Monthly Statements to Certificateholders. (a) Not later than each Distribution Date, the Securities Administrator shall prepare and deliver to the Trustee and the Yield Maintenance Provider, and make available to each Holder of Certificates, the Trustee, the Rating Agencies, the Master Servicer, the 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 (if any); (ii) the amount of such distribution to Holders of each Class allocable to interest, and, if applicable, the portion thereof allocable to amounts 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 the Offered Certificates before and after giving effect to all distributions of principal and allocation of Applied Realized Loss Amounts in reduction of Certificate Principal Balance for such Distribution Date and the 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 Unpaid Applied Realized Loss Amounts for each applicable Class of Subordinate Certificates after giving effect to the distribution of principal (including Subsequent Recoveries) and allocation of Applied Realized Loss Amounts on such Distribution Date; (vi) the Pass-Through Rate for each Class of Adjustable Rate Certificates with respect to the current Accrual Period, and, if applicable, whether such 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; (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; (xi) the number and aggregate principal amounts of Mortgage Loans (A) Delinquent (exclusive of Mortgage Loans in foreclosure and bankruptcy) (1) 31 to 60 days, (2) 61 to 90 days and (3) 91 or more days, (B) in foreclosure and 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; (xii) with respect to any Mortgage Loan that was liquidated during the preceding calendar month, the loan number and Stated Principal Balance of, and Realized Loss on, such Mortgage Loan as of the end of the related Prepayment Period; (xiii) 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 end of 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; (xvii) 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 the Mortgage Loans in the related Group on the Closing Date; and (xviii) the amount of any Subsequent Recovery for such Distribution Date and the amount by which the Certificate Principal Balance of each Class of Subordinated Certificates was increased as a result thereof. The Securities Administrator 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 via the Securities Administrator's internet website. The Securities Administrator's internet website shall initially be located at "www.ctslink.com". Assistance in using the 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 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 may change the way monthly statements are distributed in order to make such distributions more convenient or more accessible to the above 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 EMC 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 provided by the Depositor 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, the Securities Administrator Trustee shall prepare and deliver make available to the Trustee and the Yield Maintenance Provider, and make available to each Holder of Certificates, the Trustee, the Rating Agencies, the Master Servicer, the EMC 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 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, (D) the amount of any Subsequent Recoveries included therein and (CE) 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, and, if applicable, the portion thereof allocable to amounts provided pursuant to the Yield Maintenance Agreements to the extent such information is provided to the Securities Administrator by the TrusteeAgreement;
(iii) any Interest Carry Forward Amounts, Amounts and any Basis Risk Shortfall Carry Forward Amounts for each Class of Adjustable Rate Certificates (other than the Residual Certificates);
(iv) the Certificate Principal Balance of each Class of Certificates (other than the Offered Class B-IO Certificates and the Residual Certificates) before and after giving effect (i) to all distributions of allocable to principal and allocation of Applied Realized Loss Amounts in reduction of Certificate Principal Balance for on such Distribution Date and Date, (ii) if applicable, the allocation of any Allocated Realized Loss Amounts for such Distribution Date, and, (iii) if applicable, the 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 Applied Allocated Realized Loss Amounts to date and the Unpaid Applied Allocated Realized Loss Amounts for each applicable Class of Subordinate Certificates (other than the Class B-IO Certificates and the Residual Certificates) on such Distribution Date after giving effect to the distribution of principal on such Certificates (including as a result of Subsequent RecoveriesRecoveries on the Mortgage Loans) and the allocation of Applied Allocated Realized Loss Amounts to such Certificates on such Distribution Date;
(vi) the Pass-Through Rate for each Class of Adjustable Rate Certificates with respect to the current Accrual Periodfor such Distribution Date, and, if applicable, and whether such Pass-Through Rate was limited by the an Interest Rate Cap;
(vii) the amount of any Net Monthly Excess Cashflow Amount and any Excess Yield Maintenance Amount with respect to each Groupsuch Distribution Date;
(viii) the aggregate of the Stated Principal Balances of all of the Mortgage Loans with respect to each Group on the related Due Date;
(ix) the related amount of the Master Servicing Fees and Trustee Fees paid to or (as applicable) retained by the Master Servicer and the Servicing Fees paid Trustee, respectively, with respect to or retained by each Servicer for the related Due Periodsuch Distribution Date;
(x) the amount of Advances and Compensating Interest Payments included in the distribution on such Distribution Date;
(xi) the number and aggregate principal amounts Stated Principal Balance of Mortgage Loans (A) Delinquent (exclusive of Mortgage Loans in foreclosure and bankruptcy) (1) 31 to 60 days, (2) 61 to 90 days and (3) 91 or more days, (B) in foreclosure and 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;
(xii) with respect to any Mortgage Loan that was liquidated during the preceding calendar month, the loan number and Stated Principal Balance of, and Realized Loss on, such Mortgage Loan as of the end of the related Prepayment Period;
(xiii) whether a Trigger Event exists in a Groupon 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 with respect to each Group as of the end of the related Prepayment Period;
(xvxvi) the aggregate amount of Realized Losses with respect to each Group the Mortgage Loans (i) during the related Prepayment Period and the cumulative Realized Losses with respect to each Group cumulatively through the end of the preceding monthmonth and (ii) since the Closing Date as a percentage of the aggregate Stated Principal Balance of the Mortgage Loans on the Closing Date;
(xvixvii) the three month rolling average of the percent equivalent of a fraction, the numerator of which is the aggregate stated 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;
(xvii) 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 the Mortgage Loans in the related Group on the Closing DateRelated Due Period; and
(xviii) the amount of any Subsequent Recovery for such Distribution Date on the Mortgage Loans recovered by the Master Servicer during the related Due Period and the amount by which the Certificate Principal Balance of each Class of Subordinated Certificates (other than the Class B-IO Certificates and the Residual Certificates) was increased as a result thereof, as provided by the Master Servicer to the Trustee. The Securities Administrator may Trustee will 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 via the Securities AdministratorTrustee's internet website. The Securities AdministratorTrustee's internet website shall initially be located at "www.ctslink.com". Assistance in using the Securities Administrator'x Trustee's website can be obtaxxxx xx xxxxxxx xxx be obtained by calling the Securities AdministratorTrustee'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 above distributxxx xxxxxxx xxe distribution options are entitled to have a paper copy mailed to them via first class mail by calling the Securities AdministratorTrustee's customer service desk and indicating such. The Securities Administrator Trustee may change the way monthly statements are distributed in order to make such distributions more convenient or more accessible to the above parties.
(b) The Securities AdministratorTrustee'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 EMC ServicerYield 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 Securities Administrator will prepare and the Trustee will provide shall cause to be furnished to the EMC Servicer, 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 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 Securities Administrator 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 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 the Depositor pursuant to Section 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 DateDate 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 deliver to the Trustee and the Yield Maintenance Provider, and make available on its website located at xxx.xxxxxxx.xxx to each Holder of Certificatesa Class of Certificates of the Trust Fund, the Trustee, the Rating AgenciesServicer, the Master Servicer, the EMC Servicer 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 (except with respect to any Simple Interest Loans) of principal included therein (and with respect to any Simple Interest Loanstherein, 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, and, if applicable, the portion thereof allocable together with any Non-Supported Interest Shortfalls allocated to amounts provided pursuant to the Yield Maintenance Agreements to the extent such information is provided to the Securities Administrator by the Trusteeeach 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 Interest Carry Forward Amounts, any Basis Risk Shortfall Carry Forward Applied Realized Loss Amounts for each Class of Adjustable Rate Certificatessuch Distribution Date;
(iv) the Certificate Principal Balance of the Offered Certificates before and after giving effect to all distributions of principal and allocation of Applied Realized Loss Amounts in reduction of Certificate Principal Balance for such Distribution Date and the allocation of any Subsequent Recoveries to increase the Certificate Pool Stated Principal Balance for such Distribution Date;
(v) the cumulative amount of Applied Realized Loss Amounts the Servicing Fee paid to date 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 Unpaid Applied Realized Loss Amounts for each applicable Class of Subordinate Certificates after giving effect to the distribution of principal (including Subsequent Recoveries) and allocation of Applied Realized Loss Amounts on such Distribution DateServicer, Master Servicer, Securities Administrator or Trustee;
(vi) the Pass-Through Rate for each Class of Adjustable Rate Certificates with respect to the current Accrual Period, and, if applicable, whether for such Pass-Through Rate was limited by the Interest Rate CapDistribution Date;
(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;
(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;
(xiviii) 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 and bankruptcyforeclosure) (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 and (C) in bankruptcy and delinquent 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;
(xiixi) with respect to any Mortgage Loan that was liquidated became an REO Property during the preceding calendar month, the loan number and Stated Principal Balance of, and Realized Loss on, of such Mortgage Loan as of the end close of business on the last day of the related Prepayment Periodcalendar 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;
(xiii) whether a Trigger Event exists in a Group;
(xivxii) the total number and principal balance of any REO Properties with respect to each Group as of the end close of 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 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 aggregate Realized Losses on 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 each Group the aggregate of such amounts for all such Mortgage Loans since the Closing Date as a percentage of the aggregate Stated Principal Balance of the Mortgage Loans in the related Group on the Closing Cut-off Date; and;
(xviii) the amount and purpose of any Subsequent Recovery for such Distribution Date 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 by 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 Certificate 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, 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 increased 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 result thereofprefunding 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 may will make the foregoing monthly statement Monthly Statement (and, at its option, any additional files containing the same information in an alternative format) available each month to Certificateholders Certificateholders, other parties to this Agreement and any other interested parties via the Securities Administrator's internet Internet website. The Securities Administrator's internet Internet website shall initially be located at "www.ctslink.com". www.__________." Assistance in using the Securities Administrator'x xxxxxxx xxx website can 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 above distributxxx xxxxxxx xxe website 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 may shall have the right to change the way the monthly statements to Certificateholders are distributed in order to make such distributions distribution more convenient or and/or more accessible to the above parties.
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 (b) The without suggesting liability on the part of any other party hereto). As a condition to access the Securities Administrator's responsibility for making internet website, the above information available to the Certificateholders is limited to the availability, timeliness and accuracy of the information derived from the Master Servicer Securities Administrator may require registration and the EMC Serviceracceptance of a disclaimer. The Securities Administrator will make available a copy not be liable for the dissemination of each statement provided pursuant to information in accordance with this Section 5.05 to each Rating AgencyAgreement.
(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 provided by the Depositor pursuant to Section 9.12.
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 two Business Days prior to each Distribution Date, the Master Servicer shall prepare and make available to the Trustee and not later than each Distribution Date, the Securities Administrator Master Servicer shall prepare and deliver to the Trustee and the Yield Maintenance Provider, and make available to each Holder of CertificatesCertificateholder, the TrusteeDepositor and any other interested parties a statement based solely on information provided by each Servicer setting forth the following information with respect to the related distribution (in the case of information furnished pursuant to (i), (ii) and (vii) below, the Rating Agenciesamounts shall be expressed as a dollar amount per minimum denomination Certificate, such minimum denominations being as set forth in the Master Servicer, the EMC Servicer and the Depositor a statement setting forth for the Certificates:Preliminary Statement):
(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 (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 (if any);
(ii) the amount of such distribution to Holders of each Class thereof allocable to interest, and, if applicable, the portion thereof allocable any Class Unpaid Interest Shortfall included in such distribution and any remaining Class Unpaid Interest Shortfall after giving effect to amounts provided pursuant to the Yield Maintenance Agreements to the extent such information is provided to the Securities Administrator by the Trusteedistribution;
(iii) any Interest Carry Forward Amounts, any Basis Risk Shortfall Carry Forward Amounts for each if the distribution to the Holders of such Class of Adjustable Rate CertificatesCertificates 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;
(iv) the Certificate Principal Balance as a dollar amount per minimum denomination Certificate and the Class Principal Balance or Notional Amount of the Offered Certificates before and each Class of Certificates, after giving effect to all distributions the distribution of principal and allocation of Applied Realized Loss Amounts in reduction of Certificate Principal Balance for such Distribution Date and the allocation of any Subsequent Recoveries to increase the Certificate Principal Balance for on such Distribution Date;
(v) the cumulative amount of Applied Realized Loss Amounts to date and the Unpaid Applied Realized Loss Amounts for each applicable Class of Subordinate Certificates after giving effect to the distribution of principal (including Subsequent Recoveries) and allocation of Applied Realized Loss Amounts Pool Principal Balance on such Distribution Date;
(vi) the Pass-Through Rate for each Class of Adjustable Rate Certificates with respect to the current Accrual Period, and, if applicable, whether such Pass-Through Rate was limited by the Interest Rate CapSenior Percentage and Junior Percentage;
(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;
(ix) the related amount of the Master Servicing Fees paid to or retained by the Master Servicer and the Servicing Fees paid with respect to or retained by each Servicer for the related Due Periodsuch Distribution Date;
(xviii) the Pass-Through Rate for each such Class of Certificates with respect to such Distribution Date;
(ix) the amount of Advances included in the distribution on such Distribution Date and the aggregate amount of Advances outstanding as of the close of business on such Distribution Date;
(xix) the number and aggregate principal amounts of Mortgage Loans (A) Delinquent delinquent (exclusive of Mortgage Loans in foreclosure and bankruptcyforeclosure) (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 (1) 1 to 30 days (2) 31 to 60 days, days (23) 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 (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;
(xiixi) with respect to any Mortgage Loan that was liquidated became an REO Property during the preceding calendar month, the loan number and Stated Scheduled Principal Balance of, and Realized Loss on, of such Mortgage Loan as of the end close of business on the last Business Day of the related Prepayment Periodcalendar month preceding such Distribution Date and the date of acquisition thereof;
(xiii) whether a Trigger Event exists in a Group;
(xivxii) the total number and principal balance of any REO Properties with respect to each Group (and market value, if available) as of the end close of 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 business on the last day Business Day of the calendar month preceding such Distribution Date;
(xviixiii) the Senior Prepayment Percentage;
(xiv) the aggregate amount of Realized Losses on incurred during the Mortgage Loans in each Group since the Closing Date as a percentage of the aggregate Stated Principal Balance of the Mortgage Loans in the related Group on the Closing Datepreceding calendar month; and
(xviiixv) the amount of any Subsequent Recovery for such Distribution Date Special Hazard Loss Coverage Amount, the Fraud Loss Coverage Amount and the amount Bankruptcy Loss Coverage Amount, in each case as of the related Determination Date. Upon receipt from the Master Servicer, the Trustee shall make such statement available on its website located at xxxx://xxx.xxxxxxxx.xxx/absmbs.
(b) The Master Servicer's responsibility for disbursing the above information to the Trustee, Depositor, Certificateholders and other interested parties is limited to the availability, timeliness and the accuracy of the information provided by which the Certificate Principal Balance each Servicer. The Master Servicer will make a copy of each Class of Subordinated Certificates was increased as a result thereof. The Securities Administrator may make the foregoing monthly 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 and other interested parties, and other parties to this Agreement via the Securities Administrator's internet website. The Securities AdministratorMaster Servicer's internet website shall initially be located at "www.ctslink.comxxx.xxxxxxx.xxx". Assistance in using the Securities Administrator'x xxxxxxx xxx internet website can be obtained by calling the Securities AdministratorMaster Servicer'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 above distributxxx xxxxxxx xxe distribution method 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 may Master Servicer, with the consent of the Trustee, which consent shall not be unreasonably withheld, shall have the right to change the way monthly statements are distribution date statement is distributed in order to make such distributions distribution more convenient or and/or more accessible to and the above parties.
(b) The Securities Administrator's responsibility for making the above information available Master Servicer shall provide timely and adequate notification to the Certificateholders is limited and the parties to this Agreement regarding any such changes. The Master Servicer shall also be entitled to rely on but shall not be responsible for the availability, timeliness and content or accuracy of any information provided by third parties for purposes of preparing the information derived from 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 Master Servicer's internet website, the Master Servicer may require registration and the EMC Serviceracceptance of a disclaimer. The Securities Administrator Master Servicer will make available a copy not be liable for the dissemination of each statement provided pursuant to information in accordance with this Section 5.05 to each Rating AgencyAgreement.
(c) Within a reasonable period of time after the end of each calendar year, the Securities Administrator will prepare and the Trustee will provide shall cause to the EMC Servicer, and be furnished upon request to each Person who at any time during the calendar year was a Certificateholder, a statement containing the information set forth in clauses (a)(i), (a)(ii) and (a)(iia)(vii) of this Section 5.05 4.04 aggregated for such calendar year or applicable portion thereof during which such Person was a Certificateholder. Such obligation of the Trustee shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Trustee pursuant to any requirements of the Code as from time to time in effect.
(d) 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 provided by the Depositor pursuant to Section 9.12.
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (Mortgage Asset Sec Trans Inc Mort Pass THR Cert Ser 2002 1), Pooling and Servicing Agreement (Mortgage Asset Sec Trans Inc Mort Pass THR Cer Ser 2002-1)
Monthly Statements to Certificateholders. (a) Not later than each Distribution Date, the Securities Administrator shall prepare and deliver to the Trustee and the Yield Maintenance Provider, and make available to each Holder of Certificates, the Trustee, the Rating AgenciesCertificateholder, the Master Servicer, the EMC Servicer, the Depositor, the Trustee, the Derivative Counterparty and each Rating Agency a statement, based on information provided by the Servicer 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 (except with respect to any Simple Interest Loans) of principal included therein (Liquidation Proceeds and with respect to any Simple Interest Loans, the amount of principal actually received included therein), and (C) the Extra Principal Distribution Amount (if any)Subsequent Recoveries;
(ii) the amount of such distribution to Holders of each Class thereof allocable to interest, andany Interest Carry Forward Amounts included in such distribution and any remaining Interest Carry Forward Amounts after giving effect to such distribution, if applicable, any Basis Risk Carryover Amount for such Distribution Date and the portion thereof allocable to amounts provided pursuant to amount of all Basis Risk Carryover Amount covered by withdrawals from the Yield Maintenance Agreements to the extent Excess Reserve Fund Account on such information is provided to the Securities Administrator by the TrusteeDistribution Date;
(iii) any Interest Carry Forward Amountsif 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 Shortfall Carry Forward Amounts for each Class of Adjustable Rate CertificatesCarryover Amount not covered by amounts in the Excess Reserve Fund Account;
(iv) the Class Certificate Principal Balance of the Offered each Class of Certificates before and after giving effect to all distributions the distribution of principal and allocation of Applied Realized Loss Amounts in reduction of Certificate Principal Balance for such Distribution Date and the allocation of any Subsequent Recoveries to increase the Certificate Principal Balance for on such Distribution Date;
(v) the cumulative amount of Applied Realized Loss Amounts to date and Pool Stated Principal Balance for the Unpaid Applied Realized Loss Amounts for each applicable Class of Subordinate Certificates after giving effect to the distribution of principal (including Subsequent Recoveries) and allocation of Applied Realized Loss Amounts on such following Distribution Date;
(vi) the Pass-Through Rate for each Class amount of Adjustable Rate Certificates the Expense Fees (in the aggregate and separately stated) paid to or retained by the Servicer, any Subservicer and the Master Servicer with respect to the current Accrual Period, and, if applicable, whether such Pass-Through Rate was limited by the Interest Rate CapDistribution Date;
(vii) the amount Interest Rate for each such Class of any Excess Cashflow Amount and any Excess Yield Maintenance Amount Certificates with respect to each Groupsuch Distribution Date;
(viii) the aggregate of the Stated Principal Balances of the Mortgage Loans with respect to each 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 P&I Advances included in the distribution on such Distribution Date and the aggregate amount of P&I Advances outstanding as of the close of business on the Determination Date immediately preceding such Distribution Date;
(xiix) by Loan Group and in the aggregate, the number and aggregate outstanding principal amounts balances of Mortgage Loans (A) Delinquent (exclusive of except those Mortgage Loans in foreclosure and bankruptcythat 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, (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 days and (C) that are in bankruptcy and delinquent (1) 31 to 60 days, (2) 61 to 90 days and (3) 91 or more daysbankruptcy, in each case as of the close of business on the last day Business Day of the immediately preceding month;
(x) by Loan Group and in the aggregate, with respect to Mortgage Loans that became REO Properties during the preceding calendar month month, the number and the aggregate Stated Principal Balance of such Mortgage Loans as of the close of business on the Determination Date preceding such Distribution Date and the date of acquisition thereof;
(xi) 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 Determination Date preceding such Distribution Date;
(xii) with respect to any Mortgage Loan that was liquidated during the preceding calendar month, the loan number whether a Trigger Event has occurred and Stated Principal Balance of, and Realized Loss on, such Mortgage Loan as of the end of the related Prepayment Periodis continuing;
(xiii) whether a Trigger Event exists the amount on deposit in a Groupthe Excess Reserve Fund Account (after giving effect to distributions on such Distribution Date);
(xiv) in the total number aggregate and principal balance for each Class of any REO Properties with respect to each Group as Certificates, the aggregate amount of Applied Realized Loss Amounts incurred during the end of the related Prepayment Periodpreceding calendar month and aggregate Applied Realized Loss Amounts through such Distribution Date.;
(xv) the Realized Losses amount of any Net Monthly Excess Cash Flow on such Distribution Date and the allocation thereof to the Certificateholders with respect to each Group during the related Prepayment Period Applied Realized Loss Amounts and the cumulative Realized Losses with respect to each Group through the end of the preceding monthInterest Carry Forward Amounts;
(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, Overcollateralization Amount 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 DateOvercollateralization Target Amount;
(xvii) Prepayment Charges collected by 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 the Mortgage Loans in the related Group on the Closing Date; andServicer;
(xviii) the Cumulative Loss Percentage; and
(xix) the amount of any Subsequent Recovery for such Distribution Date and Net Derivative Payment made to the amount by which the Certificate Principal Balance of each Class of Subordinated Certificates was increased as a result thereof. The Securities Administrator may make the foregoing monthly statement (and, at its optionSupplemental Interest Trust pursuant to Section 4.02, any additional files containing the same information in an alternative format) available each month to Certificateholders via the Securities Administrator's internet website. The Securities Administrator's internet website shall initially be located at "www.ctslink.com". Assistance in using the 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 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 may change the way monthly statements are distributed in order to make such distributions more convenient or more accessible Net Derivative Payment made to the above partiesDerivative Counterparty pursuant to Section 4.02, any Swap Termination Payment or Cap Termination Payment made to the Supplemental Interest Trust pursuant to Section 4.02 and any Swap Termination Payment made to the Swap Counterparty pursuant to Section 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 ’s responsibility for making providing the above information available statement to the Certificateholders 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 EMC Servicer. The Securities Administrator will provide the above statement via the Securities Administrator’s internet website. The Securities Administrator’s website will initially be located at hxxxx://xxx.xxxxxxx.xxx and assistance in using the website can be obtained by calling the Securities Administrator’s customer service desk at (000) 000-0000. Parties that are unable to use the above distribution method are entitled to have a paper copy mailed to them via first Class mail by calling the customer service desk and indicating such. The Securities Administrator shall have the right to change the manner in which the above statement is distributed in order to make available a such distribution more convenient and/or more accessible, and the Securities Administrator shall provide timely and adequate notification to the Certificateholders and the parties hereto regarding any such changes. A paper copy of each the statement provided pursuant to this Section 5.05 to each Rating Agencywill also be made available upon request.
(cd) Within a reasonable period of time after the end of each calendar year, the Securities Administrator will prepare and the Trustee will provide shall, upon request, cause to the EMC Servicer, and upon request be furnished to each Person who at any time during the calendar year was a Certificateholder, a statement containing the information set forth in clauses (a)(i), (a)(ii) and (a)(iia)(vi) of this Section 5.05 4.03 aggregated for such calendar year or applicable portion thereof during which such Person was a Certificateholder. Such obligation of the Trustee Securities Administrator shall be deemed to have been satisfied to the extent that substantially comparable information shall be have previously been provided by the Trustee Securities Administrator pursuant to any requirements of the Code as from time to time in effect.
(de) Upon filing with On the Internal Revenue Service10th day of each calendar month (or, if such 10th day is not a Business Day, then on the next succeeding Business Day), the Securities Administrator Servicer 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:
Master Servicer (i) The original projected principal and interest cash flows on a monthly remittance advice in the Closing Date on each Class of regular and residual interests created hereunder and on the Mortgage Loansformat set forth in Exhibit N-1 hereto, based on the Prepayment Assumption;
(ii) The projected remaining principal a monthly defaulted loan report in the format set forth in Exhibit N-2 hereto 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 a realized loss report in the format set forth in Exhibit N-3 hereto (or in such other format mutually agreed to between the Servicer and the Master Servicer) relating to the period ending on the last day of the preceding calendar month on a magnetic tape or other similar media reasonably acceptable to the Master Servicer. No later than two Business Days after the 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 Assumption Period and any interest rate assumptions used in determining a format as mutually agreed to between the projected principal Servicer and interest cash flows described above;
(iv) the Master Servicer. The original issue discount (or, in Depositor shall have 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 right upon providing ten Business Days prior written notice to the Mortgage Loans, together with each constant yield Servicer 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 receive 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 report provided by the Depositor pursuant Servicer to the Master Servicer under this Section 9.124.03(e) and to disseminate or otherwise utilize such information in its 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, the Securities Administrator shall prepare and deliver to the Trustee and the Yield Maintenance Provider, and make available to each Holder of Certificates, the Trustee, the Rating Agencies, the Master Servicer, the 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 (if any);
(ii) the amount of such distribution to Holders of each Class allocable to interest, and, if applicable, the portion thereof allocable to amounts provided pursuant to the Yield Maintenance Agreements to the extent such information is provided to the Securities Administrator by the TrusteeAgreements;
(iii) any Interest Carry Forward Amounts, Amounts and any Basis Risk Shortfall Carry Forward Amounts for each Class of Adjustable Rate Offered Certificates (other than the Residual Certificates);
(iv) the Certificate Principal Balance or Certificate Notional Balance of the Offered Certificates before and each Class after giving effect (i) to all distributions of allocable to principal on such Distribution Date and (ii) the allocation of any Applied Realized Loss Amounts in reduction of Certificate Principal Balance for such Distribution Date and the 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 Unpaid Applied Realized Loss Amounts for each applicable Class of Subordinate Offered Certificates after giving effect to the distribution of principal (including Subsequent Recoveries) and allocation of Applied Realized Loss Amounts on such Distribution Date;.
(vi) the Pass-Through Rate for each Class of Adjustable Rate Offered Certificates with respect to the current Accrual Period, and, if applicable, whether such 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 GroupAmount;
(viii) the aggregate of the Stated Principal Balances of the Mortgage Loans with respect to each 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 included in the distribution on such Distribution Date;
(xi) the number and aggregate principal amounts of Mortgage Loans (A) Delinquent (exclusive of Mortgage Loans in foreclosure and bankruptcy) (1) 31 to 60 days, (2) 61 to 90 days and (3) 91 or more days, (B) in foreclosure and 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;
(xii) with respect to any Mortgage Loan that was liquidated during the preceding calendar month, the loan number and Stated Principal Balance of, and Realized Loss on, such Mortgage Loan as of the end of the related Prepayment Period;
(xiii) whether a Trigger Event exists in a Group;exists.
(xiv) the total number and principal balance of any REO Properties with respect to each Group as of the end of 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;; and
(xvii) 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 the Mortgage Loans in the related Group on the Closing Date; and
(xviii) the amount of any Subsequent Recovery for such Distribution Date and the amount by which the Certificate Principal Balance of each Class of Subordinated Certificates was increased as a result thereof. The Securities Administrator 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 via the Securities Administrator's internet website. The Securities Administrator's internet website shall initially be located at "www.ctslink.comxxx.xxxxxxx.xxx". Assistance in using the Securities Administrator'x xxxxxxx xxx Administrator's website can be obtained by calling the Securities Administrator's customer service desk at (301000) 815000-66000000. To the extent timely received from the Securities XxxxxxxxxxxxxAdministrator, 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/sfrxxx.xxxxxxxx.xxx/xxx. Assistance in using the Trustee's website sexxxxx xxx xx xxxxxxxd service can be obtained by calling the Trustee's customer service desk at (877000) 722000-10950000. Parties that are unable to use the above distributxxx xxxxxxx xxe 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 may change the way monthly statements are distributed in order to make such distributions more convenient or more accessible to the above 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 EMC Servicer and the EMC ServicerTrustee. 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 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 provided by the Depositor 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, the Securities Administrator Trustee shall prepare and deliver to the Trustee and the Yield Maintenance Provider, and make available to each Holder of CertificatesCertificateholder, the TrusteeServicers, the Depositor and each Rating Agencies, the Master Servicer, the EMC Servicer and the Depositor Agency a statement (with respect to information in such statement relating to the Mortgage Loans, based solely on information derived from or contained in the Servicer Remittance Reports and monthly information reports provided by the Servicer pursuant to Section 4.03(d) below) setting forth 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 (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 (if any);
(ii) the amount of such distribution to Holders of each Class thereof allocable to interest, andany Unpaid Interest Amounts included in such distribution and any remaining Unpaid Interest Amounts after giving effect to such distribution, if applicable, any Basis Risk CarryForward Amount for such Distribution Date and the portion thereof allocable to amounts provided pursuant to amount of all Basis Risk CarryForward Amount covered by withdrawals from the Yield Maintenance Agreements to the extent Excess Reserve Fund Account on such information is provided to the Securities Administrator by the TrusteeDistribution Date;
(iii) any Interest Carry Forward Amountsif 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 Shortfall Carry Forward Amounts for each Class of Adjustable Rate CertificatesCarryForward Amount not covered by amounts in the Excess Reserve Fund Account;
(iv) the Class Certificate Principal Balance of the Offered each Class of Certificates before and after giving effect to all distributions the distribution of principal and allocation of Applied Realized Loss Amounts in reduction of Certificate Principal Balance for such Distribution Date and the allocation of any Subsequent Recoveries to increase the Certificate Principal Balance for on such Distribution Date;
(v) the cumulative amount of Applied Realized Loss Amounts to date and Pool Stated Principal Balance for the Unpaid Applied Realized Loss Amounts for each applicable Class of Subordinate Certificates after giving effect to the distribution of principal (including Subsequent Recoveries) and allocation of Applied Realized Loss Amounts on such following Distribution Date;
(vi) the Pass-Through Rate for each Class of Adjustable Rate Certificates with respect to the current Accrual Period, and, if applicable, whether such 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;
(ix) the related amount of the Master Servicing Expense Fees paid to or retained by the Master Servicer Servicers or the Trustee (stated separately and in the Servicing Fees paid aggregate) with respect to or retained by each Servicer for the related Due Periodsuch Distribution Date;
(xvii) the Pass-Through Rate for each such Class of Certificates with respect to such Distribution Date;
(viii) the amount of P&I Advances included in the distribution on such Distribution Date and the aggregate amount of P&I Advances reported by the Servicers as outstanding as of the close of business on such Distribution Date;
(xiix) the number and aggregate outstanding principal amounts balances of Mortgage Loans (A) Delinquent (exclusive of Mortgage Loans in foreclosure and bankruptcy) (1) as to which the Scheduled Payment is delinquent 31 to 60 days, (2) 61 to 90 days and (3) 91 or more days, (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 days and (C) that are in bankruptcy and delinquent (1) 31 to 60 days, (2) 61 to 90 days and (3) 91 or more daysbankruptcy, in each case as of the close of business on the last day Business Day of the calendar month immediately preceding such Distribution Datemonth;
(xiix) for each of the preceding 12 calendar months, or all calendar months since the related Cut-off Date, whichever is less, the aggregate dollar amount of the Scheduled Payments (A) due on all Outstanding Mortgage Loans on each of the Due Dates in each such month and (B) delinquent 60 days or more on each of the Due Dates in each such month;
(xi) with respect to any Mortgage Loan that was liquidated became an REO Property during the preceding calendar month, the loan number and Stated Principal Balance of, and Realized Loss on, of such Mortgage Loan as of the end close of business on the Determination Date preceding such Distribution Date and the date of acquisition thereof;
(xii) the total number and aggregate principal balance of any REO Properties (and market value, if available) as of the related Prepayment Periodclose of business on the Determination Date preceding such Distribution Date;
(xiii) whether a Trigger Event exists in a Grouphas occurred and is continuing (including the calculation thereof and the aggregate outstanding balance of all 60+ Day Delinquent Mortgage Loans);
(xiv) the total number and principal balance amount of any REO Properties with respect to each Group as of the end of the related Prepayment PeriodNet Swap Payments, Net Swap Receipts, Swap Termination Payments or Defaulted Swap Termination Payments;
(xv) the Realized Losses with respect amount on deposit in the Excess Reserve Fund Account (after giving effect to each Group during the related Prepayment Period and the cumulative Realized Losses with respect to each Group through the end of the preceding monthdistributions on such Distribution Date);
(xvi) in the three month rolling average aggregate and for each Class of the percent equivalent of a fractionCertificates, the numerator aggregate amount of which is Applied Realized Loss Amounts incurred during 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 preceding calendar month preceding and aggregate Applied Realized Loss Amounts through such Distribution Date;
(xvii) the aggregate amount of any Net Monthly Excess Cash Flow on such Distribution Date and the allocation thereof to the Certificateholders with respect to Applied Realized Losses on the Mortgage Loans in each Group since the Closing Date as a percentage of the aggregate Stated Principal Balance of the Mortgage Loans in the related Group on the Closing Date; andLoss Amounts and Unpaid Interest Amounts;
(xviii) the amount Subordinated Amount and Specified Subordinated Amount;
(xix) Prepayment Charges collected or paid (pursuant to Section 3.07(a)) by the Servicers;
(xx) the calculations of any Subsequent Recovery for such Distribution Date LIBOR and Swap LIBOR;
(xxi) the amount by which the Certificate Principal Balance of each Class of Subordinated Certificates was increased as a result thereof. The Securities Administrator 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 via the Securities Administrator's internet website. The Securities Administrator's internet website shall initially be located at "www.ctslink.com". Assistance in using the 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 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 may change the way monthly statements are distributed in order to make such distributions more convenient or more accessible to the above partiesCumulative Loss Percentage.
(b) The Securities AdministratorTrustee's responsibility for making providing the above information available statement to the Certificateholders Certificateholders, each Rating Agency, each Servicer and the Depositor is limited to the availability, timeliness and accuracy of the information derived from the Master Servicer and the EMC applicable Servicer. The Securities Administrator Trustee will make available a provide the above statement via the Trustee's internet website. The Trustee's website will initially be located at https://www.tss.db.com/invr and assistance in using the website can be xxxxxxxx xx xxxxxxx xxx Xxustee's investor relations desk at 1-800-735-7777. A paper copy of each the statement provided pursuant to this Section 5.05 to each Rating Agencywill also be made availaxxx xxxx xxxxxst.
(c) Within a reasonable period of time after the end of each calendar year, the Securities Administrator will prepare and the Trustee will provide shall cause to the EMC Servicer, and upon request be furnished to each Person who at any time during the calendar year was a Certificateholder, a statement containing the information set forth in clauses (a)(i) and (a)(ii) of this Section 5.05 4.03 aggregated for such calendar year or applicable portion thereof during which such Person was a Certificateholder. Such obligation of the Trustee shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Trustee pursuant to any requirements of the Code as from time to time in effect.
(d) Upon filing with Not later than the Internal Revenue ServiceDetermination Date for each Distribution Date, the Securities Administrator each Servicer shall furnish to the Holders Trustee and the Depositor a monthly remittance advice statement (in a format mutually agreed upon by such Servicer and the Trustee) containing such information as shall be reasonably requested by the Trustee to enable the Trustee to provide the reports required by Section 4.03(a) as to the accompanying remittance and the period ending on the close of business on the last day of the Residual Certificates related Prepayment Period (the applicable Form 1066 and each applicable Form 1066Q and "Servicer Remittance Report"). Each Servicer shall respond promptly furnish to written requests made not more frequently than quarterly by any Holder the Trustee monthly information reports, as of a Residual Certificate with the related Determination Date, to document Mortgage Loan payment activity on an individual Mortgage Loan basis. With respect to each month, the following matterscorresponding monthly information reports (in electronic format) shall be received by the Trustee no later than the related Determination Date, which reports shall contain the following:
(i) The original projected with respect to each Scheduled Payment, the amount of such remittance allocable to principal (including a separate breakdown of any Principal Prepayment, including the date of such prepayment, and any Prepayment Charges, along with a detailed report of 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 Assumptionprincipal prepayment amounts remitted in accordance with Section 3.25);
(ii) The projected remaining principal and interest cash flows as of the end of any calendar quarter with respect to each Class Scheduled Payment, the amount of regular and residual interests created hereunder and the Mortgage Loans, based on the Prepayment Assumptionsuch remittance allocable to interest;
(iii) The applicable Prepayment Assumption and any interest rate assumptions used in determining the projected principal and interest cash flows described aboveamount of servicing compensation received by such Servicer during the prior distribution period;
(iv) The original issue discount (or, in the case individual and aggregate Stated Principal Balance 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;
(viv) The amount and timing of any non-interest the aggregate expenses of a REMICreimbursed to such Servicer during the prior distribution period pursuant to Section 3.11; and
(viivi) Any taxes the number and aggregate outstanding principal balances of Mortgage Loans (including penalties and interesta) 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 delinquent (1) 31 to clauses (i)60 days, (ii)2) 61 to 90 days, (iii3) 91 days or more; (b) as to which foreclosure has commenced; and (ivc) above shall be provided by the Depositor pursuant as to Section 9.12which REO Property has been acquired.
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (Morgan Stanley Abs Capital I Inc), Pooling and Servicing Agreement (Morgan Stanley Home Equity Loan Trust Series 2005-3)
Monthly Statements to Certificateholders. (a) Not later than each Distribution Date, the Securities Administrator shall prepare and deliver to the Trustee and the Yield Maintenance Provider, and make available to each Holder of Certificates, the Trustee, the Rating Agencies, the Master Servicer, the EMC Servicer 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 (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 (if any);
(iivi) the amount of such distribution to Holders of each Class of Class A Certificates and Class M Certificates allocable to interest, andinterest and the portion thereof, if applicableany, provided by the portion thereof allocable to amounts provided pursuant to the Swap Agreement and Yield Maintenance Agreements to Agreement and the extent such information is provided to the Securities Administrator by the Trusteeamount of coverage remaining under either credit enhancement;
(iiivii) any the Interest Carry Forward Amounts, Amounts and any Basis Risk Shortfall Carry Forward Amounts for each Class of Adjustable Rate CertificatesCertificates (if any);
(iv) the Certificate Principal Balance of the Offered Certificates before and after giving effect to all distributions of principal and allocation of Applied Realized Loss Amounts in reduction of Certificate Principal Balance for such Distribution Date and the 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 Unpaid Applied Realized Loss Amounts for each applicable Class of Subordinate Certificates after giving effect to the distribution of principal (including Subsequent Recoveries) and allocation of Applied Realized Loss Amounts on such Distribution Date;
(viviii) the Pass-Through Rate for each Class of Adjustable Rate 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 Interest Net Rate Cap;
(viiix) the amount of any Excess Cashflow Amount number and any Excess Yield Maintenance Amount with respect to each Group;
(viii) the aggregate of the Stated Principal Balances Balance of (A) all of the Mortgage Loans with respect to each Group on the related Due Date;
and (ixB) 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 Adjustable Rate Mortgage Loans, for the related Due Periodfollowing Distribution Date;
(x) the amount Certificate Principal Balance or Certificate Notional Amount, as applicable, of Advances included in each Class before and after giving effect (i) to all distributions allocable to principal on such Distribution Date and (ii) the distribution on allocation of any Applied Realized Loss Amounts for such Distribution Date;
(xi) the number and aggregate principal amounts Stated Principal Balance of the Mortgage Loans (A) Delinquent (exclusive of Mortgage Loans in foreclosure and bankruptcy) (1) 31 to 60 days30 days Delinquent, (2) 61 to 90 60 days Delinquent and (3) 91 90 days or more daysDelinquent, (B) in foreclosure and delinquent (1) 31 to 60 days30 days Delinquent, (2) 61 to 90 60 days Delinquent and (3) 91 90 days or more days Delinquent and (C) in bankruptcy and delinquent (1) 31 to 60 days30 days Delinquent, (2) 61 to 90 60 days Delinquent and (3) 91 90 days or more daysDelinquent, 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;
(xii) 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 was liquidated during the preceding calendar month, the loan number and aggregate Stated Principal Balance of, and Realized Loss on, such Mortgage Loan Loans as of the end close of business on the related Prepayment PeriodDetermination Date preceding such Distribution Date;
(xiii) whether a Trigger Event exists in a Group;
(xivxvii) the total number and principal balance of any real estate owned or REO Properties with respect to each Group as of the end close of business on the related Prepayment PeriodDetermination Date preceding such Distribution Date;
(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;
(xvixviii) the three month rolling average of the percent equivalent of a fraction, the numerator of which is the aggregate stated Stated Principal Balance of the Mortgage Loans in each Group that are 61 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 the related Group 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, and (2) Adjustable Rate Mortgage Loans;
(xviixix) the aggregate Realized Losses during the related Prepayment Period and the cumulative Realized Losses through the end of the preceding month;
(xx) whether a Trigger Event exists;
(xxi) the amount of the distribution made on such Distribution Date to the Holders of the Class P Certificates allocable to Prepayment Charges;
(xxii) information on loss, delinquency or other tests used for determining early amortization, liquidation, stepdowns or other performance triggers and whether the trigger was met;
(xxiii) 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 securities backed by the same asset pool, any pool asset changes, such as additions or removals of Mortgage Loans in each Group since from the Closing Date as a percentage of the aggregate Stated Principal Balance of the Mortgage Loans in the related Group on the Closing DateTrust Fund, if applicable; and
(xviiixxvi) any material changes in the amount 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. 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 Subsequent Recovery for pool asset changes, such Distribution Date and as additions or removals of Mortgage Loans from the amount by which the Certificate Principal Balance of each Class of Subordinated Certificates was increased as a result thereofTrust Fund. The Securities Administrator may make the foregoing monthly statement Monthly Statement (and, at its option, any additional files containing the same information in an alternative format) available each month to Certificateholders via the Securities Administrator's ’s internet website. The Securities Administrator's ’s internet website shall initially be located at "www.ctslink.com"“xxx.xxxxxxxx.xxx”. Assistance in using the Securities Administrator'x xxxxxxx xxx website can be obtained by calling the Securities Administrator's customer service ’s transaction administrator desk at (301000) 815000-6600. 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) 722-10950000. Parties that are unable to use the above distributxxx xxxxxxx xxe 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 may change the way monthly statements Monthly Statements are distributed in order to make such distributions more convenient or more accessible to the above partiesparties and the Securities Administrator shall provide timely and adequate notification to all above parties regarding any such changes. As a condition to access the Securities Administrator’s internet website, the Securities Administrator may 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 ’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 parties providing the EMC Servicerinformation to the Securities Administrator. The Securities Administrator will make available a copy of each statement provided pursuant to this Section 5.05 6.06 to each Rating AgencyAgency on its website at xxx.xxxxxxxx.xxx.
(c) Within a reasonable period of time after the end of each calendar year, the Securities Administrator will prepare and the Trustee will provide shall cause to the EMC Servicer, and 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)(ia)(v) and (a)(iia)(vi) of this Section 5.05 6.06 aggregated for such calendar year or applicable portion thereof during which such Person was a Certificateholder. Such obligation of the Trustee Securities Administrator shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Trustee Securities Administrator pursuant to any requirements of the Code as from time to time in effect.
(d) 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 class of regular Regular Interests and residual interests 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 class of regular Regular Interests or residual interests 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 Realized Losses with respect to the Mortgage Loans or the regular interests Regular Interests created hereunder, including the timing and amount of any cancellation of indebtedness income of a REMIC with respect to such regular interests 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 9.1210.12.
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, the Securities Administrator Trustee shall prepare and deliver to the Trustee and the Yield Maintenance Provider, and make available to each Holder of CertificatesCertificateholder, the Trustee, the Rating Agencies, the Master Servicer, the EMC Servicer Depositor, the NIM Insurer and the Depositor each Rating 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 (except with respect to any Simple Interest Loans) of principal included therein (Accrual Periods and with respect to any Simple Interest Loans, the amount of principal actually received included therein), and (C) the Extra Principal Determination Dates for calculating distributions for such Distribution Amount (if any)Date;
(ii) the amount of funds received from the Servicer for such distribution to Holders Distribution Date separately identifying amounts received in respect of each Class allocable to interest, and, if applicablethe Mortgage Loans, the portion thereof allocable to amounts provided pursuant amount of Advances included in the distribution on the Distribution Date, the amount of any Net Swap Payment to the Yield Maintenance Agreements Supplemental Interest Trust from the Swap Provider and any Swap Termination Payment to the extent such information is provided to Supplemental Interest Trust from the Securities Administrator by the TrusteeSwap Provider;
(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 the Offered Certificates before Servicing Fee and after giving effect to all distributions of principal and allocation of Applied Realized Loss Amounts in reduction of Certificate Principal Balance for such Distribution Date and the allocation of any Subsequent Recoveries to increase the Certificate Principal Balance Trustee Fee for such Distribution Date;
(iv) the amount 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 cumulative aggregate amount of Applied expenses paid from amounts on deposit in (x) the Certificate Account and (y) the Distribution Account;
(vi) the amount of the distribution allocable to 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 Excess 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 shortfall and the allocation of the shortfall between principal and interest, including any Net WAC Cap Carry Forward Amount not covered by amounts in the Excess Reserve Fund Account;
(ix) 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 to date and Unpaid Interest Amounts;
(x) the Unpaid Applied Realized Loss Amounts for Class Certificate Balance of each applicable Class of Subordinate Certificates before and after giving effect to the distribution of principal (including Subsequent Recoveries) and allocation of Applied Realized Loss Amounts on such the Distribution Date;
(vixi) the Pass-Through Rate for each Class of Adjustable Rate Certificates with respect to the current Accrual Period, and, if applicable, whether such 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;
(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;
(xixii) the amount on deposit in the Certificate Account and Excess Reserve Fund Account (before and after giving effect to distributions on the Distribution Account Deposit Date and Distribution Date, respectively);
(xiii) the number of Mortgage Loans and 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;
(xv) the number and aggregate principal amounts outstanding 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 and bankruptcyforeclosure) (1) 31 30 to 60 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 30 to 60 59 days, (2) 61 60 to 90 89 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 the Distribution Date;
(xiixvi) 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 was liquidated became an REO Property during the preceding calendar month, the loan number and Stated Principal Balance of, and Realized Loss on, such of the Mortgage Loan as of the end close of business on the related Prepayment PeriodDetermination Date preceding the Distribution Date and the date of acquisition thereof;
(xiii) whether a Trigger Event exists in a Group;
(xivxviii) the total number and principal balance of any REO Properties with respect to each Group (and market value, if available) as of the end close of business on the related Prepayment PeriodDetermination Date preceding the Distribution Date;
(xvxix) the Realized Losses with respect to each Group aggregate amount of Principal Prepayments received during the related Prepayment Period and the cumulative number of 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 close of business on the Distribution Date;
(xxi) the aggregate amount of Servicing Advances reimbursed during the related Remittance Period, the general source of funds for such reimbursements and the aggregate amount of Servicing Advances outstanding as of the close of business on the Distribution Date;
(xxii) reserved;
(xxiii) the aggregate number and outstanding principal balance of Mortgage Loans repurchased during the related Remittance Period due to material breaches of representations and warranties regarding such Mortgage Loans;
(xxiv) whether a Trigger Event is in effect separately identifying the components thereof;
(xxv) the aggregate amount of Applied Realized Losses Loss Amounts incurred during the preceding calendar month and the aggregate Unpaid Realized Loss Amount through the Distribution Date;
(xxvi) with respect to each Group through the end second Distribution Date, the number and aggregate balance of any Delayed Delivery Mortgage Loans not delivered within the preceding monthtime periods specified in the definition of Delayed Delivery Mortgage Loans;
(xvixxvii) 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, Overcollateralization Amount for such Distribution Date 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 Overcollateralization Target Amount for such Distribution Date;
(xviixxviii) Prepayment Charges collected, waived, and paid by 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 the Mortgage Loans in the related Group on the Closing DateServicer; and
(xviiixxix) for the amount distribution occurring on the Distribution Date immediately following the end of any the Funding Period, the balance on deposit in the Group I Pre-Funding Account and/or the Group II Pre-Funding Account that has not been used to purchase Subsequent Recovery for Mortgage Loans and that is being distributed to the Certificateholders on such Distribution Date. 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 and falling in the amount by month in which the Certificate Principal Balance of each Class of Subordinated Certificates was increased as a result thereof. The Securities Administrator may make the foregoing monthly statement (andis 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, at 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, the NIM Insurer or any Rating Agency on the Trustee’s Internet website, the Trustee shall forward a hard copy of it to each Certificateholder, the Servicer, the Depositor, the NIM Insurer and each Rating Agency immediately after the Trustee becomes aware that it is not accessible to any of them via its option, any additional files containing the same information in an alternative format) available each month to Certificateholders via the Securities Administrator's internet website. The Securities Administrator's internet website shall initially be located at "www.ctslink.com". Assistance in using the 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 address of the Trustee's internet website. The trustee's internet ’s Internet website where the statement will initially be located at www.jpmorgan.com/sfraccessible is hxxxx://xxx.xxx.xx.xxx/xxxx. Assistance in using the Trustee's ’s Internet website sexxxxx xxx xx xxxxxxxd may be obtained by calling the Trustee's ’s customer service desk at (877000) 722000-1095. Parties that are unable to use the 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 such0000. The Securities Administrator may Trustee shall notify each Certificateholder, the Servicer, the Depositor, the NIM Insurer and each Rating Agency in writing of any change in the way monthly statements are distributed in order to make such distributions more convenient address or more accessible means of access to the above partiesInternet website where the statement is accessible.
(b) The Securities Administrator's Trustee’s responsibility for making preparing and disbursing the above information available to the Certificateholders is limited to the availability, timeliness timeliness, and accuracy of the information derived from the Master Servicer. The Trustee is not responsible for any inaccuracies in or caused by the data provided by the Servicer. By each Determination Date, the Servicer shall provide to the Trustee in electronic form the information needed to determine the distributions to be made pursuant to Section 4.02 and 3.09(b)(ii) and any other information that the Servicer and the EMC Servicer. The Securities Administrator will make available a copy 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 each statement provided pursuant to this Section 5.05 to each Rating Agencyexpenses paid from amounts on deposit in the Certificate Account.
(c) Within a reasonable period of time after the end of each calendar year, the Securities Administrator will prepare and the Trustee will provide shall cause to the EMC Servicer, and upon request be furnished to each Person who at any time during the calendar year was a Certificateholder, a statement containing the information set forth in clauses (a)(i) and (a)(ii) (with respect to principal and interest distributed) of this Section 5.05 4.03 aggregated for such the calendar year or the applicable portion thereof during which such the Person was a Certificateholder. Such Within a reasonable period of time after the end of each calendar year, the Trustee shall cause to be furnished to the NIM Insurer, a statement containing the information in clauses (a)(i) and (a)(ii) (with respect to principal and interest distributed) of this Section 4.03 aggregated for the calendar year. This obligation of the Trustee shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Trustee pursuant to any requirements of the Code as from time to time in effect.
(d) 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 provided by the Depositor pursuant to Section 9.12.
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (Indymac Abs Inc), Pooling and Servicing Agreement (IndyMac Home Equity Mortgage Loan Asset-Backed Trust, Series INABS 2006-B)
Monthly Statements to Certificateholders. (a) Not later than each Distribution Date, the Securities Administrator Trustee shall prepare and deliver to the Trustee and the Yield Maintenance Provider, and make available to each Holder of Certificates, the Trustee, the Rating Agencies, the Master Servicer, the EMC Servicer 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 (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 (if any);
(iiiii) the amount of such distribution to Holders of each Class of Class A Certificates and Class M Certificates allocable to interest, andinterest and the portion thereof, if applicableany, the portion thereof allocable to amounts provided pursuant to the Yield Maintenance Agreements to the extent such information is provided to the Securities Administrator by the TrusteeDerivative Administration Agreement;
(iiiiv) any the Interest Carry Forward Amounts, Amount and any Basis Risk Shortfall Carry Forward Amounts Amount for each Class of Adjustable Rate Certificates;
(ivv) the Certificate Principal Balance or Certificate Notional Amount, as applicable, of the Offered Certificates before and each Class after giving effect (i) to all distributions of allocable to principal on such Distribution Date and (ii) the allocation of any Applied Realized Loss Amounts in reduction of Certificate Principal Balance for such Distribution Date and the allocation of any Subsequent Recoveries to increase the Certificate Principal Balance for such Distribution Date;
(vvi) the cumulative amount aggregate of Applied Realized Loss Amounts to date the Stated Principal Balance of (A) all of the Mortgage Loans and (B) the Unpaid Applied Realized Loss Amounts Adjustable Rate Mortgage Loans, for each applicable Class of Subordinate Certificates after giving effect to the distribution of principal (including Subsequent Recoveries) and allocation of Applied Realized Loss Amounts on such following Distribution Date;
(vivii) the related amount of the Servicing Fees paid to or retained by the Master Servicer for the related Due Period;
(viii) the Pass-Through Rate for each Class of Adjustable Rate 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 Interest Net 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;
(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;
(x) the cumulative amount of Applied Realized Loss Amounts to date;
(xi) the number and aggregate principal amounts Stated Principal Balance of the Mortgage Loans in each Loan Group (A) Delinquent (exclusive of Mortgage Loans in foreclosure and bankruptcy) (1) 31 to 60 days30 days Delinquent, (2) 61 to 90 60 days Delinquent and (3) 91 90 days or more daysDelinquent, (B) in foreclosure and delinquent (1) 31 to 60 days30 days Delinquent, (2) 61 to 90 60 days Delinquent and (3) 91 90 days or more days Delinquent and (C) in bankruptcy and delinquent (1) 31 to 60 days30 days Delinquent, (2) 61 to 90 60 days Delinquent and (3) 91 90 days or more daysDelinquent, 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 each such Loan Group;
(xii) with respect to any Mortgage Loan that was liquidated during the preceding calendar month, the loan number and Stated Principal Balance of, and Realized Loss on, such Mortgage Loan as of the end close of business on the related Prepayment PeriodDetermination Date preceding such Distribution Date;
(xiii) whether a Trigger Event exists in a Group;
(xiv) the total number and principal balance of any real estate owned or REO Properties with respect to each Group as of the end close of business on the related Prepayment PeriodDetermination Date preceding such Distribution Date;
(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;
(xvixiv) the three month rolling average of the percent equivalent of a fraction, the numerator of which is the aggregate stated Stated Principal Balance of the Mortgage Loans in each Group that are 61 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 the related Group 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, and (2 Adjustable Rate Mortgage Loans;
(xv) the Realized Losses during the related Prepayment Period and the cumulative Realized Losses through the end of the preceding month;
(xvi) whether a Trigger Event exists;
(xvii) the aggregate Realized Losses on amount of any Net Swap Payment payable to the Mortgage Loans in each Group since Derivative Administrator, any Net Swap Payment payable to the Closing Date as a percentage of Swap Provider, any Swap Termination Payment payable to the aggregate Stated Principal Balance of Derivative Administrator and any Swap Termination Payment payable to the Mortgage Loans in the related Group on the Closing DateSwap Provider; and
(xviii) the amount of any Subsequent Recovery for the distribution made on such Distribution Date and to the amount by which Holders of the Certificate Principal Balance of each Class of Subordinated P Certificates was increased as a result thereofallocable to Prepayment Charges. The Securities Administrator Trustee may make the foregoing monthly statement Monthly Statement (and, at its option, any additional files containing the same information in an alternative format) available each month to Certificateholders via the Securities Administrator's Trustee’s internet website. The Securities Administrator's Trustee’s internet website shall initially be located at "www.ctslink.com"“xxx.xxxxxxxx.xxx”. Assistance in using the Securities Administrator'x xxxxxxx xxx website can be obtained by calling the Securities Administrator's Trustee’s customer service desk at (301000) 815000-6600. 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) 722-10950000. Parties that are unable to use the above distributxxx xxxxxxx xxe 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 Trustee may change the way monthly statements Monthly Statements are distributed in order to make such distributions more convenient or more accessible to the above parties.
(b) The Securities Administrator's 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 EMC Servicer. The Securities Administrator Trustee will make available a copy of each statement provided pursuant to this Section 5.05 5.06 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 provided by the Depositor pursuant to Section 9.12.
