificates that are treated as payments received in respect of a REMIC "regular interest" Regular Interest or REMIC "residual interest" and the amount of any payments to each Class of Certificates that are not treated as payments received in respect of a REMIC "regular interest" Regular Interest or REMIC "residual interest";
(xx) as of each Distribution Date, the amount, if any, to be deposited in the Cap Contract Account pursuant to the related Cap Contract as described in Section 4.04(k) and the amount thereof to be paid to the Class A, Class M, Class B-1A, Class B-2A, Class B-3A, Class B-4A and Class C Certificates described in Section 4.04(k) hereof;
(xxi) any Floating Rate Certificate Carryover paid and all Floating Rate Certificate Carryover remaining on each class of the Class A, Class M, Class B-1, Class B-2, Class B-3 and Class B-4 Certificates on such Distribution Date;
(xxii) the number of Mortgage Loans with respect to which (i) a reduction in the Mortgage Rate has occurred or (ii) the related borrower's obligation to repay interest on a monthly basis has been suspended or reduced pursuant to the Servicemembers Civil Relief Act or the California Military and Veterans Code, as amended; and the amount of interest not required to be paid with respect to any such Mortgage Loans during the related Due Period as a result of such reductions in the aggregate and with respect to the Group One Mortgage Loans and the Group Two Mortgage Loans.
(xxiii) the aggregate Outstanding Principal Balance of each Class of Certificates for the following Distribution Date;
(xxiv) the number and aggregate principal amounts of Mortgage Loans (A) delinquent (1) one Monthly Payment, (2) two Monthly Payments and (3) three or more Monthly Payments and (B) in foreclosure, in each case, as of the end of the related Principal Prepayment Period;
(xxv) the number and the principal balance of Mortgage Loans with respect to any real estate acquired through foreclosure or grant of a deed in lieu of foreclosure;
(xxvi) the aggregate amount of all Advances recovered during the related Due Period;
(xxvii) the aggregate amount of Realized Losses during the related Due Period and the aggregate amount of Realized Losses since the Cut-off Date;
(xxviii) the allocation to each Class of Certificate of any Realized Losses during the related Due Period;
(xxix) with respect to each Class of Certificates, the amount of any Compensating Interest Shortfalls on such Distribution Date;
(xxx) Number and amount of pool assets at the beginning and ending of each period, and updated pool composition information, such as weighted average coupon, weighted average life, weighted average remaining term, pool factors and prepayment amounts;
(xxxi) In addition, describe any material changes to methodology regarding calculations of delinquencies and charge-offs;
(xxxii) Information on the amount, terms and general purpose of any advances made or reimbursed during the period, including the general use of funds advanced and the general source of funds for reimbursements;
(xxxiii) Any material modifications, extensions or waivers to pool asset terms, fees, penalties or payments during the distribution period or that have cumulatively become material over time;
(xxxiv) Material breaches of pool asset representations or warranties or transaction covenants;
(xxxv) Information on ratio, coverage or other tests used for determining any early amortization, liquidation or other performance trigger and whether the trigger was met; and
(xxxvi) Information regarding any new issuance of asset-backed securities backed by the same asset pool, any pool asset changes (other than in connection with a pool asset converting into cash in accordance with its terms), such as additions or removals in connection with a prefunding or revolving period and pool asset substitutions and repurchases (and purchase rates, if applicable), and cash flows available for future purchases, such as the balances of any prefunding or revolving accounts, if applicable. Disclose any material changes in the solicitation, credit-granting, underwriting, origination, acquisition or pool selection criteria or procedures, as applicable, used to originate, acquire or select the new pool assets.
(b) The Securities Administrator Trustee will make the Monthly Statement (and, at its option, any additional files containing the same information in an alternative format) available each month to Certificateholders, other parties to this Agreement and any other interested parties via the Securities AdministratorTrustee's Internet website. The Securities AdministratorTrustee's Internet website shall initially be located at "www.__________." xxx.xxxxxxxx.xxx". Assistance in using the website can be obtained by calling the Securities AdministratorTrustee's customer service desk at ______________(000) 000-0000. Parties that are unable to use the website 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 Trustee shall have the right to 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 Securities Administrator Trustee shall provide timely and adequate notification to all above parties regarding any such changes. The Securities Administrator Trustee shall 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 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 Securities AdministratorTrustee's internet website, the Securities Administrator Trustee may require registration and the acceptance of a disclaimer. The Securities Administrator Trustee will not be liable for the dissemination of information in accordance with this Agreement.
(c) If so requested in writing within a reasonable period of time after the end of each calendar year, the Trustee shall make available on its website or cause to be furnished to each Person who at any time during the calendar year was a Certificateholder of record, a statement containing the information set forth in clauses (a)(i) and (a)(ii) of this Section 4.05 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 are from time to time in effect.
(d) Upon filing with the Internal Revenue Service, the Trustee shall furnish to the Holders of the Class R Certificate the Form 1066 and each Form 1066Q and shall respond promptly to written requests made not more frequently than quarterly by any Holder of Class R Certificate with respect to the following matters:
(i) The original projected principal and interest cash flows on the Closing Date on each Class of regular and residual interests created hereunder and on the Mortgage Loans, based on the Prepayment Assumption;
(ii) The projected remaining principal and interest cash flows as of the end of any calendar quarter with respect to each Class of regular and residual interests created hereunder and the Mortgage Loans, based on the Prepayment Assumption;
(iii) The Prepayment Assumption and any interest rate assumptions used in determining the projected principal and interest cash flows described above;
(iv) The original issue discount (or, in the case of the Mortgage Loans, market discount) or premium accrued or amortized through the end of such calendar quarter with respect to each Class of regular or residual interests created hereunder and to the Mortgage Loans, together with each constant yield to maturity used in computing the same;
(v) The treatment of losses realized with respect to the Mortgage Loans or the regular interests created hereunder, including the timing and amount of any cancellation of indebtedness income of the REMICs with respect to such regular interests or bad debt deductions claimed with respect to the Mortgage Loans;
(vi) The amount and timing of any non-interest expenses of the REMICs; and
(vii) Any taxes (including penalties and interest) imposed on the REMICs, including, without limitation, taxes on "prohibited transactions," "contributions" or "net income from foreclosure property" or state or local income or franchise taxes. The information pursuant to clauses (i), (ii), (iii) and (iv) above shall be provided by the Depositor pursuant to Section 8.12.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Merrill Lynch Mortgage Investors Inc)
Monthly Statements to Certificateholders. (a) Not later than each Distribution Date based solely on information provided by the Servicer (which information is not required to include any prediction of future performance as to which such report relates)Servicer, the Securities Administrator shall prepare and make available on its website located at xxx.xxxxxxx.xxx www.ctslink.com to each Holder of a Class of Certificates of the Trust FundXxxx, the Servicerxxx Xxxxicer, the Master Servicer, the Trustee, the NIMs Insurer, the Rating Agencies and the Depositor a statement setting forth for the Certificates:
(i) the amount of the related distribution to Holders of each Class allocable to principal, separately identifying (A) the aggregate amount of any Principal Prepayments included therein, (B) the aggregate of all scheduled payments of principal included therein, (C) the Extra Principal Distribution Amount, if any, and (D) the aggregate amount of Prepayment Charges, if any;
(ii) the amount of such distribution to Holders of each Class allocable to interest, together with any Non-Supported Interest Shortfalls allocated to each Class;
(iii) any Interest Carryforward Amount for each Class of the Offered Certificates;
(iv) the Class Certificate Principal Balance of each Class immediately prior to and after giving effect (i) to all distributions allocable to principal on such Distribution Date and (ii) the allocation of any Applied Realized Loss Amounts for such Distribution Date;
(ivv) the Pool Stated Principal Balance for such Distribution Date;
(vvi) the amount of the Servicing Fee paid to or retained by the Servicer, the amount of the Securities Administrator Fee paid to or retained by the Securities Administrator and any amounts constituting reimbursement or indemnification of the Servicer, Master Servicer, Securities Administrator or Trustee;
(vivii) the Pass-Through Rate for each Class of Certificates for such Distribution Date;
(viiviii) the amount of Advances included in the distribution on such Distribution Date;
(viiiix) the cumulative amount of (A) Realized Losses and (B) Applied Realized Loss Amounts to date, in the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage Loans;
(ixx) the amount of (A) Realized Losses and (B) Applied Realized Loss Amounts with respect to such Distribution Date, in the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage Loans;
(xxi) the number and aggregate principal amounts of Mortgage Loans (A) Delinquent (exclusive of Mortgage Loans in foreclosure) (1) 31 to 60 days, (2) 61 to 90 days and (3) 91 or more days, and (B) in foreclosure and Delinquent (1) 31 to 60 days, (2) 61 to 90 days and (3) 91 or more days, in each case as of the close of business on the last day of the calendar month preceding such Distribution Date, in the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage Loans;
(xi) with respect to any Mortgage Loan that became an REO Property during the preceding calendar month, the loan number and Stated Principal Balance of such Mortgage Loan as of the close of business on the last day of the calendar month preceding such Distribution Date and the date of acquisition thereof, in the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage Loans;
(xii) the total number and principal balance of any REO Properties as of the close of business on the last day of the calendar month preceding such Distribution Date, in the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage Loans;
(xiii) the aggregate Stated Principal Balance of all Liquidated Loans as of the preceding Distribution Date, in the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage Loans;
(xiv) whether a Stepdown Trigger Event has occurred and is in effectoccurred;
(xv) with respect to each Class of Certificates, any Interest Carry Forward Amount with respect to such Distribution Date for each such Class, any Interest Carry Forward Amount paid for each such Class and any remaining Interest Carry Forward Amount for each such Class;
(xvi) with respect to each Class of Certificates, any Floating Rate Certificate Carryover with respect to such Distribution Date for each such Class, any Floating Rate Certificate Carryover paid for each such Class and any remaining Floating Rate Certificate Carryover for each such Class;
(xvii) the number and Stated Principal Balance (as of the preceding Distribution Date) of any Mortgage Loans which were purchased or repurchased during the preceding Due Period and since the Cut-off Date;
(xviixviii) the number of Mortgage Loans for which Prepayment Charges were received during the related Prepayment Period and, for each such Mortgage Loan, the amount of Prepayment Charges received during the related Prepayment Period and in the aggregate of such amounts for all such Mortgage Loans since the Cut-off Date;
(xviiixix) [RESERVED];
(xx) the amount and purpose of any withdrawal from the Collection Account pursuant to Section 3.08(a)(viii3.08(a)(v);; and
(xixxxi) the amount of any payments to each Class of Certificates that are treated as payments received in respect of a REMIC "regular interest" Regular Interest or REMIC "residual interest" and the amount of any payments to each Class of Certificates that are not treated as payments received in respect of a REMIC "regular interest" Regular Interest or REMIC "residual interest";
(xx) as of each Distribution Date, the amount, if any, to be deposited in the Cap Contract Account pursuant to the related Cap Contract as described in Section 4.04(k) and the amount thereof to be paid to the Class A, Class M, Class B-1A, Class B-2A, Class B-3A, Class B-4A and Class C Certificates described in Section 4.04(k) hereof;
(xxi) any Floating Rate Certificate Carryover paid and all Floating Rate Certificate Carryover remaining on each class of the Class A, Class M, Class B-1, Class B-2, Class B-3 and Class B-4 Certificates on such Distribution Date;
(xxii) the number of Mortgage Loans with respect to which (i) a reduction in the Mortgage Rate has occurred or (ii) the related borrower's obligation to repay interest on a monthly basis has been suspended or reduced pursuant to the Servicemembers Civil Relief Act or the California Military and Veterans Code, as amended; and the amount of interest not required to be paid with respect to any such Mortgage Loans during the related Due Period as a result of such reductions in the aggregate and with respect to the Group One Mortgage Loans and the Group Two Mortgage Loans.
(xxiii) the aggregate Outstanding Principal Balance of each Class of Certificates for the following Distribution Date;
(xxiv) the number and aggregate principal amounts of Mortgage Loans (A) delinquent (1) one Monthly Payment, (2) two Monthly Payments and (3) three or more Monthly Payments and (B) in foreclosure, in each case, as of the end of the related Principal Prepayment Period;
(xxv) the number and the principal balance of Mortgage Loans with respect to any real estate acquired through foreclosure or grant of a deed in lieu of foreclosure;
(xxvi) the aggregate amount of all Advances recovered during the related Due Period;
(xxvii) the aggregate amount of Realized Losses during the related Due Period and the aggregate amount of Realized Losses since the Cut-off Date;
(xxviii) the allocation to each Class of Certificate of any Realized Losses during the related Due Period;
(xxix) with respect to each Class of Certificates, the amount of any Compensating Interest Shortfalls on such Distribution Date;
(xxx) Number and amount of pool assets at the beginning and ending of each period, and updated pool composition information, such as weighted average coupon, weighted average life, weighted average remaining term, pool factors and prepayment amounts;
(xxxi) In addition, describe any material changes to methodology regarding calculations of delinquencies and charge-offs;
(xxxii) Information on the amount, terms and general purpose of any advances made or reimbursed during the period, including the general use of funds advanced and the general source of funds for reimbursements;
(xxxiii) Any material modifications, extensions or waivers to pool asset terms, fees, penalties or payments during the distribution period or that have cumulatively become material over time;
(xxxiv) Material breaches of pool asset representations or warranties or transaction covenants;
(xxxv) Information on ratio, coverage or other tests used for determining any early amortization, liquidation or other performance trigger and whether the trigger was met; and
(xxxvi) Information regarding any new issuance of asset-backed securities backed by the same asset pool, any pool asset changes (other than in connection with a pool asset converting into cash in accordance with its terms), such as additions or removals in connection with a prefunding or revolving period and pool asset substitutions and repurchases (and purchase rates, if applicable), and cash flows available for future purchases, such as the balances of any prefunding or revolving accounts, if applicable. Disclose any material changes in the solicitation, credit-granting, underwriting, origination, acquisition or pool selection criteria or procedures, as applicable, used to originate, acquire or select the new pool assets.
(b) The Securities Administrator will make the Monthly Statement (and, at its option, any additional files containing the same information in an alternative format) available each month to Certificateholders, other parties to this Agreement and any other interested parties via the Securities Administrator's Internet website. The Securities Administrator's Internet website shall initially be located at "www.__________." www.ctslink.com". Assistance in using the website can be obtained by calling the Securities cxxxxxx xxx Xxxxrities Administrator's customer service desk at ______________(301) 815-6600. Parties that are unable to use the website are entitled to have a paper entitlex xx xxxx x xxper 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 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 Securities Administrator shall provide timely and adequate notification to all above parties regarding any such changes. The Securities Administrator shall 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 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 Securities Administrator's internet website, the Securities Administrator may require registration and the acceptance of a disclaimer. The Securities Administrator will not be liable for the dissemination of information in accordance with this Agreement.
(c) If so requested in writing within a reasonable period of time after the end of each calendar year, the Securities Administrator shall make available on its website or cause to be furnished to each Person who at any time during the calendar year was a Certificateholder of record, a statement containing the information set forth in clauses (a)(i) and (a)(ii) of this Section 4.05 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 be provided by the Securities Administrator pursuant to any requirements of the Code as are from time to time in effect.
(d) Upon filing with the Internal Revenue Service, the Securities Administrator shall furnish to the Holders of the Class R Certificate the Form 1066 and each Form 1066Q and shall respond promptly to written requests made not more frequently than quarterly by any Holder of Class R Certificate with respect to the following matters: The original projected principal and interest cash flows on the Closing Date on each Class of regular and residual interests created hereunder and on the Mortgage Loans, based on the Prepayment Assumption;
(i) The projected remaining principal and interest cash flows as of the end of any calendar quarter with respect to each Class of regular and residual interests created hereunder and the Mortgage Loans, based on the Prepayment Assumption;
(ii) The Prepayment Assumption and any interest rate assumptions used in determining the projected principal and interest cash flows described above;
(iii) The original issue discount (or, in the case of the Mortgage Loans, market discount) or premium accrued or amortized through the end of such calendar quarter with respect to each Class of regular or residual interests created hereunder and to the Mortgage Loans, together with each constant yield to maturity used in computing the same;
(iv) The treatment of losses realized with respect to the Mortgage Loans or the regular interests created hereunder, including the timing and amount of any cancellation of indebtedness income of the REMICs with respect to such regular interests or bad debt deductions claimed with respect to the Mortgage Loans;
(v) The amount and timing of any non-interest expenses of the REMICs; and
(vi) Any taxes (including penalties and interest) imposed on the REMICs, including, without limitation, taxes on "prohibited transactions," "contributions" or "net income from foreclosure property" or state or local income or franchise taxes. The information pursuant to clauses (i), (ii), (iii) and (iv) above shall be provided by the Depositor pursuant to Section 8.12.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Merrill Lynch Mortgage Investors Trust Series 2005-Sl1)
Monthly Statements to Certificateholders. (a) Not later than each Distribution Date based solely on information provided by the Servicer (which information is not required to include any prediction of future performance as to which such report relates)Date, the Securities Administrator Trustee shall prepare and make available on its website located at xxx.xxxxxxx.xxx xxx.xxxxxxxx.xxx to each Holder of a Class of Certificates of the Trust FundIssuing Entity, the Servicer, the Master Servicer, the Trustee, the NIMs InsurerRating Agencies, the Rating Agencies Depositor, the Cap Contract Counterparty and the Depositor Swap Counterparty a statement setting forth for the CertificatesCertificates the following information; provided, however, that with respect to any calendar year during which an annual report on Form 10-K is not required to be filed with the Commission on behalf of the Issuing Entity, the information set forth in Items (xxiv) through (xxxii) below are not required to be included in such statement during any calendar year:
(i) the amount of the related distribution to Holders of each Class allocable to principal, separately identifying (A) the aggregate amount of any Principal Prepayments included therein, (B) the aggregate of all scheduled payments of principal included therein, (C) the Extra Principal Distribution Amount, if any, and (D) the aggregate amount of Prepayment Charges, if any;
(ii) the amount of such distribution to Holders of each Class allocable to interest, together with any Non-Supported Interest Shortfalls allocated to each Class;
(iii) any interest Carryforward Amount for each Class of the Class A, Class M and Class B Certificates;
(iv) the Class Certificate Principal Balance of each Class immediately prior to and after giving effect (i) to all distributions allocable to principal on such Distribution Date and (ii) the allocation of any Applied Realized Loss Amounts for such Distribution Date;
(ivv) the Pool Stated Principal Balance for such Distribution Date;
(vvi) the amount of the Servicing Fee paid to or retained by the Servicer, the amount of the Securities Administrator Fee paid to or retained by the Securities Administrator Servicer and any amounts constituting reimbursement or indemnification of the Servicer, Master Servicer, Securities Administrator Servicer or Trustee;
(vivii) the Pass-Through Rate for each Class of Certificates for such Distribution Date;
(viiviii) the amount of Advances included in the distribution on such Distribution DateDate or reimbursed during the period;
(viiiix) the cumulative amount of (A) Realized Losses and (B) Applied Realized Loss Amounts to date, in the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage Loans;
(ixx) the amount of (A) Realized Losses and (B) Applied Realized Loss Amounts with respect to such Distribution Date, in the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage Loans;
(xxi) the number and aggregate principal amounts of Mortgage Loans (A) Delinquent (exclusive of Mortgage Loans in foreclosure) (1) 31 to 60 days, (2) 61 to 90 days and (3) 91 or more days, and (B) in foreclosure and Delinquent (1) 31 to 60 days, (2) 61 to 90 days and (3) 91 or more days, in each case as of the close of business on the last day of the calendar month preceding such Distribution Date, in the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage LoansLoans in accordance with the OTS methodology for reporting delinquencies;
(xixii) with respect to any Mortgage Loan that became an REO Property during the preceding calendar month, the loan number and Stated Principal Balance of such Mortgage Loan as of the close of business on the last day of the calendar month preceding such Distribution Date and the date of acquisition thereof, in the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage Loans;
(xiixiii) the total number and principal balance of any REO Properties as of the close of business on the last day of the calendar month preceding such Distribution Date, in the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage Loans;
(xiiixiv) the aggregate Stated Principal Balance of all loans that became Liquidated Loans as of such Distribution Date calculated as of the preceding Distribution Date, in the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage Loans;
(xivxv) whether a Stepdown Trigger Event has occurred and is in effect;
(xvxvi) with respect to each Class of Certificates, any Interest Carry Forward Amount with respect to such Distribution Date for each such Class, any Interest Carry Forward Amount paid for each such Class and any remaining Interest Carry Forward Amount for each such Class;
(xvixvii) the number and Stated Principal Balance (as of the preceding Distribution Date) of any Mortgage Loans which were purchased or repurchased during the preceding Due Period and since the Cut-off Date;
(xviixviii) the number of Mortgage Loans for which Prepayment Charges were received during the related Prepayment Period and, for each such Mortgage Loan, the amount of Prepayment Charges received during the related Prepayment Period and in the aggregate of such amounts for all such Mortgage Loans since the Cut-off Date;
(xviiixix) the amount and purpose of any withdrawal from the Collection Account pursuant to Section 3.08(a)(viii);
(xixxx) the amount of any payments to each Class of Certificates that are treated as payments received in respect of a REMIC "regular interest" or REMIC "residual interest" and the amount of any payments to each Class of Certificates that are not treated as payments received in respect of a REMIC "regular interest" or REMIC "residual interest";
(xxxxi) as of each Distribution Date, the amount, if any, to be deposited in the Cap Contract Account Issuing Entity pursuant to the related Cap Contract as described in Section 4.04(k) and the amount thereof to be paid to the Class AA-1 Certificates, the Class MA-2 Certificates, Class B-1A, Class B-2A, Class B-3A, Class B-4A the Subordinate Certificates and the Class C Certificates described in Section 4.04(k) hereof;
(xxixxii) as of each Distribution Date, the amount, if any, to be deposited in the Supplemental Interest Trust pursuant to the Swap Agreement as described in Section 4.04(l) and the amount thereof to be paid to the Certificates;
(xxiii) any Floating Rate Certificate Carryover paid and all Floating Rate Certificate Carryover remaining on each class of the Class A, Class M, Class B-1, Class B-2, Class B-3 M and Class B-4 B Certificates on such Distribution Date;
(xxiixxiv) the number of Mortgage Loans with respect to which (i) a reduction in the Mortgage Rate has occurred or (ii) the related borrower's obligation to repay interest on a monthly basis has been suspended or reduced pursuant to the Servicemembers Civil Relief Act or the California Military and Veterans Code, as amended; and the amount of interest not required to be paid with respect to any such Mortgage Loans during the related Due Period as a result of such reductions in the aggregate and with respect to the Group One Mortgage Loans and the Group Two Mortgage Loans.
(xxiii) the aggregate Outstanding Principal Balance of each Class of Certificates for the following Distribution Date;
(xxiv) the number and aggregate principal amounts of Mortgage Loans (A) delinquent (1) one Monthly Payment, (2) two Monthly Payments and (3) three or more Monthly Payments and (B) in foreclosure, in each case, as of the end of the related Principal Prepayment Period;
(xxv) the number and the principal balance of Mortgage Loans with respect to any real estate acquired through foreclosure or grant of a deed in lieu of foreclosure;
(xxvi) the aggregate amount of all Advances recovered during the related Due Period;
(xxvii) the aggregate amount of Realized Losses during the related Due Period and the aggregate amount of Realized Losses since the Cut-off Date;
(xxviii) the allocation to each Class of Certificate of any Realized Losses during the related Due Period;
(xxix) with respect to each Class of Certificates, the amount of any Compensating Non-Supported Interest Shortfalls on such Distribution Date;
(xxxxxvi) Number the number and amount of pool assets at the beginning and ending of each period, and updated pool composition information, such as weighted average coupon, weighted average life, weighted average remaining term, pool factors and prepayment amounts;
(xxxixxvii) In addition, describe any material changes to methodology regarding calculations of delinquencies and charge-offs;
(xxxiixxviii) Information information on the amount, terms and general purpose amount of any advances Servicing Advances made or reimbursed during the period, including the general use of funds advanced and the general source of funds for reimbursements;
(xxxiiixxix) Any any material modifications, extensions or waivers to pool asset terms, fees, penalties or payments during the distribution period or that have cumulatively become material over time;
(xxxivxxx) Material material breaches of pool asset representations or warranties or transaction covenants;
(xxxvxxxi) Information information on ratio, coverage or other tests used for determining any early amortization, liquidation or other performance trigger and whether the trigger was met; and
(xxxvixxxii) Information information regarding any new issuance of asset-backed securities backed by the same asset pool, any pool asset changes (other than in connection with a pool asset converting into cash in accordance with its terms), such as additions or removals in connection with a prefunding or revolving period and pool asset substitutions and repurchases (and purchase rates, if applicable), and cash flows available for future purchases, such as the balances of any prefunding or revolving accounts, if applicable. Disclose any material changes in the solicitation, credit-granting, underwriting, origination, acquisition or pool selection criteria or procedures, as applicable, used to originate, acquire or select the new pool assets.
(b) The Securities Administrator Trustee will make the Monthly Statement (and, at its option, any additional files containing the same information in an alternative format) available each month to Certificateholders, other parties to this Agreement and any other interested parties via the Securities AdministratorTrustee's Internet website. The Securities AdministratorTrustee's Internet website shall initially be located at "www.__________." xxx.xxxxxxxx.xxx". Assistance in using the website can be obtained by calling the Securities Administrator's customer service desk Trustee at ______________(000) 000-0000. Parties that are unable to use the website 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 Trustee shall have the right to 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 Securities Administrator Trustee shall provide timely and adequate notification to all above parties regarding any such changes. The Securities Administrator foregoing information and reports shall also be prepared and determined by the Trustee based on Mortgage Loan data and other information provided to the Trustee by the Servicer, the Special Servicer (as applicable), the Swap Counterparty, the Cap Contract Counterparty or any other third party required to deliver information hereunder. In preparing or furnishing the foregoing information, the Trustee shall 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 and may affix thereto any disclaimer it deems appropriate in its reasonable discretion (without suggesting liability conclusively on the part accuracy and completeness of the information or data provided to the Trustee by the Servicer, the Special Servicer (as applicable), the Swap Counterparty, the Cap Contract Counterparty or any other third party hereto)required to deliver information and shall have no liability for any errors in any such information. As a condition to access the Securities AdministratorTrustee's internet website, the Securities Administrator Trustee may require registration and the acceptance of a disclaimer. The Securities Administrator Trustee will not be liable for the dissemination of information in accordance with this Agreement.
(c) If so requested in writing within a reasonable period of time after the end of each calendar year, the Trustee shall make available on its website or cause to be furnished to each Person who at any time during the calendar year was a Certificateholder of record, a statement containing the information set forth in clauses (a)(i) and (a)(ii) of this Section 4.05 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 are from time to time in effect.
(d) Upon filing with the Internal Revenue Service, the Trustee shall furnish to the Holders of the Class R Certificate each Form 1066 and each Form 1066Q and shall respond promptly to written requests made not more frequently than quarterly by any Holder of Class R Certificate with respect to the following matters:
(i) The original projected principal and interest cash flows on the Closing Date on each Class of regular and residual interests created hereunder and on the Mortgage Loans, based on the Prepayment Assumption;
(ii) The projected remaining principal and interest cash flows as of the end of any calendar quarter with respect to each Class of regular and residual interests created hereunder and the Mortgage Loans, based on the Prepayment Assumption;
(iii) The Prepayment Assumption and any interest rate assumptions used in determining the projected principal and interest cash flows described above;
(iv) The original issue discount (or, in the case of the Mortgage Loans, market discount) or premium accrued or amortized through the end of such calendar quarter with respect to each Class of regular or residual interests created hereunder and to the Mortgage Loans, together with each constant yield to maturity used in computing the same;
(v) The treatment of losses realized with respect to the Mortgage Loans or the regular interests created hereunder, including the timing and amount of any cancellation of indebtedness income of the REMICs with respect to such regular interests or bad debt deductions claimed with respect to the Mortgage Loans;
(vi) The amount and timing of any non-interest expenses of the REMICs; and
(vii) Any taxes (including penalties and interest) imposed on the REMICs, including, without limitation, taxes on "prohibited transactions," "contributions" or "net income from foreclosure property" or state or local income or franchise taxes. The information pursuant to clauses (i), (ii), (iii) and (iv) above shall be provided by the Depositor pursuant to Section 8.12.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Merrill Lynch Mortgage Investors Trust, Series 2006-Ff1)
Monthly Statements to Certificateholders. (a) Not later than each Distribution Date based solely on information provided by the Servicer (which information is not required to include any prediction of future performance as to which such report relates)Date, the Securities Administrator Trustee shall prepare and make available on its website located at xxx.xxxxxxx.xxx cause to be forwarded by first class mail to each Holder of a Class of Certificates of the Trust Fund, the ServicerCertificateholder, the Master Servicer, the Trustee, the NIMs Insurer, the Rating Agencies Servicer and the Depositor a statement setting forth with respect to the related distribution for the Certificateseach Certificate Group:
(i) the amount of the related distribution to Holders of each Class thereof allocable to principal, separately identifying (A) the aggregate amount of any Principal Prepayments and Liquidation Proceeds included therein, (B) the aggregate of all scheduled payments of principal included therein, (C) the Extra Principal Distribution Amount, if any, and (D) the aggregate amount of Prepayment Charges, if any;
(ii) the amount of such distribution to Holders of each Class thereof allocable to interest, together with any Non-Supported Class Unpaid Interest Shortfalls allocated Shortfall included in such distribution and any remaining Class Unpaid Interest Shortfall after giving effect to each Classsuch distribution;
(iii) if the Certificate Principal Balance distribution to the Holders of each such Class immediately prior 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 after giving effect (i) to all distributions allocable to principal on such Distribution Date and (ii) the allocation of any Applied Realized Loss Amounts for such Distribution Datethereof as between principal and interest;
(iv) the Pool Stated Principal Class Certificate Balance for of each Class of Certificates and any Transfer Balance after giving effect to the distribution of principal on such Distribution Date;
(v) the Pool Stated Principal Balance for the following Distribution Date, the aggregate of the Stated Principal Balances of the Mortgage Loans in Loan Group 1 and the aggregate of the Stated Principal Balances of the Mortgage Loans in Loan Group 2;
(vi) the Senior Percentage and Subordinated Percentage for each Certificate Group for the following Distribution Date;
(vii) the amount of the Master Servicing Fee Fees and Servicing Fees paid to or retained by the ServicerMaster Servicer and the Servicers (with respect to the Servicers, in the amount of the Securities Administrator Fee paid aggregate) with respect to or retained by the Securities Administrator such Distribution Date and any amounts constituting reimbursement or indemnification of the Servicer, Master Servicer, Securities Administrator or Trustee;related Loan Group
(viviii) the Pass-Through Rate for each such Class of Certificates for with respect to such Distribution Date;
(viiix) the amount of Advances included in the distribution on such Distribution Date;
(viii) Date and the cumulative aggregate amount of (A) Realized Losses and (B) Applied Realized Loss Amounts to date, in Advances outstanding as of the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage Loans;
(ix) the amount close of (A) Realized Losses and (B) Applied Realized Loss Amounts with respect to business on such Distribution Date, in the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage Loans;
(x) the number and aggregate principal amounts of Mortgage Loans by Loan Group (A) Delinquent delinquent (exclusive of Mortgage Loans in foreclosure) (1) 1 to 30 days (2) 31 to 60 days, days (23) 61 to 90 days and (34) 91 or more days, days and (B) in foreclosure and Delinquent delinquent (1) 1 to 30 days (2) 31 to 60 days, days (23) 61 to 90 days and (34) 91 or more days, in each case as of the close of business on the last day of the calendar month preceding such Distribution Date, in the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage Loans;
(xi) 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 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 Mortgage Loan that became an REO Property during the preceding calendar month, the loan number and Stated Principal Balance of such Mortgage Loan as of the close of business on the last day of the calendar month Determination Date preceding such Distribution Date and the date of acquisition thereof, in the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage Loans;
(xiixiii) the total number and principal balance of any REO Properties (and market value, if available) as of the close of business on the last day of the calendar month Determination Date preceding such Distribution Date, in the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage Loans;
(xiii) the aggregate Stated Principal Balance of all Liquidated Loans as of the preceding Distribution Date, in the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage Loans;
(xiv) whether a Stepdown Trigger Event has occurred and is in effect;
(xv) with respect to each Class of Certificates, any Interest Carry Forward Amount with respect to such Distribution Date for each such Class, any Interest Carry Forward Amount paid for each such Class and any remaining Interest Carry Forward Amount for each such Class;
(xvi) the number and Stated Principal Balance (as of the preceding Distribution Date) of any Mortgage Loans which were purchased or repurchased during the preceding Due Period and since the Cut-off Date;
(xvii) the number of Mortgage Loans for which Prepayment Charges were received during the related Prepayment Period and, for each such Mortgage Loan, the amount of Prepayment Charges received during the related Prepayment Period and in the aggregate of such amounts for all such Mortgage Loans since the Cut-off Date;
(xviii) the amount and purpose of any withdrawal from the Collection Account pursuant to Section 3.08(a)(viii);
(xix) the amount of any payments to each Class of Certificates that are treated as payments received in respect of a REMIC "regular interest" or REMIC "residual interest" and the amount of any payments to each Class of Certificates that are not treated as payments received in respect of a REMIC "regular interest" or REMIC "residual interest";
(xx) as of each Distribution Date, the amount, if any, to be deposited in the Cap Contract Account pursuant to the related Cap Contract as described in Section 4.04(k) and the amount thereof to be paid to the Class A, Class M, Class B-1A, Class B-2A, Class B-3A, Class B-4A and Class C Certificates described in Section 4.04(k) hereof;
(xxi) any Floating Rate Certificate Carryover paid and all Floating Rate Certificate Carryover remaining on each class of the Class A, Class M, Class B-1, Class B-2, Class B-3 and Class B-4 Certificates on such Distribution Date;
(xxiixiv) the number of Mortgage Loans with respect to which (i) a reduction in the Mortgage Rate has occurred or (ii) the related borrower's obligation to repay interest on a monthly basis has been suspended or reduced pursuant to the Servicemembers Civil Relief Act or the California Military and Veterans Code, as amended; and the amount of interest not required to be paid with respect to any such Mortgage Loans during the related Due Period as a result of such reductions in the aggregate and with respect to the Senior Prepayment Percentage for each Certificate Group One Mortgage Loans and the Group Two Mortgage Loans.
(xxiii) the aggregate Outstanding Principal Balance of each Class of Certificates for the following Distribution Date;
(xxiv) the number and aggregate principal amounts of Mortgage Loans (A) delinquent (1) one Monthly Payment, (2) two Monthly Payments and (3) three or more Monthly Payments and (B) in foreclosure, in each case, as of the end of the related Principal Prepayment Period;
(xxv) the number and the principal balance of Mortgage Loans with respect to any real estate acquired through foreclosure or grant of a deed in lieu of foreclosure;
(xxvi) the aggregate amount of all Advances recovered during the related Due Period;
(xxviixv) the aggregate amount of Realized Losses for each Certificate Group incurred during the related Due Period preceding calendar month and the aggregate amount of Realized Losses since the Cut-off Date;
(xxviii) the allocation to each Class of Certificate of any Realized Losses during the related Due Period;
(xxix) with respect to each Class of Certificates, the amount of any Compensating Interest Shortfalls on through such Distribution Date;
(xxx) Number and amount of pool assets at the beginning and ending of each period, and updated pool composition information, such as weighted average coupon, weighted average life, weighted average remaining term, pool factors and prepayment amounts;
(xxxi) In addition, describe any material changes to methodology regarding calculations of delinquencies and charge-offs;
(xxxii) Information on the amount, terms and general purpose of any advances made or reimbursed during the period, including the general use of funds advanced and the general source of funds for reimbursements;
(xxxiii) Any material modifications, extensions or waivers to pool asset terms, fees, penalties or payments during the distribution period or that have cumulatively become material over time;
(xxxiv) Material breaches of pool asset representations or warranties or transaction covenants;
(xxxv) Information on ratio, coverage or other tests used for determining any early amortization, liquidation or other performance trigger and whether the trigger was met; and
(xxxvixvi) Information regarding any new issuance the Special Hazard Loss Coverage Amount, the related Fraud Loss Coverage Amount and the related Bankruptcy Loss Coverage Amount, in each case as of asset-backed securities backed by the same asset pool, any pool asset changes (other than in connection with a pool asset converting into cash in accordance with its terms), such as additions or removals in connection with a prefunding or revolving period and pool asset substitutions and repurchases (and purchase rates, if applicable), and cash flows available for future purchases, such as the balances of any prefunding or revolving accounts, if applicable. Disclose any material changes in the solicitation, credit-granting, underwriting, origination, acquisition or pool selection criteria or procedures, as applicable, used to originate, acquire or select the new pool assetsrelated Determination Date.
(b) The Securities Administrator Trustee's responsibility for disbursing the above information to the Certificateholders is limited to the availability, timeliness and accuracy of the information derived from the Master Servicer. The Trustee will make send a copy of each statement provided pursuant to this Section 4.06 to each Rating Agency.
(c) Within a reasonable period of time after the Monthly Statement (andend of each calendar year, the Trustee shall cause to be furnished to each Person who at its optionany time during the calendar year was a Certificateholder, any additional files a statement containing the same information set forth in an alternative formatclauses (a)(i), (a)(ii) available each month to Certificateholders, other parties to and (a)(vii) of this Agreement and any other interested parties via Section 4.06 aggregated for such calendar year or applicable portion thereof during which such Person was a Certificateholder. Such obligation of the Securities Administrator's Internet website. The Securities Administrator's Internet website Trustee shall initially be located at "www.__________." 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 website are entitled deemed 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 way the monthly statements to Certificateholders are distributed in order to make such distribution more convenient and/or more accessible been satisfied to the above parties and the Securities Administrator extent that substantially comparable information shall provide timely and adequate notification to all above parties regarding any such changes. The Securities Administrator shall 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 the Trustee pursuant to any requirements of preparing the monthly statement and may affix thereto any disclaimer it deems appropriate Code as from time to time in its reasonable discretion (without suggesting liability on the part of any other party hereto). As a condition to access the Securities Administrator's internet website, the Securities Administrator may require registration and the acceptance of a disclaimer. The Securities Administrator will not be liable for the dissemination of information in accordance with this Agreement.effect
Appears in 1 contract
Monthly Statements to Certificateholders. (a) Not later than each Distribution Date based solely on information provided by the Servicer (which information is not required to include any prediction of future performance as to which such report relates)Date, the Securities Trust Administrator shall prepare and make available on its website located at xxx.xxxxxxx.xxx to each Holder of a Class of Certificates of the Trust FundCertificateholder, the Servicer, the Master Servicer, the Trustee, the NIMs Depositor, the NIM Insurer, the if any, and each Rating Agencies and the Depositor Agency a statement setting forth for with respect to the Certificatesrelated distribution:
(i) the amount of the related distribution made on such Distribution Date to the Holders of each Class of Certificates allocable to principal, separately identifying (A) identified, and the aggregate amount of any Principal Prepayments included therein, (B) the aggregate distribution made on such Distribution Date to the Holders of all scheduled payments of principal included therein, (C) the Extra Principal Distribution Amount, if any, and (D) the aggregate amount of Class P Certificates allocable to Prepayment Charges, if any;
(ii) the amount of the distribution made on such distribution Distribution Date to the Holders of each Class of Certificates (other than the Class P Certificates) allocable to interest, together with any Non-Supported Interest Shortfalls allocated to each Classseparately identified;
(iii) the Certificate Principal Balance of each Class immediately prior to and after giving effect (i) to all distributions allocable to principal on such Distribution Date and (ii) Net Monthly Excess Cashflow, the allocation of any Applied Realized Loss Amounts Overcollateralized Amount, the Overcollateralization Release Amount, the Overcollateralization Target Amount, the Overcollateralization Deficiency Amount, the Credit Enhancement Percentage for such Distribution Date;
(iv) the Pool Stated Principal Balance for fees and expenses of the trust accrued and paid on such Distribution DateDate and to whom such fees and expenses were paid;
(v) the aggregate amount of P&I Advances for such Distribution Date (including the Servicing Fee paid to or retained by the Servicer, the amount general purpose of the Securities Administrator Fee paid to or retained by the Securities Administrator and any amounts constituting reimbursement or indemnification of the Servicer, Master Servicer, Securities Administrator or Trusteesuch P&I Advances);
(vi) the Pass-Through Rate for each Class aggregate Principal Balance of Certificates for such Distribution Datethe Mortgage Loans and any REO Properties as of the end of the related Due Period;
(vii) the amount number, aggregate Principal Balance, weighted average remaining term to maturity and weighted average Mortgage Rate of Advances included in the distribution on such Distribution Mortgage Loans as of the related Due Date;; Fremont 2006-E Pooling & Servicing Agreement
(viii) the cumulative amount of (A) Realized Losses and (B) Applied Realized Loss Amounts to date, in the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage Loans;
(ix) the amount of (A) Realized Losses and (B) Applied Realized Loss Amounts with respect to such Distribution Date, in the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage Loans;
(x) the number and aggregate principal amounts of Mortgage Loans (A) Delinquent (exclusive unpaid Principal Balance of Mortgage Loans in foreclosurerespect of which (a) (1) 31 to 60 daysone monthly payment is delinquent, (2b) 61 to 90 days two monthly payments are delinquent, (c) three monthly payments are delinquent and (3d) 91 or more days, and (B) in foreclosure and Delinquent (1) 31 to 60 days, (2) 61 to 90 days and (3) 91 or more daysproceedings have begun, in each case case, as of the close of business on the last day of the calendar month preceding such the related Distribution Date, Date and in accordance with the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage LoansOTS method of calculating delinquencies;
(xi) with respect to any Mortgage Loan that became an REO Property during the preceding calendar month, the loan number and Stated Principal Balance of such Mortgage Loan as of the close of business on the last day of the calendar month preceding such Distribution Date and the date of acquisition thereof, in the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage Loans;
(xiiix) the total number and cumulative principal balance of any all REO Properties as of the close of business on the last day of the calendar month preceding such the related Distribution Date, in ;
(x) the aggregate amount of Principal Prepayments made during the related Prepayment Period;
(xi) the Delinquency Percentage;
(xii) the aggregate amount of Realized Losses incurred during the related Prepayment Period, the aggregate amount of Realized Losses incurred since the Closing Date and with respect to the Group One Mortgage Loans and Group Two Mortgage Loansaggregate amount of Subsequent Recoveries received during the related Prepayment Period;
(xiii) the aggregate Stated Principal Balance amount of all Liquidated Loans as of extraordinary trust fund expenses withdrawn from the preceding distribution account for such Distribution Date, in the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage Loans;
(xiv) whether a Stepdown Trigger Event has occurred the Certificate Principal Balance of each Class of Certificates, before and is in effectafter giving effect to the distributions, and allocations of Realized Losses, made on such Distribution Date;
(xv) the Current Interest in respect of the Certificates for such Distribution Date and the Unpaid Interest Shortfall Amount, if any, with respect to each Class of Certificates, any Interest Carry Forward Amount with respect to the Certificates on such Distribution Date for each such Class, any Interest Carry Forward Amount paid for each such Class and any remaining Interest Carry Forward Amount for each such ClassDate;
(xvi) the number and Stated Principal Balance (as aggregate amount of the preceding any Prepayment Interest Shortfall for such Distribution Date) , to the extent not covered by payments of any Mortgage Loans which were purchased Compensating Interest by the Servicer or repurchased during the preceding Due Period and since the Cut-off DateMaster Servicer;
(xvii) the number of Mortgage Loans Net WAC Rate Carryover Amount for which Prepayment Charges were received during the related Prepayment Period andCertificates, if any, for each such Mortgage Loan, Distribution Date and the amount of Prepayment Charges received during the related Prepayment Period and in the aggregate of remaining undistributed after reimbursements therefor on such amounts for all such Mortgage Loans since the Cut-off Distribution Date;
(xviii) the amount and purpose of the Servicing Fees paid to or retained by the Servicer or any withdrawal from subservicer (with respect to the Collection Account pursuant Subservicers, in the aggregate) with respect to Section 3.08(a)(viii)such Distribution Date;
(xix) the amount of any payments the Master Servicing Fees to each Class of Certificates that are treated as payments received in be paid to or retained by the Master Servicer with respect of a REMIC "regular interest" or REMIC "residual interest" and the amount of any payments to each Class of Certificates that are not treated as payments received in respect of a REMIC "regular interest" or REMIC "residual interest"such Distribution Date;
(xx) as the amount of each Distribution Date, the amountCustodial Fee, if any, to be deposited in paid or retained by the Cap Contract Account pursuant Trust Administrator with respect to the related Cap Contract as described in Section 4.04(k) and the amount thereof to be paid to the Class A, Class M, Class B-1A, Class B-2A, Class B-3A, Class B-4A and Class C Certificates described in Section 4.04(k) hereof;such Distribution Date; Fremont 2006-E Pooling & Servicing Agreement
(xxi) any Floating Rate Certificate Carryover paid and all Floating Rate Certificate Carryover remaining on each class of whether the Class A, Class M, Class B-1, Class B-2, Class B-3 and Class B-4 Certificates on such Distribution DateStepdown Date or a Trigger Event has occurred;
(xxii) the number of Mortgage Loans with respect to which (i) a reduction in the Mortgage Rate has occurred or (ii) the related borrower's obligation to repay interest on a monthly basis has been suspended or reduced pursuant to the Servicemembers Civil Relief Act or the California Military and Veterans Code, as amended; total cashflows received and the amount of interest not required to be paid with respect to any such Mortgage Loans during the related Due Period as a result of such reductions in the aggregate and with respect to the Group One Mortgage Loans and the Group Two Mortgage Loans.general sources thereof;
(xxiii) the aggregate Outstanding Principal Balance of each respective Pass-Through Rates applicable to the Certificates and the Class of C Certificates for such Distribution Date (and whether such Pass-Through Rate was limited by the Net WAC Rate) and the Pass-Through Rate applicable to the Certificates for the following immediately succeeding Distribution Date;
(xxiv) the number and aggregate principal amounts amount of Mortgage Loans (A) delinquent (1) one Monthly Payment, (2) two Monthly any Net Swap Payments and (3) three or more Monthly Payments and (B) in foreclosure, in each case, as of the end of the related Principal Prepayment Period;Swap Termination Payments; and
(xxv) the number applicable Record Dates, Accrual Periods and the principal balance of Mortgage Loans with respect to any real estate acquired through foreclosure or grant of a deed in lieu of foreclosure;
(xxvi) the aggregate amount of all Advances recovered during the related Due Period;
(xxvii) the aggregate amount of Realized Losses during the related Due Period and the aggregate amount of Realized Losses since the Cut-off Date;
(xxviii) the allocation to each Class of Certificate of any Realized Losses during the related Due Period;
(xxix) with respect to each Class of Certificates, the amount of any Compensating Interest Shortfalls on Determination Dates for calculating distributions for such Distribution Date;
(xxx) Number and amount of pool assets at the beginning and ending of each period, and updated pool composition information, such as weighted average coupon, weighted average life, weighted average remaining term, pool factors and prepayment amounts;
(xxxi) In addition, describe any material changes to methodology regarding calculations of delinquencies and charge-offs;
(xxxii) Information on the amount, terms and general purpose of any advances made or reimbursed during the period, including the general use of funds advanced and the general source of funds for reimbursements;
(xxxiii) Any material modifications, extensions or waivers to pool asset terms, fees, penalties or payments during the distribution period or that have cumulatively become material over time;
(xxxiv) Material breaches of pool asset representations or warranties or transaction covenants;
(xxxv) Information on ratio, coverage or other tests used for determining any early amortization, liquidation or other performance trigger and whether the trigger was met; and
(xxxvi) Information regarding any new issuance of asset-backed securities backed by the same asset pool, any pool asset changes (other than in connection with a pool asset converting into cash in accordance with its terms), such as additions or removals in connection with a prefunding or revolving period and pool asset substitutions and repurchases (and purchase rates, if applicable), and cash flows available for future purchases, such as the balances of any prefunding or revolving accounts, if applicable. Disclose any material changes in the solicitation, credit-granting, underwriting, origination, acquisition or pool selection criteria or procedures, as applicable, used to originate, acquire or select the new pool assets.
(b) The Securities Trust Administrator’s responsibility for providing the above statement to the Certificateholders, each Rating Agency, the Servicer, the Master Servicer, the Originator, the NIM Insurer, if any, and the Depositor is limited to the availability, timeliness and accuracy of the information derived from the Servicer and the Swap Provider. The Trust Administrator will make the Monthly Statement (and, at its option, any additional files containing the same information in an alternative format) above statement available each month to Certificateholders, other parties to this Agreement and any other interested parties via the Securities Trust Administrator's Internet ’s internet website. The Securities Trust Administrator's Internet ’s website shall will initially be located at "www.__________." Assistance hxxx://xxx.xxxxxxx.xxx and assistance in using the website can be obtained by calling the Securities Trust Administrator's ’s customer service desk at ______________1-000-000-0000. Parties that are unable to use the website 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 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 Securities Trust Administrator shall provide timely and adequate notification to all above the Certificateholders and the parties hereto regarding any such changes. The Securities Trust Administrator shall 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 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 Securities Administrator's internet websiteUpon written request from any Certificateholder, the Securities Trust Administrator may require registration 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) Upon request, within a reasonable period of time after the end of each calendar year, the Trust Administrator shall cause to be furnished the NIM Insurer, if any, and each Person who at any time during the calendar year was a Certificateholder, a statement containing the Fremont 2006-E Pooling & Servicing Agreement 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 Trust Administrator shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Trust Administrator pursuant to any requirements of the Code as are from time to time in effect.
(d) Not later than the Reporting Date, the Servicer shall furnish to the Trust Administrator, the NIM Insurer, if any, and the acceptance Master Servicer a monthly remittance advice statement (in a format mutually agreed upon by the Servicer and the Trust Administrator) containing such information as shall be reasonably requested by the Trust Administrator to provide the reports required by Section 4.03(a) as to the accompanying remittance and the period ending on the close of a disclaimerbusiness on the last Business Day of the immediately preceding month (the “Servicer Remittance Report”). The Securities Servicer shall furnish to the Trust Administrator will not 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, the corresponding individual loan accounting report (in electronic format) shall be liable for received by the dissemination Trust Administrator no later than the Reporting Date, which report shall contain the following:
(i) with respect to each Scheduled Payment, the amount of information such remittance allocable to principal (including a separate breakdown of any Principal Prepayment, including the date of such prepayment, and any Prepayment Premiums, along with a detailed report of interest on principal prepayment amounts remitted in accordance with this 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 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 the Servicer during the prior distribution period pursuant to Section 3.11;
(vi) the number and aggregate outstanding principal balances of Mortgage Loans (not including Liquidated Mortgage Loans as of the end of the Prepayment Period) (a) delinquent (1) 31 to 60 days, (2) 61 to 90 days, or (3) 91 days or more; (b) as to which foreclosure 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); Fremont 2006-E Pooling & Servicing Agreement
(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 Trust Administrator to enable it to prepare the monthly statement referred to in Section 4.03(a).
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Fremont Home Loan Trust 2006-E)
Monthly Statements to Certificateholders. (a) Not later than each Distribution Date based solely on information provided by the Servicer (which information is not required to include any prediction of future performance as to which such report relates)Date, the Securities Administrator shall prepare and make available on its website located at xxx.xxxxxxx.xxx to each Holder of a Class of Certificates of the Trust Fund, the Servicer, the Master Servicer, the Trustee, the NIMs Insurer, the Rating Agencies and the Depositor via its website a statement setting forth the following information for the Certificates:
(i) the Interest Accrual Period and general Distribution Dates for each Class of Certificates;
(ii) the Pass-Through Rate for each Class of Certificates with respect to the current Accrual Period;
(iii) the total cash flows received and the general sources thereof;
(iv) the amount of the related distribution to Holders of each Class allocable to principal, separately identifying (A) the aggregate amount of any Principal Prepayments included therein, (B) the aggregate of all scheduled payments of principal included therein, (C) the Extra Principal Distribution Amount, if any, amount of Prepayment Charges distributed to the Class P Certificates and (D) the aggregate amount of Prepayment Charges, if anyOvercollateralization Increase Amount;
(iiv) the amount of such distribution distributed to Holders of each Class on such Distribution Date allocable to interest, together with any Non-Supported Interest Shortfalls allocated to each Class;
(iiivi) the Certificate Principal Balance or Certificate Notional Balance of each Class immediately prior to and of Certificates, if applicable, after giving effect (i) to all distributions allocable to principal on such Distribution Date and (ii) the allocation of any Applied Realized Loss Amounts for such Distribution Date;
(iv) the Pool Stated Principal Balance for such Distribution Date;
(v) the amount of the Servicing Fee paid to or retained by the Servicer, the amount of the Securities Administrator Fee paid to or retained by the Securities Administrator and any amounts constituting reimbursement or indemnification of the Servicer, Master Servicer, Securities Administrator or Trustee;
(vi) the Pass-Through Rate for each Class of Certificates Losses for such Distribution Date;
(vii) the aggregate amount of P&I Advances included in the distribution distributions on such the Distribution Date;
(viii) the cumulative aggregate amount of (A) Realized Losses and (B) Applied Realized Loss Amounts to date, in the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage LoansRelief Act Interest Shortfalls for such Distribution Date;
(ix) the aggregate amount of (A) Realized Losses and (B) Applied Realized Loss Amounts with respect to any Prepayment Interest Shortfall for such Distribution Date, in the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage Loansextent not covered by payments by a Servicer pursuant to Section 3.27 of this Agreement or the Servicing Agreement or the Master Servicer pursuant to Section 4.14 of this Agreement;
(x) the cumulative amount of Realized Losses for the Mortgage Loans to date and, in addition, if the Certificate Principal Balance of any Class of Certificates have been reduced to zero, the cumulative amount of any Realized Losses that have not been allocated to any Class of Certificates;
(xi) the Overcollateralization Amount, the Credit Enhancement Percentage, any Overcollateralization Increase Amount and any Overcollateralization Reduction Amount for such Distribution Date;
(xii) the amount of any Prepayment Charges remitted by the Servicers;
(xiii) the number, aggregate principal balance, weighted average remaining term to maturity and weighted average Mortgage Rate of the Mortgage Loans as of the related Due Date;
(xiv) the number and Scheduled Principal Balance of all the Mortgage Loans for the following Distribution Date;
(xv) the number and aggregate principal amounts balance of any Mortgage Loans that were (A) Delinquent delinquent (exclusive of Mortgage Loans in foreclosure) using the “OTS” method (1) 31 to 60 daysone scheduled payment is delinquent, (2) 61 to 90 days and two scheduled payments are delinquent, (3) 91 or more daysthree scheduled payments are delinquent and (4) foreclosure proceedings have been commenced, and loss information for the period; the number and aggregate principal balance of any Mortgage Loans in respect of which (A) one scheduled payment is delinquent, (B) in foreclosure and Delinquent (1) 31 to 60 daystwo scheduled payments are delinquent, (2C) 61 to 90 days three or more scheduled payments are delinquent and (3D) 91 or more daysforeclosure proceedings have been commenced, in each case as of and loss information for the close of business on the last day of the calendar month preceding such Distribution Date, in the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage Loansperiod;
(xixvi) with respect to any Mortgage Loan that became an REO Property was liquidated during the preceding calendar month, the loan number and the Stated Principal Balance of of, and Realized Loss on, such Mortgage Loan as of the close of business on the last day of the calendar month Determination Date preceding such Distribution Date and the date of acquisition thereof, in the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage LoansDate;
(xiixvii) the total number and principal balance of any real estate owned or REO Properties as of the close of business on the last day of the calendar month Determination Date preceding such Distribution Date, in the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage Loans;
(xiii) the aggregate Stated Principal Balance of all Liquidated Loans as of the preceding Distribution Date, in the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage Loans;
(xiv) whether a Stepdown Trigger Event has occurred and is in effect;
(xv) with respect to each Class of Certificates, any Interest Carry Forward Amount with respect to such Distribution Date for each such Class, any Interest Carry Forward Amount paid for each such Class and any remaining Interest Carry Forward Amount for each such Class;
(xvi) the number and Stated Principal Balance (as of the preceding Distribution Date) of any Mortgage Loans which were purchased or repurchased during the preceding Due Period and since the Cut-off Date;
(xvii) the number of Mortgage Loans for which Prepayment Charges were received during the related Prepayment Period and, for each such Mortgage Loan, the amount of Prepayment Charges received during the related Prepayment Period and in the aggregate of such amounts for all such Mortgage Loans since the Cut-off Date;
(xviii) the amount three month rolling average of the percent equivalent of a fraction, the numerator of which is the aggregate scheduled principal balance of the Mortgage Loans that are sixty (60) days or more delinquent or are in bankruptcy or foreclosure or are REO Properties, and purpose the denominator of any withdrawal from which is the Collection Account pursuant to Section 3.08(a)(viii)scheduled principal balances of all of the Mortgage Loans as of the last day of such Distribution Date;
(xix) the amount of any payments to each Class of Certificates that are treated as payments aggregate Servicing Fee received in respect of a REMIC "regular interest" or REMIC "residual interest" by the Servicers and the amount of any payments to each Class of Certificates that are not treated as payments aggregate Master Servicing Fee received in respect of a REMIC "regular interest" or REMIC "residual interest"by the Master Servicer during the related Due Period;
(xx) as of each Distribution Date, the amount, if any, to be deposited in of other fees or expenses accrued and paid, with an identification of the Cap Contract Account pursuant to the related Cap Contract as described in Section 4.04(k) payee and the amount thereof to be paid to the Class A, Class M, Class B-1A, Class B-2A, Class B-3A, Class B-4A and Class C Certificates described in Section 4.04(k) hereofgeneral purpose of such fees;
(xxi) the amount of any Floating Net WAC Rate Certificate Carryover paid Amounts and the amount in the Net WAC Reserve Fund after all Floating Rate Certificate Carryover remaining on each class of the Class A, Class M, Class B-1, Class B-2, Class B-3 deposits and Class B-4 Certificates withdrawals on such Distribution Date;
(xxii) whether the number of Mortgage Loans with respect to which (i) a reduction in the Mortgage Rate Stepdown Date has occurred or (ii) the related borrower's obligation to repay interest on a monthly basis has been suspended or reduced pursuant to the Servicemembers Civil Relief Act or the California Military and Veterans Code, as amended; and the amount of interest not required to be paid with respect to whether any such Mortgage Loans during the related Due Period as a result of such reductions Trigger Event is in the aggregate and with respect to the Group One Mortgage Loans and the Group Two Mortgage Loans.effect;
(xxiii) amounts payable in respect of the aggregate Outstanding Principal Balance of each Class of Certificates for the following Distribution Date;Cap Contract; and
(xxiv) the number and aggregate principal amounts of Mortgage Loans (A) delinquent (1) one Monthly Payment, (2) two Monthly Payments and (3) three or more Monthly Payments and (B) payable in foreclosure, in each case, as respect of the end of the related Principal Prepayment Period;
(xxv) the number and the principal balance of Mortgage Loans with respect to any real estate acquired through foreclosure or grant of a deed in lieu of foreclosure;
(xxvi) the aggregate amount of all Advances recovered during the related Due Period;
(xxvii) the aggregate amount of Realized Losses during the related Due Period and the aggregate amount of Realized Losses since the Cut-off Date;
(xxviii) the allocation to each Class of Certificate of any Realized Losses during the related Due Period;
(xxix) with respect to each Class of Certificates, the amount of any Compensating Interest Shortfalls on such Distribution Date;
(xxx) Number and amount of pool assets at the beginning and ending of each period, and updated pool composition information, such as weighted average coupon, weighted average life, weighted average remaining term, pool factors and prepayment amounts;
(xxxi) In addition, describe any material changes to methodology regarding calculations of delinquencies and charge-offs;
(xxxii) Information on the amount, terms and general purpose of any advances made or reimbursed during the period, including the general use of funds advanced and the general source of funds for reimbursements;
(xxxiii) Any material modifications, extensions or waivers to pool asset terms, fees, penalties or payments during the distribution period or that have cumulatively become material over time;
(xxxiv) Material breaches of pool asset representations or warranties or transaction covenants;
(xxxv) Information on ratio, coverage or other tests used for determining any early amortization, liquidation or other performance trigger and whether the trigger was met; and
(xxxvi) Information regarding any new issuance of asset-backed securities backed by the same asset pool, any pool asset changes (other than in connection with a pool asset converting into cash in accordance with its terms), such as additions or removals in connection with a prefunding or revolving period and pool asset substitutions and repurchases (and purchase rates, if applicable), and cash flows available for future purchases, such as the balances of any prefunding or revolving accounts, if applicableSwap Agreement. Disclose any material changes in the solicitation, credit-granting, underwriting, origination, acquisition or pool selection criteria or procedures, as applicable, used to originate, acquire or select the new pool assets.
(b) The Securities Administrator will may make the Monthly Statement foregoing monthly statement (and, at its option, any additional files containing the same information in an alternative format) available each month to Certificateholders, other parties to this Agreement and any other interested parties Certificateholders via the Securities Administrator's Internet ’s internet website. The Securities Administrator's Internet ’s internet website shall initially be located at "www.__________." “xxx.xxxxxxx.xxx”. Assistance in using the website can be obtained by calling the Securities Administrator's ’s customer service desk at ______________(000) 000-0000. Parties that are unable to use the website above distribution options 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 may change the way the monthly statements to Certificateholders are distributed in order to make such distribution distributions more convenient and/or or more accessible to the above parties and the Securities Administrator shall provide timely and adequate notification to all above parties regarding any such changesparties. The Securities Administrator shall 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 such statement 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 .