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 On each Distribution Date, based, as applicable, on the Securities Administrator Mortgage Loan information contained in the Remittance Report, the Trustee shall prepare and deliver to make available on its website at xxxx://xxx.xxxxxx.xxx/abs, or at such other site as the Trustee and the Yield Maintenance Providermay designate from time to time, and make available to for access by each Holder of Certificates, the Trustee, the Rating Agencies, the Master Servicer, the EMC Servicer Regular Certificates 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 (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 (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, and, if applicable, the portion thereof allocable to amounts provided pursuant to the Yield Maintenance Agreements to the extent such information is provided to the Securities Administrator by the Trusteeseparately identified;
(iii) any Interest Carry Forward Amountsthe Overcollateralization Amount, any Basis Risk Shortfall Carry Forward Amounts for each Class the Overcollateralization Release Amount, the Overcollateralization Deficiency and the Overcollateralization Target Amount as of Adjustable Rate Certificates;
(iv) the Certificate Principal Balance of the Offered Certificates before and after giving effect to all distributions of principal and allocation of Applied Realized Loss Amounts in reduction of Certificate Principal Balance for such Distribution Date and the allocation of any Subsequent Recoveries to increase the Certificate Principal Balance Monthly Excess Interest Amount and Monthly Excess Cashflow Amount for such Distribution Date;
(iv) the aggregate amount of servicing compensation received by the Servicer during the related Collection Period;
(v) the cumulative aggregate amount of Applied Realized Loss Amounts to date and Advances in respect of the Unpaid Applied Realized Loss Amounts Trust Fund for each applicable Class of Subordinate Certificates after giving effect to the distribution of principal (including Subsequent Recoveries) and allocation of Applied Realized Loss Amounts on such Distribution Daterelated Collection Period;
(vi) the Pass-Through Rate for each Class Pool Balance at the close of Adjustable Rate Certificates with respect to business at the current Accrual end of the related Collection Period, and, if applicable, whether such Pass-Through Rate was limited by the Interest Rate Cap;
(vii) the amount of any Excess Cashflow Amount number, weighted average remaining term to maturity and any Excess Yield Maintenance Amount with respect to each Group;
(viii) the aggregate of the Stated Principal Balances weighted average Mortgage Interest Rate of the Mortgage Loans with respect to each Group on in the Trust Fund as of 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;
(xiviii) the number and aggregate unpaid principal amounts of Mortgage Loans (A) Delinquent (exclusive balance of Mortgage Loans in foreclosure and bankruptcythe Trust Fund (a) (1) 31 30 to 60 days59 days past due on a contractual basis, (2b) 61 60 to 90 89 days and (3) 91 or more dayspast due on a contractual basis, (Bc) in foreclosure and delinquent (1) 31 to 60 days, (2) 61 to 90 days and (3) 91 or more days past due on a contractual basis, (d) as to which foreclosure proceedings have been commenced and (Ce) 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;
(xiiix) with respect to any Mortgage Loan that was liquidated 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, and Realized Loss on, of such Mortgage Loan as of the end date it became an REO Property;
(x) the book value of any REO Property as of the close of business on the last Business Day of the calendar month preceding 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 the amounts thereof allocable to the Class P Certificates;
(xiii) whether a Trigger Event exists in a Groupthe aggregate amount of Realized Losses incurred during the related Collection Period and the cumulative amount of Realized Losses;
(xiv) the total number and principal balance of any REO Properties with respect to each Group as of the end of 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;
(xvii) 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 the Mortgage Loans in the related Group on the Closing Date; and
(xviii) the amount of any Subsequent Recovery for such Distribution Date and the amount by which the Certificate Principal Balance of each Class of Subordinated Certificates, after giving effect to the distributions, and allocations 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) the Accrued Certificate Interest in respect of each Class of Fixed Rate and Floating Rate Certificates was increased for such Distribution Date, separately identifying the portions thereof attributable to Net WAC Cap Carryover Amounts, and the respective portions thereof, if any, remaining unpaid following the distributions made in respect of 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 result thereof. The Securities Administrator may make percentage of the foregoing monthly statement original Pool Balance;
(xxii) the Available Funds;
(xxiii) the rate at which interest accrues for each Class of Certificates for such Distribution Date;
(xxiv) the Liquidation Report for such Distribution Date;
(xxv) [reserved];
(xxvi) [reserved];
(xxvii) the related Record Date;
(xxviii) the related Interest Accrual Period;
(xxix) the related Determination Date;
(xxx) the related Distribution Date; and, at its option, any additional files containing
(xxxi) the same information in an alternative format) available each month amount of cash received with respect to Certificateholders via the Securities Administrator's internet website. The Securities Administrator's internet website shall initially be located at "www.ctslink.com". Assistance in using the 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) 722-1095related accrual period. Parties that are unable to use or access the above distributxxx xxxxxxx xxe 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 Securities Administrator's 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 may change the way monthly statements are distributed in order to make such distributions more convenient or more accessible to Trustee’s responsibility for providing the above parties.
(b) The Securities Administrator's responsibility for making the above information available to the Certificateholders statement is limited to the availability, timeliness and accuracy of the information derived from the Master Servicer and the EMC Servicer. The Securities Administrator will make available a copy of each statement Trustee may fully rely upon and shall have no liability with respect to information with respect to the Mortgage Loans provided pursuant to this Section 5.05 to each Rating Agencyby the Servicer.
(cb) 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 shall furnish to each Person who at any time during the calendar year was a CertificateholderCertificateholder 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 information set forth in clauses subclauses (a)(ii), (ii), (xv) and (a)(iixix) of this Section 5.05 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 in force from time to time.
(c) On each Distribution Date, the Trustee shall provide to the 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 Trustee pursuant to any requirements of the Code as from time to time in effectforce.
(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 provided by the Depositor pursuant to Section 9.12.
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, the Securities Administrator shall prepare and deliver to the Trustee and the Yield Maintenance Provider, and make available to each Holder of Certificates, the Trustee, the Rating Agencies, the each Master Servicer, the 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 (if any);
(ii) the amount of such distribution to Holders of each Class allocable to interest, and, if applicable, the portion thereof allocable to amounts provided pursuant to the Yield Maintenance Agreements to the extent such information is provided to the Securities Administrator by the TrusteeAgreement;
(iii) any the Interest Carry Forward Amounts, Amounts and any Basis Risk Shortfall Carry Forward Unpaid Applied Realized Loss Amounts for each Class of Adjustable Rate Offered Certificates (other than the Residual Certificates), if any;
(iv) the Certificate Principal Balance or Certificate Notional Balance of the Offered Certificates before and each Class after giving effect (i) to all distributions of allocable to principal on such Distribution Date and (ii) the allocation of any Applied Realized Loss Amounts in reduction of Certificate Principal Balance for such Distribution Date and the allocation of any Subsequent Recoveries to increase the Certificate Principal Balance for such Distribution Date, and, in the case of any Certificate Principal Balance, separately stating the amount of Deferred Interest, if any, added to such Certificate Principal Balance;
(v) the cumulative amount of Applied Realized Loss Amounts to date and the Unpaid Applied Realized Loss Amounts for each applicable Class of Subordinate Offered Certificates after giving effect to the distribution of principal (including Subsequent Recoveries) and allocation of Applied Realized Loss Amounts on such Distribution Date;.
(vi) the Pass-Through Rate for each Class of Adjustable Rate Offered Certificates with respect to the current Accrual Period, and, if applicable, whether such Pass-Through Rate was limited by the an Interest Rate Cap;
(vii) the amount of any Excess Cashflow Amount and any Excess Yield Maintenance Amount with respect to each GroupAmount;
(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 with respect to each Group on for the related Due following Distribution Date;
(ix) the related amount of the Master Servicing Fees paid to or retained by the Wells Master Servicer and the Servicing Fees paid to or retained xxxxined by each Servicer for the related Due Period;
(x) the amount of Advances included in the distribution on such Distribution Date;
(xi) the number and aggregate principal amounts of Mortgage Loans (A) Delinquent (exclusive of Mortgage Loans in foreclosure and bankruptcy) (1) 31 to 60 days, (2) 61 to 90 days and (3) 91 or more days, (B) in foreclosure and 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;
(xii) with respect to any Mortgage Loan that was liquidated during the preceding calendar month, the loan number and Stated Principal Balance of, and Realized Loss on, such Mortgage Loan as of the end close of business on the related Prepayment PeriodDetermination Date preceding such Distribution Date;
(xiii) whether a Trigger Event exists in a Group;exists.
(xiv) the total number and principal balance of any REO Properties with respect to each Group as of the end close of business on the related Prepayment PeriodDetermination Date preceding such Distribution Date;
(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;; 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 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;
(xvii) 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 the Mortgage Loans in the related Group on the Closing Date; and
(xviii) the amount of any Subsequent Recovery for such Distribution Date and the amount by which the Certificate Principal Balance of each Class of Subordinated Certificates was increased as a result thereof. The Securities Administrator 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 via the Securities Administrator's internet website. The Securities Security Administrator's internet website shall initially be located at "www.ctslink.com". Assistance in using the Securities Administrator'x xxxxxxx xxx website can be obtained by calling obtxxxxx xx xxxxxxg 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 above distributxxx xxxxxxx xxe disxxxxxxxxx xxxxons 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 may change the way monthly statements are distributed in order to make such distributions more convenient or more accessible to the above 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 Servicers and the EMC ServicerTrustee. 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 shall cause to be furnished to the EMC Servicer, 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 provided by the Depositor 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, the Securities Administrator Trustee shall prepare and deliver to the Trustee and the Yield Maintenance Provider, and make available to each Holder of CertificatesCertificateholder, the Trustee, the Rating Agencies, the Master Servicer, the EMC Servicer Depositor and the Depositor each Rating 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 (except with respect to any Simple Interest Loans) of principal included therein (Accrual Periods and with respect to any Simple Interest Loans, the amount of principal actually received included therein), and (C) the Extra Principal Determination Dates for calculating distributions for such Distribution Amount (if any)Date;
(ii) the amount of funds received from the Servicer for such distribution to Holders Distribution Date separately identifying amounts received in respect of each Class allocable to interest, and, if applicablethe Mortgage Loans, the portion thereof allocable to amounts provided pursuant amount of Advances included in the distribution on the Distribution Date, the amount of any Net Swap Payment to the Yield Maintenance Agreements Supplemental Interest Trust from the Swap Provider and any Swap Termination Payment to the extent such information is provided to Supplemental Interest Trust from the Securities Administrator by the TrusteeSwap Provider;
(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 the Offered Certificates before Servicing Fee and after giving effect to all distributions of principal and allocation of Applied Realized Loss Amounts in reduction of Certificate Principal Balance for such Distribution Date and the allocation of any Subsequent Recoveries to increase the Certificate Principal Balance Trustee Fee for such Distribution Date;
(iv) the amount 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 cumulative aggregate amount of Applied expenses paid from amounts on deposit in (x) the Certificate Account and (y) the Distribution Account;
(vi) the amount of the distribution allocable to 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 Excess 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 shortfall and the allocation of the shortfall between principal and interest, including any Net WAC Cap Carry Forward Amount not covered by amounts in the Excess Reserve Fund Account;
(ix) 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 to date and Unpaid Interest Amounts;
(x) the Unpaid Applied Realized Loss Amounts for Class Certificate Balance of each applicable Class of Subordinate Certificates before and after giving effect to the distribution of principal (including Subsequent Recoveries) and allocation of Applied Realized Loss Amounts on such the Distribution Date;
(vixi) the Pass-Through Rate for each Class of Adjustable Rate Certificates with respect to the current Accrual Period, and, if applicable, whether such 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;
(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;
(xixii) the amount on deposit in the Certificate Account and Excess Reserve Fund Account (before and after giving effect to distributions on the Distribution Account Deposit Date and Distribution Date, respectively);
(xiii) the number of Mortgage Loans and 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;
(xv) 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 and bankruptcyforeclosure) (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 (1) 31 30 to 60 59 days, (2) 61 60 to 90 89 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 the Distribution Date;
(xiixvi) 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 was liquidated became an REO Property during the preceding calendar month, the loan number and Stated Principal Balance of, and Realized Loss on, such of the Mortgage Loan as of the end close of business on the related Prepayment PeriodDetermination Date preceding the Distribution Date and the date of acquisition thereof;
(xiii) whether a Trigger Event exists in a Group;
(xivxviii) the total number and principal balance of any REO Properties with respect to each Group (and market value, if available) as of the end close of business on the related Prepayment PeriodDetermination Date preceding the Distribution Date;
(xvxix) the Realized Losses with respect to each Group aggregate amount of Principal Prepayments received during the related Prepayment Period and the cumulative Realized Losses with respect number of Mortgage Loans subject to each Group through the end of the preceding monthsuch Principal Prepayments;
(xvixx) the three month rolling average aggregate amount of Advances reimbursed during the percent equivalent of a fractionrelated Remittance Period, the numerator general source of which is funds for such reimbursements and the aggregate stated Principal Balance amount 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 Advances outstanding as of the last day close of business on the calendar month preceding such Distribution Date;
(xviixxi) the aggregate Realized Losses amount of Servicing Advances reimbursed during the related Remittance Period, the general source of funds for such reimbursements and the aggregate amount of Servicing Advances outstanding as of the close of business on the Mortgage Loans in each Group since the Closing Date as a percentage of the aggregate Stated Principal Balance of the Mortgage Loans in the related Group on the Closing Distribution Date; and;
(xviiixxii) the amount of any Subsequent Recovery Charge-off Amounts during the prior calendar month and since the Cut-off Date;
(xxiii) the aggregate number and outstanding principal balance of Mortgage Loans repurchased during the related Remittance Period due to material breaches of representations and warranties regarding such Mortgage Loans;
(xxiv) whether a Trigger Event is in effect separately identifying the components thereof;
(xxv) the aggregate amount of Applied Realized Loss Amounts incurred during the preceding calendar month and the aggregate Unpaid Realized Loss Amount through the Distribution Date;
(xxvi) 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;
(xxvii) the Overcollateralization Amount for such Distribution Date and the amount Overcollateralization Target Amount for such Distribution Date; and
(xxviii) Prepayment Charges collected, waived, and paid by the 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 Certificate Principal Balance of each Class of Subordinated Certificates was increased as a result thereof. The Securities Administrator may make the foregoing monthly statement (andis 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, at 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 Certificateholder, the Servicer, the Depositor and each Rating Agency immediately after the Trustee becomes aware that it is not accessible to any of them via its option, any additional files containing the same information in an alternative format) available each month to Certificateholders via the Securities Administrator's internet website. The Securities Administrator's internet website shall initially be located at "www.ctslink.com". Assistance in using the 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 address of the Trustee's internet website. The trustee's internet ’s Internet website where the statement will initially be located at www.jpmorgan.com/sfraccessible is hxxxx://xxx.xxx.xx.xxx/xxxx. Assistance in using the Trustee's ’s Internet website sexxxxx xxx xx xxxxxxxd may be obtained by calling the Trustee's ’s customer service desk at (877000) 722000-1095. Parties that are unable to use the 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 such0000. The Securities Administrator may Trustee shall notify each Certificateholder, the Servicer, the Depositor and each Rating Agency in writing of any change in the way monthly statements are distributed in order to make such distributions more convenient address or more accessible means of access to the above partiesInternet website where the statement is accessible.
(b) The Securities Administrator's Trustee’s responsibility for making preparing and disbursing the above information available to the Certificateholders is limited to the availability, timeliness timeliness, and accuracy of the information derived from the Master Servicer. The Trustee is not responsible for any inaccuracies in or caused by the data provided by the Servicer. By each Determination Date, the Servicer shall provide to the Trustee in electronic form the information needed to determine the distributions to be made pursuant to Section 4.02 and 3.09(b)(ii) and any other information that the Servicer and the EMC Servicer. The Securities Administrator will make available a copy 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 each statement provided pursuant to this Section 5.05 to each Rating Agencyexpenses paid from amounts on deposit in the Certificate Account.
(c) Within a reasonable period of time after the end of each calendar year, the Securities Administrator will prepare and the Trustee will provide shall cause to the EMC Servicer, and upon request be furnished to each Person who at any time during the calendar year was a Certificateholder, a statement containing the information set forth in clauses (a)(i) and (a)(ii) (with respect to principal and interest distributed) of this Section 5.05 4.03 aggregated for such the calendar year or the applicable portion thereof during which such the Person was a Certificateholder. Such This obligation of the Trustee shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Trustee pursuant to any requirements of the Code as from time to time in effect.
(d) Upon filing with the Internal Revenue Service. For all purposes of this Agreement, 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 any Mortgage Loan, delinquencies shall be determined and interest cash flows on the Closing Date on each Class of regular and residual interests created hereunder and on the Mortgage Loans, reported 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 “OTS” methodology for determining delinquencies 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 mortgage loans similar to the Mortgage Loans. By way of example, together with each constant yield to maturity used in computing the same;
(v) The treatment of losses realized 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 Loans or the regular interests created hereunderLoan’s next succeeding Due Date, including the timing and amount of any cancellation of indebtedness income of a REMIC Mortgage Loan would be more than 30-days Delinquent with respect to such regular interests or bad debt deductions claimed with respect Monthly Payment if such Monthly Payment were not made by the close of business on the Mortgage Loan’s second succeeding Due Date. The Servicer hereby represents and warrants to the Mortgage Loans;
(vi) The amount and timing of Depositor that this delinquency recognition policy is not less restrictive than 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 delinquency recognition policy established by the Depositor pursuant to Section 9.12primary safety and soundness regulator, if any, of the Servicer.
Appears in 1 contract
Monthly Statements to Certificateholders. (a) Not later than each Distribution Date, the Securities Administrator Trustee shall prepare and deliver to the Trustee and the Yield Maintenance Provider, and make available to each Holder of CertificatesCertificateholder, the Trustee, the Rating Agencies, the Master Servicer, the EMC Servicer Depositor, the Certificate Insurer, the Swap Provider, the Pool Insurer and the Depositor each Rating 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 (except with respect to any Simple Interest Loans) of principal included therein (Accrual Periods and with respect to any Simple Interest Loans, the amount of principal actually received included therein), and (C) the Extra Principal Determination Dates for calculating distributions for such Distribution Amount (if any)Date;
(ii) the amount of such distribution to Holders of each Class allocable to interest, and, if applicable, funds received from the portion thereof allocable to amounts 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 the Offered Certificates before and after giving effect to all distributions of principal and allocation of Applied Realized Loss Amounts in reduction of Certificate Principal Balance Servicer for such Distribution Date and the 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 Unpaid Applied Realized Loss Amounts for each applicable Class of Subordinate Certificates after giving effect to the distribution of principal (including Subsequent Recoveries) and allocation of Applied Realized Loss Amounts on such Distribution Date;
(vi) the Pass-Through Rate for each Class of Adjustable Rate Certificates with separately identifying amounts received in respect to the current Accrual Period, and, if applicable, whether such 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;
(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) Loans, the amount of Advances included in the distribution on the Distribution Date, the amount of any Net Swap Payment made to the Supplemental Interest Trust and any Swap Termination Payment made to the Supplemental Interest Trust;
(iii) the Servicing Fee and Trustee Fee for such Distribution Date;
(iv) the amount 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 distribution allocable to 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 Excess Reserve 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 shortfall and the allocation of the shortfall between principal and interest, including any Net WAC Cap Carry Forward Amount not covered by amounts in the Excess Reserve Fund Account;
(ix) the amount of any Total Monthly Excess Spread on the Distribution Date and the allocation thereof to the Certificateholders;
(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 the Class A Certificates with respect to the Distribution Date;
(xii) the amount on deposit in the Certificate Account and the Excess Reserve Fund Account (before and after giving effect to distributions on the Distribution Account Deposit Date and Distribution Date, respectively);
(xiii) the number of Mortgage Loans and 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;
(xv) the number and aggregate principal amounts outstanding balance of the Mortgage Loans as of the end of the preceding calendar month: (A) Delinquent delinquent (exclusive of Mortgage Loans in foreclosure and bankruptcyforeclosure) (1) 31 30 to 60 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 30 to 60 59 days, (2) 61 60 to 90 89 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 the Distribution Date;
(xiixvi) 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 on the Due Date in such month;
(xvii) with respect to any Mortgage Loan that was liquidated became an REO Property during the preceding calendar month, the loan number and Stated Principal Balance of, and Realized Loss on, such of the Mortgage Loan as of the end close of business on the related Prepayment PeriodDetermination Date preceding the Distribution Date and the date of acquisition thereof;
(xiii) whether a Trigger Event exists in a Group;
(xivxviii) the total number and principal balance of any REO Properties with respect to each Group (and market value, if available) as of the end close of business on the related Prepayment PeriodDetermination Date preceding the Distribution Date;
(xvxix) the Realized Losses with respect to each Group aggregate amount of Principal Prepayments received during the related Prepayment Period and the cumulative Realized Losses with respect number of Mortgage Loans subject to each Group through the end of the preceding monthsuch Principal Prepayments;
(xvixx) the three month rolling average aggregate amount of Advances and Servicing Advances reimbursed during the percent equivalent of a fractionrelated Remittance Period, the numerator general source of which is funds for such reimbursements and the aggregate stated Principal Balance amount of the Mortgage Loans in each Group that are 61 days or more delinquent or are in bankruptcy or foreclosure or are REO Properties, Advances and the denominator of which is the aggregate Stated Principal Balance of all of the Mortgage Loans in the related Group Servicing Advances outstanding as of the last day close of business on the Distribution Date;
(xxi) the amount of any Charge-off Amounts during the prior calendar month preceding and since the Cut-off Date;
(xxii) the aggregate number and outstanding principal balance of Mortgage Loans repurchased during the related Remittance Period due to material breaches of representations and warranties regarding such Mortgage Loans;
(xxiii) the Overcollateralization Amount for such Distribution Date;
(xviixxiv) Prepayment Charges collected, waived, and paid by the Servicer;
(xxv) with respect to the second Distribution Date, the number and aggregate Realized Losses on the balance of any Delayed Delivery Mortgage Loans in each Group since not delivered within the Closing Date as a percentage of the aggregate Stated Principal Balance of the Mortgage Loans time periods specified in the related Group on the Closing Date; anddefinition of Delayed Delivery Mortgage Loans;
(xviiixxvi) the amount of any Subsequent Recovery for such Distribution Date payments/draws under the Pool Policy, the amount of any Realized Losses with respect to the Covered Mortgage Loans and the amount remaining Maximum Aggregate Liability (as defined in the Pool Policy); and
(xxvii) the receipt by which the Servicer of any Subsequent Recoveries. 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 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, of the Servicer. If the statement is not accessible to any of the Certificateholders, the Certificate Principal Balance Insurer, the Swap Provider, 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 Subordinated Certificates was increased as a result thereof. The Securities Administrator may make the foregoing monthly statement (and, at them via its option, any additional files containing the same information in an alternative format) available each month to Certificateholders via the Securities Administrator's internet website. The Securities Administrator's internet website shall initially be located at "www.ctslink.com". Assistance in using the 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 address of the Trustee's internet website. The trustee's internet ’s Internet website where the statement will initially be located at www.jpmorgan.com/sfraccessible is hxxxx://xxx.xxx.xx.xxx/xxxx. Assistance in using the Trustee's ’s Internet website sexxxxx xxx xx xxxxxxxd may be obtained by calling the Trustee's ’s customer service desk at (877000) 722000-1095. Parties that are unable to use the 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 such0000. The Securities Administrator may Trustee shall notify each Certificateholder, the Servicer, the Depositor and each Rating Agency in writing of any change in the way monthly statements are distributed in order to make such distributions more convenient address or more accessible means of access to the above partiesInternet website where the statement is accessible.
(b) The Securities Administrator's Trustee’s responsibility for making preparing and disbursing the above information available to the Certificateholders is limited to the availability, timeliness timeliness, and accuracy of the information derived from the Master Servicer. The Trustee is not responsible for any inaccuracies in or caused by the data provided by the Servicer. By each Determination Date, the Servicer shall provide to the Trustee in electronic form the information needed to determine the distributions to be made pursuant to Section 4.02 and 3.09(b)(ii) and any other information that the Servicer and the EMC Servicer. The Securities Administrator will make available a copy 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 each statement provided pursuant to this Section 5.05 to each Rating Agencyexpenses paid from amounts on deposit in the Certificate Account.
(c) Within a reasonable period of time after the end of each calendar year, the Securities Administrator will prepare and the Trustee will provide shall cause to the EMC Servicer, and upon request be furnished to each Person who at any time during the calendar year was a Certificateholder, a statement containing the information set forth in clauses (a)(i) and (a)(ii) (with respect to principal and interest distributed) of this Section 5.05 4.03 aggregated for such the calendar year or the applicable portion thereof during which such the Person was a Certificateholder. Such This obligation of the Trustee shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Trustee pursuant to any requirements of the Code as from time to time in effect.
(d) 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 provided by the Depositor pursuant to Section 9.12.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Home Equity Mortgage Loan Asset-Backed Trust, Series Inds 2006-3)
Monthly Statements to Certificateholders. (a) Not later than each Distribution DateDate based solely on information provided by the Servicer, 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 Certificatesa Class of Certificates of the Trust Fund, the Servicer, the Master Servicer, the Trustee, the Rating Agencies, the Master Servicer, the EMC Servicer 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 (except with respect to any Simple Interest Loans) of principal included therein (and with respect to any Simple Interest Loanstherein, 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, and, if applicable, the portion thereof allocable together with any Non-Supported Interest Shortfalls allocated to amounts provided pursuant to the Yield Maintenance Agreements to the extent such information is provided to the Securities Administrator by the Trusteeeach Class;
(iii) any Interest Carry Forward Amounts, any Basis Risk Shortfall Carry Forward Amounts Carryforward Amount for each Class of Adjustable Rate the Offered Certificates;
(iv) the Class Certificate Principal Balance of the Offered Certificates before and each Class after giving effect (i) to all distributions of allocable to principal on such Distribution Date and (ii) the allocation of any Applied Realized Loss Amounts in reduction of Certificate Principal Balance for such Distribution Date and the 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 Unpaid Applied Realized Loss Amounts Pool Stated Principal Balance for each applicable Class of Subordinate Certificates after giving effect to the distribution of principal (including Subsequent Recoveries) and allocation of Applied Realized Loss Amounts on such Distribution Date;
(vi) the amount of the Securities Administrator Fee and the Servicing Fee paid to or retained by the Securities Administrator and the Servicer, respectively, and any amounts constituting reimbursement or indemnification of the Servicer, Master Servicer, Securities Administrator or Trustee;
(vii) the Pass-Through Rate for each Class of Adjustable Rate Certificates with respect to the current Accrual Period, and, if applicable, whether for such 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 GroupDistribution Date;
(viii) the aggregate of the Stated Principal Balances of the Mortgage Loans with respect to each 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 included in the distribution on such Distribution Date;
(ix) the cumulative amount of (A) Realized Losses and (B) Applied Realized Loss Amounts to date;
(x) the amount of (A) Realized Losses and (B) Applied Realized Loss Amounts with respect to such Distribution Date;
(xi) the number and aggregate principal amounts of Mortgage Loans (A) Delinquent (exclusive of Mortgage Loans in foreclosure and bankruptcyforeclosure) (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 and (C) in bankruptcy and delinquent 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;
(xii) with respect to any Mortgage Loan that was liquidated during the preceding calendar month, the loan number and Stated Principal Balance of, and Realized Loss on, such Mortgage Loan as of the end of the related Prepayment Period;
(xiii) 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 end close of 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 business on the last day of the calendar month preceding such Distribution Date;
(xviixiii) 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 Loans as of the preceding Distribution Date;
(xiv) whether a Trigger Event has occurred;
(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 in which were purchased or repurchased during the related Group on preceding Due Period and since the Closing Cut-off Date; and;
(xviii) 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;
(xix) [RESERVED];
(xx) the amount and purpose of any withdrawal from the Collection Account pursuant to Section 3.08(a)(v); and
(xxi) the amount of any Subsequent Recovery for such Distribution Date 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 by which the Certificate Principal Balance of any payments to each Class of Subordinated Certificates was increased that are not treated as payments received in respect of a result thereof. REMIC Regular Interest or REMIC "residual interest".
(b) The Securities Administrator may will make the foregoing monthly statement Monthly Statement (and, at its option, any additional files containing the same information in an alternative format) available each month to Certificateholders Certificateholders, other parties to this Agreement and any other interested parties via the Securities Administrator's internet Internet website. The Securities Administrator's internet Internet website shall initially be located at "www.ctslink.comxxx.xxxxxxx.xxx". Assistance in using the Securities Administrator'x xxxxxxx xxx website can be obtained by calling the Securities AdministratorTrustee'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 above distributxxx xxxxxxx xxe website 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 may shall have the right to change the way the monthly statements to Certificateholders are distributed in order to make such distributions distribution more convenient or and/or more accessible to the above parties.
parties and the 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 (b) The without suggesting liability on the part of any other party hereto). As a condition to access the Securities Administrator's responsibility for making internet website, the above information available to the Certificateholders is limited to the availability, timeliness and accuracy of the information derived from the Master Servicer Securities Administrator may require registration and the EMC Serviceracceptance of a disclaimer. The Securities Administrator will make available a copy not be liable for the dissemination of each statement provided pursuant to information in accordance with this Section 5.05 to each Rating AgencyAgreement.
(c) Within If so requested in writing within a reasonable period of time after the end of each calendar year, the Securities Administrator will prepare and the Trustee will provide shall make available on its website or cause to the EMC Servicer, and upon request be furnished to each Person who at any time during the calendar year was a CertificateholderCertificateholder of record, a statement containing the information set forth in clauses (a)(i) and (a)(ii) of this Section 5.05 4.05 aggregated for such calendar year or applicable portion thereof during which such Person was a Certificateholder. Such obligation of the Trustee Securities Administrator shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Trustee Securities Administrator pursuant to any requirements of the Code as 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 Residual Certificates Class R Certificate 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 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;
(iii) 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;
(iiiii) The applicable Prepayment Assumption and any interest rate assumptions used in determining the projected principal and interest cash flows described above;
(iviii) 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;
(viv) 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 the REMICs with respect to such regular interests or bad debt deductions claimed with respect to the Mortgage Loans;
(viv) The amount and timing of any non-interest expenses of a REMICthe REMICs; and
(viivi) Any taxes (including penalties and interest) imposed on the REMICREMICs, 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 9.128.12.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Merrill Lynch Mortgage Investors, Inc. Series 2004-FFC)
Monthly Statements to Certificateholders. (a) Not later than each Distribution Date, the Securities Administrator shall prepare and deliver to the Trustee and the Yield Maintenance Provider, and make available to each Holder of Certificates, the Trustee, the Rating Agencies, the Master Servicer, the 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 (if any);
(ii) the amount of such distribution to Holders of each Class allocable to interest, and, if applicable, the portion thereof allocable to amounts provided to Holders of the Class A-1 and Class A-2 Certificates pursuant to the Yield Maintenance Agreements to the extent such information is provided to the Securities Administrator by the TrusteeAgreement;
(iii) any Interest Carry Forward Amounts, any Basis Risk Shortfall Carry Forward Amounts and any Net WAC Rate Carryover Amounts for each Class of Adjustable Rate Offered Certificates (other than the Residual Certificates);
(iv) the Certificate Principal Balance or Certificate Notional Balance of the Offered Certificates before and each Class after giving effect (i) to all distributions of allocable to principal and on such Distribution Date, (ii) the allocation of any Applied Realized Loss Amounts in reduction of Certificate Principal Balance for such Distribution Date and (iii) the 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 Unpaid Applied Realized Loss Amounts for each applicable Class of Subordinate Offered Certificates after giving effect to the distribution of principal (including Subsequent Recoveries) and allocation of Applied Realized Loss Amounts on such Distribution Date;
(vi) the Pass-Through Rate for each Class of Adjustable Rate Offered Certificates with respect to the current Accrual Period, and, if applicable, whether such 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 GroupAmount;
(viii) the aggregate of the Stated Principal Balances of the Mortgage Loans with respect to each 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 included in the distribution on such Distribution Date;
(xi) the number and aggregate principal amounts of Mortgage Loans (A) Delinquent (exclusive of Mortgage Loans in foreclosure and bankruptcy) (1) 31 to 60 days, (2) 61 to 90 days and (3) 91 or more days, (B) in foreclosure and 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;
(xii) with respect to any Mortgage Loan that was liquidated during the preceding calendar month, the loan number and Stated Principal Balance of, and Realized Loss on, such Mortgage Loan as of the end of the related Prepayment Period;
(xiii) whether a Trigger Event exists in a Groupexists;
(xiv) the total number and principal balance of any REO Properties with respect to each Group as of the end of 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;
(xvii) 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 the Mortgage Loans in the related Group on the Closing Date; and
(xviii) the amount of any Subsequent Recovery for such Distribution Date and the amount by which the Certificate Principal Balance of each Class of Subordinated Certificates was increased as a result thereof. The Securities Administrator 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 via the Securities Administrator's internet website. The Securities Administrator's internet website shall initially be located at "www.ctslink.comxxx.xxxxxxx.xxx". Assistance in using the Securities Administrator'x xxxxxxx xxx Administrator's website can be obtained by calling the Securities Administrator's customer service desk at (301000) 815000-66000000. To the extent timely received from the Securities XxxxxxxxxxxxxAdministrator, 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/sfrxxx.xxxxxxxx.xxx/xxx. Assistance in using the Trustee's website sexxxxx xxx xx xxxxxxxd service can be obtained by calling the Trustee's customer service desk at (877000) 722000-10950000. Parties that are unable to use the above distributxxx xxxxxxx xxe 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 may change the way monthly statements are distributed in order to make such distributions more convenient or more accessible to the above 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 EMC Servicer and the EMC ServicerTrustee. 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 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 provided by the Depositor 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, the Securities Administrator Trustee shall prepare and deliver to the Trustee and the Yield Maintenance Provider, and make available to each Holder of Certificates, the Trustee, the Rating Agencies, the Master Servicer, the EMC Servicer 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 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 (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 (if any);
(iivi) the amount of such distribution to Holders of each Class allocable to interest, and, if applicable, the portion thereof allocable to amounts provided pursuant to the Yield Maintenance Agreements to the extent such information is provided to the Securities Administrator by the Trustee;
(iiivii) any the amount of such distribution to Holders of each Class of Class A Certificates and Class M Certificates allocable to interest and the portion thereof, if any, provided by the Derivative Administration Agreement;
(viii) the Interest Carry Forward Amounts, Amount and any Basis Risk Shortfall Carry Forward Amounts Amount for each Class of Adjustable Rate Certificates;
(iv) the Certificate Principal Balance of the Offered Certificates before and after giving effect to all distributions of principal and allocation of Applied Realized Loss Amounts in reduction of Certificate Principal Balance for such Distribution Date and the 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 Unpaid Applied Realized Loss Amounts for each applicable Class of Subordinate Certificates after giving effect to the distribution of principal (including Subsequent Recoveries) and allocation of Applied Realized Loss Amounts on such Distribution Date;
(viix) the Pass-Through Rate for each Class of Adjustable Rate 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 Interest Net Rate Cap;
(vii) the amount of any Excess Cashflow Amount and any Excess Yield Maintenance Amount with respect to each Group;
(viiix) the aggregate of the Stated Principal Balances Balance of (A) all of the Mortgage Loans with respect to each Group on the related Due Date;
and (ixB) 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 Adjustable Rate Mortgage Loans, for the related Due Period;
(x) the amount of Advances included in the distribution on such following Distribution Date;
(xi) the Certificate Principal Balance or Certificate Notional Amount, as applicable, of each Class 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;
(xii) the number and aggregate principal amounts Stated Principal Balance of the Mortgage Loans in each Loan Group (A) Delinquent (exclusive of Mortgage Loans in foreclosure and bankruptcy) (1) 31 to 60 days30 days Delinquent, (2) 61 to 90 60 days Delinquent and (3) 91 90 days or more daysDelinquent, (B) in foreclosure and delinquent (1) 31 to 60 days30 days Delinquent, (2) 61 to 90 60 days Delinquent and (3) 91 90 days or more days Delinquent and (C) in bankruptcy and delinquent (1) 31 to 60 days30 days Delinquent, (2) 61 to 90 60 days Delinquent and (3) 91 90 days or more daysDelinquent, 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 each such Loan Group;
(xiixiii) 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;
(xiv) the amount of, if any, of excess cashflow or excess spread and the application of such excess cashflow;
(xv) the cumulative amount of Applied Realized Loss Amounts to date;
(xvi) 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;
(xvii) with respect to any Mortgage Loan that was liquidated during the preceding calendar month, the loan number and aggregate Stated Principal Balance of, and Realized Loss on, such Mortgage Loan Loans as of the end close of business on the related Prepayment PeriodDetermination Date preceding such Distribution Date;
(xiii) whether a Trigger Event exists in a Group;
(xivxviii) the total number and principal balance of any real estate owned or REO Properties with respect to each Group as of the end close of business on the related Prepayment PeriodDetermination Date preceding such Distribution Date;
(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;
(xvixix) the three month rolling average of the percent equivalent of a fraction, the numerator of which is the aggregate stated Stated Principal Balance of the Mortgage Loans in each Group that are 61 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 the related Group 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, and (2) Adjustable Rate Mortgage Loans;
(xviixx) the aggregate Realized Losses on during the Mortgage Loans in each Group since related Prepayment Period and the Closing Date as a percentage cumulative Realized Losses through the end of the aggregate Stated Principal Balance of the Mortgage Loans in the related Group on the Closing Date; andpreceding month;
(xviiixxi) whether a Trigger Event exists;
(xxii) the amount of any Subsequent Recovery for the distribution made on such Distribution Date to the Holders of the Class P Certificates allocable to Prepayment Charges;
(xxiii) 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 securities backed by which the Certificate Principal Balance same asset pool, any pool asset changes, such as additions or removals of Mortgage Loans from the Trust Fund, if applicable;
(xxvi) any material changes 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; 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 Trustee five calendar days before each Class of Subordinated Certificates was increased as a result thereofDistribution Date, and if no such notification occurs, the Trustee has no obligation to report with respect to (xxvi). The Securities Administrator Depositor covenants to the Trustee that there will be no new issuance of securities backed by the same asset pool, so the Trustee will only be responsible in (xxv) above for reporting any pool asset changes, such as additions or removals of Mortgage Loans from the Trust Fund. The Trustee may make the foregoing monthly statement Monthly Statement (and, at its option, any additional files containing the same information in an alternative format) available each month to Certificateholders via the Securities Administrator's Trustee’s internet website. The Securities Administrator's Trustee’s internet website shall initially be located at "www.ctslink.com"“xxx.xxxxxxxx.xxx”. Assistance in using the Securities Administrator'x xxxxxxx xxx website can be obtained by calling the Securities Administrator's Trustee’s customer service desk at (301000) 815000-6600. 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) 722-10950000. Parties that are unable to use the above distributxxx xxxxxxx xxe 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 Trustee may change the way monthly statements Monthly Statements are distributed in order to make such distributions more convenient or more accessible to the above parties.
(b) The Securities Administrator's 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 EMC Servicer. The Securities Administrator Trustee will make available a copy of each statement provided pursuant to this Section 5.05 5.06 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 provided by the Depositor pursuant to Section 9.12.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Bear Stearns Asset Backed Securities I Trust 2006-Pc1)
Monthly Statements to Certificateholders. (a) Not later than each Distribution DateDate based solely on information provided by the Servicer, the Securities Administrator Trustee shall prepare and deliver to the Trustee and the Yield Maintenance Provider, and make available on its website located at www.ctslink.com to each Holder of Certificatesa Class of Certificates of the Trusx Xxxx, the Trusteexxx Xxxvicer, the Rating Agencies, the Master Servicer, the EMC Servicer 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 (except with respect to any Simple Interest Loans) of principal included therein (and with respect to any Simple Interest Loanstherein, 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, and, if applicable, the portion thereof allocable together with any Non-Supported Interest Shortfalls allocated to amounts provided pursuant to the Yield Maintenance Agreements to the extent such information is provided to the Securities Administrator by the Trusteeeach Class;
(iii) any Interest Carry Forward Amounts, any Basis Risk Shortfall Carry Forward Amounts Carryforward Amount for each Class of Adjustable Rate the Offered Certificates;
(iv) the Class Certificate Principal Balance of the Offered Certificates before and each Class after giving effect (i) to all distributions of allocable to principal on such Distribution Date and (ii) the allocation of any Applied Realized Loss Amounts in reduction of Certificate Principal Balance for such Distribution Date and the 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 Unpaid Applied Realized Loss Amounts Pool Stated Principal Balance for each applicable Class of Subordinate Certificates after giving effect to the distribution of principal (including Subsequent Recoveries) and allocation of Applied Realized Loss Amounts on such Distribution Date;
(vi) the amount of the Servicing Fee paid to or retained by the Servicer, and any amounts constituting reimbursement or indemnification of the Servicer;
(vii) the Pass-Through Rate for each Class of Adjustable Rate Certificates with respect to the current Accrual Period, and, if applicable, whether for such 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 GroupDistribution Date;
(viii) the aggregate of the Stated Principal Balances of the Mortgage Loans with respect to each 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 included in the distribution on such Distribution Date;
(ix) the cumulative amount of (A) Realized Losses and (B) Applied Realized Loss Amounts to date, in the aggregate and with respect to Group One Mortgage Loans and Group Two Mortgage Loans;
(x) 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 Group One Mortgage Loans and Group Two Mortgage Loans;
(xi) the number and aggregate principal amounts of Mortgage Loans (A) Delinquent (exclusive of Mortgage Loans in foreclosure and bankruptcyforeclosure) (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 Delinquent (1) 31 to 60 days, (2) 61 to 90 days and days, (3) 91 or more to 120 days, (4) 121 to 150 days, (5) 151 to 180 days and (C6) in bankruptcy and delinquent (1) 31 to 60 days, (2) 61 to 90 days and (3) 91 181 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 Group One Mortgage Loans and Group Two Mortgage Loans;
(xii) with respect to any Mortgage Loan that was liquidated during the preceding calendar month, the loan number and Stated Principal Balance of, and Realized Loss on, such Mortgage Loan as of the end of the related Prepayment Period;
(xiii) 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 end close of 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 business on the last day of the calendar month preceding such Distribution Date, in the aggregate and with respect to 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 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 aggregate Realized Losses on number and Stated Principal Balance (as of the preceding Distribution Date) of any Mortgage Loans in each Group which were purchased or repurchased during the preceding Due Period and since the Closing Date Cut-off Date;
(xviii) 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;
(xix) 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)(v);
(xxi) the amount of any payments to each Class of Certificates that are treated as payments received in respect of a percentage 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";
(xxii) the amount of the MI Insurer Fee paid to the MI Insurer;
(xxiii) the number and aggregate Stated Principal Balance of the Mortgage Loans in covered by the MI Policy as of the end of the related Group on the Closing DateDue Period; and
(xviiiA) the amount of any Subsequent Recovery for such Distribution Date 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 by which of any claims rejected under the Certificate Principal Balance MI Policy, each as of each Class of Subordinated Certificates was increased as a result thereof. such Distribution Date.
(b) The Securities Administrator may Trustee will make the foregoing monthly statement Monthly Statement (and, at its option, any additional files containing the same information in an alternative format) available each month to Certificateholders Certificateholders, 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.ctslink.com". Assistance in using the Securities Administrator'x xxxxxxx xxx website can be obtained by calling the Securities Administratorxxxxxxx xxx Xxxstee'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 above distributxxx xxxxxxx xxe entitled to have a paper website are entitlxx xx xxxx x xaper copy mailed to them via first class mail by calling the Securities Administrator's customer service desk and indicating such. The Securities Administrator may Trustee shall have the right to change the way the monthly statements to Certificateholders are distributed in order to make such distributions distribution more convenient or and/or more accessible to the above parties.
(b) parties and the Trustee shall provide timely and adequate notification to all above parties regarding any such changes. The Securities Administrator's responsibility Trustee shall also be entitled to rely on but shall not be responsible for making the above information available to the Certificateholders is limited to the availability, timeliness and content or accuracy of any information provided by third parties for purposes of preparing the information derived from monthly statement and may affix thereto any disclaimer it deems appropriate in its reasonable discretion (without suggesting liability on the Master Servicer part of any other party hereto). As a condition to access the Trustee's internet website, the Trustee may require registration and the EMC Serviceracceptance of a disclaimer. The Securities Administrator Trustee will make available a copy not be liable for the dissemination of each statement provided pursuant to information in accordance with this Section 5.05 to each Rating AgencyAgreement.
(c) Within Reserved;
(d) If so requested in writing within a reasonable period of time after the end of each calendar year, the Securities Administrator will prepare and the Trustee will provide shall make available on its website or cause to the EMC Servicer, and upon request be furnished to each Person who at any time during the calendar year was a CertificateholderCertificateholder of record, a statement containing the information set forth in clauses (a)(i) and (a)(ii) of this Section 5.05 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.
(de) Upon filing with the Internal Revenue Service, the Securities Administrator Trustee shall furnish to the Holders of the Residual Certificates Class R Certificate 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 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;
(iii) 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;
(iiiii) The applicable Prepayment Assumption and any interest rate assumptions used in determining the projected principal and interest cash flows described above;
(iviii) 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;
(viv) 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 the REMICs with respect to such regular interests or bad debt deductions claimed with respect to the Mortgage Loans;
(viv) The amount and timing of any non-interest expenses of a REMICthe REMICs; and
(viivi) Any taxes (including penalties and interest) imposed on the REMICREMICs, 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 9.128.12.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Merrill Lynch Mortgage Investors Trust, Series 2005-Fm1)
Monthly Statements to Certificateholders. (ac) Not later than each Distribution Date, the Securities Administrator shall prepare and deliver to the Trustee and the Yield Maintenance Provider, and make available to each Holder of CertificatesCertificateholder, the Depositor, the Trustee, the NIM Insurer (if any) and each Rating Agencies, the Master Servicer, the EMC Servicer 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 (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 (if any);
(ii) the amount of such distribution to Holders of each Class allocable to interest, and, if applicable, the portion thereof allocable to amounts provided pursuant to interest (separately identifying (a) the Yield Maintenance Agreements to amount of such interest accrued during the extent such information is provided to related Interest Accrual Period and (b) the Securities Administrator by the Trusteeamount from previous Interest Accrual Period);
(iii) any Interest Carry Forward Amounts, any Basis Risk Shortfall Carry Forward Amounts for each if the distribution to the Holders of such Class of Adjustable Rate CertificatesCertificates 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;
(iv) the aggregate Certificate Principal Balance of each class of Certificates (and, in the Offered Certificates before and after giving effect to all distributions case of principal and allocation the Class A-IO Certificates, the related Notional Amount) at the close of Applied Realized Loss Amounts business on such Distribution Date, identifying any reduction in reduction of such Certificate Principal Balance for such Distribution Date and or Notional Amount, as applicable, due to the allocation of any Subsequent Recoveries to increase the Certificate Principal Balance for such Distribution DateRealized Loss;
(v) the cumulative amount aggregate Stated Principal Balance of Applied Realized Loss Amounts to date and the Unpaid Applied Realized Loss Amounts Mortgage Loans for each applicable Class of Subordinate Certificates after giving effect to the distribution of principal (including Subsequent Recoveries) and allocation of Applied Realized Loss Amounts on such following Distribution Date;
(vi) the Pass-Through Rate for each Class amount of Adjustable Rate Certificates the expenses and fees paid to or retained by the Servicers with respect to such Distribution Date and any other fees and expenses paid out of the current Accrual Period, and, if applicable, whether such Pass-Through Rate was limited by the Interest Rate CapAvailable Distribution Amount as permitted under this Agreement;
(vii) the amount of any Excess Cashflow Amount and any Excess Yield Maintenance Amount Administrative Fees, if any, paid to the Master Servicer or Securities Administrator with respect to each Groupsuch Distribution Date;
(viii) the aggregate Certificate Interest Rate for each such Class of the Stated Principal Balances of the Mortgage Loans Certificates with respect to each Group on the related Due such Distribution 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) if applicable, the amount of P&I Advances included in the distribution on such Distribution Date, the aggregate amount of P&I Advances reimbursed during the calendar month preceding such Distribution Date and the aggregate amount of P&I Advances reported by the Servicers (and the Master Servicer, the Trustee as successor master servicer and any other successor master servicer, if applicable) as outstanding as of the close of business on the Determination Date immediately preceding such Distribution Date;
(xix) the number and aggregate outstanding principal amounts balances of Mortgage Loans (A) Delinquent (exclusive of Mortgage Loans in foreclosure and bankruptcy) (1) as to which the Monthly Payment is delinquent 31 to 60 days, (2) 61 to 90 days and (3) 91 or more days, 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 days that are in foreclosure and (C4) that are in bankruptcy and delinquent (1) 31 to 60 days, (2) 61 to 90 days and (3) 91 or more daysbankruptcy, in each case as of the close of business on the last day Business Day of the calendar month immediately preceding such Distribution Datemonth;
(xii) with respect to any Mortgage Loan that was liquidated during the preceding calendar month, the loan number and Stated Principal Balance of, and Realized Loss on, such Mortgage Loan as of the end of the related Prepayment Period;
(xiii) whether a Trigger Event exists in a Group;
(xivxi) the total number and principal balance of any REO Properties with respect to each Group (and market value, if available) as of the end close 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 Determination Date preceding such Distribution Date;
(xviixii) the amount of any Deferred Principal amounts applicable to the Class 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 on the Mortgage Loans in each Group since the Closing Date as a percentage of realized losses divided by the aggregate Stated Principal Balance of the Mortgage Loans in as of the related Group Cut-off Date;
(xvi) the amount distributed on the Closing Date; andClass P Certificates;
(xviiixvii) the amount of any Subsequent Recovery Recoveries for such Distribution Date and the amount by which the Certificate Principal Balance of each Class of Subordinated Certificates was increased as a result thereof. The Securities Administrator 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 via the Securities Administrator's internet website. The Securities Administrator's internet website shall initially be located at "www.ctslink.com". Assistance in using the 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 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 may change the way monthly statements are distributed in order to make such distributions more convenient or more accessible to the above 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 EMC 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 AssumptionDate;
(iixviii) The projected updated Mortgage Loan information, such as number, weighted average interest rate, and weighted average 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 REMICterm; and
(viixix) Any taxes (including penalties and interest) imposed on information concerning Servicer modifications, if any, or any material modifications, extensions or waivers applicable to the REMICterms of the Trust Agreement, includingany Servicing Agreement, without limitationany Certificate, taxes on "prohibited transactions," "contributions" the Servicing Fees 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 9.12Master Servicing Fees.
Appears in 1 contract
Monthly Statements to Certificateholders. (a) Not later than each Distribution DateDate based on information provided by the Servicer, the Securities Administrator Trustee shall prepare and deliver to the Trustee and the Yield Maintenance Provider, and make available on its website located at www.jpmorgan.com/sfr to each Holder xx x Class of CertificatesCertificates of the Trust Fund, the TrusteeServicer, the Rating Agencies, the Master Servicer, the EMC Servicer 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 (except with respect to any Simple Interest Loans) of principal included therein and (C) any Extra Principal Distribution Amount, in the aggregate and with respect to any Simple Interest the Group One Mortgage Loans and Group Two Mortgage Loans, the amount of principal actually received included therein), and (C) the Extra Principal Distribution Amount (if any);
(ii) the amount of such distribution to Holders of each Class of Certificates allocable to interest, and, if applicable, the portion thereof allocable together with any Non-Supported Interest Shortfalls allocated to amounts provided pursuant to the Yield Maintenance Agreements to the extent such information is provided to the Securities Administrator by the Trusteeeach Class;
(iii) with respect to each Class of Certificates, any Interest Carry Forward AmountsAmount with respect to such Distribution Date for each such Class, any Basis Risk Shortfall Interest Carry Forward Amounts Amount paid for each such Class of Adjustable Rate Certificatesand any remaining Interest Carry Forward Amount for each such Class;
(iv) the Certificate Principal Balance of the Offered each Class of Certificates before and after giving effect to all distributions of allocable to principal and allocation of Applied Realized Loss Amounts in reduction of Certificate Principal Balance for on such Distribution Date and Date;
(v) the allocation of any Subsequent Recoveries to increase the Certificate Pool Stated Principal Balance for such Distribution Date;
(vvi) the cumulative amount of Applied Realized Loss Amounts the Servicing Fee paid to date or retained by the Servicer and the Unpaid Applied Realized Loss Amounts amount of investment income earned on funds on deposit in the Certificate Account for each applicable Class of Subordinate Certificates after giving effect to the distribution of principal (including Subsequent Recoveries) and allocation of Applied Realized Loss Amounts on such Distribution Daterelated Due Period;
(vivii) the Pass-Through Rate for each Class of Adjustable Rate Certificates with respect to the current Accrual Period, and, if applicable, whether for such 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 GroupDistribution Date;
(viii) the aggregate of the Stated Principal Balances of the Mortgage Loans with respect to each 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 included in the distribution on such Distribution Date;
(ix) the cumulative amount of (A) Realized Losses and (B) Applied Realized Loss Amounts to date, in the aggregate;
(x) the amount of (A) Realized Losses and (B) Applied Realized Loss Amounts with respect to such Distribution Date, in the aggregate;
(xi) the number and aggregate principal amounts of Mortgage Loans (A) Delinquent (exclusive of Mortgage Loans in foreclosure and bankruptcyforeclosure) (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 and (C) in bankruptcy and delinquent 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;
(xii) with respect to any Mortgage Loan that was liquidated became an REO Property during the preceding calendar month, the loan number and Stated Principal Balance of, and Realized Loss on, of such Mortgage Loan as of the end close of business on the related Prepayment PeriodDetermination Date and the date of acquisition thereof, in the aggregate;
(xiii) whether a Stepdown Trigger Event exists has occurred and is in a Groupeffect;
(xiv) the total number and principal balance of any REO Properties as of the close of business on the related Determination Date, in the aggregate;
(xv) the aggregate Stated Principal Balance of all Liquidated Loans as of the preceding Distribution Date, in the aggregate
(xvi) any Floating Rate Certificate Carryover paid and all Floating Rate Certificate Carryover remaining on each Class of the 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 prepayment charges and the amount of late payment fees received during the related Prepayment Period in the aggregate;
(xviii) as of each Distribution Date, the amount, if any, received pursuant to each Cap Contract and the amount thereof, if any, to be paid to each Class of Certificates;
(xix) 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 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 Group Two Mortgage Loans;
(xx) the number of Mortgage Loans for which prepayment charges were received during the related Prepayment Period and, for each Group 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 amount of the MI Insurer Fee paid to the MI Insurer;
(xxiv) the number and aggregate Stated Principal Balance of Mortgage Loans covered by the MI Policy as of the end of the related Prepayment Due 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;
(xvii) 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 the Mortgage Loans in the related Group on the Closing Date; and
(xviiiA) the amount of any Subsequent Recovery for such Distribution Date 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 by which of any claims rejected under the Certificate Principal Balance MI Policy, each as of each Class of Subordinated Certificates was increased as a result thereof. The Securities Administrator 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 via the Securities Administrator's internet website. The Securities Administrator's internet website shall initially be located at "www.ctslink.com". Assistance in using the 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 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 may change the way monthly statements are distributed in order to make such distributions more convenient or more accessible to the above partiesDistribution Date.
(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 EMC Servicer. The Securities Administrator will make available a copy of each statement provided pursuant to this Section 5.05 to each Rating Agency[RESERVED].
(c) Within a reasonable period of time after the end of each calendar year, the Securities Administrator will prepare and the Trustee will provide shall cause to the EMC Servicer, and upon request 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 5.05 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 from time to time in effect.
(d) Upon filing with the Internal Revenue Service, the Securities Administrator Trustee shall furnish to the Holders Holder of the Residual Certificates the applicable Class R Certificate each 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 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 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 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 a REMICthe REMICs; and
(vii) Any taxes (including penalties and interest) imposed on the REMICREMICs, 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 9.128.12.
Appears in 1 contract
Monthly Statements to Certificateholders. (a) Not later than each Distribution Date, the Securities Administrator Trustee shall prepare and deliver to the Trustee and the Yield Maintenance Provider, and make available to each Holder of Certificates, the Trustee, the Rating Agencies, the Master Servicer, the EMC Servicer 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 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 (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 (if any);
(iivi) the amount of such distribution to Holders of each Class allocable to interest, and, if applicable, the portion thereof allocable to amounts provided pursuant to the Yield Maintenance Agreements to the extent such information is provided to the Securities Administrator by the Trustee;
(iiivii) any the amount of such distribution to Holders of each Class of Class A Certificates and Class M Certificates allocable to interest and the portion thereof, if any, provided by the Derivative Administration Agreement;
(viii) the Interest Carry Forward Amounts, Amount and any Basis Risk Shortfall Carry Forward Amounts Amount for each Class of Adjustable Rate Certificates;
(iv) the Certificate Principal Balance of the Offered Certificates before and after giving effect to all distributions of principal and allocation of Applied Realized Loss Amounts in reduction of Certificate Principal Balance for such Distribution Date and the 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 Unpaid Applied Realized Loss Amounts for each applicable Class of Subordinate Certificates after giving effect to the distribution of principal (including Subsequent Recoveries) and allocation of Applied Realized Loss Amounts on such Distribution Date;
(viix) the Pass-Through Rate for each Class of Adjustable Rate 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 Interest Net Rate Cap;
(vii) the amount of any Excess Cashflow Amount and any Excess Yield Maintenance Amount with respect to each Group;
(viiix) the aggregate of the Stated Principal Balances Balance of (A) all of the Mortgage Loans with respect to each Group on the related Due Date;
and (ixB) 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 Adjustable Rate Mortgage Loans, for the related Due Period;
(x) the amount of Advances included in the distribution on such following Distribution Date;
(xi) the Certificate Principal Balance or Certificate Notional Amount, as applicable, of each Class 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;
(xii) the number and aggregate principal amounts Stated Principal Balance of the Mortgage Loans in each Loan Group (A) Delinquent (exclusive of Mortgage Loans in foreclosure and bankruptcy) (1) 31 to 60 days30 days Delinquent, (2) 61 to 90 60 days Delinquent and (3) 91 90 days or more daysDelinquent, (B) in foreclosure and delinquent (1) 31 to 60 days30 days Delinquent, (2) 61 to 90 60 days Delinquent and (3) 91 90 days or more days Delinquent and (C) in bankruptcy and delinquent (1) 31 to 60 days30 days Delinquent, (2) 61 to 90 60 days Delinquent and (3) 91 90 days or more daysDelinquent, 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 each such Loan Group;
(xiixiii) the amount of, if any, of excess cashflow or excess spread and the application of such excess cashflow;
(xiv) 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;
(xv) the cumulative amount of Applied Realized Loss Amounts to date;
(xvi) 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;
(xvii) with respect to any Mortgage Loan that was liquidated during the preceding calendar month, the loan number and aggregate Stated Principal Balance of, and Realized Loss on, such Mortgage Loan Loans as of the end close of business on the related Prepayment PeriodDetermination Date preceding such Distribution Date;
(xiii) whether a Trigger Event exists in a Group;
(xivxviii) the total number and principal balance of any real estate owned or REO Properties with respect to each Group as of the end close of business on the related Prepayment PeriodDetermination Date preceding such Distribution Date;
(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;
(xvixix) the three month rolling average of the percent equivalent of a fraction, the numerator of which is the aggregate stated Stated Principal Balance of the Mortgage Loans in each Group that are 61 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 the related Group 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, and (2) Adjustable Rate Mortgage Loans;
(xviixx) the aggregate Realized Losses during the related Prepayment Period and the cumulative Realized Losses through the end of the preceding month;
(xxi) whether a Trigger Event exists;
(xxii) the amount of the distribution made on such Distribution Date to the Holders of the Class P Certificates allocable to Prepayment Charges;
(xxiii) 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 securities backed by the same asset pool, any pool asset changes, such as additions or removals of Mortgage Loans in each Group since from the Closing Date as a percentage of the aggregate Stated Principal Balance of the Mortgage Loans in the related Group on the Closing DateTrust Fund, if applicable; and
(xviiixxvi) any material changes in the amount of any Subsequent Recovery solicitation, credit-granting, underwriting, origination, acquisition or Mortgage Loan selection criteria or procedures, as applicable, used to originate, acquire or select Mortgage Loans for such Distribution Date and the amount by which the Certificate Principal Balance of each Class of Subordinated Certificates was increased as a result thereofTrust Fund. The Securities Administrator 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 Trustee five calendar days before each Distribution Date, and if no such notification occurs, the Trustee has no obligation to report with respect to (xxv). The Depositor covenants to the Trustee that there will be no new issuance of securities backed by the same asset pool, so the Trustee will only be responsible in (xxiv) above for reporting any pool asset changes, such as additions or removals of Mortgage Loans from the Trust Fund. The Trustee may make the foregoing monthly statement Monthly Statement (and, at its option, any additional files containing the same information in an alternative format) available each month to Certificateholders via the Securities Administrator's Trustee’s internet website. The Securities Administrator's Trustee’s internet website shall initially be located at "www.ctslink.com"“xxx.xxxxxxxx.xxx”. Assistance in using the Securities Administrator'x xxxxxxx xxx website can be obtained by calling the Securities Administrator's Trustee’s customer service desk at (301000) 815000-6600. 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) 722-10950000. Parties that are unable to use the above distributxxx xxxxxxx xxe 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 Trustee may change the way monthly statements Monthly Statements are distributed in order to make such distributions more convenient or more accessible to the above parties.