(b) The Securities Administrator's internet website’s responsibility for making the above information available to the Certificateholders is limited to the availability, timeliness and accuracy of the information provided by the Servicer, the Securities Administrator may require registration Cap Provider and the acceptance of a disclaimerSwap Provider. The Securities Administrator will make available a copy of each statement provided pursuant to this Section 5.07 to each Rating Agency.
(c) Within a reasonable period of time after the end of each calendar year, the Securities Administrator shall cause to be furnished upon written 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) and (a)(ii) of this Section 5.07 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 be provided by the Securities Administrator pursuant to any requirements of the Code as from time to time in effect.
(d) Upon filing with the Internal Revenue Service, the Securities Administrator shall furnish to the Holders of the Residual Certificates the applicable Form 1066 and each applicable Form 1066Q and shall respond promptly to written requests made not more frequently than quarterly by any Holder of a Residual Certificate with respect to the following matters:
(i) The original projected principal and interest cash flows on the Closing Date on each Class of regular and residual interests created hereunder and on the Mortgage Loans, based on the Prepayment Assumption;
(ii) The projected remaining principal and interest cash flows as of the end of any calendar quarter with respect to each Class of regular and residual interests created hereunder and the Mortgage Loans, based on the Prepayment Assumption;
(iii) The applicable Prepayment Assumption and any interest rate assumptions used in determining the projected principal and interest cash flows described above;
(iv) The original issue discount (or, in the case of the Mortgage Loans, market discount) or premium accrued or amortized through the end of such calendar quarter with respect to each Class of regular or residual interests created hereunder and to the Mortgage Loans, together with each constant yield to maturity used in computing the same;
(v) The treatment of losses realized with respect to the Mortgage Loans or the regular interests created hereunder, including the timing and amount of any cancellation of indebtedness income of a REMIC with respect to such regular interests or bad debt deductions claimed with respect to the Mortgage Loans;
(vi) The amount and timing of any non-interest expenses of a REMIC; and
(vii) Any taxes (including penalties and interest) imposed on the REMIC, including, without limitation, taxes on “prohibited transactions,” “contributions” or “net income from foreclosure property” or state or local income or franchise taxes. The information pursuant to clauses (i), (ii), (iii) and (iv) above shall be liable for provided by the dissemination of information in accordance with this AgreementDepositor pursuant to Section 9.13.
Appears in 1 contract
Monthly Statements to Certificateholders. (a) Not later than each Distribution Date based solely on information provided by the Servicer (which information is not required to include any prediction of future performance as to which such report relates)Date, the Securities Administrator Trustee shall prepare and make available on its website located at xxx.xxxxxxx.xxx xxx.xxxxxxxx.xxx to each Holder of a Class of Certificates of the Trust FundIssuing Entity, the Servicer, the Master Servicer, the Trustee, the NIMs InsurerRating Agencies, the Rating Agencies Depositor, the Cap Contract Counterparty and the Depositor Swap Counterparty a statement setting forth for the CertificatesCertificates the following information; provided, however, that with respect to any calendar year during which an annual report on Form 10-K is not required to be filed with the Commission on behalf of the Issuing Entity, the information set forth in Items (xxiv) through (xxxii) below are not required to be included in such statement during any calendar year:
(i) the amount of the related distribution to Holders of each Class allocable to principal, separately identifying (A) the aggregate amount of any Principal Prepayments included therein, (B) the aggregate of all scheduled payments of principal included therein, (C) the Extra Principal Distribution Amount, if any, and (D) the aggregate amount of Prepayment Charges, if any;
(ii) the amount of such distribution to Holders of each Class allocable to interest, together with any Non-Supported Interest Shortfalls allocated to each Class;
(iii) any interest Carryforward Amount for each Class of the Class A, Class M and Class B Certificates;
(iv) the Class Certificate Principal Balance of each Class immediately prior to and after giving effect (i) to all distributions allocable to principal on such Distribution Date and (ii) the allocation of any Applied Realized Loss Amounts for such Distribution Date;
(ivv) the Pool Stated Principal Balance for such Distribution Date;
(vvi) the amount of the Servicing Fee paid to or retained by the Servicer, the amount of the Securities Administrator Fee paid to or retained by the Securities Administrator Servicer and any amounts constituting reimbursement or indemnification of the Servicer, Master Servicer, Securities Administrator Servicer or Trustee;
(vivii) the Pass-Through Rate for each Class of Certificates for such Distribution Date;
(viiviii) the amount of Advances included in the distribution on such Distribution DateDate or reimbursed during the period;
(viiiix) the cumulative amount of (A) Realized Losses and (B) Applied Realized Loss Amounts to date, in the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage Loans;
(ixx) the amount of (A) Realized Losses and (B) Applied Realized Loss Amounts with respect to such Distribution Date, in the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage Loans;
(xxi) the number and aggregate principal amounts of Mortgage Loans (A) Delinquent (exclusive of Mortgage Loans in foreclosure) (1) 31 to 60 days, (2) 61 to 90 days and (3) 91 or more days, and (B) in foreclosure and Delinquent (1) 31 to 60 days, (2) 61 to 90 days and (3) 91 or more days, in each case as of the close of business on the last day of the calendar month preceding such Distribution Date, in the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage LoansLoans in accordance with the OTS methodology for reporting delinquencies;
(xixii) with respect to any Mortgage Loan that became an REO Property during the preceding calendar month, the loan number and Stated Principal Balance of such Mortgage Loan as of the close of business on the last day of the calendar month preceding such Distribution Date and the date of acquisition thereofDate, in the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage Loans;
(xiixiii) the total number and principal balance of any REO Properties as of the close of business on the last day of the calendar month preceding such Distribution Date, in the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage Loans;
(xiiixiv) the aggregate Stated Principal Balance of all loans that became Liquidated Loans as of such Distribution Date calculated as of the preceding Distribution Date, in the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage Loans;
(xivxv) whether a Stepdown Trigger Event has occurred and is in effect;
(xvxvi) with respect to each Class of Certificates, any Interest Carry Forward Amount with respect to such Distribution Date for each such Class, any Interest Carry Forward Amount paid for each such Class and any remaining Interest Carry Forward Amount for each such Class;
(xvixvii) the number and Stated Principal Balance (as of the preceding Distribution Date) of any Mortgage Loans which were purchased or repurchased during the preceding Due Prepayment Period and since the Cut-off Date;
(xviixviii) the number of Mortgage Loans prepaid in full for which Prepayment Charges were received during the related Prepayment Period and, for each such Mortgage Loan, the amount of Prepayment Charges received during the related Prepayment Period and in the aggregate of such amounts for all such Mortgage Loans since the Cut-off Date, and for partial Principal Prepayments, the amount received during the preceding calendar month;
(xviiixix) the amount and purpose of any withdrawal from the Collection Account pursuant to Section 3.08(a)(viii);; -122-
(xixxx) the amount of any payments to each Class of Certificates that are treated as payments received in respect of a REMIC "regular interest" or REMIC "residual interest" and the amount of any payments to each Class of Certificates that are not treated as payments received in respect of a REMIC "regular interest" or REMIC "residual interest";
(xxxxi) as of each Distribution Date, the amount, if any, to be deposited in the Cap Contract Account Issuing Entity pursuant to the related Cap Corridor Contract as described in Section 4.04(k) and the amount thereof to be paid to the Class AA-1 Certificates, the Class MA-2 Certificates, Class B-1A, Class B-2A, Class B-3A, Class B-4A the Subordinate Certificates and the Class C Certificates described in Section 4.04(k) hereof;
(xxixxii) as of each Distribution Date, the amount, if any, to be deposited in the Supplemental Interest Trust pursuant to the Swap Agreement as described in Section 4.04(l) and the amount thereof to be paid to the Certificates;
(xxiii) any Floating Rate Certificate Carryover paid and all Floating Rate Certificate Carryover remaining on each class of the Class A, Class M, Class B-1, Class B-2, Class B-3 M and Class B-4 B Certificates on such Distribution Date;
(xxiixxiv) the number of Mortgage Loans with respect to which (i) a reduction in the Mortgage Rate has occurred or (ii) the related borrower's obligation to repay interest on a monthly basis has been suspended or reduced pursuant to the Servicemembers Civil Relief Act or the California Military and Veterans Code, as amendedAct; and the amount of interest not required to be paid with respect to any such Mortgage Loans during the related Due Period as a result of such reductions in the aggregate and with respect to the Group One Mortgage Loans and the Group Two Mortgage Loans.
(xxiii) the aggregate Outstanding Principal Balance of each Class of Certificates for the following Distribution Date;
(xxiv) the number and aggregate principal amounts of Mortgage Loans (A) delinquent (1) one Monthly Payment, (2) two Monthly Payments and (3) three or more Monthly Payments and (B) in foreclosure, in each case, as of the end of the related Principal Prepayment Period;
(xxv) the number and the principal balance of Mortgage Loans with respect to any real estate acquired through foreclosure or grant of a deed in lieu of foreclosure;
(xxvi) the aggregate amount of all Advances recovered during the related Due Period;
(xxvii) the aggregate amount of Realized Losses during the related Due Period and the aggregate amount of Realized Losses since the Cut-off Date;
(xxviii) the allocation to each Class of Certificate of any Realized Losses during the related Due Period;
(xxix) with respect to each Class of Certificates, the amount of any Compensating Non-Supported Interest Shortfalls on such Distribution Date;
(xxxxxvi) Number the number and amount of pool assets at the beginning and ending of each period, and updated pool composition information, such as weighted average coupon, weighted average life, weighted average remaining term, pool factors and prepayment amounts;
(xxxixxvii) In addition, describe any material changes to methodology regarding calculations of delinquencies and charge-offs;
(xxxiixxviii) Information information on the amount, terms and general purpose amount of any advances Servicing Advances made or reimbursed during the period, including the general use of funds advanced and the general source of funds for reimbursements;
(xxxiiixxix) Any any material modifications, extensions or waivers to pool asset terms, fees, penalties or payments during the distribution period or that have cumulatively become material over time;
(xxxivxxx) Material material breaches of pool asset representations or warranties or transaction covenants;
(xxxvxxxi) Information information on ratio, coverage or other tests used for determining any early amortization, liquidation or other performance trigger and whether the trigger was met; and
(xxxvixxxii) Information information regarding any new issuance of asset-backed securities backed by the same asset pool, any pool asset changes (other than in connection with a pool asset converting into cash in accordance with its terms), such as additions or removals in connection with a prefunding or revolving period and pool asset substitutions and repurchases (and purchase rates, if applicable), and cash flows available for future purchases, such as the balances of any prefunding or revolving accounts, if applicable. Disclose any material changes in the solicitation, credit-granting, underwriting, origination, acquisition or pool selection criteria or procedures, as applicable, used to originate, acquire or select the new pool assets.
(b) The Securities Administrator Trustee will make the Monthly Statement (and, at its option, any additional files containing the same information in an alternative format) available each month to Certificateholders, other parties to this Agreement and any other interested parties via the Securities AdministratorTrustee's Internet website. The Securities AdministratorTrustee's Internet website shall initially be located at "www.__________." xxx.xxxxxxxx.xxx". Assistance in using the website can be obtained by calling the Securities Administrator's customer service desk Trustee at ______________(000) 000-0000. Parties that are unable to use the website 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 Trustee shall have the right to 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 Securities Administrator Trustee shall provide timely and adequate notification to all above parties regarding any such changes. The Securities Administrator foregoing information and reports shall also be prepared and determined by the Trustee based on Mortgage Loan data and other information provided to the Trustee by the Servicer, the Swap Counterparty, the Cap Contract Counterparty or any other third party required to deliver information hereunder. In preparing or furnishing the foregoing information, the Trustee shall be entitled to rely conclusively on but shall not be responsible for the content or accuracy of any the information or data provided to the Trustee by third parties for purposes of preparing the monthly statement and may affix thereto any disclaimer it deems appropriate in its reasonable discretion (without suggesting liability on Servicer, the part of Swap Counterparty, the Cap Contract Counterparty or any other third party hereto)required to deliver information and shall have no liability for any errors in any such information. As a condition to access the Securities AdministratorTrustee's internet website, the Securities Administrator Trustee may require registration and the acceptance of a disclaimer. The Securities Administrator Trustee will not be liable for the dissemination of information in accordance with this Agreement.
(c) If so requested in writing within a reasonable period of time after the end of each calendar year, the Trustee shall make available on its website or cause to be furnished to each Person who at any time during the calendar year was a Certificateholder of record, a statement containing the information set forth in clauses (a)(i) and (a)(ii) of this Section 4.05 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 are from time to time in effect.
(d) Upon filing with the Internal Revenue Service, the Trustee shall furnish to the Holders of the Class R Certificate each Form 1066Q and shall respond promptly to written requests made not more frequently than quarterly by any Holder of Class R Certificate with respect to the following matters:
(i) The original projected principal and interest cash flows on the Closing Date on each Class of regular and residual interests created hereunder and on the Mortgage Loans, based on the Prepayment Assumption;
(ii) The projected remaining principal and interest cash flows as of the end of any calendar quarter with respect to each Class of regular and residual interests created hereunder and the Mortgage Loans, based on the Prepayment Assumption;
(iii) The Prepayment Assumption and any interest rate assumptions used in determining the projected principal and interest cash flows described above;
(iv) The original issue discount (or, in the case of the Mortgage Loans, market discount) or premium accrued or amortized through the end of such calendar quarter with respect to each Class of regular or residual interests created hereunder and to the Mortgage Loans, together with each constant yield to maturity used in computing the same;
(v) The treatment of losses realized with respect to the Mortgage Loans or the regular interests created hereunder, including the timing and amount of any cancellation of indebtedness income of the REMICs with respect to such regular interests or bad debt deductions claimed with respect to the Mortgage Loans;
(vi) The amount and timing of any non-interest expenses of the REMICs; and
(vii) Any taxes (including penalties and interest) imposed on the REMICs, including, without limitation, taxes on "prohibited transactions," "contributions" or "net income from foreclosure property" or state or local income or franchise taxes. The information pursuant to clauses (i), (ii), (iii) and (iv) above shall be provided by the Depositor pursuant to Section 8.12.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Merrill Lynch First Franklin Mortgage Loan Trust, Series 2007-2)
Monthly Statements to Certificateholders. (a) Not later than each Distribution Date based solely on information provided by the Servicer (which information is not required to include any prediction of future performance as to which such report relates)Date, the Securities Trust Administrator shall prepare and make available on its website located at xxx.xxxxxxx.xxx to each Holder of a Class of Certificates of the Trust FundCertificateholder, the Servicer, the Master Servicer, the Trustee, the NIMs Insurer, the Depositor and each Rating Agencies and the Depositor Agency a statement setting forth for with respect to the Certificatesrelated distribution:
(i) the amount of the related distribution to Holders of each Class thereof allocable to principal, separately identifying (A) the aggregate amount of any Principal Prepayments and Liquidation Proceeds included therein, (B) the aggregate of all scheduled payments of principal included therein, (C) the Extra Principal Distribution Amount, if any, and (D) the aggregate amount of Prepayment Charges, if any;
(ii) the amount of such distribution to Holders of each Class thereof allocable to interest, together with any Non-Supported Unpaid Interest Shortfalls allocated Amounts included in such distribution and any remaining Unpaid Interest Amounts after giving effect to each Class;such distribution, any Net WAC Rate Carryover Amount for such Distribution Date and the amount of all Net WAC Rate Carryover Amount covered by withdrawals from the Net WAC Rate Carryover Reserve Account on such Distribution Date; Fremont [200___-___] Pooling & Servicing Agreement 119
(iii) if the Certificate Principal Balance distribution to the Holders of each such Class immediately prior 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 after giving effect (i) to all distributions allocable to principal on such Distribution Date and (ii) the allocation of thereof as between principal and interest, including any Applied Realized Loss Amounts for such Distribution DateNet WAC Rate Carryover Amount not covered by amounts in the Net WAC Rate Carryover Reserve Account;
(iv) the Pool Stated Principal Class Certificate Balance for of each Class of Certificates after giving effect to the distribution of principal on such Distribution Date;
(v) the Pool Stated Principal Balance for the following Distribution Date;
(vi) the amount of the Servicing Fee Fees paid to or retained by the ServicerServicer or any Subservicer (with respect to the Subservicers, in the amount of the Securities Administrator Fee paid aggregate) with respect to or retained by the Securities Administrator and any amounts constituting reimbursement or indemnification of the Servicer, Master Servicer, Securities Administrator or Trustee;
(vi) the Pass-Through Rate for each Class of Certificates for such Distribution Date;
(vii) the amount of Advances included in the distribution on Master Servicing Fees to be paid to or retained by the Master Servicer with respect to such Distribution Date;
(viii) the cumulative amount of (A) Realized Losses and (B) Applied Realized Loss Amounts the Trust Administration Fees to date, in be paid to or retained by the aggregate and Trust Administrator with respect to the Group One Mortgage Loans and Group Two Mortgage Loanssuch Distribution Date;
(ix) the amount Pass-Through Rate for each such Class of (A) Realized Losses and (B) Applied Realized Loss Amounts Certificates with respect to such Distribution Date, in the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage Loans;
(x) 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 Servicer as outstanding as of the close of business on the Determination Date immediately preceding such Distribution Date;
(xi) the number and aggregate outstanding principal amounts balances of Mortgage Loans (A) Delinquent (exclusive of Mortgage Loans in foreclosure) (1) as to which the Scheduled Payment is delinquent 31 to 60 days, (2) 61 to 90 days and (3) 91 or more days, and (B2) that have become REO Property, (3) that are in foreclosure and Delinquent (14) 31 to 60 days, (2) 61 to 90 days and (3) 91 or more daysthat are in bankruptcy, in each case as of the close of business on the last day Business Day of the calendar month immediately preceding such Distribution Date, in the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage Loansmonth;
(xixii) 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 Loan Loans that became an REO Property Properties during the preceding calendar month, the loan aggregate number of such Mortgage Loans and the aggregate Stated Principal Balance of such Mortgage Loan Loans as of the close of business on the last day of the calendar month Determination Date preceding such Distribution Date and on the date of acquisition thereof, in the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage Loans;; Fremont [200___-___] Pooling & Servicing Agreement 120
(xiixiv) the total number and principal balance of any REO Properties (and market value, if available) as of the close of business on the last day of the calendar month Determination Date preceding such Distribution Date, in the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage Loans;
(xiii) the aggregate Stated Principal Balance of all Liquidated Loans as of the preceding Distribution Date, in the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage Loans;
(xivxv) whether a Stepdown Trigger Event has occurred and is in effect;
continuing (xv) with respect to each Class including the calculation thereof and the aggregate outstanding balance of Certificates, any Interest Carry Forward Amount with respect to such Distribution Date for each such Class, any Interest Carry Forward Amount paid for each such Class and any remaining Interest Carry Forward Amount for each such Classall 60+ Day Delinquent Mortgage Loans);
(xvi) the number and Stated Principal Balance amount on deposit in the Net WAC Rate Carryover Reserve Account (as of the preceding after giving effect to distributions on such Distribution Date) of any Mortgage Loans which were purchased or repurchased during the preceding Due Period and since the Cut-off Date);
(xvii) the number aggregate amount of Mortgage Loans for which Prepayment Charges were received Applied Realized Loss Amounts incurred during the related Prepayment Period and, for each preceding calendar month and aggregate Applied Realized Loss Amounts through such Mortgage Loan, the amount of Prepayment Charges received during the related Prepayment Period and in the aggregate of such amounts for all such Mortgage Loans since the Cut-off Distribution Date;
(xviii) the amount and purpose of any withdrawal from Net Monthly Excess Cash Flow on such Distribution Date and the Collection Account pursuant allocation thereof to Section 3.08(a)(viii)the Certificateholders with respect to Applied Realized Loss Amounts and Unpaid Interest Amounts;
(xix) the amount of any payments to each Class of Certificates that are treated as payments received in respect of a REMIC "regular interest" or REMIC "residual interest" Overcollateralized Amount and the amount of any payments to each Class of Certificates that are not treated as payments received in respect of a REMIC "regular interest" or REMIC "residual interest"Overcollateralization Target Amount;
(xx) as of each Distribution Date, Prepayment Premiums collected by the amount, if any, to be deposited in the Cap Contract Account pursuant to the related Cap Contract as described in Section 4.04(k) and the amount thereof to be paid to the Class A, Class M, Class B-1A, Class B-2A, Class B-3A, Class B-4A and Class C Certificates described in Section 4.04(k) hereofServicer;
(xxi) any Floating Rate Certificate Carryover paid and all Floating Rate Certificate Carryover remaining on each class of the Class AYMA Payments, Class Mif any, Class B-1, Class B-2, Class B-3 and Class B-4 Certificates on for such Distribution Date;; and
(xxii) the number of Mortgage Loans with respect to which (i) a reduction in the Mortgage Rate has occurred or (ii) the related borrower's obligation to repay interest on a monthly basis has been suspended or reduced pursuant to the Servicemembers Civil Relief Act or the California Military and Veterans Code, as amended; and the amount of interest not required to be paid with respect to any such Mortgage Loans during the related Due Period as a result of such reductions in the aggregate and with respect to the Group One Mortgage Loans and the Group Two Mortgage Loans.
(xxiii) the aggregate Outstanding Principal Balance of each Class of Certificates for the following Distribution Date;
(xxiv) the number and aggregate principal amounts of Mortgage Loans (A) delinquent (1) one Monthly Payment, (2) two Monthly Payments and (3) three or more Monthly Payments and (B) in foreclosure, in each case, as of the end of the related Principal Prepayment Period;
(xxv) the number and the principal balance of Mortgage Loans with respect to any real estate acquired through foreclosure or grant of a deed in lieu of foreclosure;
(xxvi) the aggregate amount of all Advances recovered during the related Due Period;
(xxvii) the aggregate amount of Realized Losses during the related Due Period and the aggregate amount of Realized Losses since the Cut-off Date;
(xxviii) the allocation to each Class of Certificate of any Realized Losses during the related Due Period;
(xxix) with respect to each Class of Certificates, the amount of any Compensating Interest Shortfalls on such Distribution Date;
(xxx) Number and amount of pool assets at the beginning and ending of each period, and updated pool composition information, such as weighted average coupon, weighted average life, weighted average remaining term, pool factors and prepayment amounts;
(xxxi) In addition, describe any material changes to methodology regarding calculations of delinquencies and charge-offs;
(xxxii) Information distributed on the amount, terms and general purpose of any advances made or reimbursed during the period, including the general use of funds advanced and the general source of funds for reimbursements;
(xxxiii) Any material modifications, extensions or waivers to pool asset terms, fees, penalties or payments during the distribution period or that have cumulatively become material over time;
(xxxiv) Material breaches of pool asset representations or warranties or transaction covenants;
(xxxv) Information on ratio, coverage or other tests used for determining any early amortization, liquidation or other performance trigger and whether the trigger was met; and
(xxxvi) Information regarding any new issuance of asset-backed securities backed by the same asset pool, any pool asset changes (other than in connection with a pool asset converting into cash in accordance with its terms), such as additions or removals in connection with a prefunding or revolving period and pool asset substitutions and repurchases (and purchase rates, if applicable), and cash flows available for future purchases, such as the balances of any prefunding or revolving accounts, if applicable. Disclose any material changes in the solicitation, credit-granting, underwriting, origination, acquisition or pool selection criteria or procedures, as applicable, used to originate, acquire or select the new pool assetsClass C Certificates.
(b) The Securities Trust Administrator’s responsibility for providing the above statement to the Certificateholders, each Rating Agency, the Servicer, the Master Servicer, the Originator and the Depositor is limited to the availability, timeliness and accuracy of the information derived from the Servicer. The Trust Administrator will make the Monthly Statement (and, at its option, any additional files containing the same information in an alternative format) above statement available each month to Certificateholders, other parties to this Agreement and any other interested parties via the Securities Trust Administrator's Internet ’s internet website. The Securities Trust Administrator's Internet ’s website shall will initially be located at "www.__________." Assistance hxxx://xxx.xxxxxxx.xxx and assistance in using the website can be obtained by calling the Securities Trust Administrator's ’s customer service desk at ______________1-000-000-0000. Parties that are unable to use the website 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 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 Securities Trust Administrator shall provide timely and adequate notification to all above the Certificateholders and the parties hereto regarding any such changes. The Securities Trust Administrator shall 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 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 Securities Trust Administrator's ’s internet website, the Securities Trust Administrator may require registration and the acceptance of a disclaimer. The Securities Trust Fremont [200___-___] Pooling & Servicing Agreement 121 Administrator will not be liable for the dissemination of information in accordance with this Agreement. 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) Upon request, within a reasonable period of time after the end of each calendar year, the Trust Administrator shall cause to be furnished 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 Trust Administrator shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Trust Administrator pursuant to any requirements of the Code as are from time to time in effect.
(d) Not later than the Reporting Date, the Servicer shall furnish to the Trust Administrator and the Master Servicer a monthly remittance advice statement (in a format mutually agreed upon by the Servicer and the Trust Administrator) containing such information as shall be reasonably requested by the Trust Administrator 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 Business Day of the immediately preceding month (the “Servicer Remittance Report”). The Servicer shall furnish to the Trust Administrator 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, the 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 Premiums, 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; Fremont [200___-___] Pooling & Servicing Agreement 122
(iii) the amount of servicing compensation received by 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 the Servicer during the prior distribution period pursuant to Section 3.11;
(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 or more; (b) as to which foreclosure 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 Mortgage Loan, the amount of any Realized Losses for such Mortgage Loan; and
(ix) any other information reasonably required by the Trust Administrator to enable it to prepare the monthly statement referred to in 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 based solely on information provided by the Servicer (which information is not required to include any prediction of future performance as to which such report relates)Date, the Securities Administrator shall prepare and make available on its website located at xxx.xxxxxxx.xxx to each Holder of a Class of Certificates of the Trust FundCertificates, the ServicerTrustee, the Master Servicer, the Trustee, the NIMs Insurer, the Rating Agencies Swap Provider and the Depositor a statement setting forth for the Certificates:
(i) the applicable record dates, accrual periods, determination dates for calculating distributions and general distribution dates;
(ii) the total cash flows received and the general sources thereof;
(iii) the amount, if any, of fees or expenses accrued and paid, with an identification of the payee and the general purpose of such fees including the related amount of the Servicing Fees paid to or retained by the Master Servicer for the related Due Period;
(iv) the amount of any Net Swap Payment payable to the Derivative Administrator, any Net Swap Payment payable to the Swap Provider, any Swap Termination Payment payable to the Derivative Administrator and any Swap Termination Payment payable to the Swap Provider;
(v) the amount of the related distribution to Holders of each Class allocable to principal, separately identifying (A) the aggregate amount of any Principal Prepayments included therein, (B) the aggregate of all scheduled payments of principal included therein, therein and (C) the Extra Principal Distribution Amount, Amount (if any, and (D) the aggregate amount of Prepayment Charges, if any);
(iivi) the amount of such distribution to Holders of each Class of Class A Certificates and Class M Certificates allocable to interestinterest and the portion thereof, together with any Non-Supported Interest Shortfalls allocated to each Classif any, provided by the Swap Agreement and Yield Maintenance Agreement and the amount of coverage remaining under either credit enhancement;
(iiivii) the Interest Carry Forward Amounts and any Basis Risk Shortfall Carry Forward Amounts for each Class of Certificates (if any);
(viii) the Pass-Through Rate for each Class of Class A Certificates and Class M Certificates with respect to the current Accrual Period, and, if applicable, whether such Pass-Through Rate was limited by the Net Rate Cap;
(ix) the number and the aggregate of the Stated Principal Balance of (A) all of the Mortgage Loans and (B) the Adjustable Rate Mortgage Loans, for the following Distribution Date;
(x) the Certificate Principal Balance or Certificate Notional Amount, as applicable, of each Class immediately prior to before and after giving effect (i) to all distributions allocable to principal on such Distribution Date and (ii) the allocation of any Applied Realized Loss Amounts for such Distribution Date;
(iv) the Pool Stated Principal Balance for such Distribution Date;
(v) the amount of the Servicing Fee paid to or retained by the Servicer, the amount of the Securities Administrator Fee paid to or retained by the Securities Administrator and any amounts constituting reimbursement or indemnification of the Servicer, Master Servicer, Securities Administrator or Trustee;
(vi) the Pass-Through Rate for each Class of Certificates for such Distribution Date;
(vii) the amount of Advances included in the distribution on such Distribution Date;
(viii) the cumulative amount of (A) Realized Losses and (B) Applied Realized Loss Amounts to date, in the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage Loans;
(ix) the amount of (A) Realized Losses and (B) Applied Realized Loss Amounts with respect to such Distribution Date, in the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage Loans;
(xxi) the number and aggregate principal amounts Stated Principal Balance of the Mortgage Loans (A) Delinquent (exclusive of Mortgage Loans in foreclosureforeclosure and bankruptcy) (1) 31 to 60 days30 days Delinquent, (2) 61 to 90 60 days Delinquent and (3) 91 90 days or more daysDelinquent, and (B) in foreclosure and Delinquent delinquent (1) 31 to 60 days30 days Delinquent, (2) 61 to 90 60 days Delinquent and (3) 91 90 days or more daysDelinquent and (C) in bankruptcy and delinquent (1) 30 days Delinquent, (2) 60 days Delinquent and (3) 90 days or more Delinquent, in each case as of the close of business on the last day of the calendar month preceding such Distribution DateDate and separately identifying such information for the (1) first lien Mortgage Loans, in the aggregate (2) second lien Mortgage Loans, and with respect to the Group One Mortgage Loans and Group Two (3) Adjustable Rate Mortgage Loans;
(xixii) the amount of aggregate Advances included in the distribution on such Distribution Date (including the general purpose of such Advances), the aggregate amount of unreimbursed Advances as of the end of the Due Period, and the general source of funds for reimbursements;
(xiii) the amount of, if any, of excess cashflow or excess spread and the application of such excess cashflow;
(xiv) the cumulative amount of Applied Realized Loss Amounts through the end of the preceding month;
(xv) if applicable, material modifications, extensions or waivers to Mortgage Loan terms, fees, penalties or payments during the preceding calendar month or that have become material over time;
(xvi) with respect to any Mortgage Loan that became an REO Property was liquidated during the preceding calendar month, the loan aggregate Stated Principal Balance of, and Realized Loss on, such Mortgage Loans as of the close of business on the Determination Date preceding such Distribution Date;
(xvii) the total number and principal balance of any real estate owned or REO Properties as of the close of business on the Determination Date preceding such Distribution Date;
(xviii) the three month rolling average of the percent equivalent of a fraction, the numerator of which is the aggregate Stated Principal Balance of such the Mortgage Loan Loans that are 60 days or more delinquent or are in bankruptcy or foreclosure or are REO Properties, and the denominator of which is the aggregate Stated Principal Balance of all of the Mortgage Loans in each case as of the close of business on the last day of the calendar month preceding such Distribution Date and separately identifying such information for the date of acquisition thereof(1) first lien Mortgage Loans, in the aggregate and with respect to the Group One Mortgage Loans and Group Two (2) Adjustable Rate Mortgage Loans;
(xiixix) the total number and principal balance of any REO Properties as of the close of business on the last day of the calendar month preceding such Distribution Date, in the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage Loans;
(xiii) the aggregate Stated Principal Balance of all Liquidated Loans as of the preceding Distribution Date, in the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage Loans;
(xiv) whether a Stepdown Trigger Event has occurred and is in effect;
(xv) with respect to each Class of Certificates, any Interest Carry Forward Amount with respect to such Distribution Date for each such Class, any Interest Carry Forward Amount paid for each such Class and any remaining Interest Carry Forward Amount for each such Class;
(xvi) the number and Stated Principal Balance (as of the preceding Distribution Date) of any Mortgage Loans which were purchased or repurchased during the preceding Due Period and since the Cut-off Date;
(xvii) the number of Mortgage Loans for which Prepayment Charges were received during the related Prepayment Period and, for each such Mortgage Loan, the amount of Prepayment Charges received Realized Losses during the related Prepayment Period and in the aggregate cumulative Realized Losses through the end of such amounts for all such Mortgage Loans since the Cut-off Date;
(xviii) the amount and purpose of any withdrawal from the Collection Account pursuant to Section 3.08(a)(viii);
(xix) the amount of any payments to each Class of Certificates that are treated as payments received in respect of a REMIC "regular interest" or REMIC "residual interest" and the amount of any payments to each Class of Certificates that are not treated as payments received in respect of a REMIC "regular interest" or REMIC "residual interest"preceding month;
(xx) as of each Distribution Date, the amount, if any, to be deposited in the Cap Contract Account pursuant to the related Cap Contract as described in Section 4.04(k) and the amount thereof to be paid to the Class A, Class M, Class B-1A, Class B-2A, Class B-3A, Class B-4A and Class C Certificates described in Section 4.04(k) hereofwhether a Trigger Event exists;
(xxi) any Floating Rate Certificate Carryover paid and all Floating Rate Certificate Carryover remaining the amount of the distribution made on each class such Distribution Date to the Holders of the Class A, Class M, Class B-1, Class B-2, Class B-3 and Class B-4 P Certificates on such Distribution Dateallocable to Prepayment Charges;
(xxii) the number of Mortgage Loans with respect to which (i) a reduction in the Mortgage Rate has occurred or (ii) the related borrower's obligation to repay interest information on a monthly basis has been suspended or reduced pursuant to the Servicemembers Civil Relief Act or the California Military and Veterans Codeloss, as amended; and the amount of interest not required to be paid with respect to any such Mortgage Loans during the related Due Period as a result of such reductions in the aggregate and with respect to the Group One Mortgage Loans and the Group Two Mortgage Loans.
(xxiii) the aggregate Outstanding Principal Balance of each Class of Certificates for the following Distribution Date;
(xxiv) the number and aggregate principal amounts of Mortgage Loans (A) delinquent (1) one Monthly Payment, (2) two Monthly Payments and (3) three or more Monthly Payments and (B) in foreclosure, in each case, as of the end of the related Principal Prepayment Period;
(xxv) the number and the principal balance of Mortgage Loans with respect to any real estate acquired through foreclosure or grant of a deed in lieu of foreclosure;
(xxvi) the aggregate amount of all Advances recovered during the related Due Period;
(xxvii) the aggregate amount of Realized Losses during the related Due Period and the aggregate amount of Realized Losses since the Cut-off Date;
(xxviii) the allocation to each Class of Certificate of any Realized Losses during the related Due Period;
(xxix) with respect to each Class of Certificates, the amount of any Compensating Interest Shortfalls on such Distribution Date;
(xxx) Number and amount of pool assets at the beginning and ending of each period, and updated pool composition information, such as weighted average coupon, weighted average life, weighted average remaining term, pool factors and prepayment amounts;
(xxxi) In addition, describe any material changes to methodology regarding calculations of delinquencies and charge-offs;
(xxxii) Information on the amount, terms and general purpose of any advances made or reimbursed during the period, including the general use of funds advanced and the general source of funds for reimbursements;
(xxxiii) Any material modifications, extensions or waivers to pool asset terms, fees, penalties or payments during the distribution period or that have cumulatively become material over time;
(xxxiv) Material breaches of pool asset representations or warranties or transaction covenants;
(xxxv) Information on ratio, coverage delinquency or other tests used for determining any early amortization, liquidation liquidation, stepdowns or other performance trigger triggers and whether the trigger was met; and;
(xxxvixxiii) Information the amount of the Prepayment Charges remitted by the Master Servicer and the amount on deposit in the Reserve Fund;
(xxiv) updated pool composition data including the following: weighted average mortgage rate and weighted average remaining term;
(xxv) information regarding any new issuance of asset-backed securities backed by the same asset pool, any pool asset changes (other than in connection with a pool asset converting into cash in accordance with its terms)changes, such as additions or removals in connection with a prefunding or revolving period and pool asset substitutions and repurchases (and purchase ratesof Mortgage Loans from the Trust Fund, if applicable), and cash flows available for future purchases, such as the balances of any prefunding or revolving accounts, if applicable. Disclose ; and
(xxvi) any material changes in the solicitation, credit-granting, underwriting, origination, acquisition or pool Mortgage Loan selection criteria or procedures, as applicable, used to originate, acquire or select Mortgage Loans for the Trust Fund. The Depositor covenants that if there is a material change in the solicitation, credit-granting, underwriting, origination, acquisition or Mortgage Loan selection criteria or procedures, as applicable, used to originate, acquire or select Mortgage Loans for the Trust Fund that it will notify the Securities Administrator five calendar days before each Distribution Date, and if no such notification occurs, the Securities Administrator has no obligation to report with respect to (xxvi). The Depositor covenants to the Securities Administrator that there will be no new issuance of securities backed by the same asset pool, so the Securities Administrator will only be responsible in (xxv) above for reporting any pool assets.
(b) asset changes, such as additions or removals of Mortgage Loans from the Trust Fund. The Securities Administrator will may make the foregoing Monthly Statement (and, at its option, any additional files containing the same information in an alternative format) available each month to Certificateholders, other parties to this Agreement and any other interested parties Certificateholders via the Securities Administrator's Internet ’s internet website. The Securities Administrator's Internet ’s internet website shall initially be located at "www.__________." “xxx.xxxxxxx.xxx”. Assistance in using the website can be obtained by calling the Securities Administrator's customer service ’s transaction administrator desk at ______________(000) 000-0000. Parties that are unable to use the website above distribution options 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 may change the way the monthly statements to Certificateholders Monthly Statements are distributed in order to make such distribution distributions more convenient and/or or more accessible to the above parties and the Securities Administrator shall provide timely and adequate notification to all above parties regarding any such changes. The Securities Administrator shall 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 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 Securities Administrator's ’s internet website, the Securities Administrator may require request registration and the acceptance of a disclaimer. The Securities Administrator will not be liable for the dissemination of information in accordance with this Agreement.
(b) The Securities Administrator’s responsibility for making the above information available to the Certificateholders is limited to the availability, timeliness and accuracy of the information derived from the parties providing the information to the Securities Administrator. The Securities Administrator will make available a copy of each statement provided pursuant to this Section 6.06 to each Rating Agency on its website at xxx.xxxxxxx.xxx.
(c) Within a reasonable period of time after the end of each calendar year, the Securities Administrator shall furnish upon request to each Person who at any time during the calendar year was a Certificateholder, a statement containing the information (only with respect to principal and interest) set forth in clauses (a)(v) and (a)(vi) of this Section 6.06 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 be provided by the Securities Administrator pursuant to any requirements of the Code as from time to time in effect.
(d) Upon filing with the Internal Revenue Service, the Securities Administrator shall furnish to the Holders of the Residual Certificates the applicable Form 1066 and each applicable Form 1066Q and shall respond promptly to written requests made not more frequently than quarterly by any Holder of a Residual Certificate with respect to the following matters:
(i) The original projected principal and interest cash flows on the Closing Date on each Class of regular and residual interests created hereunder and on the Mortgage Loans, based on the Prepayment Assumption;
(ii) The projected remaining principal and interest cash flows as of the end of any calendar quarter with respect to each class of Regular Interests and Residual Interests created hereunder and the Mortgage Loans, based on the Prepayment Assumption;
(iii) The applicable Prepayment Assumption and any interest rate assumptions used in determining the projected principal and interest cash flows described above;
(iv) The original issue discount (or, in the case of the Mortgage Loans, market discount) or premium accrued or amortized through the end of such calendar quarter with respect to each class of Regular Interests or Residual Interests created hereunder and to the Mortgage Loans, together with each constant yield to maturity used in computing the same;
(v) The treatment of Realized Losses with respect to the Mortgage Loans or the Regular Interests created hereunder, including the timing and amount of any cancellation of indebtedness income of a REMIC with respect to such Regular Interests or bad debt deductions claimed with respect to the Mortgage Loans;
(vi) The amount and timing of any non-interest expenses of a REMIC; and
(vii) Any taxes (including penalties and interest) imposed on the REMIC, including, without limitation, taxes on “prohibited transactions,” “contributions” or “net income from foreclosure property” or state or local income or franchise taxes. The information pursuant to clauses (i), (ii), (iii) and (iv) above shall be provided by the Depositor pursuant to Section 10.12.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Bear Stearns Asset Backed Securities I Trust 2006-Im1)
Monthly Statements to Certificateholders. (a) Not later than each Distribution Date based solely on information provided by the Servicer (which information is not required to include any prediction of future performance as to which such report relates)Date, the Securities Administrator shall prepare and deliver to the Trustee and the Yield Maintenance Provider, and make available on its website located at xxx.xxxxxxx.xxx to each Holder of a Class of Certificates of the Trust FundCertificates, the ServicerTrustee, the Rating Agencies, the Master Servicer, the Trustee, the NIMs Insurer, the Rating Agencies EMC Servicer and the Depositor a statement setting forth for the Certificates:
(i) the amount of the related distribution to Holders of each Class allocable to principal, separately identifying (A) the aggregate amount of any Principal Prepayments included therein, (B) the aggregate of all scheduled payments (except with respect to any Simple Interest Loans) of principal included therein (and with respect to any Simple Interest Loans, the amount of principal actually received included therein), and (C) the Extra Principal Distribution Amount, Amount (if any, and (D) the aggregate amount of Prepayment Charges, if any);
(ii) the amount of such distribution to Holders of each Class allocable to interest, together with any Non-Supported Interest Shortfalls allocated and, if applicable, the portion thereof allocable to each Classamounts provided pursuant to the Yield Maintenance Agreements to the extent such information is provided to the Securities Administrator by the Trustee;
(iii) any Interest Carry Forward Amounts, any Basis Risk Shortfall Carry Forward Amounts for each Class of Adjustable Rate Certificates;
(iv) the Certificate Principal Balance of each Class immediately prior to the Offered Certificates before and after giving effect (i) to all distributions allocable to of principal on and allocation of Applied Realized Loss Amounts in reduction of Certificate Principal Balance for such Distribution Date and (ii) the allocation of any Applied Realized Loss Amounts for such Distribution Date;
(iv) Subsequent Recoveries to increase the Pool Stated Certificate Principal Balance for such Distribution Date;
(v) the cumulative amount of Applied Realized Loss Amounts to date and the Servicing Fee paid Unpaid Applied Realized Loss Amounts for each applicable Class of Subordinate Certificates after giving effect to or retained by the Servicer, the amount distribution of the Securities Administrator Fee paid to or retained by the Securities Administrator principal (including Subsequent Recoveries) and any amounts constituting reimbursement or indemnification allocation of the Servicer, Master Servicer, Securities Administrator or TrusteeApplied Realized Loss Amounts on such Distribution Date;
(vi) the Pass-Through Rate for each Class of Adjustable Rate Certificates for with respect to the current Accrual Period, and, if applicable, whether such Distribution Pass-Through Rate was limited by the Interest Rate Cap;
(vii) the amount of any Excess Cashflow Amount and any Excess Yield Maintenance Amount with respect to each Group;
(viii) the aggregate of the Stated Principal Balances of the Mortgage Loans with respect to each Group on the related Due Date;
(viiix) the related amount of the Master Servicing Fees paid to or retained by the Master Servicer and the Servicing Fees paid to or retained by each Servicer for the related Due Period;
(x) the amount of Advances included in the distribution on such Distribution Date;
(viii) the cumulative amount of (A) Realized Losses and (B) Applied Realized Loss Amounts to date, in the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage Loans;
(ix) the amount of (A) Realized Losses and (B) Applied Realized Loss Amounts with respect to such Distribution Date, in the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage Loans;
(xxi) the number and aggregate principal amounts of Mortgage Loans (A) Delinquent (exclusive of Mortgage Loans in foreclosureforeclosure and bankruptcy) (1) 31 to 60 days, (2) 61 to 90 days and (3) 91 or more days, and (B) in foreclosure and Delinquent delinquent (1) 31 to 60 days, (2) 61 to 90 days and (3) 91 or more days and (C) in bankruptcy and delinquent (1) 31 to 60 days, (2) 61 to 90 days and (3) 91 or more days, in each case as of the close of business on the last day of the calendar month preceding such Distribution Date, in the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage Loans;
(xixii) with respect to any Mortgage Loan that became an REO Property was liquidated during the preceding calendar month, the loan number and Stated Principal Balance of of, and Realized Loss on, such Mortgage Loan as of the close of business on the last day end of the calendar month preceding such Distribution Date and the date of acquisition thereof, in the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage Loansrelated Prepayment Period;
(xiixiii) whether a Trigger Event exists in a Group;
(xiv) the total number and principal balance of any REO Properties with respect to each Group as of the close end of business on the related Prepayment Period;
(xv) the Realized Losses with respect to each Group during the related Prepayment Period and the cumulative Realized Losses with respect to each Group through the end of the preceding month;
(xvi) the three month rolling average of the percent equivalent of a fraction, the numerator of which is the aggregate stated Principal Balance of the Mortgage Loans in each Group that are 61 days or more delinquent or are in bankruptcy or foreclosure or are REO Properties, and the denominator of which is the aggregate Stated Principal Balance of all of the Mortgage Loans in the related Group as of the last day of the calendar month preceding such Distribution Date, in the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage Loans;
(xiiixvii) the aggregate Realized Losses on the Mortgage Loans in each Group since the Closing Date as a percentage of the aggregate Stated Principal Balance of all Liquidated the Mortgage Loans as of the preceding Distribution Date, in the aggregate and with respect to related Group on the Group One Mortgage Loans and Group Two Mortgage Loans;
(xiv) whether a Stepdown Trigger Event has occurred and is in effect;
(xv) with respect to each Class of Certificates, any Interest Carry Forward Amount with respect to such Distribution Date for each such Class, any Interest Carry Forward Amount paid for each such Class and any remaining Interest Carry Forward Amount for each such Class;
(xvi) the number and Stated Principal Balance (as of the preceding Distribution Closing Date) of any Mortgage Loans which were purchased or repurchased during the preceding Due Period and since the Cut-off Date;
(xvii) the number of Mortgage Loans for which Prepayment Charges were received during the related Prepayment Period ; and, for each such Mortgage Loan, the amount of Prepayment Charges received during the related Prepayment Period and in the aggregate of such amounts for all such Mortgage Loans since the Cut-off Date;
(xviii) the amount and purpose of any withdrawal from the Collection Account pursuant to Section 3.08(a)(viii);
(xix) the amount of any payments to each Class of Certificates that are treated as payments received in respect of a REMIC "regular interest" or REMIC "residual interest" Subsequent Recovery for such Distribution Date and the amount of any payments to each Class of Certificates that are not treated as payments received in respect of a REMIC "regular interest" or REMIC "residual interest";
(xx) as of each Distribution Date, by which the amount, if any, to be deposited in the Cap Contract Account pursuant to the related Cap Contract as described in Section 4.04(k) and the amount thereof to be paid to the Class A, Class M, Class B-1A, Class B-2A, Class B-3A, Class B-4A and Class C Certificates described in Section 4.04(k) hereof;
(xxi) any Floating Rate Certificate Carryover paid and all Floating Rate Certificate Carryover remaining on each class of the Class A, Class M, Class B-1, Class B-2, Class B-3 and Class B-4 Certificates on such Distribution Date;
(xxii) the number of Mortgage Loans with respect to which (i) a reduction in the Mortgage Rate has occurred or (ii) the related borrower's obligation to repay interest on a monthly basis has been suspended or reduced pursuant to the Servicemembers Civil Relief Act or the California Military and Veterans Code, as amended; and the amount of interest not required to be paid with respect to any such Mortgage Loans during the related Due Period as a result of such reductions in the aggregate and with respect to the Group One Mortgage Loans and the Group Two Mortgage Loans.
(xxiii) the aggregate Outstanding Principal Balance of each Class of Subordinated Certificates for the following Distribution Date;
(xxiv) the number and aggregate principal amounts of Mortgage Loans (A) delinquent (1) one Monthly Payment, (2) two Monthly Payments and (3) three or more Monthly Payments and (B) in foreclosure, in each case, was increased as of the end of the related Principal Prepayment Period;
(xxv) the number and the principal balance of Mortgage Loans with respect to any real estate acquired through foreclosure or grant of a deed in lieu of foreclosure;
(xxvi) the aggregate amount of all Advances recovered during the related Due Period;
(xxvii) the aggregate amount of Realized Losses during the related Due Period and the aggregate amount of Realized Losses since the Cut-off Date;
(xxviii) the allocation to each Class of Certificate of any Realized Losses during the related Due Period;
(xxix) with respect to each Class of Certificates, the amount of any Compensating Interest Shortfalls on such Distribution Date;
(xxx) Number and amount of pool assets at the beginning and ending of each period, and updated pool composition information, such as weighted average coupon, weighted average life, weighted average remaining term, pool factors and prepayment amounts;
(xxxi) In addition, describe any material changes to methodology regarding calculations of delinquencies and charge-offs;
(xxxii) Information on the amount, terms and general purpose of any advances made or reimbursed during the period, including the general use of funds advanced and the general source of funds for reimbursements;
(xxxiii) Any material modifications, extensions or waivers to pool asset terms, fees, penalties or payments during the distribution period or that have cumulatively become material over time;
(xxxiv) Material breaches of pool asset representations or warranties or transaction covenants;
(xxxv) Information on ratio, coverage or other tests used for determining any early amortization, liquidation or other performance trigger and whether the trigger was met; and
(xxxvi) Information regarding any new issuance of asset-backed securities backed by the same asset pool, any pool asset changes (other than in connection with a pool asset converting into cash in accordance with its terms), such as additions or removals in connection with a prefunding or revolving period and pool asset substitutions and repurchases (and purchase rates, if applicable), and cash flows available for future purchases, such as the balances of any prefunding or revolving accounts, if applicableresult thereof. Disclose any material changes in the solicitation, credit-granting, underwriting, origination, acquisition or pool selection criteria or procedures, as applicable, used to originate, acquire or select the new pool assets.
(b) The Securities Administrator will may make the Monthly Statement foregoing monthly statement (and, at its option, any additional files containing the same information in an alternative format) available each month to Certificateholders, other parties to this Agreement and any other interested parties Certificateholders via the Securities Administrator's Internet internet website. The Securities Administrator's Internet internet website shall initially be located at "www.__________." www.ctslink.com". Assistance in using the website can Securities Administrator'x xxxxxxx xxx be obtained by calling the Securities Administrator's customer service desk at ______________(301) 815-6600. To the extent timely received from the Securities Xxxxxxxxxxxxx, the Trustee will also make monthly statements available each month to Certificateholders and the Yield Maintenance Provider via the Trustee's internet website. The trustee's internet website will initially be located at www.jpmorgan.com/sfr. Assistance in using the Trustee's website sexxxxx xxx xx xxxxxxxd by calling the Trustee's customer service desk at (877) 722-1095. Parties that are unable to use the website are above distributxxx xxxxxxx xxe entitled to have a paper copy mailed to them via first class mail by calling the 76 Securities Administrator's customer service desk and indicating such. The Securities Administrator shall have the right to may change the way the monthly statements to Certificateholders are distributed in order to make such distribution distributions more convenient and/or or more accessible to the above parties and the Securities Administrator shall provide timely and adequate notification to all above parties regarding any such changes. parties.
(b) The Securities Administrator shall 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 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 Securities Administrator's internet websiteresponsibility for making the above information available to the Certificateholders is limited to the availability, timeliness and accuracy of the Securities Administrator may require registration information derived from the Master Servicer and the acceptance of a disclaimerEMC Servicer. The Securities Administrator will make available a copy of each statement provided pursuant to this Section 5.05 to each Rating Agency.
(c) Within a reasonable period of time after the end of each calendar year, the Securities Administrator will prepare and the Trustee will provide to the EMC Servicer, and 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) and (a)(ii) of this Section 5.05 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) Upon filing with the Internal Revenue Service, the Securities Administrator shall furnish to the Holders of the Residual Certificates the applicable Form 1066 and each applicable Form 1066Q and shall respond promptly to written requests made not more frequently than quarterly by any Holder of a Residual Certificate with respect to the following matters:
(i) The original projected principal and interest cash flows on the Closing Date on each Class of regular and residual interests created hereunder and on the Mortgage Loans, based on the Prepayment Assumption;
(ii) The projected remaining principal and interest cash flows as of the end of any calendar quarter with respect to each Class of regular and residual interests created hereunder and the Mortgage Loans, based on the Prepayment Assumption;
(iii) The applicable Prepayment Assumption and any interest rate assumptions used in determining the projected principal and interest cash flows described above;
(iv) The original issue discount (or, in the case of the Mortgage Loans, market discount) or premium accrued or amortized through the end of such calendar quarter with respect to each Class of regular or residual interests created hereunder and to the Mortgage Loans, together with each constant yield to maturity used in computing the same;
(v) The treatment of losses realized with respect to the Mortgage Loans or the regular interests created hereunder, including the timing and amount of any cancellation of indebtedness income of a REMIC with respect to such regular interests or bad debt deductions claimed with respect to the Mortgage Loans;
(vi) The amount and timing of any non-interest expenses of a REMIC; and
(vii) Any taxes (including penalties and interest) imposed on the REMIC, including, without limitation, taxes on "prohibited transactions," "contributions" or "net income from foreclosure property" or state or local income or franchise taxes. The information pursuant to clauses (i), (ii), (iii) and (iv) above shall be liable for provided by the dissemination of information in accordance with this Agreement.Depositor pursuant to Section 9.12. 77
Appears in 1 contract
Monthly Statements to Certificateholders. (a) Not later than each Distribution Date based solely on information provided by the Servicer (which information is not required to include any prediction of future performance as to which such report relates)Date, the Securities Administrator Trustee shall prepare and make available on its website located at xxx.xxxxxxx.xxx to each Holder of a Class of Certificates of the Trust FundCertificates, the Servicer, the Master Servicer, the Trustee, the NIMs Insurer, the Rating Agencies Depositor and the Depositor Credit Risk Manager via its website a statement setting forth for the Certificates with respect to the related Mortgage Loans and related Certificates:
(i) the amount of the related distribution to Holders of each Class allocable to principal, separately identifying (A) the aggregate amount of any Principal Prepayments included therein, (B) the aggregate of all scheduled payments of principal included therein, (C) the Extra Principal Distribution Amount, Monthly Excess Interest with respect to the Certificates (if any, ) and (D) the aggregate amount of Prepayment Charges, if anyCharges distributed to the Class P Certificates;
(ii) the amount of such distribution to Holders of each Class allocable to interest, together with any Non-Supported Interest Shortfalls allocated to each Class;
(iii) the Certificate Principal Balance of each Class immediately prior to and of Certificates, if applicable, after giving effect (i) to all distributions allocable to principal on such Distribution Date and (ii) the allocation of any Applied Realized Loss Amounts Losses for such Distribution Date;
(iv) the Pool aggregate of the Stated Principal Balances of all of the Mortgage Loans in each Loan Group and the aggregate Stated Principal Balance of the Mortgage Loans, in each case for such the following Distribution Date;
(v) the amount of the Servicing Fee Fees paid to or retained by the Servicer, Servicer for the amount of the Securities Administrator Fee paid to or retained by the Securities Administrator and any amounts constituting reimbursement or indemnification of the Servicer, Master Servicer, Securities Administrator or Trusteerelated Due Period;
(vi) the Pass-Through Rate for each Class of Certificates for such Distribution Datewith respect to the current Accrual Period;
(vii) the cumulative amount of Advances included Realized Losses to date and, in addition, if the distribution on such Distribution DateCertificate Principal Balance of any Class of Certificates has been reduced to zero, the cumulative amount of any Realized Losses that have not been allocated to any Class of Certificates;
(viii) the cumulative amount of (A) Realized Losses and (B) Applied Realized Loss Amounts to date, in the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage Loans;
(ix) the amount of (A) Realized Losses and (B) Applied Realized Loss Amounts with respect to such Distribution Date, in the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage Loans;
(x) the number and aggregate principal amounts of Mortgage Loans in each Loan Group and the Mortgage Loans in the aggregate, (A) Delinquent (exclusive of Mortgage Loans in foreclosureforeclosure and bankruptcy) (1) 31 to 60 days, (2) 61 to 90 days and (3) 91 or more days, and (B) in foreclosure and Delinquent delinquent (1) 31 to 60 days, (2) 61 to 90 days and (3) 91 or more days and (C) in bankruptcy and delinquent (1) 31 to 60 days, (2) 61 to 90 days and (3) 91 or more days, in each case as of the close of business on the last day of the calendar month preceding such Distribution Date, in the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage Loans;
(xiix) with respect to any Mortgage Loan that became an REO Property was liquidated during the preceding calendar month, the loan number and Stated Principal Balance of of, and Realized Loss on, such Mortgage Loan as of the close of business on the last day of the calendar month Determination Date preceding such Distribution Date and the date of acquisition thereof, in the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage LoansDate;
(xiix) the total number and principal balance of any real estate owned or REO Properties in each Loan Group and the Mortgage Loans in the aggregate as of the close of business on the last day of the calendar month Determination Date preceding such Distribution Date;
(xi) the three month rolling average of the percent equivalent of a fraction, in the aggregate and with respect to numerator of which is the Aggregate Loan Group One Balance of the Mortgage Loans in a Loan Group that are 60 days or more delinquent or are in bankruptcy or foreclosure or are REO Properties, and the denominator of which is the Aggregate Loan Group Two Balance of all of the Mortgage LoansLoans in such Loan Group as of the last day of such Distribution Date;
(xii) the Realized Losses during the related Prepayment Period and the cumulative Realized Losses through the end of the preceding month;
(xiii) the aggregate Stated Principal Balance amount of all Liquidated Loans as of the preceding Distribution Date, in the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage Loansany Basis Risk Shortfalls;
(xiv) whether a Stepdown Trigger Event has occurred and is amounts payable in effect;respect of the Cap Contract; and
(xv) with respect to each Class of Certificates, any Interest Carry Forward Amount with respect to such Distribution Date for each such Class, any Interest Carry Forward Amount paid for each such Class and any remaining Interest Carry Forward Amount for each such Class;
(xvi) the number and Stated Principal Balance (as of the preceding Distribution Date) of any Mortgage Loans which were purchased or repurchased during the preceding Due Period and since the Cut-off Date;
(xvii) the number of Mortgage Loans for which Prepayment Charges were received during the related Prepayment Period and, for each such Mortgage Loan, the amount of Prepayment Charges received during the related Prepayment Period and in the aggregate of such amounts for all such Mortgage Loans since the Cut-off Date;
(xviii) the amount and purpose of any withdrawal from the Collection Account pursuant to Section 3.08(a)(viii);
(xix) the amount of any payments to each Class of Certificates that are treated as payments received in respect of a REMIC "regular interest" or REMIC "residual interest" and the amount of any payments to each Class of Certificates that are not treated as payments received in respect of a REMIC "regular interest" or REMIC "residual interest";
(xx) as of each Distribution Date, the amount, if any, to be deposited in the Cap Contract Account pursuant to the related Cap Contract as described in Section 4.04(k) and the amount thereof to be Credit Risk Management Fees paid to the Class A, Class M, Class B-1A, Class B-2A, Class B-3A, Class B-4A Credit Risk Manager and Class C Certificates described in Section 4.04(k) hereof;
(xxi) any Floating Rate Certificate Carryover paid and all Floating Rate Certificate Carryover remaining on each class of the Class A, Class M, Class B-1, Class B-2, Class B-3 and Class B-4 Certificates on Seller for such Distribution Date;
(xxii) the number of Mortgage Loans with respect to which (i) a reduction in the Mortgage Rate has occurred or (ii) the related borrower's obligation to repay interest on a monthly basis has been suspended or reduced pursuant to the Servicemembers Civil Relief Act or the California Military and Veterans Code, as amended; and the amount of interest not required to be paid with respect to any such Mortgage Loans during the related Due Period as a result of such reductions in the aggregate and with respect to the Group One Mortgage Loans and the Group Two Mortgage Loans.
(xxiii) the aggregate Outstanding Principal Balance of each Class of Certificates for the following Distribution Date;
(xxiv) the number and aggregate principal amounts of Mortgage Loans (A) delinquent (1) one Monthly Payment, (2) two Monthly Payments and (3) three or more Monthly Payments and (B) in foreclosure, in each case, as of the end of the related Principal Prepayment Period;
(xxv) the number and the principal balance of Mortgage Loans with respect to any real estate acquired through foreclosure or grant of a deed in lieu of foreclosure;
(xxvi) the aggregate amount of all Advances recovered during the related Due Period;
(xxvii) the aggregate amount of Realized Losses during the related Due Period and the aggregate amount of Realized Losses since the Cut-off Date;
(xxviii) the allocation to each Class of Certificate of any Realized Losses during the related Due Period;
(xxix) with respect to each Class of Certificates, the amount of any Compensating Interest Shortfalls on such Distribution Date;
(xxx) Number and amount of pool assets at the beginning and ending of each period, and updated pool composition information, such as weighted average coupon, weighted average life, weighted average remaining term, pool factors and prepayment amounts;
(xxxi) In addition, describe any material changes to methodology regarding calculations of delinquencies and charge-offs;
(xxxii) Information on the amount, terms and general purpose of any advances made or reimbursed during the period, including the general use of funds advanced and the general source of funds for reimbursements;
(xxxiii) Any material modifications, extensions or waivers to pool asset terms, fees, penalties or payments during the distribution period or that have cumulatively become material over time;
(xxxiv) Material breaches of pool asset representations or warranties or transaction covenants;
(xxxv) Information on ratio, coverage or other tests used for determining any early amortization, liquidation or other performance trigger and whether the trigger was met; and
(xxxvi) Information regarding any new issuance of asset-backed securities backed by the same asset pool, any pool asset changes (other than in connection with a pool asset converting into cash in accordance with its terms), such as additions or removals in connection with a prefunding or revolving period and pool asset substitutions and repurchases (and purchase rates, if applicable), and cash flows available for future purchases, such as the balances of any prefunding or revolving accounts, if applicable. Disclose any material changes in the solicitation, credit-granting, underwriting, origination, acquisition or pool selection criteria or procedures, as applicable, used to originate, acquire or select the new pool assets.