(b) The Securities Administrator's 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 EMC Servicer. The Securities Administrator Trustee will make available a copy of each statement provided pursuant to this Section 5.05 5.06 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 provided by the Depositor pursuant to Section 9.12.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Bear Stearns Asset Backed Securities I LLC Trust 2006-Ec1)
Monthly Statements to Certificateholders. (a) Not later than each Distribution Date, the Securities Administrator shall prepare and deliver to the Trustee and the Yield Maintenance Provider, and make available to each Holder of Certificates, the Trustee, the Rating AgenciesCertificateholder, the Master Servicer, the EMC Servicer, the Credit Risk Manager, the Depositor, the Trustee, the Derivative Counterparty and each Rating Agency a statement, based on information provided to the 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 (except with respect to any Simple Interest Loans) of principal included therein (Liquidation Proceeds and with respect to any Simple Interest Loans, the amount of principal actually received included therein), and (C) the Extra Principal Distribution Amount (if any)Subsequent Recoveries;
(ii) the amount of such distribution to Holders of each Class thereof allocable to interest, andany Interest Carry Forward Amounts included in such distribution and any remaining Interest Carry Forward Amounts after giving effect to such distribution, if applicable, any Basis Risk Carryover Amount for such Distribution Date and the portion thereof allocable to amounts provided pursuant to amount of all Basis Risk Carryover Amount covered by withdrawals from the Yield Maintenance Agreements to the extent Excess Reserve Fund Account on such information is provided to the Securities Administrator by the TrusteeDistribution Date;
(iii) any Interest Carry Forward Amountsif 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 Shortfall Carry Forward Amounts for each Class of Adjustable Rate CertificatesCarryover Amount not covered by amounts in the Excess Reserve Fund Account;
(iv) the Class Certificate Principal Balance of the Offered each Class of Certificates before and after giving effect to all distributions the distribution of principal and allocation of Applied Realized Loss Amounts in reduction of Certificate Principal Balance for such Distribution Date and the allocation of any Subsequent Recoveries to increase the Certificate Principal Balance for on such Distribution Date;
(v) the cumulative amount of Applied Realized Loss Amounts to date and Pool Stated Principal Balance for the Unpaid Applied Realized Loss Amounts for each applicable Class of Subordinate Certificates after giving effect to the distribution of principal (including Subsequent Recoveries) and allocation of Applied Realized Loss Amounts on such following Distribution Date;
(vi) the Pass-Through Rate for each Class amount of Adjustable Rate Certificates the Expense Fees (in the aggregate and separately stated) paid to or retained by the Servicer and any Subservicer with respect to the current Accrual Period, and, if applicable, whether such Pass-Through Rate was limited by the Interest Rate CapDistribution Date;
(vii) the amount Interest Rate for each such Class of any Excess Cashflow Amount and any Excess Yield Maintenance Amount Certificates with respect to each Groupsuch Distribution Date;
(viii) the aggregate of the Stated Principal Balances of the Mortgage Loans with respect to each 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 P&I Advances included in the distribution on such Distribution Date and the aggregate amount of P&I Advances outstanding as of the close of business on the Determination Date immediately preceding such Distribution Date;
(xiix) by Loan Group and in the aggregate, the number and aggregate outstanding principal amounts balances of Mortgage Loans (A) Delinquent (exclusive of except those Mortgage Loans in foreclosure and bankruptcythat 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, (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 days and (C) that are in bankruptcy and delinquent (1) 31 to 60 days, (2) 61 to 90 days and (3) 91 or more daysbankruptcy, in each case as of the close of business on the last day Business Day of the immediately preceding month;
(x) by Loan Group and in the aggregate, with respect to Mortgage Loans that became REO Properties during the preceding calendar month month, the number and the aggregate Stated Principal Balance of such Mortgage Loans as of the close of business on the Determination Date preceding such Distribution Date and the date of acquisition thereof;
(xi) 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 Determination Date preceding such Distribution Date;
(xii) with respect to any Mortgage Loan that was liquidated during the preceding calendar month, the loan number and Stated Principal Balance of, and Realized Loss on, such Mortgage Loan as of the end of the related Prepayment Period;
(xiii) whether a Trigger Event exists in a Grouphas occurred and is continuing;
(xiv) the total number and principal balance of any REO Properties with respect to each Group as of the end of 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;
(xvii) 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 the Mortgage Loans in the related Group on the Closing Date; and
(xviii) the amount of any Subsequent Recovery for such Distribution Date and the amount by which the Certificate Principal Balance of each Class of Subordinated Certificates was increased as a result thereof. The Securities Administrator 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 via the Securities Administrator's internet website. The Securities Administrator's internet website shall initially be located at "www.ctslink.com". Assistance in using the 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 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 may change the way monthly statements are distributed in order to make such distributions more convenient or more accessible to the above 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 EMC 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 provided by the Depositor pursuant to Section 9.12.
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, the Securities Administrator Trustee shall prepare and deliver to the Trustee and the Yield Maintenance Provider, and make available to each Holder of CertificatesCertificateholder, the TrusteeServicers, the Depositor and each Rating Agencies, the Master Servicer, the EMC Servicer and the Depositor Agency a statement (with respect to information in such statement relating to the Mortgage Loans, based solely on information derived from or contained in the Servicer Remittance Reports and monthly information reports provided by the Servicer pursuant to Section 4.03(d) below) setting forth 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 (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 (if any);
(ii) the amount of such distribution to Holders of each Class thereof allocable to interest, andany Unpaid Interest Amounts included in such distribution and any remaining Unpaid Interest Amounts after giving effect to such distribution, if applicable, any Basis Risk CarryForward Amount for such Distribution Date and the portion thereof allocable to amounts provided pursuant to amount of all Basis Risk CarryForward Amount covered by withdrawals from the Yield Maintenance Agreements to the extent Excess Reserve Fund Account on such information is provided to the Securities Administrator by the TrusteeDistribution Date;
(iii) any Interest Carry Forward Amountsif 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 Shortfall Carry Forward Amounts for each Class of Adjustable Rate CertificatesCarryForward Amount not covered by amounts in the Excess Reserve Fund Account;
(iv) the Class Certificate Principal Balance of the Offered each Class of Certificates before and after giving effect to all distributions the distribution of principal and allocation of Applied Realized Loss Amounts in reduction of Certificate Principal Balance for such Distribution Date and the allocation of any Subsequent Recoveries to increase the Certificate Principal Balance for on such Distribution Date;
(v) the cumulative amount of Applied Realized Loss Amounts to date and Pool Stated Principal Balance for the Unpaid Applied Realized Loss Amounts for each applicable Class of Subordinate Certificates after giving effect to the distribution of principal (including Subsequent Recoveries) and allocation of Applied Realized Loss Amounts on such following Distribution Date;
(vi) the Pass-Through Rate for each Class of Adjustable Rate Certificates with respect to the current Accrual Period, and, if applicable, whether such 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;
(ix) the related amount of the Master Servicing Expense Fees paid to or retained by the Master Servicer Servicers or the Trustee (stated separately and in the Servicing Fees paid aggregate) with respect to or retained by each Servicer for the related Due Periodsuch Distribution Date;
(xvii) the Pass-Through Rate for each such Class of Certificates with respect to such Distribution Date;
(viii) the amount of P&I Advances included in the distribution on such Distribution Date and the aggregate amount of P&I Advances reported by the Servicers as outstanding as of the close of business on such Distribution Date;
(xiix) the number and aggregate outstanding principal amounts balances of Mortgage Loans (A) Delinquent (exclusive of Mortgage Loans in foreclosure and bankruptcy) (1) as to which the Scheduled Payment is delinquent 31 to 60 days, (2) 61 to 90 days and (3) 91 or more days, (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 days and (C) that are in bankruptcy and delinquent (1) 31 to 60 days, (2) 61 to 90 days and (3) 91 or more daysbankruptcy, in each case as of the close of business on the last day Business Day of the calendar month immediately preceding such Distribution Datemonth;
(xiix) with respect to any Mortgage Loan that was liquidated became an REO Property during the preceding calendar month, the loan number and Stated Principal Balance of, and Realized Loss on, of such Mortgage Loan as of the end close of business on the related Prepayment PeriodDetermination Date preceding such Distribution Date and the date of acquisition thereof;
(xiii) whether a Trigger Event exists in a Group;
(xivxi) the total number and aggregate principal balance of any REO Properties with respect to each Group (and market value, if available) as of the end close 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 Determination Date preceding such Distribution Date;
(xii) whether a Trigger Event has occurred and is continuing (including the calculation thereof and the aggregate outstanding balance of all 60+ Day Delinquent Mortgage Loans);
(xiii) the amount on deposit in the Excess Reserve Fund Account (after giving effect to distributions on such Distribution Date);
(xiv) in the aggregate and for each Class of Certificates, the aggregate amount of Applied Realized Loss Amounts incurred during the preceding calendar month and aggregate Applied Realized Loss Amounts through such Distribution Date;
(xv) the amount of any Net Monthly Excess Cash Flow on such Distribution Date and the allocation thereof to the Certificateholders with respect to Applied Realized Loss Amounts and Unpaid Interest Amounts;
(xvi) the amount of any Net Swap Payments, Net Swap Receipts, Swap Termination Payments or Defaulted Swap Termination Payments;
(xvii) the aggregate Realized Losses on the Mortgage Loans in each Group since the Closing Date as a percentage calculations of the aggregate Stated Principal Balance of the Mortgage Loans in the related Group on the Closing Date; andLIBOR and Swap LIBOR;
(xviii) the amount of any Subsequent Recovery for such Distribution Date Subordinated Amount and Specified Subordinated Amount;
(xix) Prepayment Charges collected or paid (pursuant to Section 3.07(a)) by the amount by which Servicers;
(xx) the Certificate Principal Balance of each Class of Subordinated Certificates was increased as a result thereof. The Securities Administrator may make the foregoing monthly statement Cumulative Loss Percentage; and
(and, at its option, any additional files containing the same information in an alternative formatxxi) available each month to Certificateholders via the Securities Administrator's internet website. The Securities Administrator's internet website shall initially be located at "www.ctslink.com". Assistance in using the 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 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 may change the way monthly statements are distributed in order to make such distributions more convenient or more accessible to the above partiesother reasonably requested information.
(b) The Securities AdministratorTrustee's responsibility for making providing the above information available statement to the Certificateholders Certificateholders, each Rating Agency, each Servicer and the Depositor is limited to the availability, timeliness and accuracy of the information derived from the Master Servicer and the EMC applicable Servicer. The Securities Administrator Trustee will make available a provide the above statement via the Trustee's internet website. The Trustee's website will initially be located at https://www.tss.db.com/invr and assistance in using the website can be xxxxxxxx xx xxxxxxx xxx Xxxstee's investor relations desk at 1-800-735-7777. A paper copy of each the statement will also be made availabxx xxxx xxxxxxt. The Trustee will also be entitled to rely on but shall not be responsible for the content or accuracy of any information provided pursuant by third parties for purposes of preparing the monthly statement to this Section 5.05 to each Rating AgencyCertificateholders and may affix thereto any disclaimer it deems appropriate in its reasonable discretion (without suggesting liability on the part of any other party hereto).
(c) Within a reasonable period of time after the end of each calendar year, the Securities Administrator will prepare and the Trustee will provide shall cause to the EMC Servicer, and upon request be furnished to each Person who at any time during the calendar year was a Certificateholder, a statement containing the information set forth in clauses (a)(i) and (a)(ii) of this Section 5.05 4.03 aggregated for such calendar year or applicable portion thereof during which such Person was a Certificateholder. Such obligation of the Trustee shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Trustee pursuant to any requirements of the Code as from time to time in effect.
(d) Upon filing with Not later than the Internal Revenue ServiceDetermination Date for each Distribution Date, the Securities Administrator each Servicer shall furnish to the Holders Trustee and the Depositor, a monthly remittance advice statement (in a format mutually agreed upon by such Servicer and the Trustee) containing such information as shall be reasonably requested by the Trustee to enable the Trustee to provide the reports required by Section 4.03(a) as to the accompanying remittance and the period ending on the close of business on the last day of the Residual Certificates related Prepayment Period (the applicable Form 1066 and each applicable Form 1066Q and "Servicer Remittance Report"). Each Servicer shall respond promptly furnish to written requests made not more frequently than quarterly by any Holder the Trustee monthly information reports, as of a Residual Certificate with the related Determination Date, to document Mortgage Loan payment activity on an individual Mortgage Loan basis. With respect to each month, the following matterscorresponding monthly information reports (in electronic format) shall be received by the Trustee no later than the related Determination Date, which reports shall contain the following:
(i) The original projected with respect to each Scheduled Payment, the amount of such remittance allocable to principal (including a separate breakdown of any Principal Prepayment, including the date of such prepayment, and any Prepayment Charges, received during the related Prepayment Period along with a detailed report of interest 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 Assumptionprincipal prepayment amounts remitted in accordance with Section 3.25);
(ii) The projected remaining principal and interest cash flows as of the end of any calendar quarter with respect to each Class Scheduled Payment, the amount of regular and residual interests created hereunder and the Mortgage Loans, based on the Prepayment Assumptionsuch remittance allocable to interest;
(iii) The applicable Prepayment Assumption and any interest rate assumptions used in determining the projected principal and interest cash flows described aboveamount of servicing compensation received by such Servicer during the prior distribution period;
(iv) The original issue discount (or, in the case individual and aggregate Stated Principal Balance 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;
(viv) The amount and timing of any non-interest the aggregate expenses of a REMICreimbursed to such Servicer during the prior distribution period pursuant to Section 3.11; and
(viivi) Any taxes the number and aggregate outstanding principal balances of Mortgage Loans (including penalties and interesta) 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 delinquent (1) 31 to clauses (i)60 days, (ii)2) 61 to 90 days, (iii3) 91 days or more; (b) as to which foreclosure or bankruptcy proceedings of the related mortgagor have commenced; and (ivc) above shall be provided by the Depositor pursuant as to Section 9.12which REO Property has been acquired.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Morgan Stanley Home Equity Loan Trust 2005-4)
Monthly Statements to Certificateholders. (a) Not later than each Distribution Date, the Securities Administrator shall prepare and deliver to the Trustee and the Yield Maintenance Provider, and make available to each Holder of Certificates, the Trustee, the Rating Agencies, the Master Servicer, the 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 (if any);
(ii) the amount of such distribution to Holders of each Class allocable to interest, and, if applicable, the portion thereof allocable to amounts provided pursuant to the Yield Maintenance Agreements to the extent such information is provided to the Securities Administrator by the TrusteeAgreements;
(iii) any Interest Carry Forward Amounts, Amounts and any Basis Risk Shortfall Carry Forward Amounts for each Class of Adjustable Rate 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 the Offered Certificates before and each Class after giving effect (i) to all distributions of allocable to principal on such Distribution Date and (ii) the allocation of any Applied Realized Loss Amounts in reduction of Certificate Principal Balance for such Distribution Date and the 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 Unpaid Applied Realized Loss Amounts for each applicable Class of Subordinate Offered Certificates after giving effect to the distribution of principal (including Subsequent Recoveries) and allocation of Applied Realized Loss Amounts on such Distribution Date;.
(vi) the Pass-Through Rate for each Class of Adjustable Rate Offered Certificates with respect to the current Accrual Period, and, if applicable, whether such Pass-Through Rate was limited by the an Interest Rate Cap;
(vii) the amount of any Excess Cashflow Amount and any Excess Yield Maintenance Amount with respect to each GroupAmount;
(viii) the aggregate of the Stated Principal Balances of the fixed rate Mortgage Loans, the adjustable rate Mortgage Loans with respect to 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;
(xi) the number and aggregate principal amounts of Mortgage Loans in each Mortgage Loan Group (A) Delinquent (exclusive of Mortgage Loans in foreclosure and bankruptcy) (1) 31 to 60 days, (2) 61 to 90 days and (3) 91 or more days, (B) in foreclosure and 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;
(xii) with respect to any Mortgage Loan that was liquidated during the preceding calendar month, the Mortgage Loan Group, loan number and Stated Principal Balance of, and Realized Loss on, such Mortgage Loan as of the end of the related Prepayment Period;
(xiii) whether a Trigger Event exists in a Group;exists.
(xiv) the total number and principal balance of any REO Properties with respect to in each Mortgage Loan Group as of the end of the related Prepayment Period;
(xv) the Realized Losses with respect to in each Mortgage Loan 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;; and
(xvii) 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 the Mortgage Loans in the related Group on the Closing Date; and
(xviii) the amount of any Subsequent Recovery for such Distribution Date and the amount by which the Certificate Principal Balance of each Class of Subordinated Certificates was increased as a result thereof. The Securities Administrator 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 via the Securities Administrator's ’s internet website. The Securities Administrator's ’s internet website shall initially be located at "www.ctslink.com"“xxx.xxxxxxx.xxx”. Assistance in using the Securities Administrator'x xxxxxxx xxx Administrator’s website can be obtained by calling the Securities Administrator's ’s customer service desk at (301000) 815000-66000000. To the extent timely received from the Securities XxxxxxxxxxxxxAdministrator, the Trustee will also make monthly statements available each month to Certificateholders and the Yield Maintenance Provider via the Trustee's ’s internet website. The trustee's ’s internet website will initially be located at www.jpmorgan.com/sfrxxx.xxxxxxxx.xxx/xxx. Assistance in using the Trustee's ’s website sexxxxx xxx xx xxxxxxxd service can be obtained by calling the Trustee's ’s customer service desk at (877000) 722000-10950000. Parties that are unable to use the above distributxxx xxxxxxx xxe distribution options are entitled to have a paper copy mailed to them via first class mail by calling the Securities Administrator's ’s customer service desk and indicating such. The Securities Administrator may change the way monthly statements are distributed in order to make such distributions more convenient or more accessible to the above 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 EMC Servicer and the EMC ServicerTrustee. 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 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 provided by the Depositor 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 DateDate 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 Trustee shall prepare and deliver to the Trustee and the Yield Maintenance Provider, and make available on its website located at xxx.xxxxxxxx.xxx to each Holder of Certificatesa Class of Certificates of the Trust Fund, the TrusteeServicer, the NIMs Insurer, the Rating Agencies, the Master Servicer, the EMC Servicer 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 (except with respect to any Simple Interest Loans) of principal included therein (and with respect to any Simple Interest Loanstherein, 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, and, if applicable, the portion thereof allocable together with any Non-Supported Interest Shortfalls allocated to amounts provided pursuant to the Yield Maintenance Agreements to the extent such information is provided to the Securities Administrator by the Trusteeeach Class;
(iii) the Certificate Principal Balance of each Class after giving effect (i) to all distributions allocable to principal on such Distribution Date and (ii) the allocation of any Interest Carry Forward Amounts, any Basis Risk Shortfall Carry Forward Applied Realized Loss Amounts for each Class of Adjustable Rate Certificatessuch Distribution Date;
(iv) the Certificate Principal Balance of the Offered Certificates before and after giving effect to all distributions of principal and allocation of Applied Realized Loss Amounts in reduction of Certificate Principal Balance for such Distribution Date and the allocation of any Subsequent Recoveries to increase the Certificate Pool Stated Principal Balance for such Distribution Date;
(v) the cumulative amount of Applied Realized Loss Amounts the Servicing Fee Rate paid to date or retained by the Servicer, the amount of the Trustee Fee Rate paid to or retained by the Trustee, and any amounts constituting reimbursement or indemnification of the Unpaid Applied Realized Loss Amounts for each applicable Class of Subordinate Certificates after giving effect to the distribution of principal (including Subsequent Recoveries) and allocation of Applied Realized Loss Amounts on such Distribution DateServicer or Trustee;
(vi) the Pass-Through Rate for each Class of Adjustable Rate Certificates with respect to the current Accrual Period, and, if applicable, whether for such Pass-Through Rate was limited by the Interest Rate CapDistribution Date;
(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;
(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;
(xiviii) 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 and bankruptcyforeclosure) (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 and (C) in bankruptcy and delinquent 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 115 preceding such Distribution Date, in the aggregate and with respect to the Group One Mortgage Loans and Group Two Mortgage Loans;
(xiixi) with respect to any Mortgage Loan that was liquidated became an REO Property during the preceding calendar month, the loan number and Stated Principal Balance of, and Realized Loss on, of such Mortgage Loan as of the end close of business on the last day of the related Prepayment Periodcalendar 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;
(xiii) whether a Trigger Event exists in a Group;
(xivxii) the total number and principal balance of any REO Properties with respect to each Group as of the end close of 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 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 aggregate Realized Losses on 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 each Group the aggregate of such amounts for all such Mortgage Loans since the Closing Date as a percentage of the aggregate Stated Principal Balance of the Mortgage Loans in the related Group on the Closing Cut-off Date; and;
(xviii) the amount and purpose of any Subsequent Recovery for such Distribution Date 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 by which the Certificate Principal Balance of any payments to each Class of Subordinated Certificates was increased 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-1 Certificates, the Class A-2 Certificates, the Subordinate Certificates and the Class C Certificates described in Section 4.04(k) hereof;
(xxi) as of each Distribution Date, the amount, if any, to be deposited in the Swap Account within 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; and 116
(xxii) any Floating Rate Certificate Carryover paid and all Floating Rate Certificate Carryover remaining on each class of the Class A, Class M and Class B Certificates on such Distribution Date;
(xxiii) information regarding 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 pool asset substitutions and repurchases (and purchase rates, if applicable);
(xxiv) 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 thereof. of such reductions in the aggregate and with respect to the Group One Mortgage Loans and the Group Two Mortgage Loans.
(b) The Securities Administrator may Trustee will make the foregoing monthly statement Monthly Statement (and, at its option, any additional files containing the same information in an alternative format) available each month to Certificateholders Certificateholders, 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.ctslink.com". Assistance in using the 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. xxx.xxxxxxxx.xxx." Parties that are unable to use the above distributxxx xxxxxxx xxe website 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 may Trustee shall have the right to change the way the monthly statements to Certificateholders are distributed in order to make such distributions distribution more convenient or and/or more accessible to the above parties.
(b) parties and the Trustee shall provide timely and adequate notification to all above parties regarding any such changes. The Securities Administrator's responsibility for making foregoing information and reports shall be prepared and determined by the above information available Trustee based on Mortgage Loan data provided to the Certificateholders is limited Trustee by the Servicer and information received by the Trustee from third parties, including the Swap Counterparty. In preparing or furnishing the foregoing information, the Trustee shall be entitled to rely conclusively on the availability, timeliness and accuracy of the information derived from or data provided to the Master Trustee by the Servicer or any other party and the EMC ServicerTrustee 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 Trustee's Internet website, the Trustee may require registration and the acceptance of a disclaimer. The Securities Administrator Trustee will make available a copy not be liable for the dissemination of each statement provided pursuant to information in accordance with this Section 5.05 to each Rating AgencyAgreement.
(c) Within The Servicer shall deliver to the NIMs Insurer a copy of any report delivered by the Servicer to the Trustee.
(d) If so requested in writing within a reasonable period of time after the end of each calendar year, the Securities Administrator will prepare and the Trustee will provide shall make available on its website or cause to the EMC Servicer, and upon request be furnished to each Person who at any time during the calendar year was a CertificateholderCertificateholder 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 5.05 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.
(de) Upon filing with the Internal Revenue Service, the Securities Administrator Trustee shall furnish to the Holders of the Residual Certificates Class R Certificate and the applicable NIMs Insurer each Form 1066 and each applicable Form 1066Q and shall respond 117 promptly to written requests made not more frequently than quarterly by any Holder of a Residual 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 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 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 a REMICthe REMICs; and
(vii) Any taxes (including penalties and interest) imposed on the REMICREMICs, 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 9.128.12.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (OwnIt Mortgage Loan Trust Series 2006-6)
Monthly Statements to Certificateholders. (a) Not later than each Distribution Date, the Securities Administrator Trustee shall prepare and deliver to the Trustee and the Yield Maintenance Provider, and make available to each Holder of CertificatesCertificateholder, the Trustee, the Rating Agencies, the Master Servicer, the EMC Servicer Depositor, the NIMS Insurer and the Depositor each Rating 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 (except with respect to any Simple Interest Loans) of principal included therein (Accrual Periods and with respect to any Simple Interest Loans, the amount of principal actually received included therein), and (C) the Extra Principal Determination Dates for calculating distributions for such Distribution Amount (if any)Date;
(ii) the amount of funds received from the Servicer for such distribution to Holders Distribution Date separately identifying amounts received in respect of each Class allocable to interest, and, if applicablethe Mortgage Loans, the portion thereof allocable to amounts provided pursuant amount of Advances included in the distribution on the Distribution Date, the amount of any Net Swap Payment to the Yield Maintenance Agreements Supplemental Interest Trust from the Swap Provider, any Swap Termination Payment to the extent such information is provided Supplemental Interest Trust from the Swap Provider and any Cap Payment to the Securities Administrator by Supplemental Interest Trust from the TrusteeInterest Rate Cap Provider;
(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 the Offered Certificates before Servicing Fee and after giving effect to all distributions of principal and allocation of Applied Realized Loss Amounts in reduction of Certificate Principal Balance for such Distribution Date and the allocation of any Subsequent Recoveries to increase the Certificate Principal Balance Trustee Fee for such Distribution Date;
(iv) the amount 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 cumulative aggregate amount of Applied expenses paid from amounts on deposit in (x) the Certificate Account and (y) the Distribution Account;
(vi) the amount of the distribution allocable to 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 Excess 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 shortfall and the allocation of the shortfall between principal and interest, including any Net WAC Cap Carry Forward Amount not covered by amounts in the Excess Reserve Fund Account;
(ix) 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 to date and Unpaid Interest Amounts;
(x) the Unpaid Applied Realized Loss Amounts for Class Certificate Balance of each applicable Class of Subordinate Certificates before and after giving effect to the distribution of principal (including Subsequent Recoveries) and allocation of Applied Realized Loss Amounts on such the Distribution Date;
(vixi) the Pass-Through Rate for each Class of Adjustable Rate Certificates with respect to the current Accrual Period, and, if applicable, whether such 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;
(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;
(xixii) the amount on deposit in the Certificate Account and Excess Reserve Fund Account (before and after giving effect to distributions on the Distribution Account Deposit Date and Distribution Date, respectively);
(xiii) the number of Mortgage Loans and 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;
(xv) the number and aggregate principal amounts outstanding balance of the Mortgage Loans in each Loan Group as of the end of the preceding calendar month (Aa) Delinquent delinquent (exclusive of Mortgage Loans in foreclosure and bankruptcyforeclosure) (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 (1) 31 30 to 60 59 days, (2) 61 60 to 90 89 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 the Distribution Date;
(xiixvi) 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 was liquidated became an REO Property during the preceding calendar month, the loan number and Stated Principal Balance of, and Realized Loss on, such of the Mortgage Loan as of the end close of business on the related Prepayment PeriodDetermination Date preceding the Distribution Date and the date of acquisition thereof;
(xiii) whether a Trigger Event exists in a Group;
(xivxviii) the total number and principal balance of any REO Properties with respect to each Group (and market value, if available) as of the end close of business on the related Prepayment PeriodDetermination Date preceding the Distribution Date;
(xvxix) the Realized Losses with respect to each Group aggregate amount of Principal Prepayments received during the related Prepayment Period and the cumulative number of 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 close of business on the Distribution Date;
(xxi) the aggregate amount of Servicing Advances reimbursed during the related Remittance Period, the general source of funds for such reimbursements and the aggregate amount of Servicing Advances outstanding as of the close of business on the Distribution Date;
(xxii) the aggregate number and outstanding principal balance of Mortgage Loans repurchased during the related Remittance Period due to material breaches of representations and warranties regarding such Mortgage Loans;
(xxiii) whether a Trigger Event is in effect separately identifying the components thereof;
(xxiv) the aggregate amount of Applied Realized Losses Loss Amounts incurred during the preceding calendar month and the aggregate Unpaid Realized Loss Amount through the Distribution Date;
(xxv) with respect to each Group through the end second Distribution Date, the number and aggregate balance of any Delayed Delivery Mortgage Loans not delivered within the preceding monthtime periods specified in the definition of Delayed Delivery Mortgage Loans;
(xvixxvi) 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, Overcollateralization Amount for such Distribution Date 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 Overcollateralization Target Amount for such Distribution Date;
(xviixxvii) Prepayment Charges collected, waived, and paid by the Servicer (separately identifying each);
(xxviii) the aggregate Realized Losses amount on deposit in the Interest Coverage Accounts;
(xxix) for the distribution occurring on the Distribution Date immediately following the end of the Funding Period, the balance on deposit in the Group I Pre-Funding Account and/or the Group II Pre-Funding Account that has not been used to purchase Subsequent Mortgage Loans in each Group since and that is being distributed to the Closing Date as a percentage of the aggregate Stated Principal Balance of the Mortgage Loans in the related Group Certificateholders on the Closing such Distribution Date; and
(xviiixxx) Late Payment Charges collected and waived by the amount Servicer (separately identifying each). For the purposes of determining delinquency periods in reporting under (ix) above, for any Subsequent Recovery for such Distribution Monthly Statement, a Mortgage Loan’s delinquency period shall be determined as of the Due Date and falling in the amount by month in which the Certificate Principal Balance of each Class of Subordinated Certificates was increased as a result thereof. The Securities Administrator may make the foregoing monthly statement (andis 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, at 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, the NIMS Insurer or any Rating Agency on the Trustee’s Internet website, the Trustee shall forward a hard copy of it to each Certificateholder, the Servicer, the Depositor, the NIMS Insurer and each Rating Agency immediately after the Trustee becomes aware that it is not accessible to any of them via its option, any additional files containing the same information in an alternative format) available each month to Certificateholders via the Securities Administrator's internet website. The Securities Administrator's internet website shall initially be located at "www.ctslink.com". Assistance in using the 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 address of the Trustee's internet website. The trustee's internet ’s Internet website where the statement will initially be located at www.jpmorgan.com/sfraccessible is hxxxx://xxx.xxx.xx.xxx/xxxx. Assistance in using the Trustee's ’s Internet website sexxxxx xxx xx xxxxxxxd may be obtained by calling the Trustee's ’s customer service desk at (877000) 722000-1095. Parties that are unable to use the 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 such0000. The Securities Administrator may Trustee shall notify each Certificateholder, the Servicer, the Depositor, the NIMS Insurer and each Rating Agency in writing of any change in the way monthly statements are distributed in order to make such distributions more convenient address or more accessible means of access to the above partiesInternet website where the statement is accessible.
(b) The Securities Administrator's Trustee’s responsibility for making preparing and disbursing the above information available to the Certificateholders is limited to the availability, timeliness timeliness, and accuracy of the information derived from the Master Servicer. The Trustee is not responsible for any inaccuracies in or caused by the data provided by the Servicer. By each Determination Date, the Servicer shall provide to the Trustee in electronic form the information needed to determine the distributions to be made pursuant to Section 4.02 and 3.09(b)(ii) and any other information that the Servicer and the EMC Servicer. The Securities Administrator will make available a copy 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 each statement provided pursuant to this Section 5.05 to each Rating Agencyexpenses paid from amounts on deposit in the Certificate Account.
(c) Within a reasonable period of time after the end of each calendar year, the Securities Administrator will prepare and the Trustee will provide shall cause to the EMC Servicer, and upon request be furnished to each Person who at any time during the calendar year was a Certificateholder, a statement containing the information set forth in clauses (a)(i) and (a)(ii) (with respect to principal and interest distributed) of this Section 5.05 4.03 aggregated for such the calendar year or the applicable portion thereof during which such the Person was a Certificateholder. Such Within a reasonable period of time after the end of each calendar year, the Trustee shall cause to be furnished to the NIMS Insurer, 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. This obligation of the Trustee shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Trustee pursuant to any requirements of the Code as from time to time in effect.
(d) 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 provided by the Depositor pursuant to Section 9.12.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Home Equity Mortgage Loan Asset-Backed Trust, Series Inabs 2007-B)
Monthly Statements to Certificateholders. (a) Not later than each Distribution DateDate based solely on information provided by the Servicer, the Securities Administrator shall prepare and deliver to the Trustee and the Yield Maintenance Provider, and make available on its website located at www.ctslink.com to each Holder of Certificatesa Class of Certificates of the Trust Xxxx, xxx Xxxxicer, the Master Servicer, the Trustee, the Rating Agencies, the Master Servicer, the EMC Servicer 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 (except with respect to any Simple Interest Loans) of principal included therein (and with respect to any Simple Interest Loanstherein, 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, and, if applicable, the portion thereof allocable together with any Non-Supported Interest Shortfalls allocated to amounts provided pursuant to the Yield Maintenance Agreements to the extent such information is provided to the Securities Administrator by the Trusteeeach Class;
(iii) any Interest Carry Forward Amounts, any Basis Risk Shortfall Carry Forward Amounts Carryforward Amount for each Class of Adjustable Rate the Offered Certificates;
(iv) the Class Certificate Principal Balance of the Offered Certificates before and each Class after giving effect (i) to all distributions of allocable to principal on such Distribution Date and (ii) the allocation of any Applied Realized Loss Amounts in reduction of Certificate Principal Balance for such Distribution Date and the 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 Unpaid Applied Realized Loss Amounts Pool Stated Principal Balance for each applicable Class of Subordinate Certificates after giving effect to the distribution of principal (including Subsequent Recoveries) and allocation of Applied Realized Loss Amounts on such Distribution Date;
(vi) the amount of the Servicing Fee paid to or retained by the Servicer, and any amounts constituting reimbursement or indemnification of the Servicer, Master Servicer, Securities Administrator or Trustee;
(vii) the Pass-Through Rate for each Class of Adjustable Rate Certificates with respect to the current Accrual Period, and, if applicable, whether for such 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 GroupDistribution Date;
(viii) the aggregate of the Stated Principal Balances of the Mortgage Loans with respect to each 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 included in the distribution on such Distribution Date;
(ix) the cumulative amount of (A) Realized Losses and (B) Applied Realized Loss Amounts to date;
(x) the amount of (A) Realized Losses and (B) Applied Realized Loss Amounts with respect to such Distribution Date;
(xi) the number and aggregate principal amounts of Mortgage Loans (A) Delinquent (exclusive of Mortgage Loans in foreclosure and bankruptcyforeclosure) (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 and (C) in bankruptcy and delinquent 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;
(xii) with respect to any Mortgage Loan that was liquidated during the preceding calendar month, the loan number and Stated Principal Balance of, and Realized Loss on, such Mortgage Loan as of the end of the related Prepayment Period;
(xiii) 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 end close of 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 business on the last day of the calendar month preceding such Distribution Date;
(xviixiii) 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 Loans as of the preceding Distribution Date;
(xiv) whether a Trigger Event has occurred;
(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 in which were purchased or repurchased during the related Group on preceding Due Period and since the Closing Cut-off Date; and;
(xviii) 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;
(xix) [RESERVED];
(xx) the amount and purpose of any withdrawal from the Collection Account pursuant to Section 3.08(a)(v); and
(xxi) the amount of any Subsequent Recovery for such Distribution Date 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 by which the Certificate Principal Balance of any payments to each Class of Subordinated Certificates was increased that are not treated as payments received in respect of a result thereof. REMIC Regular Interest or REMIC "residual interest".
(b) The Securities Administrator may will make the foregoing monthly statement Monthly Statement (and, at its option, any additional files containing the same information in an alternative format) available each month to Certificateholders Certificateholders, other parties to this Agreement and any other interested parties via the Securities Administrator's internet Internet website. The Securities Administrator's internet Internet website shall initially be located at "www.ctslink.com". Assistance in using the Securities Administrator'x xxxxxxx xxx website can be obtained by calling the Securities cxxxxxx xxx Xxxxrities 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 above distributxxx xxxxxxx xxe entitled to have a paper website are entitlex xx xxxx x xxper copy mailed to them via first class mail by calling the Securities Administrator's customer service desk and indicating such. The Securities Administrator may shall have the right to change the way the monthly statements to Certificateholders are distributed in order to make such distributions distribution more convenient or and/or more accessible to the above parties.
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 (b) The without suggesting liability on the part of any other party hereto). As a condition to access the Securities Administrator's responsibility for making internet website, the above information available to the Certificateholders is limited to the availability, timeliness and accuracy of the information derived from the Master Servicer Securities Administrator may require registration and the EMC Serviceracceptance of a disclaimer. The Securities Administrator will make available a copy not be liable for the dissemination of each statement provided pursuant to information in accordance with this Section 5.05 to each Rating AgencyAgreement.
(c) Within If so requested in writing within a reasonable period of time after the end of each calendar year, the Securities Administrator will prepare and the Trustee will provide shall make available on its website or cause to the EMC Servicer, and upon request be furnished to each Person who at any time during the calendar year was a CertificateholderCertificateholder of record, a statement containing the information set forth in clauses (a)(i) and (a)(ii) of this Section 5.05 4.05 aggregated for such calendar year or applicable portion thereof during which such Person was a Certificateholder. Such obligation of the Trustee Securities Administrator shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Trustee Securities Administrator pursuant to any requirements of the Code as 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 Residual Certificates Class R Certificate 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 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;
(iii) 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;
(iiiii) The applicable Prepayment Assumption and any interest rate assumptions used in determining the projected principal and interest cash flows described above;
(iviii) 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;
(viv) 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 the REMICs with respect to such regular interests or bad debt deductions claimed with respect to the Mortgage Loans;
(viv) The amount and timing of any non-interest expenses of a REMICthe REMICs; and
(viivi) Any taxes (including penalties and interest) imposed on the REMICREMICs, 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 9.128.12.
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, the Securities Administrator Trustee shall prepare and deliver to the Trustee and the Yield Maintenance Provider, and make available to each Holder of Certificates, the Trustee, the Rating Agencies, the Master Servicer, the EMC Servicer 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 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 (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 (if any);
(iivi) the amount of such distribution to Holders of each Class allocable to interest, and, if applicable, the portion thereof allocable to amounts provided pursuant to the Yield Maintenance Agreements to the extent such information is provided to the Securities Administrator by the Trustee;
(iiivii) any the amount of such distribution to Holders of each Class of Class A Certificates and Class M Certificates allocable to interest and the portion thereof, if any, provided by the Derivative Administration Agreement;
(viii) the Interest Carry Forward Amounts, Amount and any Basis Risk Shortfall Carry Forward Amounts Amount for each Class of Adjustable Rate Certificates;
(iv) the Certificate Principal Balance of the Offered Certificates before and after giving effect to all distributions of principal and allocation of Applied Realized Loss Amounts in reduction of Certificate Principal Balance for such Distribution Date and the 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 Unpaid Applied Realized Loss Amounts for each applicable Class of Subordinate Certificates after giving effect to the distribution of principal (including Subsequent Recoveries) and allocation of Applied Realized Loss Amounts on such Distribution Date;
(viix) the Pass-Through Rate for each Class of Adjustable Rate 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 Interest Net Rate Cap;
(vii) the amount of any Excess Cashflow Amount and any Excess Yield Maintenance Amount with respect to each Group;
(viiix) the aggregate of the Stated Principal Balances Balance of (A) all of the Mortgage Loans with respect to each Group on the related Due Date;
and (ixB) 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 Adjustable Rate Mortgage Loans, for the related Due Period;
(x) the amount of Advances included in the distribution on such following Distribution Date;
(xi) the Certificate Principal Balance or Certificate Notional Amount, as applicable, of each Class 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;
(xii) the number and aggregate principal amounts Stated Principal Balance of the Mortgage Loans in each Loan Group (A) Delinquent (exclusive of Mortgage Loans in foreclosure and bankruptcy) (1) 31 to 60 days30 days Delinquent, (2) 61 to 90 60 days Delinquent and (3) 91 90 days or more daysDelinquent, (B) in foreclosure and delinquent (1) 31 to 60 days30 days Delinquent, (2) 61 to 90 60 days Delinquent and (3) 91 90 days or more days Delinquent and (C) in bankruptcy and delinquent (1) 31 to 60 days30 days Delinquent, (2) 61 to 90 60 days Delinquent and (3) 91 90 days or more daysDelinquent, 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 each such Loan Group;
(xiixiii) 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;
(xiv) the amount of, if any, of excess cashflow or excess spread and the application of such excess cashflow;
(xv) the cumulative amount of Applied Realized Loss Amounts to date;
(xvi) 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;
(xvii) with respect to any Mortgage Loan that was liquidated during the preceding calendar month, the loan number and aggregate Stated Principal Balance of, and Realized Loss on, such Mortgage Loan Loans as of the end close of business on the related Prepayment PeriodDetermination Date preceding such Distribution Date;
(xiii) whether a Trigger Event exists in a Group;
(xivxviii) the total number and principal balance of any real estate owned or REO Properties with respect to each Group as of the end close of business on the related Prepayment PeriodDetermination Date preceding such Distribution Date;
(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;
(xvixix) the three month rolling average of the percent equivalent of a fraction, the numerator of which is the aggregate stated Stated Principal Balance of the Mortgage Loans in each Group that are 61 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 the related Group 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, and (2) Adjustable Rate Mortgage Loans;
(xviixx) the aggregate Realized Losses on during the Mortgage Loans in each Group since related Prepayment Period and the Closing Date as a percentage cumulative Realized Losses through the end of the aggregate Stated Principal Balance of the Mortgage Loans in the related Group on the Closing Date; andpreceding month;
(xviiixxi) whether a Trigger Event exists;
(xxii) the amount of any Subsequent Recovery for the distribution made on such Distribution Date to the Holders of the Class P Certificates allocable to Prepayment Charges;
(xxiii) 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 securities backed by which the Certificate Principal Balance same asset pool, any pool asset changes, such as additions or removals of Mortgage Loans from the Trust Fund, if applicable;
(xxvi) any material changes 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; 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 Trustee five calendar days before each Class of Subordinated Certificates was increased as a result thereofDistribution Date, and if no such notification occurs, the Trustee has no obligation to report with respect to (xxvi). The Securities Administrator Depositor covenants to the Trustee that there will be no new issuance of securities backed by the same asset pool, so the Trustee will only be responsible in (xxv) above for reporting any pool asset changes, such as additions or removals of Mortgage Loans from the Trust Fund. The Trustee may make the foregoing monthly statement Monthly Statement (and, at its option, any additional files containing the same information in an alternative format) available each month to Certificateholders via the Securities Administrator's Trustee’s internet website. The Securities Administrator's Trustee’s internet website shall initially be located at "www.ctslink.com"“xxx.xxxxxxxx.xxx”. Assistance in using the Securities Administrator'x xxxxxxx xxx website can be obtained by calling the Securities Administrator's Trustee’s customer service desk at (301000) 815000-6600. 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) 722-10950000. Parties that are unable to use the above distributxxx xxxxxxx xxe 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 Trustee may change the way monthly statements Monthly Statements are distributed in order to make such distributions more convenient or more accessible to the above parties.
(b) The Securities Administrator's 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 EMC Servicer. The Securities Administrator Trustee will make available a copy of each statement provided pursuant to this Section 5.05 5.06 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 shall cause to the EMC Servicer, and 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)(ia)(v) and (a)(iia)(vi) of this Section 5.05 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 Securities Administrator 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 class of regular Regular Interests and residual interests 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 class of regular Regular Interests or residual interests 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 Realized Losses with respect to the Mortgage Loans or the regular interests Regular Interests created hereunder, including the timing and amount of any cancellation of indebtedness income of a REMIC with respect to such regular interests 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 9.12.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Bear Stearns Asset Backed Securities I Trust 2006-Pc1)
Monthly Statements to Certificateholders. (a) Not later than each Distribution Date, the Securities Administrator shall prepare and deliver to the Trustee and the Yield Maintenance Provider, and make available to each Holder of Certificates, the Trustee, the Rating Agencies, the Master Servicer, the 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 (if any);
; (ii) the amount of such distribution to Holders of each Class allocable to interest, and, if applicable, the portion thereof allocable to amounts provided to Holders of each Class of Class A Certificates pursuant to the Class A Yield Maintenance Agreements Agreement and to the extent such information is provided Class M-1 and Class M-2 Certificates pursuant to the Securities Administrator by the Trustee;
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 Adjustable Rate Offered Certificates (other than the Residual Certificates;
); (iv) the Certificate Principal Balance of the Offered Certificates before and after giving effect to all distributions of principal and allocation of Applied Realized Loss Amounts in reduction of Certificate Principal Balance for such Distribution Date and the allocation of any Subsequent Recoveries to increase the Certificate Principal Balance for such Distribution Date;
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 Subordinate Offered Certificates after giving effect to the distribution of principal (including Subsequent Recoveries) and allocation of Applied Realized Loss Amounts on such Distribution Date;
; (vi) the Pass-Through Rate for each Class of Adjustable Rate Offered Certificates with respect to the current Accrual Period, and, if applicable, whether such 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;
Amount; (viii) the aggregate of the Stated Principal Balances of the Mortgage Loans with respect to each 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 included in the distribution on such Distribution Date;
; (xi) the number and aggregate principal amounts of Mortgage Loans (A) Delinquent (exclusive of Mortgage Loans in foreclosure and bankruptcy) (1) 31 to 60 days, (2) 61 to 90 days and (3) 91 or more days, (B) in foreclosure and 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;
; (xii) with respect to any Mortgage Loan that was liquidated during the preceding calendar month, the loan number and Stated Principal Balance of, and Realized Loss on, such Mortgage Loan as of the end of the related Prepayment Period;
; (xiii) whether a Trigger Event exists in a Group;
exists; (xiv) the total number and principal balance of any REO Properties with respect to each Group as of the end of 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;
; (xvii) 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 the Mortgage Loans in the related Group on the Closing Date; and
and (xviii) the amount of any Subsequent Recovery for such Distribution Date and the amount by which the Certificate Principal Balance of each Class of Subordinated Certificates was increased as a result thereof. The Securities Administrator 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 via the Securities Administrator's internet website. The Securities Administrator's internet website shall initially be located at "www.ctslink.comxxx.xxxxxxx.xxx". Assistance in using the Securities Administrator'x xxxxxxx xxx Administrator's website can be obtained by calling the Securities Administrator's customer service desk at (301000) 815000-66000000. To the extent timely received from the Securities XxxxxxxxxxxxxAdministrator, 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/sfrxxx.xxxxxxxx.xxx/xxx. Assistance in using the Trustee's website sexxxxx xxx xx xxxxxxxd service can be obtained by calling the Trustee's customer service desk at (877000) 722000-10950000. Parties that are unable to use the above distributxxx xxxxxxx xxe 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 may change the way monthly statements are distributed in order to make such distributions more convenient or more accessible to the above 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 EMC Servicer and the EMC ServicerTrustee. 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 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
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 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, the Securities Administrator shall prepare and deliver to the Trustee and the Yield Maintenance Provider, and make available to each Holder of Certificates, the Trustee, the Rating Agencies, the Master Servicer, the 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 (if any);
(ii) the amount of such distribution to Holders of each Class allocable to interest, and, if applicable, the portion thereof allocable to amounts provided pursuant to the Yield Maintenance Agreements to the extent such information is provided to the Securities Administrator by the TrusteeAgreement;
(iii) any the Interest Carry Forward Amounts, Amounts and any Basis Risk Shortfall Carry Forward Unpaid Applied Realized Loss Amounts for each Class of Adjustable Rate Offered Certificates (other than the Residual Certificates), if any;
(iv) the Certificate Principal Balance or Certificate Notional Balance of the Offered Certificates before and each Class after giving effect (i) to all distributions of allocable to principal on such Distribution Date and (ii) the allocation of any Applied Realized Loss Amounts in reduction of Certificate Principal Balance for such Distribution Date and the allocation of any Subsequent Recoveries to increase the Certificate Principal Balance for such Distribution Date, and, in the case of any Certificate Principal Balance, separately stating the amount of Deferred Interest, if any, added to such Certificate Principal Balance;
(v) the cumulative amount of Applied Realized Loss Amounts to date and the Unpaid Applied Realized Loss Amounts for each applicable Class of Subordinate Offered Certificates after giving effect to the distribution of principal (including Subsequent Recoveries) and allocation of Applied Realized Loss Amounts on such Distribution Date;.
(vi) the Pass-Through Rate for each Class of Adjustable Rate Offered Certificates with respect to the current Accrual Period, and, if applicable, whether such Pass-Through Rate was limited by the an Interest Rate Cap;
(vii) the amount of any Excess Cashflow Amount and any Excess Yield Maintenance Amount with respect to each GroupAmount;
(viii) the aggregate of the Stated Principal Balances of the fixed rate Mortgage Loans, the adjustable rate Mortgage Loans with respect to each Group on and all of the related Due Mortgage Loans for the following Distribution 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;
(xi) the number and aggregate principal amounts of Mortgage Loans (A) Delinquent (exclusive of Mortgage Loans in foreclosure and bankruptcy) (1) 31 to 60 days, (2) 61 to 90 days and (3) 91 or more days, (B) in foreclosure and 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;
(xii) with respect to any Mortgage Loan that was liquidated during the preceding calendar month, the loan number and Stated Principal Balance of, and Realized Loss on, such Mortgage Loan as of the end close of business on the related Prepayment PeriodDetermination Date preceding such Distribution Date;
(xiii) whether a Trigger Event exists in a Group;exists.
(xiv) the total number and principal balance of any REO Properties with respect to each Group as of the end close of business on the related Prepayment PeriodDetermination Date preceding such Distribution Date;
(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;; 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 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;
(xvii) 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 the Mortgage Loans in the related Group on the Closing Date; and
(xviii) the amount of any Subsequent Recovery for such Distribution Date and the amount by which the Certificate Principal Balance of each Class of Subordinated Certificates was increased as a result thereof. The Securities Administrator 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 via the Securities Administrator's internet website. The Securities Security Administrator's internet website shall initially be located at "www.ctslink.com". Assistance in using the Securities Administrator'x 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 and the Yield Maintenance Provider via the Trustee's internet website. The trustee's internet website will initially be located at www.jpmorgan.com/sfrwww.jpmorgan.com/absmbs. Assistance in using the Trustee's website sexxxxx websitx xxxxxxx xxx xx xxxxxxxd xxxxxxed by calling the Trustee's customer service desk at (877) 722-1095. Parties that are unable to use the above distributxxx xxxxxxx xxe 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 may change the way monthly statements are distributed in order to make such distributions more convenient or more accessible to the above 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 EMC Servicer and the EMC ServicerTrustee. 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 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 provided by the Depositor 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, the Securities Administrator shall prepare and deliver to the Trustee and the Yield Maintenance Provider, and make available to each Holder of Certificates, the Trustee, the Rating Agencies, the Master Servicer, the 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 (if any);
(ii) the amount of such distribution to Holders of each Class allocable to interest, and, if applicable, the portion thereof allocable to amounts provided pursuant to the Yield Maintenance Agreements to the extent such information is provided to the Securities Administrator by the TrusteeAgreements;
(iii) any Interest Carry Forward Amounts, Amounts and any Basis Risk Shortfall Carry Forward Amounts for each Class of Adjustable Rate Offered Certificates (other than the Residual Certificates);
(iv) the Certificate Principal Balance of the each Class of Offered Certificates before and after giving effect to all distributions of principal and allocation of Applied Realized Loss Amounts in reduction of Certificate Principal Balance for such Distribution Date and the 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 Unpaid Applied Realized Loss Amounts for each applicable Class of Subordinate Offered Certificates after giving effect to the distribution of principal (including Subsequent Recoveries) and allocation of Applied Realized Loss Amounts on such Distribution Date;
(vi) the Pass-Through Rate for each Class of Adjustable Rate Offered Certificates with respect to the current Accrual Period, and, if applicable, whether such 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 GroupAmount;
(viii) the aggregate of the Stated Principal Balances of the Mortgage Loans with respect to each 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 included in the distribution on such Distribution Date;
(xi) the number and aggregate principal amounts of Mortgage Loans (A) Delinquent (exclusive of Mortgage Loans in foreclosure and bankruptcy) (1) 31 to 60 days, (2) 61 to 90 days and (3) 91 or more days, (B) in foreclosure and 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;
(xii) with respect to any Mortgage Loan that was liquidated during the preceding calendar month, the loan number and Stated Principal Balance of, and Realized Loss on, such Mortgage Loan as of the end of the related Prepayment Period;
(xiii) whether a Trigger Event exists in a Groupexists;
(xiv) the total number and principal balance of any REO Properties with respect to each Group as of the end of 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;
(xvii) 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 the Mortgage Loans in the related Group on the Closing Date; and
(xviii) the amount of any Subsequent Recovery for such Distribution Date and the amount by which the Certificate Principal Balance of each Class of Subordinated Certificates and Class A-2 Certificates was increased as a result thereof. The Securities Administrator 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 via the Securities Administrator's ’s internet website. The Securities Administrator's ’s internet website shall initially be located at "www.ctslink.com"“xxx.xxxxxxx.xxx”. Assistance in using the Securities Administrator'x xxxxxxx xxx Administrator’s website can be obtained by calling the Securities Administrator's ’s customer service desk at (301000) 815000-66000000. To the extent timely received from the Securities XxxxxxxxxxxxxAdministrator, the Trustee will also make monthly statements available each month to Certificateholders and the Yield Maintenance Provider via the Trustee's ’s internet website. The trustee's ’s internet website will initially be located at www.jpmorgan.com/sfrxxx.xxxxxxxx.xxx/xxx. Assistance in using the Trustee's ’s website sexxxxx xxx xx xxxxxxxd service can be obtained by calling the Trustee's ’s customer service desk at (877000) 722000-10950000. Parties that are unable to use the above distributxxx xxxxxxx xxe distribution options are entitled to have a paper copy mailed to them via first class mail by calling the Securities Administrator's ’s customer service desk and indicating such. The Securities Administrator may change the way monthly statements are distributed in order to make such distributions more convenient or more accessible to the above 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 EMC Servicer and the EMC ServicerTrustee. 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 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 provided by the Depositor 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 DateDate 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 deliver to the Trustee and the Yield Maintenance Provider, and make available on its website located at www.ctslink.com to each Holder of Certificatesa Class of Certificates of the Trust Xxxx, the Trustee, the Rating Agenciesxxx Xxxxicer, the Master Servicer, the EMC Servicer 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 (except with respect to any Simple Interest Loans) of principal included therein (and with respect to any Simple Interest Loanstherein, 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, and, if applicable, the portion thereof allocable together with any Non-Supported Interest Shortfalls allocated to amounts provided pursuant to the Yield Maintenance Agreements to the extent such information is provided to the Securities Administrator by the Trusteeeach Class;
(iii) the Certificate Principal Balance of each Class after giving effect (i) to all distributions allocable to principal on such Distribution Date and (ii) the allocation of any Interest Carry Forward Amounts, any Basis Risk Shortfall Carry Forward Applied Realized Loss Amounts for each Class of Adjustable Rate Certificatessuch Distribution Date;
(iv) the Certificate Principal Balance of the Offered Certificates before and after giving effect to all distributions of principal and allocation of Applied Realized Loss Amounts in reduction of Certificate Principal Balance for such Distribution Date and the allocation of any Subsequent Recoveries to increase the Certificate Pool Stated Principal Balance for such Distribution Date;
(v) the cumulative amount of Applied Realized Loss Amounts the Servicing Fee paid to date 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 Unpaid Applied Realized Loss Amounts for each applicable Class of Subordinate Certificates after giving effect to the distribution of principal (including Subsequent Recoveries) and allocation of Applied Realized Loss Amounts on such Distribution DateServicer, Master Servicer, Securities Administrator or Trustee;
(vi) the Pass-Through Rate for each Class of Adjustable Rate Certificates with respect to the current Accrual Period, and, if applicable, whether for such Pass-Through Rate was limited by the Interest Rate CapDistribution Date;
(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;
(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;
(xiviii) 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 and bankruptcyforeclosure) (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 and (C) in bankruptcy and delinquent 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;
(xiixi) with respect to any Mortgage Loan that was liquidated became an REO Property during the preceding calendar month, the loan number and Stated Principal Balance of, and Realized Loss on, of such Mortgage Loan as of the end close of business on the last day of the related Prepayment Periodcalendar 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;
(xiii) whether a Trigger Event exists in a Group;
(xivxii) the total number and principal balance of any REO Properties with respect to each Group as of the end close of 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 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 aggregate Realized Losses on 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 each Group the aggregate of such amounts for all such Mortgage Loans since the Closing Date as a percentage of the aggregate Stated Principal Balance of the Mortgage Loans in the related Group on the Closing Cut-off Date; and;
(xviii) the amount and purpose of any Subsequent Recovery for such Distribution Date 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 by which the Certificate Principal Balance of any payments to each Class of Subordinated Certificates was increased 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 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 Offered Certificates and Class B-2, Class B-3, Class B-4 and Class 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 thereof. of such reductions in the aggregate and with respect to the Group One Mortgage Loans and the Group Two Mortgage Loans.