(b) The Securities Administrator will Trustee may make the Monthly Statement foregoing monthly statement (and, at its option, any additional files containing the same information in an alternative format) available each month to Certificateholders, other parties to this Agreement and any other interested parties Certificateholders via the Securities Administrator's Internet its internet website. The Securities AdministratorTrustee's Internet internet website shall initially be located at "www.__________." xxx.xxxxxxxx.xxx/xxx". Assistance in using the website can be obtained by calling the Securities AdministratorTrustee's customer service desk at ______________(000) 000-0000. Parties that are unable to use the website above distribution options 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 Trustee may change the way the monthly statements to Certificateholders are distributed in order to make such distribution distributions more convenient and/or or more accessible to the above parties parties.
(b) The Trustee's responsibility for making the above information available to the Certificateholders is limited to the availability, timeliness and accuracy of the information derived from the Depositor and the Securities Administrator shall provide timely and adequate notification to all above parties regarding any such changesServicer. The Securities Administrator Trustee will make available a copy of each statement provided pursuant to this Section 5.09 to each Rating Agency.
(c) Within a reasonable period of time after the end of each calendar year, the Trustee shall also cause to be entitled furnished upon request to rely 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 5.09 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) Upon filing with the Internal Revenue Service, the Trustee shall furnish to the Holders of the Residual Certificates the applicable Form 1066 and each applicable Form 1066Q and shall respond promptly to written requests made not more frequently than quarterly by any Holder of a Residual Certificate with respect to the following matters:
(i) The original projected principal and interest cash flows on but shall not be responsible for the content or accuracy Closing Date on each Class of regular and residual interests created hereunder and on the Mortgage Loans, based on the Prepayment Assumption;
(ii) The projected remaining principal and interest cash flows as of the end of any calendar quarter with respect to each Class of regular and residual interests created hereunder and the Mortgage Loans, based on the Prepayment Assumption;
(iii) The applicable Prepayment Assumption and any interest rate assumptions used in determining the projected principal and interest cash flows described above;
(iv) The original issue discount (or, in the case of the Mortgage Loans, market discount) or premium accrued or amortized through the end of such calendar quarter with respect to each Class of regular or residual interests created hereunder and to the Mortgage Loans, together with each constant yield to maturity used in computing the same;
(v) The treatment of losses realized with respect to the Mortgage Loans or the regular interests created hereunder, including the timing and amount of any cancellation of indebtedness income of a REMIC with respect to such regular interests or bad debt deductions claimed with respect to the Mortgage Loans;
(vi) The amount and timing of any non-interest expenses of a REMIC; and
(vii) Any taxes (including penalties and interest) imposed on the REMIC, including, without limitation, taxes on "prohibited transactions," "contributions" or "net income from foreclosure property" or state or local income or franchise taxes. The information pursuant to clauses (i), (ii), (iii) and (iv) above shall be provided by third parties for purposes of preparing the monthly statement 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 Depositor pursuant to access the Securities Administrator's internet website, the Securities Administrator may require registration and the acceptance of a disclaimer. The Securities Administrator will not be liable for the dissemination of information in accordance with this AgreementSection 9.12.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (NAAC Alternative Loan Trust, Series 2005 - AR1)
Monthly Statements to Certificateholders. (a) Not later than each Distribution Date Date, the Trustee shall prepare and cause to be forwarded by first class mail to each Certificateholder, each Servicer, the Depositor, the Credit Risk Manager, the Swap Counterparty and each Rating Agency, a statement based solely on the information provided by the each Servicer (which information is not required pursuant to include any prediction of future performance as to which such report relates), the Securities Administrator shall prepare and make available on its website located at xxx.xxxxxxx.xxx to each Holder of a Class of Certificates of the Trust Fund, the Servicer, the Master Servicer, the Trustee, the NIMs Insurer, the Rating Agencies and the Depositor a statement Section 4.05 herein setting forth for with respect to the Certificatesrelated distribution:
(i) the amount of the related distribution to Holders of each Class thereof allocable to principal, separately identifying (A) indicating the aggregate amount of any portion thereof attributable to Scheduled Payments and Principal Prepayments included therein, (B) the aggregate of all scheduled payments of principal included therein, (C) the Extra Principal Distribution Amount, if any, and (D) the aggregate amount of Prepayment Charges, if anyPrepayments;
(ii) the amount of such distribution to Holders of each Class thereof allocable to interest, together with interest or any Non-Supported Carryforward Interest Shortfalls allocated to each Classincluded in such distribution;
(iii) if the Certificate Principal Balance distribution to the Holders of each such Class immediately prior 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 after giving effect (i) to all distributions allocable to principal on such Distribution Date and (ii) the allocation of any Applied Realized Loss Amounts for such Distribution Datethereof as between principal and interest;
(iv) the Pool Stated Class Principal Balance for of each Class of Certificates after giving effect to the distribution of principal on such Distribution Date;
(v) the amount of Aggregate Collateral Balance and the Servicing Fee paid to or retained by the Servicer, the amount of the Securities Administrator Fee paid to or retained by the Securities Administrator and any amounts constituting reimbursement or indemnification of the Servicer, Master Servicer, Securities Administrator or TrusteeAggregate Collateral Group Balance for such Distribution Date;
(vi) the Pass-Through Rate for each Class of Certificates Overcollateralization Amount for such Distribution Date;
(vii) the amount of Advances included in the distribution on Servicing Fees, the Excess Servicing Fee, the Trustee Fee, the Credit Risk Manager Fee and any other mortgage insurance fees, if applicable, with respect to such Distribution Date;
(viii) the cumulative amount Pass-Through Rate for each Class of (A) Realized Losses and (B) Applied Realized Loss Amounts to date, in the aggregate and LIBOR Certificates with respect to such Distribution Date and the Group One Mortgage Loans and Group Two Mortgage LoansPass-Through Rate for each Class of Class A-IO Certificates;
(ix) the amount of (A) Realized Losses Advances included in the distribution on such Distribution Date and (B) Applied Realized Loss Amounts with respect to the aggregate amount of Advances outstanding as of the last day of the calendar month preceding such Distribution Date, in the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage Loans;
(x) the number and aggregate principal amounts of Mortgage Loans (A) Delinquent (exclusive of Mortgage Loans in foreclosure) which are delinquent (1) 31 30 to 60 59 days, (2) 61 60 to 90 89 days and (3) 91 90 or more daysdays (to include such delinquent loans which are also in bankruptcy or foreclosure), for each Loan Group and (B) for the Mortgage Loans in foreclosure and Delinquent (1) 31 to 60 daysthe aggregate, (2) 61 to 90 days and (3) 91 or more days, in each case as of the close of business on the last day of the calendar month preceding such Distribution Date, in the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage Loans;
(xi) with respect to any Mortgage Loan that became an REO Property during the preceding calendar month, the loan number and Stated Principal Balance aggregate principal amounts of such Mortgage Loans that were in foreclosure, for each Loan as of Group and for the close of business on the last day of the calendar month preceding such Distribution Date and the date of acquisition thereof, Mortgage Loans in the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage Loans;
(xii) the total number and principal balance of any REO Properties aggregate, as of the close of business on the last day of the calendar month preceding such Distribution Date, in the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage Loans;
(xiii) the aggregate Stated Principal Balance of all Liquidated Loans as of the preceding Distribution Date, in the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage Loans;
(xiv) whether a Stepdown Trigger Event has occurred and is in effect;
(xv) with respect to each Class of Certificates, any Interest Carry Forward Amount with respect to such Distribution Date for each such Class, any Interest Carry Forward Amount paid for each such Class and any remaining Interest Carry Forward Amount for each such Class;
(xvi) the number and Stated Principal Balance (as of the preceding Distribution Date) of any Mortgage Loans which were purchased or repurchased during the preceding Due Period and since the Cut-off Date;
(xvii) the number of Mortgage Loans for which Prepayment Charges were received during the related Prepayment Period and, for each such Mortgage Loan, the amount of Prepayment Charges received during the related Prepayment Period and in the aggregate of such amounts for all such Mortgage Loans since the Cut-off Date;
(xviii) the amount and purpose of any withdrawal from the Collection Account pursuant to Section 3.08(a)(viii);
(xix) the amount of any payments to each Class of Certificates that are treated as payments received in respect of a REMIC "regular interest" or REMIC "residual interest" and the amount of any payments to each Class of Certificates that are not treated as payments received in respect of a REMIC "regular interest" or REMIC "residual interest";
(xx) as of each Distribution Date, the amount, if any, to be deposited in the Cap Contract Account pursuant to the related Cap Contract as described in Section 4.04(k) and the amount thereof to be paid to the Class A, Class M, Class B-1A, Class B-2A, Class B-3A, Class B-4A and Class C Certificates described in Section 4.04(k) hereof;
(xxi) any Floating Rate Certificate Carryover paid and all Floating Rate Certificate Carryover remaining on each class of the Class A, Class M, Class B-1, Class B-2, Class B-3 and Class B-4 Certificates on such Distribution Date;
(xxii) the number of Mortgage Loans with respect to which (i) a reduction in the Mortgage Rate has occurred or (ii) the related borrower's obligation to repay interest on a monthly basis has been suspended or reduced pursuant to the Servicemembers Civil Relief Act or the California Military and Veterans Code, as amended; and the amount of interest not required to be paid with respect to any such Mortgage Loans during the related Due Period as a result of such reductions in the aggregate and with respect to the Group One Mortgage Loans and the Group Two Mortgage Loans.
(xxiii) the aggregate Outstanding Principal Balance of each Class of Certificates for the following Distribution Date;
(xxivxii) the number and aggregate principal amounts of Mortgage Loans (A) delinquent (1) one Monthly Paymentthat were in bankruptcy, (2) two Monthly Payments for each Loan Group and (3) three or more Monthly Payments and (B) for the Mortgage Loans in foreclosure, in each casethe aggregate, as of the end close of business on the last day of the related Principal Prepayment Periodcalendar month preceding such Distribution Date;
(xxvxiii) the number and the aggregate principal balance amounts of Mortgage Loans with respect to any real estate acquired through foreclosure or grant of a deed in lieu of foreclosure;
(xxvi) which Prepayment Premiums were collected and the aggregate amount of all Advances recovered during the related Due Periodsuch Prepayment Premiums;
(xxviixiv) the Rolling Three Month Delinquency Rate for such Distribution Date;
(xv) the total number and principal balance of any REO Properties (and market value, if available), for each Loan Group and for the Mortgage Loans in the aggregate, as of the last day of the calendar month preceding such Distribution Date;
(xvi) the total number and principal balance of any Mortgage Loans that were repurchased during the calendar month preceding such Distribution Date;
(xvii) the aggregate amount of Realized Losses incurred during the related Due Period preceding calendar month and the aggregate amount of Realized Losses since included in such distribution;
(xviii) the Cut-off amount on deposit in the Prefunding Account (including a breakdown of amounts released during the prior calendar month in respect of Aggregate Subsequent Transfer Amounts or amounts included in the Principal Remittance Amount on the February 2006 Distribution Date);
(xix) the weighted average term to maturity of the Mortgage Loans as of the close of business on the last day of the calendar month preceding such Distribution Date;
(xxviiixx) the allocation to each Class of Certificate portion of any Realized Losses during distribution to the related Due PeriodClass A Certificateholders constituting an Insured Payment for such Distribution Date;
(xxixxxi) with respect to each Class of Certificates, the amount on deposit in the Capitalized Interest Account (including a breakdown of amounts released for the calendar month preceding such Distribution Date);
(xxii) the gross weighted average coupon of the Mortgage Loans as of the first date of the applicable period for such Distribution Date;
(xxiii) the aggregate number of Mortgage Loans in the pool;
(xxiv) the Net WAC Rate;
(xxv) the Senior Enhancement Percentage;
(xxvi) any Compensating Interest Shortfalls amounts deposited in the Basis Risk Reserve Fund on such Distribution Date pursuant to Section 4.02(e)(xv), and the balance of the Basis Risk Reserve Fund after all distributions have been made on such Distribution Date;
(xxxxxvii) Number and the amount deposited to the Supplemental Interest Account on such Distribution Date (including a breakdown of pool assets at the beginning and ending of each period, and updated pool composition information, amounts withdrawn in connection with such as weighted average coupon, weighted average life, weighted average remaining term, pool factors and prepayment amounts;
(xxxi) In addition, describe any material changes to methodology regarding calculations of delinquencies and charge-offs;
(xxxii) Information on the amount, terms and general purpose of any advances made or reimbursed during the period, including the general use of funds advanced and the general source of funds for reimbursements;
(xxxiii) Any material modifications, extensions or waivers to pool asset terms, fees, penalties or payments during the distribution period or that have cumulatively become material over time;
(xxxiv) Material breaches of pool asset representations or warranties or transaction covenants;
(xxxv) Information on ratio, coverage or other tests used for determining any early amortization, liquidation or other performance trigger and whether the trigger was metDistribution Date); and
(xxxvixxviii) Information regarding with respect to all of the Mortgage Loans, in the aggregate, and, unless otherwise stated, the related Distribution Date, for each Servicer that is servicing any new issuance of asset-backed securities backed such Mortgage Loans, the aggregate Stated Principal Balance of Mortgage Loans being serviced by such Servicer as of such Distribution Date. The Trustee’s responsibility for disbursing the same asset poolabove information to the Certificateholders is limited to the availability, any pool asset changes timeliness and accuracy of the information derived from each Servicer. On each Distribution Date, the Trustee shall provide Bloomberg Financial Markets, L.P. (other than in “Bloomberg”) CUSIP Level Factors for each Class of Offered Certificates as of such Distribution Date, using a format and media mutually acceptable to the Trustee and Bloomberg. In connection with a pool asset converting into cash providing the information specified in accordance with its terms)this Section 4.04 to Bloomberg, the Trustee and any director, officer, employee or agent of the Trustee shall be indemnified and held harmless by DLJMC, to the extent, in the manner and subject to the limitations provided in Section 8.05. The Trustee will also make the monthly statements to Certificateholders available each month to each party referred to in this Section 4.04(a) via the Trustee’s website. The Trustee’s website can be accessed at xxxx://xxx.xxxxxx.xxx/abs or at such as additions or removals in connection with a prefunding or revolving period and pool asset substitutions and repurchases (and purchase rates, if applicable), and cash flows available for future purchases, such other site as the balances of any prefunding or revolving accounts, if applicableTrustee may designate from time to time. Disclose any material changes in the solicitation, credit-granting, underwriting, origination, acquisition or pool selection criteria or procedures, as applicable, used The Trustee may fully rely upon and shall have no liability with respect to originate, acquire or select the new pool assetsinformation provided by each Servicer.
(b) The Securities Administrator will make Upon request, within a reasonable period of time after the Monthly Statement (andend of each calendar year, the Trustee shall cause to be furnished to each Person who at its optionany time during the calendar year was a Certificateholder, any additional files a statement containing the same information set forth in an alternative formatclauses (a)(i), (a)(ii) available each month to Certificateholders, other parties to and (a)(vii) of this Agreement and any other interested parties via Section 4.04 aggregated for such calendar year or applicable portion thereof during which such Person was a Certificateholder. Such obligation of the Securities Administrator's Internet website. The Securities Administrator's Internet website Trustee shall initially be located at "www.__________." 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 website are entitled deemed 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 way the monthly statements to Certificateholders are distributed in order to make such distribution more convenient and/or more accessible been satisfied to the above parties and the Securities Administrator extent that substantially comparable information shall provide timely and adequate notification to all above parties regarding any such changes. The Securities Administrator shall 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 the Trustee pursuant to any requirements of preparing the monthly statement and may affix thereto any disclaimer it deems appropriate Code as from time to time in its reasonable discretion (without suggesting liability on the part of any other party hereto). As a condition to access the Securities Administrator's internet website, the Securities Administrator may require registration and the acceptance of a disclaimer. The Securities Administrator will not be liable for the dissemination of information in accordance with this Agreementeffect.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Home Equity Asset Trust 2005-9)
Monthly Statements to Certificateholders. (a) Not later than each Distribution Date based solely on information provided by the Servicer (which information is not required to include any prediction of future performance as to which such report relates)Date, the Securities Administrator Trustee shall prepare and make available on its website located at xxx.xxxxxxx.xxx xxx.xxxxxxxx.xxx to each Holder of a Class of Certificates of the Trust FundIssuing Entity, the Servicer, the Master Servicer, the Trustee, the NIMs InsurerRating Agencies, the Rating Agencies Depositor, the Cap Contract Counterparty and the Depositor Swap Counterparty a statement setting forth for the CertificatesCertificates the following information; provided, however, that with respect to any calendar year during which an annual report on Form 10-K is not required to be filed with the Commission on behalf of the Issuing Entity, the information set forth in Items (xxiv) through (xxxii) below are not required to be included in such statement during any calendar year:
(i) the amount of the related distribution to Holders of each Class allocable to principal, separately identifying (A) the aggregate amount of any Principal Prepayments included therein, (B) the aggregate of all scheduled payments of principal included therein, (C) the Extra Principal Distribution Amount, if any, and (D) the aggregate amount of Prepayment Charges, if any;
(ii) the amount of such distribution to Holders of each Class allocable to interest, together with any Non-Supported Interest Shortfalls allocated to each Class;
(iii) any interest Carryforward Amount for each Class of the Class A, Class M and Class B Certificates;
(iv) the Class Certificate Principal Balance of each Class immediately prior to and after giving effect (i) to all distributions allocable to principal on such Distribution Date and (ii) the allocation of any Applied Realized Loss Amounts for such Distribution Date;
(ivv) the Pool Stated Principal Balance for such Distribution Date;
(vvi) the amount of the Servicing Fee paid to or retained by the Servicer, the amount of the Securities Administrator Fee paid to or retained by the Securities Administrator Servicer and any amounts constituting reimbursement or indemnification of the Servicer, Master Servicer, Securities Administrator Servicer or Trustee;
(vivii) the Pass-Through Rate for each Class of Certificates for such Distribution Date;
(viiviii) the amount of Advances included in the distribution on such Distribution DateDate or reimbursed during the period;
(viiiix) the cumulative amount of (A) Realized Losses and (B) Applied Realized Loss Amounts to date, in the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage Loans;
(ixx) the amount of (A) Realized Losses and (B) Applied Realized Loss Amounts with respect to such Distribution Date, in the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage Loans;
(xxi) the number and aggregate principal amounts of Mortgage Loans (A) Delinquent (exclusive of Mortgage Loans in foreclosure) (1) 31 to 60 days, (2) 61 to 90 days and (3) 91 or more days, and (B) in foreclosure and Delinquent (1) 31 to 60 days, (2) 61 to 90 days and (3) 91 or more days, in each case as of the close of business on the last day of the calendar month preceding such Distribution Date, in the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage LoansLoans in accordance with the OTS methodology for reporting delinquencies;
(xixii) with respect to any Mortgage Loan that became an REO Property during the preceding calendar month, the loan number and Stated Principal Balance of such Mortgage Loan as of the close of business on the last day of the calendar month preceding such Distribution Date and the date of acquisition thereof, in the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage Loans;
(xiixiii) the total number and principal balance of any REO Properties as of the close of business on the last day of the calendar month preceding such Distribution Date, in the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage Loans;
(xiiixiv) the aggregate Stated Principal Balance of all loans that became Liquidated Loans as of such Distribution Date calculated as of the preceding Distribution Date, in the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage Loans;
(xivxv) whether a Stepdown Trigger Event has occurred and is in effect;
(xvxvi) with respect to each Class of Certificates, any Interest Carry Forward Amount with respect to such Distribution Date for each such Class, any Interest Carry Forward Amount paid for each such Class and any remaining Interest Carry Forward Amount for each such Class;
(xvixvii) the number and Stated Principal Balance (as of the preceding Distribution Date) of any Mortgage Loans which were purchased or repurchased during the preceding Due Period and since the Cut-off Date;
(xviixviii) the number of Mortgage Loans for which Prepayment Charges were received during the related Prepayment Period and, for each such Mortgage Loan, the amount of Prepayment Charges received during the related Prepayment Period and in the aggregate of such amounts for all such Mortgage Loans since the Cut-off Date;
(xviiixix) the amount and purpose of any withdrawal from the Collection Account pursuant to Section 3.08(a)(viii);
(xixxx) the amount of any payments to each Class of Certificates that are treated as payments received in respect of a REMIC "regular interest" or REMIC "residual interest" and the amount of any payments to each Class of Certificates that are not treated as payments received in respect of a REMIC "regular interest" or REMIC "residual interest";
(xxxxi) as of each Distribution Date, the amount, if any, to be deposited in the Cap Contract Account Issuing Entity pursuant to the related Cap Corridor Contract as described in Section 4.04(k) and the amount thereof to be paid to the Class AA-1 Certificates, the Class MA-2 Certificates, Class B-1A, Class B-2A, Class B-3A, Class B-4A the Subordinate Certificates and the Class C Certificates described in Section 4.04(k) hereof;
(xxixxii) as of each Distribution Date, the amount, if any, to be deposited in the Supplemental Interest Trust pursuant to the Cap Contract as described in Section 4.04(l) and the amount thereof to be paid to the Certificates;
(xxiii) as of each Distribution Date, the amount, if any, to be deposited in the Supplemental Interest Trust pursuant to the Swap Agreement as described in Section 4.04(l) and the amount thereof to be paid to the Certificates;
(xxiv) any Floating Rate Certificate Carryover paid and all Floating Rate Certificate Carryover remaining on each class of the Class A, Class M, Class B-1, Class B-2, Class B-3 M and Class B-4 B Certificates on such Distribution Date;
(xxiixxv) the number of Mortgage Loans with respect to which (i) a reduction in the Mortgage Rate has occurred or (ii) the related borrower's obligation to repay interest on a monthly basis has been suspended or reduced pursuant to the Servicemembers Civil Relief Act or the California Military and Veterans Code, as amended; and the amount of interest not required to be paid with respect to any such Mortgage Loans during the related Due Period as a result of such reductions in the aggregate and with respect to the Group One Mortgage Loans and the Group Two Mortgage Loans.
(xxiii) the aggregate Outstanding Principal Balance of each Class of Certificates for the following Distribution Date;
(xxiv) the number and aggregate principal amounts of Mortgage Loans (A) delinquent (1) one Monthly Payment, (2) two Monthly Payments and (3) three or more Monthly Payments and (B) in foreclosure, in each case, as of the end of the related Principal Prepayment Period;
(xxv) the number and the principal balance of Mortgage Loans with respect to any real estate acquired through foreclosure or grant of a deed in lieu of foreclosure;
(xxvi) the aggregate amount of all Advances recovered during the related Due Period;
(xxvii) the aggregate amount of Realized Losses during the related Due Period and the aggregate amount of Realized Losses since the Cut-off Date;
(xxviii) the allocation to each Class of Certificate of any Realized Losses during the related Due Period;
(xxix) with respect to each Class of Certificates, the amount of any Compensating Non-Supported Interest Shortfalls on such Distribution Date;
(xxxxxvii) Number the number and amount of pool assets at the beginning and ending of each period, and updated pool composition information, such as weighted average coupon, weighted average life, weighted average remaining term, pool factors and prepayment amounts;
(xxxixxviii) In addition, describe any material changes to methodology regarding calculations of delinquencies and charge-offs;
(xxxiixxix) Information information on the amount, terms and general purpose amount of any advances Servicing Advances made or reimbursed during the period, including the general use of funds advanced and the general source of funds for reimbursements;
(xxxiiixxx) Any any material modifications, extensions or waivers to pool asset terms, fees, penalties or payments during the distribution period or that have cumulatively become material over time;
(xxxivxxxi) Material material breaches of pool asset representations or warranties or transaction covenants;
(xxxvxxxii) Information information on ratio, coverage or other tests used for determining any early amortization, liquidation or other performance trigger and whether the trigger was met; and
(xxxvixxxiii) Information information regarding any new issuance of asset-backed securities backed by the same asset pool, any pool asset changes (other than in connection with a pool asset converting into cash in accordance with its terms), such as additions or removals in connection with a prefunding or revolving period and pool asset substitutions and repurchases (and purchase rates, if applicable), and cash flows available for future purchases, such as the balances of any prefunding or revolving accounts, if applicable. Disclose any material changes in the solicitation, credit-granting, underwriting, origination, acquisition or pool selection criteria or procedures, as applicable, used to originate, acquire or select the new pool assets.
(b) The Securities Administrator Trustee will make the Monthly Statement (and, at its option, any additional files containing the same information in an alternative format) available each month to Certificateholders, other parties to this Agreement and any other interested parties via the Securities AdministratorTrustee's Internet website. The Securities AdministratorTrustee's Internet website shall initially be located at "www.__________." xxx.xxxxxxxx.xxx". Assistance in using the website can be obtained by calling the Securities Administrator's customer service desk Trustee at ______________(000) 000-0000. Parties that are unable to use the website 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 Trustee shall have the right to 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 Securities Administrator Trustee shall provide timely and adequate notification to all above parties regarding any such changes. The Securities Administrator foregoing information and reports shall also be prepared and determined by the Trustee based on Mortgage Loan data and other information provided to the Trustee by the Servicer, the Swap Counterparty, the Cap Contract Counterparty or any other third party required to deliver information hereunder. In preparing or furnishing the foregoing information, the Trustee shall be entitled to rely conclusively on but shall not be responsible for the content or accuracy of any the information or data provided to the Trustee by third parties for purposes of preparing the monthly statement and may affix thereto any disclaimer it deems appropriate in its reasonable discretion (without suggesting liability on Servicer, the part of Swap Counterparty, the Cap Contract Counterparty or any other third party hereto)required to deliver information and shall have no liability for any errors in any such information. As a condition to access the Securities AdministratorTrustee's internet website, the Securities Administrator Trustee may require registration and the acceptance of a disclaimer. The Securities Administrator Trustee will not be liable for the dissemination of information in accordance with this Agreement.
(c) If so requested in writing within a reasonable period of time after the end of each calendar year, the Trustee shall make available on its website or cause to be furnished to each Person who at any time during the calendar year was a Certificateholder of record, a statement containing the information set forth in clauses (a)(i) and (a)(ii) of this Section 4.05 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 are from time to time in effect.
(d) Upon filing with the Internal Revenue Service, the Trustee shall furnish to the Holders of the Class R Certificate each Form 1066 and each Form 1066Q and shall respond promptly to written requests made not more frequently than quarterly by any Holder of Class R Certificate with respect to the following matters:
(i) The original projected principal and interest cash flows on the Closing Date on each Class of regular and residual interests created hereunder and on the Mortgage Loans, based on the Prepayment Assumption;
(ii) The projected remaining principal and interest cash flows as of the end of any calendar quarter with respect to each Class of regular and residual interests created hereunder and the Mortgage Loans, based on the Prepayment Assumption;
(iii) The Prepayment Assumption and any interest rate assumptions used in determining the projected principal and interest cash flows described above;
(iv) The original issue discount (or, in the case of the Mortgage Loans, market discount) or premium accrued or amortized through the end of such calendar quarter with respect to each Class of regular or residual interests created hereunder and to the Mortgage Loans, together with each constant yield to maturity used in computing the same;
(v) The treatment of losses realized with respect to the Mortgage Loans or the regular interests created hereunder, including the timing and amount of any cancellation of indebtedness income of the REMICs with respect to such regular interests or bad debt deductions claimed with respect to the Mortgage Loans;
(vi) The amount and timing of any non-interest expenses of the REMICs; and
(vii) Any taxes (including penalties and interest) imposed on the REMICs, including, without limitation, taxes on "prohibited transactions," "contributions" or "net income from foreclosure property" or state or local income or franchise taxes. The information pursuant to clauses (i), (ii), (iii) and (iv) above shall be provided by the Depositor pursuant to Section 8.12.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (First Franklin Mortgage Loan Trust, Series 2006-Ff18)
Monthly Statements to Certificateholders. (a) Not later than each Distribution Date based solely on information provided by the Servicer (which information is not required to include any prediction of future performance as to which such report relates)Date, the Securities Administrator Trustee shall prepare and make available on its website located at xxx.xxxxxxx.xxx www.etrustee.net to each Holder of a Class of Certificates of the Trust FundTxxxx Xxxx, the Servicer, the Master Servicerxxx Xervicer, the Trustee, the NIMs InsurerRating Agencies, the Rating Agencies Cap Contract Counterparty, the Swap Counterparty and the Depositor a statement setting forth for the CertificatesCertificates the following information; provided, however, that with respect to any calendar year during which an annual report on Form 10-K is not required to be filed with the Commission on behalf of the Issuing Entity, information set forth in Items (xxiv) through (xxxii) below are not required to be included in such statement during any calendar year:
(i) the amount of the related distribution to Holders of each Class allocable to principal, separately identifying (A) the aggregate amount of any Principal Prepayments included therein, (B) the aggregate of all scheduled payments of principal included therein, (C) the Extra Principal Distribution Amount, if any, and (D) the aggregate amount of Prepayment Charges, if any;
(ii) the amount of such distribution to Holders of each Class allocable to interest, together with any Non-Supported Interest Shortfalls allocated to each Class;
(iii) any interest Carryforward Amount for each Class of the Class A, Class M and Class B Certificates;
(iv) the Class Certificate Principal Balance of each Class immediately prior to and after giving effect (i) to all distributions allocable to principal on such Distribution Date and (ii) the allocation of any Applied Realized Loss Amounts for such Distribution Date;
(ivv) the Pool Stated Principal Balance for such Distribution Date;
(vvi) the amount of the Servicing Fee paid to or retained by the Servicer, the amount of the Securities Administrator Fee paid to or retained by the Securities Administrator Servicer and any amounts constituting reimbursement or indemnification of the Servicer, Master Servicer, Securities Administrator Servicer or Trustee;
(vivii) the Pass-Through Rate for each Class of Certificates for such Distribution Date;
(viiviii) the amount of Advances included in the distribution on such Distribution Date;
(viiiix) the cumulative amount of (A) Realized Losses and (B) Applied Realized Loss Amounts to date, in the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage Loans;
(ixx) the amount of (A) Realized Losses and (B) Applied Realized Loss Amounts with respect to such Distribution Date, in the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage Loans;
(xxi) the number and aggregate principal amounts of Mortgage Loans (A) Delinquent (exclusive of Mortgage Loans in foreclosure) (1) 31 to 60 days, (2) 61 to 90 days and (3) 91 or more days, and (B) in foreclosure and Delinquent (1) 31 to 60 days, (2) 61 to 90 days and (3) 91 or more days, in each case as of the close of business on the last day of the calendar month preceding such Distribution Date, in the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage Loans;
(xixii) with respect to any Mortgage Loan Loans that became an become REO Property Properties during the preceding calendar month, the loan number and aggregate Stated Principal Balance of such Mortgage Loan Loans as of the close of business on the last day of the calendar month preceding such Distribution Date and the date of acquisition thereof, in the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage Loans;
(xiixiii) the total number and principal balance of any REO Properties as of the close of business on the last day of the calendar month preceding such Distribution Date, in the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage Loans;
(xiiixiv) the aggregate Stated Principal Balance of all Liquidated Loans as of the preceding Distribution Date, in the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage Loans;
(xivxv) whether a Stepdown Trigger Event has occurred and is in effect;
(xvxvi) with respect to each Class of Certificates, any Interest Carry Forward Amount with respect to such Distribution Date for each such Class, any Interest Carry Forward Amount paid for each such Class and any remaining Interest Carry Forward Amount for each such Class;
(xvixvii) the number and Stated Principal Balance (as of the preceding Distribution Date) of any Mortgage Loans which were purchased or repurchased during the preceding Due Period and since the Cut-off Date;
(xviixviii) the number of Mortgage Loans for which Prepayment Charges were received during the related Prepayment Period and, for each such Mortgage Loan, the amount of Prepayment Charges received during the related Prepayment Period and in the aggregate of such amounts for all such Mortgage Loans since the Cut-off Date;
(xviiixix) the amount and purpose of any withdrawal from the Collection Account pursuant to Section 3.08(a)(viii);
(xixxx) the amount of any payments to each Class of Certificates that are treated as payments received in respect of a REMIC "regular interest" or REMIC "residual interest" and the amount of any payments to each Class of Certificates that are not treated as payments received in respect of a REMIC "regular interest" or REMIC "residual interest";
(xxxxi) as of each Distribution Date, the amount, if any, to be deposited in the Cap Contract Account pursuant to the related Cap Contract as described in Section 4.04(k) and the amount thereof to be paid to the Class AA-1 Certificates, the Class MA-2 Certificates, Class B-1A, Class B-2A, Class B-3A, Class B-4A the Subordinate Certificates and the Class C Certificates described in Section 4.04(k) hereof;
(xxixxii) as of each Distribution Date, the amount, if any, to be deposited in the Supplemental Interest Trust pursuant to the Swap Agreement as described in Section 4.04(l) and the amount thereof to be paid to the Certificates;
(xxiii) any Floating Rate Certificate Carryover paid and all Floating Rate Certificate Carryover remaining on each class Class of the Class A, Class M, Class B-1, Class B-2, Class B-3 M and Class B-4 B Certificates on such Distribution Date;
(xxiixxiv) the number of Mortgage Loans with respect to which (i) a reduction in the Mortgage Rate has occurred or (ii) the related borrower's obligation to repay interest on a monthly basis has been suspended or reduced pursuant to the Servicemembers Civil Relief Act or the California Military and Veterans Code, as amended; and the amount of interest not required to be paid with respect to any such Mortgage Loans during the related Due Period as a result of such reductions in the aggregate and with respect to the Group One Mortgage Loans and the Group Two Mortgage Loans.
(xxiii) the aggregate Outstanding Principal Balance of each Class of Certificates for the following Distribution Date;
(xxiv) the number and aggregate principal amounts of Mortgage Loans (A) delinquent (1) one Monthly Payment, (2) two Monthly Payments and (3) three or more Monthly Payments and (B) in foreclosure, in each case, as of the end of the related Principal Prepayment Period;
(xxv) the number and the principal balance of Mortgage Loans with respect to any real estate acquired through foreclosure or grant of a deed in lieu of foreclosure;
(xxvi) the aggregate amount of all Advances recovered during the related Due Period;
(xxvii) the aggregate amount of Realized Losses during the related Due Period and the aggregate amount of Realized Losses since the Cut-off Date;
(xxviii) the allocation to each Class of Certificate of any Realized Losses during the related Due Period;
(xxix) with respect to each Class of Certificates, the amount of any Compensating Non-Supported Interest Shortfalls on such Distribution Date;
(xxxxxvi) Number the number and amount of pool assets at the beginning and ending of each period, and updated pool composition information, such as weighted average coupon, weighted average life, weighted average remaining term, pool factors and prepayment amounts;
(xxxixxvii) In addition, describe any material changes to methodology regarding calculations of delinquencies and charge-offs;
(xxxiixxviii) Information information on the amount, terms and general purpose of any advances made or reimbursed during the period, including the general use of funds advanced and the general source of funds for reimbursements;
(xxxiiixxix) Any any material modifications, extensions or waivers to pool asset terms, fees, penalties or payments during the distribution period or that have cumulatively become material over time;
(xxxivxxx) Material material breaches of pool asset representations or warranties or transaction covenants;
(xxxvxxxi) Information information on ratio, coverage or other tests used for determining any early amortization, liquidation or other performance trigger and whether the trigger was met; and
(xxxvixxxii) Information information regarding any new issuance of asset-backed securities backed by the same asset pool, any pool asset changes (other than in connection with a pool asset converting into cash in accordance with its terms), such as additions or removals in connection with a prefunding or revolving period and pool asset substitutions and repurchases (and purchase rates, if applicable), and cash flows available for future purchases, such as the balances of any prefunding or revolving accounts, if applicable. Disclose any material changes in the solicitation, credit-granting, underwriting, origination, acquisition or pool selection criteria or procedures, as applicable, used to originate, acquire or select the new pool assets.
(b) The Securities Administrator Trustee will make the Monthly Statement (and, at its option, any additional files containing the same information in an alternative format) available each month to Certificateholders, the Cap Contract Counterparty, the Swap Counterparty, other parties to this Agreement and any other interested parties via the Securities AdministratorTrustee's Internet website. The Securities AdministratorTrustee's Internet website shall initially be located at "www.__________." www.etrustee.net". Assistance in using the website can be obtained by calling the Securities Administrator's customer service desk xx xxxxxxx xxx Xrustee (Attention: Trevor Bradna, who may be reached directly at ______________(312) 904-4373. Parties that are unable Partixx xxxx xxx xnable to use the website are entitled to have a entixxxx xx xxxx x paper copy mailed to them via first class mail by calling the customer service desk and indicating such. The Securities Administrator Trustee shall have the right to 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 Securities Administrator Trustee shall provide timely and adequate notification to all above parties regarding any such changes. The Securities Administrator foregoing information and reports shall also be prepared and determined by the Trustee based on Mortgage Loan data and other information provided to the Trustee by the Servicer, the Swap Counterparty or any other third party required to deliver information hereunder. In preparing or furnishing the foregoing information, the Trustee shall 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 and may affix thereto any disclaimer it deems appropriate in its reasonable discretion (without suggesting liability conclusively on the part accuracy and completeness of the information or data provided to the Trustee by the Servicer, Swap Counterparty or any other third party hereto)required to deliver information and the Trustee shall be entitled to rely conclusively upon and shall have no liability for any errors in any such information. As a condition to access the Securities AdministratorTrustee's internet website, the Securities Administrator Trustee may require registration and the acceptance of a disclaimer. The Securities Administrator Trustee will not be liable for the dissemination of information in accordance with this Agreement.
(c) If so requested in writing within a reasonable period of time after the end of each calendar year, the Trustee shall make available on its website or cause to be furnished to each Person who at any time during the calendar year was a Certificateholder of record, a statement containing the information set forth in clauses (a)(i) and (a)(ii) of this Section 4.05 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 are from time to time in effect.
(d) Upon filing with the Internal Revenue Service, the Trustee shall furnish to the Holders of the Class R Certificate each Form 1066Q and, upon request of the Holders of the Class R Certificate, each Form 1066, and shall respond promptly to written requests made not more frequently than quarterly by any Holder of Class R Certificate with respect to the following matters:
(i) The original projected principal and interest cash flows on the Closing Date on each Class of regular and residual interests created hereunder and on the Mortgage Loans, based on the Prepayment Assumption;
(ii) The projected remaining principal and interest cash flows as of the end of any calendar quarter with respect to each Class of regular and residual interests created hereunder and the Mortgage Loans, based on the Prepayment Assumption;
(iii) The Prepayment Assumption and any interest rate assumptions used in determining the projected principal and interest cash flows described above;
(iv) The original issue discount (or, in the case of the Mortgage Loans, market discount) or premium accrued or amortized through the end of such calendar quarter with respect to each Class of regular or residual interests created hereunder and to the Mortgage Loans, together with each constant yield to maturity used in computing the same;
(v) The treatment of losses realized with respect to the Mortgage Loans or the regular interests created hereunder, including the timing and amount of any cancellation of indebtedness income of the REMICs with respect to such regular interests or bad debt deductions claimed with respect to the Mortgage Loans;
(vi) The amount and timing of any non-interest expenses of the REMICs; and
(vii) Any taxes (including penalties and interest) imposed on the REMICs, including, without limitation, taxes on "prohibited transactions," "contributions" or "net income from foreclosure property" or state or local income or franchise taxes. The information pursuant to clauses (i), (ii), (iii) and (iv) above shall be provided by the Depositor pursuant to Section 8.12.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Mortgage Loan Asset-Backed Certificates, Series 2006-He4)
Monthly Statements to Certificateholders. (a) Not later than each Distribution Date Date, the Trustee shall prepare and cause to be forwarded by first class mail to each Certificateholder, each Servicer, the Depositor and each Rating Agency, a statement based solely on the information provided by the each Servicer (which information is not required pursuant to include any prediction of future performance as to which such report relates), the Securities Administrator shall prepare and make available on its website located at xxx.xxxxxxx.xxx to each Holder of a Class of Certificates of the Trust Fund, the Servicer, the Master Servicer, the Trustee, the NIMs Insurer, the Rating Agencies and the Depositor a statement Section 4.05 herein setting forth for with respect to the Certificatesrelated distribution:
(i) the amount of the related distribution to Holders of each Class thereof allocable to principal, separately identifying (A) indicating the aggregate amount of any portion thereof attributable to Scheduled Payments and Principal Prepayments included therein, (B) the aggregate of all scheduled payments of principal included therein, (C) the Extra Principal Distribution Amount, if any, and (D) the aggregate amount of Prepayment Charges, if anyPrepayments;
(ii) the amount of such distribution to Holders of each Class thereof allocable to interest, together with interest or any Non-Supported Carryforward Interest Shortfalls allocated to each Classincluded in such distribution;
(iii) if the Certificate Principal Balance distribution to the Holders of each such Class immediately prior 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 after giving effect (i) to all distributions allocable to principal on such Distribution Date and (ii) the allocation of any Applied Realized Loss Amounts for such Distribution Datethereof as between principal and interest;
(iv) the Pool Stated Class Principal Balance for of each Class of Certificates after giving effect to the distribution of principal on such Distribution Date;
(v) the amount of Aggregate Collateral Balance and the Servicing Fee paid to or retained by the Servicer, the amount of the Securities Administrator Fee paid to or retained by the Securities Administrator and any amounts constituting reimbursement or indemnification of the Servicer, Master Servicer, Securities Administrator or TrusteeAggregate Collateral Group Balance for such Distribution Date;
(vi) the Pass-Through Rate for each Class of Certificates Overcollateralization Amount for such Distribution Date;
(vii) the amount of Advances included in the distribution on Servicing Fees, the Excess Servicing Fee, the Trustee Fee, the Credit Risk Manager Fee and any other mortgage insurance fees, if applicable, with respect to such Distribution Date;
(viii) the cumulative amount Pass-Through Rate for each Class of (A) Realized Losses and (B) Applied Realized Loss Amounts to date, in the aggregate and LIBOR Certificates with respect to such Distribution Date and the Group One Mortgage Loans and Group Two Mortgage LoansPass-Through Rate for each Class of Class A-IO Certificates;
(ix) the amount of (A) Realized Losses Advances included in the distribution on such Distribution Date and (B) Applied Realized Loss Amounts with respect to the aggregate amount of Advances outstanding as of the last day of the calendar month preceding such Distribution Date, in the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage Loans;
(x) the number and aggregate principal amounts of Mortgage Loans (A) Delinquent (exclusive of Mortgage Loans in foreclosure) which are delinquent (1) 31 30 to 60 59 days, (2) 61 60 to 90 89 days and (3) 91 90 or more daysdays (to include such delinquent loans which are also in bankruptcy or foreclosure), for each Loan Group and (B) for the Mortgage Loans in foreclosure and Delinquent (1) 31 to 60 daysthe aggregate, (2) 61 to 90 days and (3) 91 or more days, in each case as of the close of business on the last day of the calendar month preceding such Distribution Date, in the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage Loans;
(xi) with respect to any Mortgage Loan that became an REO Property during the preceding calendar month, the loan number and Stated Principal Balance aggregate principal amounts of such Mortgage Loans that were in foreclosure, for each Loan as of Group and for the close of business on the last day of the calendar month preceding such Distribution Date and the date of acquisition thereof, Mortgage Loans in the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage Loans;
(xii) the total number and principal balance of any REO Properties aggregate, as of the close of business on the last day of the calendar month preceding such Distribution Date, in the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage Loans;
(xiii) the aggregate Stated Principal Balance of all Liquidated Loans as of the preceding Distribution Date, in the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage Loans;
(xiv) whether a Stepdown Trigger Event has occurred and is in effect;
(xv) with respect to each Class of Certificates, any Interest Carry Forward Amount with respect to such Distribution Date for each such Class, any Interest Carry Forward Amount paid for each such Class and any remaining Interest Carry Forward Amount for each such Class;
(xvi) the number and Stated Principal Balance (as of the preceding Distribution Date) of any Mortgage Loans which were purchased or repurchased during the preceding Due Period and since the Cut-off Date;
(xvii) the number of Mortgage Loans for which Prepayment Charges were received during the related Prepayment Period and, for each such Mortgage Loan, the amount of Prepayment Charges received during the related Prepayment Period and in the aggregate of such amounts for all such Mortgage Loans since the Cut-off Date;
(xviii) the amount and purpose of any withdrawal from the Collection Account pursuant to Section 3.08(a)(viii);
(xix) the amount of any payments to each Class of Certificates that are treated as payments received in respect of a REMIC "regular interest" or REMIC "residual interest" and the amount of any payments to each Class of Certificates that are not treated as payments received in respect of a REMIC "regular interest" or REMIC "residual interest";
(xx) as of each Distribution Date, the amount, if any, to be deposited in the Cap Contract Account pursuant to the related Cap Contract as described in Section 4.04(k) and the amount thereof to be paid to the Class A, Class M, Class B-1A, Class B-2A, Class B-3A, Class B-4A and Class C Certificates described in Section 4.04(k) hereof;
(xxi) any Floating Rate Certificate Carryover paid and all Floating Rate Certificate Carryover remaining on each class of the Class A, Class M, Class B-1, Class B-2, Class B-3 and Class B-4 Certificates on such Distribution Date;
(xxii) the number of Mortgage Loans with respect to which (i) a reduction in the Mortgage Rate has occurred or (ii) the related borrower's obligation to repay interest on a monthly basis has been suspended or reduced pursuant to the Servicemembers Civil Relief Act or the California Military and Veterans Code, as amended; and the amount of interest not required to be paid with respect to any such Mortgage Loans during the related Due Period as a result of such reductions in the aggregate and with respect to the Group One Mortgage Loans and the Group Two Mortgage Loans.
(xxiii) the aggregate Outstanding Principal Balance of each Class of Certificates for the following Distribution Date;
(xxivxii) the number and aggregate principal amounts of Mortgage Loans (A) delinquent (1) one Monthly Paymentthat were in bankruptcy, (2) two Monthly Payments for each Loan Group and (3) three or more Monthly Payments and (B) for the Mortgage Loans in foreclosure, in each casethe aggregate, as of the end close of business on the last day of the related Principal Prepayment Periodcalendar month preceding such Distribution Date;
(xxvxiii) the number and the aggregate principal balance amounts of Mortgage Loans with respect to any real estate acquired through foreclosure or grant of a deed in lieu of foreclosure;
(xxvi) which Prepayment Premiums were collected and the aggregate amount of all Advances recovered during the related Due Periodsuch Prepayment Premiums;
(xxviixiv) the Rolling Three Month Delinquency Rate for such Distribution Date;
(xv) the total number and principal balance of any REO Properties (and market value, if available), for each Loan Group and for the Mortgage Loans in the aggregate, as of the last day of the calendar month preceding such Distribution Date;
(xvi) the total number and principal balance of any Mortgage Loans that were repurchased during the calendar month preceding such Distribution Date;
(xvii) the aggregate amount of Realized Losses incurred during the related Due Period preceding calendar month and the aggregate amount of Realized Losses since the Cut-off Dateincluded in such distribution;
(xxviiixviii) the allocation to each Class amount on deposit in the Prefunding Account (including a breakdown of Certificate of any Realized Losses amounts released during the related Due Periodprior calendar month in respect of Aggregate Subsequent Transfer Amounts or amounts included in the Principal Remittance Amount on the November 2004 Distribution Date);
(xxixxix) with respect the weighted average term to each Class maturity of Certificates, the amount Mortgage Loans as of any Compensating Interest Shortfalls the close of business on the last day of the calendar month preceding such Distribution Date;
(xxxxx) Number and amount the portion of pool assets at any distribution to the beginning and ending of each period, and updated pool composition information, Class A Certificateholders constituting an Insured Payment for such as weighted average coupon, weighted average life, weighted average remaining term, pool factors and prepayment amountsDistribution Date;
(xxxixxi) In addition, describe any material changes to methodology regarding calculations the amount on deposit in the Capitalized Interest Account (including a breakdown of delinquencies and charge-offsamounts released for the calendar month preceding such Distribution Date);
(xxxiixxii) Information on the amount, terms and general purpose gross weighted average coupon of any advances made or reimbursed during the period, including Mortgage Loans as of the general use first date of funds advanced and the general source of funds applicable period for reimbursementssuch Distribution Date;
(xxxiiixxiii) Any material modifications, extensions or waivers to pool asset terms, fees, penalties or payments during the distribution period or that have cumulatively become material over timeaggregate number of Mortgage Loans in the pool;
(xxxivxxiv) Material breaches of pool asset representations or warranties or transaction covenantsthe Net WAC Rate;
(xxxvxxv) Information the Senior Enhancement Percentage;
(xxvi) the Net Excess Spread;
(xxvii) any amounts deposited in the Basis Risk Reserve Fund on ratiosuch Distribution Date pursuant to Section 4.02(e)(xii), coverage or other tests used for determining any early amortization, liquidation or other performance trigger and whether the trigger was metbalance of the Basis Risk Reserve Fund after all distributions have been made on such Distribution Date; and
(xxxvixxviii) Information regarding any new issuance the amount on deposit in the Interest Rate Cap Account (including a breakdown of asset-backed securities backed by the same asset pool, any pool asset changes (other than amounts withdrawn in connection with such Distribution Date and the Target Amount for the preceding Distribution Date). The Trustee’s responsibility for disbursing the above information to the Certificateholders is limited to the availability, timeliness and accuracy of the information derived from each Servicer. On each Distribution Date, the Trustee shall provide Bloomberg Financial Markets, L.P. (“Bloomberg”) CUSIP Level Factors for each Class of Offered Certificates as of such Distribution Date, using a pool asset converting into cash in accordance with its terms), such as additions or removals in format and media mutually acceptable to the Trustee and Bloomberg. In connection with a prefunding providing the information specified in this Section 4.04 to Bloomberg, the Trustee and any director, officer, employee or revolving period agent of the Trustee shall be indemnified and pool asset substitutions held harmless by DLJMC, to the extent, in the manner and repurchases (and purchase rates, if applicable), and cash flows subject to the limitations provided in Section 8.05. The Trustee will also make the monthly statements to Certificateholders available for future purchases, each month to each party referred to in this Section 4.04(a) via the Trustee’s website. The Trustee’s website can be accessed at xxxx://xxx.xxxxxx.xxx/abs or at such other site as the balances of any prefunding or revolving accounts, if applicableTrustee may designate from time to time. Disclose any material changes in the solicitation, credit-granting, underwriting, origination, acquisition or pool selection criteria or procedures, as applicable, used The Trustee may fully rely upon and shall have no liability with respect to originate, acquire or select the new pool assetsinformation provided by each Servicer.
(b) The Securities Administrator will make Upon request, within a reasonable period of time after the Monthly Statement (andend of each calendar year, the Trustee shall cause to be furnished to each Person who at its optionany time during the calendar year was a Certificateholder, any additional files a statement containing the same information set forth in an alternative formatclauses (a)(i), (a)(ii) available each month to Certificateholders, other parties to and (a)(vii) of this Agreement and any other interested parties via Section 4.04 aggregated for such calendar year or applicable portion thereof during which such Person was a Certificateholder. Such obligation of the Securities Administrator's Internet website. The Securities Administrator's Internet website Trustee shall initially be located at "www.__________." 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 website are entitled deemed 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 way the monthly statements to Certificateholders are distributed in order to make such distribution more convenient and/or more accessible been satisfied to the above parties and the Securities Administrator extent that substantially comparable information shall provide timely and adequate notification to all above parties regarding any such changes. The Securities Administrator shall 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 the Trustee pursuant to any requirements of preparing the monthly statement and may affix thereto any disclaimer it deems appropriate Code as from time to time in its reasonable discretion (without suggesting liability on the part of any other party hereto). As a condition to access the Securities Administrator's internet website, the Securities Administrator may require registration and the acceptance of a disclaimer. The Securities Administrator will not be liable for the dissemination of information in accordance with this Agreementeffect.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Credit Suisse First Boston Mortgage Securities Corp)
Monthly Statements to Certificateholders. (a) Not later than each Distribution Date based solely on information provided by the Servicer (which information is not required to include any prediction of future performance as to which such report relates)Date, the Securities Administrator shall prepare and make available on its website located at xxx.xxxxxxx.xxx to each Holder of a Class of Certificates of the Trust Fund, the Servicer, the Master ServicerCertificates, the Trustee, the NIMs Insurer, the Rating Agencies each Master Servicer and the Depositor a statement setting forth for the Certificates:
(i) the amount of the related distribution to Holders of each Class allocable to principal, separately identifying (A) the aggregate amount of any Principal Prepayments included therein, (B) the aggregate of all scheduled payments (except with respect to Simple Interest Loans) of principal included therein (and with respect to Simple Interest Loans, the amount of principal actually received included therein), and (C) the Extra Principal Distribution Amount, Amount (if any, and (D) the aggregate amount of Prepayment Charges, if any);
(ii) the amount of such distribution to Holders of each Class allocable to interest, together with any Non-Supported Interest Shortfalls allocated and, if applicable, the portion thereof allocable to each Classamounts provided pursuant to a Yield Maintenance Agreement;
(iii) the Interest Carry Forward Amounts and any Unpaid Applied Realized Loss Amounts for each Class of Offered Certificates (other than the Residual Certificates), if any;
(iv) the Certificate Principal Balance or Certificate Notional Balance of each Class immediately prior to and after giving effect (i) to all distributions allocable to principal on such Distribution Date and (ii) the allocation of any Applied Realized Loss Amounts for such Distribution Date;
(ivv) the Pool Stated Principal Balance cumulative amount of Applied Realized Loss Amounts to date and the Unpaid Applied Realized Loss Amounts for each Class of Offered Certificates after giving effect to the distribution of principal and allocation of Applied Realized Loss Amounts on such Distribution Date;
(v) the amount of the Servicing Fee paid to or retained by the Servicer, the amount of the Securities Administrator Fee paid to or retained by the Securities Administrator and any amounts constituting reimbursement or indemnification of the Servicer, Master Servicer, Securities Administrator or Trustee;.
(vi) the Pass-Through Rate for each Class of Offered Certificates for with respect to the current Accrual Period, and, if applicable, whether such Distribution DatePass-Through Rate was limited by an applicable Interest Rate Cap;
(vii) the amount of any Excess Cashflow Amount and any Excess Yield Maintenance Amount;
(viii) the aggregate of the Stated Principal Balances of all of the Mortgage Loans and separately the Mortgage Loans in each Loan Group for the following Distribution Date;
(ix) the related amount of the Master Servicing Fees paid to or retained by the Xxxxx Master Servicer and the Servicing Fees paid to or retained by each Servicer for the related Due Period;
(x) the amount of Advances for each Loan Group included in the distribution on such Distribution Date;
(viii) the cumulative amount of (A) Realized Losses and (B) Applied Realized Loss Amounts to date, in the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage Loans;
(ix) the amount of (A) Realized Losses and (B) Applied Realized Loss Amounts with respect to such Distribution Date, in the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage Loans;
(xxi) the number and aggregate principal amounts of Mortgage Loans in each Loan Group (A) Delinquent (exclusive of Mortgage Loans in foreclosureforeclosure and bankruptcy) (1) 31 to 60 days, (2) 61 to 90 days and (3) 91 or more days, and (B) in foreclosure and Delinquent delinquent (1) 31 to 60 days, (2) 61 to 90 days and (3) 91 or more days and (C) in bankruptcy and delinquent (1) 31 to 60 days, (2) 61 to 90 days and (3) 91 or more days, in each case as of the close of business on the last day of the calendar month preceding such Distribution Date, in the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage Loans;
(xixii) with respect to any Mortgage Loan in each Loan Group that became an REO Property was liquidated during the preceding calendar month, the loan number and Stated Principal Balance of of, and Realized Loss on, such Mortgage Loan as of the close of business on the last day of the calendar month Determination Date preceding such Distribution Date and the date of acquisition thereof, in the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage LoansDate;
(xiixiii) whether a Trigger Event exists.
(xiv) the total number and principal balance of any real estate owned or REO Properties in each Loan Group as of the close of business on the Determination Date preceding such Distribution Date;
(xv) the Realized Losses for each Loan Group during the related Prepayment Period and the cumulative Realized Losses for each Loan Group through the end of the preceding month; and
(xvi) the three month rolling average of the percent equivalent of a fraction, the numerator of which is the aggregate stated Principal Balance of the Mortgage Loans that are 60 days or more delinquent or are in bankruptcy or foreclosure or are REO Properties, and the denominator of which is the aggregate Stated Principal Balance of all of the Mortgage Loans as of the last day of the calendar month preceding such Distribution Date, in the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage Loans;
(xiii) the aggregate Stated Principal Balance of all Liquidated Loans as of the preceding Distribution Date, in the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage Loans;
(xiv) whether a Stepdown Trigger Event has occurred and is in effect;
(xv) with respect to each Class of Certificates, any Interest Carry Forward Amount with respect to such Distribution Date for each such Class, any Interest Carry Forward Amount paid for each such Class and any remaining Interest Carry Forward Amount for each such Class;
(xvi) the number and Stated Principal Balance (as of the preceding Distribution Date) of any Mortgage Loans which were purchased or repurchased during the preceding Due Period and since the Cut-off Date;
(xvii) the number of Mortgage Loans for which Prepayment Charges were received during the related Prepayment Period and, for each such Mortgage Loan, the amount of Prepayment Charges received during the related Prepayment Period and in the aggregate of such amounts for all such Mortgage Loans since the Cut-off Date;
(xviii) the amount and purpose of any withdrawal from the Collection Account pursuant to Section 3.08(a)(viii);
(xix) the amount of any payments to each Class of Certificates that are treated as payments received in respect of a REMIC "regular interest" or REMIC "residual interest" and the amount of any payments to each Class of Certificates that are not treated as payments received in respect of a REMIC "regular interest" or REMIC "residual interest";
(xx) as of each Distribution Date, the amount, if any, to be deposited in the Cap Contract Account pursuant to the related Cap Contract as described in Section 4.04(k) and the amount thereof to be paid to the Class A, Class M, Class B-1A, Class B-2A, Class B-3A, Class B-4A and Class C Certificates described in Section 4.04(k) hereof;
(xxi) any Floating Rate Certificate Carryover paid and all Floating Rate Certificate Carryover remaining on each class of the Class A, Class M, Class B-1, Class B-2, Class B-3 and Class B-4 Certificates on such Distribution Date;
(xxii) the number of Mortgage Loans with respect to which (i) a reduction in the Mortgage Rate has occurred or (ii) the related borrower's obligation to repay interest on a monthly basis has been suspended or reduced pursuant to the Servicemembers Civil Relief Act or the California Military and Veterans Code, as amended; and the amount of interest not required to be paid with respect to any such Mortgage Loans during the related Due Period as a result of such reductions in the aggregate and with respect to the Group One Mortgage Loans and the Group Two Mortgage Loans.
(xxiii) the aggregate Outstanding Principal Balance of each Class of Certificates for the following Distribution Date;
(xxiv) the number and aggregate principal amounts of Mortgage Loans (A) delinquent (1) one Monthly Payment, (2) two Monthly Payments and (3) three or more Monthly Payments and (B) in foreclosure, in each case, as of the end of the related Principal Prepayment Period;
(xxv) the number and the principal balance of Mortgage Loans with respect to any real estate acquired through foreclosure or grant of a deed in lieu of foreclosure;
(xxvi) the aggregate amount of all Advances recovered during the related Due Period;
(xxvii) the aggregate amount of Realized Losses during the related Due Period and the aggregate amount of Realized Losses since the Cut-off Date;
(xxviii) the allocation to each Class of Certificate of any Realized Losses during the related Due Period;
(xxix) with respect to each Class of Certificates, the amount of any Compensating Interest Shortfalls on such Distribution Date;
(xxx) Number and amount of pool assets at the beginning and ending of each period, and updated pool composition information, such as weighted average coupon, weighted average life, weighted average remaining term, pool factors and prepayment amounts;
(xxxi) In addition, describe any material changes to methodology regarding calculations of delinquencies and charge-offs;
(xxxii) Information on the amount, terms and general purpose of any advances made or reimbursed during the period, including the general use of funds advanced and the general source of funds for reimbursements;
(xxxiii) Any material modifications, extensions or waivers to pool asset terms, fees, penalties or payments during the distribution period or that have cumulatively become material over time;
(xxxiv) Material breaches of pool asset representations or warranties or transaction covenants;
(xxxv) Information on ratio, coverage or other tests used for determining any early amortization, liquidation or other performance trigger and whether the trigger was met; and
(xxxvi) Information regarding any new issuance of asset-backed securities backed by the same asset pool, any pool asset changes (other than in connection with a pool asset converting into cash in accordance with its terms), such as additions or removals in connection with a prefunding or revolving period and pool asset substitutions and repurchases (and purchase rates, if applicable), and cash flows available for future purchases, such as the balances of any prefunding or revolving accounts, if applicable. Disclose any material changes in the solicitation, credit-granting, underwriting, origination, acquisition or pool selection criteria or procedures, as applicable, used to originate, acquire or select the new pool assets.