(b) The Securities Administrator may will make the foregoing monthly statement Monthly Statement (and, at its option, any additional files containing the same information in an alternative format) available each month to Certificateholders Certificateholders, other parties to this Agreement and any other interested parties via the Securities Administrator's internet Internet website. The Securities Administrator's internet Internet website shall initially be located at "www.ctslink.com". ." Assistance in using the Securities Administrator'x xxxxxxx xxx website can be obtained by calling the Securities cxxxxxx xxx Xxxxrities 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 above distributxxx xxxxxxx xxe entitled to have a paper website are entitlex xx xxxx x xxper copy mailed to them via first class mail by calling the Securities Administrator's customer service desk and indicating such. The Securities Administrator may shall have the right to change the way the monthly statements to Certificateholders are distributed in order to make such distributions distribution more convenient or and/or more accessible to the above parties.
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 (b) The without suggesting liability on the part of any other party hereto). As a condition to access the Securities Administrator's responsibility for making internet website, the above information available to the Certificateholders is limited to the availability, timeliness and accuracy of the information derived from the Master Servicer Securities Administrator may require registration and the EMC Serviceracceptance of a disclaimer. The Securities Administrator will make available a copy not be liable for the dissemination of each statement provided pursuant to information in accordance with this Section 5.05 to each Rating AgencyAgreement.
(c) Within 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 will prepare and the Trustee will provide shall make available on its website or cause to the EMC Servicer, and upon request be furnished to each Person who at any time during the calendar year was a CertificateholderCertificateholder 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 5.05 4.05 aggregated for such calendar year or applicable portion thereof during which such Person was a Certificateholder. Such obligation of the Trustee Securities Administrator shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Trustee Securities Administrator pursuant to any requirements of the Code as are from time to time in effect.
(de) Upon filing with the Internal Revenue Service, the Securities Administrator shall furnish to the Holders of the Residual Certificates Class R Certificate and the applicable NIMs Insurer each 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 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 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 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 a REMICthe REMICs; and
(vii) Any taxes (including penalties and interest) imposed on the REMICREMICs, 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 9.128.12.
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, the Securities Administrator shall prepare and deliver to the Trustee and the Yield Maintenance Provider, and make available to each Holder of Certificates, the Trustee, the Rating Agencies, the Master Servicer, the EMC Servicer 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 (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 (if any);
(iivi) the amount of such distribution to Holders of each Class of Class A Certificates and Class M Certificates allocable to interest, andinterest and the portion thereof, if applicableany, provided by the portion thereof allocable to amounts provided pursuant to the Swap Agreement and Yield Maintenance Agreements to Agreement and the extent such information is provided to the Securities Administrator by the Trusteeamount of coverage remaining under either credit enhancement;
(iiivii) any the Interest Carry Forward Amounts, Amounts and any Basis Risk Shortfall Carry Forward Amounts for each Class of Adjustable Rate CertificatesCertificates (if any);
(iv) the Certificate Principal Balance of the Offered Certificates before and after giving effect to all distributions of principal and allocation of Applied Realized Loss Amounts in reduction of Certificate Principal Balance for such Distribution Date and the 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 Unpaid Applied Realized Loss Amounts for each applicable Class of Subordinate Certificates after giving effect to the distribution of principal (including Subsequent Recoveries) and allocation of Applied Realized Loss Amounts on such Distribution Date;
(viviii) the Pass-Through Rate for each Class of Adjustable Rate 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 Interest Net Rate Cap;
(viiix) the amount of any Excess Cashflow Amount number and any Excess Yield Maintenance Amount with respect to each Group;
(viii) the aggregate of the Stated Principal Balances Balance of (A) all of the Mortgage Loans with respect to each Group on the related Due Date;
and (ixB) 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 Adjustable Rate Mortgage Loans, for the related Due Periodfollowing Distribution Date;
(x) the amount Certificate Principal Balance or Certificate Notional Amount, as applicable, of Advances included in each Class before and after giving effect (i) to all distributions allocable to principal on such Distribution Date and (ii) the distribution on allocation of any Applied Realized Loss Amounts for such Distribution Date;
(xi) the number and aggregate principal amounts Stated Principal Balance of the Mortgage Loans (A) Delinquent (exclusive of Mortgage Loans in foreclosure and bankruptcy) (1) 31 to 60 days30 days Delinquent, (2) 61 to 90 60 days Delinquent and (3) 91 90 days or more daysDelinquent, (B) in foreclosure and delinquent (1) 31 to 60 days30 days Delinquent, (2) 61 to 90 60 days Delinquent and (3) 91 90 days or more days Delinquent and (C) in bankruptcy and delinquent (1) 31 to 60 days30 days Delinquent, (2) 61 to 90 60 days Delinquent and (3) 91 90 days or more daysDelinquent, 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;
(xii) 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 was liquidated during the preceding calendar month, the loan number and aggregate Stated Principal Balance of, and Realized Loss on, such Mortgage Loan Loans as of the end close of business on the related Prepayment PeriodDetermination Date preceding such Distribution Date;
(xiii) whether a Trigger Event exists in a Group;
(xivxvii) the total number and principal balance of any real estate owned or REO Properties with respect to each Group as of the end close of business on the related Prepayment PeriodDetermination Date preceding such Distribution Date;
(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;
(xvixviii) the three month rolling average of the percent equivalent of a fraction, the numerator of which is the aggregate stated Stated Principal Balance of the Mortgage Loans in each Group that are 61 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 the related Group 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, and (2) Adjustable Rate Mortgage Loans;
(xviixix) the aggregate Realized Losses during the related Prepayment Period and the cumulative Realized Losses through the end of the preceding month;
(xx) whether a Trigger Event exists;
(xxi) the amount of the distribution made on such Distribution Date to the Holders of the Class P Certificates allocable to Prepayment Charges;
(xxii) information on loss, delinquency or other tests used for determining early amortization, liquidation, stepdowns or other performance triggers and whether the trigger was met;
(xxiii) 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 securities backed by the same asset pool, any pool asset changes, such as additions or removals of Mortgage Loans in each Group since from the Closing Date as a percentage of the aggregate Stated Principal Balance of the Mortgage Loans in the related Group on the Closing DateTrust Fund, if applicable; and
(xviiixxvi) any material changes in the amount 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. 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 Subsequent Recovery for pool asset changes, such Distribution Date and as additions or removals of Mortgage Loans from the amount by which the Certificate Principal Balance of each Class of Subordinated Certificates was increased as a result thereofTrust Fund. The Securities Administrator may make the foregoing monthly statement Monthly Statement (and, at its option, any additional files containing the same information in an alternative format) available each month to Certificateholders via the Securities Administrator's ’s internet website. The Securities Administrator's ’s internet website shall initially be located at "www.ctslink.com"“xxx.xxxxxxx.xxx”. Assistance in using the Securities Administrator'x xxxxxxx xxx website can be obtained by calling the Securities Administrator's customer service ’s transaction administrator desk at (301000) 815000-6600. 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) 722-10950000. Parties that are unable to use the above distributxxx xxxxxxx xxe 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 may change the way monthly statements Monthly Statements are distributed in order to make such distributions more convenient or more accessible to the above partiesparties and the Securities Administrator shall provide timely and adequate notification to all above parties regarding any such changes. As a condition to access the Securities Administrator’s internet website, the Securities Administrator may 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 ’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 parties providing the EMC Servicerinformation to the Securities Administrator. The Securities Administrator will make available a copy of each statement provided pursuant to this Section 5.05 5.06 to each Rating AgencyAgency on its website at xxx.xxxxxxx.xxx.
(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 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)(ia)(v) and (a)(iia)(vi) of this Section 5.05 5.06 aggregated for such calendar year or applicable portion thereof during which such Person was a Certificateholder. Such obligation of the Trustee Securities Administrator shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Trustee Securities Administrator pursuant to any requirements of the Code as from time to time in effect.
(d) 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 class of regular Regular Interests and residual interests 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 class of regular Regular Interests or residual interests 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 Realized Losses with respect to the Mortgage Loans or the regular interests Regular Interests created hereunder, including the timing and amount of any cancellation of indebtedness income of a REMIC with respect to such regular interests 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 9.1210.12.
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, the Securities Administrator Trustee shall prepare and deliver to the Trustee and the Yield Maintenance Provider, and make available to each Holder of CertificatesCertificateholder, the Trustee, the Rating Agencies, the Master Servicer, the EMC Servicer Depositor, the Certificate Insurer, the Swap Provider and the Depositor each Rating 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 (except with respect to any Simple Interest Loans) of principal included therein (Accrual Periods and with respect to any Simple Interest Loans, the amount of principal actually received included therein), and (C) the Extra Principal Determination Dates for calculating distributions for such Distribution Amount (if any)Date;
(ii) the amount of such distribution to Holders of each Class allocable to interest, and, if applicable, funds received from the portion thereof allocable to amounts 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 the Offered Certificates before and after giving effect to all distributions of principal and allocation of Applied Realized Loss Amounts in reduction of Certificate Principal Balance Servicer for such Distribution Date and the 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 Unpaid Applied Realized Loss Amounts for each applicable Class of Subordinate Certificates after giving effect to the distribution of principal (including Subsequent Recoveries) and allocation of Applied Realized Loss Amounts on such Distribution Date;
(vi) the Pass-Through Rate for each Class of Adjustable Rate Certificates with separately identifying amounts received in respect to the current Accrual Period, and, if applicable, whether such 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;
(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) Loans, the amount of Advances included in the distribution on the Distribution Date, the amount of any Net Swap Payment made to the Supplemental Interest Trust and any Swap Termination Payment made to the Supplemental Interest Trust;
(iii) the Servicing Fee and Trustee Fee for such Distribution Date;
(iv) the amount 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 distribution allocable to 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 Excess Reserve 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 shortfall and the allocation of the shortfall between principal and interest, including any Net WAC Cap Carry Forward Amount not covered by amounts in the Excess Reserve Fund Account;
(ix) the amount of any Total Monthly Excess Spread on the Distribution Date and the allocation thereof to the Certificateholders;
(x) the Class Certificate Balance of the Class A Certificates before and after giving effect to the distribution of principal on the Distribution Date;
(xi) the Pass-Through Rate for the Class A Certificates with respect to the Distribution Date;
(xii) the amount on deposit in the Certificate Account and the Excess Reserve Fund Account (before and after giving effect to distributions on the Distribution Account Deposit Date and Distribution Date, respectively);
(xiii) the number of Mortgage Loans and 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;
(xv) the number and aggregate principal amounts outstanding balance of the Mortgage Loans as of the end of the preceding calendar month: (A) Delinquent delinquent (exclusive of Mortgage Loans in foreclosure and bankruptcyforeclosure) (1) 31 30 to 60 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 30 to 60 59 days, (2) 61 60 to 90 89 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 the Distribution Date;
(xiixvi) 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 on the Due Date in such month;
(xvii) with respect to any Mortgage Loan that was liquidated became an REO Property during the preceding calendar month, the loan number and Stated Principal Balance of, and Realized Loss on, such of the Mortgage Loan as of the end close of business on the related Prepayment PeriodDetermination Date preceding the Distribution Date and the date of acquisition thereof;
(xiii) whether a Trigger Event exists in a Group;
(xivxviii) the total number and principal balance of any REO Properties with respect to each Group (and market value, if available) as of the end close of business on the related Prepayment PeriodDetermination Date preceding the Distribution Date;
(xvxix) the Realized Losses with respect to each Group aggregate amount of Principal Prepayments received during the related Prepayment Period and the cumulative Realized Losses with respect number of Mortgage Loans subject to each Group through the end of the preceding monthsuch Principal Prepayments;
(xvixx) the three month rolling average aggregate amount of Advances and Servicing Advances reimbursed during the percent equivalent of a fractionrelated Remittance Period, the numerator general source of which is funds for such reimbursements and the aggregate stated Principal Balance amount of the Mortgage Loans in each Group that are 61 days or more delinquent or are in bankruptcy or foreclosure or are REO Properties, Advances and the denominator of which is the aggregate Stated Principal Balance of all of the Mortgage Loans in the related Group Servicing Advances outstanding as of the last day close of business on the Distribution Date;
(xxi) the amount of any Charge-off Amounts during the prior calendar month preceding and since the Cut-off Date;
(xxii) the aggregate number and outstanding principal balance of Mortgage Loans repurchased during the related Remittance Period due to material breaches of representations and warranties regarding such Mortgage Loans;
(xxiii) the Overcollateralization Amount for such Distribution Date;
(xviixxiv) Prepayment Charges collected, waived, and paid by the Servicer;
(xxv) with respect to the second Distribution Date, the number and aggregate Realized Losses on the balance of any Delayed Delivery Mortgage Loans in each Group since not delivered within the Closing Date as a percentage of the aggregate Stated Principal Balance of the Mortgage Loans time periods specified in the related Group on the Closing Date; anddefinition of Delayed Delivery Mortgage Loans;
(xviiixxvi) reserved;
(xxvii) the amount of any Subsequent Recovery for Premium and Reimbursement Amounts paid to the Certificate Insurer on such Distribution Date and cumulatively; and
(xxviii) the amount receipt by which the Servicer of any Subsequent Recoveries. 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 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, of the Servicer. If the statement is not accessible to any of the Certificateholders, the Certificate Principal Balance Insurer, the Swap Provider, 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, the Certificate Insurer and each Rating Agency immediately after the Trustee becomes aware that it is not accessible to any of Subordinated Certificates was increased as a result thereof. The Securities Administrator may make the foregoing monthly statement (and, at them via its option, any additional files containing the same information in an alternative format) available each month to Certificateholders via the Securities Administrator's internet website. The Securities Administrator's internet website shall initially be located at "www.ctslink.com". Assistance in using the 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 address of the Trustee's internet website. The trustee's internet ’s Internet website where the statement will initially be located at www.jpmorgan.com/sfraccessible is hxxxx://xxx.xxx.xx.xxx/xxxx. Assistance in using the Trustee's ’s Internet website sexxxxx xxx xx xxxxxxxd may be obtained by calling the Trustee's ’s customer service desk at (877000) 722000-1095. Parties that are unable to use the 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 such0000. The Securities Administrator may Trustee shall notify each Certificateholder, the Servicer, the Depositor, the Certificate Insurer and each Rating Agency in writing of any change in the way monthly statements are distributed in order to make such distributions more convenient address or more accessible means of access to the above partiesInternet website where the statement is accessible.
(b) The Securities Administrator's Trustee’s responsibility for making preparing and disbursing the above information available to the Certificateholders is limited to the availability, timeliness timeliness, and accuracy of the information derived from the Master Servicer. The Trustee is not responsible for any inaccuracies in or caused by the data provided by the Servicer. By each Determination Date, the Servicer shall provide to the Trustee in electronic form the information needed to determine the distributions to be made pursuant to Section 4.02 and 3.09(b)(ii) and any other information that the Servicer and the EMC Servicer. The Securities Administrator will make available a copy 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 each statement provided pursuant to this Section 5.05 to each Rating Agencyexpenses paid from amounts on deposit in the Certificate Account.
(c) Within a reasonable period of time after the end of each calendar year, the Securities Administrator will prepare and the Trustee will provide shall cause to the EMC Servicer, and upon request be furnished to each Person who at any time during the calendar year was a Certificateholder, a statement containing the information set forth in clauses (a)(i) and (a)(ii) (with respect to principal and interest distributed) of this Section 5.05 4.03 aggregated for such the calendar year or the applicable portion thereof during which such the Person was a Certificateholder. Such This obligation of the Trustee shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Trustee pursuant to any requirements of the Code as from time to time in effect.
(d) 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 provided by the Depositor pursuant to Section 9.12.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Home Equity Mortgage Loan Asset-Backed Trust, Series INDS 2007-2)
Monthly Statements to Certificateholders. (a) Not later than two Business Days prior to each Distribution Date, the Master Servicer shall prepare and make available to the Trustee and not later than each Distribution Date, the Securities Administrator Master Servicer shall prepare and deliver to the Trustee and the Yield Maintenance Provider, and make available to each Holder of CertificatesCertificateholder, the TrusteeDepositor and any other interested parties a statement based in part on information provided by each Servicer setting forth the following information with respect to the related distribution (in the case of information furnished pursuant to (i), (ii) and (vii) below, the Rating Agenciesamounts shall be expressed as a dollar amount per minimum denomination Certificate, such minimum denominations being as set forth in the Master Servicer, the EMC Servicer and the Depositor a statement setting forth for the Certificates:Preliminary Statement):
(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 (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 (if any);
(ii) the amount of such distribution to Holders of each Class thereof allocable to interest, and, if applicable, the portion thereof allocable any unpaid Class Interest Shortfall included in such distribution and any remaining unpaid Class Interest Shortfall after giving effect to amounts provided pursuant to the Yield Maintenance Agreements to the extent such information is provided to the Securities Administrator by the Trusteedistribution;
(iii) any Interest Carry Forward Amounts, any Basis Risk Shortfall Carry Forward Amounts for each if the distribution to the Holders of such Class of Adjustable Rate CertificatesCertificates 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;
(iv) the Certificate Principal Balance as a dollar amount per minimum denomination Certificate and the Class Principal Balance or Notional Amount of the Offered Certificates before and each Class of Certificates, after giving effect to all distributions the distribution of principal and allocation of Applied Realized Loss Amounts in reduction of Certificate Principal Balance for such Distribution Date and the allocation of any Subsequent Recoveries to increase the Certificate Principal Balance for on such Distribution Date;
(v) the cumulative amount of Applied Realized Loss Amounts to date and the Unpaid Applied Realized Loss Amounts Group Pool Principal Balance for each applicable Class of Subordinate Certificates after giving effect to the distribution of principal (including Subsequent Recoveries) and allocation of Applied Realized Loss Amounts Loan Group on such Distribution Date;
(vi) the Pass-Through Rate for each Class of Adjustable Rate Certificates with respect to the current Accrual Period, and, if applicable, whether such Pass-Through Rate was limited by the Interest Rate CapSenior Percentage and Junior Percentage;
(vii) the amount of any Excess Cashflow Amount the Servicing Fees and any Excess Yield Maintenance Amount Master Servicing Fees with respect to each Groupsuch Distribution Date;
(viii) the aggregate Pass-Through Rate for each such Class of the Stated Principal Balances of the Mortgage Loans Certificates with respect to each Group on the related Due such Distribution 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 and the aggregate amount of Advances outstanding as of the close of business on such Distribution Date;
(xix) the number and aggregate principal amounts of Mortgage Loans (A) Delinquent delinquent (exclusive of Mortgage Loans in foreclosure and bankruptcyforeclosure) (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 (1) 1 to 30 days (2) 31 to 60 days, days (23) 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 (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;
(xiixi) with respect to any Mortgage Loan that was liquidated became an REO Property during the preceding calendar month, the loan number and Stated Scheduled Principal Balance of, and Realized Loss on, of such Mortgage Loan as of the end close of business on the last Business Day of the related Prepayment Periodcalendar month preceding such Distribution Date and the date of acquisition thereof;
(xiii) whether a Trigger Event exists in a Group;
(xivxii) the total number and principal balance of any REO Properties with respect to each Group (and market value, if available) as of the end close of 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 business on the last day Business Day of the calendar month preceding such Distribution Date;
(xviixiii) the Senior Prepayment Percentage;
(xiv) the aggregate amount of Realized Losses incurred during the preceding calendar month;
(xv) the Special Hazard Loss Coverage Amount, the Fraud Loss Coverage Amount and the Bankruptcy Loss Coverage Amount, in each case as of the related Determination Date;
(b) The Master Servicer’s responsibility for disbursing the above information to the Trustee, Depositor, Certificateholders and other interested parties is limited to the availability, timeliness and the accuracy of the information provided by each Servicer. The Master Servicer will make a copy of each statement provided pursuant to this Section 4.04 (and, at its option, any additional files containing the same information in an alternative format) available each month to Certificateholders and other interested parties, and other parties to this Agreement via the Master Servicer’s internet website located at “xxx.xxxxxxx.xxx”. Assistance in using the internet website can be obtained by calling the Master Servicer’s customer service desk at (000) 000-0000. Parties that are unable to use the above distribution method are entitled to have a paper copy mailed to them via first class mail by calling the customer service desk and indicating such. The Master Servicer shall have the right to change the way the distribution date statement is distributed in order to make such distribution more convenient and/or more accessible and the Master Servicer shall provide timely and adequate notification to the Certificateholders and the parties to this Agreement regarding any such changes. The Master Servicer 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 Mortgage Loans in each Group since the Closing Date as a percentage of the aggregate Stated Principal Balance of the Mortgage Loans in the related Group on the Closing Date; and
(xviii) the amount part of any Subsequent Recovery for other party hereto). To the extent that the Trustee receives any statement required to be provided to it by the Master Servicer pursuant to Section 4.04(a), the Trustee will make a copy of such Distribution Date and the amount by which the Certificate Principal Balance of each Class of Subordinated Certificates was increased as a result thereof. The Securities Administrator 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 and other interested parties, and other parties to this Agreement via the Securities Administrator's internet website. The Securities Administrator's Trustee’s internet website shall initially be located at "www.ctslink.com"“xxx.xxxxxxxx.xxx/xxxxxx”. Assistance in using the Securities Administrator'x xxxxxxx xxx internet website can be obtained by calling the Securities Administrator's Trustee’s customer service desk at (301000) 815000-66000000. To As a condition to access 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 Master Servicer’s internet website or the Trustee's ’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 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 may change the way monthly statements are distributed in order to make such distributions more convenient or more accessible to the above 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 EMC ServicerTrustee may require registration and the acceptance of a disclaimer. The Securities Administrator Neither the Master Servicer nor the Trustee will make available a copy be liable for the dissemination of each statement provided pursuant to information in accordance with this Section 5.05 to each Rating AgencyAgreement.
(c) Within a reasonable period of time after the end of each calendar year, based solely upon, and to the Securities Administrator will prepare and extent of, information provided to it by the Master Servicer pursuant to Section 4.04(a), the Trustee will provide shall cause to the EMC Servicer, and be furnished upon request to each Person who at any time during the calendar year was a Certificateholder, a statement containing the information set forth in clauses (a)(i), (a)(ii) and (a)(iia)(vii) of this Section 5.05 4.04 aggregated for such calendar year or applicable portion thereof during which such Person was a Certificateholder. Such obligation of the Trustee shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Trustee pursuant to any requirements of the Code as from time to time in effect.
(d) 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 provided by the Depositor pursuant to Section 9.12.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Mortgage Asset Sec Trans Inc Mort Pass THR Cert Ser 2002-8)
Monthly Statements to Certificateholders. (a) Not later than each Distribution DateDate 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 Trustee shall prepare and deliver to the Trustee and the Yield Maintenance Provider, and make available on its website located at xxx.xxxxxxxx.xxx to each Holder of Certificatesa Class of Certificates of the Trust Fund, the TrusteeServicer, the NIMs Insurer, the Rating Agencies, the Master Servicer, the EMC Servicer 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 (except with respect to any Simple Interest Loans) of principal included therein (and with respect to any Simple Interest Loanstherein, 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, and, if applicable, the portion thereof allocable together with any Compensating Interest Shortfalls with respect to amounts provided pursuant to the Yield Maintenance Agreements to the extent such information is provided to the Securities Administrator by the Trusteeeach Class;
(iii) the Certificate Principal Balance of each Class after giving effect (i) to all distributions allocable to principal on such Distribution Date and (ii) the allocation of any Interest Carry Forward Amounts, any Basis Risk Shortfall Carry Forward Applied Realized Loss Amounts for each Class of Adjustable Rate Certificatessuch Distribution Date;
(iv) the Certificate Principal Balance of the Offered Certificates before and after giving effect to all distributions of principal and allocation of Applied Realized Loss Amounts in reduction of Certificate Principal Balance for such Distribution Date and the allocation of any Subsequent Recoveries to increase the Certificate Pool Stated Principal Balance for such Distribution Date;
(v) the cumulative amount of Applied Realized Loss Amounts the Servicing Fee paid to date or retained by the Servicer and any amounts constituting reimbursement or indemnification of the Unpaid Applied Realized Loss Amounts for each applicable Class of Subordinate Certificates after giving effect to the distribution of principal (including Subsequent Recoveries) and allocation of Applied Realized Loss Amounts on such Distribution DateServicer or Trustee;
(vi) the Pass-Through Rate for each Class of Adjustable Rate Certificates with respect to the current Accrual Period, and, if applicable, whether for such Pass-Through Rate was limited by the Interest Rate CapDistribution Date;
(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;
(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;
(xiviii) 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; 115
(x) the number and aggregate principal amounts of Mortgage Loans (A) Delinquent (exclusive of Mortgage Loans in foreclosure and bankruptcyforeclosure) (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 and (C) in bankruptcy and delinquent 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;
(xiixi) with respect to any Mortgage Loan that was liquidated became an REO Property during the preceding calendar month, the loan number and Stated Principal Balance of, and Realized Loss on, of such Mortgage Loan as of the end close of business on the last day of the related Prepayment Periodcalendar 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;
(xiii) whether a Trigger Event exists in a Group;
(xivxii) the total number and principal balance of any REO Properties with respect to each Group as of the end close of 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 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 loans that become 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;
(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 aggregate Realized Losses on 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 each Group the aggregate of such amounts for all such Mortgage Loans since the Closing Date as a percentage of the aggregate Stated Principal Balance of the Mortgage Loans in the related Group on the Closing Cut-off Date; and;
(xviii) the amount and purpose of any Subsequent Recovery for such Distribution Date 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 by which the Certificate Principal Balance of any payments to each Class of Subordinated Certificates was increased 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-1 Certificates, the Class A-2 Certificates, the Subordinate Certificates and the Class C Certificates described in Section 4.04(k) hereof;
(xxi) as of each Distribution Date, the amount, if any, to be deposited in the Swap Account within 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;
(xxii) any Floating Rate Certificate Carryover paid and all Floating Rate Certificate Carryover remaining on each class of the Class A, Class M and Class B Certificates on such Distribution Date;
(xxiii) information regarding 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 pool asset substitutions and repurchases (and purchase rates, if applicable);
(xxiv) 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 thereof. of such reductions in the aggregate and with respect to the Group One Mortgage Loans and the Group Two Mortgage Loans; and
(xxv) the aggregate outstanding principal balance of each class of Certificates for the following Distribution Date.
(b) The Securities Administrator may Trustee will make the foregoing monthly statement Monthly Statement (and, at its option, any additional files containing the same information in an alternative format) available each month to Certificateholders Certificateholders, 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.ctslink.com". Assistance in using the 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. xxx.xxxxxxxx.xxx." Parties that are unable to use the above distributxxx xxxxxxx xxe website 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 may Trustee shall have the right to change the way the monthly statements to Certificateholders are distributed in order to make such distributions distribution more convenient or and/or more accessible to the above parties.
(b) parties and the Trustee shall provide timely and adequate notification to all above parties regarding any such changes. The Securities Administrator's responsibility for making foregoing information and reports shall be prepared and determined by the above information available Trustee based on Mortgage Loan data provided to the Certificateholders is limited Trustee by the Servicer and information received by the Trustee from third parties, including the Swap Counterparty. In preparing or furnishing the foregoing information, the Trustee shall be entitled to rely conclusively on the availability, timeliness and accuracy of the information derived from or data provided to the Master Trustee by the Servicer or any other party and the EMC ServicerTrustee 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 Trustee's Internet website, the Trustee may require registration and the acceptance of a disclaimer. The Securities Administrator Trustee will make available a copy not be liable for the dissemination of each statement provided pursuant to information in accordance with this Section 5.05 to each Rating AgencyAgreement.
(c) Within The Servicer shall deliver to the NIMs Insurer a copy of any report delivered by the Servicer to the Trustee.
(d) If so requested in writing within a reasonable period of time after the end of each calendar year, the Securities Administrator will prepare and the Trustee will provide shall make available on its website or cause to the EMC Servicer, and upon request be furnished to each Person who at any time during the calendar year was a CertificateholderCertificateholder 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 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 provided by the Depositor pursuant to Section 9.12.117
Appears in 1 contract
Monthly Statements to Certificateholders. (a) Not later than each Distribution DateDate 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 Trustee shall prepare and deliver to the Trustee and the Yield Maintenance Provider, and make available on its website located at xxx.xxxxxxxx.xxx to each Holder of Certificatesa Class of Certificates of the Trust Fund, the TrusteeServicer, the NIMs Insurer, the Rating Agencies, the Master Servicer, the EMC Servicer 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 (except with respect to any Simple Interest Loans) of principal included therein (and with respect to any Simple Interest Loanstherein, 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, and, if applicable, the portion thereof allocable together with any Non-Supported Interest Shortfalls allocated to amounts provided pursuant to the Yield Maintenance Agreements to the extent such information is provided to the Securities Administrator by the Trusteeeach Class;
(iii) the Certificate Principal Balance of each Class after giving effect (i) to all distributions allocable to principal on such Distribution Date and (ii) the allocation of any Interest Carry Forward Amounts, any Basis Risk Shortfall Carry Forward Applied Realized Loss Amounts for each Class of Adjustable Rate Certificatessuch Distribution Date;
(iv) the Certificate Principal Balance of the Offered Certificates before and after giving effect to all distributions of principal and allocation of Applied Realized Loss Amounts in reduction of Certificate Principal Balance for such Distribution Date and the allocation of any Subsequent Recoveries to increase the Certificate Pool Stated Principal Balance for such Distribution Date;
(v) the cumulative amount of Applied Realized Loss Amounts the Servicing Fee Rate paid to date or retained by the Servicer, the amount of the Trustee Fee Rate paid to or retained by the Trustee, and any amounts constituting reimbursement or indemnification of the Unpaid Applied Realized Loss Amounts for each applicable Class of Subordinate Certificates after giving effect to the distribution of principal (including Subsequent Recoveries) and allocation of Applied Realized Loss Amounts on such Distribution DateServicer or Trustee;
(vi) the Pass-Through Rate for each Class of Adjustable Rate Certificates with respect to the current Accrual Period, and, if applicable, whether for such Pass-Through Rate was limited by the Interest Rate CapDistribution Date;
(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;
(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;
(xiviii) 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 and bankruptcyforeclosure) (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 and (C) in bankruptcy and delinquent 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;
(xiixi) with respect to any Mortgage Loan that was liquidated became an REO Property during the preceding calendar month, the loan number and Stated Principal Balance of, and Realized Loss on, of such Mortgage Loan as of the end close of business on the last day of the related Prepayment Periodcalendar 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;
(xiii) whether a Trigger Event exists in a Group;
(xivxii) the total number and principal balance of any REO Properties with respect to each Group as of the end close of 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 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 aggregate Realized Losses on 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 each Group the aggregate of such amounts for all such Mortgage Loans since the Closing Date as a percentage of the aggregate Stated Principal Balance of the Mortgage Loans in the related Group on the Closing Cut-off Date; and;
(xviii) the amount and purpose of any Subsequent Recovery for such Distribution Date 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 by which the Certificate Principal Balance of any payments to each Class of Subordinated Certificates was increased 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-1 Certificates, the Class A-2 Certificates, the Floating Rate Subordinate Certificates and the Class C Certificates described in Section 4.04(k) hereof;
(xxi) as of each Distribution Date, the amount, if any, to be deposited in the Swap Account within 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; and
(xxii) any Floating Rate Certificate Carryover paid and all Floating Rate Certificate Carryover remaining on each class of the Class A, Class M and Class B Certificates on such Distribution Date;
(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 thereof. of such reductions in the aggregate and with respect to the Group One Mortgage Loans and the Group Two Mortgage Loans.
(b) The Securities Administrator may Trustee will make the foregoing monthly statement Monthly Statement (and, at its option, any additional files containing the same information in an alternative format) available each month to Certificateholders Certificateholders, 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.ctslink.com". Assistance in using the 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. xxx.xxxxxxxx.xxx." Parties that are unable to use the above distributxxx xxxxxxx xxe website 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 may Trustee shall have the right to change the way the monthly statements to Certificateholders are distributed in order to make such distributions distribution more convenient or and/or more accessible to the above parties.
(b) parties and the Trustee shall provide timely and adequate notification to all above parties regarding any such changes. The Securities Administrator's responsibility for making foregoing information and reports shall be prepared and determined by the above information available Trustee based on Mortgage Loan data provided to the Certificateholders is limited Trustee by the Servicer and information received by the Trustee from third parties, including the Swap Counterparty. In preparing or furnishing the foregoing information, the Trustee shall be entitled to rely conclusively on the availability, timeliness and accuracy of the information derived from or data provided to the Master Trustee by the Servicer or any other party and the EMC ServicerTrustee 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 Trustee's Internet website, the Trustee may require registration and the acceptance of a disclaimer. The Securities Administrator Trustee will make available a copy not be liable for the dissemination of each statement provided pursuant to information in accordance with this Section 5.05 to each Rating AgencyAgreement.
(c) Within The Servicer shall deliver to the NIMs Insurer a copy of any report delivered by the Servicer to the Trustee.
(d) If so requested in writing within a reasonable period of time after the end of each calendar year, the Securities Administrator will prepare and the Trustee will provide shall make available on its website or cause to the EMC Servicer, and upon request be furnished to each Person who at any time during the calendar year was a CertificateholderCertificateholder 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 5.05 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.
(de) Upon filing with the Internal Revenue Service, the Securities Administrator Trustee shall furnish to the Holders of the Residual Certificates Class R Certificate and the applicable NIMs Insurer each Form 1066 and each applicable Form 1066Q and 119 shall respond promptly to written requests made not more frequently than quarterly by any Holder of a Residual 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 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 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 a REMICthe REMICs; and
(vii) Any taxes (including penalties and interest) imposed on the REMICREMICs, 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 9.128.12.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Merrill Lynch Mortgage Investors Inc)
Monthly Statements to Certificateholders. (a) Not later than each Distribution DateDate 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 Trustee 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 Certificatesa Class of Certificates of the Trust Fund, the TrusteeServicer, the NIMs Insurer, the Rating Agencies, the Master Servicer, the EMC Servicer 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 (except with respect to any Simple Interest Loans) of principal included therein (and with respect to any Simple Interest Loanstherein, 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, and, if applicable, the portion thereof allocable together with any Non-Supported Interest Shortfalls allocated to amounts provided pursuant to the Yield Maintenance Agreements to the extent such information is provided to the Securities Administrator by the Trusteeeach Class;
(iii) the Class Certificate Principal Balance of each Class after giving effect (i) to all distributions allocable to principal on such Distribution Date and (ii) the allocation of any Interest Carry Forward Amounts, any Basis Risk Shortfall Carry Forward Applied Realized Loss Amounts for each Class of Adjustable Rate Certificatessuch Distribution Date;
(iv) the Certificate Principal Balance of the Offered Certificates before and after giving effect to all distributions of principal and allocation of Applied Realized Loss Amounts in reduction of Certificate Principal Balance for such Distribution Date and the allocation of any Subsequent Recoveries to increase the Certificate Pool Stated Principal Balance for such Distribution Date;
(v) the cumulative related amount of Applied Realized Loss Amounts the Servicing Fee paid to date or retained by the Servicer, the amount of the Trustee Fee paid to or retained by the Trustee, and any amounts constituting reimbursement or indemnification of the Unpaid Applied Realized Loss Amounts for each applicable Class of Subordinate Certificates after giving effect to the distribution of principal (including Subsequent Recoveries) and allocation of Applied Realized Loss Amounts on such Distribution DateTrustee;
(vi) the Pass-Through Rate for each Class of Adjustable Rate Certificates with respect to the current Accrual Period, and, if applicable, whether for such Pass-Through Rate was limited by the Interest Rate CapDistribution Date;
(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;
(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;
(xiviii) the cumulative amount of (A) Realized Losses and (B) Applied Realized Loss Amounts to date, in the aggregate and with respect to 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 Mortgage Loans;
(x) the number and aggregate principal amounts of Mortgage Loans (A) Delinquent (exclusive of Mortgage Loans in foreclosure and bankruptcyforeclosure) (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 and (C) in bankruptcy and delinquent 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 Mortgage Loans;
(xiixi) with respect to any Mortgage Loan that was liquidated became an REO Property during the preceding calendar month, the loan number and Stated Principal Balance of, and Realized Loss on, of such Mortgage Loan as of the end close of business on the last day of the related Prepayment Periodcalendar month preceding such Distribution Date and the date of acquisition thereof, in the aggregate and with respect to the Mortgage Loans;
(xiii) whether a Trigger Event exists in a Group;
(xivxii) the total number and principal balance of any REO Properties with respect to each Group as of the end close of 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 business on the last day of the calendar month preceding such Distribution Date;
(xvii) 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 the Mortgage Loans in the related Group on the Closing Date; and
(xviii) the amount of any Subsequent Recovery for such Distribution Date and the amount by which the Certificate Principal Balance of each Class of Subordinated Certificates was increased as a result thereof. The Securities Administrator 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 via the Securities Administrator's internet website. The Securities Administrator's internet website shall initially be located at "www.ctslink.com". Assistance in using the 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 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 may change the way monthly statements are distributed in order to make such distributions more convenient or more accessible to the above 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 EMC 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 aggregate 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;
(vixiii) The the aggregate Stated Principal Balance of all Liquidated Loans as of the preceding Distribution Date, in the aggregate and with respect to the Mortgage Loans;
(xiv) whether a Stepdown Trigger Event or a Class A-1 Trigger Event has occurred;
(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 timing purpose of any non-interest expenses of a REMIC; and
(vii) Any taxes (including penalties and interest) imposed on withdrawal from 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 Collection Account pursuant to Section 9.12.3.08(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"; and
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, the Securities Administrator Trustee shall prepare and deliver make available to the Trustee and the Yield Maintenance Provider, and make available to each Holder of Certificates, the Trustee, the Rating Agencies, the Master Servicer, the 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), (C) the 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, (D) the amount of any Subsequent Recoveries included therein and (CE) the Extra Principal Distribution Amount (if any);
(ii) the amount of such distribution to Holders of each Class allocable to interest, and, if applicable, the portion thereof allocable to amounts provided pursuant to the Yield Maintenance Agreements to the extent such information is provided to the Securities Administrator by the TrusteeAgreement;
(iii) any Interest Carry Forward Amounts, Amounts and any Basis Risk Shortfall Carry Forward Amounts for each Class of Adjustable Rate Offered Certificates (other than the Residual Certificates);
(iv) the Certificate Principal Balance or Certificate Notional Balance of the Offered Certificates before and each Class after giving effect (i) to all distributions of allocable to principal and on such Distribution Date, (ii) if applicable, the allocation of any Applied Realized Loss Amounts in reduction of Certificate Principal Balance for such Distribution Date and Date, and, (iii) if applicable, the 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 Unpaid Applied Realized Loss Amounts for each applicable Class of Subordinate Offered Certificates after giving effect to the distribution of principal (including Subsequent Recoveries) and allocation of Applied Realized Loss Amounts on such Distribution Date;.
(vi) the Pass-Through Rate for each Class of Adjustable Rate Offered Certificates with respect to the current Accrual Period, and, if applicable, whether such Pass-Through Rate was limited by the an Interest Rate Cap;
(vii) the amount of any Excess Cashflow Amount and any Excess Yield Maintenance Amount with respect to each GroupAmount;
(viii) the aggregate of the Stated Principal Balances of (i) all of the Mortgage Loans, (ii) the fixed rate Mortgage Loans with respect to each Group 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 Servicing Fees paid to or retained by each Servicer Trustee, respectively, for the related Due Period;
(x) the amount of Advances and Compensating Interest Payments included in the distribution on such Distribution Date;
(xi) the number and aggregate principal amounts of Mortgage Loans (A) Delinquent (exclusive of Mortgage Loans in foreclosure and bankruptcy) (1) 31 to 60 days, (2) 61 to 90 days and (3) 91 or more days, (B) in foreclosure and 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;
(xii) with respect to any Mortgage Loan that was liquidated during the preceding calendar month, the loan number and Stated Principal Balance of, and Realized Loss on, such Mortgage Loan as of the end of the related Prepayment Period;
(xiii) whether a Trigger Event exists in a Groupexists;
(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 with respect to each Group as of the end of the related Prepayment Period;
(xvxvi) the aggregate amount of Realized Losses with respect to each Group the Mortgage Loans (i) during the related Prepayment Period and the cumulative Realized Losses with respect to each Group cumulatively through the end of the preceding month;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
(xvixvii) 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;
(xvii) 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 the Mortgage Loans in the related Group on the Closing Date; and
(xviii) the amount of any Subsequent Recovery for such Distribution Date and the amount by which the Certificate Principal Balance of each Class of Subordinated Certificates was increased as a result thereof. The Securities Administrator 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 via the Securities Administrator's Trustee ’s internet website. The Securities Administrator's Trustee ’s internet website shall initially be located at "www.ctslink.com"“xxx.xxxxxxxx.xxx”. Assistance in using the Securities Administrator'x xxxxxxx xxx Trustee ’s website can be obtained by calling the Securities Administrator's Trustee ’s customer service desk at (301000) 815000-6600. 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) 722-10950000. Parties that are unable to use the above distributxxx xxxxxxx xxe distribution options are entitled to have a paper copy mailed to them via first class mail by calling the Securities Administrator's Trustee ’s customer service desk and indicating such. The Securities Administrator Trustee may change the way monthly statements are distributed in order to make such distributions more convenient or more accessible to the above parties.
(b) The Securities AdministratorTrustee '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 EMC Servicer. 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 Securities Administrator will prepare and the Trustee will provide shall cause to be furnished to the EMC Servicer, 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 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 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 the Depositor pursuant to Section 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, the Securities Administrator Trustee shall prepare and deliver make available to the Trustee and the Yield Maintenance Provider, and make available to each Holder of Certificates, the Trustee, the Rating Agencies, the Master Servicer, the 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), (C) the 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, (D) the amount of any Subsequent Recoveries included therein and (CE) the Extra Principal Distribution Amount (if any);
; (ii) the amount of such distribution to Holders of each Class allocable to interest, and, if applicable, the portion thereof allocable to amounts provided pursuant to the Yield Maintenance Agreements to the extent such information is provided to the Securities Administrator by the Trustee;
Agreement; (iii) any Interest Carry Forward Amounts, Amounts and any Basis Risk Shortfall Carry Forward Amounts for each Class of Adjustable Rate Offered Certificates (other than the Residual Certificates;
); (iv) the Certificate Principal Balance or Certificate Notional Balance of the Offered Certificates before and each Class after giving effect (i) to all distributions of allocable to principal and on such Distribution Date, (ii) if applicable, the allocation of any Applied Realized Loss Amounts in reduction of Certificate Principal Balance for such Distribution Date and Date, and, (iii) if applicable, the 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 Unpaid Applied Realized Loss Amounts for each applicable Class of Subordinate Offered Certificates after giving effect to the distribution of principal (including Subsequent Recoveries) and allocation of Applied Realized Loss Amounts on such Distribution Date;
. (vi) the Pass-Through Rate for each Class of Adjustable Rate Offered Certificates with respect to the current Accrual Period, and, if applicable, whether such Pass-Through Rate was limited by the an Interest Rate Cap;
; (vii) the amount of any Excess Cashflow Amount and any Excess Yield Maintenance Amount with respect to each Group;
Amount; (viii) the aggregate of the Stated Principal Balances of (i) all of the Mortgage Loans, (ii) the fixed rate Mortgage Loans with respect to each Group 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 Servicing Fees paid to or retained by each Servicer Trustee, respectively, for the related Due Period;
; (x) the amount of Advances and Compensating Interest Payments included in the distribution on such Distribution Date;
; (xi) the number and aggregate principal amounts Stated Principal Balance of Mortgage Loans (A) Delinquent (exclusive of Mortgage Loans in foreclosure and bankruptcy) (1) 31 to 60 days, (2) 61 to 90 days and (3) 91 or more days, (B) in foreclosure and 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;
; (xii) with respect to any Mortgage Loan that was liquidated during the preceding calendar month, the loan number and Stated Principal Balance of, and Realized Loss on, such Mortgage Loan as of the end of the related Prepayment Period;
; (xiii) whether a Trigger Event exists in a Group;
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 with respect to each Group as of the end of the related Prepayment Period;
; (xvxvi) the aggregate amount of Realized Losses with respect to each Group the Mortgage Loans (i) during the related Prepayment Period and the cumulative Realized Losses with respect to each Group cumulatively through the end of the preceding month;
month and (xviii) 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 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;
(xvii) 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 the Mortgage Loans in the related Group on the Closing Date; and
(xviii) the amount of any Subsequent Recovery for such Distribution Date and the amount by which the Certificate Principal Balance of each Class of Subordinated Certificates was increased as a result thereof. The Securities Administrator 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 via the Securities Administrator's Trustee ‘s internet website. The Securities Administrator's Trustee ‘s internet website shall initially be located at "www.ctslink.com"“xxx.xxxxxxxx.xxx”. Assistance in using the Securities Administrator'x xxxxxxx xxx Trustee ‘s website can be obtained by calling the Securities Administrator's Trustee ‘s customer service desk at (301000) 815000-6600. 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) 722-10950000. Parties that are unable to use the above distributxxx xxxxxxx xxe distribution options are entitled to have a paper copy mailed to them via first class mail by calling the Securities Administrator's Trustee ‘s customer service desk and indicating such. The Securities Administrator Trustee may change the way monthly statements are distributed in order to make such distributions more convenient or more accessible to the above parties.
(b) The Securities AdministratorTrustee'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 EMC Servicer. 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 Securities Administrator will prepare and the Trustee will provide shall cause to be furnished to the EMC Servicer, 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 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 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
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 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, the Securities Administrator Trustee shall prepare and deliver make available to the Trustee and the Yield Maintenance Provider, and make available to each Holder of Certificates, the Trustee, the Rating Agencies, the Master Servicer, the EMC 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 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, (D) the amount of any Subsequent Recoveries included therein and (CE) 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, and, if applicable, the portion thereof allocable to amounts provided pursuant to the Yield Maintenance Agreements to the extent such information is provided to the Securities Administrator by the TrusteeAgreement;
(iii) any Interest Carry Forward Amounts, Amounts and any Basis Risk Shortfall Carry Forward Amounts for each Class of Adjustable Rate Certificates (other than the Residual Certificates);
(iv) the Certificate Principal Balance of each Class of Certificates (other than the Offered Class B-IO Certificates and the Residual Certificates) before and after giving effect (i) to all distributions of allocable to principal and allocation of Applied Realized Loss Amounts in reduction of Certificate Principal Balance for on such Distribution Date and Date, (ii) if applicable, the allocation of any Allocated Realized Loss Amounts for such Distribution Date, and, (iii) if applicable, the 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 Applied Allocated Realized Loss Amounts to date and the Unpaid Applied Allocated Realized Loss Amounts for each applicable Class of Subordinate Certificates (other than the Class B-IO Certificates and the Residual Certificates) on such Distribution Date after giving effect to the distribution of principal on such Certificates (including as a result of Subsequent RecoveriesRecoveries on the Mortgage Loans) and the allocation of Applied Allocated Realized Loss Amounts to such Certificates on such Distribution Date;
(vi) the Pass-Through Rate for each Class of Adjustable Rate Certificates with respect to the current Accrual Periodfor such Distribution Date, and, if applicable, and whether such Pass-Through Rate was limited by the an Interest Rate Cap;
(vii) the amount of any Net Monthly Excess Cashflow Amount and any Excess Yield Maintenance Amount with respect to each Groupsuch Distribution Date;
(viii) the aggregate of the Stated Principal Balances of all of the Mortgage Loans with respect to each Group on the related Due Date;
(ix) the related amount of the Master Servicing Fees and Trustee Fees paid to or (as applicable) retained by the Master Servicer and the Servicing Fees paid Trustee, respectively, with respect to or retained by each Servicer for the related Due Periodsuch Distribution Date;
(x) the amount of Advances and Compensating Interest Payments included in the distribution on such Distribution Date;
(xi) the number and aggregate principal amounts Stated Principal Balance of Mortgage Loans (A) Delinquent (exclusive of Mortgage Loans in foreclosure and bankruptcy) (1) 31 to 60 days, (2) 61 to 90 days and (3) 91 or more days, (B) in foreclosure and 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;
(xii) with respect to any Mortgage Loan that was liquidated during the preceding calendar month, the loan number and Stated Principal Balance of, and Realized Loss on, such Mortgage Loan as of the end of the related Prepayment Period;
(xiii) whether a Trigger Event exists in a Groupon 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 with respect to each Group as of the end of the related Prepayment Period;
(xvxvi) the aggregate amount of Realized Losses with respect to each Group the Mortgage Loans (i) during the related Prepayment Period and the cumulative Realized Losses with respect to each Group cumulatively through the end of the preceding monthmonth and (ii) since the Closing Date as a percentage of the aggregate Stated Principal Balance of the Mortgage Loans on the Closing Date;
(xvixvii) the three month rolling average of the percent equivalent of a fraction, the numerator of which is the aggregate stated 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;
(xvii) 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 the Mortgage Loans in the related Group on the Closing DateRelated Due Period; and
(xviii) the amount of any Subsequent Recovery for such Distribution Date on the Mortgage Loans recovered by the Master Servicer during the related Due Period and the amount by which the Certificate Principal Balance of each Class of Subordinated Certificates (other than the Class B-IO Certificates and the Residual Certificates) was increased as a result thereof, as provided by the Master Servicer to the Trustee. The Securities Administrator may Trustee will 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 via the Securities Administrator's internet website. The Securities Administrator's internet website shall initially be located at "www.ctslink.com". Assistance in using the 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/sfrwww.etrustee.net. Assistance Txx Xxxxxxx'x xxxernet website, and assistance in using the Trustee's website sexxxxx xxx xx xxxxxxxd can be obtained by calling the Trustee's customer service desk at (877312) 722904-10954373. Parties that are Parxxxx xxxx xxx unable to use the above distributxxx xxxxxxx xxe distribution options are entitled to have a paper copy mailed to them via first class mail by calling the Securities AdministratorTrustee's customer service desk and indicating such. The Securities Administrator Trustee may change the way monthly statements are distributed in order to make such distributions more convenient or more accessible to the above parties.
(b) The Securities AdministratorTrustee'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 EMC ServicerYield 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 Securities Administrator will prepare and the Trustee will provide shall cause to be furnished to the EMC Servicer, 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 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 Securities Administrator 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 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 the Depositor pursuant to Section 9.12.
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, the Securities Administrator Trustee shall prepare and deliver to the Trustee and the Yield Maintenance Provider, and make available on its website at https://www.tss.db.com/invr to each Holder of Certificateseaxx Xxxxxxxxxxxxxxxxx, xxx Certificate Insurer, the Trustee, the Rating Agencies, the Master Servicer, the EMC Servicer and the Depositor a statement setting forth for the Certificates:related distribution of
(i) the amount of applicable Record Dates, Interest Accrual Periods and Determination Dates for calculating distributions for 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 (if any)Date;
(ii) the amount of such funds received from the Servicer for the Distribution Date separately identifying amounts received in respect of the Mortgage Loans and the amount of Advances included in the distribution to Holders of each Class allocable to interest, and, if applicable, on the portion thereof allocable to amounts provided pursuant to the Yield Maintenance Agreements to the extent such information is provided to the Securities Administrator by the TrusteeDistribution Date;
(iii) the Servicing Fee and the amounts of any Interest Carry Forward Amountsadditional servicing compensation received by the Servicer attributable to penalties, any Basis Risk Shortfall Carry Forward Amounts fees, Excess Proceeds or other similar charges or fees and items with respect to the Distribution Date, and, with respect to Lender PMI Loans, the interest premium charged the related borrower for each Class of Adjustable Rate Certificatesprimary mortgage guaranty insurance;
(iv) the Certificate Principal Balance of Trustee Fee for the Offered Certificates before and after giving effect to all distributions of principal and allocation of Applied Realized Loss Amounts in reduction of Certificate Principal Balance for such Distribution Date and the allocation of any Subsequent Recoveries to increase the Certificate Principal Balance for such Distribution Date;
(v) the cumulative aggregate amount of expenses paid from amounts on deposit in 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 distribution allocable to principal, separately identifying the aggregate 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 shortfall and the allocation of the shortfall between principal and interest;
(ix) 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 with respect to each Loan Group, 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 to date in each Loan Group and in the Unpaid Applied aggregate incurred and Subsequent Recoveries, if any, received during the preceding calendar month and aggregate Realized Loss Amounts for Losses through the Distribution Date;
(xv) the Class Certificate Balance of each applicable Class of Subordinate Certificates before and after giving effect to the distribution of principal (including Subsequent Recoveries) and allocation of Applied Realized Loss Amounts on such the Distribution Date;
(vixvi) the Pass-Through Rate for each Class of Adjustable Rate Certificates with respect to the current Accrual Period, and, if applicable, whether such 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;
(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;
(xi) the number and aggregate principal amounts of Mortgage Loans (A) Delinquent (exclusive of Mortgage Loans in foreclosure and bankruptcy) (1) 31 to 60 days, (2) 61 to 90 days and (3) 91 or more days, (B) in foreclosure and 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;
(xii) with respect to any Mortgage Loan that was liquidated during the preceding calendar month, the loan number and Stated Principal Balance of, and Realized Loss on, such Mortgage Loan as of the end of the related Prepayment Period;
(xiii) 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 end of 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;
(xvii) the aggregate Realized Losses on LIBOR rate and MTA rate applicable for that Distribution Date;
(xviii) the number of Mortgage Loans in each Loan Group since and in the Closing Date as a percentage of aggregate and the aggregate Stated Principal Balance of the Mortgage Loans in each Loan Group and the Pool Stated Principal Balance as the first day of the related Due Period and the last day of the related Due Period;
(xix) as of the last day of the related Due Period:
(A) the weighted average mortgage rate of the Mortgage Loans in each Loan Group on and in the Closing Date; aggregate, and
(xviiiB) the amount of any Subsequent Recovery for such Distribution Date and the amount by which the Certificate Principal Balance of each Class of Subordinated Certificates was increased as a result thereof. The Securities Administrator may make the foregoing monthly statement (and, at its option, any additional files containing the same information in an alternative format) available each month weighted average remaining term to Certificateholders via the Securities Administrator's internet website. The Securities Administrator's internet website shall initially be located at "www.ctslink.com". Assistance in using the 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 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 may change the way monthly statements are distributed in order to make such distributions more convenient or more accessible to the above 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 EMC 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 maturity of the Mortgage Loans, market discount) or premium accrued or amortized through Loans in each Loan Group and in 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 sameaggregate;
(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 the Depositor pursuant to Section 9.12.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (IndyMac INDX Mortgage Loan Trust 2006-Ar6)
Monthly Statements to Certificateholders. (a) Not later than two Business Days prior to each Distribution Date, the Master Servicer shall prepare and make available to the Trustee and not later than each Distribution Date, the Securities Administrator Master Servicer shall prepare and deliver to the Trustee and the Yield Maintenance Provider, and make available to each Holder of CertificatesCertificateholder, the TrusteeDepositor and any other interested parties a statement based solely on information provided by each Servicer setting forth the following information with respect to the related distribution (in the case of information furnished pursuant to (i), (ii) and (vii) below, the Rating Agenciesamounts shall be expressed as a dollar amount per minimum denomination Certificate, such minimum denominations being as set forth in the Master Servicer, the EMC Servicer and the Depositor a statement setting forth for the Certificates:Preliminary Statement):
(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 (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 (if any);
(ii) the amount of such distribution to Holders of each Class thereof allocable to interest, and, if applicable, the portion thereof allocable any Class Unpaid Interest Shortfall included in such distribution and any remaining Class Unpaid Interest Shortfall after giving effect to amounts provided pursuant to the Yield Maintenance Agreements to the extent such information is provided to the Securities Administrator by the Trusteedistribution;
(iii) any Interest Carry Forward Amounts, any Basis Risk Shortfall Carry Forward Amounts for each if the distribution to the Holders of such Class of Adjustable Rate CertificatesCertificates 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;
(iv) the Certificate Principal Balance as a dollar amount per minimum denomination Certificate and the Class Principal Balance or Notional Amount of the Offered Certificates before and each Class of Certificates, after giving effect to all distributions the distribution of principal and allocation of Applied Realized Loss Amounts in reduction of Certificate Principal Balance for such Distribution Date and the allocation of any Subsequent Recoveries to increase the Certificate Principal Balance for on such Distribution Date;
(v) the cumulative amount of Applied Realized Loss Amounts to date and the Unpaid Applied Realized Loss Amounts for each applicable Class of Subordinate Certificates after giving effect to the distribution of principal (including Subsequent Recoveries) and allocation of Applied Realized Loss Amounts Pool Principal Balance on such Distribution Date;
(vi) the Pass-Through Rate for each Class of Adjustable Rate Certificates with respect to the current Accrual Period, and, if applicable, whether such Pass-Through Rate was limited by the Interest Rate CapSenior Percentage and Junior Percentage;
(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;
(ix) the related amount of the Master Servicing Fees paid to or retained by the Master Servicer and the Servicing Fees paid with respect to or retained by each Servicer for the related Due Periodsuch Distribution Date;
(xviii) the Pass-Through Rate for each such Class of Certificates with respect to such Distribution Date;
(ix) the amount of Advances included in the distribution on such Distribution Date and the aggregate amount of Advances outstanding as of the close of business on such Distribution Date;
(xix) the number and aggregate principal amounts of Mortgage Loans (A) Delinquent delinquent (exclusive of Mortgage Loans in foreclosure and bankruptcyforeclosure) (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 (1) 1 to 30 days (2) 31 to 60 days, days (23) 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 (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;
(xiixi) with respect to any Mortgage Loan that was liquidated became an REO Property during the preceding calendar month, the loan number and Stated Scheduled Principal Balance of, and Realized Loss on, of such Mortgage Loan as of the end close of business on the last Business Day of the related Prepayment Periodcalendar month preceding such Distribution Date and the date of acquisition thereof;
(xiii) whether a Trigger Event exists in a Group;
(xivxii) the total number and principal balance of any REO Properties with respect to each Group (and market value, if available) as of the end close of 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 business on the last day Business Day of the calendar month preceding such Distribution Date;
(xviixiii) the Senior Prepayment Percentage;
(xiv) the aggregate amount of Realized Losses on incurred during the Mortgage Loans in each Group since the Closing Date as a percentage of the aggregate Stated Principal Balance of the Mortgage Loans in the related Group on the Closing Datepreceding calendar month; and
(xviiixv) the amount of any Subsequent Recovery for such Distribution Date Special Hazard Loss Coverage Amount, the Fraud Loss Coverage Amount and the amount by which the Certificate Principal Balance of Bankruptcy Loss Coverage Amount, in each Class of Subordinated Certificates was increased as a result thereof. The Securities Administrator 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 via the Securities Administrator's internet website. The Securities Administrator's internet website shall initially be located at "www.ctslink.com". Assistance in using the 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 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 may change the way monthly statements are distributed in order to make such distributions more convenient or more accessible to the above 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 EMC 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 case 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 the Depositor pursuant to Section 9.12related Determination Date.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Mortgage Asset Sec Transactions Inc Mastr Alt Ln Tr 2002 1)
Monthly Statements to Certificateholders. (a) Not later than each Distribution Date, the Securities Administrator Trustee shall prepare and deliver to the Trustee and the Yield Maintenance Provider, and make available to each Holder of Certificates, the Trustee, the Rating Agencies, the Master Servicer, the EMC Servicer 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 Trust, any Net Swap Payment payable to the Swap Provider, any Swap Termination Payment payable to the Trust and any Swap Termination Payment payable to the Swap Provider;
(v) the amount of the related distribution to Holders of each the Class A Certificates and Class M Certificates (by 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 (if any);
(iivi) the amount of such distribution to Holders of each Class of Class A Certificates and Class M Certificates allocable to interest, andinterest and the portion thereof, if applicableany, the portion thereof allocable to amounts provided pursuant to the Yield Maintenance Agreements to the extent such information is provided to the Securities Administrator by the TrusteeSwap Agreement and the amount of coverage remaining under either credit enhancement;
(iiivii) any the Interest Carry Forward Amounts, Amounts and any Basis Risk Shortfall Carry Forward Amounts for each Class of Adjustable Rate CertificatesCertificates (if any);
(iv) the Certificate Principal Balance of the Offered Certificates before and after giving effect to all distributions of principal and allocation of Applied Realized Loss Amounts in reduction of Certificate Principal Balance for such Distribution Date and the 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 Unpaid Applied Realized Loss Amounts for each applicable Class of Subordinate Certificates after giving effect to the distribution of principal (including Subsequent Recoveries) and allocation of Applied Realized Loss Amounts on such Distribution Date;
(viviii) the Pass-Through Rate for each Class of Adjustable Rate 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 Interest related Net 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;
(ix) the related amount number and aggregate Stated Principal Balance of all of the Master Servicing Fees paid to or retained by the Master Servicer and the Servicing Fees paid to or retained by each Servicer Mortgage Loans for the related Due Periodfollowing Distribution Date, together with updated pool composition information including the following: weighted average mortgage rate and weighted average remaining term;
(x) the amount Certificate Principal Balance of Advances included in the distribution Class A Certificates and Class M Certificates 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;
(xi) the number and aggregate principal amounts Stated Principal Balance of the Mortgage Loans in each Loan Group (A) Delinquent (exclusive of Mortgage Loans in foreclosure and bankruptcy) (1) 31 to 60 days30 days Delinquent, (2) 61 to 90 60 days Delinquent and (3) 91 90 days or more daysDelinquent, (B) in foreclosure and delinquent (1) 31 to 60 days30 days Delinquent, (2) 61 to 90 60 days Delinquent and (3) 91 90 days or more days Delinquent and (C) in bankruptcy and delinquent (1) 31 to 60 days30 days Delinquent, (2) 61 to 90 60 days Delinquent and (3) 91 90 days or more daysDelinquent, 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 each such Loan Group;
(xii) 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, if any, of excess cashflow or excess spread and the application of such excess cashflow;
(xiv) the cumulative Realized Losses 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 was liquidated during the preceding calendar month, the loan number and aggregate Stated Principal Balance of, and Realized Loss on, such Mortgage Loan Loans as of the end close of business on the related Prepayment Periodprior calendar month;
(xiii) whether a Trigger Event exists in a Group;
(xivxvii) the total number and principal balance of any real estate owned or REO Properties with respect to each Group as of the end of the related Prepayment Periodcalendar month;
(xvxviii) 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 loan group, material breaches of the preceding monthpool asset representation or warranties or transaction covenants;
(xvixix) the three month rolling average of the percent equivalent of a fraction, the numerator of which is the aggregate stated Stated Principal Balance of the Mortgage Loans in each Group that are 61 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 and separately identifying such information for the (1) first lien Mortgage Loans, and (2) Adjustable Rate Mortgage Loans, in the related Group each case as of the last day end of the calendar month preceding such Distribution DatePrepayment Period;
(xviixx) whether a Trigger Event exists;
(xxi) the aggregate Realized Losses amount of the distribution made on such Distribution Date to the Holders of the Class P Certificates allocable to Prepayment Charges;
(xxii) information on loss, delinquency or other tests used for determining early amortization, liquidation, stepdowns or other performance triggers and whether the trigger was met;
(xxiii) 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 securities backed by the same asset pool, any pool asset changes, such as additions or removals of Mortgage Loans in each Group since from the Closing Date as a percentage of the aggregate Stated Principal Balance of the Mortgage Loans in the related Group on the Closing DateTrust Fund, if applicable; and
(xviiixxvi) any material changes in the amount of any Subsequent Recovery solicitation, credit-granting, underwriting, origination, acquisition or Mortgage Loan selection criteria or procedures, as applicable, used to originate, acquire or select Mortgage Loans for such Distribution Date and the amount by which the Certificate Principal Balance of each Class of Subordinated Certificates was increased as a result thereofTrust Fund. The Securities Administrator 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 Trustee five calendar days before each Distribution Date, and if no such notification occurs, the Trustee has no obligation to report with respect to (xxvi). The Depositor covenants to the Trustee that there will be no new issuance of securities backed by the same asset pool, so the Trustee will only be responsible in (xxv) above for reporting any pool asset changes, such as additions or removals of Mortgage Loans from the Trust Fund. The Trustee may make the foregoing monthly statement Monthly Statement (and, at its option, any additional files containing the same information in an alternative format) available each month to Certificateholders via the Securities Administrator's Trustee’s internet website. The Securities Administrator's Trustee’s internet website shall initially be located at "www.ctslink.com"“wxx.xxxxxxxx.xxx”. Assistance in using the Securities Administrator'x xxxxxxx xxx website can be obtained by calling the Securities Administrator's customer service desk Trustee at (301000) 815000-6600. 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) 722-10950000. Parties that are unable to use the above distributxxx xxxxxxx xxe 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 Trustee and indicating such. The Securities Administrator Trustee may change the way monthly statements Monthly Statements are distributed in order to make such distributions more convenient or more accessible to the above parties.
(b) The Securities Administrator's 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 parties providing the EMC Servicerinformation to the Trustee. The Securities Administrator Trustee will make available a copy of each statement provided pursuant to this Section 5.05 5.06 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 shall cause to the EMC Servicer, and 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)(ia)(v) and (a)(iia)(vi) of this Section 5.05 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 Securities Administrator 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 class of regular Regular Interests and residual interests 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 class of regular Regular Interests and residual interests 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 class of regular Regular Interests or residual interests 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 Realized Losses with respect to the Mortgage Loans or the regular interests Regular Interests created hereunder, including the timing and amount of any cancellation of indebtedness income of a REMIC with respect to such regular interests 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 9.12.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Bear Stearns Asset Backed Securities I Trust 2007-Fs1)
Monthly Statements to Certificateholders. (a) Not later than each Distribution Date, the Securities Administrator Trustee shall prepare and deliver make available to the Trustee and the Yield Maintenance Provider, and make available to each Holder of Certificates, the Trustee, the Rating Agencies, the Master Servicer, the EMC 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 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, (D) the amount of any Subsequent Recoveries included therein and (CE) 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, and, if applicable, the portion thereof allocable to amounts provided pursuant to the Yield Maintenance Agreements to the extent such information is provided to the Securities Administrator by the TrusteeAgreement;
(iii) any Interest Carry Forward Amounts, Amounts and any Basis Risk Shortfall Carry Forward Amounts with respect to such Distribution Date for each Class of Adjustable Rate Certificates (other than the Residual Certificates), if any;
(iv) the aggregate Certificate Principal Balance of the Offered Class A Certificates and the Subordinated Certificates before and after giving effect (i) to all distributions of allocable to principal and allocation of Applied Realized Loss Amounts in reduction of Certificate Principal Balance for on the Certificates on such Distribution Date and Date, (ii) if applicable, the allocation of any Allocated Realized Loss Amounts to the Subordinated Certificates for such Distribution Date, and, (iii) if applicable, the allocation of Subsequent Recoveries to increase the Certificate Principal Balance of the Subordinated Certificates for such Distribution Date;
(v) the cumulative amount of Applied Allocated Realized Loss Amounts allocated to date the Subordinated Certificates from the Closing Date to and including such Distribution Date, and the Unpaid Applied Allocated Realized Loss Amounts for each applicable Class of Subordinate Subordinated Certificates on such Distribution Date after giving effect to the distribution of principal on such Certificates (including as a result of Subsequent RecoveriesRecoveries on the Mortgage Loans) on such Distribution Date and the allocation of Applied Allocated Realized Loss Amounts to such Certificates on such Distribution Date;
(vi) the Pass-Through Rate for each Class of Adjustable Rate Certificates with respect to the current Accrual Periodfor such Distribution Date, and, if applicable, and whether such Pass-Through Rate was limited by the an Interest Rate Cap;
(vii) the amount of any Net Monthly Excess Cashflow Amount and any Excess Yield Maintenance Amount with respect to each Groupsuch Distribution Date;
(viii) the aggregate of the Stated Principal Balances of all of the Mortgage Loans with respect to each Group on for the related Due DateDate (after reduction for Realized Losses incurred during the related Due Period and prepayments during the related Prepayment Period);
(ix) the related amount of the Master Servicing Fees and Trustee Fees paid to or (as applicable) retained by the Master Servicer and the Servicing Fees paid Trustee, respectively, with respect to or retained by each Servicer for the related Due Periodsuch Distribution Date;
(x) the amount of Advances and Compensating Interest Payments included in the distribution on such Distribution Date;
(xi) the number and aggregate principal amounts Stated Principal Balance of Mortgage Loans (A) Delinquent (exclusive of Mortgage Loans in foreclosure and bankruptcy) (1) 31 to 60 days, (2) 61 to 90 days and (3) 91 or more days, (B) in foreclosure and 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 Daterelated Prepayment Period);
(xii) with respect to any Mortgage Loan that was liquidated during the preceding calendar month, the loan number and Stated Principal Balance of, and Realized Loss on, such Mortgage Loan as of the end of the related Prepayment Due Period;
(xiii) whether a Trigger Event exists in a Groupon 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 with respect to each Group as of the end of the related Prepayment Due Period;
(xvxvi) the aggregate amount of Realized Losses with respect to each Group the Mortgage Loans (i) during the related Prepayment Period and cumulatively from the cumulative Realized Losses with respect to each Group Cut-off Date through the end of the preceding monthmonth and (ii) since the Closing Date as a percentage of the aggregate Stated Principal Balance of the Mortgage Loans on the Cut-off Date;
(xvixvii) the three month rolling average (relative to the related Distribution Date) of the percent equivalent of a fraction, the numerator of which is the aggregate stated 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 Daterelated Due Period;
(xvii) 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 the Mortgage Loans in the related Group on the Closing Date; and
(xviii) the amount of any Subsequent Recovery for such Distribution Date and the amount by which the Certificate Principal Balance of each Class of Subordinated Certificates was increased as a result thereof. The Securities Administrator 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 via the Securities Administrator's internet website. The Securities Administrator's internet website shall initially be located at "www.ctslink.com". Assistance in using the 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 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 may change the way monthly statements are distributed in order to make such distributions more convenient or more accessible to the above 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 EMC 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 provided by the Depositor pursuant to Section 9.12.
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 DateDate based solely on information provided by the Servicer, the Securities Administrator Trustee 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 Certificatesa Class of Certificates of the Trust Fund, the TrusteeServicer, the Rating Agencies, the Master Servicer, the EMC Servicer 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 (except with respect to any Simple Interest Loans) of principal included therein (and with respect to any Simple Interest Loanstherein, 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, and, if applicable, the portion thereof allocable together with any Non-Supported Interest Shortfalls allocated to amounts provided pursuant to the Yield Maintenance Agreements to the extent such information is provided to the Securities Administrator by the Trusteeeach Class;
(iii) any Interest Carry Forward Amounts, any Basis Risk Shortfall Carry Forward Amounts Carryforward Amount for each Class of Adjustable Rate the Offered Certificates;
(iv) the Class Certificate Principal Balance of the Offered Certificates before and each Class after giving effect (i) to all distributions of allocable to principal on such Distribution Date and (ii) the allocation of any Applied Realized Loss Amounts in reduction of Certificate Principal Balance for such Distribution Date and the 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 Unpaid Applied Realized Loss Amounts Pool Stated Principal Balance for each applicable Class of Subordinate Certificates after giving effect to the distribution of principal (including Subsequent Recoveries) and allocation of Applied Realized Loss Amounts on such Distribution Date;
(vi) the amount of the Servicing Fee paid to or retained by the Servicer, and any amounts constituting reimbursement or indemnification of the Servicer;
(vii) the Pass-Through Rate for each Class of Adjustable Rate Certificates with respect to the current Accrual Period, and, if applicable, whether for such 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 GroupDistribution Date;
(viii) the aggregate of the Stated Principal Balances of the Mortgage Loans with respect to each 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 included in the distribution on such Distribution Date;
(ix) the cumulative amount of (A) Realized Losses and (B) Applied Realized Loss Amounts to date, in the aggregate and with respect to Group One Mortgage Loans and Group Two Mortgage Loans;
(x) 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 Group One Mortgage Loans and Group Two Mortgage Loans;
(xi) the number and aggregate principal amounts of Mortgage Loans (A) Delinquent (exclusive of Mortgage Loans in foreclosure and bankruptcyforeclosure) (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 Delinquent (1) 31 to 60 days, (2) 61 to 90 days and days, (3) 91 or more to 120 days, (4) 121 to 150 days, (5) 151 to 180 days and (C6) in bankruptcy and delinquent (1) 31 to 60 days, (2) 61 to 90 days and (3) 91 181 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 Group One Mortgage Loans and Group Two Mortgage Loans;
(xii) with respect to any Mortgage Loan that was liquidated during the preceding calendar month, the loan number and Stated Principal Balance of, and Realized Loss on, such Mortgage Loan as of the end of the related Prepayment Period;
(xiii) 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 end close of 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 business on the last day of the calendar month preceding such Distribution Date, in the aggregate and with respect to 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 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 aggregate Realized Losses on number and Stated Principal Balance (as of the preceding Distribution Date) of any Mortgage Loans in each Group which were purchased or repurchased during the preceding Due Period and since the Closing Date Cut-off Date;
(xviii) 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;
(xix) as of each Distribution Date, the amount, if any, to be deposited in the Certificate Account pursuant to the related Cap Contract as described in Section 4.04(k) and the amount thereof to be paid to the Offered 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)(v);
(xxi) the amount of any payments to each Class of Certificates that are treated as payments received in respect of a percentage 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";
(xxii) the amount of the MI Insurer Fee paid to the MI Insurer;
(xxiii) the number and aggregate Stated Principal Balance of the Mortgage Loans in covered by the MI Policy as of the end of the related Group on the Closing DateDue Period; and
(xviiiA) the amount of any Subsequent Recovery for such Distribution Date 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 by which of any claims rejected under the Certificate Principal Balance MI Policy, each as of each Class of Subordinated Certificates was increased as a result thereof. such Distribution Date.
(b) The Securities Administrator may Trustee will make the foregoing monthly statement Monthly Statement (and, at its option, any additional files containing the same information in an alternative format) available each month to Certificateholders Certificateholders, 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.ctslink.comxxx.xxxxxxx.xxx". Assistance in using the Securities Administrator'x xxxxxxx xxx website can 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 (877000) 722000-10950000. Parties that are unable to use the above distributxxx xxxxxxx xxe website 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 may Trustee shall have the right to change the way the monthly statements to Certificateholders are distributed in order to make such distributions distribution more convenient or and/or more accessible to the above parties.
(b) parties and the Trustee shall provide timely and adequate notification to all above parties regarding any such changes. The Securities Administrator's responsibility Trustee shall also be entitled to rely on but shall not be responsible for making the above information available to the Certificateholders is limited to the availability, timeliness and content or accuracy of any information provided by third parties for purposes of preparing the information derived from monthly statement and may affix thereto any disclaimer it deems appropriate in its reasonable discretion (without suggesting liability on the Master Servicer part of any other party hereto). As a condition to access the Trustee's internet website, the Trustee may require registration and the EMC Serviceracceptance of a disclaimer. The Securities Administrator Trustee will make available a copy not be liable for the dissemination of each statement provided pursuant to information in accordance with this Section 5.05 to each Rating AgencyAgreement.
(c) Within Reserved;
(d) If so requested in writing within a reasonable period of time after the end of each calendar year, the Securities Administrator will prepare and the Trustee will provide shall make available on its website or cause to the EMC Servicer, and upon request be furnished to each Person who at any time during the calendar year was a CertificateholderCertificateholder of record, a statement containing the information set forth in clauses (a)(i) and (a)(ii) of this Section 5.05 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.
(de) Upon filing with the Internal Revenue Service, the Securities Administrator Trustee shall furnish to the Holders of the Residual Certificates the applicable Class R Certificate each 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 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;
(iii) 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;
(iiiii) The applicable Prepayment Assumption and any interest rate assumptions used in determining the projected principal and interest cash flows described above;
(iviii) 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;
(viv) 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 the REMICs with respect to such regular interests or bad debt deductions claimed with respect to the Mortgage Loans;
(viv) The amount and timing of any non-interest expenses of a REMICthe REMICs; and
(viivi) Any taxes (including penalties and interest) imposed on the REMICREMICs, 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 9.128.12.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Merrill Lynch Mortgage Investors Trust Series 2005-He3)
Monthly Statements to Certificateholders. (a) Not later than each Distribution Date, the Securities Administrator Trustee shall prepare and deliver to the Trustee and the Yield Maintenance Provider, and make available to each Holder of Certificates, the Trustee, the Rating Agencies, the Master Servicer, the EMC Servicer Swap Providers 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) with respect to each Loan Group, 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) with respect to each Loan Group, the amount of any related Net Swap Payment payable to the related Sub-Trust with respect to the related Loan Group, any related Net Swap Payment payable to the related Swap Provider, any related Swap Termination Payment payable to the related Sub-Trust with respect to the related Loan Group and any related Swap Termination Payment payable to the related Swap Provider;
(v) with respect to each Loan Group, the amount of the related distribution to Holders of each the Class A Certificates and Class M Certificates (by 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 (if any);
(iivi) with respect to each Loan Group, the amount of such distribution to Holders of each Class of Class A Certificates and Class M Certificates allocable to interest, andinterest and the portion thereof, if applicableany, the portion thereof allocable to amounts provided pursuant to the Yield Maintenance Agreements to the extent such information is provided to the Securities Administrator by the Trusteerelated Swap Agreement and the amount of coverage remaining under either credit enhancement;
(iiivii) any with respect to each Loan Group, the Interest Carry Forward Amounts, Amounts and any Basis Risk Shortfall Carry Forward Amounts for each Class of Adjustable Rate CertificatesCertificates (if any);
(iv) the Certificate Principal Balance of the Offered Certificates before and after giving effect to all distributions of principal and allocation of Applied Realized Loss Amounts in reduction of Certificate Principal Balance for such Distribution Date and the 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 Unpaid Applied Realized Loss Amounts for each applicable Class of Subordinate Certificates after giving effect to the distribution of principal (including Subsequent Recoveries) and allocation of Applied Realized Loss Amounts on such Distribution Date;
(viviii) the Pass-Through Rate for each Class of Adjustable Rate 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 Interest related Net Rate Cap;
(viiix) the amount of any Excess Cashflow Amount and any Excess Yield Maintenance Amount with respect to each Loan Group;
(viii) , the number and aggregate of the Stated Principal Balances Balance of all of the Mortgage Loans with respect to each 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 Periodfollowing Distribution Date, together with updated pool composition information including the following: weighted average mortgage rate and weighted average remaining term;
(x) the amount Certificate Principal Balance of Advances included in the distribution Class A Certificates and Class M Certificates before and after giving effect (i) to all distributions allocable to principal on such Distribution Date with respect to each Loan Group and (ii) the allocation of any Applied Realized Loss Amounts with respect to each Loan Group for such Distribution Date;
(xi) the number and aggregate principal amounts Stated Principal Balance of the Mortgage Loans in each Loan Group (A) Delinquent (exclusive of Mortgage Loans in foreclosure and bankruptcy) (1) 31 to 60 days30 days Delinquent, (2) 61 to 90 60 days Delinquent and (3) 91 90 days or more daysDelinquent, (B) in foreclosure and delinquent (1) 31 to 60 days30 days Delinquent, (2) 61 to 90 60 days Delinquent and (3) 91 90 days or more days Delinquent and (C) in bankruptcy and delinquent (1) 31 to 60 days30 days Delinquent, (2) 61 to 90 60 days Delinquent and (3) 91 90 days or more daysDelinquent, 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 each such Loan Group;
(xii) with respect to each Loan Group, 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) with respect to each Loan Group, the amount, if any, of excess cashflow or excess spread and the application of such excess cashflow;
(xiv) with respect to each Loan Group, the cumulative Realized Losses through the end of the preceding month;
(xv) with respect to each Loan Group, 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 was liquidated during the preceding calendar month, the loan number and aggregate Stated Principal Balance of, and Realized Loss on, such Mortgage Loan Loans as of the end close of business on the related Prepayment Periodprior calendar month;
(xiiixvii) whether a Trigger Event exists in a with respect to each Loan Group;
(xiv) , the total number and principal balance of any real estate owned or REO Properties with respect to each Group as of the end of the related Prepayment Periodcalendar month;
(xvxviii) the Realized Losses with respect to each Group during the related Prepayment Period and the cumulative Realized Losses loan group, material breaches of pool asset representation or warranties or transaction covenants;
(xix) with respect to each Group through the end of the preceding month;
(xvi) Loan Group, the three month rolling average of the percent equivalent of a fraction, the numerator of which is the aggregate stated Stated Principal Balance of the Mortgage Loans in each such Loan Group that are 61 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 and separately identifying such information for the (1) first lien Mortgage Loans, and (2) Adjustable Rate Mortgage Loans, in the related Group each case as of the last day end of the calendar month preceding Prepayment Period;
(xx) whether a Group I Trigger Event or a Group II Trigger Event exists;
(xxi) the amount of the distribution made on such Distribution Date to the Holders of the Class I-P Certificates and Class II-P Certificates allocable to Prepayment Charges;
(xxii) with respect to each Loan Group, information on loss, delinquency or other tests used for determining early amortization, liquidation, stepdowns or other performance triggers and whether the trigger was met;
(xxiii) the amount of the Prepayment Charges remitted by the Master Servicer and the amount on deposit in the Group I Reserve Fund and Group II Reserve Fund;
(xxiv) with respect to each Loan Group, updated pool composition data including the following: weighted average mortgage rate and weighted average remaining term;
(xxv) with respect to each Loan Group, information regarding any new issuance of securities backed by the same asset pool, any pool asset changes, such as additions or removals of Mortgage Loans from the Trust Fund, if applicable;
(xxvi) the aggregate amount withdrawn from the Group II Pre-Funding Account and the Group II Interest Coverage Account pursuant to Section 4.08 and Section 4.09, respectively, prior to that Distribution Date, the amount remaining on deposit in the Group II Pre-Funding Account (exclusive of investment income) and in the Group II Interest Coverage Account (exclusive of investment income), following such Distribution Date;
(xvii) , and the aggregate Realized Losses on amount withdrawn from the Group II Pre-Funding Account and used to buy Group II Subsequent Mortgage Loans in each Group since the Closing Date as a percentage of the aggregate Stated Principal Balance of the Mortgage Loans in the related Group on the Closing prior to such Distribution Date; and
(xviiixxvii) with respect to each Loan Group, any material changes in the amount of any Subsequent Recovery solicitation, credit-granting, underwriting, origination, acquisition or Mortgage Loan selection criteria or procedures, as applicable, used to originate, acquire or select Mortgage Loans for such Distribution Date and the amount by which the Certificate Principal Balance of each Class of Subordinated Certificates was increased as a result thereofTrust Fund. The Securities Administrator 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 Trustee five calendar days before each Distribution Date, and if no such notification occurs, the Trustee has no obligation to report with respect to (xxvii). The Depositor covenants to the Trustee that there will be no new issuance of securities backed by the same asset pool, so the Trustee will only be responsible in (xxv) above for reporting any pool asset changes, such as additions or removals of Mortgage Loans from the Trust Fund. The Trustee may make the foregoing monthly statement Monthly Statement (and, at its option, any additional files containing the same information in an alternative format) available each month to Certificateholders via the Securities Administrator's Trustee’s internet website. The Securities Administrator's Trustee’s internet website shall initially be located at "www.ctslink.com"“wxx.xxxxxxxx.xxx”. Assistance in using the Securities Administrator'x xxxxxxx xxx website can be obtained by calling the Securities Administrator's customer service desk Trustee at (301000) 815000-6600. 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) 722-10950000. Parties that are unable to use the above distributxxx xxxxxxx xxe 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 Trustee and indicating such. The Securities Administrator Trustee may change the way monthly statements Monthly Statements are distributed in order to make such distributions more convenient or more accessible to the above parties.
(b) The Securities Administrator's 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 parties providing the EMC Servicerinformation to the Trustee. The Securities Administrator Trustee will make available a copy of each statement provided pursuant to this Section 5.05 5.06 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 shall cause to the EMC Servicer, and 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)(ia)(v) and (a)(iia)(vi) of this Section 5.05 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 Securities Administrator 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 class of regular Regular Interests and residual interests 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 class of regular Regular Interests and residual interests 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 class of regular Regular Interests or residual interests 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 Realized Losses with respect to the Mortgage Loans or the regular interests Regular Interests created hereunder, including the timing and amount of any cancellation of indebtedness income of a REMIC with respect to such regular interests 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 9.12.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Bear Stearns Asset Backed Securities I Trust 2007-He1)
Monthly Statements to Certificateholders. (a) Not later than each Distribution Date, the Securities Administrator Trustee shall prepare and deliver to the Trustee and the Yield Maintenance Provider, and make available to each Holder of Certificates, the Trustee, the Rating Agencies, the Master Servicer, the EMC Servicer 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 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 (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 (if any);
(iivi) the amount of such distribution to Holders of each Class allocable to interest, and, if applicable, the portion thereof allocable to amounts provided pursuant to the Yield Maintenance Agreements to the extent such information is provided to the Securities Administrator by the Trustee;
(iiivii) any the amount of such distribution to Holders of each Class of Class A Certificates and Class M Certificates allocable to interest and the portion thereof, if any, provided by the Derivative Administration Agreement;
(viii) the Interest Carry Forward Amounts, Amount and any Basis Risk Shortfall Carry Forward Amounts Amount for each Class of Adjustable Rate Certificates;
(iv) the Certificate Principal Balance of the Offered Certificates before and after giving effect to all distributions of principal and allocation of Applied Realized Loss Amounts in reduction of Certificate Principal Balance for such Distribution Date and the 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 Unpaid Applied Realized Loss Amounts for each applicable Class of Subordinate Certificates after giving effect to the distribution of principal (including Subsequent Recoveries) and allocation of Applied Realized Loss Amounts on such Distribution Date;
(viix) the Pass-Through Rate for each Class of Adjustable Rate 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 Interest Net Rate Cap;
(vii) the amount of any Excess Cashflow Amount and any Excess Yield Maintenance Amount with respect to each Group;
(viiix) the aggregate of the Stated Principal Balances Balance of (A) all of the Mortgage Loans with respect to each Group on the related Due Date;
and (ixB) 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 Adjustable Rate Mortgage Loans, for the related Due Period;
(x) the amount of Advances included in the distribution on such following Distribution Date;
(xi) the Certificate Principal Balance or Certificate Notional Amount, as applicable, of each Class 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;
(xii) the number and aggregate principal amounts Stated Principal Balance of the Mortgage Loans in each Loan Group (A) Delinquent (exclusive of Mortgage Loans in foreclosure and bankruptcy) (1) 31 to 60 days30 days Delinquent, (2) 61 to 90 60 days Delinquent and (3) 91 90 days or more daysDelinquent, (B) in foreclosure and delinquent (1) 31 to 60 days30 days Delinquent, (2) 61 to 90 60 days Delinquent and (3) 91 90 days or more days Delinquent and (C) in bankruptcy and delinquent (1) 31 to 60 days30 days Delinquent, (2) 61 to 90 60 days Delinquent and (3) 91 90 days or more daysDelinquent, 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 each such Loan Group;
(xiixiii) the amount of, if any, of excess cashflow or excess spread and the application of such excess cashflow;
(xiv) 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;
(xv) the cumulative amount of Applied Realized Loss Amounts to date;
(xvi) 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;
(xvii) with respect to any Mortgage Loan that was liquidated during the preceding calendar month, the loan number and aggregate Stated Principal Balance of, and Realized Loss on, such Mortgage Loan Loans as of the end close of business on the related Prepayment PeriodDetermination Date preceding such Distribution Date;
(xiii) whether a Trigger Event exists in a Group;
(xivxviii) the total number and principal balance of any real estate owned or REO Properties with respect to each Group as of the end close of business on the related Prepayment PeriodDetermination Date preceding such Distribution Date;
(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;
(xvixix) the three month rolling average of the percent equivalent of a fraction, the numerator of which is the aggregate stated Stated Principal Balance of the Mortgage Loans in each Group that are 61 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 the related Group 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, and (2) Adjustable Rate Mortgage Loans;
(xviixx) the aggregate Realized Losses during the related Prepayment Period and the cumulative Realized Losses through the end of the preceding month;
(xxi) whether a Trigger Event exists;
(xxii) the amount of the distribution made on such Distribution Date to the Holders of the Class P Certificates allocable to Prepayment Charges;
(xxiii) 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 securities backed by the same asset pool, any pool asset changes, such as additions or removals of Mortgage Loans in each Group since from the Closing Date as a percentage of the aggregate Stated Principal Balance of the Mortgage Loans in the related Group on the Closing DateTrust Fund, if applicable; and
(xviiixxvi) any material changes in the amount of any Subsequent Recovery solicitation, credit-granting, underwriting, origination, acquisition or Mortgage Loan selection criteria or procedures, as applicable, used to originate, acquire or select Mortgage Loans for such Distribution Date and the amount by which the Certificate Principal Balance of each Class of Subordinated Certificates was increased as a result thereofTrust Fund. The Securities Administrator 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 Trustee five calendar days before each Distribution Date, and if no such notification occurs, the Trustee has no obligation to report with respect to (xxvii). The Depositor covenants to the Trustee that there will be no new issuance of securities backed by the same asset pool, so the Trustee will only be responsible in (xxvi) above for reporting any pool asset changes, such as additions or removals of Mortgage Loans from the Trust Fund. The Trustee may make the foregoing monthly statement Monthly Statement (and, at its option, any additional files containing the same information in an alternative format) available each month to Certificateholders via the Securities Administrator's Trustee’s internet website. The Securities Administrator's Trustee’s internet website shall initially be located at "www.ctslink.com"“xxx.xxxxxxxx.xxx”. Assistance in using the Securities Administrator'x xxxxxxx xxx website can be obtained by calling the Securities Administrator's Trustee’s customer service desk at (301000) 815000-6600. 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) 722-10950000. Parties that are unable to use the above distributxxx xxxxxxx xxe 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 Trustee may change the way monthly statements Monthly Statements are distributed in order to make such distributions more convenient or more accessible to the above parties.
(b) The Securities Administrator's 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 EMC Servicer. The Securities Administrator Trustee will make available a copy of each statement provided pursuant to this Section 5.05 5.06 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 provided by the Depositor pursuant to Section 9.12.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Bear Stearns Asset Backed Securities I LLC Trust 2006-Ec1)
Monthly Statements to Certificateholders. (a) Not later than each Distribution Date, the Securities Administrator shall prepare and deliver to the Trustee and the Yield Maintenance Provider, and make available to each Holder of Certificates, the Trustee, the Rating AgenciesSwap Provider, the Master Servicer, the EMC Servicer 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 applicable Servicer or the Master Servicer for the related Due Period;
(iv) the amount of any Net Swap Payment payable to the Swap Administrator, any Net Swap Payment payable to the Swap Provider, any Swap Termination Payment payable to the Swap 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 (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 (if any);
(iivi) the amount of such distribution to Holders of each Class allocable to interest, and, if applicable, the portion thereof allocable to amounts 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, Amounts and any Basis Risk Shortfall Carry Forward Amounts for each Class of Adjustable Rate Certificatesthe Certificates (if any);
(iv) the Certificate Principal Balance of the Offered Certificates before and after giving effect to all distributions of principal and allocation of Applied Realized Loss Amounts in reduction of Certificate Principal Balance for such Distribution Date and the 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 Unpaid Applied Realized Loss Amounts for each applicable Class of Subordinate Certificates after giving effect to the distribution of principal (including Subsequent Recoveries) and allocation of Applied Realized Loss Amounts on such Distribution Date;
(vivii) the Pass-Through Rate for each Class of Adjustable Rate Class A, Class M and Class B Certificates with respect to the current Accrual Period, and, if applicable, whether such 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 Grouprelated Net WAC Cap Rate;
(viii) the aggregate Certificate Principal Balance or Certificate Notional Amount, as applicable, of each Class before and after giving effect (i) to all distributions allocable to principal on such Distribution Date and (ii) the Stated Principal Balances allocation of the Mortgage Loans with respect to each Group on the related Due any Applied Realized Loss Amounts for such Distribution Date;
(ix) the related amount number and Stated Principal Balance of all the Master Servicing Fees paid to or retained by the Master Servicer and the Servicing Fees paid to or retained by each Servicer Mortgage Loans for the related Due Periodsuch Distribution Date, together with updated pool composition information;
(x) the Pass-Through Rate for each Class of Class A, Class M and Class B Certificates with respect to the current Accrual Period, and, if applicable, whether such Pass-Through Rate was limited by the Net WAC Cap Rate;
(xi) the aggregate amount of Advances included in the distribution on such Distribution Date (including the general purpose of such Advances), the aggregate amount of unreimbursed Advances at the close of business on the Distribution Date, and the general source of funds for reimbursements;
(xixii) the number and aggregate principal amounts Stated Principal Balance of the Mortgage Loans (A) Delinquent (Delinquent, exclusive of Mortgage Loans in foreclosure and bankruptcy) foreclosure, (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 and (C) in bankruptcy and delinquent (1) 31 to 60 days, (2) 61 to 90 days and (3) 91 or more daysDelinquent, in each case as of the close of business on the last day of the calendar month preceding such Distribution Date;
(xiixiii) with respect to any Mortgage Loan that was liquidated during the preceding calendar monthamount of, if any, of excess cashflow or excess spread and the loan number and application of such excess cashflow;
(xiv) the aggregate Stated Principal Balance of, and Realized Loss on, such Mortgage Loan as of the end of the related Prepayment Period;
(xiii) whether a Trigger Event exists in a Group;
(xiv) the total number and principal balance of any REO Properties with respect to each Group Loans as of the end of the related Prepayment Period;
(xv) information on loss, delinquency or other tests used for determining early amortization, liquidation, stepdowns or other performance triggers as more completely described in the Realized Losses with respect to each Group during prospectus supplement and whether the related Prepayment Period trigger was met;
(xvi) 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;
(xvii) the cumulative Realized Losses with respect to each Group through the end of the preceding month;
(xvixviii) the three month rolling average of the percent equivalent of a fraction, the numerator of which is the aggregate stated Stated Principal Balance of the Mortgage Loans in each Group that are 61 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 Loans, in the related Group each case as of the close of business on the last day of the calendar month preceding such Distribution Date,
(xix) 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;
(xviixx) material breaches of Mortgage Loan representations or warranties or transaction covenants;
(xxi) the aggregate Realized Losses on the Mortgage Loans in each Group since the Closing Date as a percentage amount of the aggregate Stated Principal Balance of Prepayment Charges remitted by the Mortgage Loans master servicer and the amount on deposit in the related Group on the Closing Date; andreserve fund;
(xviiixxii) the amount of any Subsequent Recovery Net Swap Payment payable to the Trust, any Net Swap Payment payable to the related Swap Provider, any Swap Termination Payment payable to the Trust and any Swap Termination Payment payable to the Swap Provider.
(xxiii) information regarding any new issuance of securities backed by the same asset pool, any pool asset changes, such as additions or removals of Mortgage Loans from the Trust Fund, if applicable; and
(xxiv) any material changes 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. 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 Distribution Date notification occurs, the Securities Administrator has no obligation to report with respect to (xxiv). 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 (xxiii) above for reporting any pool asset changes, such as additions or removals of Mortgage Loans from the Trust Fund. The foregoing information and reports shall be prepared and determined by the Securities Administrator based solely on Mortgage Loan data provided to the Securities Administrator by the Master Servicer (in a format agreed to by the Securities Administrator and the amount Master Servicer) no later than four (4) Business Days or as otherwise agreed upon by which the Certificate Principal Balance Securities Administrator and the Master Servicer prior to the Distribution Date. In preparing or furnishing the foregoing information, the Securities Administrator shall be entitled to rely conclusively on the accuracy of each Class of Subordinated Certificates was increased as a result thereofthe information or data regarding the Mortgage Loans and the related REO Property that has been provided to the Securities Administrator by the Master Servicer, and the Securities Administrator shall not be obligated to verify, recompute, reconcile or recalculate any such information or data. The Securities Administrator may shall be entitled to conclusively rely on the Mortgage Loan data provided by the Master Servicer and shall have no liability for any errors in such Mortgage Loan data. The Securities Administrator will make the foregoing monthly such statement (and, at its option, any additional files containing the same information in an alternative format) available each month to the parties hereto, the Certificateholders and each Rating Agency via the Securities Administrator's ’s internet website. The Securities Administrator's ’s internet website shall initially be located at "www.ctslink.com"xxx.xxxxxxxx.xxx. Assistance in using the Securities Administrator'x xxxxxxx xxx website can be obtained by calling the Securities Administrator's ’s customer service desk at (301000) 815000-6600. 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) 722-10950000. Parties that are unable to use the above distributxxx xxxxxxx xxe distribution option 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 may shall have the right to change the way monthly such statements are distributed in order to make such distributions distribution more convenient or and/or more accessible to the above parties.
(b) The parties and the Securities Administrator shall provide timely and adequate notification to all above parties regarding any such changes. As a condition to access the Securities Administrator's responsibility for making ’s internet website, the above information available to the Certificateholders is limited to the availability, timeliness and accuracy of the information derived from the Master Servicer Securities Administrator may require registration and the EMC Serviceracceptance of a disclaimer. The Securities Administrator will make available a copy not be liable for the dissemination of each statement provided pursuant to information in accordance with this Section 5.05 to each Rating AgencyAgreement.
(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 provided by the Depositor pursuant to Section 9.12.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (SACO I Trust 2006-6)
Monthly Statements to Certificateholders. (a) Not later than On each Distribution Date, based, as applicable, on the Securities Administrator Mortgage Loan information contained in the Remittance Report, the Trustee shall (i) prepare and deliver to the Trustee and the Yield Maintenance Provider, and make available forward by mail to each Holder of Certificatesthe Regular Certificates and (ii) make available on its website at www.usbank.com/abs for access by each Holder of the Regular Xxxxxxxxxxxx, x statement as to the Trustee, the Rating Agencies, the Master Servicer, the EMC Servicer 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 (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 (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, and, if applicable, the portion thereof allocable to amounts provided pursuant to the Yield Maintenance Agreements to the extent such information is provided to the Securities Administrator by the Trusteeseparately identified;
(iii) any Interest Carry Forward Amountsthe Overcollateralization Amount, any Basis Risk Shortfall Carry Forward Amounts for each Class the Overcollateralization Release Amount, the Overcollateralization Deficiency and the Overcollateralization Target Amount as of Adjustable Rate Certificates;
(iv) the Certificate Principal Balance of the Offered Certificates before and after giving effect to all distributions of principal and allocation of Applied Realized Loss Amounts in reduction of Certificate Principal Balance for such Distribution Date and the allocation of any Subsequent Recoveries to increase the Certificate Principal Balance Monthly Excess Interest Amount and Monthly Excess Cashflow Amount for such Distribution Date;
(iv) the aggregate amount of servicing compensation received by the Servicer during the related Collection Period;
(v) the cumulative aggregate amount of Applied Realized Loss Amounts to date Advances in respect of the Trust Fund and each Loan Group for the Unpaid Applied Realized Loss Amounts for each applicable Class of Subordinate Certificates after giving effect to the distribution of principal (including Subsequent Recoveries) and allocation of Applied Realized Loss Amounts on such Distribution Daterelated 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 Adjustable Rate Certificates with respect to business at the current Accrual end of the related Collection Period, and, if applicable, whether such Pass-Through Rate was limited by the Interest Rate Cap;
(vii) the amount of any Excess Cashflow Amount number, weighted average remaining term to maturity and any Excess Yield Maintenance Amount with respect to each Group;
(viii) the aggregate of the Stated Principal Balances weighted average Mortgage Interest Rate of the Mortgage Loans with respect to in the Trust Fund and in each Loan Group on as of 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;
(xiviii) the number and aggregate unpaid principal amounts of Mortgage Loans (A) Delinquent (exclusive balance of Mortgage Loans in foreclosure the Trust Fund and bankruptcyin each Loan Group (a) (1) 31 30 to 60 days59 days past due on a contractual basis, (2b) 61 60 to 90 89 days and (3) 91 or more dayspast due on a contractual basis, (Bc) in foreclosure and delinquent (1) 31 to 60 days, (2) 61 to 90 days and (3) 91 or more days past due on a contractual basis, (d) as to which foreclosure proceedings have been commenced and (Ce) 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;
(xiiix) with respect to any Mortgage Loan that was liquidated 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, and Realized Loss on, of such Mortgage Loan as of the end date it became an REO Property;
(x) the book value of any REO Property as of the close of business on the last Business Day of the calendar month preceding 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 the amounts thereof allocable to the Class P Certificates and the Class CE Certificates;
(xiii) whether the aggregate amount of Realized Losses incurred during the related Collection Period and the cumulative amount of Realized Losses, in each case for the Trust Fund as a Trigger Event exists in a whole as well as for each Loan Group;
(xiv) the total number and principal balance of any REO Properties with respect to each Group as of the end of 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;
(xvii) 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 the Mortgage Loans in the related Group on the Closing Date; and
(xviii) the amount of any Subsequent Recovery for such Distribution Date and the amount by which the Certificate Principal Balance of each Class of Subordinated Certificates, after giving effect to the distributions, and allocations 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) the Accrued Certificate Interest in respect of each Class of Offered Certificates was increased and the Class B Certificates for such Distribution Date, separately identifying the portions thereof attributable to Net WAC Cap Carryover Amounts, and the respective portions thereof, if any, remaining unpaid following the distributions made in respect of 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 result thereofpercentage of the original Pool Balance;
(xxii) the Available Funds;
(xxiii) the rate at which interest accrues for each Class of Certificates for such Distribution Date;
(xxiv) the Liquidation Report for such Distribution Date;
(xxv) [reserved].
(xxvi) [reserved];
(xxvii) the related Record Date;
(xxviii) the related Interest Accrual Period;
(xxix) the related Determination Date;
(xxx) the related Distribution Date; and
(xxxi) the amount of cash received with respect to the related accrual period. The Securities Administrator may make In the foregoing monthly statement case of information furnished pursuant to subclauses (and, at its option, any additional files containing the same information in an alternative formati) available each month to Certificateholders via the Securities Administrator's internet website. The Securities Administrator's internet website shall initially be located at "www.ctslink.com". Assistance in using the Securities Administrator'x xxxxxxx xxx be obtained by calling the Securities Administrator's customer service desk at through (301iii) 815-6600. To the extent timely received from the Securities Xxxxxxxxxxxxxabove, the Trustee will also make monthly statements available amounts shall be expressed in a separate section of the report as a dollar amount for each month to Certificateholders and Class for each $1,000 original dollar amount as of 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) 722Cut-1095. Parties that are unable to use the 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 may change the way monthly statements are distributed in order to make such distributions more convenient or more accessible to the above partiesoff Date.
(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 EMC 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 shall furnish to each Person who at any time during the calendar year was a CertificateholderCertificateholder 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 information set forth in clauses subclauses (a)(ii), (ii), (xv) and (a)(iixx) of this Section 5.05 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 in force from time to time.
(c) On each Distribution Date, the Trustee shall provide to the 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 Trustee pursuant to any requirements of the Code as from time to time in effectforce.
(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 provided by the Depositor pursuant to Section 9.12.
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, the Securities Administrator Trustee shall prepare and deliver to the Trustee and the Yield Maintenance Provider, and make available to each Holder of Certificates, the Trustee, the Rating Agencies, the Master Servicer, the EMC Servicer Certificates 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 (except with respect to any Simple Interest Loans) of principal included therein (and with respect to any Simple Interest Loanstherein, the amount of principal actually received included therein), and (C) the Extra Principal Distribution Amount Monthly Excess Interest with respect to the Group V Certificates (if any)) and (D) the amount of Prepayment Charges 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, and, if applicable, the portion thereof allocable to amounts 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 the Certificate Principal Balance of each Class of Adjustable Rate 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 Realized Losses for such Distribution Date;
(iv) the Certificate aggregate of the Stated Principal Balances of all of the Mortgage Loans in each Loan Group, the aggregate Stated Principal Balance of the Offered Certificates before Group I-IV Mortgage Loans and after giving effect to all distributions of principal and allocation of Applied Realized Loss Amounts in reduction of Certificate the aggregate Stated Principal Balance of the Group V Mortgage Loans, in each case for such Distribution Date and the allocation of any Subsequent Recoveries to increase the Certificate Principal Balance for such following Distribution Date;
(v) the cumulative amount of Applied Realized Loss Amounts the Servicing Fees paid to date and or retained by the Unpaid Applied Realized Loss Amounts Servicer for each applicable Class of Subordinate Certificates after giving effect to the distribution of principal (including Subsequent Recoveries) and allocation of Applied Realized Loss Amounts on such Distribution Daterelated Due Period;
(vi) the Pass-Through Rate for each Class of Adjustable Rate Certificates with respect to the current Accrual Period, and, if applicable, whether such Pass-Through Rate was limited by the Interest Rate Cap;
(vii) the cumulative amount of Realized Losses to date and, in addition, if the Certificate Principal Balance of any Class of Certificates has been reduced to zero, the cumulative amount of any Excess Cashflow Amount and Realized Losses that have not been allocated to any Excess Yield Maintenance Amount with respect to each GroupClass of Certificates;
(viii) the aggregate of the Stated Principal Balances of the Mortgage Loans with respect to each 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 included in the distribution on such Distribution Date;
(xi) 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 foreclosure and bankruptcy) (1) 31 to 60 days, (2) 61 to 90 days and (3) 91 or more days, (B) in foreclosure and 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;
(xiiix) with respect to any Mortgage Loan that was liquidated during the preceding calendar month, the loan number and Stated Principal Balance of, and Realized Loss on, such Mortgage Loan as of the end close of business on the related Prepayment PeriodDetermination Date preceding such Distribution Date;
(xiii) whether a Trigger Event exists in a Group;
(xivx) the total number and principal balance of any real estate owned or REO Properties with respect to in each Loan Group and the Group I-IV Mortgage Loans and Group V Mortgage Loans in the aggregate as of the end close of business on the related Prepayment PeriodDetermination Date preceding such Distribution Date;
(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;
(xvixi) the three month rolling average of the percent equivalent of a fraction, the numerator of which is the aggregate stated Principal Aggregate Loan Balance of the Mortgage Loans in each a Loan Group that are 61 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 Aggregate Loan Balance of all of the Mortgage Loans in the related such Loan Group as of the last day of the calendar month preceding such Distribution Date;
(xviixii) the aggregate Realized Losses on during the Mortgage Loans in each Group since related Prepayment Period and the Closing Date as a percentage cumulative Realized Losses through the end of the aggregate Stated Principal Balance of the Mortgage Loans in the related Group on the Closing Datepreceding month; and
(xviiixiii) the amount of any Subsequent Recovery for such Distribution Date and Basis Risk Shortfalls with respect to the amount by which the Certificate Principal Balance of each Class of Subordinated Certificates was increased as a result thereofGroup V Certificates. The Securities Administrator 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 via the Securities AdministratorTrustee's internet website. The Securities AdministratorTrustee's internet website shall initially be located at "www.ctslink.comwww.jpmorgan.com/sfr". Assistance in using Xxxxxxxxxx xx xxxxx the Securities Administrator'x xxxxxxx xxx website can 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 Partiex xxxx xxx xxxble to use the above distributxxx xxxxxxx xxe 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 Trustee may change the way monthly statements are distributed in order to make such distributions more convenient or more accessible to the above parties.
(b) The Securities AdministratorTrustee'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 Depositor and the EMC Servicer. The Securities Administrator Trustee will make available a copy of each statement provided pursuant to this Section 5.05 5.09 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 shall cause to the EMC Servicer, and 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 5.05 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 Securities Administrator 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 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 the Depositor pursuant to Section 9.12.
Appears in 1 contract
Monthly Statements to Certificateholders. (a) Not later than each Distribution Date, the Securities Administrator Trustee shall prepare and deliver to the Trustee and the Yield Maintenance Provider, and make available to each Holder of CertificatesCertificateholder, the Trustee, the Rating Agencies, the Master Servicer, the EMC Servicer Depositor, the Swap Provider, the NIMS Insurer and the Depositor each Rating 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 (except with respect to any Simple Interest Loans) of principal included therein (Accrual Periods and with respect to any Simple Interest Loans, the amount of principal actually received included therein), and (C) the Extra Principal Determination Dates for calculating distributions for such Distribution Amount (if any)Date;
(ii) the amount of funds received from the Servicer for such distribution to Holders Distribution Date separately identifying amounts received in respect of each Class allocable to interest, and, if applicablethe Mortgage Loans, the portion thereof allocable to amounts provided pursuant amount of Advances included in the distribution on the Distribution Date, the amount of any Net Swap Payment to the Yield Maintenance Agreements Supplemental Interest Trust from the Swap Provider and any Swap Termination Payment to the extent such information is provided to Supplemental Interest Trust from the Securities Administrator by the TrusteeSwap Provider;
(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 the Offered Certificates before Servicing Fee and after giving effect to all distributions of principal and allocation of Applied Realized Loss Amounts in reduction of Certificate Principal Balance for such Distribution Date and the allocation of any Subsequent Recoveries to increase the Certificate Principal Balance Trustee Fee for such Distribution Date;
(iv) the amount 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 cumulative aggregate amount of Applied expenses paid from amounts on deposit in (x) the Certificate Account and (y) the Distribution Account;
(vi) the amount of the distribution allocable to 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 Excess 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 shortfall and the allocation of the shortfall between principal and interest, including any Net WAC Cap Carry Forward Amount not covered by amounts in the Excess Reserve Fund Account;
(ix) 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 to date and Unpaid Interest Amounts;
(x) the Unpaid Applied Realized Loss Amounts for Class Certificate Balance of each applicable Class of Subordinate Certificates before and after giving effect to the distribution of principal (including Subsequent Recoveries) and allocation of Applied Realized Loss Amounts on such the Distribution Date;
(vixi) the Pass-Through Rate for each Class of Adjustable Rate Certificates with respect to the current Accrual Period, and, if applicable, whether such 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;
(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;
(xixii) the amount on deposit in the Certificate Account and Excess Reserve Fund Account (before and after giving effect to distributions on the Distribution Account Deposit Date and Distribution Date, respectively);
(xiii) the number of Mortgage Loans and 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;
(xv) the number and aggregate principal amounts outstanding balance of the Mortgage Loans in each Loan Group as of the end of the preceding calendar month (Aa) Delinquent delinquent (exclusive of Mortgage Loans in foreclosure and bankruptcyforeclosure) (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 (1) 31 30 to 60 59 days, (2) 61 60 to 90 89 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 the Distribution Date;
(xiixvi) 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 was liquidated became an REO Property during the preceding calendar month, the loan number and Stated Principal Balance of, and Realized Loss on, such of the Mortgage Loan as of the end close of business on the related Prepayment PeriodDetermination Date preceding the Distribution Date and the date of acquisition thereof;
(xiii) whether a Trigger Event exists in a Group;
(xivxviii) the total number and principal balance of any REO Properties with respect to each Group (and market value, if available) as of the end close of business on the related Prepayment PeriodDetermination Date preceding the Distribution Date;
(xvxix) the Realized Losses with respect to each Group aggregate amount of Principal Prepayments received during the related Prepayment Period and the cumulative number of 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 close of business on the Distribution Date;
(xxi) the aggregate amount of Servicing Advances reimbursed during the related Remittance Period, the general source of funds for such reimbursements and the aggregate amount of Servicing Advances outstanding as of the close of business on the Distribution Date;
(xxii) the aggregate number and outstanding principal balance of Mortgage Loans repurchased during the related Remittance Period due to material breaches of representations and warranties regarding such Mortgage Loans;
(xxiii) whether a Trigger Event is in effect separately identifying the components thereof;
(xxiv) the aggregate amount of Applied Realized Losses Loss Amounts incurred during the preceding calendar month and the aggregate Unpaid Realized Loss Amount through the Distribution Date;
(xxv) with respect to each Group through the end second Distribution Date, the number and aggregate balance of any Delayed Delivery Mortgage Loans not delivered within the preceding monthtime periods specified in the definition of Delayed Delivery Mortgage Loans;
(xvixxvi) 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, Overcollateralization Amount for such Distribution Date 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 Overcollateralization Target Amount for such Distribution Date;
(xviixxvii) Prepayment Charges collected, waived, and paid by the Servicer;
(xxviii) the aggregate Realized Losses amount on the Mortgage Loans in each Group since the Closing Date as a percentage of the aggregate Stated Principal Balance of the Mortgage Loans deposit in the related Group on the Closing DateInterest Coverage Accounts; and
(xviiixxix) for the amount distribution occurring on the Distribution Date immediately following the end of any the Funding Period, the balance on deposit in the Group I Pre-Funding Account and/or the Group II Pre-Funding Account that has not been used to purchase Subsequent Recovery for Mortgage Loans and that is being distributed to the Certificateholders on such Distribution Date. 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 and falling in the amount by month in which the Certificate Principal Balance 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 Class 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 Subordinated Certificates was increased the December Due Date, and would be reported as such in the December Monthly Statement. For all purposes of 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 result thereofMortgage 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 may make Servicer hereby represents and warrants to the foregoing monthly 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 Servicer. If the statement (andis not accessible to any of the Certificateholders, at the Servicer, the Depositor, the NIMS Insurer or any Rating Agency on the Trustee’s Internet website, the Trustee shall forward a hard copy of it to each Certificateholder, the Servicer, the Depositor, the NIMS Insurer and each Rating Agency immediately after the Trustee becomes aware that it is not accessible to any of them via its option, any additional files containing the same information in an alternative format) available each month to Certificateholders via the Securities Administrator's internet website. The Securities Administrator's internet website shall initially be located at "www.ctslink.com". Assistance in using the 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 address of the Trustee's internet website. The trustee's internet ’s Internet website where the statement will initially be located at www.jpmorgan.com/sfraccessible is hxxxx://xxx.xxx.xx.xxx/xxxx. Assistance in using the Trustee's ’s Internet website sexxxxx xxx xx xxxxxxxd may be obtained by calling the Trustee's ’s customer service desk at (877000) 722000-1095. Parties that are unable to use the 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 such0000. The Securities Administrator may Trustee shall notify each Certificateholder, the Servicer, the Depositor, the NIMS Insurer and each Rating Agency in writing of any change in the way monthly statements are distributed in order to make such distributions more convenient address or more accessible means of access to the above partiesInternet website where the statement is accessible.