(b) The Securities Administrator will may make the Monthly Statement foregoing monthly statement (and, at its option, any additional files containing the same information in an alternative format) available each month to Certificateholders, other parties to this Agreement and any other interested parties Certificateholders via the Securities Administrator's Internet internet website. The Securities Security Administrator's Internet internet website shall initially be located at "www.__________." xxx.xxxxxxx.xxx". 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 website above distribution options 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 may change the way the monthly statements to Certificateholders are distributed in order to make such distribution distributions more convenient and/or or more accessible to the above parties and the Securities Administrator shall provide timely and adequate notification to all above parties regarding any such changes. parties.
(b) The Securities Administrator shall 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 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 Securities Administrator's internet websiteresponsibility for making the above information available to the Certificateholders is limited to the availability, timeliness and accuracy of the Securities Administrator may require registration information derived from the Master Servicers and the acceptance of a disclaimerTrustee. The Securities Administrator will make available a copy of each statement provided pursuant to this Section 5.05 to each Rating Agency.
(c) Within a reasonable period of time after the end of each calendar year, the Trustee shall cause to be furnished to the each Master Servicer and 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) and (a)(ii) of this Section 5.05 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) Upon filing with the Internal Revenue Service, the Securities Administrator shall furnish to the Holders of the Residual Certificates the applicable Form 1066 and each applicable Form 1066Q and shall respond promptly to written requests made not more frequently than quarterly by any Holder of a Residual Certificate with respect to the following matters:
(i) The original projected principal and interest cash flows on the Closing Date on each Class of regular and residual interests created hereunder and on the Mortgage Loans, based on the Prepayment Assumption;
(ii) The projected remaining principal and interest cash flows as of the end of any calendar quarter with respect to each Class of regular and residual interests created hereunder and the Mortgage Loans, based on the Prepayment Assumption;
(iii) The applicable Prepayment Assumption and any interest rate assumptions used in determining the projected principal and interest cash flows described above;
(iv) The original issue discount (or, in the case of the Mortgage Loans, market discount) or premium accrued or amortized through the end of such calendar quarter with respect to each Class of regular or residual interests created hereunder and to the Mortgage Loans, together with each constant yield to maturity used in computing the same;
(v) The treatment of losses realized with respect to the Mortgage Loans or the regular interests created hereunder, including the timing and amount of any cancellation of indebtedness income of a REMIC with respect to such regular interests or bad debt deductions claimed with respect to the Mortgage Loans;
(vi) The amount and timing of any non-interest expenses of a REMIC; and
(vii) Any taxes (including penalties and interest) imposed on the REMIC, including, without limitation, taxes on "prohibited transactions," "contributions" or "net income from foreclosure property" or state or local income or franchise taxes. The information pursuant to clauses (i), (ii), (iii) and (iv) above shall be liable for provided by the dissemination of information in accordance with this AgreementDepositor pursuant to Section 9.12.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Bear Stearns Asset Backed Securities Inc)
Monthly Statements to Certificateholders. (a) Not later than each Distribution Date based solely on information provided by the Servicer (which information is not required to include any prediction of future performance as to which such report relates)Date, the Securities Administrator shall prepare and deliver to the Trustee, and make available on its website located at xxx.xxxxxxx.xxx to each Holder of a Class of Certificates of the Trust FundCertificates, the ServicerTrustee, the Rating Agencies, the Master Servicer, the Trustee, the NIMs Insurer, the Rating Agencies EMC Servicer and the Depositor a statement setting forth for the Certificates:
(i) the Certificate Principal Balance of each Class of Certificates immediately prior to such Distribution Date;
(ii) the amount of the related distribution allocable to Holders of principal on each Class allocable to principalof Certificates, separately identifying for each Mortgage Loan Group (Ai) the aggregate amount of any Principal Prepayments included thereinin such distribution, (Bii) the aggregate of all scheduled payments Scheduled Payments (except with respect to Simple Interest Loans) of principal included thereinin such distribution and, with respect to Simple Interest Loans, the actual amount of principal received and included in such distribution, (Ciii) any Substitution Adjustment Amounts or amounts paid in respect of principal on each Mortgage Loan repurchased pursuant to Sections 2.02, 2.03, 3.20 or 10.01 that have been included in such distribution, (iv) the Extra Principal Distribution Amount, if any, principal portion of all Liquidation Proceeds and Insurance Proceeds included therein and the Purchase Price in connection with the purchase of Mortgage Loans and cash deposits in connection with substitutions of Mortgage Loans and (D) the aggregate amount of Prepayment Charges, if any;
(iiv) the amount of such distribution to Holders of each Class allocable to interest, together with any Non-Supported Interest Shortfalls allocated to each ClassSubsequent Recoveries included therein;
(iii) The applicable Pass-Through Rate and the Certificate Principal Balance aggregate amount of interest accrued at such Pass-Through Rate with respect to each Class immediately prior to and after giving effect (i) to all distributions allocable to principal on such Distribution Date and (ii) during the allocation of any Applied Realized Loss Amounts for such Distribution Daterelated Accrual Period;
(iv) the Pool Stated Principal Balance for such Distribution Dateaggregate amount of interest paid to each Class of Certificates;
(v) the amount of the Servicing Fee paid to or retained by the ServicerNet Interest Shortfall, Deferred Interest, the amount interest portion of the Securities Administrator Fee paid to or retained by the Securities Administrator Realized Losses and any amounts constituting reimbursement or indemnification of other adjustments to interest at the Servicer, Master Servicer, Securities Administrator or Trustee;
(vi) related Pass-Through Rate necessary to account for any difference between interest accrued at the applicable Pass-Through Rate for each Class of Certificates and Accrued Certificate Interest for each such Class for such Distribution Date;
(vi) the Certificate Principal Balance of each Class of Certificates after such Distribution Date, separately identifying any increase resulting from any Deferred Interest and any Subsequent Recoveries and any decrease resulting from the allocation of the principal portion of any Realized Losses and other adjustments to the Certificate Principal Balance of that Class that account for the difference between the Certificate Principal Balance of such Class prior to such Distribution Date as reduced by distributions of principal on such Distribution Date and the Certificate Principal Balance for such Class after such Distribution Date;
(vii) the amount of any Advances and Compensating Interest paid by the Master Servicer or the Servicers included in the distribution on such Distribution Datedistribution, separately stated for each Mortgage Loan Group;
(viii) the cumulative amount Stated Principal Balance of (Ai) Realized Losses and all of the Mortgage Loans, (Bii) Applied Realized Loss Amounts to date, in the aggregate and with respect to the Group One adjustable rate Mortgage Loans and Group Two (iii) the hybrid Mortgage Loans, in each case stated separately for each Mortgage Loan Group;
(ix) the amount of (A) Realized Losses and (B) Applied Realized Loss Amounts with respect to such Distribution Date, in the aggregate and with respect Master Servicing Fee paid to the Group One Master Servicer and the Servicing Fee paid to or retained by each Servicer for the related Due Period, separately stated for each Mortgage Loans and Group Two Mortgage LoansLoan Group;
(x) the number and aggregate principal amounts of the Mortgage Loans in each Mortgage Loan Group, (A) Delinquent (exclusive of related Mortgage Loans in foreclosure) , (1) 31 to 60 daysdays delinquent, (2) 61 to 90 days delinquent and (3) 91 or more days, days delinquent and (B) in foreclosure and Delinquent delinquent for each of the periods specified in clause (1) 31 to 60 days, (2) 61 to 90 days and (3) 91 or more daysA), in each case as of the close of business on the last day of the calendar month preceding the month in which such Distribution Date, in the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage LoansDate occurs;
(xi) with respect to any Mortgage Loan that became an REO Property was liquidated during the preceding calendar month, the Mortgage Loan Group, loan number and Stated Principal Balance of of, and Realized Loss on, such Mortgage Loan as of the close of business on the last day of the calendar month preceding such Distribution Date and the date of acquisition thereof, in the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage Loansrelated Prepayment Period;
(xii) whether the total Delinquency Test was satisfied for such Distribution Date;
(xiii) whether the Subordination Doubling Test was satisfied for such Distribution Date;
(xiv) the number and principal balance of any Mortgage Loans purchased or substituted for during the immediately preceding Prepayment Period or Due Period, as applicable, and cumulatively since the Cut-off Date;
(xv) for each Mortgage Loan Group, the number and aggregate principal balance of all Mortgage Loans as to which the related Mortgaged Property was REO Properties Property as of the close of business on the last day of the related Prepayment Period;
(xvi) cumulative Realized Losses not previously offset by Subsequent Recoveries relating to principal since the Cut-off Date for the Mortgage Loans in each Mortgage Loan Group through the close of business on the last day of the calendar month preceding in which such Distribution Date occurs, and whether the Realized Loss Test was satisfied for such Distribution Date, in the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage Loans;; and
(xiii) the aggregate Stated Principal Balance of all Liquidated Loans as of the preceding Distribution Date, in the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage Loans;
(xiv) whether a Stepdown Trigger Event has occurred and is in effect;
(xvxvii) with respect to each Class of CertificatesMortgage Loan Group, any Interest Carry Forward Amount with respect to such Distribution Date for each such Class, any Interest Carry Forward Amount paid for each such Class and any remaining Interest Carry Forward Amount for each such Class;
(xvi) the number and Stated Principal Balance (as of the preceding Distribution Date) of any Mortgage Loans which were purchased or repurchased during the preceding Due Period and since the Cut-off Date;
(xvii) the number of Mortgage Loans for which Prepayment Charges were received during the related Senior Percentage, Subordinate Percentage, Group Senior Prepayment Period and, for each such Mortgage Loan, the amount of Percentage and Subordinate Prepayment Charges received during the related Prepayment Period and in the aggregate of such amounts for all such Mortgage Loans since the Cut-off Date;
(xviii) the amount and purpose of any withdrawal from the Collection Account pursuant to Section 3.08(a)(viii);
(xix) the amount of any payments to each Class of Certificates that are treated as payments received in respect of a REMIC "regular interest" or REMIC "residual interest" and the amount of any payments to each Class of Certificates that are not treated as payments received in respect of a REMIC "regular interest" or REMIC "residual interest";
(xx) as of each Distribution Date, the amount, if any, to be deposited in the Cap Contract Account pursuant to the related Cap Contract as described in Section 4.04(k) and the amount thereof to be paid to the Class A, Class M, Class B-1A, Class B-2A, Class B-3A, Class B-4A and Class C Certificates described in Section 4.04(k) hereof;
(xxi) any Floating Rate Certificate Carryover paid and all Floating Rate Certificate Carryover remaining on each class of the Class A, Class M, Class B-1, Class B-2, Class B-3 and Class B-4 Certificates on such Distribution Date;
(xxii) the number of Mortgage Loans with respect to which (i) a reduction in the Mortgage Rate has occurred or (ii) the related borrower's obligation to repay interest on a monthly basis has been suspended or reduced pursuant to the Servicemembers Civil Relief Act or the California Military and Veterans Code, as amended; and the amount of interest not required to be paid with respect to any such Mortgage Loans during the related Due Period as a result of such reductions in the aggregate and with respect to the Group One Mortgage Loans and the Group Two Mortgage Loans.
(xxiii) the aggregate Outstanding Principal Balance of each Class of Certificates for the following Distribution Date;
(xxiv) the number and aggregate principal amounts of Mortgage Loans (A) delinquent (1) one Monthly Payment, (2) two Monthly Payments and (3) three or more Monthly Payments and (B) in foreclosure, in each case, as of the end of the related Principal Prepayment Period;
(xxv) the number and the principal balance of Mortgage Loans with respect to any real estate acquired through foreclosure or grant of a deed in lieu of foreclosure;
(xxvi) the aggregate amount of all Advances recovered during the related Due Period;
(xxvii) the aggregate amount of Realized Losses during the related Due Period and the aggregate amount of Realized Losses since the Cut-off Date;
(xxviii) the allocation to each Class of Certificate of any Realized Losses during the related Due Period;
(xxix) with respect to each Class of Certificates, the amount of any Compensating Interest Shortfalls on such Distribution Date;
(xxx) Number and amount of pool assets at the beginning and ending of each period, and updated pool composition information, such as weighted average coupon, weighted average life, weighted average remaining term, pool factors and prepayment amounts;
(xxxi) In addition, describe any material changes to methodology regarding calculations of delinquencies and charge-offs;
(xxxii) Information on the amount, terms and general purpose of any advances made or reimbursed during the period, including the general use of funds advanced and the general source of funds for reimbursements;
(xxxiii) Any material modifications, extensions or waivers to pool asset terms, fees, penalties or payments during the distribution period or that have cumulatively become material over time;
(xxxiv) Material breaches of pool asset representations or warranties or transaction covenants;
(xxxv) Information on ratio, coverage or other tests used for determining any early amortization, liquidation or other performance trigger and whether the trigger was met; and
(xxxvi) Information regarding any new issuance of asset-backed securities backed by the same asset pool, any pool asset changes (other than in connection with a pool asset converting into cash in accordance with its terms), such as additions or removals in connection with a prefunding or revolving period and pool asset substitutions and repurchases (and purchase rates, if applicable), and cash flows available for future purchases, such as the balances of any prefunding or revolving accounts, if applicablePercentage. Disclose any material changes in the solicitation, credit-granting, underwriting, origination, acquisition or pool selection criteria or procedures, as applicable, used to originate, acquire or select the new pool assets.
(b) The Securities Administrator will may make the Monthly Statement foregoing monthly statement (and, at its option, any additional files containing the same information in an alternative format) available each month to Certificateholders, other parties to this Agreement and any other interested parties Certificateholders via the Securities Administrator's Internet ’s internet website. The Securities Administrator's Internet ’s internet website shall initially be located at "www.__________." xxx.xxxxxxx.xxx". Assistance in using the Securities Administrator’s website can be obtained by calling the Securities Administrator's ’s customer service desk at ______________(000) 000-0000. To the extent timely received from the Securities Administrator, the Trustee will also make monthly statements available each month to Certificateholders via the Trustee’s internet website. The trustee’s internet website will initially be located at xxx.xxxxxxxx.xxx/xxx. Assistance in using the Trustee’s website service can be obtained by calling the Trustee’s customer service desk at (000) 000-0000. Parties that are unable to use the website above distribution options are entitled to have a paper copy mailed to them via first class mail by calling the Securities Administrator’s customer service desk and indicating such. The Securities Administrator shall have the right to may change the way the monthly statements to Certificateholders are distributed in order to make such distribution distributions more convenient and/or or more accessible to the above parties and the Securities Administrator shall provide timely and adequate notification to all above parties regarding any such changes. parties.
(b) The Securities Administrator shall 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 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 Securities Administrator's internet websiteresponsibility for making the above information available to the Certificateholders is limited to the availability, timeliness and accuracy of the information derived from the Master Servicer, the Securities Administrator may require registration EMC Servicer and the acceptance of a disclaimerTrustee. The Securities Administrator will make available a copy of each statement provided pursuant to this Section 5.05 to each Rating Agency.
(c) Within a reasonable period of time after the end of each calendar year, the Trustee shall cause to be furnished to the EMC Servicer, the Master Servicer and 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)(ii) and (a)(iv) of this Section 5.05 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) Upon filing with the Internal Revenue Service, the Securities Administrator shall furnish to the Holders of the Residual Certificates the applicable Form 1066 and each applicable Form 1066Q and shall respond promptly to written requests made not more frequently than quarterly by any Holder of a Residual Certificate with respect to the following matters:
(i) The original projected principal and interest cash flows on the Closing Date on each Class of regular and residual interests created hereunder and on the Mortgage Loans, based on the Prepayment Assumption;
(ii) The projected remaining principal and interest cash flows as of the end of any calendar quarter with respect to each Class of regular and residual interests created hereunder and the Mortgage Loans, based on the Prepayment Assumption;
(iii) The applicable Prepayment Assumption and any interest rate assumptions used in determining the projected principal and interest cash flows described above;
(iv) The original issue discount (or, in the case of the Mortgage Loans, market discount) or premium accrued or amortized through the end of such calendar quarter with respect to each Class of regular or residual interests created hereunder and to the Mortgage Loans, together with each constant yield to maturity used in computing the same;
(v) The treatment of losses realized with respect to the Mortgage Loans or the regular interests created hereunder, including the timing and amount of any cancellation of indebtedness income of a REMIC with respect to such regular interests or bad debt deductions claimed with respect to the Mortgage Loans;
(vi) The amount and timing of any non-interest expenses of a REMIC; and
(vii) Any taxes (including penalties and interest) imposed on the REMIC, including, without limitation, taxes on "prohibited transactions," "contributions" or "net income from foreclosure property" or state or local income or franchise taxes. The information pursuant to clauses (i), (ii), (iii) and (iv) above shall be liable for provided by the dissemination of information in accordance with this AgreementDepositor pursuant to Section 9.12.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Bear Stearns Asset Backed Securities Trust 2004-Sd2)
Monthly Statements to Certificateholders. (a) Not later than each Distribution Date based solely on information provided by the Servicer (which information is not required to include any prediction of future performance as to which such report relates)Date, the Securities Administrator shall prepare and make available on its website located at xxx.xxxxxxx.xxx to each Holder of a Class of Certificates of the Trust Fund, the ServicerCertificateholder, the Master Servicer, the Servicers, the Credit Risk Manager, the Depositor, the Trustee, the NIMs InsurerDerivative Counterparty and each Rating Agency a statement, based on information provided by the Rating Agencies Servicers and the Depositor a statement Derivative Counterparty, setting forth for with respect to the Certificatesrelated distribution:
(i) the amount of the related distribution to Holders of each Class thereof allocable to principal, separately identifying (A) the aggregate amount of any Principal Prepayments included thereinPrepayments, (B) the aggregate of all scheduled payments of principal included therein, (C) the Extra Principal Distribution Amount, if any, Liquidation Proceeds and (D) the aggregate amount of Prepayment Charges, if anySubsequent Recoveries;
(ii) the amount of thereof allocable to interest (other than with respect to the Principal-Only Certificates), any Interest Carry Forward Amounts included in such distribution to Holders of each Class allocable to interest, together with and any Non-Supported remaining Interest Shortfalls allocated to each Class;
(iii) the Certificate Principal Balance of each Class immediately prior to and Carry Forward Amounts after giving effect (i) to all distributions allocable to principal on such distribution, any Basis Risk Carryover Amount for such Distribution Date and (ii) the allocation amount of any Applied Realized Loss Amounts for all Basis Risk Carryover Amount covered by withdrawals from the Excess Reserve Fund Account on such Distribution Date;
(iii) 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 thereof as between principal and interest, including any Basis Risk Carryover Amount not covered by amounts in the Excess Reserve Fund Account;
(iv) the Pool Stated Principal Class Certificate Balance for of each Class of Certificates after giving effect to the distribution of principal on such Distribution Date;
(v) the Pool Stated Principal Balance for the following Distribution Date;
(vi) the amount of the Servicing Fee Expense Fees (in the aggregate and separately stated) paid to or retained by the ServicerServicers, any Subservicer and the amount of the Securities Administrator Fee paid Master Servicer with respect to or retained by the Securities Administrator and any amounts constituting reimbursement or indemnification of the Servicer, Master Servicer, Securities Administrator or Trustee;
(vi) the Pass-Through Rate for each Class of Certificates for such Distribution Date;
(vii) the amount Interest Rate for each such Class of Advances included in Certificates (other than the distribution on Principal-Only Certificates) with respect to such Distribution Date;
(viii) the cumulative amount of (A) Realized Losses and (B) Applied Realized Loss Amounts to date, P&I Advances included in the distribution on such Distribution Date and the aggregate and with respect to amount of P&I Advances outstanding as of the Group One Mortgage Loans and Group Two Mortgage Loansclose of business on the Determination Date immediately preceding such Distribution Date;
(ix) the amount of (A) Realized Losses by Loan Group and (B) Applied Realized Loss Amounts with respect to such Distribution Date, in the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage Loans;
(x) aggregate, the number and aggregate outstanding principal amounts balances of Mortgage Loans (A) Delinquent (exclusive of except those Mortgage Loans in foreclosurethat are liquidated as of the end of the related Prepayment Period) (1) as to which the Scheduled Payment is delinquent 31 to 60 days, (2) 61 to 90 days and (3) 91 or more days, and (B2) that have become REO Property, (3) that are in foreclosure and Delinquent (14) 31 to 60 days, (2) 61 to 90 days and (3) 91 or more daysthat are in bankruptcy, in each case as of the close of business on the last day Business Day of the calendar month immediately preceding such Distribution Date, month;
(x) by Loan Group and in the aggregate and aggregate, with respect to the Group One Mortgage Loans and Group Two Mortgage Loans;
(xi) with respect to any Mortgage Loan that became an REO Property Properties during the preceding calendar month, the loan number and the aggregate Stated Principal Balance of such Mortgage Loan Loans as of the close of business on the last day of the calendar month Determination Date preceding such Distribution Date and the date of acquisition thereof, in the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage Loans;
(xiixi) by Loan Group and in the aggregate, the total number and aggregate principal balance of any REO Properties as of the close of business on the last day of the calendar month Determination Date preceding such Distribution Date, in the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage Loans;
(xiii) the aggregate Stated Principal Balance of all Liquidated Loans as of the preceding Distribution Date, in the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage Loans;
(xivxii) whether a Stepdown Trigger Event has occurred and is continuing;
(xiii) whether the Final Maturity OC Trigger is in effect;
(xv) with respect to each Class of Certificates, any Interest Carry Forward Amount with respect to such Distribution Date for each such Class, any Interest Carry Forward Amount paid for each such Class and any remaining Interest Carry Forward Amount for each such Class;
(xvi) the number and Stated Principal Balance (as of the preceding Distribution Date) of any Mortgage Loans which were purchased or repurchased during the preceding Due Period and since the Cut-off Date;
(xvii) the number of Mortgage Loans for which Prepayment Charges were received during the related Prepayment Period and, for each such Mortgage Loan, the amount of Prepayment Charges received during the related Prepayment Period and in the aggregate of such amounts for all such Mortgage Loans since the Cut-off Date;
(xviiixiv) the amount and purpose of any withdrawal from on deposit in the Collection Account pursuant to Section 3.08(a)(viii);
(xix) the amount of any payments to each Class of Certificates that are treated as payments received in respect of a REMIC "regular interest" or REMIC "residual interest" Final Maturity Reserve Fund, and the amount of any payments to each Class of Certificates that are not treated as payments received in respect of a REMIC "regular interest" or REMIC "residual interest";
(xx) as of each Distribution Datedeposits into, and distributions from, the amount, if any, to be deposited in the Cap Contract Account pursuant to the related Cap Contract as described in Section 4.04(k) and the amount thereof to be paid to the Class A, Class M, Class B-1A, Class B-2A, Class B-3A, Class B-4A and Class C Certificates described in Section 4.04(k) hereof;
(xxi) any Floating Rate Certificate Carryover paid and all Floating Rate Certificate Carryover remaining on each class of the Class A, Class M, Class B-1, Class B-2, Class B-3 and Class B-4 Certificates on Final Maturity Reserve Fund for such Distribution Date;
(xxiixv) the number of Mortgage Loans with respect to which (i) a reduction amount on deposit in the Mortgage Rate has occurred or Excess Reserve Fund Account (iiafter giving effect to distributions on such Distribution Date);
(xvi) the related borrower's obligation to repay interest on a monthly basis has been suspended or reduced pursuant to the Servicemembers Civil Relief Act or the California Military and Veterans Code, as amended; and the amount of interest not required to be paid with respect to any such Mortgage Loans during the related Due Period as a result of such reductions [[in the aggregate and with respect to the Group One Mortgage Loans and the Group Two Mortgage Loans.
(xxiii) the aggregate Outstanding Principal Balance of each Class of Certificates for the following Distribution Date;
(xxiv) the number and aggregate principal amounts of Mortgage Loans (A) delinquent (1) one Monthly Payment, (2) two Monthly Payments and (3) three or more Monthly Payments and (B) in foreclosure, in each case, as of the end of the related Principal Prepayment Period;
(xxv) the number and the principal balance of Mortgage Loans with respect to any real estate acquired through foreclosure or grant of a deed in lieu of foreclosure;
(xxvi) the aggregate amount of all Advances recovered during the related Due Period;
(xxvii) the aggregate amount of Realized Losses during the related Due Period and the aggregate amount of Realized Losses since the Cut-off Date;
(xxviii) the allocation to each Class of Certificate of any Realized Losses during the related Due Period;
(xxix) with respect to each Class of Certificates, the aggregate amount of any Compensating Interest Shortfalls on Applied Realized Loss Amounts incurred during the preceding calendar month and aggregate Applied Realized Loss Amounts through such Distribution Date;]]
(xxxxvii) Number and the amount of pool assets at the beginning and ending of each period, and updated pool composition information, any Net Monthly Excess Cash Flow on such as weighted average coupon, weighted average life, weighted average remaining term, pool factors and prepayment amounts;
(xxxi) In addition, describe any material changes to methodology regarding calculations of delinquencies and charge-offs;
(xxxii) Information on the amount, terms and general purpose of any advances made or reimbursed during the period, including the general use of funds advanced Distribution Date and the general source of funds for reimbursements;
(xxxiii) Any material modifications, extensions or waivers to pool asset terms, fees, penalties or payments during the distribution period or that have cumulatively become material over time;
(xxxiv) Material breaches of pool asset representations or warranties or transaction covenants;
(xxxv) Information on ratio, coverage or other tests used for determining any early amortization, liquidation or other performance trigger and whether the trigger was met; and
(xxxvi) Information regarding any new issuance of asset-backed securities backed by the same asset pool, any pool asset changes (other than in connection with a pool asset converting into cash in accordance with its terms), such as additions or removals in connection with a prefunding or revolving period and pool asset substitutions and repurchases (and purchase rates, if applicable), and cash flows available for future purchases, such as the balances of any prefunding or revolving accounts, if applicable. Disclose any material changes in the solicitation, credit-granting, underwriting, origination, acquisition or pool selection criteria or procedures, as applicable, used to originate, acquire or select the new pool assets.