(b) The Securities Administrator's Trustee’s responsibility for making preparing and disbursing the above information available to the Certificateholders is limited to the availability, timeliness timeliness, and accuracy of the information derived from the Master Servicer. The Trustee is not responsible for any inaccuracies in or caused by the data provided by the Servicer. By each Determination Date, the Servicer shall provide to the Trustee in electronic form the information needed to determine the distributions to be made pursuant to Section 4.02 and 3.09(b)(ii) and any other information that the Servicer and the EMC Servicer. The Securities Administrator will make available a copy 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 each statement provided pursuant to this Section 5.05 to each Rating Agencyexpenses paid from amounts on deposit in the Certificate Account.
(c) Within a reasonable period of time after the end of each calendar year, the Securities Administrator will prepare and the Trustee will provide shall cause to the EMC Servicer, and upon request be furnished to each Person who at any time during the calendar year was a Certificateholder, a statement containing the information set forth in clauses (a)(i) and (a)(ii) (with respect to principal and interest distributed) of this Section 5.05 4.03 aggregated for such the calendar year or the applicable portion thereof during which such the Person was a Certificateholder. Such Within a reasonable period of time after the end of each calendar year, the Trustee shall cause to be furnished to the NIMS Insurer, 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. This obligation of the Trustee shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Trustee pursuant to any requirements of the Code as from time to time in effect.
(d) 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 provided by the Depositor pursuant to Section 9.12.
Appears in 1 contract
Monthly Statements to Certificateholders. (a) Not later than each Distribution Date, the Securities Administrator shall prepare and deliver to the Trustee and the Yield Maintenance Provider, and make available to each Holder of Certificates, the Trustee, the Rating Agencies, the each Master Servicer, the 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 (if any);
(ii) the amount of such distribution to Holders of each Class allocable to interest, and, if applicable, the portion thereof allocable to amounts provided pursuant to the a Yield Maintenance Agreements to the extent such information is provided to the Securities Administrator by the TrusteeAgreement;
(iii) any the Interest Carry Forward Amounts, Amounts and any Basis Risk Shortfall Carry Forward Unpaid Applied Realized Loss Amounts for each Class of Adjustable Rate Offered Certificates (other than the Residual Certificates), if any;
(iv) the Certificate Principal Balance or Certificate Notional Balance of the Offered Certificates before and each Class after giving effect (i) to all distributions of allocable to principal on such Distribution Date and (ii) the allocation of any Applied Realized Loss Amounts in reduction of Certificate Principal Balance for such Distribution Date and the 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 Unpaid Applied Realized Loss Amounts for each applicable Class of Subordinate Offered Certificates after giving effect to the distribution of principal (including Subsequent Recoveries) and allocation of Applied Realized Loss Amounts on such Distribution Date;.
(vi) the Pass-Through Rate for each Class of Adjustable Rate Offered Certificates with respect to the current Accrual Period, and, if applicable, whether such Pass-Through Rate was limited by the an applicable Interest Rate Cap;
(vii) the amount of any Excess Cashflow Amount and any Excess Yield Maintenance Amount with respect to each GroupAmount;
(viii) the aggregate of the Stated Principal Balances of all of the Mortgage Loans with respect to and separately the Mortgage Loans in each Loan Group on for the related Due 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;
(xi) the number and aggregate principal amounts of Mortgage Loans in each Loan Group (A) Delinquent (exclusive of Mortgage Loans in foreclosure and bankruptcy) (1) 31 to 60 days, (2) 61 to 90 days and (3) 91 or more days, (B) in foreclosure and 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;
(xii) with respect to any Mortgage Loan in each Loan Group that was liquidated during the preceding calendar month, the loan number and Stated Principal Balance of, and Realized Loss on, such Mortgage Loan as of the end close of business on the related Prepayment PeriodDetermination Date preceding such Distribution Date;
(xiii) whether a Trigger Event exists in a Group;exists.
(xiv) the total number and principal balance of any real estate owned or REO Properties with respect to in each Loan Group as of the end close of business on the related Prepayment PeriodDetermination Date preceding such Distribution Date;
(xv) the Realized Losses with respect to for each Loan Group during the related Prepayment Period and the cumulative Realized Losses with respect to 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 in each Group that are 61 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 the related Group as of the last day of the calendar month preceding such Distribution Date;
(xvii) 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 the Mortgage Loans in the related Group on the Closing Date; and
(xviii) the amount of any Subsequent Recovery for such Distribution Date and the amount by which the Certificate Principal Balance of each Class of Subordinated Certificates was increased as a result thereof. The Securities Administrator 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 via the Securities Administrator's internet website. The Securities Security Administrator's internet website shall initially be located at "www.ctslink.comxxx.xxxxxxx.xxx". Assistance in using the Securities Administrator'x xxxxxxx xxx website can be obtained by calling the Securities Administrator's customer service desk at (301000) 815000-6600. 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) 722-10950000. Parties that are unable to use the above distributxxx xxxxxxx xxe 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 may change the way monthly statements are distributed in order to make such distributions more convenient or more accessible to the above 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 Servicers and the EMC ServicerTrustee. 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 shall cause to be furnished to the EMC Servicer, 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 provided by the Depositor 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, the Securities Administrator Trustee shall prepare and deliver to the Trustee and the Yield Maintenance Provider, and make available to each Holder of Certificates, the Trustee, the Rating Agencies, the Master Servicer, the EMC Servicer Swap Providers 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) with respect to each Loan Group, 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) with respect to each Loan Group, the amount of any related Net Swap Payment payable to the related Sub-Trust with respect to the related Loan Group, any related Net Swap Payment payable to the related Swap Provider, any related Swap Termination Payment payable to the related Sub-Trust with respect to the related Loan Group and any related Swap Termination Payment payable to the related Swap Provider;
(v) with respect to each Loan Group, the amount of the related distribution to Holders of each the Class A Certificates and Class M Certificates (by 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 (if any);
(iivi) with respect to each Loan Group, the amount of such distribution to Holders of each Class of Class A Certificates and Class M Certificates allocable to interest, andinterest and the portion thereof, if applicableany, the portion thereof allocable to amounts provided pursuant to the Yield Maintenance Agreements to the extent such information is provided to the Securities Administrator by the Trusteerelated Swap Agreement and the amount of coverage remaining under either credit enhancement;
(iiivii) any with respect to each Loan Group, the Interest Carry Forward Amounts, Amounts and any Basis Risk Shortfall Carry Forward Amounts for each Class of Adjustable Rate CertificatesCertificates (if any);
(iv) the Certificate Principal Balance of the Offered Certificates before and after giving effect to all distributions of principal and allocation of Applied Realized Loss Amounts in reduction of Certificate Principal Balance for such Distribution Date and the 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 Unpaid Applied Realized Loss Amounts for each applicable Class of Subordinate Certificates after giving effect to the distribution of principal (including Subsequent Recoveries) and allocation of Applied Realized Loss Amounts on such Distribution Date;
(viviii) the Pass-Through Rate for each Class of Adjustable Rate 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 Interest related Net Rate Cap;
(viiix) the amount of any Excess Cashflow Amount and any Excess Yield Maintenance Amount with respect to each Loan Group;
(viii) , the number and aggregate of the Stated Principal Balances Balance of all of the Mortgage Loans with respect to each 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 Periodfollowing Distribution Date, together with updated pool composition information including the following: weighted average mortgage rate and weighted average remaining term;
(x) the amount Certificate Principal Balance of Advances included in the distribution Class A Certificates and Class M Certificates before and after giving effect (i) to all distributions allocable to principal on such Distribution Date with respect to each Loan Group and (ii) the allocation of any Applied Realized Loss Amounts with respect to each Loan Group for such Distribution Date;
(xi) the number and aggregate principal amounts Stated Principal Balance of the Mortgage Loans in each Loan Group (A) Delinquent (exclusive of Mortgage Loans in foreclosure and bankruptcy) (1) 31 to 60 days30 days Delinquent, (2) 61 to 90 60 days Delinquent and (3) 91 90 days or more daysDelinquent, (B) in foreclosure and delinquent (1) 31 to 60 days30 days Delinquent, (2) 61 to 90 60 days Delinquent and (3) 91 90 days or more days Delinquent and (C) in bankruptcy and delinquent (1) 31 to 60 days30 days Delinquent, (2) 61 to 90 60 days Delinquent and (3) 91 90 days or more daysDelinquent, 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 each such Loan Group;
(xii) with respect to each Loan Group, 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) with respect to each Loan Group, the amount, if any, of excess cashflow or excess spread and the application of such excess cashflow;
(xiv) with respect to each Loan Group, the cumulative Realized Losses through the end of the preceding month;
(xv) with respect to each Loan Group, 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 was liquidated during the preceding calendar month, the loan number and aggregate Stated Principal Balance of, and Realized Loss on, such Mortgage Loan Loans as of the end close of business on the related Prepayment Periodprior calendar month;
(xiiixvii) whether a Trigger Event exists in a with respect to each Loan Group;
(xiv) , the total number and principal balance of any real estate owned or REO Properties with respect to each Group as of the end of the related Prepayment Periodcalendar month;
(xvxviii) the Realized Losses with respect to each Group during the related Prepayment Period and the cumulative Realized Losses loan group, material breaches of pool asset representation or warranties or transaction covenants;
(xix) with respect to each Group through the end of the preceding month;
(xvi) Loan Group, the three month rolling average of the percent equivalent of a fraction, the numerator of which is the aggregate stated Stated Principal Balance of the Mortgage Loans in each such Loan Group that are 61 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 and separately identifying such information for the (1) first lien Mortgage Loans, and (2) Adjustable Rate Mortgage Loans, in the related Group each case as of the last day end of the calendar month preceding Prepayment Period;
(xx) whether a Group I Trigger Event or a Group II Trigger Event exists;
(xxi) the amount of the distribution made on such Distribution Date to the Holders of the Class I-P Certificates and Class II-P Certificates allocable to Prepayment Charges;
(xxii) with respect to each Loan Group, information on loss, delinquency or other tests used for determining early amortization, liquidation, stepdowns or other performance triggers and whether the trigger was met;
(xxiii) the amount of the Prepayment Charges remitted by the Master Servicer and the amount on deposit in the Group I Reserve Fund and Group II Reserve Fund;
(xxiv) with respect to each Loan Group, updated pool composition data including the following: weighted average mortgage rate and weighted average remaining term;
(xxv) with respect to each Loan Group, information regarding any new issuance of securities backed by the same asset pool, any pool asset changes, such as additions or removals of Mortgage Loans from the Trust Fund, if applicable;
(xxvi) the aggregate amount withdrawn from the Group I Pre-Funding Account and the Group I Interest Coverage Account pursuant to Section 4.08 and Section 4.09, respectively, prior to that Distribution Date, the amount remaining on deposit in the Group I Pre-Funding Account (exclusive of investment income) and in the Group I Interest Coverage Account (exclusive of investment income), following such Distribution Date, and the amount withdrawn from the Group I Pre-Funding Account and used to buy Group I Subsequent Mortgage Loans prior to such Distribution Date;
(xviixxvii) the aggregate Realized Losses amount withdrawn from the Group II Pre-Funding Account and the Group II Interest Coverage Account pursuant to Section 4.10 and Section 4.11, respectively, prior to that Distribution Date, the amount remaining on deposit in the Group II Pre-Funding Account (exclusive of investment income) and in the Group II Interest Coverage Account (exclusive of investment income), following such Distribution Date, and the amount withdrawn from the Group II Pre-Funding Account and used to buy Group II Subsequent Mortgage Loans in each Group since the Closing Date as a percentage of the aggregate Stated Principal Balance of the Mortgage Loans in the related Group on the Closing prior to such Distribution Date; and
(xviiixxviii) with respect to each Loan Group, any material changes in the amount of any Subsequent Recovery solicitation, credit-granting, underwriting, origination, acquisition or Mortgage Loan selection criteria or procedures, as applicable, used to originate, acquire or select Mortgage Loans for such Distribution Date and the amount by which the Certificate Principal Balance of each Class of Subordinated Certificates was increased as a result thereofTrust Fund. The Securities Administrator 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 Trustee five calendar days before each Distribution Date, and if no such notification occurs, the Trustee has no obligation to report with respect to (xxviii). The Depositor covenants to the Trustee that there will be no new issuance of securities backed by the same asset pool, so the Trustee will only be responsible in (xxv) above for reporting any pool asset changes, such as additions or removals of Mortgage Loans from the Trust Fund. The Trustee may make the foregoing monthly statement Monthly Statement (and, at its option, any additional files containing the same information in an alternative format) available each month to Certificateholders via the Securities Administrator's Trustee’s internet website. The Securities Administrator's Trustee’s internet website shall initially be located at "www.ctslink.com"“xxx.xxxxxxxx.xxx”. Assistance in using the Securities Administrator'x xxxxxxx xxx website can be obtained by calling the Securities Administrator's customer service desk Trustee at (301000) 815000-6600. 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) 722-10950000. Parties that are unable to use the above distributxxx xxxxxxx xxe 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 Trustee and indicating such. The Securities Administrator Trustee may change the way monthly statements Monthly Statements are distributed in order to make such distributions more convenient or more accessible to the above parties.
(b) The Securities Administrator's 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 parties providing the EMC Servicerinformation to the Trustee. The Securities Administrator Trustee will make available a copy of each statement provided pursuant to this Section 5.05 5.06 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 shall cause to the EMC Servicer, and 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)(ia)(v) and (a)(iia)(vi) of this Section 5.05 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 Securities Administrator 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 class of regular Regular Interests and residual interests 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 class of regular Regular Interests and residual interests 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 class of regular Regular Interests or residual interests 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 Realized Losses with respect to the Mortgage Loans or the regular interests Regular Interests created hereunder, including the timing and amount of any cancellation of indebtedness income of a REMIC with respect to such regular interests 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 9.12.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Bear Stearns Asset Backed Securities I Trust 2006-He10)
Monthly Statements to Certificateholders. (a) Not later than each Distribution Date, the Securities Trust Administrator shall prepare and deliver to the Trustee and the Yield Maintenance Provider, and make available to each Holder of CertificatesCertificateholder, the Trustee, the Rating AgenciesServicer, the Master Servicer, the EMC Servicer Trustee, the Depositor, the NIM Insurer, if any, and the Depositor each Rating 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) the aggregate amount of any Principal Prepayments included thereinidentified, (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 made on such Distribution Amount (if any)Date to the Holders of the Class P Certificates allocable to Prepayment Charges;
(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, and, if applicable, the portion thereof allocable to amounts provided pursuant to the Yield Maintenance Agreements to the extent such information is provided to the Securities Administrator by the Trusteeseparately identified;
(iii) any Interest Carry Forward Amountsthe Net Monthly Excess Cashflow, any Basis Risk Shortfall Carry Forward Amounts for each Class of Adjustable Rate Certificates;
(iv) the Certificate Principal Balance of Overcollateralized Amount, the Offered Certificates before and after giving effect to all distributions of principal and allocation of Applied Realized Loss Amounts in reduction of Certificate Principal Balance for such Distribution Date and Overcollateralization Release Amount, the allocation of any Subsequent Recoveries to increase Overcollateralization Target Amount, the Certificate Principal Balance Overcollateralization Deficiency Amount, the Credit Enhancement Percentage for such Distribution Date;
(iv) the fees and expenses of the trust accrued and paid on such Distribution Date and to whom such fees and expenses were paid;
(v) the cumulative aggregate amount of Applied Realized Loss Amounts to date and the Unpaid Applied Realized Loss Amounts P&I Advances for each applicable Class of Subordinate Certificates after giving effect to the distribution of principal such Distribution Date (including Subsequent Recoveries) and allocation the general purpose of Applied Realized Loss Amounts on such Distribution DateP&I Advances);
(vi) the Pass-Through Rate for each Class aggregate Principal Balance of Adjustable Rate Certificates with respect to the current Accrual Mortgage Loans and any REO Properties as of the end of the related Due Period, and, if applicable, whether such Pass-Through Rate was limited by the Interest Rate Cap;
(vii) the amount of any Excess Cashflow Amount number, aggregate Principal Balance, weighted average remaining term to maturity and any Excess Yield Maintenance Amount with respect to each Group;
(viii) the aggregate of the Stated Principal Balances weighted average Mortgage Rate of the Mortgage Loans with respect to each Group on as of 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;
(xiviii) the number and aggregate principal amounts of Mortgage Loans (A) Delinquent (exclusive unpaid Principal Balance of Mortgage Loans in foreclosure and bankruptcyrespect 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, (B) in foreclosure and 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 daysproceedings have begun, in each case case, as of the last day of the calendar month preceding the related Distribution Date and in accordance with the OTS method of calculating delinquencies; Fremont 2006-D Pooling & Servicing Agreement
(ix) the total number and cumulative principal balance of all REO Properties as of the close of business on the last day of the calendar month preceding such the related Distribution Date;
(x) the aggregate amount of Principal Prepayments made during the related Prepayment Period;
(xi) the Delinquency Percentage;
(xii) with respect to any Mortgage Loan that was liquidated the aggregate amount of Realized Losses incurred during the preceding calendar monthrelated Prepayment Period, the loan number aggregate amount of Realized Losses incurred since the Closing Date and Stated Principal Balance of, and Realized Loss on, such Mortgage Loan as the aggregate amount of the end of Subsequent Recoveries received during the related Prepayment Period;
(xiii) 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 end of 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 amount of extraordinary trust fund expenses withdrawn from 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 distribution account for such Distribution Date;
(xviixiv) 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 the Mortgage Loans in the related Group on the Closing Date; and
(xviii) the amount of any Subsequent Recovery for such Distribution Date and the amount by which the Certificate Principal Balance of each Class of Subordinated Certificates, before and after 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 the Certificates on such Distribution Date;
(xvi) the aggregate amount of any Prepayment Interest Shortfall for such Distribution Date, to the extent not covered by payments of Compensating Interest by the Servicer or the Master Servicer;
(xvii) the Net WAC Rate Carryover Amount for the Certificates, if any, for such Distribution Date and the amount remaining undistributed after reimbursements therefor on such Distribution Date;
(xviii) the amount of the Servicing Fees paid to or retained by the Servicer or any subservicer (with respect to the Subservicers, in the aggregate) with respect to such Distribution Date;
(xix) the amount of the Master Servicing Fees to be paid to or retained by the Master Servicer with respect to such Distribution Date;
(xx) the amount of the Custodial Fee, if any, to be paid or retained by the Trust Administrator with respect to such Distribution Date;
(xxi) whether the Stepdown Date or a Trigger Event has occurred;
(xxii) the total cashflows received and the general sources thereof; Fremont 2006-D Pooling & Servicing Agreement
(xxiii) the respective Pass-Through Rates applicable to the Certificates and the Class C Certificates for such Distribution Date (and whether such Pass-Through Rate was increased as a result thereoflimited by the Net WAC Rate) and the Pass-Through Rate applicable to the Certificates for the immediately succeeding Distribution Date;
(xxiv) the amount of any Net Swap Payments or Swap Termination Payments; and
(xxv) the applicable Record Dates, Accrual Periods and Determination Dates for calculating distributions for such Distribution Date.
(b) The 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 Securities Trust Administrator may will make the foregoing monthly above statement (and, at its option, any additional files containing the same information in an alternative format) available each month to Certificateholders via the Securities Trust Administrator's ’s internet website. The Securities Trust Administrator's internet website shall initially be located at "www.ctslink.com". Assistance in using the 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 ’s website will initially be located at www.jpmorgan.com/sfr. Assistance hxxx://xxx.xxxxxxx.xxx and assistance in using the Trustee's website sexxxxx xxx xx xxxxxxxd can be obtained by calling the Trustee's Trust Administrator’s customer service desk at (877) 7221-1095000-000-0000. Parties that are unable to use the above distributxxx xxxxxxx xxe distribution method 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 Trust Administrator may shall have the right to change the way monthly statements are manner in which the above statement is distributed in order to make such distributions distribution more convenient or and/or more accessible accessible, and the Trust Administrator shall provide timely and adequate notification to the Certificateholders and the parties hereto regarding any such changes. The Trust Administrator shall also be entitled to rely on, but shall not be responsible for the content or accuracy of, any information provided by the Servicer for purposes of preparing the above parties.
statement and may affix thereto any disclaimer it deems appropriate in its reasonable discretion (bwithout suggesting liability on the part of any other party hereto). 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 Securities Trust Administrator's ’s responsibility for making providing the above information available provided for in Sections 4.03(d) to the Certificateholders is limited to the availability, availability and timeliness and accuracy of the information derived from provided by the Master Servicer and the EMC Servicer. The Securities Trust Administrator will make available a copy of each statement 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 this Section 5.05 4.03(d) other than forwarding copies to each Rating AgencyCertificateholders. The Trust Administrator shall have no liability for the accuracy, completeness or otherwise for such information.
(c) Within Upon request, within a reasonable period of time after the end of each calendar year, the Securities Trust Administrator will prepare and shall cause to be furnished the Trustee will provide to the EMC ServicerNIM Insurer, if any, 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 4.03 aggregated for such calendar year or applicable portion thereof during which such Person was a Certificateholder. Such obligation of the Trustee Trust Administrator shall be deemed to have been satisfied to the extent that Fremont 2006-D Pooling & Servicing Agreement substantially comparable information shall be provided by the Trustee Trust Administrator pursuant to any requirements of the Code as are from time to time in effect.
(d) Upon filing with Not later than the Internal Revenue ServiceReporting Date, the Securities Administrator Servicer shall furnish to the Holders Trust Administrator, the NIM Insurer, if any, 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 Residual Certificates immediately preceding month (the applicable Form 1066 and “Servicer Remittance Report”). The Servicer shall furnish to the Trust Administrator an individual loan accounting report, as of the last Business Day of each applicable Form 1066Q and shall respond promptly month, to written requests made not more frequently than quarterly by any Holder of a Residual Certificate with document Mortgage Loan payment activity on an individual Mortgage Loan basis. With respect to each month, the following matterscorresponding 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) The original projected 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 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 Assumptionprincipal prepayment amounts remitted in accordance with Section 3.25);
(ii) The projected remaining principal and interest cash flows as of the end of any calendar quarter with respect to each Class Scheduled Payment, the amount of regular and residual interests created hereunder and the Mortgage Loans, based on the Prepayment Assumptionsuch remittance allocable to interest;
(iii) The applicable Prepayment Assumption and any interest rate assumptions used in determining the projected principal and interest cash flows described aboveamount of servicing compensation received by the Servicer during the prior distribution period;
(iv) The original issue discount (or, in the case individual and aggregate Stated Principal Balance 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;
(v) the aggregate of any expenses reimbursed to the Servicer during the prior distribution period pursuant to Section 3.11;
(vi) The amount the number and timing aggregate outstanding principal balances of any non-interest expenses Mortgage Loans (not including Liquidated Mortgage Loans as of a REMICthe end of the Prepayment Period) (a) delinquent (1) 31 to 60 days, (2) 61 to 90 days, or (3) 91 days or more; and(b) as to which foreclosure has commenced; and (c) as to which REO Property has been acquired;
(vii) Any taxes each Mortgage Loan which has been altered, modified or varied during such month, and the reason for such modification (including penalties 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 interestFremont 2006-D Pooling & Servicing Agreement
(ix) 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 any other information pursuant to clauses (i), (ii), (iii) and (iv) above shall be provided reasonably required by the Depositor pursuant Trust Administrator to enable it to prepare the monthly statement referred to in Section 9.124.03(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, the Securities Administrator shall prepare and deliver to the Trustee and the Yield Maintenance Provider, and make available to each Holder of Certificates, the Trustee, the Rating Agencies, the Master Servicer, the EMC Servicer 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 (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 (if any);
(iivi) the amount of such distribution to Holders of each Class of Class A Certificates and Class M Certificates allocable to interest, andinterest and the portion thereof, if applicableany, provided by the portion thereof allocable to amounts provided pursuant to the Swap Agreement and Yield Maintenance Agreements to Agreement and the extent such information is provided to the Securities Administrator by the Trusteeamount of coverage remaining under either credit enhancement;
(iiivii) any the Interest Carry Forward Amounts, Amounts and any Basis Risk Shortfall Carry Forward Amounts for each Class of Adjustable Rate CertificatesCertificates (if any);
(iv) the Certificate Principal Balance of the Offered Certificates before and after giving effect to all distributions of principal and allocation of Applied Realized Loss Amounts in reduction of Certificate Principal Balance for such Distribution Date and the 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 Unpaid Applied Realized Loss Amounts for each applicable Class of Subordinate Certificates after giving effect to the distribution of principal (including Subsequent Recoveries) and allocation of Applied Realized Loss Amounts on such Distribution Date;
(viviii) the Pass-Through Rate for each Class of Adjustable Rate 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 Interest Net Rate Cap;
(viiix) the amount of any Excess Cashflow Amount number and any Excess Yield Maintenance Amount with respect to each Group;
(viii) the aggregate of the Stated Principal Balances Balance of (A) all of the Mortgage Loans with respect to each Group on the related Due Date;
and (ixB) 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 Adjustable Rate Mortgage Loans, for the related Due Periodfollowing Distribution Date;
(x) the amount Certificate Principal Balance or Certificate Notional Amount, as applicable, of Advances included in each Class before and after giving effect (i) to all distributions allocable to principal on such Distribution Date and (ii) the distribution on allocation of any Applied Realized Loss Amounts for such Distribution Date;
(xi) the number and aggregate principal amounts Stated Principal Balance of the Mortgage Loans (A) Delinquent (exclusive of Mortgage Loans in foreclosure and bankruptcy) (1) 31 to 60 days30 days Delinquent, (2) 61 to 90 60 days Delinquent and (3) 91 90 days or more daysDelinquent, (B) in foreclosure and delinquent (1) 31 to 60 days30 days Delinquent, (2) 61 to 90 60 days Delinquent and (3) 91 90 days or more days Delinquent and (C) in bankruptcy and delinquent (1) 31 to 60 days30 days Delinquent, (2) 61 to 90 60 days Delinquent and (3) 91 90 days or more daysDelinquent, 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;
(xii) 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 was liquidated during the preceding calendar month, the loan number and aggregate Stated Principal Balance of, and Realized Loss on, such Mortgage Loan Loans as of the end close of business on the related Prepayment PeriodDetermination Date preceding such Distribution Date;
(xiii) whether a Trigger Event exists in a Group;
(xivxvii) the total number and principal balance of any real estate owned or REO Properties with respect to each Group as of the end close of business on the related Prepayment PeriodDetermination Date preceding such Distribution Date;
(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;
(xvixviii) the three month rolling average of the percent equivalent of a fraction, the numerator of which is the aggregate stated Stated Principal Balance of the Mortgage Loans in each Group that are 61 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 the related Group 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, and (2) Adjustable Rate Mortgage Loans;
(xviixix) the aggregate Realized Losses during the related Prepayment Period and the cumulative Realized Losses through the end of the preceding month;
(xx) whether a Trigger Event exists;
(xxi) the amount of the distribution made on such Distribution Date to the Holders of the Class P Certificates allocable to Prepayment Charges;
(xxii) information on loss, delinquency or other tests used for determining early amortization, liquidation, stepdowns or other performance triggers and whether the trigger was met;
(xxiii) 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 securities backed by the same asset pool, any pool asset changes, such as additions or removals of Mortgage Loans in each Group since from the Closing Date as a percentage of the aggregate Stated Principal Balance of the Mortgage Loans in the related Group on the Closing DateTrust Fund, if applicable; and
(xviiixxvi) any material changes in the amount 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. 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 Subsequent Recovery for pool asset changes, such Distribution Date and as additions or removals of Mortgage Loans from the amount by which the Certificate Principal Balance of each Class of Subordinated Certificates was increased as a result thereofTrust Fund. The Securities Administrator may make the foregoing monthly statement Monthly Statement (and, at its option, any additional files containing the same information in an alternative format) available each month to Certificateholders via the Securities Administrator's ’s internet website. The Securities Administrator's ’s internet website shall initially be located at "www.ctslink.com"“xxx.xxxxxxx.xxx”. Assistance in using the Securities Administrator'x xxxxxxx xxx website can be obtained by calling the Securities Administrator's customer service ’s transaction administrator desk at (301000) 815000-6600. 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) 722-10950000. Parties that are unable to use the above distributxxx xxxxxxx xxe 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 may change the way monthly statements Monthly Statements are distributed in order to make such distributions more convenient or more accessible to the above partiesparties and the Securities Administrator shall provide timely and adequate notification to all above parties regarding any such changes. As a condition to access the Securities Administrator’s internet website, the Securities Administrator may 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 ’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 parties providing the EMC Servicerinformation to the Securities Administrator. The Securities Administrator will make available a copy of each statement provided pursuant to this Section 5.05 6.06 to each Rating AgencyAgency on its website at xxx.xxxxxxx.xxx.
(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 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)(ia)(v) and (a)(iia)(vi) of this Section 5.05 6.06 aggregated for such calendar year or applicable portion thereof during which such Person was a Certificateholder. Such obligation of the Trustee Securities Administrator shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Trustee Securities Administrator pursuant to any requirements of the Code as from time to time in effect.
(d) 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 class of regular Regular Interests and residual interests 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 class of regular Regular Interests or residual interests 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 Realized Losses with respect to the Mortgage Loans or the regular interests Regular Interests created hereunder, including the timing and amount of any cancellation of indebtedness income of a REMIC with respect to such regular interests 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 9.1210.12.
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, the Securities Administrator Trustee shall prepare and deliver to the Trustee and the Yield Maintenance Provider, and make available to each Holder of Certificates, the Trustee, the Rating Agencies, the Master Servicer, the EMC Servicer 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 Trust, any Net Swap Payment payable to the Swap Provider, any Swap Termination Payment payable to the Trust and any Swap Termination Payment payable to the Swap Provider;
(v) the amount of the related distribution to Holders of each the Class A Certificates and Class M Certificates (by 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 (if any);
(iivi) the amount of such distribution to Holders of each Class of Class A Certificates and Class M Certificates allocable to interest, andinterest and the portion thereof, if applicableany, the portion thereof allocable to amounts provided pursuant to the Yield Maintenance Agreements to the extent such information is provided to the Securities Administrator by the TrusteeSwap Agreement and the amount of coverage remaining under either credit enhancement;
(iiivii) any the Interest Carry Forward Amounts, Amounts and any Basis Risk Shortfall Carry Forward Amounts for each Class of Adjustable Rate CertificatesCertificates (if any);
(iv) the Certificate Principal Balance of the Offered Certificates before and after giving effect to all distributions of principal and allocation of Applied Realized Loss Amounts in reduction of Certificate Principal Balance for such Distribution Date and the 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 Unpaid Applied Realized Loss Amounts for each applicable Class of Subordinate Certificates after giving effect to the distribution of principal (including Subsequent Recoveries) and allocation of Applied Realized Loss Amounts on such Distribution Date;
(viviii) the Pass-Through Rate for each Class of Adjustable Rate 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 Interest related Net 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;
(ix) the related amount number and aggregate Stated Principal Balance of all of the Master Servicing Fees paid to or retained by the Master Servicer and the Servicing Fees paid to or retained by each Servicer Mortgage Loans for the related Due Periodfollowing Distribution Date, together with updated pool composition information including the following: weighted average mortgage rate and weighted average remaining term;
(x) the amount Certificate Principal Balance of Advances included in the distribution Class A Certificates and Class M Certificates 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;
(xi) the number and aggregate principal amounts Stated Principal Balance of the Mortgage Loans in each Loan Group (A) Delinquent (exclusive of Mortgage Loans in foreclosure and bankruptcy) (1) 31 to 60 days30 days Delinquent, (2) 61 to 90 60 days Delinquent and (3) 91 90 days or more daysDelinquent, (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 Delinquent and (C) in bankruptcy 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, in each case as of the close of business on the last day of the calendar month preceding such Distribution Date, or with respect to the first Distribution Date, as of the close of business on the last day of the calendar month two months preceding such Distribution Date and separately identifying such information for the (1) first lien Mortgage Loans, (2) second lien Mortgage Loans, and (3) Adjustable Rate Mortgage Loans, in each such Loan Group;
(xii) 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, if any, of excess cashflow or excess spread and the application of such excess cashflow;
(xiv) the cumulative Realized Losses 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 was liquidated during the preceding calendar monthmonth (or with respect to the first Distribution Date, any Mortgage Loan that was liquidated during the calendar month two months prior to such Distribution Date), the loan number and aggregate Stated Principal Balance of, and Realized Loss on, such Mortgage Loan Loans as of the end close of business on the related Prepayment Periodprior calendar month;
(xiii) whether a Trigger Event exists in a Group;
(xivxvii) the total number and principal balance of any real estate owned or REO Properties with respect to each Group as of the end of the related Prepayment Periodcalendar month, or with respect the first Distribution Date, as of the end of the calendar month two months prior to such Distribution Date;
(xvxviii) 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 Loan Group, material breaches of the preceding monthpool asset representation or warranties or transaction covenants;
(xvixix) the three month rolling average of the percent equivalent of a fraction, the numerator of which is the aggregate stated Stated Principal Balance of the Mortgage Loans in each Group that are 61 60 days or more delinquent 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 and separately identifying such information for the (1) first lien Mortgage Loans, and (2) Adjustable Rate Mortgage Loans, in the related Group each case as of the last day end of the calendar month preceding such Distribution DatePrepayment Period;
(xviixx) whether a Trigger Event exists;
(xxi) the aggregate Realized Losses amount of the distribution made on such Distribution Date to the Holders of the Class P Certificates allocable to Prepayment Charges;
(xxii) information on loss, delinquency or other tests used for determining early amortization, liquidation, stepdowns or other performance triggers and whether the trigger was met;
(xxiii) 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 securities backed by the same asset pool, any pool asset changes, such as additions or removals of Mortgage Loans in each Group since from the Closing Date as a percentage of the aggregate Stated Principal Balance of the Mortgage Loans in the related Group on the Closing DateTrust Fund, if applicable; and
(xviiixxvi) any material changes in the amount of any Subsequent Recovery solicitation, credit-granting, underwriting, origination, acquisition or Mortgage Loan selection criteria or procedures, as applicable, used to originate, acquire or select Mortgage Loans for such Distribution Date and the amount by which the Certificate Principal Balance of each Class of Subordinated Certificates was increased as a result thereofTrust Fund. The Securities Administrator 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 Trustee five calendar days before each Distribution Date, and if no such notification occurs, the Trustee has no obligation to report with respect to (xxvi). The Depositor covenants to the Trustee that there will be no new issuance of securities backed by the same asset pool, so the Trustee will only be responsible in (xxv) above for reporting any pool asset changes, such as additions or removals of Mortgage Loans from the Trust Fund. The Trustee may make the foregoing monthly statement Monthly Statement (and, at its option, any additional files containing the same information in an alternative format) available each month to Certificateholders and the Swap Provider via the Securities Administrator's Trustee’s internet website. The Securities Administrator's Trustee’s internet website shall initially be located at "www.ctslink.com"“xxx.xxxxxxxx.xxx”. Assistance in using the Securities Administrator'x xxxxxxx xxx website can be obtained by calling the Securities Administrator's customer service desk the Trustee at (301000) 815000-6600. 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) 722-10950000. Parties that are unable to use the above distributxxx xxxxxxx xxe 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 Trustee and indicating such. The Securities Administrator Trustee may change the way monthly statements Monthly Statements are distributed in order to make such distributions more convenient or more accessible to the above parties.
(b) The Securities Administrator's 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 parties providing the EMC Servicerinformation to the Trustee. The Securities Administrator Trustee will make available a copy of each statement provided pursuant to this Section 5.05 5.06 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 provided by the Depositor pursuant to Section 9.12.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Bear Stearns Asset Backed Securities I Trust 2007-He4)
Monthly Statements to Certificateholders. (a) Not later than each Distribution DateDate 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 deliver to the Trustee and the Yield Maintenance Provider, and make available on its website located at www.ctslink.com to each Holder of Certificatesa Class of Certificates of the Trusx Xxxx, the Trustee, the Rating Agenciesxxx Xxxvicer, the Master Servicer, the EMC Servicer 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 (except with respect to any Simple Interest Loans) of principal included therein (and with respect to any Simple Interest Loanstherein, 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, and, if applicable, the portion thereof allocable together with any Non-Supported Interest Shortfalls allocated to amounts provided pursuant to the Yield Maintenance Agreements to the extent such information is provided to the Securities Administrator by the Trusteeeach Class;
(iii) the Class Certificate Principal Balance of each Class after giving effect (i) to all distributions allocable to principal on such Distribution Date and (ii) the allocation of any Interest Carry Forward Amounts, any Basis Risk Shortfall Carry Forward Applied Realized Loss Amounts for each Class of Adjustable Rate Certificatessuch Distribution Date;
(iv) the Certificate Principal Balance of the Offered Certificates before and after giving effect to all distributions of principal and allocation of Applied Realized Loss Amounts in reduction of Certificate Principal Balance for such Distribution Date and the allocation of any Subsequent Recoveries to increase the Certificate Pool Stated Principal Balance for such Distribution Date;
(v) the cumulative amount of Applied Realized Loss Amounts the Servicing Fee paid to date 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 Unpaid Applied Realized Loss Amounts for each applicable Class of Subordinate Certificates after giving effect to the distribution of principal (including Subsequent Recoveries) and allocation of Applied Realized Loss Amounts on such Distribution DateServicer, Master Servicer, Securities Administrator or Trustee;
(vi) the Pass-Through Rate for each Class of Adjustable Rate Certificates with respect to the current Accrual Period, and, if applicable, whether for such Pass-Through Rate was limited by the Interest Rate CapDistribution Date;
(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;
(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;
(xiviii) the cumulative amount of (A) Realized Losses and (B) Applied Realized Loss Amounts to date, in the aggregate;
(ix) the amount of (A) Realized Losses and (B) Applied Realized Loss Amounts with respect to such Distribution Date, in the aggregate;
(x) the number and aggregate principal amounts of Mortgage Loans (A) Delinquent (exclusive of Mortgage Loans in foreclosure and bankruptcyforeclosure) (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 and (C) in bankruptcy and delinquent 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;
(xiixi) with respect to any Mortgage Loan that was liquidated became an REO Property during the preceding calendar month, the loan number and Stated Principal Balance of, and Realized Loss on, of such Mortgage Loan as of the end close of business on the last day of the related Prepayment Periodcalendar month preceding such Distribution Date and the date of acquisition thereof, in the aggregate and with respect to the Mortgage Loans;
(xiii) whether a Trigger Event exists in a Group;
(xivxii) the total number and principal balance of any REO Properties with respect to each Group as of the end close of 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 business on the last day of the calendar month preceding such Distribution Date, in the aggregate;
(xiii) the aggregate Stated Principal Balance of all Liquidated Loans as of the preceding Distribution Date, in the aggregate;
(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 aggregate Realized Losses on 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 each Group the aggregate of such amounts for all such Mortgage Loans since the Closing Date as a percentage of the aggregate Stated Principal Balance of the Mortgage Loans in the related Group on the Closing Cut-off Date; and;
(xviii) the amount and purpose of any Subsequent Recovery for such Distribution Date 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 by which the Certificate Principal Balance of any payments to each Class of Subordinated Certificates was increased that are not treated as payments received in respect of a result thereof. REMIC "regular interest" or REMIC "residual interest"; and
(xx) as of each Distribution Date, the amount, if any, to be deposited in the Cap Contract Account pursuant to the Cap Contract as described in Section 4.04(k) and the amount thereof to be paid to the Offered Certificates described in Section 4.04(k) hereof.
(b) The Securities Administrator may will make the foregoing monthly statement Monthly Statement (and, at its option, any additional files containing the same information in an alternative format) available each month to Certificateholders Certificateholders, other parties to this Agreement and any other interested parties via the Securities Administrator's internet Internet website. The Securities Administrator's internet Internet website shall initially be located at "www.ctslink.com". Assistance in using the Securities Administrator'x xxxxxxx xxx website can be obtained by calling the Securities xxxxxxx xxx Xxxurities 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 above distributxxx xxxxxxx xxe entitled to have a paper website are entitlxx xx xxxx x xaper copy mailed to them via first class mail by calling the Securities Administrator's customer service desk and indicating such. The Securities Administrator may shall have the right to change the way the monthly statements to Certificateholders are distributed in order to make such distributions distribution more convenient or and/or more accessible to the above parties.
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 (b) The without suggesting liability on the part of any other party hereto). As a condition to access the Securities Administrator's responsibility for making internet website, the above information available to the Certificateholders is limited to the availability, timeliness and accuracy of the information derived from the Master Servicer Securities Administrator may require registration and the EMC Serviceracceptance of a disclaimer. The Securities Administrator will make available a copy not be liable for the dissemination of each statement provided pursuant to information in accordance with this Section 5.05 to each Rating AgencyAgreement.
(c) Within 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 will prepare and the Trustee will provide shall make available on its website or cause to the EMC Servicer, and upon request be furnished to each Person who at any time during the calendar year was a CertificateholderCertificateholder 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 5.05 4.05 aggregated for such calendar year or applicable portion thereof during which such Person was a Certificateholder. Such obligation of the Trustee Securities Administrator shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Trustee Securities Administrator pursuant to any requirements of the Code as are from time to time in effect.
(de) Upon filing with the Internal Revenue Service, the Securities Administrator shall furnish to the Holders of the Residual Certificates Class R Certificate and the applicable NIMs Insurer each 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 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 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 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 a REMICthe REMICs; and
(vii) Any taxes (including penalties and interest) imposed on the REMICREMICs, 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 9.128.12.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Merrill Lynch Mortgage Investors, Inc. Ownit 2005-1)
Monthly Statements to Certificateholders. (a) Not later than each Distribution Date, the Securities Administrator Trustee shall prepare and deliver to the Trustee and the Yield Maintenance Provider, and make available to each Holder of Certificates, the Trustee, the Rating Agencies, the Master Servicer, the EMC Servicer 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 (except with respect to any Simple Interest Loans) of principal included therein (and with respect to any Simple Interest Loanstherein, the amount of principal actually received included therein), and (C) the Extra Principal Distribution Amount Monthly Excess Interest with respect to the Certificates (if any)) and (D) the amount of Prepayment Charges distributed to the Class P Certificates;
(ii) the amount of such distribution to Holders of each Class allocable to interest, and, if applicable, the portion thereof allocable to amounts 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 the Certificate Principal Balance of each Class of Adjustable Rate Certificates, if applicable, after giving effect (i) to all distributions allocable to principal on such Distribution Date and (ii) the allocation of any Realized Losses for such Distribution Date;
(iv) the Certificate aggregate of the Stated Principal Balances of all of the Mortgage Loans in each Loan Group and the aggregate Stated Principal Balance of the Offered Certificates before and after giving effect to all distributions of principal and allocation of Applied Realized Loss Amounts Mortgage Loans, in reduction of Certificate Principal Balance each case for such Distribution Date and the allocation of any Subsequent Recoveries to increase the Certificate Principal Balance for such following Distribution Date;
(v) the cumulative amount of Applied Realized Loss Amounts the Servicing Fees paid to date and or retained by the Unpaid Applied Realized Loss Amounts Servicer for each applicable Class of Subordinate Certificates after giving effect to the distribution of principal (including Subsequent Recoveries) and allocation of Applied Realized Loss Amounts on such Distribution Daterelated Due Period;
(vi) the Pass-Through Rate for each Class of Adjustable Rate Certificates with respect to the current Accrual Period, and, if applicable, whether such Pass-Through Rate was limited by the Interest Rate Cap;
(vii) the cumulative amount of Realized Losses to date and, in addition, if the Certificate Principal Balance of any Class of Certificates has been reduced to zero, the cumulative amount of any Excess Cashflow Amount and Realized Losses that have not been allocated to any Excess Yield Maintenance Amount with respect to each GroupClass of Certificates;
(viii) the aggregate of the Stated Principal Balances of the Mortgage Loans with respect to each 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 included in the distribution on such Distribution Date;
(xi) 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 foreclosure 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, (B) in foreclosure and 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) 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, in each case as of the close of business on the last day of the calendar month preceding such Distribution Date;
(xiiix) with respect to any Mortgage Loan that was liquidated during the preceding calendar month, the loan number and Stated Principal Balance of, and Realized Loss on, such Mortgage Loan as of the end close of business on the related Prepayment PeriodDetermination Date preceding such Distribution Date;
(xiii) whether a Trigger Event exists in a Group;
(xivx) the total number and principal balance of any real estate owned or REO Properties with respect to in each Loan Group and the Mortgage Loans in the aggregate as of the end close of business on the related Prepayment PeriodDetermination Date preceding such Distribution Date;
(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;
(xvixi) the three month rolling average of the percent equivalent of a fraction, the numerator of which is the aggregate stated Principal Aggregate Loan Group Balance of the Mortgage Loans in each a Loan Group that are 61 sixty (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 Aggregate Loan Group Balance of all of the Mortgage Loans in the related such Loan Group as of the last day of the calendar month preceding such Distribution Date;
(xviixii) the aggregate Realized Losses on during the Mortgage Loans in each Group since related Prepayment Period and the Closing Date as a percentage cumulative Realized Losses through the end of the aggregate Stated Principal Balance of the Mortgage Loans in the related Group on the Closing Date; andpreceding month;
(xviiixiii) the amount of any Subsequent Recovery Basis Risk Shortfalls;
(xiv) amounts payable in respect of each Cap Contract; and
(xv) the amount of the Credit Risk Management Fees paid to the Credit Risk Manager and the Seller for such Distribution Date and the amount by which the Certificate Principal Balance of each Class of Subordinated Certificates was increased as a result thereofDate. The Securities Administrator 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 via the Securities Administrator's its internet website. The Securities Administrator's Trustee’s internet website shall initially be located at "www.ctslink.com"“wwx.xxxxxxxx.xxx/xxx”. Assistance in using the Securities Administrator'x xxxxxxx xxx website can be obtained by calling the Securities Administrator's Trustee’s customer service desk at (301800) 815000-6600. 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) 722-10950000. Parties that are unable to use the above distributxxx xxxxxxx xxe 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 Trustee may change the way monthly statements are distributed in order to make such distributions more convenient or more accessible to the above parties.
(b) The Securities Administrator's 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 Depositor and the EMC Servicer. The Securities Administrator Trustee will make available a copy of each statement provided pursuant to this Section 5.05 5.09 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 shall cause to the EMC Servicer, and 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 5.05 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 Securities Administrator 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 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 the Depositor pursuant to Section 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, the Securities Administrator Trustee shall prepare and deliver cause to the Trustee and the Yield Maintenance Provider, and make available be forwarded by mail to each Holder of CertificatesCertificateholder, the TrusteeSellers, the Rating Agencies, the Master Servicer, the EMC Servicer Depositor and the Depositor Rating Agencies a statement setting forth for the Certificatesforth:
(i) the amount of distribution made on such Distribution Date to the related distribution to Holders of Certificates of each such 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 (if any);
(ii) the amount of the distribution made on such distribution Distribution Date to the Holders of Certificates of each such Class allocable to interest, and, if applicable, the portion thereof allocable to amounts 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 the aggregate amount of Adjustable Rate Certificatesservicing compensation received by the Servicer during the related Due Period and such other customary information which a Certificateholder reasonably requests to enable Certificateholders to prepare their tax returns;
(iv) the Certificate Principal Balance aggregate amount of the Offered Certificates before and after giving effect to all distributions of principal and allocation of Applied Realized Loss Amounts Monthly Advances included in reduction of Certificate Principal Balance for such Distribution Date and the allocation of any Subsequent Recoveries to increase the Certificate Principal Balance for such Distribution Datedistributions;
(v) the cumulative amount aggregate Stated Principal Balance of Applied Realized Loss Amounts to date the Mortgage Loans and any REO Properties at the Unpaid Applied Realized Loss Amounts for each applicable Class close of Subordinate Certificates after giving effect to the distribution of principal (including Subsequent Recoveries) and allocation of Applied Realized Loss Amounts business on such Distribution Date;
(vi) the Pass-Through number, aggregate principal balance, weighted average remaining term to maturity and weighted average Mortgage Rate for each Class of Adjustable Rate Certificates with respect to the current Accrual Period, and, if applicable, whether such 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 as of 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;
(xivii) the number and aggregate unpaid principal amounts balance of Mortgage Loans (Aa) Delinquent delinquent 30 days, (exclusive of Mortgage Loans in foreclosure and bankruptcyb) (1) 31 to delinquent 60 days, (2c) 61 to delinquent 90 days and (3) 91 or more days, (B) in foreclosure and delinquent (1) 31 to 60 days, (2) 61 to 90 days and (3) 91 or more days and (Cd) in bankruptcy as to which foreclosure proceedings have been commenced;
(viii) 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 delinquent the Stated Principal Balance of such Mortgage Loan as of the date it became an REO Property;
(1ix) 31 to 60 days, (2) 61 to 90 days and (3) 91 or more days, in each case the book value of any REO Property as of the close of business on the last day Business Day of the calendar month preceding such the Distribution Date;
(xiix) with respect to any Mortgage Loan that was liquidated the aggregate amount of Principal Prepayments made during the preceding calendar month, the loan number and Stated Principal Balance of, and Realized Loss on, such Mortgage Loan as of the end of the related Prepayment Period;
(xi) the aggregate amount of Realized Losses incurred during the related Prepayment Period and incurred since the issuance of the Certificates;
(xii) the aggregate Certificate Principal Balance or Class Notional Amount, as applicable, of each such Class of Certificates, after giving effect to the distributions, and allocations of Realized Losses made on such Distribution Date, separately identifying any reduction thereof due to allocations of Realized Losses;
(xiii) whether a Trigger Event exists in a Groupthe Senior Percentage and the Senior Prepayment Percentage for such Distribution Date;
(xiv) the total number Interest Distribution Amount in respect of each such Class of Certificates for such Distribution Date (separately identifying any reductions resulting from the allocation of Realized Losses allocable to interest on such Distribution Date) and principal balance the respective portions thereof, if any, remaining unpaid following the distributions made in respect of any REO Properties with respect to each Group as of the end of the related Prepayment Periodsuch Certificates on such Distribution Date;
(xv) the Realized Losses with respect aggregate amount of any Prepayment Interest Shortfalls for such Distribution Date, to each Group during the related Prepayment Period and extent not covered by payments by the cumulative Realized Losses with respect Servicer pursuant to each Group through the end of the preceding month;Section 3.16; and
(xvi) whether any action has been taken to commence or delay foreclosure with respect to any Mortgage Loans, including the three month rolling average number of such Mortgage Loans and their outstanding principal balances. In the percent equivalent case of a fractioninformation furnished pursuant to subclauses (i) - (iv) above, the numerator amounts shall be expressed as a dollar amount per $1,000 of which is the aggregate stated Principal Certificate Principle 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;
(xvii) 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 the Mortgage Loans in the related Group on the Closing Date; and
(xviii) the amount of any Subsequent Recovery for such Distribution Date and the amount by which the Certificate Principal Balance of each Class of Subordinated Certificates was increased as a result thereof. The Securities Administrator 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 via the Securities Administrator's internet website. The Securities Administrator's internet website shall initially be located at "www.ctslink.com". Assistance in using the 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 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 may change the way monthly statements are distributed in order to make such distributions more convenient or more accessible to the above partiesrelevant Class.
(b) The Securities Administrator's responsibility for making the above information available to the Certificateholders is limited to the availabilityUpon reasonable advance notice in writing, timeliness and accuracy of the information derived from the Master Servicer and the EMC 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 yearif required by federal regulation, the Securities Administrator will prepare and the Trustee will provide to each Certificateholder that is a savings association, bank or insurance company certain reports and access to information and documentation regarding the EMC ServicerMortgage Loans sufficient to permit such Certificateholder to comply with applicable regulations of the Office of Thrift Supervision or other regulatory authorities with respect to investment in the Certificates and the Servicer shall cooperate with the Trustee in providing such information; provided, and upon request to each Person who at any time during the calendar year was a Certificateholderhowever, 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 that the Trustee shall be deemed entitled to have been satisfied be reimbursed by each such Certificateholder for the Trustee's actual expenses incurred in providing such reports and access. The Trustee will provide to any Certificateholder upon request the extent that substantially comparable information shall be provided outstanding Certificate Principal Balance as of such dates and, if then known by the Trustee pursuant Trustee, the outstanding Certificate Principal Balances after giving effect to any requirements of the Code as from time distribution 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 be 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 provided by the Depositor pursuant to Section 9.12next following Distribution Date.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Credit Suisse First Boston Mort Sec Corp M B P T C Se 00 Wm2)
Monthly Statements to Certificateholders. (a) Not later than each Distribution Date, the Securities Administrator Trustee shall prepare and deliver to the Trustee and the Yield Maintenance Provider, and make available to each Holder of Certificates, the Trustee, the Rating Agencies, the Master Servicer, the EMC Servicer 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 Trust, any Net Swap Payment payable to the Swap Provider, any Swap Termination Payment payable to the Trust and any Swap Termination Payment payable to the Swap Provider;
(v) the amount of the related distribution to Holders of each the Class A Certificates and Class M Certificates (by 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 (if any);
(iivi) the amount of such distribution to Holders of each Class of Class A Certificates and Class M Certificates allocable to interest, andinterest and the portion thereof, if applicableany, the portion thereof allocable to amounts provided pursuant to the Yield Maintenance Agreements to the extent such information is provided to the Securities Administrator by the TrusteeSwap Agreement and the amount of coverage remaining under such credit enhancement;
(iiivii) any the Interest Carry Forward Amounts, Amounts and any Basis Risk Shortfall Carry Forward Amounts for each Class of Adjustable Rate CertificatesCertificates (if any);
(iv) the Certificate Principal Balance of the Offered Certificates before and after giving effect to all distributions of principal and allocation of Applied Realized Loss Amounts in reduction of Certificate Principal Balance for such Distribution Date and the 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 Unpaid Applied Realized Loss Amounts for each applicable Class of Subordinate Certificates after giving effect to the distribution of principal (including Subsequent Recoveries) and allocation of Applied Realized Loss Amounts on such Distribution Date;
(viviii) the Pass-Through Rate for each Class of Adjustable Rate 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 Interest Net 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;
(ix) the related amount number and aggregate Stated Principal Balance of all of the Master Servicing Fees paid to or retained by the Master Servicer and the Servicing Fees paid to or retained by each Servicer Mortgage Loans for the related Due Periodfollowing Distribution Date, together with updated pool composition information including the following: weighted average mortgage rate and weighted average remaining term;
(x) the amount Certificate Principal Balance of Advances included in the distribution Class A Certificates and Class M Certificates 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;
(xi) the number and aggregate principal amounts Stated Principal Balance of the Mortgage Loans (A) Delinquent (exclusive of Mortgage Loans in foreclosure and bankruptcy) (1) 31 to 60 days30 days Delinquent, (2) 61 to 90 60 days Delinquent and (3) 91 90 days or more daysDelinquent, (B) in foreclosure and delinquent (1) 31 to 60 days30 days Delinquent, (2) 61 to 90 60 days Delinquent and (3) 91 90 days or more days Delinquent and (C) in bankruptcy and delinquent (1) 31 to 60 days30 days Delinquent, (2) 61 to 90 60 days Delinquent and (3) 91 90 days or more daysDelinquent, 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;
(xii) 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, if any, of excess cashflow or excess spread and the application of such excess cashflow;
(xiv) the cumulative Realized Losses 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 was liquidated during the preceding calendar month, the loan number and aggregate Stated Principal Balance of, and Realized Loss on, such Mortgage Loan Loans as of the end close of business on the related Prepayment Periodprior calendar month;
(xiii) whether a Trigger Event exists in a Group;
(xivxvii) the total number and principal balance of any real estate owned or REO Properties with respect to each Group as of the end of 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 calendar month;
(xvixviii) material breaches of pool asset representation or warranties or transaction covenants;
(xix) the three month rolling average of the percent equivalent of a fraction, the numerator of which is the aggregate stated Stated Principal Balance of the Mortgage Loans in each Group that are 61 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 and separately identifying such information for the (1) first lien Mortgage Loans, and (2) Adjustable Rate Mortgage Loans, in the related Group each case as of the last day end of the calendar month preceding such Distribution DatePrepayment Period;
(xviixx) whether a Trigger Event exists;
(xxi) the aggregate Realized Losses amount of the distribution made on such Distribution Date to the Holders of the Class P Certificates allocable to Prepayment Charges;
(xxii) information on loss, delinquency or other tests used for determining early amortization, liquidation, stepdowns or other performance triggers and whether the trigger was met;
(xxiii) 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 securities backed by the same asset pool, any pool asset changes, such as additions or removals of Mortgage Loans in each Group since from the Closing Date as a percentage of the aggregate Stated Principal Balance of the Mortgage Loans in the related Group on the Closing DateTrust Fund, if applicable; and
(xviiixxvi) any material changes in the amount of any Subsequent Recovery solicitation, credit-granting, underwriting, origination, acquisition or Mortgage Loan selection criteria or procedures, as applicable, used to originate, acquire or select Mortgage Loans for such Distribution Date and the amount by which the Certificate Principal Balance of each Class of Subordinated Certificates was increased as a result thereofTrust Fund. The Securities Administrator 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 Trustee five calendar days before each Distribution Date, and if no such notification occurs, the Trustee has no obligation to report with respect to (xxvi). The Depositor covenants to the Trustee that there will be no new issuance of securities backed by the same asset pool, so the Trustee will only be responsible in (xxv) above for reporting any pool asset changes, such as additions or removals of Mortgage Loans from the Trust Fund. The Trustee may make the foregoing monthly statement Monthly Statement (and, at its option, any additional files containing the same information in an alternative format) available each month to Certificateholders via the Securities Administrator's Trustee’s internet website. The Securities Administrator's Trustee’s internet website shall initially be located at "www.ctslink.com"“xxx.xxxxxxxx.xxx”. Assistance in using the Securities Administrator'x xxxxxxx xxx website can be obtained by calling the Securities Administrator's customer service desk Trustee at (301000) 815000-6600. 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) 722-10950000. Parties that are unable to use the above distributxxx xxxxxxx xxe 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 Trustee and indicating such. The Securities Administrator Trustee may change the way monthly statements Monthly Statements are distributed in order to make such distributions more convenient or more accessible to the above parties.
(b) The Securities Administrator's 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 parties providing the EMC Servicerinformation to the Trustee. The Securities Administrator Trustee will make available a copy of each statement provided pursuant to this Section 5.05 5.06 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 provided by the Depositor pursuant to Section 9.12.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Bear Stearns Asset Backed Securities I Trust 2007-Aq1)
Monthly Statements to Certificateholders. (a) Not later than each Distribution DateDate 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 deliver to the Trustee and the Yield Maintenance Provider, and make available on its website located at www.ctslink.com to each Holder of Certificatesa Class of Certificates of the Trust Xxxx, the Trustee, the Rating Agenciesxxx Xxxxicer, the Master Servicer, the EMC Servicer 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 (except with respect to any Simple Interest Loans) of principal included therein (and with respect to any Simple Interest Loanstherein, 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, and, if applicable, the portion thereof allocable together with any Non-Supported Interest Shortfalls allocated to amounts provided pursuant to the Yield Maintenance Agreements to the extent such information is provided to the Securities Administrator by the Trusteeeach Class;
(iii) the Certificate Principal Balance of each Class after giving effect (i) to all distributions allocable to principal on such Distribution Date and (ii) the allocation of any Interest Carry Forward Amounts, any Basis Risk Shortfall Carry Forward Applied Realized Loss Amounts for each Class of Adjustable Rate Certificatessuch Distribution Date;
(iv) the Certificate Principal Balance of the Offered Certificates before and after giving effect to all distributions of principal and allocation of Applied Realized Loss Amounts in reduction of Certificate Principal Balance for such Distribution Date and the allocation of any Subsequent Recoveries to increase the Certificate Pool Stated Principal Balance for such Distribution Date;
(v) the cumulative amount of Applied Realized Loss Amounts the Servicing Fee paid to date or retained by the Servicer and any amounts constituting reimbursement or indemnification of the Unpaid Applied Realized Loss Amounts for each applicable Class of Subordinate Certificates after giving effect to the distribution of principal (including Subsequent Recoveries) and allocation of Applied Realized Loss Amounts on such Distribution DateServicer, Master Servicer, Securities Administrator or Trustee;
(vi) the Pass-Through Rate for each Class of Adjustable Rate Certificates with respect to the current Accrual Period, and, if applicable, whether for such Pass-Through Rate was limited by the Interest Rate CapDistribution Date;
(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;
(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;
(xiviii) 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 and bankruptcyforeclosure) (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 and (C) in bankruptcy and delinquent 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;
(xiixi) with respect to any Mortgage Loan that was liquidated became an REO Property during the preceding calendar month, the loan number and Stated Principal Balance of, and Realized Loss on, of such Mortgage Loan as of the end close of business on the last day of the related Prepayment Periodcalendar 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;
(xiii) whether a Trigger Event exists in a Group;
(xivxii) the total number and principal balance of any REO Properties with respect to each Group as of the end close of 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 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 aggregate Realized Losses on 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 each Group the aggregate of such amounts for all such Mortgage Loans since the Closing Date as a percentage of the aggregate Stated Principal Balance of the Mortgage Loans in the related Group on the Closing Cut-off Date; and;
(xviii) the amount and purpose of any Subsequent Recovery for such Distribution Date 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 by which the Certificate Principal Balance of any payments to each Class of Subordinated Certificates was increased 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 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 Offered Certificates and Class B-1, Class B-2 and Class B-3 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 thereof. of such reductions in the aggregate and with respect to the Group One Mortgage Loans and the Group Two Mortgage Loans.
(b) The Securities Administrator may will make the foregoing monthly statement Monthly Statement (and, at its option, any additional files containing the same information in an alternative format) available each month to Certificateholders Certificateholders, other parties to this Agreement and any other interested parties via the Securities Administrator's internet Internet website. The Securities Administrator's internet Internet website shall initially be located at "www.ctslink.com". ." Assistance in using the Securities Administrator'x xxxxxxx xxx website can be obtained by calling the Securities cxxxxxx xxx Xxxxrities 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 above distributxxx xxxxxxx xxe entitled to have a paper website are entitlex xx xxxx x xxper copy mailed to them via first class mail by calling the Securities Administrator's customer service desk and indicating such. The Securities Administrator may shall have the right to change the way the monthly statements to Certificateholders are distributed in order to make such distributions distribution more convenient or and/or more accessible to the above parties.
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 (b) The without suggesting liability on the part of any other party hereto). As a condition to access the Securities Administrator's responsibility for making internet website, the above information available to the Certificateholders is limited to the availability, timeliness and accuracy of the information derived from the Master Servicer Securities Administrator may require registration and the EMC Serviceracceptance of a disclaimer. The Securities Administrator will make available a copy not be liable for the dissemination of each statement provided pursuant to information in accordance with this Section 5.05 to each Rating AgencyAgreement.
(c) Within 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 will prepare and the Trustee will provide shall make available on its website or cause to the EMC Servicer, and upon request be furnished to each Person who at any time during the calendar year was a CertificateholderCertificateholder 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 5.05 4.05 aggregated for such calendar year or applicable portion thereof during which such Person was a Certificateholder. Such obligation of the Trustee Securities Administrator shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Trustee Securities Administrator pursuant to any requirements of the Code as are from time to time in effect.
(de) Upon filing with the Internal Revenue Service, the Securities Administrator shall furnish to the Holders of the Residual Certificates Class R Certificate and the applicable Class R-X Certificate and the NIMs Insurer each 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 Class R Certificate or a Class R-X 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 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 a REMICthe REMICs; and
(vii) Any taxes (including penalties and interest) imposed on the REMICREMICs, 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 9.128.12.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Mortgage Loan Asset-Backed Certificates, Series 2005-3)
Monthly Statements to Certificateholders. (a) Not later than each Distribution Date, the Securities Administrator Trustee shall prepare and deliver to the Trustee and the Yield Maintenance Provider, and make available to each Holder of Certificates, the Trustee, the Rating Agencies, the Master Servicer, the EMC Servicer Swap Providers 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) with respect to each Loan Group, 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) with respect to each Loan Group, the amount of any related Net Swap Payment payable to the related Sub-Trust with respect to the related Loan Group, any related Net Swap Payment payable to the related Swap Provider, any related Swap Termination Payment payable to the related Sub-Trust with respect to the related Loan Group and any related Swap Termination Payment payable to the related Swap Provider;
(v) with respect to each Loan Group, the amount of the related distribution to Holders of each the Class A Certificates and Class M Certificates (by 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 (if any);
(iivi) with respect to each Loan Group, the amount of such distribution to Holders of each Class of Class A Certificates and Class M Certificates allocable to interest, andinterest and the portion thereof, if applicableany, the portion thereof allocable to amounts provided pursuant to the Yield Maintenance Agreements to the extent such information is provided to the Securities Administrator by the Trusteerelated Swap Agreement and the amount of coverage remaining under either credit enhancement;
(iiivii) any with respect to each Loan Group, the Interest Carry Forward Amounts, Amounts and any Basis Risk Shortfall Carry Forward Amounts for each Class of Adjustable Rate CertificatesCertificates (if any);
(iv) the Certificate Principal Balance of the Offered Certificates before and after giving effect to all distributions of principal and allocation of Applied Realized Loss Amounts in reduction of Certificate Principal Balance for such Distribution Date and the 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 Unpaid Applied Realized Loss Amounts for each applicable Class of Subordinate Certificates after giving effect to the distribution of principal (including Subsequent Recoveries) and allocation of Applied Realized Loss Amounts on such Distribution Date;
(viviii) the Pass-Through Rate for each Class of Adjustable Rate 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 Interest related Net Rate Cap;
(viiix) the amount of any Excess Cashflow Amount and any Excess Yield Maintenance Amount with respect to each Loan Group;
(viii) , the number and aggregate of the Stated Principal Balances Balance of all of the Mortgage Loans with respect to each 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 Periodfollowing Distribution Date, together with updated pool composition information including the following: weighted average mortgage rate and weighted average remaining term;
(x) the amount Certificate Principal Balance of Advances included in the distribution Class A Certificates and Class M Certificates before and after giving effect (i) to all distributions allocable to principal on such Distribution Date with respect to each Loan Group and (ii) the allocation of any Applied Realized Loss Amounts with respect to each Loan Group for such Distribution Date;
(xi) the number and aggregate principal amounts Stated Principal Balance of the Mortgage Loans in each Loan Group (A) Delinquent (exclusive of Mortgage Loans in foreclosure and bankruptcy) (1) 31 to 60 days30 days Delinquent, (2) 61 to 90 60 days Delinquent and (3) 91 90 days or more daysDelinquent, (B) in foreclosure and delinquent (1) 31 to 60 days30 days Delinquent, (2) 61 to 90 60 days Delinquent and (3) 91 90 days or more days Delinquent and (C) in bankruptcy and delinquent (1) 31 to 60 days30 days Delinquent, (2) 61 to 90 60 days Delinquent and (3) 91 90 days or more daysDelinquent, 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 each such Loan Group;
(xii) with respect to each Loan Group, 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) with respect to each Loan Group, the amount, if any, of excess cashflow or excess spread and the application of such excess cashflow;
(xiv) with respect to each Loan Group, the cumulative Realized Losses through the end of the preceding month;
(xv) with respect to each Loan Group, 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 was liquidated during the preceding calendar month, the loan number and aggregate Stated Principal Balance of, and Realized Loss on, such Mortgage Loan Loans as of the end close of business on the related Prepayment Periodprior calendar month;
(xiiixvii) whether a Trigger Event exists in a with respect to each Loan Group;
(xiv) , the total number and principal balance of any real estate owned or REO Properties with respect to each Group as of the end of the related Prepayment Periodcalendar month;
(xvxviii) the Realized Losses with respect to each Group during the related Prepayment Period and the cumulative Realized Losses loan group, material breaches of pool asset representation or warranties or transaction covenants;
(xix) with respect to each Group through the end of the preceding month;
(xvi) Loan Group, the three month rolling average of the percent equivalent of a fraction, the numerator of which is the aggregate stated Stated Principal Balance of the Mortgage Loans in each such Loan Group that are 61 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 and separately identifying such information for the (1) first lien Mortgage Loans, and (2) Adjustable Rate Mortgage Loans, in the related Group each case as of the last day end of the calendar month preceding such Distribution DatePrepayment Period;
(xviixx) whether a Group I Trigger Event or a Group II Trigger Event exists;
(xxi) the aggregate Realized Losses amount of the distribution made on such Distribution Date to the Holders of the Class I-P Certificates and Class II-P Certificates allocable to Prepayment Charges;
(xxii) with respect to each Loan Group, information on loss, delinquency or other tests used for determining early amortization, liquidation, stepdowns or other performance triggers and whether the trigger was met;
(xxiii) the amount of the Prepayment Charges remitted by the Master Servicer and the amount on deposit in the Group I Reserve Fund and Group II Reserve Fund;
(xxiv) with respect to each Loan Group, updated pool composition data including the following: weighted average mortgage rate and weighted average remaining term;
(xxv) with respect to each Loan Group, information regarding any new issuance of securities backed by the same asset pool, any pool asset changes, such as additions or removals of Mortgage Loans in each Group since from the Closing Date as a percentage of the aggregate Stated Principal Balance of the Mortgage Loans in the related Group on the Closing DateTrust Fund, if applicable; and
(xviiixxvi) with respect to each Loan Group, any material changes in the amount of any Subsequent Recovery solicitation, credit-granting, underwriting, origination, acquisition or Mortgage Loan selection criteria or procedures, as applicable, used to originate, acquire or select Mortgage Loans for such Distribution Date and the amount by which the Certificate Principal Balance of each Class of Subordinated Certificates was increased as a result thereofTrust Fund. The Securities Administrator 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 Trustee five calendar days before each Distribution Date, and if no such notification occurs, the Trustee has no obligation to report with respect to (xxvi). The Depositor covenants to the Trustee that there will be no new issuance of securities backed by the same asset pool, so the Trustee will only be responsible in (xxv) above for reporting any pool asset changes, such as additions or removals of Mortgage Loans from the Trust Fund. The Trustee may make the foregoing monthly statement Monthly Statement (and, at its option, any additional files containing the same information in an alternative format) available each month to Certificateholders via the Securities Administrator's Trustee’s internet website. The Securities Administrator's Trustee’s internet website shall initially be located at "www.ctslink.com"“www.xxxxxxxx.xxx”. Assistance in using the Securities Administrator'x xxxxxxx xxx website can be obtained by calling the Securities Administrator's customer service desk Trustee at (301310) 815000-66000000. 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 Xarties that are unable to use the above distributxxx xxxxxxx xxe 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 Trustee and indicating such. The Securities Administrator Trustee may change the way monthly statements Monthly Statements are distributed in order to make such distributions more convenient or more accessible to the above parties.
(b) The Securities Administrator's 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 parties providing the EMC Servicerinformation to the Trustee. The Securities Administrator Trustee will make available a copy of each statement provided pursuant to this Section 5.05 5.06 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 shall cause to the EMC Servicer, and 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)(ia)(v) and (a)(iia)(vi) of this Section 5.05 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 Securities Administrator 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 class of regular Regular Interests and residual interests 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 class of regular Regular Interests and residual interests 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 class of regular Regular Interests or residual interests 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 Realized Losses with respect to the Mortgage Loans or the regular interests Regular Interests created hereunder, including the timing and amount of any cancellation of indebtedness income of a REMIC with respect to such regular interests 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 9.12.
Appears in 1 contract
Monthly Statements to Certificateholders. (a) Not later than each Distribution Date, the Securities Administrator Trustee shall prepare and deliver to the Trustee and the Yield Maintenance Provider, and make available to each Holder of Certificates, the Trustee, the Rating Agencies, the Master Servicer, the EMC Servicer 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 Trust, any Net Swap Payment payable to the Swap Provider, any Swap Termination Payment payable to the Trust and any Swap Termination Payment payable to the Swap Provider;
(v) the amount of the related distribution to Holders of each the Class A Certificates and Class M Certificates (by 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 (if any);
(iivi) the amount of such distribution to Holders of each Class of Class A Certificates and Class M Certificates allocable to interest, andinterest and the portion thereof, if applicableany, the portion thereof allocable to amounts provided pursuant to the Yield Maintenance Agreements to the extent such information is provided to the Securities Administrator by the TrusteeSwap Agreement and the amount of coverage remaining under either credit enhancement;
(iiivii) any the Interest Carry Forward Amounts, Amounts and any Basis Risk Shortfall Carry Forward Amounts for each Class of Adjustable Rate CertificatesCertificates (if any);
(iv) the Certificate Principal Balance of the Offered Certificates before and after giving effect to all distributions of principal and allocation of Applied Realized Loss Amounts in reduction of Certificate Principal Balance for such Distribution Date and the 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 Unpaid Applied Realized Loss Amounts for each applicable Class of Subordinate Certificates after giving effect to the distribution of principal (including Subsequent Recoveries) and allocation of Applied Realized Loss Amounts on such Distribution Date;
(viviii) the Pass-Through Rate for each Class of Adjustable Rate 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 Interest related Net 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;
(ix) the related amount number and aggregate Stated Principal Balance of all of the Master Servicing Fees paid to or retained by the Master Servicer and the Servicing Fees paid to or retained by each Servicer Mortgage Loans for the related Due Periodfollowing Distribution Date, together with updated pool composition information including the following: weighted average mortgage rate and weighted average remaining term;
(x) the amount Certificate Principal Balance of Advances included in the distribution Class A Certificates and Class M Certificates 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;
(xi) the number and aggregate principal amounts Stated Principal Balance of the Mortgage Loans in each Loan Group (A) Delinquent (exclusive of Mortgage Loans in foreclosure and bankruptcy) (1) 31 to 60 days30 days Delinquent, (2) 61 to 90 60 days Delinquent and (3) 91 90 days or more daysDelinquent, (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 Delinquent and (C) in bankruptcy 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, 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 each such Loan Group;
(xii) 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, if any, of excess cashflow or excess spread and the application of such excess cashflow;
(xiv) the cumulative Realized Losses 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 was liquidated during the preceding calendar month, the loan number and aggregate Stated Principal Balance of, and Realized Loss on, such Mortgage Loan Loans as of the end close of business on the related Prepayment Periodprior calendar month;
(xiii) whether a Trigger Event exists in a Group;
(xivxvii) the total number and principal balance of any real estate owned or REO Properties with respect to each Group as of the end of the related Prepayment Periodcalendar month;
(xvxviii) 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 Loan Group, material breaches of the preceding monthpool asset representation or warranties or transaction covenants;
(xvixix) the three month rolling average of the percent equivalent of a fraction, the numerator of which is the aggregate stated Stated Principal Balance of the Mortgage Loans in each Group that are 61 60 days or more delinquent 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 and separately identifying such information for the (1) first lien Mortgage Loans, and (2) Adjustable Rate Mortgage Loans, in the related Group each case as of the last day end of the calendar month preceding such Distribution DatePrepayment Period;
(xviixx) whether a Trigger Event exists;
(xxi) the aggregate Realized Losses amount of the distribution made on such Distribution Date to the Holders of the Class P Certificates allocable to Prepayment Charges;
(xxii) information on loss, delinquency or other tests used for determining early amortization, liquidation, stepdowns or other performance triggers and whether the trigger was met;
(xxiii) 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 securities backed by the same asset pool, any pool asset changes, such as additions or removals of Mortgage Loans in each Group since from the Closing Date as a percentage of the aggregate Stated Principal Balance of the Mortgage Loans in the related Group on the Closing DateTrust Fund, if applicable; and
(xviiixxvi) any material changes in the amount of any Subsequent Recovery solicitation, credit-granting, underwriting, origination, acquisition or Mortgage Loan selection criteria or procedures, as applicable, used to originate, acquire or select Mortgage Loans for such Distribution Date and the amount by which the Certificate Principal Balance of each Class of Subordinated Certificates was increased as a result thereofTrust Fund. The Securities Administrator 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 Trustee five calendar days before each Distribution Date, and if no such notification occurs, the Trustee has no obligation to report with respect to (xxvi). The Depositor covenants to the Trustee that there will be no new issuance of securities backed by the same asset pool, so the Trustee will only be responsible in (xxv) above for reporting any pool asset changes, such as additions or removals of Mortgage Loans from the Trust Fund. The Trustee may make the foregoing monthly statement Monthly Statement (and, at its option, any additional files containing the same information in an alternative format) available each month to Certificateholders via the Securities Administrator's Trustee’s internet website. The Securities Administrator's Trustee’s internet website shall initially be located at "www.ctslink.com"“wxx.xxxxxxxx.xxx”. Assistance in using the Securities Administrator'x xxxxxxx xxx website can be obtained by calling the Securities Administrator's customer service desk the Trustee at (301000) 815000-6600. 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) 722-10950000. Parties that are unable to use the above distributxxx xxxxxxx xxe 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 Trustee and indicating such. The Securities Administrator Trustee may change the way monthly statements Monthly Statements are distributed in order to make such distributions more convenient or more accessible to the above parties.
(b) The Securities Administrator's 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 parties providing the EMC Servicerinformation to the Trustee. The Securities Administrator Trustee will make available a copy of each statement provided pursuant to this Section 5.05 5.06 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 provided by the Depositor pursuant to Section 9.12.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Bear Stearns Asset Backed Securities I Trust 2007-He5)
Monthly Statements to Certificateholders. (a) Not later than each Distribution Date, the Securities Administrator Trustee shall prepare and deliver to the Trustee and the Yield Maintenance Provider, and make available to each Holder of CertificatesCertificateholder, the Trustee, the Rating Agencies, the Master Servicer, the EMC Servicer Depositor, the Certificate Insurer, the Swap Provider, the Pool Insurer and the Depositor each Rating 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 (except with respect to any Simple Interest Loans) of principal included therein (Accrual Periods and with respect to any Simple Interest Loans, the amount of principal actually received included therein), and (C) the Extra Principal Determination Dates for calculating distributions for such Distribution Amount (if any)Date;
(ii) the amount of such distribution to Holders of each Class allocable to interest, and, if applicable, funds received from the portion thereof allocable to amounts 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 the Offered Certificates before and after giving effect to all distributions of principal and allocation of Applied Realized Loss Amounts in reduction of Certificate Principal Balance Servicer for such Distribution Date and the 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 Unpaid Applied Realized Loss Amounts for each applicable Class of Subordinate Certificates after giving effect to the distribution of principal (including Subsequent Recoveries) and allocation of Applied Realized Loss Amounts on such Distribution Date;
(vi) the Pass-Through Rate for each Class of Adjustable Rate Certificates with separately identifying amounts received in respect to the current Accrual Period, and, if applicable, whether such 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;
(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) Loans, the amount of Advances included in the distribution on the Distribution Date, the amount of any Net Swap Payment made to the Supplemental Interest Trust and any Swap Termination Payment made to the Supplemental Interest Trust;
(iii) the Servicing Fee and Trustee Fee for such Distribution Date;
(iv) the amount 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 distribution allocable to 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 Excess Reserve 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 shortfall and the allocation of the shortfall between principal and interest, including any Net WAC Cap Carry Forward Amount not covered by amounts in the Excess Reserve Fund Account;
(ix) the amount of any Total Monthly Excess Spread on the Distribution Date and the allocation thereof to the Certificateholders;
(x) the Class Certificate Balance or Notional Amount, as applicable, 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 the Class A Certificates with respect to the Distribution Date;
(xii) the amount on deposit in the Certificate Account and the Excess Reserve Fund Account (before and after giving effect to distributions on the Distribution Account Deposit Date and Distribution Date, respectively);
(xiii) the number of Mortgage Loans and 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;
(xv) the number and aggregate principal amounts outstanding balance of the Mortgage Loans as of the end of the preceding calendar month: (A) Delinquent delinquent (exclusive of Mortgage Loans in foreclosure and bankruptcyforeclosure) (1) 31 30 to 60 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 30 to 60 59 days, (2) 61 60 to 90 89 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 the Distribution Date;
(xiixvi) 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 on the Due Date in such month;
(xvii) with respect to any Mortgage Loan that was liquidated became an REO Property during the preceding calendar month, the loan number and Stated Principal Balance of, and Realized Loss on, such of the Mortgage Loan as of the end close of business on the related Prepayment PeriodDetermination Date preceding the Distribution Date and the date of acquisition thereof;
(xiii) whether a Trigger Event exists in a Group;
(xivxviii) the total number and principal balance of any REO Properties with respect to each Group (and market value, if available) as of the end close of business on the related Prepayment PeriodDetermination Date preceding the Distribution Date;
(xvxix) the Realized Losses with respect to each Group aggregate amount of Principal Prepayments received during the related Prepayment Period and the cumulative Realized Losses with respect number of Mortgage Loans subject to each Group through the end of the preceding monthsuch Principal Prepayments;
(xvixx) the three month rolling average aggregate amount of Advances and Servicing Advances reimbursed during the percent equivalent of a fractionrelated Remittance Period, the numerator general source of which is funds for such reimbursements and the aggregate stated Principal Balance amount of the Mortgage Loans in each Group that are 61 days or more delinquent or are in bankruptcy or foreclosure or are REO Properties, Advances and the denominator of which is the aggregate Stated Principal Balance of all of the Mortgage Loans in the related Group Servicing Advances outstanding as of the last day close of business on the Distribution Date;
(xxi) the amount of any Charge-off Amounts during the prior calendar month preceding and since the Cut-off Date;
(xxii) the aggregate number and outstanding principal balance of Mortgage Loans repurchased during the related Remittance Period due to material breaches of representations and warranties regarding such Mortgage Loans;
(xxiii) the Overcollateralization Amount for such Distribution Date;
(xviixxiv) Prepayment Charges collected, waived, and paid by the Servicer;
(xxv) with respect to the second Distribution Date, the number and aggregate Realized Losses on the balance of any Delayed Delivery Mortgage Loans in each Group since not delivered within the Closing Date as a percentage of the aggregate Stated Principal Balance of the Mortgage Loans time periods specified in the related Group on the Closing Date; anddefinition of Delayed Delivery Mortgage Loans;
(xviiixxvi) the amount of any payments/draws under the Pool Policy, the amount of any Realized Losses with respect to the Covered Mortgage Loans and the remaining Maximum Aggregate Liability (as defined in the Pool Policy);
(xxvii) the amount of any Premium and Reimbursement Amounts paid to the Certificate Insurer on such Distribution Date and cumulatively; and
(xxviii) the receipt by the Servicer of any Subsequent Recovery Recoveries. In addition, not later than each Distribution Date, the Trustee shall prepare and make available to the Certificate Insurer a statement containing the amount of any payment to the Pool Insurer, any rejections and/or denials of claims under the Pool Policy, the Cumulative Covered Loan Loss for such Distribution Date and the amount remaining unused Deductible Amount (as defined under the Pool Policy). 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 which 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 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, of the Servicer. If the statement is not accessible to any of the Certificateholders, the Certificate Principal Balance Insurer, the Swap Provider, 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, the Certificate Insurer and each Rating Agency immediately after the Trustee becomes aware that it is not accessible to any of Subordinated Certificates was increased as a result thereof. The Securities Administrator may make the foregoing monthly statement (and, at them via its option, any additional files containing the same information in an alternative format) available each month to Certificateholders via the Securities Administrator's internet website. The Securities Administrator's internet website shall initially be located at "www.ctslink.com". Assistance in using the 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 address of the Trustee's internet website. The trustee's internet ’s Internet website where the statement will initially be located at www.jpmorgan.com/sfraccessible is xxxxx://xxx.xxx.xx.xxx/invr. Assistance in using the Trustee's ’s Internet website sexxxxx xxx xx xxxxxxxd may be obtained by calling the Trustee's ’s customer service desk at (877000) 722000-1095. Parties that are unable to use the 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 such0000. The Securities Administrator may Trustee shall notify each Certificateholder, the Servicer, the Depositor, the Certificate Insurer and each Rating Agency in writing of any change in the way monthly statements are distributed in order to make such distributions more convenient address or more accessible means of access to the above partiesInternet website where the statement is accessible.
(b) The Securities Administrator's Trustee’s responsibility for making preparing and disbursing the above information available to the Certificateholders is limited to the availability, timeliness timeliness, and accuracy of the information derived from the Master Servicer. The Trustee is not responsible for any inaccuracies in or caused by the data provided by the Servicer. By each Determination Date, the Servicer shall provide to the Trustee in electronic form the information needed to determine the distributions to be made pursuant to Section 4.02 and 3.09(b)(ii) and any other information that the Servicer and the EMC Servicer. The Securities Administrator will make available a copy 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 each statement provided pursuant to this Section 5.05 to each Rating Agencyexpenses paid from amounts on deposit in the Certificate Account.
(c) Within a reasonable period of time after the end of each calendar year, the Securities Administrator will prepare and the Trustee will provide shall cause to the EMC Servicer, and upon request be furnished to each Person who at any time during the calendar year was a Certificateholder, a statement containing the information set forth in clauses (a)(i) and (a)(ii) (with respect to principal and interest distributed) of this Section 5.05 4.03 aggregated for such the calendar year or the applicable portion thereof during which such the Person was a Certificateholder. Such This obligation of the Trustee shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Trustee pursuant to any requirements of the Code as from time to time in effect.
(d) 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 provided by the Depositor pursuant to Section 9.12.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Home Equity Mortgage Loan Asset-Backed Trust, Series INDS 2007-1)
Monthly Statements to Certificateholders. (a) Not later than each Distribution DateDate based solely on information provided by the Servicer, the Securities Administrator Trustee shall prepare and deliver to the Trustee and the Yield Maintenance Provider, and make available on its website located at www.ctslink.com to each Holder of Certificatesa Class of Certificates of the Trust Xxxx, the Trusteexxx Xxxxicer, the Rating Agencies, the Master Servicer, the EMC Servicer 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 (except with respect to any Simple Interest Loans) of principal included therein (and with respect to any Simple Interest Loanstherein, 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, and, if applicable, the portion thereof allocable together with any Non-Supported Interest Shortfalls allocated to amounts provided pursuant to the Yield Maintenance Agreements to the extent such information is provided to the Securities Administrator by the Trusteeeach Class;
(iii) any Interest Carry Forward Amounts, any Basis Risk Shortfall Carry Forward Amounts Carryforward Amount for each Class of Adjustable Rate the Offered Certificates;
(iv) the Class Certificate Principal Balance of the Offered Certificates before and each Class after giving effect (i) to all distributions of allocable to principal on such Distribution Date and (ii) the allocation of any Applied Realized Loss Amounts in reduction of Certificate Principal Balance for such Distribution Date and the 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 Unpaid Applied Realized Loss Amounts Pool Stated Principal Balance for each applicable Class of Subordinate Certificates after giving effect to the distribution of principal (including Subsequent Recoveries) and allocation of Applied Realized Loss Amounts on such Distribution Date;
(vi) the amount of the Servicing Fee paid to or retained by the Servicer, and any amounts constituting reimbursement or indemnification of the Servicer;
(vii) the Pass-Through Rate for each Class of Adjustable Rate Certificates with respect to the current Accrual Period, and, if applicable, whether for such 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 GroupDistribution Date;
(viii) the aggregate of the Stated Principal Balances of the Mortgage Loans with respect to each 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 included in the distribution on such Distribution Date;
(ix) the cumulative amount of (A) Realized Losses and (B) Applied Realized Loss Amounts to date, in the aggregate and with respect to Group One Mortgage Loans and Group Two Mortgage Loans;
(x) 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 Group One Mortgage Loans and Group Two Mortgage Loans;
(xi) the number and aggregate principal amounts of Mortgage Loans (A) Delinquent (exclusive of Mortgage Loans in foreclosure and bankruptcyforeclosure) (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 Delinquent (1) 31 to 60 days, (2) 61 to 90 days and days, (3) 91 or more to 120 days, (4) 121 to 150 days, (5) 151 to 180 days and (C6) in bankruptcy and delinquent (1) 31 to 60 days, (2) 61 to 90 days and (3) 91 181 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 Group One Mortgage Loans and Group Two Mortgage Loans;
(xii) with respect to any Mortgage Loan that was liquidated during the preceding calendar month, the loan number and Stated Principal Balance of, and Realized Loss on, such Mortgage Loan as of the end of the related Prepayment Period;
(xiii) 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 end close of 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 business on the last day of the calendar month preceding such Distribution Date, in the aggregate and with respect to 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 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 aggregate Realized Losses on number and Stated Principal Balance (as of the preceding Distribution Date) of any Mortgage Loans in each Group which were purchased or repurchased during the preceding Due Period and since the Closing Date Cut-off Date;
(xviii) 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;
(xix) 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)(v);
(xxi) the amount of any payments to each Class of Certificates that are treated as payments received in respect of a percentage 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";
(xxii) 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; and
(xxiii) the amount of the MI Insurer Fee paid to the MI Insurer;
(xxiv) the number and aggregate Stated Principal Balance of the Mortgage Loans in covered by the MI Policy as of the end of the related Group on the Closing DateDue Period; and
(xviiiA) the amount of any Subsequent Recovery for such Distribution Date 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 by which of any claims rejected under the Certificate Principal Balance MI Policy, each as of each Class of Subordinated Certificates was increased as a result thereof. such Distribution Date.
(b) The Securities Administrator may Trustee will make the foregoing monthly statement Monthly Statement (and, at its option, any additional files containing the same information in an alternative format) available each month to Certificateholders Certificateholders, 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.ctslink.com". Assistance in using the Securities Administrator'x xxxxxxx xxx website can be obtained by calling the Securities Administratorcxxxxxx xxx Xxxxtee'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 above distributxxx xxxxxxx xxe entitled to have a paper website are entitlex xx xxxx x xxper copy mailed to them via first class mail by calling the Securities Administrator's customer service desk and indicating such. The Securities Administrator may Trustee shall have the right to change the way the monthly statements to Certificateholders are distributed in order to make such distributions distribution more convenient or and/or more accessible to the above parties.
(b) parties and the Trustee shall provide timely and adequate notification to all above parties regarding any such changes. The Securities Administrator's responsibility Trustee shall also be entitled to rely on but shall not be responsible for making the above information available to the Certificateholders is limited to the availability, timeliness and content or accuracy of any information provided by third parties for purposes of preparing the information derived from monthly statement and may affix thereto any disclaimer it deems appropriate in its reasonable discretion (without suggesting liability on the Master Servicer part of any other party hereto). As a condition to access the Trustee's internet website, the Trustee may require registration and the EMC Serviceracceptance of a disclaimer. The Securities Administrator Trustee will make available a copy not be liable for the dissemination of each statement provided pursuant to information in accordance with this Section 5.05 to each Rating AgencyAgreement.
(c) Within Reserved;
(d) If so requested in writing within a reasonable period of time after the end of each calendar year, the Securities Administrator will prepare and the Trustee will provide shall make available on its website or cause to the EMC Servicer, and upon request be furnished to each Person who at any time during the calendar year was a CertificateholderCertificateholder of record, a statement containing the information set forth in clauses (a)(i) and (a)(ii) of this Section 5.05 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.
(de) Upon filing with the Internal Revenue Service, the Securities Administrator Trustee shall furnish to the Holders of the Residual Certificates Class R Certificate 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 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;
(iii) 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;
(iiiii) The applicable Prepayment Assumption and any interest rate assumptions used in determining the projected principal and interest cash flows described above;
(iviii) 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;
(viv) 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 the REMICs with respect to such regular interests or bad debt deductions claimed with respect to the Mortgage Loans;
(viv) The amount and timing of any non-interest expenses of a REMICthe REMICs; and
(viivi) Any taxes (including penalties and interest) imposed on the REMICREMICs, 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 9.128.12.
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 DateDate based solely on information provided by the Servicer, the Securities Administrator Trustee shall prepare and deliver to the Trustee and the Yield Maintenance Provider, and make available on its website located at https://www.tss.db.com/invr to each Holder of Certificatesa Class of Certificates xx xxx Xxxxx Xxxx, the Trusteexxx Xxxxicer, the Rating Agencies, the Master Servicer, the EMC Servicer 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 (except with respect to any Simple Interest Loans) of principal included therein (and with respect to any Simple Interest Loanstherein, 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, and, if applicable, the portion thereof allocable together with any Non-Supported Interest Shortfalls allocated to amounts provided pursuant to the Yield Maintenance Agreements to the extent such information is provided to the Securities Administrator by the Trusteeeach Class;
(iii) any Interest Carry Forward Amounts, any Basis Risk Shortfall Carry Forward Amounts Carryforward Amount for each Class of Adjustable Rate the Offered Certificates;
(iv) the Class Certificate Principal Balance of the Offered Certificates before and each Class after giving effect (i) to all distributions of allocable to principal on such Distribution Date and (ii) the allocation of any Applied Realized Loss Amounts in reduction of Certificate Principal Balance for such Distribution Date and the 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 Unpaid Applied Realized Loss Amounts Pool Stated Principal Balance for each applicable Class of Subordinate Certificates after giving effect to the distribution of principal (including Subsequent Recoveries) and allocation of Applied Realized Loss Amounts on such Distribution Date;
(vi) the amount of the Servicing Fee paid to or retained by the Servicer, and any amounts constituting reimbursement or indemnification of the Servicer;
(vii) the Pass-Through Rate for each Class of Adjustable Rate Certificates with respect to the current Accrual Period, and, if applicable, whether for such 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 GroupDistribution Date;
(viii) the aggregate of the Stated Principal Balances of the Mortgage Loans with respect to each 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 included in the distribution on such Distribution Date;
(ix) the cumulative amount of (A) Realized Losses and (B) Applied Realized Loss Amounts to date, in the aggregate and with respect to Group One Mortgage Loans, Group Two Mortgage Loans and Group Three Mortgage Loans;
(x) 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 Group One Mortgage Loans, Group Two Mortgage Loans and Group Three Mortgage Loans;
(xi) the number and aggregate principal amounts of Mortgage Loans (A) Delinquent (exclusive of Mortgage Loans in foreclosure and bankruptcyforeclosure) (1) 31 to 60 days, (2) 61 to 90 days and days, (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 Group One Mortgage Loans, Group Two Mortgage Loans and Group Three Mortgage Loans;
(xii) with respect to any Mortgage Loan that was liquidated during the preceding calendar month, the loan number and Stated Principal Balance of, and Realized Loss on, such Mortgage Loan as of the end of the related Prepayment Period;
(xiii) 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 end close of 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 business on the last day of the calendar month preceding such Distribution Date, in the aggregate and with respect to Group One Mortgage Loans, Group Two Mortgage Loans and Group 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 Group One Mortgage Loans, Group Two Mortgage Loans and Group 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 aggregate Realized Losses on number and Stated Principal Balance (as of the preceding Distribution Date) of any Mortgage Loans in each Group which were purchased or repurchased during the preceding Due Period and since the Closing Date Cut-off Date;
(xviii) 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;
(xix) 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)(v);
(xxi) the amount of any payments to each Class of Certificates that are treated as payments received in respect of a percentage 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";
(xxii) the amount of the MI Insurer Fee paid to the MI Insurer;
(xxiii) the number and aggregate Stated Principal Balance of the Mortgage Loans in covered by the MI Policy as of the end of the related Group on the Closing DateDue Period; and
(xviiiA) the amount of any Subsequent Recovery for such Distribution Date 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 by which of any claims rejected under the Certificate Principal Balance MI Policy, each as of each Class of Subordinated Certificates was increased as a result thereof. such Distribution Date.
(b) The Securities Administrator may Trustee will make the foregoing monthly statement Monthly Statement (and, at its option, any additional files containing the same information in an alternative format) available each month to Certificateholders Certificateholders, 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.ctslink.com"https://www.tss.db.com/invr. Assistance in using the Securities Administrator'x website can be obxxxxxx xx xxxxxxx xxx be obtained by calling the Securities AdministratorXxxxxee's customer service desk at (301800) 815735-6600. 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) 722-10957777. Parties that are unable to use the above distributxxx xxxxxxx xxe entitled to have a paper website are entitlex xx xxxx x xxper copy mailed to them via first class mail by calling the Securities Administrator's customer service desk and indicating such. The Securities Administrator may Trustee shall have the right to change the way the monthly statements to Certificateholders are distributed in order to make such distributions distribution more convenient or and/or more accessible to the above parties.
(b) parties and the Trustee shall provide timely and adequate notification to all above parties regarding any such changes. The Securities Administrator's responsibility Trustee shall also be entitled to rely on but shall not be responsible for making the above information available to the Certificateholders is limited to the availability, timeliness and content or accuracy of any information provided by third parties for purposes of preparing the information derived from monthly statement and may affix thereto any disclaimer it deems appropriate in its reasonable discretion (without suggesting liability on the Master Servicer part of any other party hereto). As a condition to access the Trustee's internet website, the Trustee may require registration and the EMC Serviceracceptance of a disclaimer. The Securities Administrator Trustee will make available a copy not be liable for the dissemination of each statement provided pursuant to information in accordance with this Section 5.05 to each Rating AgencyAgreement.
(c) Within Reserved;
(d) If so requested in writing within a reasonable period of time after the end of each calendar year, the Securities Administrator will prepare and the Trustee will provide shall make available on its website or cause to the EMC Servicer, and upon request be furnished to each Person who at any time during the calendar year was a CertificateholderCertificateholder of record, a statement containing the information set forth in clauses (a)(i) and (a)(ii) of this Section 5.05 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.
(de) Upon filing with the Internal Revenue Service, the Securities Administrator Trustee shall furnish to the Holders of the Residual Certificates Class R Certificate the applicable Form 1066 and each applicable 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 a Residual 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;
(iii) 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;
(iiiii) The applicable Prepayment Assumption and any interest rate assumptions used in determining the projected principal and interest cash flows described above;
(iviii) 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;
(viv) 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 the REMICs with respect to such regular interests or bad debt deductions claimed with respect to the Mortgage Loans;
(viv) The amount and timing of any non-interest expenses of a REMICthe REMICs; and
(viivi) Any taxes (including penalties and interest) imposed on the REMICREMICs, 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 9.128.12.
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, the Securities Trust Administrator shall prepare and deliver to the Trustee and the Yield Maintenance Provider, and make available to each Holder of CertificatesCertificateholder, the Trustee, the Rating AgenciesServicer, the Master Servicer, the EMC Servicer Trustee, the Depositor, the NIM Insurer, if any, and the Depositor each Rating 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) the aggregate amount of any Principal Prepayments included thereinidentified, (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 made on such Distribution Amount (if any)Date to the Holders of the Class P Certificates allocable to Prepayment Charges;
(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, and, if applicable, the portion thereof allocable to amounts provided pursuant to the Yield Maintenance Agreements to the extent such information is provided to the Securities Administrator by the Trusteeseparately identified;
(iii) any Interest Carry Forward Amountsthe Net Monthly Excess Cashflow, any Basis Risk Shortfall Carry Forward Amounts for each Class of Adjustable Rate Certificates;
(iv) the Certificate Principal Balance of Overcollateralized Amount, the Offered Certificates before and after giving effect to all distributions of principal and allocation of Applied Realized Loss Amounts in reduction of Certificate Principal Balance for such Distribution Date and Overcollateralization Release Amount, the allocation of any Subsequent Recoveries to increase Overcollateralization Target Amount, the Certificate Principal Balance Overcollateralization Deficiency Amount, the Credit Enhancement Percentage for such Distribution Date;
(iv) the fees and expenses of the trust accrued and paid on such Distribution Date and to whom such fees and expenses were paid;
(v) the cumulative aggregate amount of Applied Realized Loss Amounts to date and the Unpaid Applied Realized Loss Amounts P&I Advances for each applicable Class of Subordinate Certificates after giving effect to the distribution of principal such Distribution Date (including Subsequent Recoveries) and allocation the general purpose of Applied Realized Loss Amounts on such Distribution DateP&I Advances);
(vi) the Pass-Through Rate for each Class of Adjustable Rate Certificates with respect to the current Accrual Period, and, if applicable, whether such 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 Balance of the Mortgage Loans with respect to each Group on the related Due Date;
(ix) the related amount and any REO Properties as 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 end of the related Due Period;
(xvii) 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
(xiviii) the number and aggregate principal amounts of Mortgage Loans (A) Delinquent (exclusive unpaid Principal Balance of Mortgage Loans in foreclosure and bankruptcyrespect 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, (B) in foreclosure and 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 daysproceedings have begun, in each case case, as of the last day of the calendar month preceding the related Distribution Date and in accordance with the OTS method of calculating delinquencies;
(ix) the total number and cumulative principal balance of all REO Properties as of the close of business on the last day of the calendar month preceding such the related Distribution Date;
(x) the aggregate amount of Principal Prepayments made during the related Prepayment Period;
(xi) the Delinquency Percentage;
(xii) with respect to any Mortgage Loan that was liquidated the aggregate amount of Realized Losses incurred during the preceding calendar monthrelated Prepayment Period, the loan number aggregate amount of Realized Losses incurred since the Closing Date and Stated Principal Balance of, and Realized Loss on, such Mortgage Loan as the aggregate amount of the end of Subsequent Recoveries received during the related Prepayment Period;
(xiii) 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 end of 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 amount of extraordinary trust fund expenses withdrawn from 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 distribution account for such Distribution Date;
(xviixiv) 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 the Mortgage Loans in the related Group on the Closing Date; and
(xviii) the amount of any Subsequent Recovery for such Distribution Date and the amount by which the Certificate Principal Balance of each Class of Subordinated Certificates, before and after 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 the Certificates on such Distribution Date;
(xvi) the aggregate amount of any Prepayment Interest Shortfall for such Distribution Date, to the extent not covered by payments of Compensating Interest by the Servicer or the Master Servicer;
(xvii) the Net WAC Rate Carryover Amount for the Certificates, if any, for such Distribution Date and the amount remaining undistributed after reimbursements therefor on such Distribution Date;
(xviii) the amount of the Servicing Fees paid to or retained by the Servicer or any subservicer (with respect to the Subservicers, in the aggregate) with respect to such Distribution Date;
(xix) the amount of the Master Servicing Fees to be paid to or retained by the Master Servicer with respect to such Distribution Date;
(xx) the amount of the Custodial Fee, if any, to be paid or retained by the Trust Administrator with respect to such Distribution Date; Fremont 2006-E Pooling & Servicing Agreement
(xxi) whether the Stepdown Date or a Trigger Event has occurred;
(xxii) the total cashflows received and the general sources thereof;
(xxiii) the respective Pass-Through Rates applicable to the Certificates and the Class C Certificates for such Distribution Date (and whether such Pass-Through Rate was increased as a result thereoflimited by the Net WAC Rate) and the Pass-Through Rate applicable to the Certificates for the immediately succeeding Distribution Date;
(xxiv) the amount of any Net Swap Payments or Swap Termination Payments; and
(xxv) the applicable Record Dates, Accrual Periods and Determination Dates for calculating distributions for such Distribution Date.
(b) The 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 Securities Trust Administrator may will make the foregoing monthly above statement (and, at its option, any additional files containing the same information in an alternative format) available each month to Certificateholders via the Securities Trust Administrator's ’s internet website. The Securities Trust Administrator's internet website shall initially be located at "www.ctslink.com". Assistance in using the 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 ’s website will initially be located at www.jpmorgan.com/sfr. Assistance hxxx://xxx.xxxxxxx.xxx and assistance in using the Trustee's website sexxxxx xxx xx xxxxxxxd can be obtained by calling the Trustee's Trust Administrator’s customer service desk at (877) 7221-1095000-000-0000. Parties that are unable to use the above distributxxx xxxxxxx xxe distribution method 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 Trust Administrator may shall have the right to change the way monthly statements are manner in which the above statement is distributed in order to make such distributions distribution more convenient or and/or more accessible accessible, and the Trust Administrator shall provide timely and adequate notification to the Certificateholders and the parties hereto regarding any such changes. The Trust Administrator shall also be entitled to rely on, but shall not be responsible for the content or accuracy of, any information provided by the Servicer for purposes of preparing the above parties.
statement and may affix thereto any disclaimer it deems appropriate in its reasonable discretion (bwithout suggesting liability on the part of any other party hereto). 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 Securities Trust Administrator's ’s responsibility for making providing the above information available provided for in Sections 4.03(d) to the Certificateholders is limited to the availability, availability and timeliness and accuracy of the information derived from provided by the Master Servicer and the EMC Servicer. The Securities Trust Administrator will make available a copy of each statement 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 this Section 5.05 4.03(d) other than forwarding copies to each Rating AgencyCertificateholders. The Trust Administrator shall have no liability for the accuracy, completeness or otherwise for such information.
(c) Within Upon request, within a reasonable period of time after the end of each calendar year, the Securities Trust Administrator will prepare and shall cause to be furnished the Trustee will provide to the EMC ServicerNIM Insurer, if any, and upon request to 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 5.05 4.03 aggregated for such calendar year or applicable portion thereof during which such Person was a Certificateholder. Such obligation of the Trustee Trust Administrator shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Trustee Trust Administrator pursuant to any requirements of the Code as are from time to time in effect.
(d) Upon filing with Not later than the Internal Revenue ServiceReporting Date, the Securities Administrator Servicer shall furnish to the Holders Trust Administrator, the NIM Insurer, if any, 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 Residual Certificates immediately preceding month (the applicable Form 1066 and “Servicer Remittance Report”). The Servicer shall furnish to the Trust Administrator an individual loan accounting report, as of the last Business Day of each applicable Form 1066Q and shall respond promptly month, to written requests made not more frequently than quarterly by any Holder of a Residual Certificate with document Mortgage Loan payment activity on an individual Mortgage Loan basis. With respect to each month, the following matterscorresponding 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) The original projected 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 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 Assumptionprincipal prepayment amounts remitted in accordance with Section 3.25);
(ii) The projected remaining principal and interest cash flows as of the end of any calendar quarter with respect to each Class Scheduled Payment, the amount of regular and residual interests created hereunder and the Mortgage Loans, based on the Prepayment Assumptionsuch remittance allocable to interest;
(iii) The applicable Prepayment Assumption and any interest rate assumptions used in determining the projected principal and interest cash flows described aboveamount of servicing compensation received by the Servicer during the prior distribution period;
(iv) The original issue discount (or, in the case individual and aggregate Stated Principal Balance 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;
(v) the aggregate of any expenses reimbursed to the Servicer during the prior distribution period pursuant to Section 3.11;
(vi) The 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 and timing of any non-interest expenses of a REMICRealized Losses for such Mortgage Loan; and
(viiix) 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 any other information pursuant to clauses (i), (ii), (iii) and (iv) above shall be provided reasonably required by the Depositor pursuant Trust Administrator to enable it to prepare the monthly statement referred to in Section 9.124.03(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, the Securities Trust Administrator shall prepare and deliver to the Trustee and the Yield Maintenance Provider, and make available to each Holder of CertificatesCertificateholder, the Trustee, the Rating AgenciesServicer, the Master Servicer, the EMC Servicer and Trustee, the Depositor and each Rating 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 (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 (if any);
(ii) the amount of such distribution to Holders of each Class thereof allocable to interest, andany Unpaid Interest Amounts included in such distribution and any remaining Unpaid Interest Amounts after giving effect to such distribution, if applicable, any Net WAC Rate Carryover Amount for such Distribution Date and the portion thereof allocable to amounts provided pursuant to amount of all Net WAC Rate Carryover Amount covered by withdrawals from the Yield Maintenance Agreements to the extent Net WAC Rate Carryover Reserve Account on such information is provided to the Securities Administrator by the Trustee;Distribution Date; Fremont [200___-___] Pooling & Servicing Agreement
(iii) any Interest Carry Forward Amounts, any Basis Risk Shortfall Carry Forward Amounts for each if the distribution to the Holders of such Class of Adjustable 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 Net WAC Rate CertificatesCarryover Amount not covered by amounts in the Net WAC Rate Carryover Reserve Account;
(iv) the Class Certificate Principal Balance of the Offered each Class of Certificates before and after giving effect to all distributions the distribution of principal and allocation of Applied Realized Loss Amounts in reduction of Certificate Principal Balance for such Distribution Date and the allocation of any Subsequent Recoveries to increase the Certificate Principal Balance for on such Distribution Date;
(v) the cumulative amount of Applied Realized Loss Amounts to date and Pool Stated Principal Balance for the Unpaid Applied Realized Loss Amounts for each applicable Class of Subordinate Certificates after giving effect to the distribution of principal (including Subsequent Recoveries) and allocation of Applied Realized Loss Amounts on such following Distribution Date;
(vi) the Pass-Through Rate for each Class amount of Adjustable Rate Certificates the Servicing Fees paid to or retained by the Servicer or any Subservicer (with respect to the current Accrual PeriodSubservicers, and, if applicable, whether in the aggregate) with respect to such Pass-Through Rate was limited by the Interest Rate CapDistribution Date;
(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;
(ix) the related amount of the Master Servicing Fees to be paid to or retained by the Master Servicer and with respect to such Distribution Date;
(viii) the Servicing amount of the Trust Administration Fees to be paid to or retained by the Trust Administrator with respect to such Distribution Date;
(ix) the Pass-Through Rate for each Servicer for the related Due Periodsuch Class of Certificates with respect to such Distribution Date;
(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 and bankruptcy) (1) as to which the Scheduled Payment is delinquent 31 to 60 days, (2) 61 to 90 days and (3) 91 or more days, (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 days and (C) that are in bankruptcy and delinquent (1) 31 to 60 days, (2) 61 to 90 days and (3) 91 or more daysbankruptcy, in each case as of the close of business on the last day Business Day of the calendar month immediately preceding such Distribution Datemonth;
(xii) For each of the preceding 12 calendar months, or all calendar months since the related Cut-off Date, whichever is less, the aggregate dollar amount of the Scheduled Payments (A) due on all Outstanding Mortgage Loans on each of the Due Dates in each such month and (B) delinquent 60 days or more on each of the Due Dates in each such month;
(xiii) with respect to any all Mortgage Loan Loans that was liquidated became REO Properties during the preceding calendar month, the loan aggregate number of such Mortgage Loans and the aggregate Stated Principal Balance of, and Realized Loss on, of such Mortgage Loan Loans as of the end close of business on the related Prepayment Period;
(xiii) whether a Trigger Event exists in a Group;Determination Date preceding such Distribution Date and on the date of acquisition thereof; Fremont [200___-___] Pooling & Servicing Agreement
(xiv) the total number and principal balance of any REO Properties with respect to each Group (and market value, if available) as of the end close 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 Determination Date preceding such Distribution Date;
(xv) whether a Trigger Event has occurred and is continuing (including the calculation thereof and the aggregate outstanding balance of all 60+ Day Delinquent Mortgage Loans);
(xvi) the amount on deposit in the Net WAC Rate Carryover Reserve Account (after giving effect to distributions on such Distribution Date);
(xvii) the aggregate amount of Applied Realized Losses on Loss Amounts incurred during the Mortgage Loans in each Group since the Closing Date as a percentage of the preceding calendar month and aggregate Stated Principal Balance of the Mortgage Loans in the related Group on the Closing Applied Realized Loss Amounts through such Distribution Date; and;
(xviii) the amount of any Subsequent Recovery for Net Monthly Excess Cash Flow on such Distribution Date and the allocation thereof to the Certificateholders with respect to Applied Realized Loss Amounts and Unpaid Interest Amounts;
(xix) the Overcollateralized Amount and Overcollateralization Target Amount;
(xx) Prepayment Premiums collected by the Servicer;
(xxi) the YMA Payments, if any, for such Distribution Date; and
(xxii) the amount by which distributed on the Certificate Principal Balance Class C Certificates.
(b) The 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 each Class of Subordinated Certificates was increased as a result thereofthe information derived from the Servicer. The Securities Trust Administrator may will make the foregoing monthly above statement (and, at its option, any additional files containing the same information in an alternative format) available each month to Certificateholders via the Securities Trust Administrator's ’s internet website. The Securities Trust Administrator's internet website shall initially be located at "www.ctslink.com". Assistance in using the 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 ’s website will initially be located at www.jpmorgan.com/sfr. Assistance hxxx://xxx.xxxxxxx.xxx and assistance in using the Trustee's website sexxxxx xxx xx xxxxxxxd can be obtained by calling the Trustee's Trust Administrator’s customer service desk at (877) 7221-1095000-000-0000. Parties that are unable to use the above distributxxx xxxxxxx xxe distribution method 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 Trust Administrator may shall have the right to change the way monthly statements are manner in which the above statement is distributed in order to make such distributions distribution more convenient or and/or more accessible accessible, and the Trust Administrator shall provide timely and adequate notification to the Certificateholders and the parties hereto regarding any such changes. The Trust Administrator shall also be entitled to rely on, but shall not be responsible for the content or accuracy of, any information provided by the Servicer for purposes of preparing the above parties.
statement and may affix thereto any disclaimer it deems appropriate in its reasonable discretion (bwithout suggesting liability on the part of any other party hereto). As a condition to access the Trust Administrator’s internet website, the Trust Administrator may require registration and the acceptance of a disclaimer. The Trust Administrator will not be liable for the dissemination of information in accordance with this Agreement. 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 Securities Trust Administrator's ’s responsibility for making providing the above information available provided for in Sections 4.03(d) to the Certificateholders is limited to the availability, availability and timeliness and accuracy of the information derived from provided by the Master Servicer and the EMC Servicer. The Securities Trust Administrator will make available a copy of each statement 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 this Section 5.05 4.03(d) other than forwarding copies to each Rating AgencyCertificateholders. The Trust Administrator shall have no liability for the accuracy, completeness or otherwise for such information.
(c) Within Upon request, within a reasonable period of time after the end of each calendar year, the Securities Trust Administrator will prepare and the Trustee will provide shall cause to the EMC Servicer, and upon request 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 5.05 4.03 aggregated for such calendar year or applicable portion thereof during which such Person was a Certificateholder. Such obligation of the Trustee Trust Administrator shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Trustee Trust Administrator pursuant to any requirements of the Code as are from time to time in effect.
(d) Upon filing with Not later than the Internal Revenue ServiceReporting Date, the Securities Administrator Servicer shall furnish to the Holders 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 Residual Certificates immediately preceding month (the applicable Form 1066 and “Servicer Remittance Report”). The Servicer shall furnish to the Trust Administrator an individual loan accounting report, as of the last Business Day of each applicable Form 1066Q and shall respond promptly month, to written requests made not more frequently than quarterly by any Holder of a Residual Certificate with document Mortgage Loan payment activity on an individual Mortgage Loan basis. With respect to each month, the following matterscorresponding 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) The original projected 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 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 Assumptionprincipal prepayment amounts remitted in accordance with Section 3.25);
(ii) The projected remaining principal and interest cash flows as of the end of any calendar quarter with respect to each Class Scheduled Payment, the amount of regular and residual interests created hereunder and the Mortgage Loans, based on the Prepayment Assumption;such remittance allocable to interest; Fremont [200___-___] Pooling & Servicing Agreement
(iii) The applicable Prepayment Assumption and any interest rate assumptions used in determining the projected principal and interest cash flows described aboveamount of servicing compensation received by the Servicer during the prior distribution period;
(iv) The original issue discount (or, in the case individual and aggregate Stated Principal Balance 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;
(v) the aggregate of any expenses reimbursed to the Servicer during the prior distribution period pursuant to Section 3.11;
(vi) The 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 and timing of any non-interest expenses of a REMICRealized Losses for such Mortgage Loan; and
(viiix) 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 any other information pursuant to clauses (i), (ii), (iii) and (iv) above shall be provided reasonably required by the Depositor pursuant Trust Administrator to enable it to prepare the monthly statement referred to in Section 9.124.03(a).