(b) The Securities Administrator will make the Monthly Statement (and, at its option, any additional files containing the same information in an alternative format) available each month to Certificateholders, other parties to this Agreement and any other interested parties via the Securities Administrator's Internet website. The Securities Administrator's Internet website shall initially be located at "www.__________." 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 website 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 way the monthly statements to Certificateholders are distributed in order to make such distribution more convenient and/or more accessible allocation thereof to the above parties Certificateholders with respect to Applied Realized Loss Amounts and the Securities Administrator shall provide timely and adequate notification to all above parties regarding any such changes. The Securities Administrator shall 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 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 Securities Administrator's internet website, the Securities Administrator may require registration and the acceptance of a disclaimer. The Securities Administrator will not be liable for the dissemination of information in accordance with this Agreement.Interest Carry Forward Amounts;
Appears in 1 contract
Samples: Pooling and Servicing Agreement (HSI Asset Securitization CORP Trust 2006-He1)
Monthly Statements to Certificateholders. (a) Not later than each Distribution Date based solely on information provided by the Servicer (which information is not required to include any prediction of future performance as to which such report relates)Date, the Securities Administrator shall prepare and make available on its website located at xxx.xxxxxxx.xxx to each Holder of a Class of Certificates of the Trust FundCertificates, the ServicerTrustee, the Master Servicer, the Trustee, the NIMs Insurer, the Rating Agencies Swap Provider and the Depositor a statement setting forth for the Certificates:
(i) the applicable record dates, accrual periods, determination dates for calculating distributions and general distribution dates;
(ii) the total cash flows received and the general sources thereof;
(iii) the amount, if any, of fees or expenses accrued and paid, with an identification of the payee and the general purpose of such fees including the related amount of the Servicing Fees paid to or retained by the Master Servicer for the related Due Period;
(iv) the amount of any Net Swap Payment payable to the Derivative Administrator, any Net Swap Payment payable to the Swap Provider, any Swap Termination Payment payable to the Derivative Administrator and any Swap Termination Payment payable to the Swap Provider;
(v) the amount of the related distribution to Holders of each Class allocable to principal, separately identifying (A) the aggregate amount of any Principal Prepayments included therein, (B) the aggregate of all scheduled payments of principal included therein, therein and (C) the Extra Principal Distribution Amount, Amount (if any, and (D) the aggregate amount of Prepayment Charges, if any);
(iivi) the amount of such distribution to Holders of each Class of Class A Certificates and Class M Certificates allocable to interestinterest and the portion thereof, together with any Non-Supported Interest Shortfalls allocated to each Classif any, provided by the Swap Agreement and Yield Maintenance Agreement and the amount of coverage remaining under either credit enhancement;
(iiivii) the Interest Carry Forward Amounts and any Basis Risk Shortfall Carry Forward Amounts for each Class of Certificates (if any);
(viii) the Pass-Through Rate for each Class of Class A Certificates and Class M Certificates with respect to the current Accrual Period, and, if applicable, whether such Pass-Through Rate was limited by the Net Rate Cap;
(ix) the number and the aggregate of the Stated Principal Balance of (A) all of the Mortgage Loans and (B) the Adjustable Rate Mortgage Loans, for the following Distribution Date;
(x) the Certificate Principal Balance or Certificate Notional Amount, as applicable, of each Class immediately prior to before and after giving effect (i) to all distributions allocable to principal on such Distribution Date and (ii) the allocation of any Applied Realized Loss Amounts for such Distribution Date;
(iv) the Pool Stated Principal Balance for such Distribution Date;
(v) the amount of the Servicing Fee paid to or retained by the Servicer, the amount of the Securities Administrator Fee paid to or retained by the Securities Administrator and any amounts constituting reimbursement or indemnification of the Servicer, Master Servicer, Securities Administrator or Trustee;
(vi) the Pass-Through Rate for each Class of Certificates for such Distribution Date;
(vii) the amount of Advances included in the distribution on such Distribution Date;
(viii) the cumulative amount of (A) Realized Losses and (B) Applied Realized Loss Amounts to date, in the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage Loans;
(ix) the amount of (A) Realized Losses and (B) Applied Realized Loss Amounts with respect to such Distribution Date, in the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage Loans;
(xxi) the number and aggregate principal amounts Stated Principal Balance of the Mortgage Loans (A) Delinquent (exclusive of Mortgage Loans in foreclosureforeclosure and bankruptcy) (1) 31 to 60 days30 days Delinquent, (2) 61 to 90 60 days Delinquent and (3) 91 90 days or more daysDelinquent, and (B) in foreclosure and Delinquent delinquent (1) 31 to 60 days30 days Delinquent, (2) 61 to 90 60 days Delinquent and (3) 91 90 days or more daysDelinquent and (C) in bankruptcy and delinquent (1) 30 days Delinquent, (2) 60 days Delinquent and (3) 90 days or more Delinquent, in each case as of the close of business on the last day of the calendar month preceding such Distribution DateDate and separately identifying such information for the (1) first lien Mortgage Loans, in the aggregate (2) second lien Mortgage Loans, and with respect to the Group One Mortgage Loans and Group Two (3) Adjustable Rate Mortgage Loans;
(xixii) the amount of aggregate Advances included in the distribution on such Distribution Date (including the general purpose of such Advances), the aggregate amount of unreimbursed Advances as of the end of the Due Period, and the general source of funds for reimbursements;
(xiii) the amount of, if any, of excess cashflow or excess spread and the application of such excess cashflow;
(xiv) the cumulative amount of Applied Realized Loss Amounts through the end of the preceding month;
(xv) if applicable, material modifications, extensions or waivers to Mortgage Loan terms, fees, penalties or payments during the preceding calendar month or that have become material over time;
(xvi) with respect to any Mortgage Loan that became an REO Property was liquidated during the preceding calendar month, the loan aggregate Stated Principal Balance of, and Realized Loss on, such Mortgage Loans as of the close of business on the Determination Date preceding such Distribution Date;
(xvii) the total number and principal balance of any real estate owned or REO Properties as of the close of business on the Determination Date preceding such Distribution Date;
(xviii) the three month rolling average of the percent equivalent of a fraction, the numerator of which is the aggregate Stated Principal Balance of such the Mortgage Loan Loans that are 60 days or more delinquent or are in bankruptcy or foreclosure or are REO Properties, and the denominator of which is the aggregate Stated Principal Balance of all of the Mortgage Loans in each case as of the close of business on the last day of the calendar month preceding such Distribution Date and separately identifying such information for the date of acquisition thereof(1) first lien Mortgage Loans, in the aggregate and with respect to the Group One Mortgage Loans and Group Two (2) Adjustable Rate Mortgage Loans;
(xiixix) the total number and principal balance of any REO Properties as of the close of business on the last day of the calendar month preceding such Distribution Date, in the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage Loans;
(xiii) the aggregate Stated Principal Balance of all Liquidated Loans as of the preceding Distribution Date, in the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage Loans;
(xiv) whether a Stepdown Trigger Event has occurred and is in effect;
(xv) with respect to each Class of Certificates, any Interest Carry Forward Amount with respect to such Distribution Date for each such Class, any Interest Carry Forward Amount paid for each such Class and any remaining Interest Carry Forward Amount for each such Class;
(xvi) the number and Stated Principal Balance (as of the preceding Distribution Date) of any Mortgage Loans which were purchased or repurchased during the preceding Due Period and since the Cut-off Date;
(xvii) the number of Mortgage Loans for which Prepayment Charges were received during the related Prepayment Period and, for each such Mortgage Loan, the amount of Prepayment Charges received Realized Losses during the related Prepayment Period and in the aggregate cumulative Realized Losses through the end of such amounts for all such Mortgage Loans since the Cut-off Date;
(xviii) the amount and purpose of any withdrawal from the Collection Account pursuant to Section 3.08(a)(viii);
(xix) the amount of any payments to each Class of Certificates that are treated as payments received in respect of a REMIC "regular interest" or REMIC "residual interest" and the amount of any payments to each Class of Certificates that are not treated as payments received in respect of a REMIC "regular interest" or REMIC "residual interest"preceding month;
(xx) as of each Distribution Date, the amount, if any, to be deposited in the Cap Contract Account pursuant to the related Cap Contract as described in Section 4.04(k) and the amount thereof to be paid to the Class A, Class M, Class B-1A, Class B-2A, Class B-3A, Class B-4A and Class C Certificates described in Section 4.04(k) hereofwhether a Trigger Event exists;
(xxi) any Floating Rate Certificate Carryover paid and all Floating Rate Certificate Carryover remaining the amount of the distribution made on each class such Distribution Date to the Holders of the Class A, Class M, Class B-1, Class B-2, Class B-3 and Class B-4 P Certificates on such Distribution Dateallocable to Prepayment Charges;
(xxii) the number of Mortgage Loans with respect to which (i) a reduction in the Mortgage Rate has occurred or (ii) the related borrower's obligation to repay interest information on a monthly basis has been suspended or reduced pursuant to the Servicemembers Civil Relief Act or the California Military and Veterans Codeloss, as amended; and the amount of interest not required to be paid with respect to any such Mortgage Loans during the related Due Period as a result of such reductions in the aggregate and with respect to the Group One Mortgage Loans and the Group Two Mortgage Loans.
(xxiii) the aggregate Outstanding Principal Balance of each Class of Certificates for the following Distribution Date;
(xxiv) the number and aggregate principal amounts of Mortgage Loans (A) delinquent (1) one Monthly Payment, (2) two Monthly Payments and (3) three or more Monthly Payments and (B) in foreclosure, in each case, as of the end of the related Principal Prepayment Period;
(xxv) the number and the principal balance of Mortgage Loans with respect to any real estate acquired through foreclosure or grant of a deed in lieu of foreclosure;
(xxvi) the aggregate amount of all Advances recovered during the related Due Period;
(xxvii) the aggregate amount of Realized Losses during the related Due Period and the aggregate amount of Realized Losses since the Cut-off Date;
(xxviii) the allocation to each Class of Certificate of any Realized Losses during the related Due Period;
(xxix) with respect to each Class of Certificates, the amount of any Compensating Interest Shortfalls on such Distribution Date;
(xxx) Number and amount of pool assets at the beginning and ending of each period, and updated pool composition information, such as weighted average coupon, weighted average life, weighted average remaining term, pool factors and prepayment amounts;
(xxxi) In addition, describe any material changes to methodology regarding calculations of delinquencies and charge-offs;
(xxxii) Information on the amount, terms and general purpose of any advances made or reimbursed during the period, including the general use of funds advanced and the general source of funds for reimbursements;
(xxxiii) Any material modifications, extensions or waivers to pool asset terms, fees, penalties or payments during the distribution period or that have cumulatively become material over time;
(xxxiv) Material breaches of pool asset representations or warranties or transaction covenants;
(xxxv) Information on ratio, coverage delinquency or other tests used for determining any early amortization, liquidation liquidation, stepdowns or other performance trigger triggers and whether the trigger was met; and;
(xxxvixxiii) Information the amount of the Prepayment Charges remitted by the Master Servicer and the amount on deposit in the Reserve Fund;
(xxiv) updated pool composition data including the following: weighted average mortgage rate and weighted average remaining term;
(xxv) information regarding any new issuance of asset-backed securities backed by the same asset pool, any pool asset changes (other than in connection with a pool asset converting into cash in accordance with its terms)changes, such as additions or removals in connection with a prefunding or revolving period and pool asset substitutions and repurchases (and purchase ratesof Mortgage Loans from the Trust Fund, if applicable), and cash flows available for future purchases, such as the balances of any prefunding or revolving accounts, if applicable. Disclose ; and
(xxvi) any material changes in the solicitation, credit-granting, underwriting, origination, acquisition or pool Mortgage Loan selection criteria or procedures, as applicable, used to originate, acquire or select Mortgage Loans for the Trust Fund. The Depositor covenants that if there is a material change in the solicitation, credit-granting, underwriting, origination, acquisition or Mortgage Loan selection criteria or procedures, as applicable, used to originate, acquire or select Mortgage Loans for the Trust Fund that it will notify the Securities Administrator five calendar days before each Distribution Date, and if no such notification occurs, the Securities Administrator has no obligation to report with respect to (xxvi). The Depositor covenants to the Securities Administrator that there will be no new issuance of securities backed by the same asset pool, so the Securities Administrator will only be responsible in (xxv) above for reporting any pool assets.
(b) asset changes, such as additions or removals of Mortgage Loans from the Trust Fund. The Securities Administrator will may make the foregoing Monthly Statement (and, at its option, any additional files containing the same information in an alternative format) available each month to Certificateholders, other parties to this Agreement and any other interested parties Certificateholders via the Securities Administrator's Internet ’s internet website. The Securities Administrator's Internet ’s internet website shall initially be located at "www.__________." “xxx.xxxxxxx.xxx”. Assistance in using the website can be obtained by calling the Securities Administrator's customer service ’s transaction administrator desk at ______________(000) 000-0000. Parties that are unable to use the website above distribution options 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 may change the way the monthly statements to Certificateholders Monthly Statements are distributed in order to make such distribution distributions more convenient and/or or more accessible to the above parties and the Securities Administrator shall provide timely and adequate notification to all above parties regarding any such changes. The Securities Administrator shall 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 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 Securities Administrator's ’s internet website, the Securities Administrator may require request registration and the acceptance of a disclaimer. The Securities Administrator will not be liable for the dissemination of information in accordance with this Agreement.
(b) The Securities Administrator’s responsibility for making the above information available to the Certificateholders is limited to the availability, timeliness and accuracy of the information derived from the parties providing the information to the Securities Administrator. The Securities Administrator will make available a copy of each statement provided pursuant to this Section 5.06 to each Rating Agency on its website at xxx.xxxxxxx.xxx.
(c) Within a reasonable period of time after the end of each calendar year, the Securities Administrator shall furnish upon request to each Person who at any time during the calendar year was a Certificateholder, a statement containing the information (only with respect to principal and interest) set forth in clauses (a)(v) and (a)(vi) of this Section 5.06 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 be provided by the Securities Administrator pursuant to any requirements of the Code as from time to time in effect.
(d) Upon filing with the Internal Revenue Service, the Securities Administrator shall furnish to the Holders of the Residual Certificates the applicable Form 1066 and each applicable Form 1066Q and shall respond promptly to written requests made not more frequently than quarterly by any Holder of a Residual Certificate with respect to the following matters:
(i) The original projected principal and interest cash flows on the Closing Date on each Class of regular and residual interests created hereunder and on the Mortgage Loans, based on the Prepayment Assumption;
(ii) The projected remaining principal and interest cash flows as of the end of any calendar quarter with respect to each class of Regular Interests and Residual Interests created hereunder and the Mortgage Loans, based on the Prepayment Assumption;
(iii) The applicable Prepayment Assumption and any interest rate assumptions used in determining the projected principal and interest cash flows described above;
(iv) The original issue discount (or, in the case of the Mortgage Loans, market discount) or premium accrued or amortized through the end of such calendar quarter with respect to each class of Regular Interests or Residual Interests created hereunder and to the Mortgage Loans, together with each constant yield to maturity used in computing the same;
(v) The treatment of Realized Losses with respect to the Mortgage Loans or the Regular Interests created hereunder, including the timing and amount of any cancellation of indebtedness income of a REMIC with respect to such Regular Interests or bad debt deductions claimed with respect to the Mortgage Loans;
(vi) The amount and timing of any non-interest expenses of a REMIC; and
(vii) Any taxes (including penalties and interest) imposed on the REMIC, including, without limitation, taxes on “prohibited transactions,” “contributions” or “net income from foreclosure property” or state or local income or franchise taxes. The information pursuant to clauses (i), (ii), (iii) and (iv) above shall be provided by the Depositor pursuant to Section 10.12.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Bear Stearns Asset Backed Securities I Trust 2006-Im1)
Monthly Statements to Certificateholders. (a) Not later than each Distribution Date based solely on information provided by the Master Servicer (which information is not required to include any prediction of future performance or Servicer, as to which such report relates)applicable, the Securities Administrator shall prepare and make available on its website located at xxx.xxxxxxx.xxx www.ctslink.com to each Holder of a Class of Certificates of the Trust FundTrxxx Xxxx, the Servicer, the Master xxx Xaster Servicer, the Trustee, the NIMs InsurerServicer, the Rating Agencies and the Depositor a statement setting forth for the each $1,000 principal amount of Certificates:
(i) the amount of the related distribution to Holders of each Class allocable to principal, separately identifying (A) the aggregate amount of any Principal Prepayments included therein, (B) the aggregate of all scheduled payments of principal included therein, (C) the Extra Principal Distribution Amount, if any, and (D) the aggregate amount of Prepayment Chargesprepayment penalties, if any;
(ii) the amount of such distribution to Holders of each Class allocable to interest, together with any Non-Supported Interest Shortfalls allocated to each Class;
(iii) any Interest Carryforward Amount for each Class of the Offered Certificates;
(iv) the Class Certificate Principal Balance of each Class immediately prior to and after giving effect (i) to all distributions allocable to principal on such Distribution Date and (ii) the allocation of any Applied Realized Loss Amounts for such Distribution Date;
(ivv) the Pool Stated Principal Balance for such Distribution Date;
(vvi) the amount of the Servicing Fee paid to or retained by the Servicer, the related amount of the Securities Administrator Fee and Servicing Fee paid to or retained by the Securities Administrator and any amounts constituting reimbursement or indemnification of the Servicer, Master Servicer, Securities Administrator or Trustee;
(vivii) the Pass-Through Rate for each Class of Certificates for such Distribution Date;
(viiviii) the amount of Advances included in the distribution on such Distribution Date;
(viiiix) the cumulative amount of (A) Realized Losses and (B) Applied Realized Loss Amounts to date, in the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage Loans;
(ixx) the amount of (A) Realized Losses and (B) Applied Realized Loss Amounts with respect to such Distribution Date, in the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage Loans;
(xxi) the number and aggregate principal amounts of Mortgage Loans (A) Delinquent (exclusive of Mortgage Loans in foreclosure) (1) 31 to 60 days, (2) 61 to 90 days and (3) 91 -90- or more days, and (B) in foreclosure and Delinquent (1) 31 to 60 days, (2) 61 to 90 days and (3) 91 or more days, in each case as of the close of business on the last day of the calendar month preceding such Distribution Date, in the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage Loans;
(xi) with respect to any Mortgage Loan that became an REO Property during the preceding calendar month, the loan number and Stated Principal Balance of such Mortgage Loan as of the close of business on the last day of the calendar month preceding such Distribution Date and the date of acquisition thereof, in the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage Loans;
(xii) the total number and principal balance of any REO Properties as of the close of business on the last day of the calendar month preceding such Distribution Date, in the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage Loans;
(xiii) the aggregate Stated Principal Balance of all Liquidated Loans as of the preceding Distribution Date, in the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage Loans;
(xiv) whether a Stepdown Trigger Event has occurred and is in effectoccurred;
(xv) with respect to each Class of Certificates, any Interest Carry Forward Carryforward Amount with respect to such Distribution Date for each such Class, any Interest Carry Forward Carryforward Amount paid for each such Class and any remaining Interest Carry Forward Carryforward Amount for each such Class;
(xvi) with respect to each Class Certificates any Floating Rate Certificate Carryover with respect to such Distribution Date for each such Class, any Floating Rate Certificate Carryover paid for each such Class and any remaining Floating Rate Certificate Carryover for each such Class;
(xvii) the number and Stated Principal Balance (as of the preceding Distribution Date) of any Mortgage Loans which were purchased or repurchased during the preceding Due Period and since the Cut-off Date;
(xviixviii) the number of Mortgage Loans for which Prepayment Charges prepayment penalties were received during the related Prepayment Period and, for each such Mortgage Loan, the amount of Prepayment Charges prepayment penalties received during the related Prepayment Period and in the aggregate of such amounts for all such Mortgage Loans since the Cut-off Date;
(xviiixix) [RESERVED];
(xx) the amount and purpose of any withdrawal from the Collection Account pursuant to Section 3.08(a)(viii3.08(a)(v);; and
(xixxxi) the amount of any payments to each Class of Certificates that are treated as payments received in respect of a REMIC "regular interest" or REMIC "residual interest" Regular Interest and the amount of any payments to each Class of Certificates that are not treated as payments received in respect of a REMIC "regular interest" or REMIC "residual interest";Regular Interest.
(xxb) [RESERVED]
(c) If so requested in writing or as required by applicable law, within a reasonable period of time after the end of each Distribution Datecalendar year, the amount, if any, Securities Administrator shall make available on its website or cause to be deposited furnished to each Person who at any time during the calendar year was a Certificateholder of record, a statement containing the information set forth in clauses (a)(i) and (a)(ii) of this Section 4.05 aggregated for such calendar year or applicable portion thereof during which such Person was a Certificateholder. Such obligation of the Cap Contract Account Securities Administrator shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Securities Administrator pursuant to any requirements of the related Cap Contract Code as described from time to time in Section 4.04(keffect.
(d) and Upon filing with the amount thereof to be paid Internal Revenue Service, the Securities Administrator shall furnish to the Class A, Class M, Class B-1A, Class B-2A, Class B-3A, Class B-4A and Class C Certificates described in Section 4.04(k) hereof;
(xxi) any Floating Rate Certificate Carryover paid and all Floating Rate Certificate Carryover remaining on each class Holders of the Class A, R Certificate the Form 1066 and each Form 1066Q and shall respond -91- promptly to written requests made not more frequently than quarterly by any Holder of Class M, Class B-1, Class B-2, Class B-3 and Class B-4 Certificates on such Distribution Date;
(xxii) the number of Mortgage Loans with respect to which (i) a reduction in the Mortgage Rate has occurred or (ii) the related borrower's obligation to repay interest on a monthly basis has been suspended or reduced pursuant to the Servicemembers Civil Relief Act or the California Military and Veterans Code, as amended; and the amount of interest not required to be paid with respect to any such Mortgage Loans during the related Due Period as a result of such reductions in the aggregate and R Certificate with respect to the Group One Mortgage Loans following matters: The original projected principal and interest cash flows on the Group Two Mortgage Loans.
(xxiii) the aggregate Outstanding Principal Balance of Closing Date on each Class of Certificates for regular and residual interests created hereunder and on the following Distribution DateMortgage Loans, based on the Prepayment Assumption;
(xxivi) the number The projected remaining principal and aggregate principal amounts of Mortgage Loans (A) delinquent (1) one Monthly Payment, (2) two Monthly Payments and (3) three or more Monthly Payments and (B) in foreclosure, in each case, interest cash flows as of the end of the related Principal Prepayment Period;
(xxv) the number and the principal balance of Mortgage Loans with respect to any real estate acquired through foreclosure or grant of a deed in lieu of foreclosure;
(xxvi) the aggregate amount of all Advances recovered during the related Due Period;
(xxvii) the aggregate amount of Realized Losses during the related Due Period and the aggregate amount of Realized Losses since the Cut-off Date;
(xxviii) the allocation to each Class of Certificate of any Realized Losses during the related Due Period;
(xxix) calendar quarter with respect to each Class of Certificatesregular and residual interests created hereunder and the Mortgage Loans, based on the Prepayment Assumption;
(ii) The Prepayment Assumption and any interest rate assumptions used in determining the projected principal and interest cash flows described above;
(iii) The original issue discount (or, in the case of the Mortgage Loans, market discount) or premium accrued or amortized through the end of such calendar quarter with respect to each Class of regular or residual interests created hereunder and to the Mortgage Loans, together with each constant yield to maturity used in computing the same;
(iv) The treatment of losses realized with respect to the Mortgage Loans or the regular interests created hereunder, including the timing and amount of any Compensating Interest Shortfalls on cancellation of indebtedness income of the REMICs with respect to such Distribution Dateregular interests or bad debt deductions claimed with respect to the Mortgage Loans;
(xxxv) Number The amount and amount of pool assets at the beginning and ending of each period, and updated pool composition information, such as weighted average coupon, weighted average life, weighted average remaining term, pool factors and prepayment amounts;
(xxxi) In addition, describe any material changes to methodology regarding calculations of delinquencies and charge-offs;
(xxxii) Information on the amount, terms and general purpose timing of any advances made or reimbursed during non-interest expenses of the period, including the general use of funds advanced and the general source of funds for reimbursements;
(xxxiii) Any material modifications, extensions or waivers to pool asset terms, fees, penalties or payments during the distribution period or that have cumulatively become material over time;
(xxxiv) Material breaches of pool asset representations or warranties or transaction covenants;
(xxxv) Information on ratio, coverage or other tests used for determining any early amortization, liquidation or other performance trigger and whether the trigger was metREMICs; and
(xxxvivi) Information regarding any new issuance of asset-backed securities backed Any taxes (including penalties and interest) imposed on the REMICs, including, without limitation, taxes on "prohibited transactions," "contributions" or "net income from foreclosure property" or state or local income or franchise taxes. The information pursuant to clauses (i), (ii), (iii) and (iv) above shall be provided by the same asset pool, any pool asset changes (other than in connection with a pool asset converting into cash in accordance with its terms), such as additions or removals in connection with a prefunding or revolving period and pool asset substitutions and repurchases (and purchase rates, if applicable), and cash flows available for future purchases, such as the balances of any prefunding or revolving accounts, if applicable. Disclose any material changes in the solicitation, credit-granting, underwriting, origination, acquisition or pool selection criteria or procedures, as applicable, used Depositor pursuant to originate, acquire or select the new pool assetsSection 8.11.
(b) The Securities Administrator will make the Monthly Statement (and, at its option, any additional files containing the same information in an alternative format) available each month to Certificateholders, other parties to this Agreement and any other interested parties via the Securities Administrator's Internet website. The Securities Administrator's Internet website shall initially be located at "www.__________." 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 website 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 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 Securities Administrator shall provide timely and adequate notification to all above parties regarding any such changes. The Securities Administrator shall 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 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 Securities Administrator's internet website, the Securities Administrator may require registration and the acceptance of a disclaimer. The Securities Administrator will not be liable for the dissemination of information in accordance with this Agreement.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Merrill Lynch Mortgage Asst Back Certs Ser 2003-5sl)
Monthly Statements to Certificateholders. (a) Not later than each Distribution Date Date, the Trustee shall prepare, based solely on information provided by received from the Servicer (which information is not required to include any prediction of future performance as to which such report relates)Master Servicer, the Securities Administrator shall prepare and make available on its website located at xxx.xxxxxxx.xxx to each Holder of a Class of Certificates of the Trust Fund, the Servicer, the Master ServicerCertificates, the Trustee, the NIMs Insurer, the Rating Agencies Master Servicer and the Depositor a statement setting forth for the Certificates:
(i) the amount of the related distribution to Holders of each Class allocable to principal, separately identifying (A) the aggregate amount of any Principal Prepayments included therein, (B) the aggregate of all scheduled payments payments, except with respect to Simple Interest Loans, of principal included therein, and with respect to Simple Interest Loans, the amount of actual principal received included therein, and (C) the Extra Principal Distribution Amount, Amount (if any, and (D) the aggregate amount of Prepayment Charges, if any);
(ii) the amount of such distribution to Holders of each Class allocable to interest, together with any Non-Supported Interest Shortfalls allocated to each Class;
(iii) the Certificate Principal Balance or Certificate Notional Balance of each Class immediately prior to Class, before and after giving effect (i) to all distributions allocable to principal on such Distribution Date and (ii) the allocation of any Applied Realized Loss Amounts for such Distribution Date;
(iv) the Pool aggregate of the Stated Principal Balance for Balances of all of the Mortgage Loans following the distributions made on such Distribution Date;
(v) the amount of the Master Servicing Fee Fees paid to or retained by the Servicer, Master Servicer and the amount of the Securities Administrator Fee Trustee Fees paid to or retained by the Securities Administrator and any amounts constituting reimbursement or indemnification of Trustee for the Servicer, Master Servicer, Securities Administrator or Trusteerelated Due Period;
(vi) the Pass-Through Rate for each Class of Offered Certificates for with respect to the current Accrual Period, and, if applicable, whether such Distribution DatePass-Through Rate was limited by the applicable Interest Rate Cap;
(vii) any Interest Carry Forward Amount for each Class of Offered Certificates;
(viii) the amount of Advances included in the distribution on such Distribution Date;
(viiiix) the cumulative amount of (A) Realized Losses and (B) Applied Realized Loss Amounts to date, in the aggregate and ;
(x) with respect to each Class of Offered Certificates (other than the Group One Mortgage Loans and Group Two Mortgage Loans;
(ixResidual Certificates) the amount of (A) Realized Losses any Interest Carry Forward Amount and (B) any Unpaid Applied Realized Loss Amounts with respect to such following the Distribution Date, in the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage Loans;
(xxi) the number and aggregate principal amounts of Mortgage Loans (A) Delinquent (exclusive of Mortgage Loans in foreclosureforeclosure and bankruptcy) (1) 31 to 60 days, (2) 61 to 90 days and (3) 91 or more days, and (B) in foreclosure and Delinquent delinquent (1) 31 to 60 days, (2) 61 to 90 days and (3) 91 or more days and (C) in bankruptcy and delinquent (1) 31 to 60 days, (2) 61 to 90 days and (3) 91 or more days, in each case as of the close of business on the last day of the calendar month preceding such Distribution Date, in the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage Loans;
(xixii) with respect to any Mortgage Loan that became an REO Property was liquidated during the preceding calendar month, the loan number and Stated Principal Balance of of, and Realized Loss on, such Mortgage Loan as of the close of business on the last day of the calendar month Determination Date preceding such Distribution Date and the date of acquisition thereof, in the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage LoansDate;
(xiixiii) the total number and principal balance of any real estate owned or REO Properties as of the close of business on the Determination Date preceding such Distribution Date;
(xiv) the three month rolling average of the percent equivalent of a fraction, the numerator of which is the aggregate stated Principal Balance of the Mortgage Loans that are 60 days or more delinquent or are in bankruptcy or foreclosure or are REO Properties, and the denominator of which is the aggregate Stated Principal Balance of all of the Mortgage Loans as of the last day of the calendar month preceding such Distribution Date, in the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage Loans;
(xiii) the aggregate Stated Principal Balance of all Liquidated Loans as of the preceding Distribution Date, in the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage Loans;
(xiv) whether a Stepdown Trigger Event has occurred and is in effect;
(xv) with respect to each Class of Certificates, any Interest Carry Forward Amount with respect to such Distribution Date for each such Class, any Interest Carry Forward Amount paid for each such Class and any remaining Interest Carry Forward Amount for each such Class;
(xvi) the number and Stated Principal Balance (as of the preceding Distribution Date) of any Mortgage Loans which were purchased or repurchased during the preceding Due Period and since the Cut-off Date;
(xvii) the number of Mortgage Loans for which Prepayment Charges were received during the related Prepayment Period and, for each such Mortgage Loan, the amount of Prepayment Charges received Realized Losses during the related Prepayment Period and in the aggregate of such amounts cumulative Realized Losses for all such the Mortgage Loans since the Cut-off Date;
(xviii) the amount and purpose of any withdrawal from the Collection Account pursuant to Section 3.08(a)(viii);
(xix) the amount of any payments to each Class of Certificates that are treated as payments received in respect of a REMIC "regular interest" or REMIC "residual interest" and the amount of any payments to each Class of Certificates that are not treated as payments received in respect of a REMIC "regular interest" or REMIC "residual interest";
(xx) as of each Distribution Date, the amount, if any, to be deposited in the Cap Contract Account pursuant to the related Cap Contract as described in Section 4.04(k) and the amount thereof to be paid to the Class A, Class M, Class B-1A, Class B-2A, Class B-3A, Class B-4A and Class C Certificates described in Section 4.04(k) hereof;
(xxi) any Floating Rate Certificate Carryover paid and all Floating Rate Certificate Carryover remaining on each class of the Class A, Class M, Class B-1, Class B-2, Class B-3 and Class B-4 Certificates on such Distribution Date;
(xxii) the number of Mortgage Loans with respect to which (i) a reduction in the Mortgage Rate has occurred or (ii) the related borrower's obligation to repay interest on a monthly basis has been suspended or reduced pursuant to the Servicemembers Civil Relief Act or the California Military and Veterans Code, as amended; and the amount of interest not required to be paid with respect to any such Mortgage Loans during the related Due Period as a result of such reductions in the aggregate and with respect to the Group One Mortgage Loans and the Group Two Mortgage Loans.
(xxiii) the aggregate Outstanding Principal Balance of each Class of Certificates for the following Distribution Date;
(xxiv) the number and aggregate principal amounts of Mortgage Loans (A) delinquent (1) one Monthly Payment, (2) two Monthly Payments and (3) three or more Monthly Payments and (B) in foreclosure, in each case, as of through the end of the related Principal Prepayment Periodpreceding month;
(xxvxvi) the number and the principal balance of Mortgage Loans with respect to any real estate acquired through foreclosure or grant of whether a deed in lieu of foreclosure;
(xxvi) the aggregate amount of all Advances recovered during the related Due Period;
(xxvii) the aggregate amount of Realized Losses during the related Due Period and the aggregate amount of Realized Losses since the Cut-off Date;
(xxviii) the allocation to each Class of Certificate of any Realized Losses during the related Due Period;
(xxix) with respect to each Class of Certificates, the amount of any Compensating Interest Shortfalls on such Distribution Date;
(xxx) Number and amount of pool assets at the beginning and ending of each period, and updated pool composition information, such as weighted average coupon, weighted average life, weighted average remaining term, pool factors and prepayment amounts;
(xxxi) In addition, describe any material changes to methodology regarding calculations of delinquencies and charge-offs;
(xxxii) Information on the amount, terms and general purpose of any advances made or reimbursed during the period, including the general use of funds advanced and the general source of funds for reimbursements;
(xxxiii) Any material modifications, extensions or waivers to pool asset terms, fees, penalties or payments during the distribution period or that have cumulatively become material over time;
(xxxiv) Material breaches of pool asset representations or warranties or transaction covenants;
(xxxv) Information on ratio, coverage or other tests used for determining any early amortization, liquidation or other performance trigger and whether the trigger was metTrigger Event exists; and
(xxxvi) Information regarding any new issuance of asset-backed securities backed by the same asset pool, any pool asset changes (other than in connection with a pool asset converting into cash in accordance with its terms), such as additions or removals in connection with a prefunding or revolving period and pool asset substitutions and repurchases (and purchase rates, if applicable), and cash flows available for future purchases, such as the balances of any prefunding or revolving accounts, if applicable. Disclose any material changes in the solicitation, credit-granting, underwriting, origination, acquisition or pool selection criteria or procedures, as applicable, used to originate, acquire or select the new pool assets.
(b) The Securities Administrator will make the Monthly Statement (and, at its option, any additional files containing the same information in an alternative format) available each month to Certificateholders, other parties to this Agreement and any other interested parties via the Securities Administrator's Internet website. The Securities Administrator's Internet website shall initially be located at "www.__________." 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 website 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 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 Securities Administrator shall provide timely and adequate notification to all above parties regarding any such changes. The Securities Administrator shall 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 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 Securities Administrator's internet website, the Securities Administrator may require registration and the acceptance of a disclaimer. The Securities Administrator will not be liable for the dissemination of information in accordance with this Agreement.
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Samples: Pooling and Servicing Agreement (Bear Stearns Asset Backed Securities Inc)