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Fremont Mortgage Securities Corp)
Monthly Statements to Certificateholders. (a) Not later than each Distribution DateDate 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 Trustee 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 Certificatesa Class of Certificates of the Trust Fund, the TrusteeServicer, the NIMs Insurer, the Rating Agencies, the Master Servicer, the EMC Servicer Agencies and the Depositor a statement setting forth for the Certificates:: 112
(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 Loanstherein, 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, and, if applicable, the portion thereof allocable together with any Non-Supported Interest Shortfalls allocated to amounts provided pursuant to the Yield Maintenance Agreements to the extent such information is provided to the Securities Administrator by the Trusteeeach Class;
(iii) the Certificate Principal Balance of each Class after giving effect (i) to all distributions allocable to principal on such Distribution Date and (ii) the allocation of any Interest Carry Forward Amounts, any Basis Risk Shortfall Carry Forward Applied Realized Loss Amounts for each Class of Adjustable Rate Certificatessuch Distribution Date;
(iv) the Certificate Principal Balance of the Offered Certificates before and after giving effect to all distributions of principal and allocation of Applied Realized Loss Amounts in reduction of Certificate Principal Balance for such Distribution Date and the allocation of any Subsequent Recoveries to increase the Certificate Pool Stated Principal Balance for such Distribution Date;
(v) the cumulative amount of Applied Realized Loss Amounts the Servicing Fee Rate paid to date or retained by the Servicer, the amount of the Trustee Fee Rate paid to or retained by the Trustee, and any amounts constituting reimbursement or indemnification of the Unpaid Applied Realized Loss Amounts for each applicable Class of Subordinate Certificates after giving effect to the distribution of principal (including Subsequent Recoveries) and allocation of Applied Realized Loss Amounts on such Distribution DateServicer or Trustee;
(vi) the Pass-Through Rate for each Class of Adjustable Rate Certificates with respect to the current Accrual Period, and, if applicable, whether for such Pass-Through Rate was limited by the Interest Rate CapDistribution Date;
(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;
(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;
(xiviii) 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 and bankruptcyforeclosure) (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 and (C) in bankruptcy and delinquent 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;
(xiixi) with respect to any Mortgage Loan that was liquidated became an REO Property during the preceding calendar month, the loan number and Stated Principal Balance of, and Realized Loss on, of such Mortgage Loan as of the end close of business on the last day of the related Prepayment Periodcalendar 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;
(xiii) whether a Trigger Event exists in a Group;
(xivxii) the total number and principal balance of any REO Properties with respect to each Group as of the end close of 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 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 aggregate Realized Losses on 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 each Group the aggregate of such amounts for all such Mortgage Loans since the Closing Date as a percentage of the aggregate Stated Principal Balance of the Mortgage Loans in the related Group on the Closing Cut-off Date; and;
(xviii) the amount and purpose of any Subsequent Recovery for such Distribution Date 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 by which the Certificate Principal Balance of any payments to each Class of Subordinated Certificates was increased 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-1, Class A-2A, Class M and Class C Certificates described in Section 4.04(k) hereof;
(xxi) as of each Distribution Date, the amount, if any, to be deposited in the Swap Account within 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; and
(xxii) any Floating Rate Certificate Carryover paid and all Floating Rate Certificate Carryover remaining on each class of the Class A, Class M and Class B Certificates on such Distribution Date;
(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 thereof. of such reductions in the aggregate and with respect to the Group One Mortgage Loans and the Group Two Mortgage Loans.
(b) The Securities Administrator may Trustee will make the foregoing monthly statement Monthly Statement (and, at its option, any additional files containing the same information in an alternative format) available each month to Certificateholders Certificateholders, 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.ctslink.com". xxx.xxxxxxx.xxx." Assistance in using the Securities Administrator'x xxxxxxx xxx website can 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 (877000) 722000-10950000. Parties that are unable to use the above distributxxx xxxxxxx xxe website 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 may Trustee shall have the right to change the way the monthly statements to Certificateholders are distributed in order to make such distributions distribution more convenient or and/or more accessible to the above parties.
(b) parties and the Trustee shall provide timely and adequate notification to all above parties regarding any such changes. The Securities Administrator's responsibility Trustee shall also be entitled to rely on but shall not be responsible for making the above information available to the Certificateholders is limited to the availability, timeliness and content or accuracy of any information provided by third parties for purposes of preparing the information derived from monthly statement and may affix thereto any disclaimer it deems appropriate in its reasonable discretion (without suggesting liability on the Master Servicer part of any other party hereto). As a condition to access the Trustee's Internet website, the Trustee may require registration and the EMC Serviceracceptance of a disclaimer. The Securities Administrator Trustee will make available a copy not be liable for the dissemination of each statement provided pursuant to information in accordance with this Section 5.05 to each Rating AgencyAgreement.
(c) Within The Servicer shall deliver to the NIMs Insurer a copy of any report delivered by the Servicer to the Trustee.
(d) If so requested in writing within a reasonable period of time after the end of each calendar year, the Securities Administrator will prepare and the Trustee will provide shall make available on its website or cause to the EMC Servicer, and upon request be furnished to each Person who at any time during the calendar year was a CertificateholderCertificateholder 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 5.05 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.
(de) Upon filing with the Internal Revenue Service, the Securities Administrator Trustee shall furnish to the Holders of the Residual Certificates Class R Certificate and the applicable NIMs Insurer each 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 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 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 115 indebtedness income of a REMIC 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 a REMICthe REMICs; and
(vii) Any taxes (including penalties and interest) imposed on the REMICREMICs, 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 9.128.12.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Ownit Mortgage Loan Trust, Series 2006-2)
Monthly Statements to Certificateholders. (a) Not later than each Distribution Date, the Securities Administrator Trustee shall prepare and deliver cause to the Trustee and the Yield Maintenance Provider, and make available be forwarded by first class mail to each Holder of Certificates, a Class of Certificates of the Trustee, the Rating AgenciesTrust Fund, the Master Servicer, the EMC Servicer Certificate Insurer 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 Fixed Rate Extra Principal Distribution Amount (if any) and the Adjustable Rate Extra Principal Distribution Amount (if any);
(ii) the amount of such distribution to Holders of each Class allocable to interest, and, if applicable, the portion thereof allocable to amounts provided pursuant to the Yield Maintenance Agreements to the extent such information is provided to the Securities Administrator by the Trustee;
(iii) the Class Certificate Principal Balance of each Class after giving effect (i) to all distributions allocable to principal on such Distribution Date and (ii) the allocation of any Interest Carry Forward Amounts, any Basis Risk Shortfall Carry Forward Applied Realized Loss Amounts for each Class of Adjustable Rate Certificatessuch Distribution Date;
(iv) the Certificate aggregate of the Stated Principal Balance of the Offered Certificates before and after giving effect to all distributions of principal and allocation of Applied Realized Loss Amounts in reduction of Certificate Principal Balance Mortgage Loans for such Distribution Date and each Loan Group for the allocation of any Subsequent Recoveries to increase the Certificate Principal Balance for such following Distribution Date;
(v) the cumulative related amount of Applied Realized Loss Amounts the Servicing Fees paid to date and or retained by the Unpaid Applied Realized Loss Amounts for each applicable Class of Subordinate Certificates after giving effect to the distribution of principal (including Subsequent Recoveries) and allocation of Applied Realized Loss Amounts on such Distribution DateMaster Servicer;
(vi) the Pass-Through Rate for each Class of Adjustable Rate Certificates with respect to the current Accrual Period, and, if applicable, whether such Pass-Through Rate was limited by the Interest Rate Cap;
(vii) the amount of any Excess Cashflow Interest Carry Forward Amount and any Excess Yield Maintenance Amount with respect to for each Groupsuch Class;
(viii) the aggregate amount, if any, of the Stated Principal Balances of the Mortgage Loans with respect Insured Payments distributable to each Group Class of Certificates on such Distribution Date, the related Due Certificate Insurer Premium paid on such Distribution Date, and the aggregate amount of Insured Payments, interest thereon and previously unpaid Certificate Insurer Premiums paid on such Distribution Date and remaining to be paid on such Distribution Date or any future Distribution 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 Certificate Group included in the distribution on such Distribution Date;
(x) the cumulative amount of Applied Realized Loss Amounts for each Certificate Group to date;
(xi) the number and aggregate principal amounts of Mortgage Loans in each Loan Group (A) Delinquent delinquent (exclusive of Mortgage Loans in foreclosure and bankruptcyforeclosure) (1) 31 30 to 60 59 days, (2) 61 60 to 89 days, (3) 90 or more days and (34) 91 or more daysin bankruptcy, and (B) in foreclosure and delinquent (1) 31 30 to 60 59 days, (2) 61 60 to 90 days and 89 days, (3) 91 90 or more days and (C4) in bankruptcy and delinquent (1) 31 to 60 days, (2) 61 to 90 days and (3) 91 or more daysbankruptcy, in each case as of the close of business on the last day of the calendar month preceding such Distribution Date;
(xii) with respect to any Mortgage Loan that was liquidated became an REO Property during the preceding calendar monthmonth in each Loan Group, the loan number and Stated Principal Balance of, and Realized Loss on, of such Mortgage Loan as of the end close of business on the related Prepayment PeriodDetermination Date preceding such Distribution Date and the date of acquisition thereof;
(xiii) whether a Trigger Event exists in a Group;
(xiv) the total number and principal balance of any REO Properties with respect to in each Loan Group as of the end close of business on the related Prepayment PeriodDetermination Date preceding such Distribution Date;
(xvxiv) the Realized Losses with respect to Stated Principal Balance of all Liquidated Loans in each Loan Group during the related Prepayment Period and the cumulative Realized Losses with respect to for each Loan Group through the end of the preceding month;
(xvixv) the three month rolling average of the percent equivalent of a fractionwith respect to any Liquidated Loan in each Loan Group, 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, loan number and the denominator of which is the aggregate Stated Principal Balance of all of the Mortgage Loans in relating thereto;
(xvi) with respect to each Loan Group, the related Group as of the last day of the calendar month preceding such Distribution Date;Overcollateralization Amount and Specified Overcollateralization Amount; and
(xvii) the aggregate Realized Losses any Adjustable Rate Certificate Carryover paid and any remaining Adjustable Rate Certificate Carryover remaining on the Mortgage Loans in each Group since the Closing Date as a percentage of the aggregate Stated Principal Balance of the Mortgage Loans in the related Group on the Closing Date; and
(xviii) the amount of any Subsequent Recovery for such Distribution Date and the amount by which the Certificate Principal Balance of each Class of Subordinated Adjustable Rate Certificates was increased as a result thereof. The Securities Administrator 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 via the Securities Administrator's internet website. The Securities Administrator's internet website shall initially be located at "www.ctslink.com". Assistance in using the 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 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 may change the way monthly statements are distributed in order to make on such distributions more convenient or more accessible to the above partiesDistribution Date.
(b) The Securities AdministratorTrustee's responsibility for making disbursing the above information available to the Certificateholders and Certificate Insurer is limited to the availability, timeliness and accuracy of the information derived from the Master Servicer and the EMC Servicer. The Securities Administrator Trustee will make available send a copy of each statement provided pursuant to this Section 5.05 4.05 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 shall cause to the EMC Servicer, and upon request be furnished to each Person who at any time during the calendar year was a Certificateholder, a statement containing the information set forth in clauses (a)(i), (a)(ii) and (a)(iia)(vi) of this Section 5.05 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 from time to time in effect.
(d) Upon filing with the Internal Revenue Service, the Securities Administrator Trustee shall furnish to the Holders of the Residual Class R Certificates the applicable Form Forms 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 Class R Certificates 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 the 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 the 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 9.128.11.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Bear Stearns Asset Backed Sec Inc Asset Back Cert Ser 2000-1)
Monthly Statements to Certificateholders. (a) Not later than each Distribution Date, the Securities Administrator shall prepare and deliver to the Trustee and the Yield Maintenance Provider, and make available to each Holder of Certificates, the Trustee, the Rating Agencies, the Master Servicer, the EMC Servicer 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 (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 (if any);
(iivi) the amount of such distribution to Holders of each Class of Class A Certificates and Class M Certificates allocable to interest, andinterest and the portion thereof, if applicableany, provided by the portion thereof allocable to amounts provided pursuant to the Swap Agreement and Yield Maintenance Agreements to Agreement and the extent such information is provided to the Securities Administrator by the Trusteeamount of coverage remaining under either credit enhancement;
(iiivii) any the Interest Carry Forward Amounts, Amounts and any Basis Risk Shortfall Carry Forward Amounts for each Class of Adjustable Rate CertificatesCertificates (if any);
(iv) the Certificate Principal Balance of the Offered Certificates before and after giving effect to all distributions of principal and allocation of Applied Realized Loss Amounts in reduction of Certificate Principal Balance for such Distribution Date and the 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 Unpaid Applied Realized Loss Amounts for each applicable Class of Subordinate Certificates after giving effect to the distribution of principal (including Subsequent Recoveries) and allocation of Applied Realized Loss Amounts on such Distribution Date;
(viviii) the Pass-Through Rate for each Class of Adjustable Rate 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 Interest Net Rate Cap;
(viiix) the amount of any Excess Cashflow Amount number and any Excess Yield Maintenance Amount with respect to each Group;
(viii) the aggregate of the Stated Principal Balances Balance of (A) all of the Mortgage Loans with respect to each Group on the related Due Date;
and (ixB) 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 Adjustable Rate Mortgage Loans, for the related Due Periodfollowing Distribution Date;
(x) the amount Certificate Principal Balance or Certificate Notional Amount, as applicable, of Advances included in each Class before and after giving effect (i) to all distributions allocable to principal on such Distribution Date and (ii) the distribution on allocation of any Applied Realized Loss Amounts for such Distribution Date;
(xi) the number and aggregate principal amounts Stated Principal Balance of the Mortgage Loans (A) Delinquent (exclusive of Mortgage Loans in foreclosure and bankruptcy) (1) 31 to 60 days30 days Delinquent, (2) 61 to 90 60 days Delinquent and (3) 91 90 days or more daysDelinquent, (B) in foreclosure and delinquent (1) 31 to 60 days30 days Delinquent, (2) 61 to 90 60 days Delinquent 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;
(xii) with respect to any Mortgage Loan that was liquidated during the preceding calendar month, the loan number and Stated Principal Balance of, and Realized Loss on, such Mortgage Loan as of the end of the related Prepayment Period;
(xiii) 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 end of 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;
(xvii) 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 the Mortgage Loans in the related Group on the Closing Date; Delinquent and
(xviii) the amount of any Subsequent Recovery for such Distribution Date and the amount by which the Certificate Principal Balance of each Class of Subordinated Certificates was increased as a result thereof. The Securities Administrator 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 via the Securities Administrator's internet website. The Securities Administrator's internet website shall initially be located at "www.ctslink.com". Assistance in using the 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 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 may change the way monthly statements are distributed in order to make such distributions more convenient or more accessible to the above 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 EMC 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 provided by the Depositor pursuant to Section 9.12.
Appears in 1 contract
Samples: Pooling and Servicing Agreement
Monthly Statements to Certificateholders. (a) Not later than each Distribution Date, the Securities Administrator shall prepare and deliver make available to the Trustee and the Yield Maintenance Provider, and make available to each Holder of Certificates, the Trustee, the Rating Agencies, the Master Servicer, the 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 (if any);
(ii) the amount of such distribution to Holders of each Class allocable to interest, and, if applicable, the portion thereof allocable to amounts provided pursuant to the Yield Maintenance Agreements to the extent such information is provided to the Securities Administrator by the TrusteeAgreement;
(iii) any Interest Carry Forward Amounts, Amounts and any Basis Risk Shortfall Carry Forward Amounts for each Class of Adjustable Rate Offered Certificates (other than the Residual Certificates);
(iv) the Certificate Principal Balance or Certificate Notional Balance of the Offered Certificates before and each Class after giving effect (i) to all distributions of allocable to principal on such Distribution Date and (ii) the allocation of any Applied Realized Loss Amounts in reduction of Certificate Principal Balance for such Distribution Date and the allocation of any Subsequent Recoveries to increase the Certificate Principal Balance for such Distribution Date, and, in the case of each Certificate Principal Balance, separately stating the amount of Deferred Interest, if any, added to such Certificate Principal Balance;
(v) the cumulative amount of Applied Realized Loss Amounts to date and the Unpaid Applied Realized Loss Amounts for each applicable Class of Subordinate Offered Certificates after giving effect to the distribution of principal (including Subsequent Recoveries) and allocation of Applied Realized Loss Amounts on such Distribution Date;.
(vi) the Pass-Through Rate for each Class of Adjustable Rate Offered Certificates with respect to the current Accrual Period, and, if applicable, whether such Pass-Through Rate was limited by the an Interest Rate Cap;
(vii) the amount of any Excess Cashflow Amount and any Excess Yield Maintenance Amount with respect to each GroupAmount;
(viii) the aggregate of the Stated Principal Balances of all of the Mortgage Loans with respect to each Group and of the fixed rate 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;
(xi) the number and aggregate principal amounts of Mortgage Loans (A) Delinquent (exclusive of Mortgage Loans in foreclosure and bankruptcy) (1) 31 to 60 days, (2) 61 to 90 days and (3) 91 or more days, (B) in foreclosure and 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;
(xii) with respect to any Mortgage Loan that was liquidated during the preceding calendar month, the loan number and Stated Principal Balance of, and Realized Loss on, such Mortgage Loan as of the end of the related Prepayment Period;
(xiii) whether a Trigger Event exists in a Group;exists.
(xiv) the total number and principal balance of any REO Properties with respect to each Group as of the end of 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;; 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 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;; and
(xvii) 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 the Mortgage Loans in the related Group on the Closing Date; and
(xviii) the amount of any Subsequent Recovery for such Distribution Date and the amount by which the Certificate Principal Balance of each Class of Subordinated Certificates was increased as a result thereof. The Securities Administrator 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 via the Securities Administrator's internet website. The Securities Administrator's internet website shall initially be located at "www.ctslink.comxxx.xxxxxxx.xxx". Assistance in using the Securities Administrator'x xxxxxxx xxx Administrator's website can be obtained by calling the Securities Administrator's customer service desk at (301000) 815000-66000000. To the extent timely received from the Securities XxxxxxxxxxxxxAdministrator, 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/sfrxxx.xxxxxxxx.xxx/xxx. Assistance in using the Trustee's website sexxxxx xxx xx xxxxxxxd service can be obtained by calling the Trustee's customer service desk at (877000) 722000-10950000. Parties that are unable to use the above distributxxx xxxxxxx xxe 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 may change the way monthly statements are distributed in order to make such distributions more convenient or more accessible to the above 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 EMC Servicer and the EMC ServicerTrustee. 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 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 provided by the Depositor 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 each Distribution Date, the Securities Administrator Trustee shall prepare and deliver to the Trustee and the Yield Maintenance Provider, and make available to each Holder of CertificatesCertificateholder, the Trustee, the Rating Agencies, the Master Servicer, the EMC Servicer Depositor, the Certificate Insurer, the Swap Provider, the Pool Insurer and the Depositor each Rating 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 (except with respect to any Simple Interest Loans) of principal included therein (Accrual Periods and with respect to any Simple Interest Loans, the amount of principal actually received included therein), and (C) the Extra Principal Determination Dates for calculating distributions for such Distribution Amount (if any)Date;
(ii) the amount of such distribution to Holders of each Class allocable to interest, and, if applicable, funds received from the portion thereof allocable to amounts 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 the Offered Certificates before and after giving effect to all distributions of principal and allocation of Applied Realized Loss Amounts in reduction of Certificate Principal Balance Servicer for such Distribution Date and the 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 Unpaid Applied Realized Loss Amounts for each applicable Class of Subordinate Certificates after giving effect to the distribution of principal (including Subsequent Recoveries) and allocation of Applied Realized Loss Amounts on such Distribution Date;
(vi) the Pass-Through Rate for each Class of Adjustable Rate Certificates with separately identifying amounts received in respect to the current Accrual Period, and, if applicable, whether such 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;
(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) Loans, the amount of Advances included in the distribution on the Distribution Date, the amount of any Net Swap Payment made to the Supplemental Interest Trust and any Swap Termination Payment made to the Supplemental Interest Trust;
(iii) the Servicing Fee and Trustee Fee for such Distribution Date;
(iv) the amount 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 distribution allocable to 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 Excess Reserve 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 shortfall and the allocation of the shortfall between principal and interest, including any Net WAC Cap Carry Forward Amount not covered by amounts in the Excess Reserve Fund Account;
(ix) the amount of any Total Monthly Excess Spread on the Distribution Date and the allocation thereof to the Certificateholders;
(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 the Class A Certificates with respect to the Distribution Date;
(xii) the amount on deposit in the Certificate Account and the Excess Reserve Fund Account (before and after giving effect to distributions on the Distribution Account Deposit Date and Distribution Date, respectively);
(xiii) the number of Mortgage Loans and 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;
(xv) the number and aggregate principal amounts outstanding balance of the Mortgage Loans as of the end of the preceding calendar month: (A) Delinquent delinquent (exclusive of Mortgage Loans in foreclosure and bankruptcyforeclosure) (1) 31 30 to 60 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 30 to 60 59 days, (2) 61 60 to 90 89 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 the Distribution Date;
(xiixvi) 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 on the Due Date in such month;
(xvii) with respect to any Mortgage Loan that was liquidated became an REO Property during the preceding calendar month, the loan number and Stated Principal Balance of, and Realized Loss on, such of the Mortgage Loan as of the end close of business on the related Prepayment PeriodDetermination Date preceding the Distribution Date and the date of acquisition thereof;
(xiii) whether a Trigger Event exists in a Group;
(xivxviii) the total number and principal balance of any REO Properties with respect to each Group (and market value, if available) as of the end close of business on the related Prepayment PeriodDetermination Date preceding the Distribution Date;
(xvxix) the Realized Losses with respect to each Group aggregate amount of Principal Prepayments received during the related Prepayment Period and the cumulative Realized Losses with respect number of Mortgage Loans subject to each Group through the end of the preceding monthsuch Principal Prepayments;
(xvixx) the three month rolling average aggregate amount of Advances and Servicing Advances reimbursed during the percent equivalent of a fractionrelated Remittance Period, the numerator general source of which is funds for such reimbursements and the aggregate stated Principal Balance amount of the Mortgage Loans in each Group that are 61 days or more delinquent or are in bankruptcy or foreclosure or are REO Properties, Advances and the denominator of which is the aggregate Stated Principal Balance of all of the Mortgage Loans in the related Group Servicing Advances outstanding as of the last day close of business on the Distribution Date;
(xxi) the amount of any Charge-off Amounts during the prior calendar month preceding and since the Cut-off Date;
(xxii) the aggregate number and outstanding principal balance of Mortgage Loans repurchased during the related Remittance Period due to material breaches of representations and warranties regarding such Mortgage Loans;
(xxiii) the Overcollateralization Amount for such Distribution Date;
(xviixxiv) Prepayment Charges collected, waived, and paid by the Servicer;
(xxv) with respect to the second Distribution Date, the number and aggregate Realized Losses on the balance of any Delayed Delivery Mortgage Loans in each Group since not delivered within the Closing Date as a percentage of the aggregate Stated Principal Balance of the Mortgage Loans time periods specified in the related Group on the Closing Datedefinition of Delayed Delivery Mortgage Loans; and
(xviiixxvi) the amount of any Subsequent Recovery for such Distribution Date payments/draws under the Pool Policy, the amount of any Realized Losses with respect to the Covered Mortgage Loans and the amount remaining Maximum Aggregate Liability (as defined in the Pool Policy). 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 which 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 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, of the Servicer. If the statement is not accessible to any of the Certificateholders, the Certificate Principal Balance Insurer, the Swap Provider, 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 Subordinated Certificates was increased as a result thereof. The Securities Administrator may make the foregoing monthly statement (and, at them via its option, any additional files containing the same information in an alternative format) available each month to Certificateholders via the Securities Administrator's internet website. The Securities Administrator's internet website shall initially be located at "www.ctslink.com". Assistance in using the 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 address of the Trustee's internet website. The trustee's internet ’s Internet website where the statement will initially be located at www.jpmorgan.com/sfraccessible is hxxxx://xxx.xxx.xx.xxx/xxxx. Assistance in using the Trustee's ’s Internet website sexxxxx xxx xx xxxxxxxd may be obtained by calling the Trustee's ’s customer service desk at (877000) 722000-1095. Parties that are unable to use the 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 such0000. The Securities Administrator may Trustee shall notify each Certificateholder, the Servicer, the Depositor and each Rating Agency in writing of any change in the way monthly statements are distributed in order to make such distributions more convenient address or more accessible means of access to the above partiesInternet website where the statement is accessible.
(b) The Securities Administrator's Trustee’s responsibility for making preparing and disbursing the above information available to the Certificateholders is limited to the availability, timeliness timeliness, and accuracy of the information derived from the Master Servicer. The Trustee is not responsible for any inaccuracies in or caused by the data provided by the Servicer. By each Determination Date, the Servicer shall provide to the Trustee in electronic form the information needed to determine the distributions to be made pursuant to Section 4.02 and 3.09(b)(ii) and any other information that the Servicer and the EMC Servicer. The Securities Administrator will make available a copy 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 each statement provided pursuant to this Section 5.05 to each Rating Agencyexpenses paid from amounts on deposit in the Certificate Account.
(c) Within a reasonable period of time after the end of each calendar year, the Securities Administrator will prepare and the Trustee will provide shall cause to the EMC Servicer, and upon request be furnished to each Person who at any time during the calendar year was a Certificateholder, a statement containing the information set forth in clauses (a)(i) and (a)(ii) (with respect to principal and interest distributed) of this Section 5.05 4.03 aggregated for such the calendar year or the applicable portion thereof during which such the Person was a Certificateholder. Such This obligation of the Trustee shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Trustee pursuant to any requirements of the Code as from time to time in effect.
(d) 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 provided by the Depositor pursuant to Section 9.12.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (IndyMac Home Equity Loan Asset-Backed Trust, Series INDS 2006-2b)
Monthly Statements to Certificateholders. (a) Not later than each Distribution DateDate 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 Trustee shall prepare and deliver to the Trustee and the Yield Maintenance Provider, and make available on its website located at xxx.xxxxxxxx.xxx to each Holder of Certificatesa Class of Certificates of the Trust Fund, the TrusteeServicer, the NIMs Insurer, the Rating Agencies, the Master Servicer, the EMC Servicer 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 (except with respect to any Simple Interest Loans) of principal included therein (and with respect to any Simple Interest Loanstherein, 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, and, if applicable, the portion thereof allocable together with any Non-Supported Interest Shortfalls allocated to amounts provided pursuant to the Yield Maintenance Agreements to the extent such information is provided to the Securities Administrator by the Trusteeeach Class;
(iii) the Certificate Principal Balance of each Class after giving effect (i) to all distributions allocable to principal on such Distribution Date and (ii) the allocation of any Interest Carry Forward Amounts, any Basis Risk Shortfall Carry Forward Applied Realized Loss Amounts for each Class of Adjustable Rate Certificatessuch Distribution Date;
(iv) the Certificate Principal Balance of the Offered Certificates before and after giving effect to all distributions of principal and allocation of Applied Realized Loss Amounts in reduction of Certificate Principal Balance for such Distribution Date and the allocation of any Subsequent Recoveries to increase the Certificate Pool Stated Principal Balance for such Distribution Date;
(v) the cumulative amount of Applied Realized Loss Amounts the Servicing Fee Rate paid to date or retained by the Servicer, the amount of the Trustee Fee Rate paid to or retained by the Trustee, and any amounts constituting reimbursement or indemnification of the Unpaid Applied Realized Loss Amounts for each applicable Class of Subordinate Certificates after giving effect to the distribution of principal (including Subsequent Recoveries) and allocation of Applied Realized Loss Amounts on such Distribution DateServicer or Trustee;
(vi) the Pass-Through Rate for each Class of Adjustable Rate Certificates with respect to the current Accrual Period, and, if applicable, whether for such Pass-Through Rate was limited by the Interest Rate Cap;Distribution Date; 117
(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;
(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;
(xiviii) 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 and bankruptcyforeclosure) (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 and (C) in bankruptcy and delinquent 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;
(xiixi) with respect to any Mortgage Loan that was liquidated became an REO Property during the preceding calendar month, the loan number and Stated Principal Balance of, and Realized Loss on, of such Mortgage Loan as of the end close of business on the last day of the related Prepayment Periodcalendar 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;
(xiii) whether a Trigger Event exists in a Group;
(xivxii) the total number and principal balance of any REO Properties with respect to each Group as of the end close of 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 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 aggregate Realized Losses on 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 each Group the aggregate of such amounts for all such Mortgage Loans since the Closing Date as a percentage of the aggregate Stated Principal Balance of the Mortgage Loans in the related Group on the Closing Cut-off Date; and;
(xviii) the amount and purpose of any Subsequent Recovery for such Distribution Date withdrawal from the Collection Account pursuant to Section 3.08(a)(viii); 118
(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 by which the Certificate Principal Balance of any payments to each Class of Subordinated Certificates was increased 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-1 Certificates, the Class A-2 Certificates, the Floating Rate Subordinate Certificates and the Class C Certificates described in Section 4.04(k) hereof;
(xxi) as of each Distribution Date, the amount, if any, to be deposited in the Swap Account within 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; and
(xxii) any Floating Rate Certificate Carryover paid and all Floating Rate Certificate Carryover remaining on each class of the Class A, Class M and Class B Certificates on such Distribution Date;
(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 thereof. of such reductions in the aggregate and with respect to the Group One Mortgage Loans and the Group Two Mortgage Loans.
(b) The Securities Administrator may Trustee will make the foregoing monthly statement Monthly Statement (and, at its option, any additional files containing the same information in an alternative format) available each month to Certificateholders Certificateholders, 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.ctslink.com". Assistance in using the 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. xxx.xxxxxxxx.xxx." Parties that are unable to use the above distributxxx xxxxxxx xxe website 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 may Trustee shall have the right to change the way the monthly statements to Certificateholders are distributed in order to make such distributions distribution more convenient or and/or more accessible to the above parties.
(b) parties and the Trustee shall provide timely and adequate notification to all above parties regarding any such changes. The Securities Administrator's responsibility for making foregoing information and reports shall be prepared and determined by the above information available Trustee based on Mortgage Loan data provided to the Certificateholders is limited Trustee by the Servicer and information received by the Trustee from third parties, including the Swap Counterparty. In preparing or furnishing the foregoing information, the Trustee shall be entitled to rely conclusively on the availability, timeliness and accuracy of the information derived from or data provided to the Master Trustee by the Servicer or any other party and the EMC ServicerTrustee 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 Trustee's Internet website, the Trustee may require registration and the acceptance of a disclaimer. The Securities Administrator Trustee will make available a copy not be liable for the dissemination of each statement provided pursuant to information in accordance with this Section 5.05 to each Rating AgencyAgreement.
(c) Within The Servicer shall deliver to the NIMs Insurer a copy of any report delivered by the Servicer to the Trustee.
(d) If so requested in writing within a reasonable period of time after the end of each calendar year, the Securities Administrator will prepare and the Trustee will provide shall make available on its website or cause to the EMC Servicer, and upon request be furnished to each 119 Person who at any time during the calendar year was a CertificateholderCertificateholder 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 5.05 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.
(de) Upon filing with the Internal Revenue Service, the Securities Administrator Trustee shall furnish to the Holders of the Residual Certificates Class R Certificate and the applicable NIMs Insurer each 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 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 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 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 a REMICthe REMICs; and
(vii) Any taxes (including penalties and interest) imposed on the REMICREMICs, 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 9.128.12.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Merrill Lynch Mortgage Investors Inc)
Monthly Statements to Certificateholders. (a) Not later than On each Distribution Date, based, as applicable, on the Securities Administrator Mortgage Loan information contained in the Remittance Report, the Trustee shall (i) prepare and deliver to the Trustee and the Yield Maintenance Provider, and make available forward by mail to each Holder of the Regular Certificates and (ii) make available on its website at xxx.xxxxxx.xxx/xxx for access by each Holder of the Regular Certificates, the Trustee, the Rating Agencies, the Master Servicer, the EMC Servicer 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 (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 (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, and, if applicable, the portion thereof allocable to amounts provided pursuant to the Yield Maintenance Agreements to the extent such information is provided to the Securities Administrator by the Trusteeseparately identified;
(iii) any Interest Carry Forward Amountsthe Overcollateralization Amount, any Basis Risk Shortfall Carry Forward Amounts for each Class the Overcollateralization Release Amount, the Overcollateralization Deficiency and the Overcollateralization Target Amount as of Adjustable Rate Certificates;
(iv) the Certificate Principal Balance of the Offered Certificates before and after giving effect to all distributions of principal and allocation of Applied Realized Loss Amounts in reduction of Certificate Principal Balance for such Distribution Date and the allocation of any Subsequent Recoveries to increase the Certificate Principal Balance Monthly Excess Interest Amount and Monthly Excess Cashflow Amount for such Distribution Date;
(iv) the aggregate amount of servicing compensation received by the Servicer during the related Collection Period;
(v) the cumulative aggregate amount of Applied Realized Loss Amounts to date Advances in respect of the Trust Fund and each Loan Group for the Unpaid Applied Realized Loss Amounts for each applicable Class of Subordinate Certificates after giving effect to the distribution of principal (including Subsequent Recoveries) and allocation of Applied Realized Loss Amounts on such Distribution Daterelated 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 Adjustable Rate Certificates with respect to business at the current Accrual end of the related Collection Period, and, if applicable, whether such Pass-Through Rate was limited by the Interest Rate Cap;
(vii) the amount of any Excess Cashflow Amount number, weighted average remaining term to maturity and any Excess Yield Maintenance Amount with respect to each Group;
(viii) the aggregate of the Stated Principal Balances weighted average Mortgage Interest Rate of the Mortgage Loans with respect to in the Trust Fund and in each Loan Group on as of 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;
(xiviii) the number and aggregate unpaid principal amounts of Mortgage Loans (A) Delinquent (exclusive balance of Mortgage Loans in foreclosure the Trust Fund and bankruptcyin each Loan Group (a) (1) 31 30 to 60 days59 days past due on a contractual basis, (2b) 61 60 to 90 89 days and (3) 91 or more dayspast due on a contractual basis, (Bc) in foreclosure and delinquent (1) 31 to 60 days, (2) 61 to 90 days and (3) 91 or more days past due on a contractual basis, (d) as to which foreclosure proceedings have been commenced and (Ce) 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;
(xiiix) with respect to any Mortgage Loan that was liquidated 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, and Realized Loss on, of such Mortgage Loan as of the end date it became an REO Property;
(x) the book value of any REO Property as of the close of business on the last Business Day of the calendar month preceding 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 the amounts thereof allocable to the Class P Certificates and the Class CE Certificates;
(xiii) whether the aggregate amount of Realized Losses incurred during the related Collection Period and the cumulative amount of Realized Losses, in each case for the Trust Fund as a Trigger Event exists in a whole as well as for each Loan Group;
(xiv) the total number and principal balance of any REO Properties with respect to each Group as of the end of 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;
(xvii) 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 the Mortgage Loans in the related Group on the Closing Date; and
(xviii) the amount of any Subsequent Recovery for such Distribution Date and the amount by which the Certificate Principal Balance of each Class of Subordinated Certificates, after giving effect to the distributions, and allocations 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) the Accrued Certificate Interest in respect of each Class of Offered Certificates was increased and the Class B Certificates for such Distribution Date, separately identifying the portions thereof attributable to Net WAC Cap Carryover Amounts, and the respective portions thereof, if any, remaining unpaid following the distributions made in respect of 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 result thereofpercentage of the original Pool Balance;
(xxii) the Available Funds;
(xxiii) the rate at which interest accrues for each Class of Certificates for such Distribution Date;
(xxiv) the Liquidation Report for such Distribution Date;
(xxv) [reserved];
(xxvi) [reserved];
(xxvii) the related Record Date;
(xxviii) the related Interest Accrual Period;
(xxix) the related Determination Date;
(xxx) the related Distribution Date; and
(xxxi) the amount of cash received with respect to the related accrual period. 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 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 via the Securities Administrator's internet website. The Securities Administrator's internet website shall initially be located at "www.ctslink.com". Assistance in using the 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 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 may change the way monthly statements are distributed in order to make such distributions more convenient or more accessible to the above parties.
(b) The Securities Administrator's responsibility for making providing the above information available to the Certificateholders statement is limited to the availability, timeliness and accuracy of the information derived from the Master Servicer and the EMC Servicer. The Securities Administrator will make available a copy of each statement Trustee may fully rely upon and shall have no liability with respect to information with respect to the Mortgage Loans provided pursuant to this Section 5.05 to each Rating Agencyby the Servicer.
(cb) 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 shall furnish to each Person who at any time during the calendar year was a CertificateholderCertificateholder 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 information set forth in clauses subclauses (a)(ii), (ii), (xv) and (a)(iixx) of this Section 5.05 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 in force from time to time.
(c) On each Distribution Date, the Trustee shall provide to the 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 Trustee pursuant to any requirements of the Code as from time to time in effectforce.
(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 provided by the Depositor pursuant to Section 9.12.
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, the Securities Administrator shall prepare and deliver to the Trustee and the Yield Maintenance Provider, and make available to each Holder of Certificates, the Trustee, the Rating Agencies, the Master Servicer, the 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 (if any);
(ii) the amount of such distribution to Holders of each Class allocable to interest, and, if applicable, the portion thereof allocable to amounts 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 the Offered Certificates before and after giving effect to all distributions of principal and allocation of Applied Realized Loss Amounts in reduction of Certificate Principal Balance for such Distribution Date and the 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 Unpaid Applied Realized Loss Amounts for each applicable Class of Subordinate Certificates after giving effect to the distribution of principal (including Subsequent Recoveries) and allocation of Applied Realized Loss Amounts on such Distribution Date;
(vi) the Pass-Through Rate for each Class of Adjustable Rate Certificates with respect to the current Accrual Period, and, if applicable, whether such 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;
(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;
(xi) the number and aggregate principal amounts of Mortgage Loans (A) Delinquent (exclusive of Mortgage Loans in foreclosure and bankruptcy) (1) 31 to 60 days, (2) 61 to 90 days and (3) 91 or more days, (B) in foreclosure and 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;
(xii) with respect to any Mortgage Loan that was liquidated during the preceding calendar month, the loan number and Stated Principal Balance of, and Realized Loss on, such Mortgage Loan as of the end of the related Prepayment Period;
(xiii) 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 end of 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;
(xvii) 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 the Mortgage Loans in the related Group on the Closing Date; and
(xviii) the amount of any Subsequent Recovery for such Distribution Date and the amount by which the Certificate Principal Balance of each Class of Subordinated Certificates was increased as a result thereof. The Securities Administrator 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 via the Securities Administrator's internet website. The Securities Administrator's internet website shall initially be located at "www.ctslink.com". Assistance in using the 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 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 may change the way monthly statements are distributed in order to make such distributions more convenient or more accessible to the above 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 EMC 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 provided by the Depositor pursuant to Section 9.12.. 77
Appears in 1 contract
Monthly Statements to Certificateholders. (a) Not later than two Business Days prior to each Distribution Date, the Master Servicer shall prepare and make available to the Trustee and not later than each Distribution Date, the Securities Administrator Master Servicer shall prepare and deliver to the Trustee and the Yield Maintenance Provider, and make available to each Holder of CertificatesCertificateholder, the TrusteeDepositor and any other interested parties a statement based solely on information provided by each Servicer setting forth the following information with respect to the related distribution (in the case of information furnished pursuant to (i), (ii) and (vii) below, the Rating Agenciesamounts shall be expressed as a dollar amount per minimum denomination Certificate, such minimum denominations being as set forth in the Master Servicer, the EMC Servicer and the Depositor a statement setting forth for the Certificates:Preliminary Statement):
(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 (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 (if any);
(ii) the amount of such distribution to Holders of each Class thereof allocable to interest, and, if applicable, the portion thereof allocable any Class Unpaid Interest Shortfall included in such distribution and any remaining Class Unpaid Interest Shortfall after giving effect to amounts provided pursuant to the Yield Maintenance Agreements to the extent such information is provided to the Securities Administrator by the Trusteedistribution;
(iii) any Interest Carry Forward Amounts, any Basis Risk Shortfall Carry Forward Amounts for each if the distribution to the Holders of such Class of Adjustable Rate CertificatesCertificates 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;
(iv) the Certificate Principal Balance as a dollar amount per minimum denomination Certificate and the Class Principal Balance of the Offered Certificates before and each Class of Certificates, after giving effect to all distributions the distribution of principal and allocation of Applied Realized Loss Amounts in reduction of Certificate Principal Balance for such Distribution Date and the allocation of any Subsequent Recoveries to increase the Certificate Principal Balance for on such Distribution Date;
(v) the cumulative amount of Applied Realized Loss Amounts to date and the Unpaid Applied Realized Loss Amounts for each applicable Class of Subordinate Certificates after giving effect to the distribution of principal (including Subsequent Recoveries) and allocation of Applied Realized Loss Amounts Pool Principal Balance on such Distribution Date;
(vi) the Pass-Through Rate Senior Percentage and Junior Percentage for each Class of Adjustable Rate Certificates with respect to the current Accrual Period, and, if applicable, whether such Pass-Through Rate was limited by the Interest Rate CapGroup;
(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;
(ix) the related amount of the Master Servicing Fees paid to or retained by the Master Servicer and the Servicing Fees paid with respect to or retained by each Servicer for the related Due Periodsuch Distribution Date;
(xviii) the Pass-Through Rate for each such Class of Certificates with respect to such Distribution Date;
(ix) the amount of Advances included in the distribution on such Distribution Date and the aggregate amount of Advances outstanding as of the close of business on such Distribution Date;
(xix) the number and aggregate principal amounts of Mortgage Loans (A) Delinquent delinquent (exclusive of Mortgage Loans in foreclosure and bankruptcyforeclosure) (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 (1) 1 to 30 days (2) 31 to 60 days, days (23) 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 (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;
(xiixi) with respect to any Mortgage Loan that was liquidated became an REO Property during the preceding calendar month, the loan number and Stated Scheduled Principal Balance of, and Realized Loss on, of such Mortgage Loan as of the end close of business on the last Business Day of the related Prepayment Periodcalendar month preceding such Distribution Date and the date of acquisition thereof;
(xiii) whether a Trigger Event exists in a Group;
(xivxii) the total number and principal balance of any REO Properties with respect to each Group (and market value, if available) as of the end close of 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 business on the last day Business Day of the calendar month preceding such Distribution Date;
(xviixiii) the Senior Prepayment Percentage;
(xiv) the aggregate amount of Realized Losses on incurred during the Mortgage Loans in each Group since the Closing Date as a percentage of the aggregate Stated Principal Balance of the Mortgage Loans in the related Group on the Closing Datepreceding calendar month; and
(xviiixv) the amount of any Subsequent Recovery for such Distribution Date Special Hazard Loss Coverage Amount, the Fraud Loss Coverage Amount and the amount Bankruptcy Loss Coverage Amount, in each case as of the related Determination Date. Upon receipt from the Master Servicer, the Trustee shall make such statement available on its website located at xxxx://xxx.xxxxxxxx.xxx/absmbs.
(b) The Master Servicer's responsibility for disbursing the above information to the Trustee, Depositor, Certificateholders and other interested parties is limited to the availability, timeliness and the accuracy of the information provided by which the Certificate Principal Balance each Servicer. The Master Servicer will make a copy of each Class of Subordinated Certificates was increased as a result thereof. The Securities Administrator may make the foregoing monthly 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 and other interested parties, and other parties to this Agreement via the Securities Administrator's internet website. The Securities AdministratorMaster Servicer's internet website shall initially be located at "www.ctslink.comxxx.xxxxxxx.xxx". Assistance in using the Securities Administrator'x xxxxxxx xxx internet website can be obtained by calling the Securities AdministratorMaster Servicer'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 above distributxxx xxxxxxx xxe distribution methods 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 may Master Servicer, with the consent of the Trustee, which consent shall not be unreasonably withheld, shall have the right to change the way monthly statements are distribution date statement is distributed in order to make such distributions distribution more convenient or and/or more accessible to and the above parties.
(b) The Securities Administrator's responsibility for making the above information available Master Servicer shall provide timely and adequate notification to the Certificateholders is limited and the parties to this Agreement regarding any such changes. The Master Servicer shall also be entitled to rely on but shall not be responsible for the availability, timeliness and content or accuracy of any information provided by third parties for purposes of preparing the information derived from 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 Master Servicer's internet website, the Master Servicer may require registration and the EMC Serviceracceptance of a disclaimer. The Securities Administrator Master Servicer will make available a copy not be liable for the dissemination of each statement provided pursuant to information in accordance with this Section 5.05 to each Rating AgencyAgreement.
(c) Within a reasonable period of time after the end of each calendar year, the Securities Administrator will prepare and the Trustee will provide shall cause to the EMC Servicer, and be furnished upon request to each Person who at any time during the calendar year was a Certificateholder, a statement containing the information set forth in clauses (a)(i), (a)(ii) and (a)(iia)(vii) of this Section 5.05 4.04 aggregated for such calendar year or applicable portion thereof during which such Person was a Certificateholder. Such obligation of the Trustee shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Trustee pursuant to any requirements of the Code as from time to time in effect.
(d) 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 provided by the Depositor pursuant to Section 9.12.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Mortgage Asset Sec Trans Inc Mor Pass THR Cer Ser 2002-2)
Monthly Statements to Certificateholders. (a) Not later than each Distribution Date, the Securities Administrator Trustee shall prepare and deliver to the Trustee and the Yield Maintenance Provider, and make available to each Holder of Certificates, the Trustee, the Rating Agencies, the Master Servicer, the EMC Servicer 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 Trust, any Net Swap Payment payable to the Swap Provider, any Swap Termination Payment payable to the Trust and any Swap Termination Payment payable to the Swap Provider;
(v) the amount of the related distribution to Holders of each the Class A Certificates and Class M Certificates (by 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 (if any);
(iivi) the amount of such distribution to Holders of each Class of Class A Certificates and Class M Certificates allocable to interest, andinterest and the portion thereof, if applicableany, the portion thereof allocable to amounts provided pursuant to the Yield Maintenance Agreements to the extent such information is provided to the Securities Administrator by the TrusteeSwap Agreement and the amount of coverage remaining under either credit enhancement;
(iiivii) any the Interest Carry Forward Amounts, Amounts and any Basis Risk Shortfall Carry Forward Amounts for each Class of Adjustable Rate CertificatesCertificates (if any);
(iv) the Certificate Principal Balance of the Offered Certificates before and after giving effect to all distributions of principal and allocation of Applied Realized Loss Amounts in reduction of Certificate Principal Balance for such Distribution Date and the 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 Unpaid Applied Realized Loss Amounts for each applicable Class of Subordinate Certificates after giving effect to the distribution of principal (including Subsequent Recoveries) and allocation of Applied Realized Loss Amounts on such Distribution Date;
(viviii) the Pass-Through Rate for each Class of Adjustable Rate 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 Interest related Net 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;
(ix) the related amount number and aggregate Stated Principal Balance of all of the Master Servicing Fees paid to or retained by the Master Servicer and the Servicing Fees paid to or retained by each Servicer Mortgage Loans for the related Due Periodfollowing Distribution Date, together with updated pool composition information including the following: weighted average mortgage rate and weighted average remaining term;
(x) the amount Certificate Principal Balance of Advances included in the distribution Class A Certificates and Class M Certificates 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;
(xi) the number and aggregate principal amounts Stated Principal Balance of the Mortgage Loans in each Loan Group (A) Delinquent (exclusive of Mortgage Loans in foreclosure and bankruptcy) (1) 31 to 60 days30 days Delinquent, (2) 61 to 90 60 days Delinquent and (3) 91 90 days or more daysDelinquent, (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 Delinquent and (C) in bankruptcy 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, 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 each such Loan Group;
(xii) 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, if any, of excess cashflow or excess spread and the application of such excess cashflow;
(xiv) the cumulative Realized Losses 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 was liquidated during the preceding calendar month, the loan number and aggregate Stated Principal Balance of, and Realized Loss on, such Mortgage Loan Loans as of the end close of business on the related Prepayment Periodprior calendar month;
(xiii) whether a Trigger Event exists in a Group;
(xivxvii) the total number and principal balance of any real estate owned or REO Properties with respect to each Group as of the end of the related Prepayment Periodcalendar month;
(xvxviii) 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 Loan Group, material breaches of the preceding monthpool asset representation or warranties or transaction covenants;
(xvixix) the three month rolling average of the percent equivalent of a fraction, the numerator of which is the aggregate stated Stated Principal Balance of the Mortgage Loans in each Group that are 61 60 days or more delinquent 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 and separately identifying such information for the (1) first lien Mortgage Loans, and (2) Adjustable Rate Mortgage Loans, in the related Group each case as of the last day end of the calendar month preceding such Distribution DatePrepayment Period;
(xviixx) whether a Trigger Event exists;
(xxi) the aggregate Realized Losses amount of the distribution made on such Distribution Date to the Holders of the Class P Certificates allocable to Prepayment Charges;
(xxii) information on loss, delinquency or other tests used for determining early amortization, liquidation, stepdowns or other performance triggers and whether the trigger was met;
(xxiii) 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 securities backed by the same asset pool, any pool asset changes, such as additions or removals of Mortgage Loans in each Group since from the Closing Date as a percentage of the aggregate Stated Principal Balance of the Mortgage Loans in the related Group on the Closing DateTrust Fund, if applicable; and
(xviiixxvi) any material changes in the amount of any Subsequent Recovery solicitation, credit-granting, underwriting, origination, acquisition or Mortgage Loan selection criteria or procedures, as applicable, used to originate, acquire or select Mortgage Loans for such Distribution Date and the amount by which the Certificate Principal Balance of each Class of Subordinated Certificates was increased as a result thereofTrust Fund. The Securities Administrator 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 Trustee five calendar days before each Distribution Date, and if no such notification occurs, the Trustee has no obligation to report with respect to (xxvi). The Depositor covenants to the Trustee that there will be no new issuance of securities backed by the same asset pool, so the Trustee will only be responsible in (xxv) above for reporting any pool asset changes, such as additions or removals of Mortgage Loans from the Trust Fund. The Trustee may make the foregoing monthly statement Monthly Statement (and, at its option, any additional files containing the same information in an alternative format) available each month to Certificateholders via the Securities Administrator's Trustee’s internet website. The Securities Administrator's Trustee’s internet website shall initially be located at "www.ctslink.com"“xxx.xxxxxxxx.xxx”. Assistance in using the Securities Administrator'x xxxxxxx xxx website can be obtained by calling the Securities Administrator's customer service desk the Trustee at (301000) 815000-6600. 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) 722-10950000. Parties that are unable to use the above distributxxx xxxxxxx xxe 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 Trustee and indicating such. The Securities Administrator Trustee may change the way monthly statements Monthly Statements are distributed in order to make such distributions more convenient or more accessible to the above parties.
(b) The Securities Administrator's 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 parties providing the EMC Servicerinformation to the Trustee. The Securities Administrator Trustee will make available a copy of each statement provided pursuant to this Section 5.05 5.06 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 provided by the Depositor pursuant to Section 9.12.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Bear Stearns Asset Backed Securities I Trust 2007-He3)
Monthly Statements to Certificateholders. (a) Not later than On each Distribution Date, based, as applicable, on the Securities Administrator Mortgage Loan information contained in the Remittance Report, the Trustee shall (i) prepare and deliver to the Trustee and the Yield Maintenance Provider, and make available forward by mail to each Holder of the Regular Certificates and (ii) make available on its website at www.etrustee.xxx xxx xxxxxx xy each Holder of the Regular Certificates, the Trustee, the Rating Agencies, the Master Servicer, the EMC Servicer 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 (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 (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, and, if applicable, the portion thereof allocable to amounts provided pursuant to the Yield Maintenance Agreements to the extent such information is provided to the Securities Administrator by the Trusteeseparately identified;
(iii) any Interest Carry Forward Amountsthe Overcollateralization Amount, any Basis Risk Shortfall Carry Forward Amounts for each Class the Overcollateralization Release Amount, the Overcollateralization Deficiency and the Overcollateralization Target Amount as of Adjustable Rate Certificates;
(iv) the Certificate Principal Balance of the Offered Certificates before and after giving effect to all distributions of principal and allocation of Applied Realized Loss Amounts in reduction of Certificate Principal Balance for such Distribution Date and the allocation of any Subsequent Recoveries to increase the Certificate Principal Balance Monthly Excess Interest Amount and Monthly Excess Cashflow Amount for such Distribution Date;
(iv) the aggregate amount of servicing compensation received by the Servicer during the related Collection Period;
(v) the cumulative aggregate amount of Applied Realized Loss Amounts to date Advances in respect of the Trust Fund and each Loan Group for the Unpaid Applied Realized Loss Amounts for each applicable Class of Subordinate Certificates after giving effect to the distribution of principal (including Subsequent Recoveries) and allocation of Applied Realized Loss Amounts on such Distribution Daterelated 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 Adjustable Rate Certificates with respect to business at the current Accrual end of the related Collection Period, and, if applicable, whether such Pass-Through Rate was limited by the Interest Rate Cap;
(vii) the amount of any Excess Cashflow Amount number, weighted average remaining term to maturity and any Excess Yield Maintenance Amount with respect to each Group;
(viii) the aggregate of the Stated Principal Balances weighted average Mortgage Interest Rate of the Mortgage Loans with respect to in the Trust Fund and in each Loan Group on as of 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;
(xiviii) the number and aggregate unpaid principal amounts of Mortgage Loans (A) Delinquent (exclusive balance of Mortgage Loans in foreclosure the Trust Fund and bankruptcyin each Loan Group (a) (1) 31 30 to 60 days59 days past due on a contractual basis, (2b) 61 60 to 90 89 days and (3) 91 or more dayspast due on a contractual basis, (Bc) in foreclosure and delinquent (1) 31 to 60 days, (2) 61 to 90 days and (3) 91 or more days past due on a contractual basis, (d) as to which foreclosure proceedings have been commenced and (Ce) 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;
(xiiix) with respect to any Mortgage Loan that was liquidated 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, and Realized Loss on, of such Mortgage Loan as of the end date it became an REO Property;
(x) the book value of any REO Property as of the close of business on the last Business Day of the calendar month preceding 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 the amounts thereof allocable to the Class P Certificates and the Class CE Certificates;
(xiii) whether the aggregate amount of Realized Losses incurred during the related Collection Period and the cumulative amount of Realized Losses, in each case for the Trust Fund as a Trigger Event exists in a whole as well as for each Loan Group;
(xiv) the total number and principal balance of any REO Properties with respect to each Group as of the end of 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;
(xvii) 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 the Mortgage Loans in the related Group on the Closing Date; and
(xviii) the amount of any Subsequent Recovery for such Distribution Date and the amount by which the Certificate Principal Balance of each Class of Subordinated Certificates, after giving effect to the distributions, and allocations 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) the Accrued Certificate Interest in respect of each Class of Offered Certificates was increased and the Class B Certificates for such Distribution Date, separately identifying the portions thereof attributable to Net WAC Cap Carryover Amounts, and the respective portions thereof, if any, remaining unpaid following the distributions made in respect of 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 result thereofpercentage of the original Pool Balance;
(xxii) the Available Funds;
(xxiii) the rate at which interest accrues for each Class of Certificates for such Distribution Date;
(xxiv) the Liquidation Report for such Distribution Date;
(xxv) [reserved];
(xxvi) [reserved];
(xxvii) the related Record Date;
(xxviii) the related Interest Accrual Period;
(xxix) the related Determination Date;
(xxx) the related Distribution Date; and
(xxxi) the amount of cash received with respect to the related accrual period. 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 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 via the Securities Administrator's internet website. The Securities Administrator's internet website shall initially be located at "www.ctslink.com". Assistance in using the 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 ’s responsibility for providing the 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 may change the way monthly statements are distributed in order to make such distributions more convenient or more accessible to the above parties.
(b) The Securities Administrator's responsibility for making the above information available to the Certificateholders statement is limited to the availability, timeliness and accuracy of the information derived from the Master Servicer and the EMC Servicer. The Securities Administrator will make available a copy of each statement Trustee may fully rely upon and shall have no liability with respect to information with respect to the Mortgage Loans provided pursuant to this Section 5.05 to each Rating Agencyby the Servicer.
(cb) 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 shall furnish to each Person who at any time during the calendar year was a CertificateholderCertificateholder 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 information set forth in clauses subclauses (a)(ii), (ii), (xv) and (a)(iixix) of this Section 5.05 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 in force from time to time.
(c) On each Distribution Date, the Trustee shall provide to the 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 Trustee pursuant to any requirements of the Code as from time to time in effectforce.
(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 provided by the Depositor pursuant to Section 9.12.
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Samples: Pooling and Servicing Agreement (C-Bass 2006-Cb7 Trust)